Appraisal Lending Ethics - 09/29/06 05:24 PM
This blog was inspired by Brian Brady. I recently heard from a lender that starting January lenders and mortgage brokers can no longer use Appraisers that they prefer, recommend or have a relationship with.
I didn't know if this was National or a New York State banking regulation specific. Brian seems to think it is just New York. I tried to research this on Google and came up with very little.
All I could find was a blog from Jonathan Miller of Miller Samuel a top Manhattan appraiser. In his Soap Box blog Jonathan has a blog titled NeyIrony: Responsible Lending defeated by irresponsible … (4 comments)

1997 Tax Reform - Great for Real Estate! - 09/25/06 03:10 PM
                                                   
The Taxpayer Relief Act of 1997 - signed into law by President Bill Clinton together with the Balanced Budget Act of 1997 is probably the most significant change in recent times affecting real estate. This law made some major improvements for Home Sellers, Property Owners and First Time Home Buyers. It simplified taxes for 99% of Homes sold in the U.S.
Since 1997 Home sellers are eligible to exclude up to $250,000 if single or up to $500,000 if married, of the capital gain on the sale of the residence. In order to be able to claim the … (1 comments)

It's Best To Buy And Sell In The Same Market - 09/20/06 01:38 PM
 
In real estate it is very difficult to time the market. Markets go in cycles there are tops and bottoms. Bottoms are usually created by pessimism and negativity. Tops are created by “irrational exuberance"  
To quote Jim Cramer on CNBC's Mad Money “Bears make money – Bulls make money but Pigs get slaughtered." The Fed created the boom in housing by lowering interest rates then they ended it by raising interest rates to take “the froth” out of the housing market. Maybe they will change their mind again. 
When everyone is bearish based on sentiment rather than the facts, that … (5 comments)

Manhattan Real Estate in history/today: 455 Central Park West - 09/17/06 09:27 AM
                   455 Central Park West "The Castle"
From A Cancer Hospital Built In 1887 To Luxury Condos Today - No Corners For Germs
In Sunday’s New York Times real estate column Big Deal by Josh Barbanel there’s an item titled Five Turrets, No Dungeons about a couple that recently bought and moved into their new $6.4 million turret condo at 455 Central Park West between 105th and 106th Street. 
Jonathan Miller from Miller Samuel appraisers said the prices paid for the turret apartments were the highest prices paid for a coop or condo north of 96th Street. Of 19 condos there are … (4 comments)

Manhattan Real Estate in history/today: The Ansonia - 09/15/06 02:13 PM

The Ansonia - Upper West Side - 2109 Broadway 
 
When The Ansonia opened in 1904 it was called:
"the most technologically advanced apartment house in the world"
Loaded with towers, mansard roofs, ornate balconies, balustrades, and bay windows, the Ansonia is easily Broadway's most opulent structure. When it opened in 1904, this extraordinary, eighteen story Beaux Arts building provided tenants with such luxuries as electric stoves, hot and cold filtered water, freezers, a pneumatic -tube system to deliver messages, and even an early form of central air conditioning.
The building also had incredibly thick walls installed to protect against fire, which … (16 comments)

Closing Costs A novel that captures the Manhattan real estate market - 09/12/06 10:25 PM

At my weekly sales meeting today we had a special guest Seth Margolis www.sethmargolis.com who gave a reading from his latest novel Closing Costs. A page turner about today's real estate market in Manhattan.
Seth is married to an agent in my office Carole Zelner. The lead character Lucinda Wells, one of Manhatttan's most successful and ruthless agents is not based on his wife Carole. He started writing the novel before Carole was in real estate.
One of the characters Peggy Gimmel decides to sell her classic 7 apartment on the upper west side that she bought decades ago for a few thousand dollars and … (3 comments)

9/11 I remember I will never forget - 09/11/06 08:53 AM
                                                                     
 
I woke up this morning to a beautiful September day. Not a cloud in the sky. The moon is visible. It is a little more brisk than the summer like day 5 years ago that changed all of our lives. I remember that day like it was yesterday.
The night before 9/11/2001 an old friend and former colleague called to say he was going to be in New York tomorrow to promote his new book a biography of Howard Hughes. He wanted to meet for lunch but told me to watch The Today Show that he was being interviewed … (5 comments)

Director of First Impressions - 09/09/06 08:52 AM
My company recently expanded one of our offices and made it our corporate headquarters on Madison Avenue. Our commercial division along with executives, administrative, marketing and our east side agents are located in this beautiful office space.
I recently received an email from the President of my company announcing the newly created position "Director of First Impressions" An office administrator from our downtown office was promoted to this new post.
Since many of our calls from our office's if busy roll over to the new office.  The first person that people (clients other agents, investors, vendors etc.) meet when they walk in the door … (6 comments)

Miracle Worker In A Can for $7.99 - 09/07/06 05:57 PM
                        
$7.99 looks like a $million
http://www.howardproducts.com/
I discovered this product a few years ago in a hardware store. I needed to get rid of scratches and water spots and restore faded looking cherry wood floors without having them redone. The man in the hardware store told me to go with mahogany -- they might not have had it in cherry then. Now it comes in 9 colors.
It did the trick it worked great. However the mahogany was a little darker. I remember calling the # on the can. They were so nice. The woman on the phone said the product is not for floors but furniture. I told her how great … (3 comments)

Will History Repeat Itself? It Usually Does - 09/06/06 04:43 PM
During this past year the rental market in Manhattan has become very tight. Rents are soaring, multiple applications and even bidding wars have been going on. Many buyers gave up on buying and decided to rent instead.
Flash back 3 years ago. Landlords were offering 1 -2 months free rent, paying broker fees anything to rent their units. Ads were not pulling. No one was renting everyone was buying. It was cheaper to buy than to rent.
Rents are now skyrocketing. I have heard of landlords asking 20-25% increases in rent when a lease expires. Landlords used to increase 4-5% a year even … (8 comments)

Manhattan's Last Frontier - The Hudson Yards - 09/04/06 12:30 AM
Rendering of Hudson Yards  http://www.nyc.gov/html/dcp/html/hyards/hymain.shtml
There is one last frontier available in Manhattan - Hudson Yards, the underutilized area bounded roughly by West 42nd Street and West 30th Street, Eighth Avenue to the Hudson River. 360 acres.
The Hudson Yards is owned by the MTA - The Metropolitan Transit Authority an agency of The State of New York. The MTA has had problems with capital. http://www.mta.nyc.ny.us/
A pet project of former mayor Rudy Giuliani and current mayor Mike Bloomberg was to build a west side sports stadium. The MTA decided to sell the Hudson Yards to The Jets for $100 million for a Jets Stadium … (2 comments)

Why No Woman Doormen in Manhattan - Doorwoman? Doorperson? - 09/03/06 11:44 AM
The other day I was discussing a building's financials with a buyer. When a buyer makes an offer it is normally the procedure for a seller or seller's agent to provide the buyer or buyer's attorney with the last two years financials.
Every building has an audit from an independent accounting firm every year. It is a typical balance sheet that shows the buildings assets and liabilities revenue and operating costs. It is a way to determine if the building is in good financial health.
I was showing her payroll and wages paid under the operating budget. Jokingly she said: "Wow I … (5 comments)

 
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Mitchell Hall ~ Licensed Associate RE Broker

Manhattan, NYC Real Estate

Manhattan, NY

More about me…

The Corcoran Group

Address: 2253 Broadway, New York, NY, 10024

Office Phone: (212) 877-6268

Cell Phone: (917) 312-0924

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