For the first time in my life, I was mistaken

Seriously, folks, I uncharacteristically overreacted in my post last Friday about Wall Street’s breathtaking plunge the previous day.  Is my face red.

Although I was correct in predicting that the market would close lower on Friday, I was rash in expecting that the events of Thursday would kill the Big Apple’s housing recovery until fall.

I make this acknowledgment after surveying several lawyers, lenders and brokers, despite some notable short-term effects. Continue reading

For renovations, sellers likely pay a heavy price

West End Avenue (Flickr photo by claudiadaggett)

There is one axiom in real estate that sellers rarely get: In a slow market, it normally is all but impossible to recoup the cost of a major renovation.

A one-bedroom apartment that is handsome, stylish and uncommonly appealing  exemplifies that truth.

At the height of the housing market, the current owners purchased the 850-sf co-op in a distinguished pre-war doorman building for $575,000 in 2007 Continue reading