She who hesitates hardly is lost
Mildred Furiya bought her townhouse in Brooklyn for $16,000 in 1966 with a cash gift from her father. Now she plans to list the dwelling for approximately $1.895 million.
A sale at that price would represent an 11,744 percent increase over 45 years — or an annual return of about 11 percent, says the New York Times.
Numbers cruncher says he’s bullish on Manhattan
Manhattan just doesn’t behave like the rest of the country Continue reading
Way back in the dark ages, when I was in graduate school getting a master’s in communication, the subject of opinion research so interested me that I developed and conducted a survey for my master’s project.
The result of that intense effort has been my enduring interest and unmitigated skepticism about polls and other studies that are disseminated by the news media.
Although the news media have grown more sophisticated, especially about political polls, I find myself to be continually astonished by how much evidently shoddy research finds validation on the Internet, in newspapers and magazines, and on radio and television.
Regular readers no doubt recall my recurring rants about research on the nation’s housing market, none of which is entirely — or, for that matter — even mostly accurate. Case-Shiller is my favorite target, a great example being in Sunday’s New York Times, when Shiller cited his research based on 407 and 296 respondents in different years as if they represented a national sample of home buyers. Impossible!
For that matter, how could 407 and 296 responses each reflect national sentiment? If 296 is sufficient, why poll 407? Conversely– you get the idea.
If only Shiller were alone. But none of the others — not Trulia, not Zillow, not RealtyTrac, not CoreLogic, not Radar logic, not the federal government, not one — reveals the true story.
Findings may be out of date, Continue reading
IF YOU CAN’T STAND THE HEAT IN YOUR APARTMENT, YOU CAN DO MORE THAN WHINE ABOUT IT
Even when you turn off your radiators, your apartment is a miserable sweatbox.
Meantime, some of your neighbors are complaining that they’re not getting enough heat, so cranking down the basement boiler fueling your inferno isn’t the answer. But BrickUnderground.com helpfully supplies answers to the seasonal curse of overheated co-ops and condos.
HUGE DEVELOPMENT ON COLUMBUS AVENUE ENJOYS RESOUNDING SUCCESS
Columbus Square boasts 500,000 square feet of retail space, including a Whole Foods, Modell’s and a TJ Maxx, 710 rental apartments with elevated landscaped gardens, two private schools and a $650 million price tag.
That’s a lot of units to fill at premium prices, but demand has been strong so far. The first two buildings, where one-bedrooms start Continue reading
Mayor Bloomberg’s Commission on Human Rights is a “nearly invisible joke,” contends Errol Louis in the New York Daily News. Says he:
William Cornwell, a retired advertising art director, hired a brokerage firm to a rent out a studio in his West Village townhouse. Then a broker at the firm made him a proposition he found he couldn’t refuse: Why not rent it to me instead?
The result was that Cornwell, 74, signed two handwritten leases on two studios in his Greek revival townhouse, with the agent and the agent’s father, for below market rate and for terms of up to 20 years.
Now Cornwell is in court battling the broker and his firm, charging the leases violated the obligation under state law that a broker represent a client’s interests honestly, fairly and in good faith. In addition, the state is now investigating the transactions.
IF YOU USE A COMMON CLOTHES DRYER AND ARE PARANOID ABOUT BEDBUGS, Continue reading
After two years of unpredictable sales trends, the Manhattan real estate market seems to have settled into a more typical and seasonal pattern, with prices rising slightly and sales volume dipping in the recent summer months, according to third-quarter market reports, says the New York Times.
Prices increased for the fifth straight quarter, with the average sales price hovering around $1.43 million and the median price around $910,000, according to data provided by the city’s four largest brokerage firms. But prices are still well below the market’s height a couple of years ago, when the average was higher than $1.7 million and the median was close to $1 million.
But my post (below) on Wednesday questions whether September has evolved into a healthier market.
FIVE NEW YORK NEIGHBORHOODS ARE AMONG NATION’S MOST COSTLY
The West Village’s 10014 Continue reading
RealtyTrac reports that there were 306,627 default notices, scheduled foreclosure auctions and bank repossessions involving U.S. properties during November, a decrease of nearly 8 percent from October but still up 18 percent from November 2008.
The report also shows one in every 417 U.S. housing units received a foreclosure filing in November. Continue reading