Weekly Roundup: New Yorkers see little change in 2012, a slugger scores, new-home sales slip

You may want to “like” Service You Can Trust on Facebook if you haven’t yet and find much information not in daily posts.

Bank moratorium leads to sharp drop in foreclosures citywide, swooning to lowest number in last seven years

Apartment values increase 3.6 percent in five boroughs, including rental buildings

Map shows younger singles looking for a mate or date where to live

With growing pessimism, surveyed New Yorkers expect real estate market to remain virtually unchanged over the year

Plethora of studios and one-bedrooms forces price cutting from Murray Hill to the Upper East Side

Report shows that things are not quite so sunny in paradise

Millionaire hoopster takes 58 percent loss on sale of North Bergen condo

Slugger scores with Rushmore flip

She seems drawn to sex Continue reading

There’s no need to fret waiting for new post

When you’ve already read my latest post and the hours seems to drag, you don’t have to wait for a real estate fix from me.

Thank goodness!

Not only can you stay current with other of my sources, but you’ll find a variety of information elsewhere that may never appear here.

For example, you may want to consider following me on Twitter or checking out my Facebook page, each of which provides a wide spectrum of real estate news focused on New York City.

And if you’re especially interested in news affecting just the Upper West Side, have a look at Facebook; there’s my continuously updated site about the UWS too.

Like many of my readers, you may be thinking about selling or buying property.  If you’re a buyer, you can search the listings of virtually all brokers here.  If you’re seller, you’ll be able to check the competition there as well.

I hope you’ll be keeping in touch.

Tomorrow: Trust for a price (holidays hiatus starts Monday)

To take your own bite out of the Big Apple, start your search for a new home here.

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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
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Weekly Roundup: Look for silver lining. More!

Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out the other of today’s posts and look for Out and About early next week.

Connecticut palace doesn’t suit owner of just a year

Late at night, he should encounter little traffic on the way to his new Hamptons home

Sale price of his duplex was good but not the greatest

Late director’s home in Pacific Palisades is on the market for $7.9 million

Year over year resales fall again, inventory climbs

What to make of those new existing-home sales anyway?

Shadow inventory continues to decline, remaining at five months’ supply

Prices for houses under Fannie and Freddie ceilings rose unexpectedly in April

Sales of new homes in May drift down again

Radar Logic index posts 5.1 percent decline in April from one year earlier



Well Fargo to halt reverse mortgages

Think twice before Continue reading

Weekly Roundup: Housing market remains ‘depressed’

Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out another of today’s three posts.

ACTOR LISTS LISTS CUTS CUTS THE PRICE OF HIS NEW MEXICO RANCH

HE LOSES 1 MILLION PIECES OF PAPER THAT BEAR HIS NAME

IN NEW FIFTH-AVENUE DIGS, LET’S HOPE THIS BUYER HOLDS THE CHEES-Y

ATHLETE BUYS A 4,000-SF LOFT IN CHELSEA–AND THAT’S NO BULL

DEVELOPER WITH A Z CLOSES ON WASSERSTEIN’S 5TH AVE. CONDO AT $3 MILLION OVER ASK AFTER SELLING 15 CPW SPREAD TO TECH WIZ

U.S. PRICES FALL FROM SEPTEMBER TO OCTOBER, THIRD CONSECUTIVE MONTHLY DROP

CASE-SHILLER’S REPORT CONTAINS THE USUAL WEAKNESSES, AMONG THEM Continue reading

Does art market’s revival reflect housing’s reality?

In reaction to my blog post yesterday about the state of the market (“Where’s that bottom everyone’s talking about?), a friend commented after reading it on Facebook by asking:

“Yeah…where??”

Well, I don’t know.  But I do know two things: 1.  Horses in a herd almost always gallop in the same direction; and 2. The thrum of positive news – primarily in the stock and housing markets – has become increasingly loud.

Consider what happened at art auctions over the last couple of weeks.  As the New York Times reported, sales volume was down, confidence was up and buyers were not bidding frantically for anything that had paint on a canvas.  Wrote Carol Vogel:

While prices for the best works seemed high and bidding was often deep, the volume of sales — nearly $600 million between the two companies — was vastly diminished from a year ago, when Sotheby’s and Christie’s sold a combined $729 million or two years ago when the market peaked at $1.6 billion. But the relief that prices are crawling back up was palpable.

“A year ago people were distracted and primarily assessing their own net worth,” said Marc Porter, president of Christie’s in the Americas. “Now that the worst of the financial crisis seems to be over, people are once again focusing on collecting.”

Substitute the housing market or the stock market for the art market, and maybe there’s a trend.  Not all exuberance is irrational, but it’s sure hard to know whether the renewed froth at the auction houses that we are witnessing suggests a solid grip on reality.

My own view of reality keeps changing. . . After months of dropping my brokerage statements into a file folder unopened, I finally screwed up the courage to look at them this week.  Since I give my stock broker discretion to buy and sell without my permission, I really didn’t know how I was doing.  So, I was surprised to see that I had bled only a little without having been wounded fatally.

At the same time, my portfolio does not reflect growth related to the recent bull market.  One reason is that I’m about half in cash, thanks to my seasoned broker’s conservatism, which, after all, saved me from slitting my wrists after the collapse of Lehman Brothers.

In a phone call yesterday, he confessed that the current market baffles him and that he is deeply concerned about the future.  Although I don’t quite agree, I can’t say that I asked my broker to change his strategy:  I’d rather be secure than spend sleepless nights.

Though I’ve been writing that the bottom of the housing market is here or near, I’m not ready to revise my thinking about it.  At least not yet.

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