The Real Deal New York

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August 2008
  • Who got crunched — and who didn’t

    A look at where players landed one year after the credit market debacle

    Click here for PDF format Note: Correction appended A year ago this month the credit markets erupted, and since then it has been rough going. While the wheel of fortune always turns — there will forever be some real estate players on top while others take hits — this year many of the stories appear to be related to credit market woes. Because it is the anniversary month of the subprime mortgage crisis, The Real […]… [more]

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  • Brokering in good Faith

    Retail dervish draws attention from press — and barbs from competitors

    Most real estate brokers don’t show up at cocktail parties with a publicist in tow. But then again, probably only one has been quoted in the press some 75 times since the beginning of the year. The New York Times calls Faith Hope Consolo the “highest-profile practitioner of the art of matching stores and storefronts.” The New York Post said she’s the “queen of retail.” A number of her mostly male competitors use other words […]

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  • State considers moving 421-a boundaries again

    Some legislators will look to expand exclusion areas in their districts

    If the fight over the 421-a tax abatement rules seems like ancient history, guess again. The new rules enacted by the city and state last year (and bemoaned by many real estate developers) have been in place for just a month. But state legislators are already considering changes that could make many in the industry unhappier. As of June 30, the exclusion area, where developers must make a portion of their new projects affordable to moderate-income households […]

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  • How long will downturn last?

    Imperiled economy to squelch market through 2009, some say

    The residential real estate market in New York City is showing clear chinks in its armor. The average Manhattan apartment sales price in the second quarter fell for the first time since the fall of 2006, and some analysts expect the bumpy ride to be a rather long one. “Manhattan held up better than most other places,” said Mark Zandi, the chief economist and co-founder of Moody’s Economy.com. “Long Island is being hit, as is Northern […]

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  • As sales slow, brokers play nice

    Competitors return calls, cooperate more on co-brokes in order to close deals

    If there is a silver lining to be found in the current slower real estate market, it lies within the brokerage community, which is experiencing a kinder, gentler working environment as of late. Many brokers have noted that interactions with their competitors are noticeably less cutthroat than during the boom times of the past few years. Instead, brokers report they are cooperating far more on co-brokes, returning calls and accommodating each other’s schedules. In other words, […]

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  • Jersey Shore needs shoring up

    Rising expenses prompt vacationers to trim back on summer rentals

    This summer’s Jersey Shore rental market is lagging more than usual, and surprisingly, it has not gotten a big boost from the drop-off in prices on the sales side, a phenomenon that often takes hold when the economy sours. Agents and brokers at the shore said they have seen a drop in rental traffic in some areas and an increase in the number of renters securing last-minute deals for the peak periods of late July […]

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  • Inside the open houses: Woodstock not feeling the love

    Catskills showings bustle, but some high-end sellers forced to drop prices

    The 1960s live on in Woodstock, where peace signs and psychedelic designs abound in the quaint downtown. But real estate in Woodstock, and in the other surrounding Catskills towns, is not exactly in a peaceful place at the moment. While the area is still dotted with New York City residents who own second homes — or are in the market for them — in many cases, sellers are dropping their prices, and buyers are bargain […]

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  • North Fork sharper than South Fork?

    Area sees boost in sales, but brokers experience slowdown

    While much of the fuss this season in East End real estate has zeroed in on the slowdown in the tony Hamptons, its lower-profile neighbor to the north is on a similar real estate rollercoaster. Brokers said that while Long Island’s North Fork was taking off a few years ago, the momentum on the residential side has taken a hit since the economy turned. But after a rocky first quarter — which was marked by […]

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  • Spec developers shop for sofas

    Builders looking to rent spec houses must furnish them first, often at great cost

    What happens when a multi-million-dollar Hamptons spec home gets caught in the crosshairs of an economic downturn and ends up sitting on the market? Naturally, the developer looks to rent it out for the season. With more speculative homes going on the rental block as buyers become scarce, spec builders are facing a new challenge: interior design. Brokers, developers and decorators in the Hamptons say they are increasingly in the market for sofas, coffee tables, […]

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  • Montauk: Surf Lodge’s spillover effect

    Montauk brokers say interest from trend-seekers could help blunt slowdown

    The phenomenon that is the Surf Lodge — a new hotel, restaurant and bar that is bringing young professionals to the South Fork’s easternmost enclave — could prove to be a boon for the Montauk real estate market. Some East End brokers say the venue, which was written up on the front page of the New York Times’ Sunday Styles section last month, is bringing a new generation of prospective entrepreneurs and summer residents to […]

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