Weekly Roundup: Landlord confession, piece of Portugal, April building permits, pocket listings, air purifiers, timely Lotto win, recovery threats

Penthouse pursuit is costly contagion to attain height, light, unobstructed views

Airbnb gears up for Albany initiative that would regulate short-term apartment rentals

City plans sale to debt collectors of tax liens against Sandy-hit homeowners

Cost of rent, price of property actually moving in sync

New York region’s borrowers way below average of homeowners who deduct mortgage interest

Stuyvesant Town tenants told pay up and up or move out this summer

Onetime Sinatra apartment sells after steep price cut

Lease confessions of small landlord make for compelling reading

All it takes is money, but there’s still rental inventory in the Hamptons

Investment group identified as purchaser of most expensive Manhattan residence, One 57 penthouse

Nascar superstar lists trophy condo on Central Park West for $30 million

Dancing queen Continue reading

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Fannie, Freddie ideas could change our world

Treasury Secretary Tim Geithner

Fannie Mae and Freddie Mac may seem like distant galaxies, light years from our world as we know it.

But the proposals last week by the Obama administration to phase them out could have a profound affect on all buyers and sellers as early as this year.

To be sure, a proposal is a long, long way from congressional action, and self-interested parties such as the Mortgage Bankers Association already Continue reading

The cost of borrowing discourages a friend from buying

Joe and I have been disagreeing lately about home ownership.

It is his view that owning makes no sense because of the amount of money a borrower pays in interest, about which a bit more later.

Although I would never urge anyone to buy rather than rent, he and I disagree on the issue of monthly housing costs.

He doesn’t accept Continue reading

Weekly Roundup: Mortgage rates hit record lows

Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out another of today’s three posts.

HAVING SOLD HIS SOHO APARTMENT, HE HAS DESIGNS ON THE HIGH LINE IN WEST CHELSEA

SPORTS FIGURE FAKES A $4.4 MILLION LISTING IN 2005, FINALLY SCORES AFTER A PRICE CUT TO $2.675 MILLION

REAL ESTATE MOGUL’S PENTHOUSE ON CENTRAL PARK WEST FINDS UNNAMED BUYER FOR $40 MILLION, OR $10,259/SF

MEANTIME, THE SAME MOGUL HAS HIS OFFER ACCEPTED FOR Continue reading

Weekly Roundup: Too much inventory persists

Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out another of today’s three posts.

PRESS MAGNATE’S EX FINALLY GETS TO SIGN ON THE BOTTOM LINE

IRISHMAN, TRAVELER, KNIGHT RIDER, HE IS READY TO TAKE A BEATING ON HIS RANCH

AFTER MUCH SEARCHING, HE DOESN’T NIX A $37,500 A MONTH RENTAL

MRS. G GOES TO WASHINGTON, CUTTING PRICE OF HER FAMILY HOME

RETIRED ATHLETE STRIKES OUT ON HIS FIRST ATTEMPT TO UNLOAD HOME



SALES RISE OF PREVIOUSLY OWNED HOMES, BUT Continue reading

Weekly Roundup: Best and worst cities are listed

Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out another of today’s three posts.

AN EMMY WINNER LISTS HER HOME IN SOUTHBURY, CONN.

BILLIONAIRE OWNER OF A WEEKLY PET-SUPPLIES COMPANIES SPENDS MORE THAN CHICKEN FEED FOR A SOHO PENTHOUSE

CONGRESSWOMAN’S HOUSE, TWICE IN DEFAULT, NOW IS LISTED AS A SHORT SALE

ACTRESS PICKS UP A PRETTY FINE PENTHOUSE

BROKER DISPELS RUMORS THAT BUYER OF TRUSTED MAN’S SUMMER HOME LOOKS LIKE LADY GAGA


FED OFFICIAL SAYS IMPEDIMENTS TO HOME SALES Continue reading

Why isn’t a bevy of buyers biting the bullet?

 

The yellow line represents the 30-year fixed-rate mortgage from October 1970 until now. (Reproduced with the permission of Mortgage-X.com)

As almost everyone knows, there was a time that mortgage rates soared into the high teens.  I remember it well.

With interest rates as low as they are, I’ve been wondering why buyers in Manhattan aren’t eager to snap up properties with funds borrowed at record lows.  Taking into account government subsidies in the form of tax deductions, how could this fourth quarter’s activity be so relatively sluggish?  (It is, though the Q3 reports may lead you to believe otherwise.)

A poll in yesterday’s New York Times and an account of Ben Bernanke’s big speech last Friday provided me with some insight. Continue reading