This Week in Comments

New York /
Sep.September 03, 2009 07:44 PM

Bedbugs cause panic among dwellers
Co-op and condo owners should develop a better way of handling the problem as they are causing it to spread by “not reporting” their infestations. It is a whispered topic here in Bay Ridge and in an attempt to protect property values they are allowing the critters to jump on your laundry basket for a ride up to your apartment when you use the washer in the communal laundry room.

Gwathmey’s best recent work in New York: Soho Mews
It’s a failed project because of timing, not because of anything Gwathmey or the developer did. The developer probably paid too much to construct the building and did not want to take a loss to get more apartments sold early on. The lender will reduce prices once they foreclose on the project. The apartments will all sell at the right price.

How will inflation affect the New York City real estate market going forward?
1. When inflation finally arrives there will be no added value left for real estate. Carrying costs in New York City are too high and there is no way that new investors — residential and commercial — will enter into this market at the current prices/rent/carrying costs/maintenance/taxes. Large investors will probably have to liquidate their portfolios at some point. We’ll probably see foreign buyers buying what they like at the price they want.
2. I don’t see any inflation coming for the next several years. First you will have to have high demand and spending to create inflation. If the dollar keeps on getting weaker and if interest rates remain low then I believe real estate, along with other products, will be more expensive. However, if the government or the market starts increasing rates then it’s going to be more expensive to purchase a house and the values will most likely stay flat or go down.

Home prices show marked improvement
Ridiculous statistics. We’re going to see at least another 10 percent drop before this is over.

Spanish investor pays $1,700 per square foot in Flatiron District
I think a lot of these foreign buyers are just buying in New York City for vanity purposes, and because they have too much money laying around. Few of them have very good grasps of the local market or where its headed.

Broker creates $22.5M six-unit listing in FiDi
FiDi is definitely growing as a neighborhood, in both population and appeal, but this might be too early for this type of deal.

With unofficial tax credit deadline tomorrow, Manhattanites shrug
[The] $8,000 tax break is not a big help to New Yorkers who want to buy. The tax break needs to scale with [the] price of property and current estate taxes per state.

Connecticut auction postponed
Postponed equals not enough interested buyers.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
The Princeton Club flag in front of 15 West 43rd Street (Google Maps)
Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
56 Leonard, PH 58 (Getty, Sotheby's)
$30M unit latest in string of deals at ‘Jenga Tower’ as record sale looms
$30M unit latest in string of deals at ‘Jenga Tower’ as record sale looms
Rendering of the Meadowlands Sports Arena with Convention Center (Meadowlands 2040 Foundation)
Convention center planned near American Dream mall
Convention center planned near American Dream mall
Donald Trump with the Trump National Golf Club Westchester (Trump National Westchester, Getty)
Trump Organization facing criminal probe over Westchester golf course
Trump Organization facing criminal probe over Westchester golf course
HUBB’s John McCarthy and with 510 East 88th Street and 181-199 Columbus Avenue (Google Maps)
HUBB NYC doubles down on Manhattan apartments
HUBB NYC doubles down on Manhattan apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...