Guide Me Home to Manhattan Luxury - Home

What is the “Short” in a Short Sale?

2009-07-08T14:22:00Z

Does it mean a quick sale? No. A short sale is a longer process than a typical real estate transaction. In reality, it can take 5 – 6 months with no guarantee that the offer will be accepted.

Does it mean the buyer gets a fabulous deal? Not necessarily. While lenders are willing to consider offers to purchase that are slightly below fair market value, they aren’t willing to take a low-ball offer.

The short sale must make more sense than a foreclosure procedure. If a prospective purchaser makes an offer that the lender sees as less cost effective than going to foreclosure on the property, at the end of the process the offer will be rejected.

Short sales are discounted payoffs of a mortgage. They occur when the amount that the property can be sold for is less than the amount owed on the mortgage. The lender or lenders must consent to accept less than they are owed to release the lien. It’s the bank that comes up short.

Short sa ... Continued on the blog.

New York’s River to River Fest

2009-07-03T14:00:00Z

Time seems to be flying by so quickly, I almost forgot about all the events of the River to River festival. It was founded following September 11th with the idea to use the arts to help revitalize lower Manhattan.

What it is, is an amazing festival of arts and culture that runs from June through August. In locations all around the lower tip of Manhattan and literally river to river, events are held throughout the summer including culinary events, music and dance. The range from the traditional to the avant garde and include names you will know and some you’ll be happy to learn.

You can view the events brochure here, or better yet visit the website and register for the email blast so you won’t miss a thing.

Posted By: http://www.guidemehome2manhattanluxury.com/assets/2008/7/15/SharonMichnay. ... Continued on the blog.

Manhattan Shoe Guidelines

2009-06-29T13:52:00Z

Last evening over dinner with a friend who was recently transplanted to Manhattan, a topic of discussion was shoes. More closely, it was a discussion about expensive shoes destroyed on subway grates, brick streets and sidewalk cracks.

Next to Milan, New Yorkers have probably the best shoe options around. The shoe department at Saks even has its own zip code! The frequent mishaps for a pair of heels has led to a saturation of repair shops that makes the spacing of Starbucks locations seem spread out. The problem has even sparked entrepreneurs to create inventive solutions such as the “Smart Heel” device.

While the danger is real, the solution doesn’t resemble the commuting scenes in the movie Working Girl. Instead if Nikes, Manhattanites will don more comfortable, yet stylish shoes while riding the subway and carrying heavy laptops. Flip flops are a summer seasonal favorite. You’ll ... Continued on the blog.

Above Chelsea and Points Further North

2009-06-11T17:08:00Z

Chelsea has just become a bit more green. After what seems like an eternity, the first phase of the High Line has finally opened to the public as a park.

Originally built in the 1930s to safely transport goods throughout Manhattan’s then industrial West Side, the tracks have sat empty since the last train rolled through in the 1980s.

Phase one, which runs from Gansevoort in the Meat Packing district to West 20th Street is open daily from 7 – 10pm. Phase two will extend the park up through 30th Street.

To learn more about the High Line, its struggle to survive and the reconstruction visit TheHighLine.org.

Posted By: http://www.guidemehome2manhattanluxury.com/assets/2008/7/1 ... Continued on the blog.

Staged!

2009-06-08T15:02:00Z

The buyers are hip to it and sellers should be. It’s easy to poke fun at a couch positioned on the diagonal, the cornered bed or obvious furniture arrangements to make rooms look larger but stats prove staged properties sell faster at a higher value. A professionally staged home is cleaner, fresher and clutter-free so that even a property which needs renovation will appear welcoming. Buyers may resent tricks of the trade used to loosen their purse strings but they are now so accustomed to viewing polished presentations that most feel dissatisfied when the “wow” factor is missing from that all important first impression.

As seen on the reality TV series, staging can get very involved. Short of reconfiguring layouts, landscaping the garden and renovating a kitchen, some basic steps are essential. Homes should be deep cleaned by professionals who do windows and have no fear of dangers lurking behind the refrigerator. Out go curtains that block ... Continued on the blog.

Manhattan Real Estate Market Trends – historical

2009-06-02T17:12:00Z

Halstead Property recently published a five year analysis of Manhattan home prices from 2004 – 2008. Similar to our quarterly reports, our Five Year Market Report statistics are reported for Manhattan co-ops and condos overall and then by each major section of the city including East Side, West Side, Upper Manhattan, Midtown and Downtown.

The report shows an incredible increase in prices during this timeframe. The average apartment sales price rose 79% and the median price experienced a 70% increase.

Also included in the report are summaries of some of the economic factors that affect the market such as employment data, Wall Street, building permits and interest rates.

Whether you are a real estate enthusiast or in the market to buy or sell a home, this report gives insight. Try comparing it to ... Continued on the blog.

Paris in NYC

2009-05-28T18:17:00Z

Tennis anyone? The French Open is in full swing, the first of grand slam tournaments famous for the red clay court surface. New Yorkers don’t have to go to Paris for red clay, there are ten courts in Riverside Park on the Esplanade that runs along the water. The courts are free with a city permit ($100 for adults, obtainable from the Parks department at the Central Park Zoo office or Paragon on 18th street) or $7 for a single play permit. Though the courts are public, this extremely rare surface is maintained by the Riverside Clay Tennis Association. The organization was founded in the mid-1980s when the surface was more dirt than clay and the City threatened to pave the weed-infested facility with asphalt. A group of ardent tennis players petitioned, lobbied and raised funds to preserve the unique public amenity. Over the years, the RCTA restored all ten courts, replaced lines, installed drainage and irrigatio ... Continued on the blog.

Manhattan: The land of instant gratification

2009-05-22T20:52:00Z

I was listening to the XM satellite radio and an Allison Moyet song came on. If you haven’t heard of her, you may remember this song:

http://www.youtube.com/watch?v=yPOZ-YmE9C4

Knowing the artist or song is irrelevant to this post. The song reminded me of when I was a young hipster (or so I believed) working in a music store way back when. I recalled that a customer had wanted the entire Allison Moyet collection. It was unfortunately not in stock and I had to “special order” it from the catalogue we kept under the counter. Within about 2 1/2 weeks, my customer happily took home all the Allison Moyet that was available.

Two items from this memory made me laugh: 1) Walking into a retail store to buy music and 2) Waiting that long to buy a recording.

At the time, even I was frustrated at the length of time it took for those CDs to arrive. I h ... Continued on the blog.

Across West 106th Street

2009-05-14T22:24:00Z

106th street could very well be one of the most astonishing streets in Manhattan. It's wide, like an Avenue; yet peaceful, like a cul de sac. Buffered bicycle lanes run along both sides as part of a plan to "calm" traffic, though traffic has always been light because 106th Street doesn't cross town or connect to Riverside Drive. The "complete street" design makes the cyclists more comfortable, pedestrians safer, slows vehicles and adds a European flavor. Stretching from Park to Park, West 106th is basically a scenic treasure; stand anywhere and trees are visible.

Duke Ellington lived here and since 1977 Duke Ellington Boulevard bears his name. Technically Ellington and family members owned on the Riverside block between 105th and 106th street, a distinctive group of 1880s townhouses ending at 337 Riverside Drive - River Mansion on the corner of 106th. The New York Buddhist Church is now part of the landscape and a 15 foot bronze statue presides mid-b ... Continued on the blog.

Park Avenue in Manhattan

2009-05-12T22:48:00Z

We had a brief glimpse of sun the other day during which I captured this quick shot of some of the beautiful pre-war buildings on Park Avenue being reflected off the modern one across the street. While the boulevard plays host to some modern headquarters of several major corporations (primarily just north of Grand Central), most of the apartment buildings on this street were built in the 1920s.

For those non-U.S. readers, the term “Pre-War” refers to apartments which were built prior to World War II. These buildings typically had stately foyers, thick walls and high ceilings – attributes that remain highly desirable to today’s luxury home buyer and renter.

They exist all over the city, but many of the most famous ones, such as 740 Park line the Avenue. A word of caution, however if you are looking to rent or purchase in a pre-war apartment. ... Continued on the blog.

What's New in Katmandu?

2009-05-06T16:11:00Z

Originating in the 8th Century, this city is filled with artifacts, many listed by UNESCO as World Heritage sites: the pagoda roof-tops of Durbar Square, Syambhunath Stupa known as the monkey temple for the tribes of primates who roam the hillside, Bouddhanath Stupa (pictured) which resembles an enormous confection and the gold-domed Pashupatinath. But with riverside cremations, sacred cows and even a live virgin goddess, it’s more than a museum. The sites are still in use and full of living color.

In the original parts of the city, crooked streets are lined with little shops that have doorways so short my 11 year-old had to duck his head to enter. And since some of these structures may or may not have running water or electricity, life spills out of them until it seems like everything happens on the street; butchering, washing hair, laundry, vegetable ... Continued on the blog.

New York State of Mind

2009-05-05T13:55:00Z

This morning I traveled to a meeting in Tarrytown, NY. Sometimes while standing in the middle of Manhattan, you forget that you’re surrounded by water. It’s an island thing.

I know the ocean is beautiful, but I can’t help but feel a sense of awe when faced with the Hudson River. Manhattan has a park all the way down the west side so one can easily walk, bike, or Rollerblade the length of the island and take some time to appreciate the Hudson.

Today I took the Hudson River line. It was the Metro North train I caught at Grand Central instead of the Greyhound referred to in the Billy Joel song. The mood created is the same.

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April 20, 2009 – Kathmandu, Nepal

2009-04-21T16:38:00Z

Filing from Kathmandu is not easy. Internet access requires really good Karma and even more importantly, electricity. Imagine living in a city with 4 – 6 hours of power a day.

A drought has not only restricted water but also power. The city copes with a rotating schedule, some mornings, some evenings, some afternoons. Residents and tourists organize their lives around the lights. Tourists here tend to take things in stride – all part of the Himalayan adventure - but load shedding is hell on business. Though many hotels, shops and restaurants have off-grid power sources, these are mostly generators, are somewhat unpredictable and are used sparingly because of the expense. The generators also wreak havoc with the air quality. Not good in the best of times (dusty unpaved roads, diesel engines and wood burning fire), the additional carbon being dumped makes the air as opaque as the light in the candle lit shops.

If the situation worsens, the Kathmandu ... Continued on the blog.

Pricing to Sell

2009-04-20T15:02:00Z

Is your home priced to sell, or is it currently serving as confirmation to buyers that they should buy someone else’s? If you are priced above other homes for sale in your area, chances are you’re only making a buyer feel good about purchasing the apartment down the street or on another floor in your same building.

On the flip side, the overpricing of other sellers gives a smart seller a competitive advantage. If your one bedroom apartment in Tribeca is $575,000 and most other people with comparable properties are marketing at $600,000 then yours will stand out from the crowd and buyers will more easily see its value.

Putting a price tag on a home is never easy, but deciding what to take into consideration when doing so is.

Considerations in Pricing:

Previous closings of comparable homes

Take into consideration the closing date – markets change!

Other comparable homes competing with yours</li ... Continued on the blog.

Has New York City Hit Bottom?

2009-04-15T20:58:00Z

That’s a question that seems to be on many people’s minds – real estate buyers and investors trying to time the market and residents waiting to feel secure alike.

The good news is, well, that there is good news. Amidst the layoffs, the latest twist on Madoff and foreclosures is an increasing number of positive news stories.

The Wall Street Journal
Bernanke ‘Fundamentally Optimistic’ About Economy

The Wall Street Journal
Economists See a Rebound in September

The New York Times
Outlook on Economy is Brightening, New Polls Find

Recently, Crains published a story about the http://www.crainsnewyork. ... Continued on the blog.