Out and About: Seller lives in Fantasyland.

Lincoln Center (Flickr photo by Stewart Morris)

He closed on the place only last May, when it was listed for $2.15 million.

There was a bidding war for the two-bedroom, two-terrace, two-bath penthouse in a Central Park block of the mid 60s, an area that is part of Lincoln Square.

Because of the so-called “war,” the current owner — who appears to be an advertising agency executive — paid $2.5 million for the co-op, which costs him $3,269 in maintenance a month.

But for undisclosed reasons relating to the seller’s inability to continue living in New York, according to the listing broker, the apartment went on the market again in early December with an asking price that boggles the mind. Continue reading

Weekly Roundup: Rents, rates, remodeling, more

Update: Prices, sales of new condos post healthy year-over-year increases in Manhattan

Demand for ultraluxury apartments outpaces modest units

Report finds 7.2 percent rise in January rents from a year earlier in Manhattan

No ceiling in sight for rentals, the Times declares

But a City Journal editor begs — make that demands — to differ

As appraisal executive says it’s the editor who’s wrong

Only on a mere few days can Continue reading

Consumers give brokers a piece of their mind

flickr photo by kalavinka

At a recent conference for real estate professionals, a panel of buyers, sellers and renters got some concerns off their chest.

Among the qualities they said they appreciated in their agents and brokers, according to an account in Inman News of the Real Estate Connect event:

  • Being”upfront and honest;”
  • Supportiveness via the provision of professional expertise and advice on the process;
  • Trustworthiness;
  • Accessibility;
  • Responsiveness;
  • Understanding of a customer’s needs and wants;
  • Improved presentation of properties online;
  • Willingness to wait as long as it takes a customer to make a purchase decision;
  • Connections;
  • Flexibility to break out of long-standing industry models;
  • Professional marketing, including exceptional Web sites.

One panelist told of Continue reading

Imprisoned fraudster’s condo heads to auction

Kenneth Starr purchased a lavish new triplex at the bottom of this building for $7.6 million in 2010.

When Kenneth Starr pleaded guilty last March to stealing more than $33 million from his celebrity clients, he already had turned over to the United States government the luxurious condo that he had purchased for $7.6 million on the Upper East Side of Manhattan.

With five bedrooms, five and a half baths, 1,543-sf rear terrace that has an outdoor kitchen, an indoor lap pool and a 340-sf second terrace upstairs, the 6,550-sf triplex goes to auction Continue reading

Jonathan Miller worried about falling inventory

Jonathan Miller

You can count on appraisal executive Jonathan Miller to provide an informed perspective on both the U.S. and local housing markets.

A post of his this week on an abnormally low number of listings in the U.S. was no exception.  (We’re down in Manhattan, too.)

Although others have maintained that declining inventory has been a positive development that was sure to result in stabilizing and then rising prices, Miller contends that the opposite is true.  Says he: Continue reading

Weekly Roundup: Wallstreeters retreat, actor is defiant, affordability spreads, predictions vary

Financial services sector is producing fewer buyers and renters

Some neighborhoods are much tighter than others

Not much relief anticipated for renters in tough market

You have options for a neighbor who drives you nuts

Foreclosures fall citywide, despite more co-ops for 4th straight month

Long Island City way past the tipping point

Grammy winner and wife buy Greenwich Village penthouse

Presidential relationship hardly helps sale of former Avedon townhouse

Actor makes no friends Continue reading

Brooklyn residents learn hard lesson about trust

Brooklyn House of Detention (via Gothamist)

Some brokers think they know it all.

Others may simply pretend out of ignorance, arrogance or avarice that they know what the future holds.

Some residents of Brooklyn learned that lesson the hard way, Continue reading