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!).