Weekly Roundup: Renters, new market stats, dropping loan rates, foreclosure purchase risks, credit misconceptions, kitchen trends, and more

Renters don’t stay put for long in the financial district

New York magazine explores world of platonic urban cohabitation i.e. roommates

Housing signals mixed in metro region

Four things to bear in mind when buying an apartment for your kids

19 percent more building permits issued in 2012 than in prior year

Committee ranks Upper East Side tops for kids, Bay Ridge beats all other Brooklyn neighborhoods

Request for proposals to redevelop Lower East Side sites signals end of bitter renewal squabbling

Foreclosures in region higher in December than a year earlier

Estate in the Hollywood Hills finds friendly buyer but at greatly reduced price

Legendary rocker Continue reading

Weekly Roundup: Q4 sales tumble in the Big Apple, U.S. sales slide, rates match record low

Sales down in Q4, prices about even

Can any other condo top this?

Board turndowns become all the rage

Yes! You can suffocate the bug(gers), but at a cost

The Financial District is up and Murray Hill is down

Inflexible dog policy can bite co-ops back

While NYC residential lending is loosening in some corners, the industry is moving slowly in its recovery

Four renovation surprises that can cost a bundle

Region’s foreclosure rates leap in October

Taxes on property sales dropped to $982 million in 2010 from $3.3 billion in 2007

The Times answers questions about co-op sponsors, smoking and the sale of common areas

Weight-loss guru trims price of southern California home for kin

Bunny is hopping off her private Cape Cod island

Former NFL chief Continue reading

When seeking a doorman building, look for a condo

He may be a budding doorman, but he's out of uniform. (Flickr photo by Photo-Fenix)

It’s just about the next best thing in Manhattan to having a chauffeured limousine always at your disposal.  That would be living in a doorman building.

Door personnel and concierges obviously do like to get paid for their work, and that means you’ll fork over plenty in common charges or maintenance fees to live in a doorman building.  In fact, the cost of all labor normally is the biggest budgetary item in such a building.

But the conveniences are manifold; I’m sure that I don’t have to enumerate them for you.

I got to wondering what percentage of buildings Continue reading

Weekly Roundup: The Big Apple, markets stats, more

Happy holiday weekend!  Please enjoy this post with the past week’s most important news about the Big Apple and beyond.  Look for “Out and About,” “The Big Apple” and “Weekly Roundup” again next Friday.

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LONG ISLAND CITY’S MAKEOVER IS CHARACTERIZED AS ‘DRAMATIC’

NEW FINANCING PLAN MAY BREATH LIFE INTO UNFINISHED FLATIRON HIGH-RISE

OCTOBER’S UPTICK IN SALES FROM SEPTEMBER’S LOW MAY Continue reading

City’s estate auction nets $1.355 million

The city’s estate auction of five Manhattan condos and a co-op produced winning bids totaling $1.355 million.

However, three of the units went unsold at the event, which took place in the Surrogate Court’s building (left) starting at 11:30 a.m.

Following are the results, which I obtained (while supposedly on vacation) by telephone from Patricia Brown in the office of Public Administrator Ethel J. Griffin of New York County:

  • 570 Grand St., #H1305, co-op, 1,350 square feet, three bedrooms, one and a half baths with monthly maintenance of $1,009. Minimum bid: $540,000, reduced by $40,000. Winning bid: $540,000.
  • 116 Pinehurst Ave., #F53, co-op, 1,094 square feet, two bedrooms, maintenance of $1,138.36 and assessment of $142.74 monthly. Minimum bid: $620,000, a $60,000 reduction. Did not sell for second time and will be assigned to a broker.
  • 204-206 W. 10th St., Apt. 3, co-op, 345 square feet, one bedroom, $634 maintenance per month. Minimum: $325,000. Did not sell and will go on the block one more time at a date to be set.
  • 270 W. 17th St., Apt. 3H, condo, 552 square feet, three rooms, monthly common charges of $550 and annual taxes of $6,300. Minimum: $475,000. Winning bid: $555,000.
  • 550 Grand St., Apt. G12E, co-op, 780 square feet, three bedrooms, one and a half baths, $719 monthly maintenance. Minimum: $260,000. Winning bid: $260,000.
  • 3 Hanover Sq., Apt. 9B, co-op, 562 square feet, $774 maintenance. Minimum: $310,000. Did not sell and will be auctioned again.

The sales of the co-ops are subject to approval by their boards of directors. If they reject the purchaser, deposits are returned and there is no penalty.

As for the turnout, Ms. Brown said there was an “adequate” number of bidders.

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Malcolm Carter
Licensed Associate Real Estate Broker
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Charles Rutenberg Realty
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Get those certified checks to bid at city auction

3 Hanover Square

Bidders will have the opportunity on July 29 to win an apartment at the city’s estate auction of five co-ops and a condo ranging from the Financial District all the way up to Washington Heights.

Manhattan Public Administrator Ethel J. Griffin will seek to dispose of the properties, which can be inspected July 13, 15, 19 and 22 from 10 a.m. to 2 p.m. each day.

Two of the properties failed to sell at the last auction, and had the amount of their minimum bids cut, so this is your second chance.  (Should they go unsold this time, the apartment will be turned over to a real estate broker to market.)  They are: Continue reading

Maybe it’s OK if taxes dampen spirits, tax energy

Flickr photo by Chris_J

You already know that the IRS is drooling over the impending income tax deadline.  You’re not alone.

This is the time of year when homebuyers are digging through that shoebox with all their receipts, hoping for a refund, dreading the possibility of draining their savings and . . . postponing their search for a new place to live.

Although the weather may be fine and open houses scheduled in seasonally elevated numbers, taxes and their impact in “normal” times tend to sap the resources, energy and motivation of buyers.  (Of course, this is hardly a normal year.)  The nascent vigor of the housing market follows.

It’s just as well: Continue reading

You can run, but you’ll never catch up

The lead article in today’s New York Times brings us some startling news: Some desperate buyers are having trouble selling their homes.

One case in point, Adam Rogers and his wife Gillian, whose place in Brooklyn remains on the market. They bought the Clinton Hill unit in January of 2006 for $599,000. Reports the newspaper:

“At first the the Rogerses asked $679,000, the price at which their neighbor had sold his apartment.

“They since cut the price several times and switched agents. . . The apartment is listed at $599,000; they will lose about $60,000 in transaction costs if it sells at that price.”

Next case: Elizabeth Demaray and her husband Hugo Bastidas, who paid $620,000 for their condo in East Harlem in February of 2007. This very spring, they put the apartment on the market for $715,000 “about what comparable units in the building. . . had sold for.”

Then there are Jon Vernon-Browne and Adriana Herrera, who purchased a condo in

Jon Vernon-Browne and Adriana Herrera, parents-to-be, bought a house; their condo must go.

Jon Vernon-Browne and Adriana Herrera, parents-to-be, bought a house; their condo must go, the Times says.

Manhattan’s Financial District for $1 million in February 2007. They listed it in May for $1.1 million and rejected a low-ball offer.

Another unhappy seller that the Times interviewed is Danielle Dugan, who bought her fifth-floor walk-up in2006 and has been trying to sell the Brooklyn Heights co-op for $357,000 since then. Having received one offer, which was unacceptable, she dropped the price of the apartment to $340,000.

Well, duh!  Continue reading