There's a truck for that..

I love the fact that in Manhattan, if you wait long enough, a truck will come along with whatever you want..

November first...

I know that many of you are still dealing with the remains of the Nor’easter that hit the East Coast this Halloween weekend. I wish you all the best and hope you are warm and safe.

As we all know, the real estate market is a moving target reacting to the perception that buyers and sellers have of the economy.  When the evening news talks about the S & P downgrade and the jobless reports shows little growth there is a sense on the street that now is not the time to buy.  When sales get slow, rentals get busy and so in August and September in reaction to this negative news the rental market sizzled.

Since then the news from Wall Street has been positive, the markets are all up, October was a very strong month for stocks, interest rates are still at historic lows and the perception on the street is that now is a good time to buy. For us at Bond New York, October was a very strong month for our sales division and we remain highly optimistic of continued growth in November.

Below is an interesting article speaking more about the perception of buyers and sellers.

I hope you will enjoy it as much as I did.

And, as always, if you or anyone you know is thinking about buying, selling or renting property in NYC please let me know.

http://therealdeal.com/newyork/articles/residential-deals--46

Oh, and back to the old habit: My socks today are Bright Red Paul Smiths!

Little Italy says "Arrivederci" to Ray's Pizza

It's always sad to see a true original departing, it's even worse when it's my favorite pizza joint....
(From DNAinfo.com):
"Long-time fans and newcomers alike crowded into the Little Italy pizzeria for a last taste of Prince Street's reigning plain pie, tucking into $1.50 slices to bid farewell to a neighborhood institution.
Rays — which was opened in 1959 by Ralph Cuomo and spawned dozens of imitators across the city — was expected to serve its last slice Sunday night because a legal dispute with the building's landlord forced the 52-year-old institution to close. "

Sad, first Mulberry Street Bar , the 103-year-old tavern near the corner of Broome Street that provided the backdrop for scenes in "The Sopranos," closed last week after a notice from the Department of Health appeared in its window, and now Ray's....

Best time to buy?

Uncertain economic times are keeping some people from taking the plunge and buying a new home. We have seen evidence of this in the hyper-active rental market. With less than a 1% vacancy throughout the city it is quite clear that a large group of would be buyers have decided to sit it out and rent until things on Wall Street stabilize.

That being said, even during uncertain times there is always an opportunity to be found if you know where to look.  Right now the number of studio and small one bedroom apartments is at an all-time high. When inventory increases prices tumble and we are now seeing buyers, primarily young first time buyers assisted by their parents, entering the market place and taking advantage of low prices. Why rent for $2,000 a month when you can own for the same monthly payment?

Interest rates are still hovering around 4% and with a decline in the price of smaller apartments there is great opportunity for savvy shoppers.  Below is an article which talks further about this opportunity. I hope you enjoy it as much as I did:

http://nymag.com/realestate/features/starter-apartment-bargains-2011-10/

As always, if you or someone you know is thinking about buying, selling or renting an apartment in NYC please let me know.

Not in MY lifetime....

Sorry about the lack of posts for the past few months... been VERY busy in the world of Real Estate and fashion... have no clue how I even found time to sleep!

That being said, I found a VERY interesting statistic In Harper's magazine, specifically the Harper's Index. Between the Robo-signing scandal of last year, and the fact that none of the States Attorneys General can come to an agreement with lenders:

At current pace, it will take 61 years for lenders in New York State to foreclose on all homes currently in default.

In 9 previous recessions, there was an average of 10 months to move from economic recovery to employment recovery – this time its forecast to be 60.

4.3% of the $47B allocated to TARP plan to let homeowner’s refinance was actually used for that.

60% of those who took a mortgage-interest-deduction have not used a government social program.

There's more, but this alone blows my mind... According to these figures, I'll be 107 by the time all the CURRENT homes in default are forclosed on....

Realtytrac indicates that it takes a bank in New York an average of 900 days from notice of default to foreclose and sell the property (that might still be faster than some brokers I know!).

Bloomberg, NYC Taking Action Against 15 Illegal Hotels « CBS New York

Bloomberg, NYC Taking Action Against 15 Illegal Hotels « CBS New York

Bijan Pakzad, Dead at 67

The guy was a brilliant marketer. I remember going by the shop on 5th Ave with it's "By Appointment Only" sign. The only person I ever knew who bought clothing from him went from having mansions to living in a 2 bedroom rental apt . He attracted a lot of guys who were into flash, but he sure knew what he was doing and how to work it.

He was probably the single greatest marketer that has ever walked the planet!

Forget about "selling the sizzle", he sold the concept!