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March 2008

March 24, 2008

Podcast: Bear Stearns, Rate Cuts and the Threat of Inflation

by knowledge@wharton
As the credit crisis shows no signs of easing, are other Wall Street firms likely to follow Bear Stearns into oblivion? Will the Federal Reserve's efforts help to boost confidence in the financial system among U.S. and international investors? Wharton Finance professor Jeremy Siegel, author of The Future for Investors, discussed these questions and more in today's podcast.

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March 21, 2008

Unconventional wisdom on housing and the credit crisis

by Peter Comitini
Amid all of the dire economic news, there were also a couple of articles which offered some unconventional wisdom abut the credit crisis and housing. They talked common sense rather than fear. I personally see a healthy market in the coming year for Manhattan. People do buy location, and New York City is still one of the most desirable on the globe.

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March 13, 2008

Mortgage Crisis Bailout: Relief for Some, Risk for Others

by knowledge@wharton
Today's podcast about the credit crisis is from our friends at the Wharton School of Business. Despite the negative news about the national housing market, Manhattan's is still quite healthy. Agents at my office are reporting terrific turnouts at open houses, available inventory is shrinking, sales volume is roughly on par with a year ago, and I personally participated in a 'best and final' bidding on a property this week; which sold at over asking price. In contrast to that, the housing market as whole in our country is experiencing pain. As insulated as Manhattan's housing market seems, we still need to keep an eye on the market forces shaping the national economy surrounding our island. The podcast and transcript below, talks about what the most fair and effective approaches might be for government policy, to help relieve the pain nationally.

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March 12, 2008

What's the difference between a purchase agreement and a purchase application with a co-op apartment?

by Peter Comitini
I recently sent a first time buyer that I'm working with, a purchase application for a co-op apartment that we have an accepted offer on. The buyer asked for clarification about the difference between the purchase agreement and the co-op's purchase application. It served as a reminder to me that every individual's real estate transaction is a very unique, important, and sometimes confusing experience. As a broker it is important to relay the basics for those who may have never been through it before. I took the time to explain in probably greater than necessary detail, and thought an excerpt of my response might be useful for those contemplating their first co-op purchase.

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March 4, 2008

buy on the dip near Wall Street

by Peter Comitini
We've reduced the price on this great mini-loft at the South Star condominium at 80 John Street in the Financial District. On Wall Street, buying stock on the dip is when you get the most bang for the buck— here's a buying opportunity near Wall Street that solid fundamentals too. Now for $699,000 you'll get a triple mint, mini-loft, with a private roof terrace, high ceilings, appliances by Bosch & Sub-zero, good light; and all in a doorman building. This is a resale so the seller will be paying the transfer taxes too.

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