With only a single competitor, a Long Island man won a two-bedroom, two-bath condo at 27 N. Moore St. for the favorable price of $3.15 million at the city’s auction of nine apartments in Manhattan today.
Public Administrator Ethel J. Griffin had set the minimum price at $3 million for the more than 2,000-sf loft, which had been owned by one Veronica Lee in a building called the Ice House. According to Curbed.com, Lee paid $774,000 for the unit in 1999 and died owing JP Morgan Chase $1.9 million left on her mortgage.
“I feel good,” successful bidder Mario Montoya told me after the auction, adding that he had been prepared to offer “a little more.” Continue reading
Is real estate “The Great Lie?”
Writing as author of “Diary of a Financier,” a blogger on The Buttonwood Tree provocatively argues that costs beyond mortgage payments suggest that real estate and housing are “not terrific investments.” Says the post:
Most suggestions otherwise are a huge lie, perhaps The Great Lie. The Lie is perpetrated most in the commercialization of the “American Dream”: a white, picket fence for every man, woman, and family. Non-income-producing, residential real estate is broadly a money pit. For long-term holding periods (5-20 years), the value of this real estate is severely eroded by its cost of carry, including Taxes + Insurance + Maintenance.
Although I have often expressed my own concerns about The American Dream, I have to wonder about Continue reading
An advertisement by the city’s Department of Housing Preservation and Development (HPD) announces a new lottery for one-bedroom co-ops in lower Manhattan for $1,995.
You read that right, under $2,000, and a department spokesperson confirmed the amount in an e-mail.
Income limits range between $46,500 and $59,800 for one to three occupants. Carrying charges are $388 a month or 30 percent of gross income, whichever is higher.
The 500 winners of the lottery will be placed on a waiting list provided they pay a $100 application fee. Continue reading
So few are sales of foreclosed apartments in Manhattan that they rarely appear on the open market, as opposed to foreclosure auctions on the courthouse steps.
One such apartment surfaced recently between Broadway and Amsterdam Avenue in the mid 90s.
This one-bedroom co-op in a pet-friendly 1948 low-rise that has a part-time doorman along with bike, storage and laundry rooms needs a total renovation. That means Continue reading
Many years have passed since I started viewing the Today Show for a sample of the latest news.
Old habits, as they say, die hard, and I’m probably doomed to hang onto that one. Enough of the pandering celebrity interviews, the glimpses into the on-camera personalities’ lives and Matt’s trips around the world.
I thought things were bad enough until Friday’s broadcast, which I had planned to ignore on this blog. But two full days after watching a Barbara Corcoran segment, I cannot restrain myself from ranting about the shameless new low to which Today’s producers permitted themselves to stoop. Continue reading