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Posts Tagged ‘Radio’

Manhattan Luxury Housing Buyers: ‘Eager but not Desperate’

February 15, 2014 | 7:37 pm | bloomberglogo | Public |

There was a terrific Bloomberg News story by Oshrat Carmiel: Manhattan Trophy Home Sellers Test Buyer Limits on Price that delved into the disconnect between reality and perception of the luxury housing market in Manhattan. I talk about this phenomenon on Bloomberg Radio’s ‘Taking Stock’ with Pimm Fox and Carol Masser.

It all began with Sandy Weill’s $88M sale of 15 Central Park West PH20 to a Russian Oligarch back in late 2011 that closed in early 2012. He was reportedly purchasing the unit for his 20-something daughter to crash when she wasn’t at her home in Monaco but it was more likely a divorce strategy. The home sold for $13k per square foot, 30% more than the recent $10k ppsf record previously set within the building (ie definition of an outlier).

Combine this outlier with the dearth of high end new development until recently and this 13k ppsf threshold became a new pricing tool for hopeful sellers and real estate brokers of large properties. The $100M resale penthouse listing at CitySpire was the new symbol of “outlier pricing” phenomenon. Other examples of aggressive pricing are cited in the Bloomberg story.

Despite the fact that this nearly $100M subset represents a tiny sliver - a handful of listings and sales – in the overall Manhattan market, consumer (buyers and sellers) have been subjected to a buzz saw of news reports about trophy properties giving the impression that properties like this comprise most of the housing market.

In reality there have only been a handful of contracts signed near the $100M threshold at buildings like One57 and 432 Park Avenue (the near $100M townhouse contract doesn’t count because it’s roughly 1/2 the ppsf of those apt sales)..and otherwise the overall Manhattan market seeing very modest price growth.

Yet none of the trophy apartment resales are selling at this new price point. Sellers have been testing the waters to see if someone across the globe will be willing to pay for something here, that in relative dollars to their home market is a good deal or they hope they will get lucky and these buyers will over pay.

Apparently these trophy sellers haven’t used the Internet.

UPDATE
Just got this feedback emailed from a real estate agent: In every neighborhood and property class “testing the waters” is an age-old technique that has enough utility to go on forever. As an agent, I prefer the price that results in a quick sell but I never turned down a client who insists on an absurd Ask. In most such cases, I have picked up a few customers and sold them something else they could afford before the “outlier” ran out of inquiries and the seller dropped its price or took it off the market. I like it when journalists report activity at the extremes of price and value because it helps me to identify the evolving dimensions of the market.

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Bloomberg Radio’s ‘Taking Stock’ with Pimm Fox and Carol Masser
Bloomberg News: Manhattan Trophy Home Sellers Test Buyer Limits on Price

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Group Claims Glass Curtain Walls “A Major Step Backward Environmentally”

February 4, 2014 | 4:42 pm | wsjlogo |

wsjglasshouse2-3-14

The Wall Street Journal released an intriguing article about the use of glass curtain walls on new buildings: Study: Glass Condos Could Pose Health Threat Through Overheating: Hot Summer Could Raise Temperatures Into Triple Digits.

The piece was inspired by content provided by the Urban Green Council, who are trying to push for more rigorous building standards in the aftermath of Superstorm Sandy. They’ve had a PR bonanza for this one since the story was even picked up by Gawker.

But the findings were disputed by some developers and architects, who said that glass buildings in recent years have made big advances in overall energy efficiency. That includes improved glass with special coatings to reflect heat and more insulated surfaces in building walls, to comply with increasingly rigorous city and state energy codes.

The idea of glass curtain walls became a bigger issue in the recent boom and the current boom than in years past: the technology has improved, and with shift in the mix towards luxury development, the need for expansive views and light to raise values made it more popular. The irony of this is, and this is certainly not a definitive statement, that glass curtain walls can be less expensive for luxury development than using more traditional mortar/window installs if it is not load bearing.

And Toronto seems to hate them (when not writing about Mayor Rob Ford) in this CBC piece: Throw-away buildings: The slow-motion failure of Toronto’s glass condos.

UPDATE

Ilya Marritz at WNYC just posted on this topic with the understated title: People Who Live in Glass Houses are Really Hot. Here’s the radio version:

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[Eye on Real Estate] WOR NewsTalk Radio 710 June 19, 2010

June 21, 2010 | 12:37 am | nytlogo | Public |

For each week’s Eye on Real Estate Show on WOR NewsTalk Radio 710, we include a segment called “The BlogCast” where I discuss several housing related (sometimes a stretch) posts from some of my favorite blogs. They cover topics that are current, funny or simply a “must read”.

Saturday’s BlogCast covered the following blog posts:

[The Real Estate Bloggers] The Watergate Hotel Sold To European Investment Group For many of us, the term Watergate brings back bad memories of politicians gone bad. We forget that the scandal is named after the Watergate Complex, a group of 5 buildings near the John F. Kennedy Center for the Performing Arts. The hotel that was attached to the complex failed in 2007 but was purchased yesterday by a European real estate management company. They plan on returning the hotel to it’s former glory while keeping the option of turning some of the rooms into condos if the market will accept it.

[Straight Talk About Mortgages] Lending Rule #101 – Don’t Loan Money to People Who Can’t Pay It Back… Duh, it’s all about common sense. People who can’t pay it back shouldn’t get the loan in the first place…

[ST Paul Real Estate] Should I take the fridge? I got a call last week from a woman who is being foreclosed upon and there isn’t anything she can do about it at this point…She wanted to know if she had to leave her appliances behind when she left her home. She told me that they are fairly new and that she would like to keep them.


If you missed this past Saturday’s show or any prior show, you can listen to the podcast at any time or subscribe to it for free via iTunes to always get the latest show delivered automatically to your computer or handheld device. My Blogcast is usually in the first hour of the show.

Listen to the most recent Eye on Real Estate podcast.

Subscribe to the free weekly Eye on Real Estate podcast.

Become a fan on Facebook.

Or visit the Eye on Real Estate Website.


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[Eye on Real Estate] WOR NewsTalk Radio 710 June 12, 2010

June 14, 2010 | 10:40 am | nytlogo | Public |

For each week’s Eye on Real Estate Show on WOR NewsTalk Radio 710, we include a segment called “The BlogCast” where I discuss several housing related (sometimes a stretch) posts from some of my favorite blogs. They cover topics that are current, funny or simply a “must read”.

Saturday’s BlogCast covered the following blog posts:

[City Room/NYT] Life Costs More Here, Unless You’re Hiring In both Boston and the San Francisco Bay area, the average worker receives more in wages and benefits than does the typical worker in the New York metropolitan area, according to figures released this week by the federal Bureau of Labor Statistics. Boston and San Francisco are also the only big American cities where the cost of providing health care, year-end bonuses and other benefits is higher than it is in New York, the numbers show…

[Naked Capitalism] RealtyTrac: Most foreclosures have positive equity Of all of the foreclosures in the RealtyTrac online database, less than 50% have mortgages worth less than what is owed, said Rick Sharga, senior vice president at RealtyTrac, during a session at REO Expo, which concludes in Dallas Wednesday…

[Sienna Research Institute] 4.7% of New Yorkers Want To Buy, Most Since Lehman Tipping Point Ok, so this isn’t really a blog, but it pertains to the listening area and I covered it here on Matrix. 4.7% of consumers in the state plan to buy a home this year, compared with just 3.4% in April and 3% in May 2009. As good as it is, the latest reading is still far shy of the three-year high set in June 2007, when 5.6% of New Yorkers said they wanted to buy. Conversely, in January 2009, at the lowest ebb in the last three years, a mere 2.2% said they would buy a home.


If you missed this past Saturday’s show or any prior show, you can listen to the podcast at any time or subscribe to it for free via iTunes to always get the latest show delivered automatically to your computer or handheld device. My Blogcast is usually in the first hour of the show.

Listen to the most recent Eye on Real Estate podcast.

Subscribe to the free weekly Eye on Real Estate podcast.

Become a fan on Facebook.

Or visit the Eye on Real Estate Website.


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[Eye on Real Estate] WOR NewsTalk Radio 710 June 5, 2010

June 5, 2010 | 9:59 pm | curbed | Public |

For each week’s Eye on Real Estate Show on WOR NewsTalk Radio 710, we include a segment called “The BlogCast” where I discuss several housing related (sometimes a stretch) posts from some of my favorite blogs. They cover topics that are current, funny or simply a “must read”.

Saturday’s BlogCast covered the following blog posts:

[Ezra Klein/WaPo] On jobs, watch the trend A lot of us have the tendency to look at each new month as a wholly separate slice of data and celebrate if it looks good and fret if it looks bad…So far this year, we have averaged about 100,000 new jobs each month with that rising to nearly 140,000 over the past three months. That is what many of us had expected when we talked about modest to moderate job growth this year.” In other words, “the trend is your friend.”

[Extraordinary Observations] Where the Smart People Live It’s becoming increasingly accepted that there is real economic value to bringing a lot of smart and entrepreneurial people together in the same place…The theory that there is economic value to having smart people together rests on the assumption that smart people collaborate with each other. Conclusion: smarter people live in areas with higher cost housing – but it sounds dumb, no?

[Curbed] New Identities Pitched for Troublesome Hudson Square Manhattan is famous for Manhattan neighborhood acronyms. SOHO, NOHO, TRIBECA, NOMAD, FIDI and MEPA How do you solve a problem like West Soho? Or is it the Lower West Side? Or Hudson Square? Whichever neighborhood name you choose, one thing’s clear: None are catchy enough to stick in the minds of tourists. Suggestions include North of the Holland Tunnel: “NoHoTu” and my favorite suggestion was Holland Tunnel Approach: “HoTunA”.


If you missed this past Saturday’s show or any prior show, you can listen to the podcast at any time or subscribe to it for free via iTunes to always get the latest show delivered automatically to your computer or handheld device. My Blogcast is usually in the first hour of the show.

Listen to the most recent Eye on Real Estate podcast.

Subscribe to the free weekly Eye on Real Estate podcast.

Become a fan on Facebook.

Or visit the Eye on Real Estate Website.


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[In The Media] Bloomberg Radio The Hays Advantage 12:30pm

June 2, 2010 | 9:15 am | bloomberglogo | Public |

Just a bit of house cleaning…err NAR’s Pending Home Sales Index being released at 10am this morning.

I’ll be on The Hays Advantage show with Kathleen Hays on Bloomberg Radio talkin’ pending home sales (contracts) today at 12:30 on AM1130, XM channel 129 or SIRIUS channel 130.

Always enjoy being on her program.


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[Eye on Real Estate] WOR NewsTalk Radio 710 May 29, 2010

May 31, 2010 | 9:21 pm | nytlogo | Public |

For each week’s Eye on Real Estate Show on WOR NewsTalk Radio 710, we include a segment called “The BlogCast” where I discuss several housing related (sometimes a stretch) posts from some of my favorite blogs. They cover topics that are current, funny or simply a “must read”.

Last Saturday’s BlogCast covered the following blog posts:

[Gothamist] Where’s The City’s Worst Cell Service? The best cell phone service can be found in the Lincoln Tunnel, which sees the fewest dropped calls. The worst spots include the Cross Bronx Expressway, along the river on the West Side Highway, Long Island City and Sunnyside in Queens, as well as part of the Upper East Side between 87th and 94th streets…

[Brick Underground] Hold that hotdog! 4 ways to rat-proof your patio before the other guests arrive A friend of ours lucky enough to live in a Chelsea apartment with a rear patio noticed she had company this spring: A gypsy contingent of rats was using her rear wall as a superhighway to the restaurant next door, occasionally detouring to her place for a refueling stop… This topic was timely given the weekend’s NYT/Real estate article on outdoor space.

[Credit Slips] How to Find the Owner of Your Mortgage Concerns continue about parties filing foreclosures when they do not own the note. Florida recently enacted a rules requiring plaintiffs in foreclosure to verify ownership of the note…


If you missed this past Saturday’s show or any prior show, you can listen to the podcast at any time or subscribe to it for free via iTunes to always get the latest show delivered automatically to your computer or handheld device. My Blogcast is usually in the first hour of the show.

Listen to the most recent Eye on Real Estate podcast.

Subscribe to the free weekly Eye on Real Estate podcast.

Become a fan on Facebook.

Or visit the Eye on Real Estate Website.


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[Eye on Real Estate] WOR NewsTalk Radio 710 May 22, 2010

May 24, 2010 | 10:03 pm | trulialogo | Public |

For each week’s Eye on Real Estate Show on WOR NewsTalk Radio 710, we include a segment called “Jonathan Miller’s BlogCast” where I discuss several housing related posts from some of my favorite blogs. They cover topics that are current, funny or simply a “must read”.

Last Saturday’s BlogCast covered the following blog posts:

[The Curious Capitalist] The hidden changes in financial reform The Senate passed its financial reform bill. Huzzah! What did the Senate wind up with after three weeks of such intense lobbying and debate?…

[Trulia Blog] Trulia RealtyTrac Survey: American Attitudes Towards Foreclosure Today, Trulia.com and RealtyTrac released the latest results of an ongoing survey tracking home buyers’ attitudes towards foreclosures. The new online survey conducted on their behalf from May 10-12, 2010 by Harris Interactive® showed a notable decrease in consumers’ willingness to buy foreclosed properties compared to one year ago…

[WSJ/Developments Blog] U.S. Mortgage Delinquencies Appear to Level Off The number of American households behind on mortgage payments appears to be leveling off at a high level, a survey showed Wednesday… I also discussed the MBA confusion over the results in a great New York Times article.


If you missed this past Saturday’s show or any prior show, you can listen to the podcast at any time or subscribe to it for free via iTunes to always get the latest show delivered automatically to your computer or handheld device. My Blogcast is usually in the first hour of the show.

Listen to the most recent Eye on Real Estate podcast.

Subscribe to the free weekly Eye on Real Estate podcast.

Become a fan on Facebook.

Or visit the Eye on Real Estate Website.


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[In The Media] Bloomberg Radio/TV Housing Recovery May Take 3 to 4 Years

December 18, 2009 | 11:30 pm | bloomberglogo | Public |


[click to play]

I was invited this morning to join Tom Keane and Ken Prewitt on their must listen to radio show Bloomberg Surveillance at 8am. I sat in for about 3/4 of an hour. Love this show – avid listener of their podcasts.

This time, they brought in a few cameras for a few minutes, mid-interview and cut in from the Bloomberg TV broadcast to join us. Fun!

Mentions during show
55 Sq Ft Apartment [NY Post]
Gotham: A History of New York City to 1898 [Amazon]

Show links
Listen to the show podcast [Bloomberg]
Watch the TV clip [YouTube]


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[Radio Active] WOR AM 710 Eye of Real Estate Radio Talk Show

April 20, 2009 | 2:00 pm | delogo | Public |

Last Saturday we launched our new radio show on WOR 710 called Eye on Real Estate which is a 2-hour talk radio format that airs live on Saturdays from 10am to Noon.

The show is co-hosted by Dottie Herman, Jeff Appel and myself. Dottie brings brokerage experience, Jeff brings mortgage experience and I bring valuation experience to the table. None of us had hosted a talk radio show before but all of us have done a lot of public speaking together on various housing issues so on paper it seemed like a good fit. I think it was.

WOR came up with the show name and their management staff is unbelievably well organized and professional. They made it easy. Their audience is reportedly in excess of 1M listeners which is pretty exciting. We’re camped out for two hours in a studio with boom mikes, guests, call in questions, an active chat room during the broadcast, a control room and all the other radio trimmings.

I think our biggest concern going into this was that no one would call in since we were just getting started. However, after the first commercial break we were all estatic as the phones lit up like Christmas Trees. Fun.

If you can’t get to a radio from 10am to 12 noon on Saturdays, just subscribe to the podcast – it is uploaded to the web a few hours after the show airs.

The show’s web site: www.wor710.com/realestate

And subscribe to the podcast


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