Beacon Towers

In the wake of the expiration of the first-time homebuyer’s tax credit, the developers of Beacon Towers, a new cooperative residential development in Harlem, are offering a tax credit to buyers, they announced today. The credit — $8,000 in cash for new contracts signed between now and July 31– will be granted upon closing, in an effort to boost the housing market following the expiration of the federal tax credit in April.
 
Every new purchaser will qualify for the Beacon credit, which can go toward the costs of general living expenses, the building’s monthly mortg [more]

Aiming to change its rentals-only reputation, Citi Habitats has renamed
its sales division, calling it “Citi Sales.”
The company has issued new marketing materials, business cards and
window displays, emblazoning them with a new Citi Sales logo. But the
division will remain under the Citi Habitats umbrella, operate out of
Citi Habitats’ offices, and see no major changes, explained Gary Malin,
the firm’s president. Founded as a rental agency in 1994, Citi Habitats is the third-largest
real estate company in the city and does more rentals than any other
firm. Its sales business has also grown steadily over the years: by
2008, sales transactions comprised around 40 percent of the company’s
revenue, Malin said. Still, the company — which rented nearly 13,000 apartments in 2009
— is known to many clients and brokers as a rental firm. “When you rent 13,000 apartments a year, it just overshadows everything
you do,” Malin said, adding that Citi Habitats has lost customers
because people don’t realize that the company also does sales. [more]

While the two primary federal homebuyer tax credits will expire at the end of the week, Coldwell Banker is trying to keep sales moving by offering a credit of its own. Participating home sellers will give buyers 3 percent credits, up to $8,000 — the same amount as the higher of the two federal tax credits — for contracts signed by July 31. The buyers will receive the three percent refunds at closing, and there is no deadline for completing the transactions.  [more]

Make way for Grandma and Grandpa — and maybe a couple cousins, too. More families are looking for homes that can accommodate several relatives from across generational lines, according to a survey conducted by Coldwell Banker Real Estate. The survey, which culled responses from 2,360 Coldwell Banker sales agents, found that 37 percent of employees saw a noticeable uptick in the number of buyers looking for so-called “multi-generational homes.” The economic downturn is cited as a major reason for more family members bunking together, according to Diann Patton, a consumer specialist with Coldwell Banker, who said that the financial savings can extend beyond real estate. “With two or three generations living under one roof, families often experience more flexible schedules, quality time with one another and can better juggle childcare and eldercare,” Patton said. TRD

From left, Realogy franchise heads: Gary Malin of Citi Habitats, Pamela Liebman of the Corcoran Group, Tom Kunz of Century 21

Real estate giant Realogy, parent company of the Corcoran Group, Citi Habitats and Century 21, has managed to cut its net losses for 2009 to $262 million, a minor bump in the road compared to the $1.9 billion loss posted for 2008. Cost-cutting accounted for the reduced losses, which came in spite of an overall 17 percent drop in revenue, to $3.9 billion, for the year. The last three months of the year foreshadowed further improvements for the company, with revenue up 11 percent for the period over 2008, and transactions up 18 percent for the company’s Century 21, Coldwell Banker, ERA, Sotheby’s International Realty and Better Homes and Gardens Real Estate franchises. In September last year, Realogy had appeared close to bankruptcy before raising $515 million in new loans that helped reduce its senior debt, thanks in large part to billionaire investor Carl Icahn. [Inman News] [more]

The year 2009 was a trying time to be a real estate broker, developer or investor, but it never lacked for news. In the aftermath of the financial crisis, the industry watched in awe — and sometimes horror — as residential sales ground to a virtual halt, condo projects stopped in their tracks, office rents shrank and retail stores disappeared. Buyers at buildings like 22 Renwick sued to get out of their contracts, and some were granted the opportunity to back out of their contracts. Meanwhile, an amazing cast of characters — from Kent Swig to Harry Macklowe to Lev Leviev — publicly fought for survival. There were also glimmers of hope, from the opening of the High Line in June to the expansion of Halstead Property into Connecticut to the sale of Former Lehman Brothers CEO Dick Fuld’s sale 16-room co-op apartment at 640 Park Avenue for $25.87 million, almost $5 million more than he bought it for two years ago. Click here to see The Real Deal staff’s picks for the stories that most altered the New York City real estate landscape in 2009. [more]

While the debate over whether to buy or rent rages on in New York City, Coldwell Banker CEO Jim Gillespie says that now is the time to make a home purchase nationally. The real estate group recently conducted a survey outlining the reasons to buy a new pad, ranging from the federal allowances to market stability. Gillespie told ABC News that major incentives, including the first-time homebuyer tax credit and dramatically lower prices in some states, particularly in Florida, are making the housing market especially favorable for buyers.

A recent Coldwell Banker survey meant to determine gender differences
in approaches to home buying found that there weren’t many. Both men
and women are looking for a home office when they purchase homes,
though men are more likely to want space for an entertainment center.
Both men and women said the security of a potential home is a priority.
Women are more likely to make up their minds about homes quickly,
according to the survey, with 70 percent of women certain about a home
the day they see it, compared to 62 percent of men. Fifty-five percent
of women said it was more important to be closer to extended family
than to work, while 37 percent of men made the same choice. [more]

Real estate brokerage Realogy, which was acquired by Apollo Management
in 2007 for $6.8 billion, said its second-quarter net loss decreased to
$15 million from $27 million in the second quarter last year after the
company decided to cut expenses, according to a statement. The
New Jersey-based company, whose brands include the Corcoran Group,
Coldwell Banker and Century 21, said the overall real estate slump that
is to blame for slashed broker’s commissions and record foreclosure
filings is proof that a housing rebound may not arrive in the near
future. Revenue from commissions fell 28 percent in the second quarter
to $746 million and the average price of brokered home sales fell 15
percent to $188,489. Franchise fees dropped to $72 million from $91
million a year earlier. Realogy
had 14,400 franchised and company-owned real estate brokerage offices
as of June 30 and employs nearly 270,000 sales agents nationwide. [Bloomberg] Comments

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Real Estate listings Web site Streeteasy.com has expanded again, this
time to the notoriously opaque Hamptons real estate market. Starting today, Streeteasy.com has debuted some 5,000 sale listings and
10,000 rental listings on the East End of Long Island, said Derrick
Gross, a business analyst at Streeteasy. Gross said the company is aiming to bring more transparency to the
Hamptons real estate market, which, with no centralized multiple
listing service, currently offers customers very little listing
information, with property addresses and even asking prices rarely
accessible. [more]