Let The Search Begin - Just don't make me get up

Starting a search for a new home can be an overwhelming process. There is tons of advice out there - get a broker, go to open houses, look in the NY Times, look for foreclosures, surf the web - the list goes on and on. All of these ideas are good ideas and all may lead to your dream home. However, it is my personal recommendation that you begin your search for a new home on-line and in the comfort of your own living room. Searching online first will give you the opportunity to get a feel for prices, amenities, style of the homes, etc. Try not to eliminate listings based on the posted price. In this market there is room to negotiate so if you see something you love it’s worth visiting in person and submitting an offer (make sure you visit with a financial advisor or mortgage broker first prior to offer submission to determine how much you can afford to buy).

Below is a list of websites that are good resources for real estate listings:

• http://www.trulia.com/. Trulia allows you to search for homes by location or price. It also has a running list on its home page showing price reductions, open houses, and new listings, which makes searching through their enormous database a little less daunting and gives you a snapshot of how the market is doing.


• http://www.streeteasy.com/. This website is primarily for Manhattan properties but has recently added listings in the Hamptons and North Jersey. Like Trulia, you can search by price range or price. Unlike Trulia, Streeteasy also posts rental listings. It also has a new development section where you can peruse all the brand new buildings around the city. While you are there check out the video for “Platinum NYC.” http://streeteasy.com/nyc/building/247-west-46-street-new_york


• http://www.craigslist.com/. Believe it or not Craig’s list has a lot of for sale listings on it. It’s nationwide too so if you feel like looking for a home in San Francisco you can find it here. As with everything on Craig’s list, be a little wary but there is also some great stuff on there - Spacious 2 Bed Condos w/ Great Amenities- Spa Hot Tub & Fitness Center anyone?http://newyork.craigslist.org/fct/reo/1491283210.html.


• http://www.oodle.com/ Like Craig’s list is more of a classified ad database but it does have real estate ads and listings.

On another note, I was at a meeting this week and everyone was talking about the Tiger Woods incident. No, they weren’t speculating about why Tiger’s wife was beating his car with a golf club, or what he was doing out at 2am, or even why his alleged mistress just retained a lawyer. Nope, they were wondering what on earth he was doing living in a home that cost a mere $2,400,000. Not to worry a quick google search has informed me that he also owns a $40 million 10 acre ocean front estate in Jupiter Florida that is still under construction. Phew – all is right in the world again.

I'm Back (I'm Back)

I know, I know, it's been way too long. I broke the most unforgivable and #1 rule of blogging - "post regularly," and actually the #10 rule as well - "don't give up on your blog." I think those are currently my only 2 blogging indiscretions but you can check out the list of tips/rules for yourself just to be sure at http://www.bloggingtips.com/2008/12/31/10-blogging-tips-for-2009-to-make-it-your-most-successful-blogging-year-ever/ (you should also take a look if you are interested in some common sense tips for blogging).

Anyway, luckily for everyone i am not too proud to beg for your forgiveness. So here i am, back again, 6 months later asking you to forgive me and read what i have to say. A lot has happened in the market since the summer. The Fed has continued to inject liquidity into the banks, who have continued to pile up reserves, which has continued to do very little for stimulating the economy (can you tell that i am taking an Econ Class this semester?). However, from an on the ground anecdotal report, the real estate market is in fact picking up. Company wide, The Marketing Directors (http://www.themarketingdirectorsinc.com) had the highest number of sales/month in August compared to any month in 2009. Crystal Point, our newest river front condo tower, and the crown jewel of Jersey City, (http://www.crystalpointcondos.com) is tearing it up in the sales department and has made over 40 SALES in 8 WEEKS. Not to be left behind, it's riverfront neighbor Hudson Harbor, located in Tarrytown (http://www.hudsonharborny.com) is also reporting big sales numbers and is 40% SOLD since opening this past June. Not to worry, communities not located on either side of the banks of the Hudson river are also reporting more sales, higher offers, and in some cases multiple bids. Looks like my wishing for a recovery has finally begun to pay off.

In other real estate news - the extension of the Federal First Time Home Buyer Tax Credit until April 2010 is looking pretty certain (http://www.cnbc.com/id/33493223). Learn more about the credit (ignore the soon to be out-dated December deadline) at http://www.federalhousingtaxcredit.com/2009/index.html.

Cupcakes, Ramen Noodles, My Cat Fluffy and Other Indicators that the Recession is OVER!

Despite my recent completion of NYU Stern's comprehensive intro to economics class "FIRMS AND MARKETS," even i sometimes struggle with the complex economic theories and indicators used to judge the health of the economy. To help us out, i have enlisted the expertise of Jennifer Lathrop, an analyst in our research department who will explain all (pictured right) . She has kindly put together the following user-friendly post to make economic theory a little clearer, a little more relevant, and a little funnier. Take it away Jen.

In the Real Estate business we have been eager for the end of the recession before it was even declared an official recession. Crystal balls quickly became wishing wells and we began daily hunts for signs that things are getting better, something, anything. We all know that you can never really tell where the bottom is until after it has passed but that does little to quench the anxiety. We still want to know: What are the signs that a recession is over?

There are some official markers. Job loss is halted, consumer confidence index grows, the stock market stabilizes, and toxic assets are cleared off the books for a fresh and hopefully more mature start. We have been seeing some great signs. Jim Kramer amid all his yelling said that it is the bottom, federal interest rates are still at an all time low (again as mentioned in earlier posts- now is a good time to buy), banks have their bailouts and are working through toxic assets, and the media got bored with scaring people about real estate and has moved onto pigs.

An article by MSN gave 5 signs the recession is ending, including the never failing and fully scientific “cupcake indicator.” http://articles.moneycentral.msn.com/Investing/StockInvestingTrading/5-signs-of-the-recessions-end.aspx

Really? Cupcakes? The cupcake indicator claims that people are more willing to indulge in small luxuries when the economy is good and we can monitor this indulgence by watching cupcake sales. It makes sense…kind of. But who has time to monitor cupcake sales and what if you don’t like cupcakes? To solve these dilemmas I made my own list of 5 indicators to watch:

1. Fluffy the cat is back to being fluffy. You’ll know it’s over when you can finally budget for the occasional grooming instead of the do-it-at-home variety in your 8x8 walkup (it looked bigger on the floor plan). I don’t know if the money saved was worth it. You never know what kind of retaliation Fluffy has planned while you are sleeping.


2. Ramón noodle sales revenue shows a decrease quarter over quarter. What was once primarily the staple of starving college freshman became a go-to meal during the recession at 50 cents a pack. Interestingly, all the money saved on food went directly to the increased amount of alcohol consumed while “networking” so perhaps this wasn’t the smartest frugal move. Regardless, when people begin trading up to Easy Mac (retail approx $3) we will know we are almost in the clear.

3. Your unemployed friend who has been crashing on your couch finally moves to their own place. It seems like a cause for celebration but upon further review you notice you are now missing your pizza pan, your “it-bag” from last season (you couldn’t afford this season’s bag), and Fluffy…In a way it was cheaper to have her stay.

4. The “it’s the thought that counts” gift for your friend’s birthday flops…hard. When the recession ends so does the appropriateness of hand made, home made gifts. If only her birthday had been 3 weeks earlier - she would have loved the dried Ramón noodle picture frame you made her.

5. Your landlord has morphed back into the person who is never around until its time to collect the rent and who doesn’t care if your ceiling is falling down, just like they were before the recession. Not only that, but now they aren’t calling every month to lower your rent if only you’ll stay the remainder of your lease.

Geez, I’m starting to get nostalgic about the “good ol’ days” of the recession.

Time to bake more cupcakes!

It's that good

My apologies for not writing for the past 2 weeks, I have been feeling un-inspired and have fallen prey to a mild case of the real estate blues. You know that feeling of despair that seems to be going around as we meet with more banks, less developers, and see fewer prospects? Well I am shaking it off with some exciting news. We are proud to announce the opening of Cassa Hotel and World Condominium Residences. Yes, you heard me right –we are opening our doors while other people (like Steelwork Lofts, +Art, and Isis Condominium to name a few) are slamming theirs shut http://curbed.com/archives/2008/12/08/arrested_development_new_buildings_hybernating_for_winter.php).

So what’s our secret? It’s simple really. Cassa is just that good. With a swanky hip hotel in the base of the building, brought to you by the savvy hoteliers who just launched the Betsey hotel in Miami Beach and who are so cool that they can get away with naming their company Desires (http://www.desires.com/), an on-site five star restaurant (we are not ready to announce who it is yet but I promise it’s going to be good!) and hotel services to boot – Cassa is going to be the ultimate place to live if you desire (get it?) service and prestige. Picture this, you are sitting at home one rainy Saturday afternoon and you get a hankering for a martini. Call downstairs and voila the martini arrives perfectly appointed on a silver plate. Don’t feel like walking your dog, doing your laundry, or cleaning up after yourself? Not to worry just call down for maid service and a dog walker. Even better, you can get turn down service whenever you want. Just picture coming home after a long day at work to a turned down bed complete with that tasty little mint sitting right on your pillow. Ahhhhhhh.

And if that’s not enough, the homes at Cassa start on the 28th floor and all feature a corner window. So not only are you on top of the world but you feel like you can see forever. I am not kidding – Cassa is the real deal. Check it out – http://www.cassanyc.com/.

Nothing Sugary About It

Home Sweet Home at Palmer Hill.

Accusations of brokers “sugar coating” the state of the market have been swirling through the Real Estate industry. Blame a rumored incident where two Manhattan brokerage firms allegedly advised their agents to keep mum about the market and to boycott The Real Deal for the mudslinging. You can learn the whole story at the famed blog Urban Diggs and while you are there feel free to support writer Noah Rosenblatt’s quest to “keep it real without bias” and “fight for transparency” http://www.urbandigs.com/2009/04/the_real_deal_tossed_for_not_s.html#comments. Whether or not the incident happened, or if it even matters at all, what’s worth discussing is that The Real Deal and Noah are correct – there is no excuse for sugarcoating the market or the trickery this implies.

Over the past few weeks I have spent a lot of time talking about why now is the time to buy – and I am not going to stop now. But, I do want to clarify. I personally believe that now is the time to buy for end users - people who are actually going to live in the home that they purchase - not flip, not rent out, live in their investment. But before we get to why to buy now, first let’s discuss buying in general and why despite the state of the market buying can still make sense for you. Think about your home this way – you are always going to be out of pocket for housing costs. Why not make those payments on something that gives you the potential to gain equity and could increase in value? It’s almost a no-brainer because you have to pay to live somewhere. Now that we are in agreement that buying is the way to go think about these three reasons why our current crappy, scary, slumping market is going to help you (maybe not the developers or the economic recovery – but you personally).

1. Falling prices are good news. Remember when real estate was hot? Everyone was buying and prices kept rising and rising until you couldn’t afford to live anywhere but your parent’s basement. Things are different now. The Wall Street Journal reported an alcove studio on the Upper East Side priced at $199,000 (http://online.wsj.com/article/SB123864151725581585.html) – when was the last time you could buy in Manhattan for $199,000?


2. Standing inventory is good news. Developers no longer have strict availabilities and restrict inventory release. You will not be told “no, you can’t have the home with the terrace – it hasn’t been released and when it is we don’t know what price it will be at - so please buy this smaller home with the partially blocked views.” Developers no longer have the luxury of holding on to the best homes to sell when prices are at their highest. This is your opportunity to pick the home that fits you best, with the best views, and the nicest closets, and that is just what you wanted at the price that you wanted (see point 1).


3. Interest Rate Cuts Are Good News. Interest rates were low before the recession and now they are headed even lower. Although the guidelines to qualify for loans are changing, well qualified buyers can still get loans and they can get them at amazing rates.
   

If these three reasons were not enough to get you thinking I would like to leave you with a question posed by our Regional Sales Manager – “Why is it that in a sellers market everyone buys but in a buyer’s market nobody buys? Tricky.

Helping People Become Homeowners Since 1934

It seems like everyone in Real Estate is talking about FHA loans these days. Just this week it was the headline on inman.com “The facts on FHA-insured loans" http://www.inman.com/buyers-sellers/columnists/jackguttentag/the-facts-fha-insured-loans and it was a major topic of discussion at the NAHB convention. Interestingly, it has not been widely written about in either the New York Times or The Wall Street Journal, maybe because FHA loans are not anything new and aren’t going to save the real estate market.

As Jeff Belonger, FHA expert said “I am tired of listening to loan officers, realtors, and the average consumer get all excited because FHA mortgages are back. People, they never left. FHA loans are not the new subprime mortgages” http://activerain.com/blogsview/503019/FHA-loans-FHA-rates-Why-so-different-from-conventional-loans. That being said, Jeff goes on to say, and I agree, FHA loans in many cases are better then conventional loans and CAN HELP people buy homes.

This is the deal, straight from The US Department of Housing and Urban Development’s mouth (http://www.hud.gov/buying/loans.cfm) “FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.”

Specifically what they mean is that FHA loans allow you to do the following:

• Provide a lower down payment. Typically 10-20% of the purchase price is required as a down payment on your home. With an FHA loan you can put down as little as 3.5%.
• Qualify with lower credit scores. Because FHA is insuring your mortgage you may be eligible to qualify for a loan even if you have had some credit problems in your past. In fact, a lower cumulative credit score can qualify for FHA loan then typically required from other home loans.
• Down payments can be gifted. Don’t have enough for a down payment but have a rich uncle? He can gift you the money with no penalties.

Excited yet? FHA loans are the real deal and can help put homeownership in your reach. There is one catch however, if you are looking at multi-family housing (i.e. one of the many beautiful new condo buildings on the market) – the building must be pre-approved by HUD. Luckily for you, we would like to announce that Adam’s Square, Hoboken’s hottest new address has just been granted HUD approval!!! That’s right, you can purchase an outstanding one, two, or three bedroom home in this venerable building that expertly blends historic grandeur, modern amenities, and the convenience of an urban lifestyle with your shiny new FHA loan. http://www.adamssquare.com/

The Thrill of Victory + The Power of Platinum

It always feels good to win an award, and I don’t mean the honor of being nominated - it’s bringing home the gold that gives you that warm and fuzzy feeling. Just this month my company received 3 outstanding marketing awards from the Pillars Awards. As their website explains “NAHB's Pillars of the Industry Awards brings you the best in multifamily design…and it honors the best marketing campaigns and the industries top developers…” http://www.nahb.org/page.aspx/category/sectionID=1024.

So there you have it, with the presentation of the awards for Best Brochure for a For Sale Multifamily Community, Best Overall Sales Campaign for a Condominium Community, and Best Property Website to Platinum (http://www.platinumnyc.com/) we are validated in our hypothesis that marketing campaigns featuring spraypainted silver people are the panacea for all of our real estate woes.

Mocked by many including, but not limited to, curbed.com (thanks for featuring us in an article entitled "People Sounding Stupid in the Real Deal, Part II" http://curbed.com/archives/2007/12/05/people_sounding_stupid_in_the_real_deal_part_ii.php and yes we did put swimsuits on the models so as not to offend your delicate sensativities) and Lost City (“Revolting billboards featuring the neo-nazi, Atlas-like figure pushing a big silver ball” ouch! http://lostnewyorkcity.blogspot.com/2007/03/power-of-platinum-wood.html) sometimes even we began to wonder if we had made the right decision. But it turns out we did! Thank you Pillars and thank you buyers who have made Platinum 80% sold.

Starter Homes For All and Cassa's Pearly Whites

Liberty Harbor Townhome Exterior - The New Starter Home

The sun is shining (or at least it was this morning), the weather is mild and things seem to be looking up. The New York Times published a story with economic signs that indicate we are “at the bottom.” In the article Barry Ritholtz, Professional Investor and writer of the user-friendly econ blog “The Big Picture,” (http://www.ritholtz.com/) suggests that we have hit bottom when a young couple earning two modest incomes can qualify for a mortgage and afford to purchase a two-or three-bedroom starter home in a middle – income neighborhood. This is wonderful news, particularly because that is just what we are starting to see. Take the breathtaking waterfront super community Liberty Harbor located in Jersey City (http://www.libertyharbor.com/). Made up of a mixture of townhomes, condos, and rental buildings this behemoth of a development provides a range of prices and living options designed to appeal to many segments of the market - and it did; achieving a respectable 90% sold before the market tanked. What’s happening at Liberty Harbor now is extremely interesting. People who bought the smaller, less costly homes are returning to the sales office interested in moving up to larger homes. Their families are growing, they need more space for a home office, they just adopted a Great Dane - whatever the reason, they love Liberty Harbor and now have the opportunity to afford a bigger home – a true starter home, and not just the one bedroom they have been squishing into. It’s a beautiful thing. And it’s very similar to what Barry told us to look out for. People who were priced out of the homes they wanted now have the opportunity to buy their dream homes, or at least their starter dream homes.

The other thing that is making me particularly happy today is that http://www.curbed.com/ came through with another great Cassa posting. Yes you snarky curbed real estate bloggers – I applaud you. As I may have mentioned before, Cassa World Condominium Residences and Hotel (http://www.cassanyc.com/) will soon be throwing its hat into the condo market ring and I am part of the team responsible for its dramatic entrance. Thanks again guys for this sneaky feeling post http://curbed.com/archives/2009/03/10/in_your_face_sneak_preview_of_cassa_nys_pearly_whites.php

Kipsy here i come!

Christian Punsal, 24, bought this three-bedroom home in Elk Grove, Calif., for $193,000.

Day light savings is here! You know what that means - the spring selling season is almost upon us. The New York Times’ aka bad news bear is forecasting a “Gloomy Outlook” for the Spring Market. http://www.nytimes.com/2009/03/07/business/economy/07home.html?_r=1&scp=3&sq=spring%20real%20estate%20market&st=cse. However, I think they have overlooked some important concepts in their analysis. For one, the spring makes people think about re-birth and cleaning/getting a fresh start. In this market, it may actually be cheaper to buy a whole new home then to pay a professional cleaner to neaten up the squalor that most of us have been living in since the market tanked. But in all seriousness, the spring does motivate people to make changes and try new things. This spring in particular, with the government providing up to $8,000 in tax credits for first time home buyers http://www.federalhousingtaxcredit.com/ and with Real Estate prices entering attainable ranges people will purchase. In addition, buying homes makes people happy – and isn’t that what we all want for this spring? Just look at Christian Punsal who is pictured in the abovementioned article and at the top of this post. You tell me - does he look like a Gloomy Gus?

Now onto the shameless or perhaps not so shameless plug for Hudson Harbor – Westchester’s Newest, Greenest, Closest to the River, townhome and condominium community (http://www.hudsonharborny.com/). Located in Tarrytown on the banks of the mighty Hudson River, Hudson Harbor is destined to become Westchester’s Premiere living Destination (yup copied that right out of the brochure). Although this community is unique based on its own merits (who knew you could hire a Corporate Sustainability Strategist/Green Real Estate Authority who can also ensure historical relevance and context for your townhome design?) I would like to propose adding a new, never heard of before, amenity – community sea creature. Recently, or maybe not so recently – (Wikipedia was a little vague), sightings of a sea serpent living in the Hudson River have been reported. This elusive serpent has been named Kipsy (after Poughkepsie where he was first seen). I personally, think Kipsy would make an ideal mascot and amenity for Hudson Harbor. Children could learn the responsibilities of pet ownership while their parents elevated their status by having an exotic and one-of a kind pet. It’s a win/win. I am on it.

Back off - I don't like Airline food and I am just looking

I saw an ad yesterday that said “If you like airline food, please don't fly Austrian.” Huh? I couldn’t resist this forced logical reasoning. I don’t like airline food…so I should fly Austrian? Hahn, yes! I DON’T like airline food so I SHOULD fly Austrian! Brilliant. It’s like a blatant double negative - “I am not not licking toads.” If only real estate ads could be this clever. And maybe they can:

If you like paying your landlords' mortgage please don't buy your own home.

If you like don’t like building equity please don’t buy your own home.

Somehow it just doesn’t have the bite of those Austrian Ads. Gute Job-Kerle

Moving right along. Visited one of our sites in Connecticut and was once again amazed by how many people had stopped by and agreed to receive a sales presentation “just to see the model.” I find this mind boggling. I personally will do anything in my power to not speak to a sales agent. It doesn’t matter what they are selling – I am “just looking.” It doesn’t matter if I am determined to buy and know exactly what I want – don’t bother me, I am JUST LOOKING! And I will continue just looking right up until I bring my merchandise to the register and fork over my Amex Card.
Many of these people on the other hand welcome the presentation. Now don’t get me wrong, it is a particularly lovely townhome model (http://www.palmerhillhomes.com/), and it is always fun to see how homes are decorated, but I have a suspicion that some of these visitors aren’t just looking. Some of these people are just like me and they are secretly picking out their home. It’s okay. I can wait...but not too long…please…

I have jury duty next week and have been thinking about how to sell condos to citizens doing their civic duty - ideas anyone?

Real Estate

Truffles Tribeca's new e-mail blast campaign has created a buzz from anyone who was lucky enough (?) to receive it. http://curbed.com/tags/truffles-tribeca. But between rumored opium beds, references to swine, and shameless hot chick promotions what is it that Truffles is really selling?

They are selling real estate just like every developer trying to rent or sell their piece of the rock in Manhattan. And Manhattan real estate has never been more creative at courting brokers and buyers alike. From negotiating on price, to buying down financing, to giving away free trips- Manhattanites and Bridge and Tunneler's are wising up to the fact that now is the time to buy if they are looking for a smoking hot deal.

As a project manager for a Real Estate Marketing and Sales firm in Manhattan I am one of these brilliant minds coming up with the exciting traffic driving ideas. Are you a broker? Want to win a trip for 2 to south beach? www.cassanyc.com. Are you a buyer? Looking for once in a lifetime financing programs and a free gift certificate to Cornelia Spa? Check out www.galeriecondo.com. Help me out here people. Visit our buildings, visit every building in Manhattan. Give us your best offer. Buy a home. Buy 2 homes. Stop Renting. Move Forward. Now is your chance.

In other news, Colgate University Hockey held it all together yesterday and beat ECAC champions Yale in a messy but still victorious 3-2 upset. Take that Ivy League