manhattan: Starchitect Skyline: Branded Glass Houses in the Sky - Manhattan real estate in history/ today: 19th century to 21st century homes - 11/20/06 11:49 PM
"Starchitect" aka Star Architect, architect -branded designer buildings throughout Manhattan are changing the face of neighborhoods, lighting up the NYC skyline and turning apartments into Live-in Works of Art.
Innovative designs, the move away from the standard cookie-cutter apartments, luxury service and views are attracting consumers that want everything taken care of for them. From valet parking, concierges, meditation gardens, infinity pools, electronically controlled sliding glass walls to restaurant service and room service.
Recent record sales taking place around the city, a real estate trend that is breaking down the old neighborhood boundaries by allowing the new buildings to become destinations in and … (11 comments)

manhattan: Wall Street Bonuses Are Soaring - 11/17/06 01:27 PM
 
                               $36,000,000,000
Economists estimate around 50 percent or more will end up in Real Estate
 
 
 
Goldman Sachs; Morgan Stanley; Merrill Lynch; Lehman Brothers and Bear Stearns are about to reward their 173,000 employees with $36 billion in bonuses.
That's a 30 percent increase from last year's record, and it doesn't include the billions more that will be paid by Citigroup, Bank of America and JPMorgan Chase & Co., the three largest U.S. banks, as well as the hundreds of hedge funds and private-equity firms that constitute the financial industry. Bonuses range from $150,000 to over $20 million. Managing Directors bonuses range … (0 comments)

manhattan: Open MLS for the Public but still No Complete MLS for Brokers - 11/02/06 03:38 PM

The real estate board of New York annouced yesterday that it is developing a web portal that will incorporate all it's members listings in a public website. REBNY is the major real estate board in New York that all the major brokerages 318 firms are members but it is not an MLS. Member firms cooperate. There are brokers in NYC that don't belong to REBNY or MANAR.(The Manhattan Association of Realtors®)
 
The Manhattan Association of REALTORS® with 30 members and 25% of the listings is the only MLS in Manhattan already has a public website, it's members have IDX and … (14 comments)

manhattan: "No Brokers Fee" or just the old "Bait and Switch" - 10/31/06 12:46 AM

Recently I've had clients call that need a rental usually a short term rental during a renovation or as an interim until they buy something. Often they will say "I don't want to pay a Broker Fee. I'm a broker, broker's get a fee. I tell them to look on Craigslist.
In the past I have had exclusive rental listings when the rental market was not as tight as it is now. I would have the owners pay the broker fee so I legitimately could advertise "No Fee".
Scroll through rental advertisements on Craigslist, you will notice many "NO FEE" alerts with asterisks … (25 comments)

manhattan: THE BROADWAY MALLS: The Centerpiece of Broadway - 10/15/06 10:10 AM

BROADWAY MALLS: The Centerpiece of BroadwayFrom 60th Street to 168th Street, lies a history filled median of greenery and flowers called The Broadway Malls. The Malls were established in 1904 and have been a New york City park since 1904.
Having lived on Broadway for the past 15 years, I've often admired the Malls and love how wide Broadway is with thousands of merchants and residents facing Broadway these 10.5 acres of parkland serve as our front yard.
Around this time of year Broadway is Light Up at Night.  The Broadway Mall Association with support from businesses and residents will illuminate fir … (0 comments)

manhattan: Appraisal Lending Ethics - 09/29/06 10:24 AM
This blog was inspired by Brian Brady. I recently heard from a lender that starting January lenders and mortgage brokers can no longer use Appraisers that they prefer, recommend or have a relationship with.
I didn't know if this was National or a New York State banking regulation specific. Brian seems to think it is just New York. I tried to research this on Google and came up with very little.
All I could find was a blog from Jonathan Miller of Miller Samuel a top Manhattan appraiser. In his Soap Box blog Jonathan has a blog titled NeyIrony: Responsible Lending defeated by irresponsible … (4 comments)

manhattan: 1997 Tax Reform - Great for Real Estate! - 09/25/06 08:10 AM
                                                   
The Taxpayer Relief Act of 1997 - signed into law by President Bill Clinton together with the Balanced Budget Act of 1997 is probably the most significant change in recent times affecting real estate. This law made some major improvements for Home Sellers, Property Owners and First Time Home Buyers. It simplified taxes for 99% of Homes sold in the U.S.
Since 1997 Home sellers are eligible to exclude up to $250,000 if single or up to $500,000 if married, of the capital gain on the sale of the residence. In order to be able to claim the … (1 comments)

manhattan: It's Best To Buy And Sell In The Same Market - 09/20/06 06:38 AM
 
In real estate it is very difficult to time the market. Markets go in cycles there are tops and bottoms. Bottoms are usually created by pessimism and negativity. Tops are created by “irrational exuberance"  
To quote Jim Cramer on CNBC's Mad Money “Bears make money – Bulls make money but Pigs get slaughtered." The Fed created the boom in housing by lowering interest rates then they ended it by raising interest rates to take “the froth” out of the housing market. Maybe they will change their mind again. 
When everyone is bearish based on sentiment rather than the facts, that … (5 comments)

manhattan: Manhattan Real Estate in history/today: The Ansonia - 09/15/06 07:13 AM

The Ansonia - Upper West Side - 2109 Broadway 
 
When The Ansonia opened in 1904 it was called:
"the most technologically advanced apartment house in the world"
Loaded with towers, mansard roofs, ornate balconies, balustrades, and bay windows, the Ansonia is easily Broadway's most opulent structure. When it opened in 1904, this extraordinary, eighteen story Beaux Arts building provided tenants with such luxuries as electric stoves, hot and cold filtered water, freezers, a pneumatic -tube system to deliver messages, and even an early form of central air conditioning.
The building also had incredibly thick walls installed to protect against fire, which … (15 comments)

manhattan: Manhattan's Last Frontier - The Hudson Yards - 09/03/06 05:30 PM
Rendering of Hudson Yards  http://www.nyc.gov/html/dcp/html/hyards/hymain.shtml
There is one last frontier available in Manhattan - Hudson Yards, the underutilized area bounded roughly by West 42nd Street and West 30th Street, Eighth Avenue to the Hudson River. 360 acres.
The Hudson Yards is owned by the MTA - The Metropolitan Transit Authority an agency of The State of New York. The MTA has had problems with capital. http://www.mta.nyc.ny.us/
A pet project of former mayor Rudy Giuliani and current mayor Mike Bloomberg was to build a west side sports stadium. The MTA decided to sell the Hudson Yards to The Jets for $100 million for a Jets Stadium … (2 comments)

manhattan: Why No Woman Doormen in Manhattan - Doorwoman? Doorperson? - 09/03/06 04:44 AM
The other day I was discussing a building's financials with a buyer. When a buyer makes an offer it is normally the procedure for a seller or seller's agent to provide the buyer or buyer's attorney with the last two years financials.
Every building has an audit from an independent accounting firm every year. It is a typical balance sheet that shows the buildings assets and liabilities revenue and operating costs. It is a way to determine if the building is in good financial health.
I was showing her payroll and wages paid under the operating budget. Jokingly she said: "Wow I … (5 comments)

manhattan: Manhattan Real Estate in history: Tom Cruise circa 1981 - 08/24/06 10:52 AM

50 West 86th Street
Tom Cruise has been on the news and in the papers these past few days for being fired by Paramount pictures for jumping on Oprah's couch and talking about Scientology. Since this is a real estate blog I won't comment on that. However I will comment about the building that both Tom and I Lived in circa 1981.
My first Manhattan apartment was a studio with a sleeping loft complete with brick wall and huge windows. It was on the parlor floor of a limestone mansion built in the early 1900's. In the photo it's the apartment … (8 comments)

manhattan: Manhattan Real Estate in history/today: The Dakota - 08/21/06 04:56 PM
 THE DAKOTA 1 West 72nd Street  at Central Park West
 In 1884, the New York Daily Graphic called it:
"one of the most perfect apartment houses in the world"
Today more than 100 years later, the Dakota still has fabulous apartments and magnificent views. Some of The Dakota's most famous former and current residents are Lauren Bacall, Judy Holiday, Rosemary Clooney, John Lennon and Yoko Ono, Gilda Radner and Barlis Karloff. The Dakota is filled with stories about it's famous residents. The most famous is John Lennon's murder outside the Dakota in December 1980. A section of Central Park opposite the Dakota has been named strawberry … (17 comments)

manhattan: WHAT IF 9/11 NEVER HAPPENED? An alternative History in New York Mag - 08/18/06 03:06 PM
The current issue of New York Magazine has an all blue cover with a photo of the top of the twin towers at the bottom. In the middle of the page in white type it reads: WHAT IF 9/11 NEVER HAPPENED? On the top of the page in light blue it reads: FIVE YEARS LATER. In the right bottom corner it reads: An Alternative History. http://www.nymag.com/
Either I'm losing my sight or something Freudian happened. When I first saw the magazine I thought it said:WHAT IF 9/11 HAPPENED AGAIN? I ignored it and looked at other mail. I was not interested in … (5 comments)

manhattan: Bidding Wars in a "Soft" "Cool" Buyers Market? - 08/15/06 10:45 AM
If it's priced right the buyers will bid on it. I recently had a properrty on the market for 6 months.  After 2 price reductions totalling almost $100,000 of the original listing price I received multiple bids. I heard several similar stories from other agents in my office today.
One had the property on the market for a year lowered the price several times and finally got multiple bids. Another agent with a property on the market for a long time lowered the price lowered again and had it staged and then received multiple bids. It seems that once the right price level is reached all … (1 comments)

manhattan: NYC Coop Law brings Manhattan Real Estate into the 21st Century - 08/11/06 05:51 PM
There have been lots of blogs and press about ACRIS Automated City Record Information System displaying coop sales records online. Everything from secret plan for the city and state to impose mortgage taxes from appraiser [MillerSamuel] to Jerry Seinfelds signature on a UCC- form. [Gawker]
I've been using  ACRIS  for a couple of years for condos and townhouses. I've been using it primarily for real estate tax records. Every time I get a listing in a condo I check the real estate tax. Many sellers of condos don't know how much their real estate tax is because it's paid by their lender from their mortgage … (0 comments)

manhattan: NYC $ 6.1 Billion Surplus Good for real estate - 07/26/06 07:42 PM
New York City ended fiscal 2006 with a record $6.1 billion surplus from Wall Street profits and surging real estate values. Wall Street firms paid workers in the city a record $21.5 billion in bonuses in 2005. Wall Street bonuses fuel the manhattan real estate market. NYC Real estate tax collections were $1.2 billion more than anticipated, personal income tax collections exceeded estimates by $1.3 billion.Mayor Bloomberg has done a great job keeping the city fiscally strong. I wish George W. Bush had the fiscal discipline of Mike Bloomberg.When the city is strong financially so is NYC real estate. The real … (5 comments)

 
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Mitchell J Hall

Lic Associate RE Broker - Manhattan & Brooklyn

Manhattan, NY

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