The Big Apple: Don’t try to remember September

BONUS FEVER AND DISCOUNTS HAVE THE CITY’S HOUSING MARKET IN THEIR GRIP

Since the economy melted down, bonuses have been up, down and spinning all around. Anticipation has had brokerages and developers panting one minute and totally depressed the next.

While the bonuses have had brokers and developers abuzz, another obsession has been rippling through the real estate world over the last week: discounts.

THOSE SPIFFY NEW DEVELOPMENTS LOOK GREAT, BUT BUYERS NEED TO GIVE THEM MORE THAN A ONCE-OVER

Every freshly minted building has problems that can range from buckling floors to cooling systems that sound like a Fresh Direct truck parked outside your window to leaky roofs that can cost tens of thousands of dollars to repair, observes Brick Underground.

If you are in the market to buy and this is news to you or you and your neighbors are just starting to compare punch lists, you may want to get educated on the things that can go wrong in new or converted condominiums. Defects tend to fall into seven categories, Continue reading

Many buyers live in fantasyland

When BrickUnderground.com asked me to come up with information that buyers shouldn’t tell their brokers, I didn’t have a hard time drafting a long list.

Site founder Teri Karush Rogers and I pared the list down to eight.  Of course, as a broker, I would much prefer to know what’s on my buyers’ minds.  That’s great from my point of view, maybe not so wonderful from theirs in that I may well choose not to to work with them to find a condo or co-op in Manhattan.

That said, here’s No. 7 on the list – along with what I would interpret from what is said: Continue reading

Buyers seek to renege on contracts in 20 buildings

Will the last one out of 505 W. 47th St. turn off the lights?

The Real Deal has found buyers asking for their deposits back on nearly 400 units within 20 buildings. In one case, more than 50 percent of the buyers in a building, the 505 in Hell’s Kitchen, filed lawsuits in federal court asking for return of their deposits. Continue reading