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Archive for the ‘Gossip’ Category
Things have certainly heated up in more ways than one: As we finalized this month’s LUXURYLETTER, we were struck at how our editorial coincided with all the dreadful housing news that hit the media. It’s important to remind ourselves that the data collected is a reflection of closed transactions, most of which were negotiated many weeks or possibly months ago. That is not necessarily a reflection of what is happening right now, although it is not to be ignored.
Our major message in this month’s letter is to some Sellers unrealistic, artificially elevated pricing expectations. We are in a very fortunate market in Manhattan, that has largely avoided the worst of the housing crisis. Being too greedy now at a rare moment with very low inventory AND low interest rates may prove to be unwise. Yes, the selling brokers role is always to maximize pricing, but attempting to maximize beyond reality is quite simply….unrealistic. It’s also especially important to understand how localized each market truly is: the biggest dis-service these sweeping headlines deliver is in their generality: Averaging the entire country is simply bad economics AND bad reporting….but it sells newspapers and boosts ratings. Not once during the depths of the recession was any mention made of the few areas that were barely affected by the market’s trauma. No-one should expect boom-times when gas prices, commodity and food prices are soaring: then again, lets remind ourselves that there are always people who know how to make lots of money out of these (or any) times…..and these are the buyers of A-grade real estate.
Find below this month’s letter links:
Pop Diva Madonna is back in New York aggressively looking for a grand mansion to house her ever-expanding family. She has been spotted on the Upper East Side looking at some of the grandest townhouses ($30m+). Obviously she is avoiding co-ops after her humiliating Board turn-down at the San Remo at the beginning of her career when her pin-up pictures in Playboy may have been a little too upsetting (was it the nudity or the armpits?).
It appears that the continued buying spree in the third Richard Meier Tower in the West Village may not be the work of Alexa Stewart, the daughter of Mighty Martha…. Rumor has it Alexa is the name on the deed, but the enormous (and growing) space is indeed for the diva herself, once the owner of the penthouse at the skinniest of the Towers. (Martha sold this penthouse moments before her ridiculous moment in striped suits). The combination of units makes for one of the more spectacular apartments on the Hudson River front with sensational sunset views. Certainly a property worthy of the Queen of style?