The government is looking to make it easier to refinance mortgage loans at lower interest rates, a plan that could help Florida homeowners save their properties. According to CoreLogic, 85,000 homes in the Sarasota-Bradenton metro area alone are underwater. “The new plan allows the everyday American to take advantage of the low interest rates,” The Real Deal‘s publisher, Amir Korangy, told the Sarasota Herald-Tribune. Comments
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The Real Deal’s Publisher Amir Korangy appeared on CNN’s “In the Arena” last night to discuss Donald Trump’s personal finances alongside show host Eliot Spitzer and Floyd Norris of the New York Times. Korangy says in the segment (see a portion of it above) that although Trump’s casinos were entering bankruptcy for a third time, the developer is “a master at restructuring” and noted that he’s eliminated $1.2 billion of debts in previous restructures. Korangy estimates Trump’s worth to be $2 billion.
Earlier this week, a federal bankruptcy court ruled in Donald Trump’s favor when it rejected a takeover plan of Trump Entertainment Resorts in Atlantic City by billionaire investor Carl Icahn. The three casinos in question are emerging from their third bankruptcy, and Icahn made an ostensibly better offer: $486 million and the elimination of all of the company’s debt, versus the $225 million and $1.4 billion reduction in debt proposed by Trump. But Trump had something Icahn didn’t — the name. And he was threatening to pull it from the casinos if Icahn took the helm. As The Real Deal publisher Amir Korangy put it, bearing the Trump brand, is “like having the name Awesome… he’s taken it to real estate, fashion, publishing, production, spirits/liquors, resorts, casinos and TV.” Now that the ubiquitous Trump brand has succeeded in winning him back his casinos, will it pay off? [Philadelphia Inquirer]
HGTV’s new realty reality show, “Selling New York,” premiered last week, promising to showcase the “top of the real estate food chain.” The show follows Gumley Haft Kleier’s Michele Kleier and her broker daughters, Samantha Kleier Forbes and Sabrina Kleier Morgenstern, as well as Core’s Shaun Osher, among other brokers from each firm as they maneuver their way through some of New York City’s most high-end real estate transactions. In honor of the debut, The Real Deal did some digging to find out which of the city’s prized properties are slated to be featured this season. Among them: a four-bedroom loft at the Chelsea Mercantile listed for $22.45 million, the 25 Murray Street loft for which former Giants star Michael Strahan is asking $1.85 million, a $17 million landmarked townhouse at 109 East 69th Street, and a 2,295-square-foot spread at highly-anticipated One Brooklyn Bridge Park (see slide show of many of the homes above). Click here for more information about the residences expected to appear in the upcoming season. [more]
Now’s a pretty excellent time to be an office tenant in New York City, according to The Real Deal’s publisher and founder Amir Korangy, who was featured in New York Enterprise Report’s “5 Minutes With…” feature. In the interview, Korangy explained why he chose to launch The Real Deal and what makes New York City real estate different from any other real estate market in the U.S. “Los Angeles has Hollywood, Miami has the sun, and New York City has real estate,” Korangy said. “After Wall Street, real estate is the second richest industry in New York City.”
20 CommentsWhile some contend that the new year will bring continued declines in home prices, Wall Street Journal reporter Brett Arends said he believes that now is the time to buy. “There’s always people saying things are going to get worse… I’m not predicting that things will turn around tomorrow or next week,” Arends told the Wall Street Journal. “However, the simple reality is… real estate is cheap.” By looking at data over the last four decades on house prices, mortgage rates and average earnings, Arends said, current home prices are comparatively inexpensive. It’s not all blue skies though: New York and other high-price markets still require caution, Arends said. Amir Korangy, publisher of The Real Deal, told CNBC yesterday that buyers shouldn’t feel the need to rush because home prices are unlikely to dramatically increase in the near future.
Amir Korangy, The Real Deal’s publisher, told CNBC today that home shoppers nationwide should take their time when it comes to buying. “The number one tip for 2010 is to be patient, you don’t need to rush anything,” Korangy said. As far as mortgage rates go, while Korangy predicts they will “definitely go up in the next year,” he said they’re unlikely to rise as high as 7 or 8 percent. And while some homebuyers may be reluctant to go thumbing through data at the Bureau of Labor Statistics, Korangy said an understanding of current unemployment data in a home’s neighborhood can be helpful in predicting future prices.
To rent or buy your home? That was the question on today’s CNBC show, “The Call.” The Real Deal Founder Amir Korangy went head-to-head with Zillow COO Spencer Rascoff, who argued that now is a good time to buy a home, even though he predicts that the market won’t bottom out until next year. “Inventory levels are way up — there are more homes for buyers to choose from — and prices are way down,” Rascoff said. But Korangy sees things differently, pointing out that a down market is an opportunity to be circumspect about your home buying decisions. “I think it’s a great time to scout the properties you’re really interested in,” Korangy said. “They say homeownership is the American dream, but I think that’s as false a claim as Santa Claus … it’s not for everybody.”The Real Deal Editor Stuart Elliott recently sat down with Shaun Osher of boutique real estate firm Core to talk shop. Having been with the magazine since its inception, Elliott spoke about the challenges of starting a publication, from working out of Publisher Amir Korangy’s apartment to getting sued (and winning) over the publication name. Elliott also talked about editing a real estate magazine in a less than ideal housing market. In a down market, he said, there is pressure to avoid panicking people with negative press. But reporting news accurately — without alarmism — can be achieved. “I think in terms of negative coverage, too, it’s sort of like we want to reflect what’s out there,” Elliott said. “At the same time, I guess a positive story for us is like, ‘how do you create opportunities in a market like this?’” Listen to the podcast above or click here.
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From left to right: Barack Obama, Mort Zuckerman, Amir Korangy and Darcy Stacom made the New York Observer Power 100 list.From the New York Web site: The Real Deal’s Amir Korangy made the New York Observer’s Power
100 list of the most powerful people in New York real estate, released today. President
Barack Obama ranks first on the list, which includes politicians,
developers and brokers, followed by Stephen Ross, CEO of the Related
Companies, and Mort Zuckerman, chairman and CEO of Boston Properties.
Twelve women made the list, including Corcoran Group CEO Pamela
Liebman, Elliman CEO Dottie Herman and CB Richard Ellis Vice Chairman
Darcy Stacom. The Observer also held a poll inviting readers to vote
for the most powerful people in New York real estate, and The Real Deal’s Web editor, Lauren Elkies, was named the city’s most powerful real estate blogger. [more]
