Pricing properties was usually easier than now

A trophy apartment seeking a buyer who needs no financing.

Pick a million, any million

When it comes to pricing properties these days, brokers in Manhattan are at a loss.  In a dynamic market, they’ll tell you, no one knows the best asking price.

Now, comparable recorded sales are almost useless: Those contracts were signed months previously, and the housing market has changed. Continue reading

City’s estate auction nets $1.355 million

The city’s estate auction of five Manhattan condos and a co-op produced winning bids totaling $1.355 million.

However, three of the units went unsold at the event, which took place in the Surrogate Court’s building (left) starting at 11:30 a.m.

Following are the results, which I obtained (while supposedly on vacation) by telephone from Patricia Brown in the office of Public Administrator Ethel J. Griffin of New York County:

  • 570 Grand St., #H1305, co-op, 1,350 square feet, three bedrooms, one and a half baths with monthly maintenance of $1,009. Minimum bid: $540,000, reduced by $40,000. Winning bid: $540,000.
  • 116 Pinehurst Ave., #F53, co-op, 1,094 square feet, two bedrooms, maintenance of $1,138.36 and assessment of $142.74 monthly. Minimum bid: $620,000, a $60,000 reduction. Did not sell for second time and will be assigned to a broker.
  • 204-206 W. 10th St., Apt. 3, co-op, 345 square feet, one bedroom, $634 maintenance per month. Minimum: $325,000. Did not sell and will go on the block one more time at a date to be set.
  • 270 W. 17th St., Apt. 3H, condo, 552 square feet, three rooms, monthly common charges of $550 and annual taxes of $6,300. Minimum: $475,000. Winning bid: $555,000.
  • 550 Grand St., Apt. G12E, co-op, 780 square feet, three bedrooms, one and a half baths, $719 monthly maintenance. Minimum: $260,000. Winning bid: $260,000.
  • 3 Hanover Sq., Apt. 9B, co-op, 562 square feet, $774 maintenance. Minimum: $310,000. Did not sell and will be auctioned again.

The sales of the co-ops are subject to approval by their boards of directors. If they reject the purchaser, deposits are returned and there is no penalty.

As for the turnout, Ms. Brown said there was an “adequate” number of bidders.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site

Fed finds sluggish housing markets in U.S.

The Federal Reserve Board’s latest “Beige Book” says nearly all of the institution’s districts found that their housing markets were pretty much weakening, or expected to weaken, after the expiration of the homebuyer tax credit.

Here’s what the book, which is based largely on anecdotal information from regional experts, said in toto about housing:

Nearly all Districts reported sluggish housing markets in the months since the homebuyer tax credit expired on April 30.

While some Districts, such as Boston and St. Louis, reported an increase in May and June home sales on a year-over-year basis, some contacts noted that these sales may reflect closings of homes under contract by the April tax credit deadline.

The Boston, Philadelphia, Atlanta, and Kansas City Districts reported that home sales are expected to weaken going forward.

Residential construction remained limited in several Districts. In the Atlanta District, residential construction activity softened from already weak levels. Homebuilders in the Cleveland District do not expect a turnaround in new home construction any time this year. Builders in the Chicago District are not introducing new inventory without a signed contract on a home. Housing starts were expected to decline for the second half of the year in the Dallas District and to increase slightly over the next three months in the Kansas City District.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site

Parents always ask about school quality

Certainly, the question is a valid one when parents of school-age children ask brokers about the quality of education near a property that they might want to purchase.

Good question or not, it is not one that any broker with a brain will answer.

A recent piece in the New York Times, which explored how important good schools are to parents in New York City, reminded me of the hazard that brokers face should they try to satisfy the buyer’s curiosity.

At issue is Continue reading

To stay up to date, check my tweets

My body may be on vacation, but my mind is still following the news.

You can, too, by checking Twitter (@MalcolmBlogger) directly or by looking at my tweets to the right of these posts.

I’ll be back in town all too soon, and both this blog and my tweets will continue to keep you in the loop with a variety of information now and until my next newsletter, which I’ll publish again after Labor Day in a radically revamped format.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site

PSO is an acronym some buyers better learn

Post-settlement occupancy can result in an unwelcome tug-o'-war between seller and buyer. (Flickr photo by tj.blackwell)

The technical term is post-settlement occupancy, or PSO.

In all those syllables is a basic situation: Sellers remain in the property after the buyers complete the purchase. Ownership has changed, but occupancy has not. Yet. (It is the opposite of another kind of PSO–pre-settlement occupancy, about which I wrote a couple of weeks ago.)

You easily can imagine some of the reasons that sellers might make the request, e.g.: Continue reading

To list or not is tough question in summer

One of the blogs I check daily–TheApple,Peeled–debates with itself the question facing sellers every summer.

It’s a fair question: Should they sell when many buyers are elsewhere or sweating, or should they wait until fall?

There’s no good answer, and it depends largely on individual circumstances.

But the fact remains that buyers are out there, they tend to be serious if so and deals are being struck every day–just not so many.

The piece nicely outlines the other pluses and minuses of selling now or waiting until fall, and I suggest that you have a gander if you’re wondering what to do.

And if you are a buyer, you may well find exactly what you are seeking while at the same enjoying decreased competition and relatively easy negotiations.

Subscribe by Email

Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site