Advertisement’s author abruptly hangs up on me

I did reach the author of the advertisement in the New York Times (published again on Sunday) that provoked my interest.  That’s the one in which was promised a doubling of investors’ money within three years.

In my post last week, I wondered aloud whether the guy was legit.

Apparently there is more than one way to sell a house. (Flickr photo by sean dreilinger.)

I’m still not sure what he’s about after talking on the telephone to Southampton-based Peter Clarke, 50, for about 10 minutes before he abruptly hung up on me, saying, “We’re done, thanks.” Continue reading

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What about so many auctions? It’s the economy.

A collection of 14 deteriorating South Bronx apartment buildings has been snapped up by a real estate development company led by former New York Met first baseman Maurice “Mo” Vaughn in a foreclosure auction,  Amanda Fung reports in Crain’s.

The properties were owned by entities of the Ocelot Capital Group, which abandoned them, let them fall into disrepair and eventually defaulted on the mortgage. Continue reading

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Are foreign investors ignoring potential conflicts?

For real estate brokers, international investors can be a coveted goldmine.

For example, the Irish were buying up blocks of condos in new developments at the height of Manhattan’s housing market.  When the dollar was at its weakest, the British were eager to purchase here, and Asians from overseas also proved to be heavy investors in the Big Apple’s real estate.

The New York Times on Sunday focuses on two brokerages that have targeted international investors by offering a package of services.  But nowhere in the piece is there mention of glaring potential conflicts of interest.  Continue reading

Now, 2 more luxury condos on the block this week

Two sensational condos are to be auctioned this week in Manhattan.

Museum Tower

Museum Tower

One is a 1,204-sf one-bedroom apartment on the 18th floor of the Museum Tower.  To be sold fully furnished, the condo has a Midtown address: 15 W. 53rd St., #18F.  With high ceilings, floor-to-ceiling windows and one and a half baths, the unit is in a building with every imaginable amenity.

The owner was Dan Wise, accused in April of running a $67 million Ponzi scheme based on phony real estate investments.

The other one is an 889-sf unit with balcony overlooking Times Square from the 11th Floor.  Its address is 1600 Broadway, #11B.  Continue reading

Radar Logic seems to see the bottom, but coyly

Home prices increased in June from the previous month in 23 out of the 25 metropolitan statistical areas (MSAs) tracked by the Radar Logic real estate data and analytics company, which released its results today.

Its 25-MSA Real Property Index (RPX) increased 3% on a month-over-month basis, one of the largest gains during the month of June since 2000.  Price gains accelerated in June in contrast to the historical pattern.

The increase in the 25-MSA Composite from February to June outpaced the gains over the same period during the previous three years, and the increase from April to June was the largest of any year since the beginning of Radar Logic’s data in 2000. Continue reading

The bottom is coming, the bottom is coming!

Economists and headlines are having a field day with the latest reports on existing-home sales, new-home sales and, from Case-Shiller and the federal government, prices.  (See the posts below, as well as my latest newsletter.)

3-YEAR DESCENT

IN HOME PRICES

APPEARS AT END

So trumpets the New York Times in the lead story on Page 1 today.  But whoa, fellas!  Let’s not rush to judgment.  Continue reading