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

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Weekly Roundup: Rents up, prices down, more!

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 the other of today’s posts and look for Out and About early next week.

Designing man nails duplex on the Village’s ‘Gold Coast’

Star in the city and hubby succeed in buying a townhouse with after really trying

Actress looks forward to selling the condo she vacated three years ago after her drug arrest

Former homes of the rich, famous or both can be yours

Listed at $33 million in 2009, his New Mexico ranch has found a buyer after price cut to $18.5 million

With house under contract, a TV doctor is moving up in Beverly Hills to one twice as expensive (2nd item)

Obama administration’s March scorecard inevitably concedes weak housing nationwide

Market tightens for rental housing

While showing stability, February prices are below Continue reading

Weekly Roundup: Latest stats leave future murky

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 the other of today’s posts and look for Out and About early next week.

ONETIME CLUB IMPRESARIO WHO’S NOW INTO HOTELS UNLOADS 3,900-SF CONDO FOR $11 MILLION

TIGER’S TIGER BURNING. . . HOPEFULLY

RENTAL FIT FOR A PRINCESS GETS ONE (2nd item)

SHE’S GOTTA LOVE HIS TOWNHOUSE AT $27,000 A MONTH

HE TOPS LIMIT MORE THAN A YEAR EARLIER FOR THE SALE PRICE OF A MANHATTAN CO-OP

VIOLINIST SAYS HE EITHER PLAYS ONE THING OR SLEEPS IN ANOTHER, NOW IN A NEW PLACE

BECAUSE HIS ESTATE HASN’T SOLD, DANCER/ACTOR ACKNOWLEDGES THE LIKELY NEED TO TAKE STEPS (2nd item)

CASE-SHILLER REPORTS THAT Continue reading

The Big Apple: Luxury sales skew market. More!

LUXURY SALES COLOR THE HOUSING MARKET, WHICH IS MOVING ‘SIDEWAYS’ AND PROMPTING CAUTIOUSLY OPTIMISTIC FORECASTS

Sales activity in the second half–as measured by number of sales, median sale prices, average number of days on market and the number of Manhattan apartments on the market–settled comfortably into historic 10-year ranges, according to two separate market reports in Crain’s New York.

(via Prudential Douglas Elliman)

Despite a busy market for trophy properties, the pace of sales and median prices of Manhattan apartments slipped during the fourth quarter, the Wall Street Journal observed.

The number of sales fell by Continue reading

Out and About: Is the emperor wearing clothes?

The listing broker appealingly staged this UWS apartment himself.

When a property has been staged, you almost always know as soon as you walk in.

One way you can tell immediately is if the placed is overdressed–too much stylish furniture well placed and too many objéts that are exactly right for the space. There might be a gorgeous throw draped all too casually over the arm of a sofa, a dainty flower in a bud vase on the bathroom vanity, a bottle of wine flanked by crystal goblets. Continue reading

Guest: Co-op owner in the Village hits a brick wall

Flickr photo by Joriel "Joz" Jimenez

The resident of a co-op in Greenwich Village, Naomi Fein has had something more sinister than an educational experience.  It has turned into acrimony between her and the building’s majority shareholder, a bitter lawsuit and revelations about real estate brokers whose self-serving manipulation of a sale enrage her.  To follow her sad saga as it continues, visit her Web site.

By Naomi Fein

My residence is in a small 160-year-old townhouse in West Greenwich Village. It has been a co-op since 1988, when I purchased my beautiful studio apartment for $36,000.

In the 1990s, the original sponsors, two guys from Florida, began to buy back the apartments that they didn’t already own. (There are six studios and a charming garden duplex.)  When they offered to buy me out for enough money so that I could easily purchase an ample West Village closet, I declined—graciously, in my opinion.

Then, one of the guys died, Continue reading

Weekly Roundup: The Fed’s actions could lower rates

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.

BILLY’S EX STANDS TO CLEAN UP IN MORE WAYS THAN A SPIC-AND-SPAN KITCHEN

LATE MERGER MAVEN’S FIFTH AVENUE APARTMENT IS LISTED FOR $26 MILLION

SHE’S NOW GETTING HER LETTERS AT DEVONSHIRE HOUSE IN GREENWICH VILLAGE

AUTHOR OF GREED AND GLORY ON WALL STREET BUYS SECOND MULTI-MILLION-DOLLAR APARTMENT

PALIN DOPPELGANGER DISPOSES OF AN UWS STUDIO SHE USED AS AN OFFICE NEAR HER $3.4 MILLION CO-OP

NOVELIST AND PAINTER WIFE SELL GRAMERCY PARK TOWNHOUSE FOR A GREAT PRICE

ACTOR IS TREATED TO SALE OF HIS BROOKLYN TOWNHOUSE OVER THE ASKING PRICE

AND AN ACADEMY-AWARD WINNER’S MAISON BLANCHE IS FOR SALE ON THE UPPER EAST SIDE


HOME OWNERSHIP IS AT Continue reading