The High Road: Condo applications make no sense

Master bedroom of Tribeca condo with adjoining terrace.

One reason that buyers searching for an apartment in New York prefer condos to co-ops is that condos cannot reject applications.

While most co-ops put prospective buyers through hell to merit approval as financially sound and otherwise desirable enough to become shareholders, condo boards just don’t have that option.

All that condo boards of managers can, and hardly ever, do is exercise the right of first refusal.  They’d have to purchase the apartment themselves.

How then to explain the practice of Continue reading

The Big Apple: Years of inventory? Much more!

Eight to 17 years is an S&P projection for clearing shadow inventory in the five boroughs

It will take more than a decade to clear up all the shadow inventory in the residential real estate market in New York state, according to new report released by Standard & Poor’s Ratings Services.

That is more than three times longer than it will take the rest of the nation, a difference that the report largely attributes to the greater time it takes to foreclose on a property in New York.

According to the report, shadow inventory in Brooklyn will take the longest to unwind at more than 17 years. Bronx was close behind at 16.5 years, and Staten Island recorded 12 years. Manhattan fared the best, coming in at a little more than eight years.

Unlisted Upper East Side home finds buyer for. . . $47 million

A grand East Side townhouse that has been quietly shopped by its owners for three years is under contract for more than $47 million, further evidence that the top-end of the Manhattan market is soaring.

The 33-foot-wide townhouse on East 69th Street once belonged to Continue reading