True Gotham

I'm going on a much needed family vacation (is that an oxymoron?) and will be back Monday July 12th. 

Happy 4th everybody!!!  And I promise this is the last of the "Independence" messages!

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The 2 day GreenPearl Real Estate Marketing and Technology Academy kicks off tomorrow with an unbelievable cast of over 40 speakers including:

Dawn Doherty, VP Strategic Development, StreetEasy
Stephen Kliegerman, Executive Director, Halstead Property Development Marketing
Jonathan Miller, President & CEO, Miller Samuel; and Publisher, Matrix and Housing Helix
Shaun Osher, CEO, CORE
Frederick Peters, President, Warburg Realty
Diane Ramirez, President, Halstead Property
Noah Rosenblatt, Founder & Publisher, Urban Digs.com
Suzanne Rosnowski, Partner, Quinn & Company PR
Lockhart Steele, Publisher, Curbed
Jacky Teplitzky, Managing Director, Prudential Douglas Elliman

Yours truly will also be speaking on How to Get Started with Online Video.  Hope to see you there!

Also looking forward to Patrick Healy's presentation on Social Media 201.  Check out this video on the impact that social media is having as the number of users grows exponentially:

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This enormous sign was placed outside of my office on the corner of 83rd Street and West End Avenue to ANNOUNCE an open house last night.  I haven't seen this ever and it has been 15 years since I remember similar "marketing" attempts as flyers were taped to light posts.  I'm off now to Marshall the 3rd running of The Hamptons Marathon...go all you crazy runners!!!

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Happy New Year!!!  

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I'm no longer going to apologize for my lack of blogging because i sound like a broken record.  It's been a busy summer (more like a Spring market) with a couple of long vacations and now I'm the lucky recipient of an IRS audit that is consuming blogging time.

Speaking of the IRS audit, this is exactly how I reacted when I got the news:

I have since accepted that it is more of a nuasance than anything but can't help but being a bit aggravated that trillions of tax dollars have been handed out to banks who still aren't freely lending and I'm being audited.  Just seems odd to me.  But c'est la vie!

Hope to have some time to blog in the days after Labor Day but making no promises.

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My friend Sean Attebury just sent me this video that I absolutely must share with those of you who read and "watch" TrueGotham and even those who don't.  They say imitation is the highest form of flattery.  Perhaps that's true but this is just too funny not to share!  Enjoy...

WARNING:  Contains offensive language so if that kind of thing bothers you, please don't watch.

Thanks for the laughs Sean and I promise to give you more material soon :-)

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I'm honored to have been asked to host the Carnival of Real Estate again this week and I am pleased to say that there were a lot of great submissions to peruse.  I had hoped to come up with some clever theme for this week's Carnival but alas my brain is fried from all the goings on related to opening my new Heddings Property Group office.  

With that said, given the emotional roller coaster that so many in this country are "riding" right now, I have decided that this week's submissions will be categorized in a range of emotions.  Not necessarily those with which I'm currently familiar (a few perhaps) but let us begin with...

HOSTILITY

• From Marlow Harris of 360Digest comes Whack-A-Mole? No, Whack-An-Agent which humorously reminds us of just how hostile people can be towards real estate professionals.

DESPAIR

• Another Extreme Makeover unhappy ending as a Kentucky Family Decides to Sell Their Extreme Makeover Home from Diane Tuman at ZillowBlog.

HOPE

• Yes there is hope on the mortgage front: Home Loan/Mortgage Resources Blog shows up twice this week with Home Mortgage Refinance: The Making Home Affordable Plan May Help from Bradley Marmer and Steps To Lower The Interest Paid On Your Mortgage from Graham McKenzie.

WONDER

• Of course I believe that everyone should have a roof over their head but this is precisely the type of lending that got us into this mess in the first place no?  Check out Where To Get A Bad Credit Loan Mortgage from Mortgages Explained Blog

HAPPINESS

• Money definitely can't buy you happiness but fiscal responsibility can't hurt.  If you haven't read SectorMatic Money Journal's 7 Keys to Financial Survival, well then, you don't know Jack Schmidt!

RAGE

• I chose rage here because the mere mention of Bidding War enrages oh so many and immediately conjures up feelings of distrust, anxiety and the like.  Lauren Mitchell from Toronto's Living In the Neighbourhood brings us Toronto Real Estate Bidding Wars Return. Check Out Lauren’s Top 10 Buyer Beware List.  I can share anecdotally that I have clients moving back to NYC from Toronto and they have confirmed that the Toronto market  has hit bottom and bidding wars have indeed returned!  Grrrrrrrr...are you angry?

FRUSTRATION

• Is government meddling in capital markets really the answer to all of this country's financial woes?  Many think not and Jay Thompson, ThePhoenixRealEstateGuy suggests perhaps the government should just practice a laissez-faire policy in How the Government can Fix the “Foreclosure Crisis” 

CURIOSITY

• Are people really trying to present different personas on social marketing sites?  Drew Meyers at GeekEstateBlog brings us Personal Business, Business Personality, and Social Media  in which he discusses Notorious Rob's (aka Rob Hahn whom I recently met on a Social Networking Panel) interview of Todd Carpenter of NAR.  Todd shares a quote from his friend Kit Mueller who says that having separate personal and business profiles on-line is akin to "showing up at a cocktail party twice. Once in your suit, then in a Hawaiian shirt"  I agree that social marketing is just that...SOCIAL and often personal.

And last but definitely not least is something I am all too familiar with when it comes blogging on a daily basis...,

DESIRE

• From Jim Cronin's Real Estate Tomato comes How Does Teresa Boardman Post Every Day To Her Real Estate Blog?  I'm printing this one and keeping it on desk in an effort to pick up the posts again here at TrueGotham.

So that's it everyone.  Thanks to all who submitted posts and I apologize to those whose submissions I was unable to post.  

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Although this is under the "Fun" category of this blog, it is hardly any fun for most parents who are trying to get their kids into private schools in Manhattan.  Given all the buzz of late about schools and real estate value (via NYT's) and the fact that my wife and I (along with our 5 year old daughter of course) have just completed our second go-round of this process, I thought it was appropriate to share this insightful video courtesy of NYC Private Schools Blog.  For all of you who have wondered what the big deal is about getting into kindergarten in Manhattan, check this out:

Charming isn't it :-)

BTW...3 blog posts today because I'm gone yet again all of next week for a retreat on which I will have limited to no access to computer, cell, or email.   Be back on the 20th and Happy Holidays to all!

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Happy New Year to all. 

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Real Estate Connect NYC 2009 is just around the corner (January 7-9th) and I'm pleased to be speaking on a panel as part of the Digital Video Summit.  My panel, 5 Killer Uses for Real Estate Video, will address production, use, and most importantly ways to profit from real estate video?

For more on Real Estate Connect, here is a personal invitation from Brad Inman:

Hope to see you there!

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Had to share this:

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The Home Depot wants to know how people are saving energy in their home in its “Save Money. Save Energy. Win Big.” video contest. Just shoot a short video to show how you're saving money and helping the environment by making your home more energy efficient.

Anyone can log on to www.homedepot.com/youtube to enter their video between now and Nov. 9, 2008.

The contest winner will receive a $5,000 Home Depot gift card and up to $2,000 for installed insulation or radiant barrier products from The Home Depot.

The energy savings videos should focus on conserving energy in your home and addressing issues to prevent high energy bills. The videos will be judged on relevance to the energy savings theme, originality and creativity. The second and third place winners will receive a $1,500 and $500 gift card, respectively.

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Happy New Year to all!

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From my friend, former neighbor and very talented writer and satirist, Bruce Kluger comes this:

As America faces her most calamitous economic crisis since the Great Depression, she seeks salvation not from some geeky bean-counter, but from a real macho money maven. Enter Henry Paulson: The 700 Billion-Dollar Man!

For our exclusive forecast of how Henry will save the day, click the linked image below...which also appears in today's Los Angeles Times.

--Bruce Kluger & David Slavin and Tim Foley

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I was born and raised in Baltimore and moved to Manhattan in 1989.  Although I very much identify myself as a New Yorker and can't imagine living anywhere else, it is very hard not to jump on the Baltimore bandwagon now that Michael Phelps has won 8 Olympic gold medals!

An astounding and inspirational achievment by a native of Baltimore!  Now Phelps is buying a sexy condo (check out what you get for $1.69M) in Fells Point (via ZillowBlog) and rumors are swirling that he may even be buying his old training ground, The North Baltimore Aquatic Club in an effort to create a state of the art Olympic training facility.  Now that would really put Baltimore back on the map.  It's a good thing, because it's not likely the Orioles or the Ravens (for the record, I've been a Steelers fan since the age of 4) were going to have anything to do with Baltimore's resurgent popularity.

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For those who can't make it to tonight's free panel discussion on The Future of Local Video, you can watch via a Live Feed right here tonight at 6:45PM:

If the above feed isn't working, click here

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It seems that everytime that I have the opportunity to blog, I'm apologizing for the light number of postings.  So I'm going to stop that and just blog as much as I can.  It's summer and although vacation took me away for a week, I have actually been quite busy selling real estate (4 closings this week and 5 contracts signed in past few weeks).  But in addition to my regular real estate business, I have been wasting time with a STALKER!!!  His name is Jay, Jonathan, Mike, Pete and John Z.  That's correct, 5 personalities all with the exact same poor writing style and annoying line of questions have been constantly emailing me, my team members and now my managers in an apparant effort to simply waste our time. 

The emails began about 8 months ago and have gone through varied periods of frequency and oddly enough have addresses each and every property that i have listed in that time period.  In an effort to do my job, I have patiently responded to all of these ridiculous inquiries...until now.  I'm done. 

So Jay, Pete, Mike, Jonathan, and John Z, if you're by some chance reading this, please leave me alone.  This will be the last communication that I have with you "fella/s."

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The Carnival is up at Mike's Corner. Check it out.

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This has got to be the most blogged about real estate item today as I've seen it all over the web and RSS feeds.  I will credit Zillowblog since that was the first place I saw this today:

Ruh Roh!!!  Offer expired on Saturday.

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The Carnival of Real Estate #93 is up at Phoenix Real Estate Guy.  Check it out.

I'm quite busy so hoping to post later on the Algodon Mansion and Vinas del Golf projects in Argentina but it may have to wait until tomorrow.

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I just received this email from a friend and thought it was a perfect post for today.  I'm heading to Argentina on business today so likely no postings this week.  Have a great one and I will be back next Monday, June 2.

Memorial Day, originally called Decoration Day, is a day of remembrance for those who have died in our nation's service. There are many stories as to its actual beginnings, with over two dozen cities and towns laying claim to being the birthplace of Memorial Day. It is not important who was the very first, what is important is that Memorial Day was established. Memorial Day is not about division. It is about reconciliation; it is about coming together to honor those who gave their all.

Memorial Day was officially proclaimed on 5 May 1868 by General John Logan, national commander of the Grand Army of the Republic, in his General Order No. 11, and was first observed on 30 May 1868, when flowers were placed on the graves of Union and Confederate soldiers at Arlington National Cemetery. And so here we are gathered today, some 138 years later to pay our respects, to honor, and to remember those who died defending us.

Commander Kelly Strong, USCG (Ret.) perhaps said it best in his poem "No, Freedom Isn't Free":

I watched the flag pass by one day.
It fluttered in the breeze.
A young Marine saluted it,
And then he stood at ease.
I looked at him in uniform
So young, so tall, so proud,
With hair cut square and eyes alert
He'd stand out in any crowd.
I thought how many men like him
Had fallen through the years.
How many died on foreign soil?
How many mothers' tears?
How many pilots' planes shot down?
How many died at sea?
How many foxholes were soldiers' graves?
No, freedom isn't free.
I heard the sound of taps one night,
When everything was still.
I listened to the bugler play
And felt a sudden chill.
I wondered just how many times
That taps had meant "Amen,"
When a flag had draped a coffin
Of a brother or a friend.
I thought of all the children,
Of the mothers and the wives,
Of fathers, sons and husbands
With interrupted lives.
I thought about a graveyard
At the bottom of the sea
Of unmarked graves in Arlington.
No, freedom isn't free."

Would those who’ve died so we could live say it was all worthwhile if they where to be with you today…to see how you are living your life…to see how you are making a difference? They died so we could live…they left their families behind…they where only kids. Don’t let them down…make them proud of what you do and the difference you are making…make the most of it…they gave their lives so we could!!!!

So, when things aren’t going your way and the going gets tough, close your eyes and think of them…ask yourself, what advice would they give me? Would they tell you to give up…hit the buzzer and stay in bed a little longer…make excuses? I don’t think so….what do you think? I’m sure they would gladly trade places with you!!!!

Make it a GREAT life…they gave theirs so we could!!!

All the best to all of my readers and your families on this very special day.

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For you straphangers out there who constantly complain about New York City's subways, suggesting that they are too crowded, I give you this YouTube Video of Japanese "Pushers" stuffing passengers into a train:

TAAAAAAAXI!!!!...or shall I say takushi?

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I must apologize for the light postings lately and the lack of original content but today's Manhattan real estate marketplace is requiring more effort and energy per deal than anytime in the past decade.  Don't misunderstand me here...I'm not bellyaching...just providing some insight as to why posting quantity and quality have suffered. 

So today again I provide you with links to some interesting topics around the real estate (and pot...yes marijuana) blogosphere:

• From Zillowblog comes Hey! Don’t Take My HELOC! which reveals the recent practice of banks freezing homeowner's lines of credit.
• Also from Zillowblog comes Owning vs. Renting a Home.  Check out the analysis.
• From the New York Observer (via Curbed) comes Manhattan-ifest Destiny revealing the recent phenomenon of more people moving from Manhattan and Brooklyn to LA than vice versa.
• A couple of weeks back, Jeff Byles of the New York Times penned Taking Back the Streets.  If you missed it, check out the possibilities for making New York a greener and more liveable space.
• From RealtyBaron comes“My current Realtor raised her commission…from 6 to 7%. Can i do better?”
• "Lady in Dublin believed the realtors, believed the media, and believed in the "housing ladder". And she's lost $100,000 already, and counting" (via HousingPanic)
• And finally, totally unrelated to real estate except that the NAR seems to be smokin' something (via Matrix), check this out from BoingBoing...Kids' book about pot: "It's Just a Plant" which suggests that it's OK for adults to break the law if they choose but children shouldn't...nice lesson...can't wait to teach THAT to my kids.

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Although I have lived on the island of Manhattan since 1989, I'm still sometimes baffled at some of the idiosyncrasies of our local real estate market.  The lack of a multiple listing service, the housing stock consisting of 75% cooperative housing, and of course the behavior of prices that seems to be completely unique to Manhattan.  Case in point, Josh Barbanel's piece in this past Sunday's New York Times, A Repository for the Rich reveals the $801,000 purchase price for a basement storage space in the world renowned Dakota at 1 West 72nd Street.

The storage room is situated on a basement corridor and has a locked door, four bare walls, electricity and a half-bath, but is uninhabitable and costs more than the average price for a one-bedroom apartment in Manhattan last year.

But at the Dakota, basement storage spaces for those old papers, sleds, college textbooks, strollers and out-of-favor artwork are hard to find. When the word was circulating that a storage locker would be sold to the highest bidder among the building’s residents, there were bids from at least eight co-op owners, including a representative of Yoko Ono, who maintains a home in the building, according to a person briefed on the sale.

The winning bidder was John M. Angelo, a hedge fund manager and the chief executive of Angelo, Gordon & Company, and a member of the board of Sotheby’s. He has assembled several co-op units into a sprawling apartment on the second floor of the Dakota.

Certainly this seems like an exorbitant amount of money to pay for a windowless room for storage, but when compared to the purchase prices of homes in the Dakota and the overall lack of storage in the neighborhood, $801,000 makes perfectly good sense to me for the luxury of traveling only to your basement to fetch a family heirloom, antique, or piece of art to brighten up your 5000 square foot home.  After all, it's what single family homeowners do all the time.

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Welcome to the 86th edition of the Carnival of Real Estate. I'm absolutely thrilled and honored to be hosting the Carnival for the second time and want to especially thank Drew for the opportunity again.  There were a plethora of submissions to read and it is a difficult task always in deciding who makes the list and who doesn't.  A huge shout out to BlogCarnival for providing their new and awesome Carnival Editor Beta which made this time hosting a true breeze!  Thanks also to everyone who submitted.  Here are my 15 picks of the week in an effort to remind all of you out there that tomorrow is April 15th.

MY PERSONAL FAVORITE:  Not just the rule in Tallahassee Joe Manausa presents Selling Your Home - Single Most Import Fact You Must Know posted at Tallahassee Real Estate Blog.  He reminds us that buyers are the primary factor in determining the value of our homes.

An excellent source on obtaining your credit score without falling for any gimmicks as Raymond presents How To Get Your Free FICO Credit Score posted at Money Blue Book.

Ned Carey addresses all those late night infomercials granting false hope to those who want to invest with "no money down."Check out Can I Really Invest in Real Estate Without Money? posted at Baltimore Real Estate Investing Blog, which says, "A post to get you thinking not just about money but what other resources do you have."

I know about the changing face of the mortgage market all too well...Joe Peffer presents Pre-Approved? Think Again, You May Not Be. A Cautionary Tale posted at Columbus Real Estate Notes on Homes for Sale, the Columbus Market, and Home Buyer Help, saying, "active buyers need to keep one eye on the market and the other on their pre-approval as the mortgage market changes almost daily these days."

In the 2nd part of a 2 part series MoneyNing presents Be Human and Buy a Home posted at Money Ning, saying, "Buy a Home now!"

In one of the most eloquent blogs I've ever read Larry Walker presents Your Money or Your Life posted at Larry's Take on the Cocoa Beach Real Estate Market, saying, "How good must the deal be to forget that tired old mantra; location, location, location?"

Helen Anderson presents 5 Tips for Buying a Home in a Down Market at Best CD (Certificate of Deposit) Rates, Money Market Rates, High Interest Accounts posted at Bankaholic.

An excellent insight into what goes on behind the scenes when qualifying for a mortgage as Silicon Valley Blogger presents How Do You Qualify For A Mortgage Loan? posted at The Digerati Life.

Nigel Swaby presents 0 Down Mortgages Headed for Extinction (they're NOT extinct already?)posted at Salt Lake Real Estate Blog.

Sarah Mann presents Does Size Really Matter? posted at Zillow Blog

Eric Bryant presents Every “Real Estate Batman” needs a “Geek Estate Robin”! Unless they want to fade away… posted at GeekEstate Blog.

Trevor Mauch presents HousingMaps.com - A Cool Way to Find Properties On Craigslist? posted at Real Estate Investing Brain, saying, "Article on a great tool for helping you find properties on Craigslist. This is a map integrated with Craigslist listings to make it very easily searchable for properties by city and price."

Jessica Donnovan presents Marketing Your Real Estate Business Online posted at Real Estate License.

Mike Mueller presents Will Brent Bring Down Zillow Mortgage? posted at Mike's Minute... "The danger of Zillow's Mortgage Marketplace - with a comment from David G from Zillow"

Life. Money. Development. presents The 7 Attributes of Leadership posted at Life. Money. Development., saying, "An excellent presentation of the attributes every leader should have."

That concludes this edition. Next week's carnival will be hosted by Reachd.  Submit your blog article to the next edition of carnival of real estate using the carnival submission form. Past posts and future hosts can be found on the blog carnival index page.

Technorati tags: carnival of real estate, blog carnival.

UPDATE Friday, 3/18:  Drew Meyers just interviewed me about my experience with the CoRE, blogging, and the Manhattan real estate market.  Here's the...

 complete with an iTunes link

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The 85th Carnival of Real Estate has been posted at fellow blogger Jim Duncan's RealCentralVA.  Check it out.

The Carnival of Real Estate #86 will be posted right here at TrueGotham next Monday, April 14th...and don't forget your taxes!

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A potpourri of stories from around the country to right here in our own backyard:

• Housing cycles: lessons learned-an entertaining animation in which John Burns reminds us “Remember, every down cycle is the beginning of the next up cycle.” (via Hot Property)
• Also cyclical...Realtors' Leaving the NAR at Fast Clip (via Bubble Meter)
• If this is all too confusing...Our Confusing Economy, Explained (via NPR)
• If you're buying, get your ducks in a row because Fannie Mae Tightens Rules for Mortgages (via RealEstateJournal.com)
• If you're so unfortunate that you're both selling in one of the country's tougher markets and getting a divorce (ouch!), be mindful that Breaking up is harder to do (via SFGate)
• Check out Curbed's First Look at Renovated Madison Square Garden.  As a Baltimore native and unfortunate long time fan of the Orioles (no longer as long as Peter Angelos owns the team), I can tell you that renovating or building a new arena isn't likely to bring any championships.
• And if this seems like more bad news than good, well check out Housing Crisis Humor (via Zillow)

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I'm happy and excited to report that I will be appearing on NBC's Today Show tomorrow morning, Thursday, March 27 to discuss housing markets across the country and what sellers can do to both add value to their homes and increase the chances of selling if they are one of the unfortunate ones caught in a down market.

The interview will air live during the 10AM hour of the show at approximately 10:30AM.  If all goes well, I will post the interview in it's entirety here on TrueGotham ASAP.

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I'm leaving in in the morning for a much needed family vacation to Mexico.  I'll be back on Monday, March 24.  Yep 10 days of TG silence.  I'm not taking a BBerry, a laptop, or anything else that will tie me to civilization.  Looking forward to some REAL downtime and see you all in Spring.

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I'm heading out of the office shortly to show a property on the border of Tribeca and Battery Park City.  Rather than hastily jumping on the subway and guessing how long it would take me to get there, my brilliant assistant has directed me to HopStop.com.  Although she says this site has been around for years, I have never seen it and imagine that I can't be the only one who hasn't?  It's a MapQuest-like tool for the subway system allowing you to plug in a starting and ending address to generate multiple subway routes complete with time estimates.  It's brilliant and I thought it worthy of sharing. 

On a completely different subject, the SanMar House Raffle drawing is tonight and all of us who purchased tickets are eagerly awaiting the outcome.  Check back here tomorrow for the winners.

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LOL!!!

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The flu is sweeping through our house with the latest victim being my 3 year old daughter.  My wife and I are just waiting for its attack on one of us...oh happy day.  So here's a list of some of the interesting bits in the blogosphere today as I attempt to fend off the flu bug:

• Ew Ew That Smell-From Bradley Hope of The New York Sun comes Upper West Side Staple...uh...I mean Stable becoming Luxury Condos
• Sticking with the topic of Vanishing Old New York check out Jeremiah Moss's ultra-depressing blog (via Curbed)
• Ready to Refinance...not so fast...Ruth Simon of RealEstateJournal.com points out that Snags Abound
• More on the bizarre defiance in some local real estate markets as Global Meets Local from Carol Lloyd of SFGate.com
• The FBI investigates Roger Clemens while jokers like Casey Serin go unpunished (via HousingPanic)
• The Mother of all Margin Calls: Leverage Bites from my friend Noah Rosenblatt at UrbanDigs
• Curbed's Morning Credit Crunch explores median prices below $1M in East Hampton....WHAAAAAAAAT?!!!

Still feeling healthy...see you Monday.

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I often find myself daydreaming of owning a beautiful brownstone with a garden on a tree-lined street.  Since most of this type of home in Manhattan is north of $4M, Brooklyn seems a viable option except for one VERY important factor: my wife was born and raised on the Upper West Side of Manhattan and has little (who am I kidding) NO desire to move to Brooklyn.  That said, I occasionally drop her an email with a listing like this to see if she has had a change of heart:

106 Lincoln Place in Park Slope Offered by Corcoran (via HOTD from Brownstoner)

My wife's response: "it looks v. nice"

She couldn't even type "very" for goodness sake.  What is it about Manhattanites that seems to make them diametrically opposed to the possibility of calling Brooklyn "home?"  To be perfectly honest, everytime we have looked in Brooklyn the reality of leaving Manhattan bums me out so it's not just my wife.

To see more of this beautiful home, click on the picture above to go directly to the agent's web page.

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Thanks to DC Blog UrbanTrekker I stumbled upon this InmanBlog cartoon which they credit to The Big Picture (lots of credit given here...kind of nice).  You must check it out but be warned that it contains profanity so stay away if that sort of thing offends you.

Click the image for the entire PowerPoint presentation.

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It's very rare that I travel somewhere that has the impact that the beautiful city of Chicago had on me this past weekend.  Firstly, I must say that I haven't seen so much real estate development in one city ever and I wonder how all of that inventory is going to be absorbed.   That said, it wouldn't surprise me at all if every single one of those new developments sold out at record paces because Chicago is an amazing city.  From the friendliness of it's natives to the cleanliness of it's streets, it was an absolute joy spending the long weekend there.  And the food...oh my...the food!!!

I know this is a real estate blog, but If you're traveling to Chicago anytime in the near future, here are some of the restaurants that you absolutely MUST check out:

• Takashi-There wasn't one dish that didn't outdo the previous one in this phenomenal restaurant.  It doesn't hurt that the Chef brings his incredibly pleasant soul into the place.
• Table 52-Art Smith (Oprah Winfrey's personal chef) serves the best dessert I have ever tasted anywhere in the WORLD.  Check out Art's Hummingbird Cake...beyond stellar!
• Nomi-Only had appetizers here but if they are a preview of what Chef Christophe David is all about well then I'm terribly sad that we had to leave without the full dining experience.
• Blackbird and Avec are nestled side by side making it easy to grab apps at one and dinner at the other to kill 2 birds with one stone...or one bird avec one stone.
• Added 2/20/2008 Boka-I don't know how I forgot about Boka but this was also an exquisite meal from start to finish for both my wife and me.  And our Brunch at The Four Seasons (click on the Sunday Brunch menu to see what I mean) was "off the hook" with so many incredible and delicious things to choose from that we could have spent a full day gorging ourselves.

We also had the pleasure of dropping by Chicago's latest speakeasy, The Violet Hour.  Great music and very cool atmosphere but expect to stand in line to get in...we didn't have to because we're so cool...at least my wife is.

Be back tomorrow with something "real estate."

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From IntoTheBox.TV comes this great piece on the emotional and financial pain that is parking in NYC. 

Check out Wait For Parking:

Prior to taking the plunge and paying an exorbitant amount of money for a parking space in our current building, my wife and I (who am I kidding...just I) used to wait sometimes for as many as 5 hours for a parking spot on the street. I'm not kidding...there were nights where I actually fell asleep in the car!  For us, the amount to pay for parking was worth avoiding the time and aggravation of street parking. That said, there isn't a day that passes that I don't think of the Mercedes S Class that I could be leasing if I didn't have that current garage payment.

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I continue to be incredibly busy and apologize for the weak number of posts this week.  It has been unavoidable as ech day has been busier than the previous.  So as many of my readers know, when I'm swamped, I often like to offer some links to stories that I find intriguing or just plain fun.  So here goes:

• Bradley Hope of The New York Sun shares a "new Web site that allows New Yorkers to monitor everything happening on their block, from restaurant inspections and building violations to missed connections posted on Craigslist and news mentions."  Check out Everyblock.com.
• Harry Macklowe is ceding control of 7 of his midtown office buildings to his bank (via WSJ).
• From The Real Deal comes Broker Predictions 2008.
• Super Bowl Homes on the Market in Mass, NJ, and Arizona. (via Real Estate Journal)
• My friends Joe and Rudy at Sellsius have a great piece on How a Real Estate Broker Can Lower Your Property Taxes
• The brilliant Pat Kitano at Transparent RE brings us The New Investment Banking Paradigm
• And if you need a reminder of how poorly the market is doing outside of Manhattan, check out More on Homeowners Walking Away from Calculated Risk and America's Hardest-Hit Foreclosure Spots from Forbes.com.  It's ugly out there!
• And I must ADD this fun piece from both Boing Boing via Kottke: Frozen Grand Central is from Improv Everywhere...what a stunt...check out the video where 207 people freeze for 5 minutes in Grand Central.

Be back Monday with a continued update on our current market conditions including a report on weekend activity and a short term projection of where everything seems to be heading in the world of Manhattan residential real estate.

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and I'm busy, so see you on Monday.  Have a great weekend!

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If you're not familiar with IntoTheBox.TV then you absolutely must check it out. 

IntoTheBox is all about peering inside the surreal housing market here in New York City. With approximately 13 million people residing in the New York Metropolitan area — and available housing at an absolute premium — it's no wonder the market has been compared to a blood sport. People will lie, cheat and steal for a small slice of the scrumptious real estate pie.

IntoTheBox takes a look at the news, trends and politics of the NYC real estate market. The stories here are even better than fiction. Our daily videocasts provide you with an intimate view of the way New Yorkers cope with the absurdities of living in the best city in the world.

I had the recent pleasure of meeting IntoThe Box's creator, Rachel Natalie Klein as we spoke on a video blogging and podcasting panel together at Inman's most recent Real Estate Connect.  What she is doing is both entertaining and informative.  But don't just take my word for it, check out todays episode and visit IntoTheBox.TV for more.

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From REAL writer Andy Borowitz of The New Yorker comes Rarely Available which mocks the often laughable property descriptions that I and my colleagues sometimes get a bit carried away with.  Here's just one example from Borowitz (check out the entire piece for more):

EVERY BREATH YOU TAKE, every move you make, we’ll be watching you in Manhattan’s first 100% glass building, the Residences at the Voyeur. Enjoy astounding views of Manhattan while Manhattan enjoys astounding views of you. No doors, no drapes, no problem! Just 1800+ sq. ft. of exhibitionistic living space, custom-crafted for your see-thru life style, perfect for sophisticated entertaining or just making sex tapes. Sun-drenched living room, sun-scorched master suite, and sun-ravaged kitchen will have you checking yourself for moles. We see you living here, and so will everyone else. $3.4M.

I've been quite busy the past couple of days both with the phenomenal experience of Inman's Real Estate Connect 2008 and...go figure...a very active real estate business.  It's been difficult to find the time to blog.  Here are 2 links that grant some flavor of the happenings at this year's Connect:

• Bearish outlook sees worst recession since Depression from Inman News
• Blogger Connect Recap from Zillowblog

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With 2008 upon us, many are making predictions about the direction of the economy and more specifically the health and well-being of the Manhattan real estate market.  In lieu of specific predictions, here are some current links that may shed some light on what may lie ahead on both the national and local housing fronts:

• First check out Monthly Mortgage rate Resets 2007-2016 via The Consumerist
• And Ticking time bombs known as "adjustable rate mortgages" via Hot Property
• But wait!!!  Real estate agents expected to collect $55 billion in commissions this year also via Hot Property
• Suprisingly Weak Jobs Report Fuels Recession Talk via UrbanDigs.
• And I'm sure everyone read this already: Apartment Prices in Manhattan Defy National Real Estate Slide via Christine Haughney of The New York Times.  Just how long will Manhattan buck national trends?

And here are a couple of links just for fun:

• From The Realestalker comes the list of famous who have purchased at 15CPW (via Curbed).
• And for my colleagues courtesy of ActiveRain comes 10 MUST Read Blogs for the Modern Real Estate Professional
• And check out Apartment Therapy's hot posts for some great tips and advice on personalizing your home.

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Wishing you and yours the very best of health and happiness in 2008 and beyond.  Be back tomorrow.

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I think that just about covers it all.  I'm off to spend the holiday's with my family and won't be back until next Friday.

Thank you all for a wonderful year and I wish you all the best of health and happiness in the New Year.

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From the Wall Street Journal Economics blog (via my brother-in-law) comes this Dr. Seuss spin on CDO sentiment set to Green Eggs and Ham (great vintage YouTube video):

Broker Joe!
Show me some flow
I need the dough!
I’m Broker Joe!
That Broker Joe!
That Broker Joe!
I do not like
That Broker Joe!
Would you buy my CDO?
I do not like them, Broker Joe
I do not like your CDO!
Would you like it here or there?
I would not like it here or there
I would not like it anywhere
I do not like your CDO
I do not like it, Broker Joe
Would you like to sell some yen?
I do not want to sell the yen
The big fat tail just kills my zen
If you don’t sell now, then when?
I will not sell it here or there
I will not sell it anywhere
I do not like your CDO
I do not like it, Broker Joe
Our SIV has had a few rough knocks
Get in now, you sly old fox!
I am slyer than a fox
And I don’t think you have the docs
That you must have if you foreclose
And so a judge will thumb his nose
At you, your SIV, and CDO
Who owns the mortgage?
I don’t know
And you don’t either, Broker Joe
I would not know it here or there
I would not know it anywhere
I will not buy your CDO
I will not buy it, Broker Joe!
We have some hedge funds who are long
Those guys are smart! They can’t be wrong!
Some funds are long and some are not
The ones who are, are feeling caught
The short ones make a lot of sense
And they are up lots of percents
No SIV, no yen
Not now, not then
Not here, not there
I would not touch it anywhere
I will not buy your CDO
I will not buy it, Broker Joe!
But you can trust the agencies
They’ve rated this stuff Triple-B!
This tranche is still investment grade
You buy it here, your year is made!
The agencies have been asleep
Their ratings are just like ‘Bo Peep
That is, they’re from a fairy tale
As fiction goes, they’re off the scale
And I do not believe them, Joe
And so your tranche is a no-go
You think at 50 it’s a do
Until it falls to twenty-two
I do not like your CDO,
I will not buy it, Broker Joe!
Have you met our in-house quant?
He’ll model anything you want!
Except, that is, transactions costs
No thanks, I do not want the loss
From any quant’s sexy black box
Or mortgages unbacked by docs
Or mindless buys of kiwi-yen
Or ABX headed to 10
Or any other credit turd
I’ve spoken, Joe, so hear the word
I do not like your CDO,
I will not buy it, Broker Joe!
What?
What must I do, What must I do
What must I do to trade with you?
Perhaps you should avoid the drink
And use your brain sometimes to think
And not assume what’s gone before
Will follow on, and thus ignore
That circumstances sometimes change
And things that once seemed awfully strange
Can swiftly become commonplace
And then vanish once more, sans trace.
In short, you’ll have to look ahead
To win your future daily bread
In your head you have two eyes,
Use them, please, to analyze
And then you’ll see your business grow
So THINK THINK THINK THINK, Broker Joe!
I see! I see! I start to think
That all of my ideas stink
That CDO is mark-to-myth
The model’s written by a Sith
I’ll call my custies on the phone
And say “hey leave the yen alone!”
I’ll leave it to the black-box nerds
To buy up all the subprime turds!
I’ll say “you’re welcome”, “thanks”, and “please”
And just ignore the agencies
And as for our beleaguered SIV
The guy who runs it is a spiv
I’d stay away if I were you
Yes, that’s the wisest thing to do!
It’s been a quite eventful year
Weak hands have been found out, I fear
At bonus time they’ll feel the pinch
And find they’re working for the Grinch
(that begs the question: which is worse?
That bonus cheque, or all this verse?)
But now, at last, the race is run
Both year and verse are almost done
I hope your holidays are great
I’ll see you in 2008!

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People's feelings about Co-op Boards range from utter disdain to acceptance as a means to control one's environment.  Madonna is apparently of the former as she is filing a lawsuit against her Co-op Board at Harperly Hall for refusing to approve her purchase of her neighbor's apartment.  from the NY Post:

The pop icon has filed suit against her Central Park West building's co-op board, charging that it wrongfully blocked her from buying a neighbor's apartment.

In papers filed in Manhattan Supreme Court, the singer says the board recently stopped her from closing on a deal to buy Julie Clark Thayer's home. Madonna is seeking a court order allowing the sale to go through, as well as legal fees and expenses. Board president Phyllis Harrison-Ross did not return a call for comment.

The Daily News also chimes in with some interesting "Madonna haters" leaving comments.  This one is particularly hilarious:

These celebs are just like athletes, They think they are entitled to whatever it is they want! This ***** wants to break thru the walls of an historic building and make more space for her self and she has the money to do it and she thinks thats enough! To **** with the co op board! "I wan't it and you have to give it to me!" Its no wonder the rest of the world wants to take a shot at us when they read **** like this! The co op board of the other building was right in rejecting this demanding *****! She has too much money and not enough brains, Pig!

Can you say envy, jealousy and resentment?  Good grief, she has the money to purchase the neighbors space and the Co-op could easily oversee the combination.   I would love to have been a fly on the wall during that Co-op Board meeting.  I also wish that the bill forcing the co-op to disclose their reasons for the rejection had already passed.

A colleague of mine recently had 2 Board turndowns for the same apartment in the Dakota with the second coming after an officer on the Board of Directors promised his neighbor, the purchaser, that s/he would be approved for the combination.  I know that many shareholders in buildings that exhibit such exquisite architecture as The Dakota and Harperly Hall are reluctant to compromise the integrity of the original layouts.  That said, some even turn down combinations that would restore apartments to their original layouts.  There is quite a bit to consider when allowing a massive combination project to proceed in such an old building as well.  I guess we will never know what Madonna's Board was thinking.

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This week's episode of OpenHouseNYC  focuses on an "amenity" that New Yorkers never get enough of:  CLOSET SPACE!

In this edition of Floorplan, George Oliphant confronts a perpetual problem of city living: no closet space! First George meets with Dorren Tuman, the closet lady to learn about custom solutions for your closet. Within 3 weeks, Doreen can examine your wardrobe, measure the spaces and install things like Double/Triple hanging to maximize the space in your closet.

Later, George checks in with Matt Laken and his mom Stacey to examine their closets and see how it works. Both son and mom have well-organized unique spaces at a cost of around $700-800. Even the young Matt doesn’t mind keeping his closet clean with the help of his organizational cabinetry.

Then George checks out the closet of the future for high-end wardrobes, Garde Robe. Garde Robe www.garderobeonline.com is a cyber-closet that will store garments in an efficient and safe manner for beginning at $350 month. You can catalog your items and retrieve them whenever you need them with sheer convenience.

Finally, if you’re still not sure what kind of closet suits your needs check out the California Closets showroom at 26 Varick Street or on the web at
www.californiaclosets.com.

So whether you want to build a new closet in your home or find a high-tech storage facility, this edition of Floorplan is for you.

The topic of closets always takes me down memory lane to the first apartment my wife and I shared prior to getting married.  It was a charming 500sf 1BR in a brownstone with only 2 small closets.  My wife (then girlfriend) got the closet in the bedroom and we shared the utility closet in the kitchen.  Try selling apartments when your suits smell like bacon!

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I'm off to St. Thomas for my first ever Thanksgiving outside of the United States.  I'm incredibly excited about this opportunity and wish all of my friends, family, clients (past and present) a very healthy and Happy Thanksgiving! 

I hope that all of you can find a multitude of reasons to give thanks.

I am choosing to stay away from the computer and the BBerry while I'm away so comments will be posted and responded to when I return on Monday.

Thanks to all of you who have made TrueGotham a success!

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Today's New York Post reports that Leonard Blavatnik has signed a letter of intent to pay $150M for the Penthouse triplex at The Mark.

The space for sale, totaling nearly 30,000 square feet, is a combination of five planned units on the top three floors of the building.

If sold separately, the apartments would comprise a total of 23 bedrooms, 25 bathrooms and five powder rooms.

Also featured is 3,900 square feet of outdoor space - including a huge rooftop terrace with a pavilion and fireplace - a ceiling from 10 feet to 26 feet, a gym and all hotel amenities such as twice-daily maid service, fresh linens and room service.

This purchase by Leonard Blavatnik at The Mark will SHATTER the $100M record price paid by by Ron Baron for an East Hampton land parcel earlier this past summer.

UPDATE:  Deal NOT happening (via The Real deal).  Ouch, losing that commission hurts!  I suspect this won't be the last we hear about this transaction.

UPDATE 2: The Post is reporting today (Friday, 11/9/07) that Blavatnik's offer is only $125M.  Where are The Post and The Observer getting there information?  Who are these sources?  I wonder how Mr. Blavatnik feels about his negotiation being so public.  IMHO...I think he should buy the entire building and hire someone who respects confidentiality to sell what he doesn't want.

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I don't typically blog about restaurants but thanks to my wife's awesome job at Food and Wine Magazine I often get the chance to preview a place before the rest of the public.  It's not often that I feel compelled to share my experiences with my readers and it's not because the experience isn't wonderful but more because we eat at so many different places that i can't keep them all straight in my head.  And oh yeah...I write about real estate!

That said, last night my wife and I had the sincere privilege of dining at the "friends and family" opening of the newest Mermaid Inn located on Amsterdam between 87th and 88th Streets on the Upper West Side.  The first Mermaid Inn is located in the trendier East Village and has been a smashing success.  After last nights experience from the ambiance of the space to the deliciousness of the food, I suspect this location will also thrive. Those who live on the Upper West Side know how completely "starved" the area is for good food.  So welcome to the Upper West Side Mermaid and all of you Upper West Siders get out there and support her...she's a catch!

On a completely different note, our dining experience last night was a bit of a trip down memory lane in terms of the gentrification of this area of Manhattan.  You see, I used to live in a 600sf 2BR (yes 2BR's in 600sf) in the tenement walk-up building just adjacent to the Mermaid Inn.  I think my roommate and I paid $550/mth.   We often passed drug dealers and users in our vestibule going about their "transactions."  Once my girlfriend (now my wife) and I pulled up in a taxi to have an undercover cop point his gun through the rear windows of our cab in an effort to bust one of our neighborhood dealers.  That was nearly 20 years ago before the Upper West Side morphed into the trendy stroller-laden haven that it is today.  Some mourn the loss of character that existed back then, and others like myself see The Upper West Side as a safer, cleaner, and better place to raise our families.  It seems that now we can also FINALLY support good restaurants (and there are more to come!!!)  Thank goodness!

UPDATE: Since it appears that many are visiting my site after Googling "Mermaid Inn Upper West Side," here's the contact info:

Mermaid Inn is located at 568 Amsterdam Avenue (between 87th and 88th Streets)                        Give a call and check it out at 212-799-7400

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Last week in our 4th episode of TGTV's 5 part series on Square Feet we delved further into understanding why consumers can't seem to get an accurate approximation of square footage for the properties that they are seeing.

In our final episode of this 5 part series our panel discusses possible regulation of methodology and approximation of square footage with suggestions on just who should police those responsible for overstating and how they could go about doing so.  Check it out:

As I stated last week, I could do weekly episodes on this topic forever (or at least until the problem went away) but I'm eager to move on to other interesting content.  The surprising conclusion that I have drawn from this eye-opening series is that the methods of measuring are already relatively standard (with the exception of new development condos) and the discrepancies in stated square footage almost always come from me and my colleagues. 

The first step to correcting these gross inaccuracies is to hold accountable those who overstate square footage by a certain amount (do we say +-5%?).  I believe that all real estate agents should be mandated to have their properties measured by an "approved" entity (licensed architect, floorplan illustrator, appraiser).  Furthermore, they should be required to share that precise measurement with the consumer.  In time, I believe you would see fewer discrepancies and more honesty surrounding stated square footage. 

Exaggerating square footage isn't salesmanship, it's lying.

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Last week on TGTV we discussed the various methods by which square footage can be measure with an emphasis on the liberties that developers sometimes take in adding common areas, etc to an apartment's stated square footage.  Don Meade also shared that he has been asked by real estate agents to provide a measurement from outside walls which would obviously yield a higher number than measuring the interior perimeter.

Check out this week's episode as we travel further down the path of who seems to be responsible for the overstating of square footage as we determined that the physical measurement (at least by our panel) was calculated using very similar methods of measuring the exact same interior space.  There does seem to be some confusion however on exactly what is defined as gross living area (click the link for the Google search and check out the definitions and some of the forums for appraisers who even question the definition)  Gross living area for a house seems to be different than gross living area of an apartment...

On the final episode of this TGTV series on Square Feet we will explore ways in which to hold accountable those who grossly overstate square footage in the real estate industry.  It's a shame I can't do another 25 episodes on square feet because this issue has a lot of holes and loose ends that definitely need to be addressed and tied up.  Will do a little bit of that next week. 

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Being a real estate broker for 16 years has provided me with a multitude of opportunities to see some incredible real estate.  So for those of you who aren't so fortunate to get to tour some of these fabulous homes, OpenHouseNYC gives you "one of" the Woolworth Mansions.  Check it out.

Opulence is redefined as broker Roger Erickson takes us on a tour of the historic Woolworth mansion. The Woolworth mansion is listed on the market for $16,500,000 and with its ubiquitous marble, paneled walls, high ceilings and world-class artwork, it would be hard to unearth a grander Manhattan residence.

The Woolworth mansion was originally built by Frank Woolworth between 1910 and 1916 as a mansion for his daughter and husband, Franklyn and Edna Laws Hutton and it is now home to three luxurious apartments. This one on the market is 5 stories, has 6 bedrooms, 8 full bathrooms and 5 half bathrooms. Yet the statistics for this mansion do not do it justice. When you think of lavish Manhattan real estate, this is the platonic ideal. Be it the massive marble staircase, the hand-crafted marble mantelpieces or the living room with mahogany panels and 12 feet ceilings, this is a home that must be seen to be believed.

Step inside the Woolworth Mansion and view this video…

I wonder what this place would go for in Manhattan, Kansas?  Who cares?

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In last week's episode of TGTV, our panel of experts shared the results of measuring a property and we suprisingly saw that each of them came up with numbers relatively close to one another.   It appears that each of them measured the property the exact same way by calculating "interior perimeter"...hmmmm?   Can you say "standardization?" 

In this episode, you will hear our panel discuss more reasons for the lack of standardization across the market with a particular focus this week on new development projects and what factors contribute to stated square feet in these projects.  Don Meade also touches briefly on real estate agent "wants and needs" in terms of square foot calculations.

This comment after last week's episode from Justin Patwin, a Los Angeles based Architect, sheds some light on one way to "police" the standardization of stated square footage:

I am an architect from L.A. who has extensive experience in what are A.R.O. (Adaptive Reuse Ordinance) projects in our city. Those are existing historic buildings that have been retrofitted to accommodate residential "lofts". We have this conversation with our clients constantly due to lawsuits so I am interested to see how NYC handles this issue, because a buyer will always measure differently from a developer. Developers (and their architects) use a method that begins with how the City Planning Dept. and Building and Safety assess how large a potential project can be (known as F.A.R.- Floor Area Ratio). Developers then turn around and charge buyers for whatever they build to the extent the law allows(with mark-up of course). Typically in L.A., we measure from center to center of the demising walls (walls that divide units), and include the exterior wall and the corridor wall. If there is a stair, then the opening for that stair is not included as well as any other floor penetrations. Other than that columns, interior walls, etc. are included...

...The one thing that would really alleviate the guess work is if BOMA were to create a standard for residential condos which right now they do not have. Do you plan to address this specific issue? Great that you are tackling this subject and I like that you have a few different professionals however I would have a developer too since the architect does not represent their point of view.

Would have been nice to have a developer on the panel but it appears that in NYC we would have had to poll several developers and their architects to get a sense of how each  calculates square footage.

Tune in next week for more as we explore accountability as it relates to overstating of square footage.

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A topic near and dear to my heart as I and most of my colleagues will recommend decluttering an apartment more than any other form of preparation before bringing a property to market.  In my opinion, it is the easiest, least expensive and singular most important thing that a seller can do to directly impact the sales price of their property.  So check out these excellent tips from OpenHouseNYC this week on Clearing the Clutter:

In this edition of Floorplan George Oliphant confronts the perpetual problem for residents in this part of country: making the most of the limited space in your home! George visits homeowner Dana Hiltzik whose storage closet and bathroom has been overrun by the clutter and collections every home owner accrues over time. To combat her space shortage, Debbie Harwin of I Need My Space comes to the rescue. With items that can be purchased from the Container Store for no more than $200, Debbie adds wall hooks, supply caddies, mini-drawers and a variety of other space saving techniques.

Does it work? You’ll have to watch the video to find out, but let’s just say that Dana is thinking of calling her walk-in closet a “run-in” closet after Debbie is done…

I love what Debbi Harwin of I Need My Space has done here.  I especially like the slide out containers under the sinks...nice idea!  My wife and I tried to do things like this to little or no avail.  Maybe I should call Debbi.

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Something definitely happened over the weekend for my team and our business as the phones are ringing off the hook, offers are being negotiated, and one buyer is unfortunately losing a bidding war.  Anecdotal of course but I'm incredibly busy right now so check out the 62nd Carnival of Real Estate at vflyerblog.com.

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Couldn't resist sharing this exclusive Casey Serin update from my favorite bubble blog HousingPANIC.  For those who already forgot about this guy, he's the one who started iamfacingforeclosure.com and stupidly blogged about all of his lies and deception to the banks so that he could secure mortgages to buy investment properties. 

I hope this message is taken as sincere. I have no more reasons to
"spin" anything...

I'm working a stable consulting job for an experienced entrepreneur.
Consulting is a generic term which means I'm doing whatever needs to
be done. The best part is I have a slice of ownership in the venture.
So its the best of both worlds - the stability of a 9-5 with weekly
paychecks while still giving me lots of flexibility, a chance to build
something and share in the profits. Very much a blessing. So I'm
getting back on my feet financially, though very slowly.

Trying hard, REALLY hard, to not get distracted too much by "pie in
the sky" stuff and my temptation to go back online and in media.
Turning down the Dr. Phil show recently was a very tough one! I have
to remember that it was the online/media over-exposure that was the
"last straw" in my marriage breakup, amongst many other things.

Its obvious that I cared much more about my "fame" and potential sweet
deals/opportunities that might come as a result, than the concerns of
my wife and our unity. Also there was that hand-written promise I
made to her to shut down the blog, get a job and lay low for 2 years
or more. I want to keep that promise, even if I never get back with
her. It's the right thing to do and will teach me to honor my word.

And yes my wife and I are still separated, unfortunately. I am
learning some really really hard lessons about how fragile
relationships really are. As I'm sitting here all alone typing this
email at 4:48am (all nighter), I'm thinking back to a time when she
was right here by my side. Man, how stupid I was to ruin such a great
thing! Now I can only work on making things right in my life and pray
that God gives me another chance with her.

As you've seen, I sold the blog for 50K - huge thanks to Aaron Krowne
of www.ml-implode.com. I finally did the right thing (though
reluctantly at first) by paying off all the debt that was in my wife's
name as well as most of our private loans. It was really my own debt.
She trusted me with her credit to use for the real estate deals.
What did I do? I ruined it and broke her trust (not the first time
unfortunately).

Paying off that debt took a little over 40k. Plus there were a couple
of previous "partners" that I had to pay to make things right -- more
painful lessons on promising too many things to people and not keeping
those promises. The attorney fees to undo some of those entangling
relationships took a big chunk. G kept the Jetta so I also bought a
cheap used car for myself for 3K. So that's where that 50 grand went.
All gone, but for a good purpose.

Not sure what I'm gonna do about the approx 500K of debt still in my
name. That figure includes both credit cards, deficiencies on
mortgages and a private loan. Its just an estimate as I won't know
until all my bank-owned properties get sold. My desire is still to
find a way to pay back "every dirty penny", but I also have to be
realistic. I am considering Chapter 13 bankruptcy. It forces lenders
into a repayment plan and I can start cracking away at it. But I'm
not sure yet if that's the right plan. Too much things are still up
in the air. We'll see.

As far as FBI and "mortgage fraud "investigation goes, I don't have
any news. Last I heard they still have a file on me and perhaps
they're just taking their sweet time. I do have a defense attorney
and plenty of proof to show I did not have any criminal intent and had
plenty of reliance on professionals.

Of course I made some bad business and ethical decisions with the
loans. Then I was naive enough to blog about it in vivid detail and
let people blow it out of proportion. It was fueled my idealistic
desire to help others by sharing my experience of what "not to do". I
sure hope my story helped some people, both those facing foreclosure
and especially newbie investors to be more careful.

I am not excusing my behavior and am ready to do whatever I can to
"right the wrongs", like attempt to pay off the debt. All I know is I
have to continue doing the right thing and let the "chips fall where
they may". Living in fear is not going to do me any good.

Man, do I wish I didn't have to go through all this crap but I was
blinded by my reckless pursuit of financial success. It was
definitely fun and adventurous at the time (like the Australia trip),
brought me some great contacts and relationships, etc. In the end it
was much more harm than good. Loosing my wife that is.

Having said that... I'm not giving up on my dreams of financial
success. God gave me those desires for a reason. Instead I am even
more determined to pursue it but in a safer way - even if takes
longer. Biggest thing is I must put my loved ones first. For it is
because of them, my family and friends, that I want to become
financially independent. I'm looking forward to that day when I can
share my abundance with them. But in the mean time I have plenty of
non-financial abundance I can share - love, caring, quality time, etc.

About 3 weeks ago my 25th birthday came and went. I did not
accomplish my goal of 5K/mo passive income - a goal I set 7 years
earlier. I'm OK with that. The truly tough part was not being with
The One whom I really wanted to share that special moment with. I
guess we take for granted the things that truly matter
(relationships), until they're taken from us.

Anyway... this is the last the online world will hear from me for a
long long time. All in all, the past year has been some of the
craziest times of my life. That's for sure. I thank both the haterz
and the supporterz. Everybody played a role.

In closing, I will say my favorite line.... "Its all good!" I'm
still an optimist but (hopefully) getting wiser through painful
lessons and many lonely nights.

Casey Serin

He continues to be the poster boy of all that went wrong during the national housing fiasco.  It still baffles me that he has gone unpunished by authorities particularly as he provided a detailed log of his activities on the internet...a real genius. 

Turns out their were rumors that he was going to become a real estate agent but thankfully that didn't happen and now he claims to be a "consultant."  Are you kidding me?  That's scares the hell out of me!  For what he is providing consulting services?  Perhaps it's how to bling out your orange jumpsuit. 

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I just received an email from Joel Burslem of Future of Real Estate Marketing that I have been named one of the 25 Most Influential Real Estate Bloggers for 2007. 

I'm absolutely honored to have been named to this list.  Congrats to all of my colleagues as well.  An exciting day indeed for TrueGotham as our appearance on this list coincides with the launch of TGTV!  It's a good day.  Thanks Inman!

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From BoingBoing comes word of a Titan missile silo for sale for $1.5M. Here's what you get:

Above ground is the original 40 X 100 shop building, two concrete targeting structures, two manufactured homes, two 8 X 8 X 40 storage containers, and the silo tops of the three missile silos, two antenna silos, one entry portal and a few other misc structures.

Below ground is a huge complex consisting of 16 buildings and thousands of feet of connecting tunnels. The major underground structures are:

Three - 160' Tall Missile Silos
Three - 4 story Equipment Terminal Buildings
Three - Fuel Terminal Buildings
Two - 6 story Antenna Silos
One Air Intake/Filtration Building
One 100' diameter Control Dome Building
One 125' diameter Power Dome Building
One - 6 story Entry Portal Building
and a few other misc buildings and areas.

Love this comment from ANOTHERSHAMUS..."Didn't those go for $10.00 back in the 80's? I knew that it would have been a good investment but I was worried about the residual radiation."

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Happy New Year to all of TrueGotham's Jewish readers (although most won't be reading today).  For those who aren't Jewish, Rosh Hashanah is the beginning of the Jewish New Year and the beginning of a period of reflection, introspection and atonement for the mistakes made the previous year.  The 10 Days of Awe leading up to Yom Kippur are an opportunity to seek reconciliation with those who one may have wronged in the previous year. 

The impetus for this post today is this article from Peg Brickley at RealEstateJournal.com.  A disturbing article about thousands of homeowners facing foreclosure because of American Home Mortgage's bankruptcy.

Thousands of homeowners face an "imminent risk" of losing their homes because of clashes between American Home Mortgage Investment Corp. and its former financial backers, according to Freddie Mac, a government-chartered housing financier.

In documents filed with the U.S. Bankruptcy Court in Wilmington, Del., Freddie Mac said it seized $7 million that homeowners sent to American Home to cover principal and interest payments, property taxes and insurance just before the company's Aug. 6 collapse. American Home quit making payments to tax authorities and insurance companies Aug. 24.

Some serious reconciliation needs to be considered here and I don't have any answers.  It just seems insane to me that homeowners could lose their homes solely based on their mortgage company.  Any thoughts from the financial gurus out there on how this may play out?

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Not enough time to come up with anything original today.  Busy trying to finally get the TrueGotham TV pilot shot (looks like it's FINALLY happening next Friday) and of course I have to tend to my sellers who are ready to sell and buyers who still eagerly await some opening up of inventory.  So here are some links over the past couple of weeks that you may find interesting:

• Credit card debt increasing...AGAIN (via Calculated Risk)
• If you're not reading UrbanDigs.com, you absolutely should be!  Just check out these 2 recent posts from my friend Noah:
  1. Does Investor Psychology Matter?...uh...yes!!!
  2. NAR: Mortgage Disruptions At Work
• More on psychology and some from Jonathan Miller's Matrix
• And according to Miller, Manhattan apartment sales are on record pace (via The Real Deal)
• From Tuesday's NY Post comes word of a lawsuit against fashion designer Cynthia Rowley for selling her 1BR as a 3BR.  Who's accountable here?
• Not experiencing this at all but here's a claim from The Real Deal that buyers are shunning units that need TLC
• Zillow success story from the RealEstateJournal.com
• It's a bird, it's a plane...no...it's Congress...taking up the mortgage markets...a little too late (via WSJ Online)
• From Zillow blog comes Do Open Houses Help Sell Your Home?  Someone thinks they don't in the rest of the country but the answer is a resounding YES in Manhattan if your property is under $2M.
• And lastly, from BoingBoing.com comes the Homeless World Cup...this is amazing!!!

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I'm heading out of town tomorrow morning and won't be returning until Tuesday, August 28th.  Time for some R & R with the family.  Not quite sure what my internet access will be so postings will likely be on the light side. 

See you soon.

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For years the press has reported on the lack of high quality restaurants on the Upper West Side.  And I have even had conversations with chefs (one of whom is on the list below and will remain anonymous) who strongly stated that he "would never open a restaurant on the Upper West Side because the residents don't appreciate great food."  I must say that as an Upper West Side resident, we are surrounded by mediocrity when it comes to our dining options.  Of course I'm not including Ouest (thanks Tom Valenti) in that mediocre lot.

But there are exciting times ahead for those with a more sophisticated palate.  Check out the who's who of chefs who are going to change the dining frontier right here in our backyard:

1. Ed Brown (from The Sea Grill in Rockefeller Center) is opening eighty one this October in the Excelsior Hotel at 45 West 81st between Columbus and CPW.  Here's the press release:
   • Widely acknowledged for bringing out the best in seafood while he was executive chef at The Sea Grill, renowned chef Ed Brown puts his enthusiasm for impeccable ingredients to artful use with world’s most flavorful varieties of vegetables, meats and artisanal ingredients at eighty one. When eighty one opens on New York City’s upper west side, Brown’s repertoire will expand to include a menu of modern American dishes, where a stunning array of the globe’s most sought-after ingredients and the most refined techniques are used. Diners will be introduced to a new lexicon of luxury menu items: custom-grown lettuces, unusual white soy sauce and exotic, hand-selected peppercorns that will invite as much awe as foie gras and caviar. Designed by Chris Smith of CMS Designs (Dylan Prime, Nobu, NYC; Buddakan, Philadelphia), eighty one’s dining room will be lead by Nick Mautone, former Managing Partner of Gramercy Tavern; author of Raising the Bar, Mautone will also oversee the restaurant’s beverage program.
2. John Fraser (formerly of Compass) is opening this Fall at 103 West 77th Street.  More on this:
   • John Fraser will become chef/owner of a new restaurant, as yet unnamed, scheduled to open in November 2007. Located on a quiet, leafy street (103 West 77th Street) just steps from New York’s American Museum of Natural History, Central Park and Lincoln Center, the restaurant will offer an intimate dining experience showcasing John’s passion for local ingredients and classical European training. His menu will reveal ingredients of integrity and a global perspective. Architect Richard Bloch’s rustic yet elegant interior design welcomes guests with warm woods, muted colors, and exposed brick. The restaurant will feature a weekend afternoon tea service, prix fixe Sunday night dinners, and an extensive sherry menu.
3. Tom Valenti of Ouest fame is rumored to be opening a brasserie in Spring 08 in the old Fishs Eddy space on 77th and Bdwy.
4. Zak Pelacio (formerly of 5 Ninth) is partnering with Jeffrey Chodorow to open right next to Tom Valenti (it's rumored that the 3 of them have a big plan) where Zen Palate was also Spring 08.
5. Daniel Boulud is opening his wine bar (Bar Boulud) this Fall around Lincoln Center.
6. Jimmy Bradley (Red Cat, The Harrison) is rumored to be opening a branch of Mermaid Inn on the UWS. DATE and PLACE TBD.

Unlike other neighborhoods in Manhattan that saw top chefs move in before they saw top priced apartment buildings go up, the Upper West Side has been quite the anomaly "starving" for great food while real estate prices continue to soar.  It appears that restaurateurs and top chefs finally have the confidence in the Upper West Side to believe that their establishments will be embraced.  Only time will tell but I believe the time has come for an Upper West Side Restaurant Renaissance!

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First I want to apologize for the light postings this week.  Some exciting things going on behind the scenes here that are taking up a great deal of my time.  That said, here are some links that I found interesting in perusing the RSS feeds this morning:

• Some front lines evidence of the Collateral Damage of the current mortgage market meltdown (via Clearing Title blog)
• Mortgage brokers beware...many banks don't want your sub prime business anymore (via Calculated Risk)
• The New York Post reports on the closing of American Home Mortgage TODAY as well as the immenent bankruptcy of Accredited Home Lenders
• From Crain's (7/27/07...don't know how I missed this but better late than never) comes a report on the expected surge of NYC foreclosures (primarily outside of Manhattan)
  • Three of the hardest hit neighborhoods are in Brooklyn, according to NEDAP: Bedford Stuyvesant, Flatbush and East New York. Two are in Queens: Rochdale and Jamaica.
• With all of this negative news regarding the housing market and mortgage meltdown, what is a "desperate" agent to do?  Real Blogging shares some advice in recent posts:
  • Disciplines of a Champion
  • Don't Whine...RESIGN! 
  • Working through the tough times shows true greatness
• And ending on a positive note...Foreign Buyers Scoop Up Real Estate in the U.S. (via Real EstateJournal.com).  One of the primary reasons Manhattan real estate has remained strong.

"And that's about all I have to say about that!"...Forrest Gump

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Just for today I rest.  Too much to do today in preparation for the Nautica NYC Triathlon on Sunday.  Send me all of your positive energy Sunday between 8:15AM and 11AM...everything helps :-D  And good luck to all those crazy Iron Men and Women, particularly my former trainer Mike Monroe who inspired me to do these crazy things back in 2003, who are competing in Ironman Lake Placid this weekend...maybe I will give that a shot someday. 

Thanks again for all of those who made this event a smashing success in honor of my stepfather who still struggles with pancreatic cancer.  I have been overwhelmed by everyone's support and because of the generosity of my friends, family and True Gotham readers, I am the top fundraiser for Fred's Team in this year's event!   

See you Monday!

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There is no doubt that the Manhattan real estate industry will be flooded with iPhones over the coming weeks (release date June 29) with most in my profession being suckers for new technology.  The Consumerist even provides some clever and not so terribly ethical ways to get out of existing cell phone contracts so that you can get your iPhone sooner.  Check out the iPhone rate plans via The Consumerist too.

Now as I sit here on my PC that has crashed on me a few times in just the last 24 hours, I must say that I have for some reason resisted everything Apple since playing games on my wife's Mac that she used in college 15 years ago.  I understand Apple has come a long way since then.  By the way, I at least own an iPod.  That said, I'm being sucked right into the Apple trance and I'm seriously considering tossing the Blackberry into my bottom desk drawer with it's previous 3 versions and trading in for the sexy iPhone.  I think a Mac may be next on the agenda for the Heddings family?  Perhaps I will do something I have never done in the past?  Yeah...that's it!  I will wait until some of my friends, family and colleagues snatch up these phones and provide some serious feedback to support or deny all the hype.  I suspect I will own an iPhone in exactly 4 days.

UPDATE (6/28/07..T minus several hours and counting...)

I knew it was too good to be true.  Check out this email I just got from our IT department and I suspect that the entire brokerage industry, mostly PC-centric, will have the same problems.

With the pending release of the highly anticipated Apple iPhone just around the corner (Friday, June 29th 6:00pm) , I am contacting you today to provide you with some important information regarding the phone. Although the new iPhone is being coined as the “Must Have” device of 2007, and a “Game Changer” when it comes to cellular phones, there is some information you MUST know before buying this device. At the time of release, your iPhone WILL NOT work with your company email account. Due to the many differences between Apple and Microsoft, Apple has decided to not include a Corporate email client in the device. While the iPhone will work with MANY personal email accounts, such as Google Gmail, Yahoo! Mail, AOL, and .Mac Mail, inherently it WILL NOT work with your company email. Please be aware that we are working on getting our hands on the device, as many of you are. Once we do, we will provide you with further information.

For more information about the Apple iPhone please visit: http://www.apple.com/iphone

Thank You.

Still not sure I'm gonna wait.  Likely I will just forward all of my biz emails to a new personal email account that i will receive on my sexy new iPhone. 

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This is the second time I've stumbled upon this map (via Kottke and Boing Boing) in the past couple of weeks and think it's interesting enough to share:

Check out the full analysis at Strange Maps.

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What better to blog about on a hot and sticky Manhattan day than the increase in the number of condominium projects with swimming pools (via The New York Sun).  As I walked to the office this morning sipping my hot coffee (not so brilliant) it was no big surprise that I arrived with a sweat soaked shirt.  A dip in a pool sure would be nice right now.  Well if you're one of the many new condo buyers at projects like 20 Pine, One York, or Sheffield57, an afternoon dip in the pool is a luxurious reality.  So what are people willing to pay for a swimming pool?

A recent Sheffield57 buyer, Joel Ehrlich, said the open-air pool with a 16-foot retractable glass door to facilitate winter use was a major factor in his decision to spend more than $1.5 million on a two-bedroom apartment in that building. "Moving from Scarsdale, I was concerned about what I'd be giving up," Mr. Ehrlich, a married father of three grown children, said. "When I saw the rendering of the pool, I realized that it would be like having a beach and a country club — and all I would have to do is take an elevator."

Mr. Ehrlich said he was willing to pay a 10% premium for an apartment in a building with a pool, and surmised that the amenity, located on the building's 58th floor, would boost the unit's resale value, though he has no plans to sell it.

I can tell you first hand as the owner of a condominium at The Bromley on the Upper West Side, our swimming pool is invaluable both in the heat of the summer and during the blistering cold winter months.  With 2 kids, it provides hours of fun and relaxation when the elements outside aren't as favorable.  In fact, my wife and I purchased our current apartment in large part because of the pool and the other amenities in the building and it seems we are not alone as the lifestyle that these condominium amenities provide makes living anywhere else seem mundane.

The founder and chief executive of the Shvo Group, Michael Shvo, said the value of a pool depends entirely on the profile of the target buyer. He said his firm is now marketing a property at 225 Rector Place in Battery Park City that features a 75-foot-long indoor, sky-lit pool with a lounge area — "geared toward the buyer who lives an active lifestyle."

"In a large-scale, luxury building, a pool is a necessity," a Shvo sales representative Ariel Cohen, said. "When kids want to go swimming, and they're in they're two-bedroom cookie cutter apartment, the nanny can take them for a dip — and that makes a world of difference."
A senior vice president and managing director of Brown Harris Stevens, Paula Del Nunzio, said swimming pools tend to draw would-be buyers with young children.

So if you're seeking a building with a swimming pool, there doesn't appear to be a list anywhere that is all inclusive of these "wet" condos.   That said, I just did a search and came up with more than 500 available units in buildings with swimming pools.  Dip anyone?

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I'm off to attend my son's kindergarten closing ceremony this AM (it bugs me when people refer to kindergarten children "graduating") so I thought this story from The New York Sun (via The Real Deal) was appropriate for the occasion.

...the city's green plan to open up school playgrounds as public parks is quietly moving forward behind the scenes. Sixty-nine school playgrounds scattered throughout the five boroughs are expected to open within weeks, the Parks Commissioner, Adrian Benepe, said in an interview. The initiative would be the first phase of the city's goal to have every New Yorker live within a 10-minute walk of a park by 2030.

About 81% of schoolyards are currently closed to the public after school hours, and the city has targeted 290 public school playgrounds and high school athletic fields currently open for only a few hours a day that the Parks Department, in partnership with the Department of Education, could open up for public use.

I have a 6 year old son and a 3 year old daughter who make great use of the public parks scattered throughout the Upper West Side.  The city's goal to have every New Yorker within a 10 minute walk of a park is an admirable one and one that will only continue to improve the quality of life that we all have grown accustomed too raising our families in this great city!

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Well the season winds down with the last game next weekend after a dismal defeat yesterday.  The Dragons were down 24-5 (this is indeed baseball folks) and scored 8 runs in the last inning for a more respectable 24-13 loss.  But I have been lax on the updates and must mention that 2 weeks ago, WE WON!!!  I think I remember the score being 12-5 or something close to that but I do remember that my nephew (the lefty here at bat) went 4-4 and I believe was the MVP of the game AGAIN. 

Maybe we can squeak out another victory this weekend.  GO DRAGONS!

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I hope everyone is looking forward to this long Memorial Day weekend as much as I am.  I'm heading out to Bridgehampton with the family to spend the weekend with my in-laws (that's a good thing...I actually really like them). 

• And as much as I DETEST spin classes, I have agreed to join my brother-in law for a class at Zone Hampton on Saturday.  Hey Neal, why aren't we stayin' in the hood and checking out Soul Cycle  which I just found out about via Gotham Gal's Joanne Wilson?

Now back to real estate:

• I somehow missed this but since we are talking Hampton's, check out this record smashing deal that will be the record residential purchase in the United States (via The Real Deal)
• Eliot Brown of The NY Sun shares that Extell is at it again with approval of purchase of land at Hudson rail Yards, solidifying the company as a "development tour de force" in Manhattan over the past few years.
• Check out the recent renderings of 2075 Broadway at 72nd Street via Curbed.  What that corner desperately needs!  BTW...I started my real estate career in 1992 in the building that was torn down...I don't miss it!
• Jen Chung at Gothamist has got some great Manhattan-centric pieces today.  Check out more on congestion pricing to reduce Manhattan traffic, Old Naughty NYC Vs. Current Boring, Safe NYC, and some insight into the amount of vacant property in Manhattan.
• Some commentary on yesterday's housing numbers (New Home Sales up 16%?) from BusinessWeekOnline.
• And more on the subject of how the jump in home sales is sending a mixed message from NPR.

That's all I've got for today.  Taking off on Monday so have a wonderful weekend and see you all on Tuesday.

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In the coming weeks, True Gotham is going to be adding some new features.  We are currently in pre-production of TGTV (TrueGotham Television) which will be comprised of 3-7 minute streaming video programs on a weekly basis that will provide useful real estate relevant information in the format of interviews, investigative reports, round table discussions, and various forms of commentary that you the True Gotham reader can request.  We hope that over time, this format will become interactive, with TG readers suggesting content that they may like to see.  Until then, the topics will be chosen by yours truly.  Stay tuned as we hope to have our first segment up very soon.

In addition to TGTV, we will be unveiling a number of articles and interviews from guest bloggers from various industries, from a divorce attorney speaking on real estate in a matrimonial dispute to a principal of a moving company with advice on what to look out for when hiring a mover. 

All of this new content will be provided in an effort to provide additional information and further transparency in the real estate industry and those industries closely (and even some not so closely )related.

It's gonna be fun!

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Who wears the pants in your family?  Are you the husband who will do anything to keep your wife happy including buying a home that you may not feel warm and fuzzy about?  Or perhaps your the wife who tells your husband that you trust their opinion and will live wherever they want you to?  Maybe you have even convinced yourself that your needs are truly aligned with those of your spouse?  Can you say "resentment?" 

90% of my business is comprised of marketing and negotiating on behalf of sellers.  That said, of the 10% of buyers I work with, almost all come to me either as friends, family, past clients, or friends/family of past clients so I know them well.  Most of these buyers also happen to be couples.  In my 15 years in the industry I can anecdotally tell you that most men who say they will do whatever their wife wants are absolutely full of it (add an "sh" if you prefer)!  June Fletcher of TheRealEstateJournal.com discusses this farce in her piece Why Househunting Can Spark That Age-Old Battle of the Sexes.  So who generally wins in the battle of "wishes?"  Husband or wife?

To Peter Francese, demographic trend analyst for Ogilvy and Mather, a New York-based advertising, marketing and public relations firm, the answer is clear: The woman's. Mr. Francese, who has conducted hundreds of interviews on the subject since 2000, says the reason has to do with the fundamentally different way that each sex typically looks at home. "For women, it's a nest. For men, it's place to go out from and do their thing."

I'm not buying this and don't believe for one second that the couples interviewed for such a market study even know how to answer this question.  Men almost always pretend to do what the wife wants only to subtly manipulate a situation to help fulfill their needs. 

Because a home usually is more meaningful to a woman, married men tend to defer to their wives' tastes when house-hunting. "Time after time, men describe the home they're buying as 'the place their wife wants,' knowing that if their wife isn't happy, they won't be either," he says.

Not my experience at all.  I believe that men say this because it's the "socially correct" thing to say.  None of the men I have worked with have surrendered to their wives 100% of the decision making power in any point of a transaction.  Those who pretend too almost always veto something as we get closer to contract signing.  Men and women do almost always have different agendas even if they don't realize it.

According to Mr. Francese, most women pay a lot of attention to the overall function of a home, including where various family members will eat and sleep. They are likely to care about how up-to-date kitchens and baths are and be more sensitive to outdoor views.

Men, on the other hand, generally are more concerned about how maintenance-intensive a home is. Most don't worry about functionality, as long as they have their own retreat. "Show a guy a house with a garage, a workshop, a built-in barbecue and a home office, and he'll buy it," he says.

Now maybe this is true for the suburban home buying couple, but again my experience in Manhattan real estate does not gel with these stereotypes.  I have worked with men (husbands or boyfriends) who insist on specific design elements that some would say are stereotypically a woman's decision.  I also work with a very large percentage of women(wives and girlfriends) who are incredibly sophisticated financially and have strong opinions about the financial structure of a transaction. 

I guess what I'm saying here is that I don't see many "stereotypical" "traditional" couples these days.  Nor have I for the past 15 years that I have been selling New York City real estate.  In fact, I think all of us (yes me and my wife included) would benefit greatly from a "housing therapist" to help us align our wants, needs and desires in an effort to procure a home that suits the entire family. 

Oh, that's my job!

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Well this weeks TG Dragons game was cancelled because the fields are too wet.  Probably not a bad thing since last week was brutal for the Dragons.  An 18-7 loss dropping them to 0-2.  The good news is that my nephew was MVP of the game going 3-4 with 2 singles and a double.   He also displayed an incredible defensive effort in which he snatched a screamining line drive from the air and caught a pop fly on the run. 

In the words of his dad, "no shit, he's really good!" Way to go dude!!

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I've been out all morning with friends/buyers (some people are just so much fun to hang out with) showing them prospective properties to call home in the $4,000,000 price range.  Now those of you who are saying, "WOW, that must buy you an incredible apartment!"  Think again.  "Incredible" is relative and for every price point, buyers have their specific list of priorities.  We saw properties this morning from a 2100sf Prewar co-op for $3.2M to a 2350sf Penthouse in a new development project for $3.75M.  I heard things from listing agents like "there is a theme of textured living throughout" and "you can rip out the ceilings to gain 3-4" more height."  And of course my buyers biggest concern (and he knows I love 'em), is whether or not his California King bed will fit in the bedroom.  Is it hilarious (and a bit disconcerting) or what to think that someone can pay close to $4,000,000 and be concerned that their bedroom is too small? 

By national housing standards (hard to talk about a "national" marketplace but will here for sake of comparison), the New York City real estate market is skewed.  A harsh reality indeed. 

• A 650sf ONE ROOM apartment (they will call it 2 because it has a kitchen the size a the large boxes most of us played with as children) asking $800,000. 
• A 1500sf 3BR/2BTH with barely 8 foot ceilings for $2,000,000.  
• Or how about the $3.95M fixer upper with 4/5BR's and 3BTHS where the building common areas are circa 1979. 
• Perhaps you would prefer the 5400sf Penthouse with 2000sf of terrace for $16,000,000? 
• Or you can have the top three floors of The Pierre Hotel for a cool $70,000,000. 

A few times today I actually found myself irritated that we didn't stumble upon the perfect home for $4,000,000.   I need to take a step back sometimes and not be so quick to spend other people's money, particularly when it's millions of dollars for a 12' X 14' master bedroom...get rid of that bed dude!  That's just insane!

My Point:  In Manhattan, the "perfect" home doesn't exist at $500,000 or $70,000,000.  And sometimes I'm still shocked that this is the market in which I live and work.  I'm one lucky SOB!!!

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The Port Authority Bus Terminal may soon get an incredible face lift.  According to Annie Karni of The Sun a Gleaming Office Tower May (soon) Rise Upon a Symbol of Urban Decay. 

The Port Authority Bus Terminal, for decades a symbol of urban decay and a hub of crime, drugs, and vagrancy, is moving toward a complete overhaul and could soon be topped with a soaring office tower or two.

With rents in Midtown Manhattan reaching record highs and vacancy rates dipping to new lows, developers are showing a renewed interest in building a 42-story office tower above the bus station and retail hub.

The board of the Port Authority today is expected to approve the resumption of negotiations with two prominent developers for the purchase of the lucrative air rights above the bus terminal on Eighth Avenue.

In July of 1989, I moved to Hell's Kitchen having never even visited New York City before.  My girlfriend at the time picked me up from the dilapidated Port Authority Bus Terminal.  I would be lying if I didn't tell you that the experience of walking through that building and continuing through the streets to 10th Avenue and 51st Street (which I called home for the following 18 months) was scary as hell.  Coming from just outside the city of Baltimore (I could literally throw a rock to the city line...and often did), you would think that I would be somewhat immune to "urban decay."  Now before everyone from Baltimore goes crazy here, that city has made great strides to clean itself up but I'm here to tell you that it has a loooong way to go.  Manhattan on the other hand has improved exponentially in the past 18 years that I have resided here.

When I arrived, the Port Authority Bus Terminal wreaked of urine.  Several unfortunate people were curled up on the floors throughout the building, some with the ingenuity to build shelters with boxes and blankets.  Prostitutes and drug dealers were plentiful and spilled out of the building on to pre-Disney 42nd Street.  It was seedy.  For the following 18 months, I kept a P.O. Box at the Port Authority Building (I wasn't allowed to use the mailbox in the Westie inhabited apartment building I lived in) and checked for mail once a week so that I didn't have to walk through the place.  My first job in Manhattan was at the Silver Bullet Saloon on the 8th Avenue side of the building.  I walked in and asked the guy behind the bar if they needed help and he threw an apron at my chest and said "hop behind the bar chief."  I quit that job 2 hours later when I witnessed an ambulance refuse to pick up a very sick homeless man on the sidewalk because he had no insurance and another fine gentleman drag a commuter by her purse in a mugging attempt (not sure if he succeeded).

Then Disney moved in, crime dropped, destination restaurants moved in, residential and commercial development skyrocketed and people have felt safe in this neighborhood for more than a decade. So bring on the "Gleaming Office Tower" I say.  The wait has been long enough. 

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TrueGotham is proud to be a sponsor of the inaugural Hamptons Marathon and Half-Marathon.  The race will be held on Saturday, September 29, 2007. The course runs through Amagansett, Springs and East Hampton with views of the Atlantic Ocean and Nepeague Bay out to the Long Island Sound. This race is a Boston qualifier with a USATF Certified course.

Post-race festivities will continue at Cyril's, one of the Hamptons favorite gathering places and the perfect spot for a post-race party.

Be a part of history and run in what promises to be an incredible inaugural event!

Click on the banner above to see more details and register. 

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The Manhattan real estate market can be incredibly draining...such is life.  I'm exhausted after a day where nothing went the way I thought it should...so what!  Just mentioning it to shed some light on the fact that I'm posting to TG at 9PM and I also wanted to mention it to further explain the tone of this post:  AGGRAVATED (for the record, this stuff aggravates me on my best day).

I am so frustrated with the number of mortgage bankers/brokers, moving companies, interior designers, architects, and other real estate related "professionals" who solicit my business every single day.  Don't get me wrong, I'm not frustrated that they would make an effort to develop a business relationship with me.  That's not it at all.  What enrages me is the number of these people who attempt to gain my referrals by lining my pockets.  It's laughable...read this blog!

Here is yet another example of the type of solicitation that I receive daily (from someone who obviously didn't read True Gotham):

Hi Mr. Heddings,

My name is Mr. Blah Blah with Blah Blah Mortgage and I am contacting you regarding your BLOG at http://www.truegotham.com/. We are an advertiser supported mortgage directory based in Blah Blah. This month I am helping bring awareness to help announce our 7-Year Anniversary of serving the mortgage and real estate community!

We are contacting companies like yourself in hopes of arranging some type of cross promotion with your BLOG or interest in our affiliate program. We can provide like value to each through the following options:

- link placement

- article content or trade

- sponsorship or advertisement

- additional leads

- paid review of our website

- we pay you $32 per completed application from your visitors.

Let me know if you'd be interested in learning more. Each BLOG is unique so we can get as creative as you like.

Regards,

Mr. Blah Blah
Blah Blah Mortgage

Now again, I don't think there is anything wrong in theory or principal with what this guy is offering but if he would have done some additional investigating (just some plain ole reading) of True Gotham, he would hopefully get a greater sense of our integrity.  I don't even know who the hell this guy or his company is and he wants to pay me to send him your (True Gotham readers) business.  I hope that most of you can see exactly why this pisses me off.  It just seems that so many are more concerned about where there next $32 is coming from (and many don't really care as long is it comes) than any semblance of integrity or the level of service that they or those to whom they refer business provide.  By the way, many of my friends and colleagues ask me why I don't accept advertisers on True Gotham.   It's because I don't want to promote the services of ANYONE who could jeopardize the integrity of this site.

Mr. Blah Blah and all of those out there who want the business of True Gotham or its readers: Please don't ask me to put my reputation on the line by sending you business when I don't  even know who you are.  I have plenty of solid, trusting relationships with all of the above-mentioned professions and NONE OF THEM PAY ME FOR MY REFERRALS.  Instead, I know that when I refer someone to them, they will be handled exactly as I would handle them...with honesty, integrity, loyalty and commitment.  That's worth a hell of a lot more than $32 or any monetary sum that someone is willing to pay me to make a blind referral. 

And that's about all I have to say about that.

Disclaimer:  I do refer business to real estate colleagues across the country whom I have spoken with on the phone or actually met in person.  And as I choose to act liaison/advocate for my buyer or seller whom I refer, I do accept referral fees.  

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Today was the first pitch for the CYO Manhattan Youth Baseball League.  Unfortunately, I couldn't stay for the entire game but what a blast watching the TrueGotham.com Dragons smack the ball around!  My nephew, quite a ball player I must say, is on this team of 2nd graders who had a great time today playing baseball on Ward's Island.  Stay tuned for more as the season unfolds.  GO DRAGONS!!! 

UPDATE:  Dragons lost a hard fought game 8-5. 

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After a couple of quiet weeks (boy it was nice), the Manhattan real estate market is picking up where it left off at the end of March.  It is indeed heating up again as it almost always does going into tax season.  So today, I'm out and about "making rain" so enjoy the following links:

• Speaking of tax season, The Consumerist has a great post: CPA Answers Blog Readers' Tax Questions.  And if that's not enough, check out their Tax Tip Roundup today.
• From David Leonhardt of The New York Times: A Word of Advice During a Housing Slump: Rent that includes this interesting buy vs. rent graphing tool that some of my readers have suggested is difficult to interpret.  And after that you should check out Jonathan Miller's take on it at Matrix.
• Calculated Risk enlightens us to a proposed Foreclosure Moratorium in NJ for sub prime foreclosures.
• And an FYI...Filing Bankruptcy Isn't Helping Homeowners Avoid Foreclosure...from Lingling Wei of TheRealEstateJournal.com
• The NY Sun reports on Colossal Plans for Hudson Yards.  Good grief just do something with all of that space already!  I'm so sick of listening to what's going to happen!  make it happen already!
• I'm petrified of tipping you off to the next post given the hoopla surrounding the Imus scandal, but here goes: Minorities are the emerging face of the sub prime crisis from Carol Lloyd of SFGate.com.  Am I allowed to say "minorities?"  For those who can't tell...I'm kidding and I'm not going into my thoughts or opinions on this latest media witch-hunt and fiasco. 

And that's about all I've got for you today.  Pleasant reading and see you Monday.  Great weekend!

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My friend Henry Abbott of TrueHoop fame sent me this incredible virtual roller coaster of home prices since 1895 (via Kottke.org).  I can't believe Jonathan Miller hasn't done something like this as he is the master of stats and graphs.  Curbed should also check this out.  The last hill is quite a doozy!!!  And the view from the end of the tracks is eerie.

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From McSweeneys.net (via Kottke) comes this hilarious ad: ROOMMATE WANTED: SHARE MY WEST VILLAGE PAD

I have one bedroom available for rent in a two-bedroom apartment in the heart of Manhattan's West Village. I would describe the room as cozy and the layout has a very chic "Eastern European" feel to it. There is no closet, but a twin-size bed would leave room for a small dresser. The room measures 7 feet by 7 feet with a 5-foot-high ceiling. It has no windows or electrical outlets, but boasts attractive hardwood floors.

The rest of the apartment gets lots of sunlight and has its own private roof deck with great views of the Village. There's a large eat-in kitchen with a table that seats up to five, and a nice living room with a flat-screen TV.

Tenant must be a working professional, employed full-time in a 9-to-5 job, and have perfect credit. Tenant should also have a second job, with, ideally, shifts on weeknights and weekend days and nights.

Tenant must be alcohol- and drug-free! This is a must! Do not bring booze or drugs into the apartment. Respect the lock on my liquor cabinet. And the lock on my bong cabinet. This is a sober environment—for you.

The building has a doorman and an elevator. Due to recent long waits for the elevator, this would be a walkup apartment for the tenant. My apartment's fifth-floor views will be worth your climb every time, believe me.

Tenant will not have access at any time to the roof deck, living room, or kitchen. There are great restaurants and delis nearby.

No overnight guests. No exceptions. Ideally, you do not have a significant other, but if you do, he/she cannot spend the night at the apartment. Or visit the apartment. One-night stands are also out. Basically, no hookups of any kind. Friends visiting from out of town definitely cannot crash here. Ideally, you do not have "a lot" of friends (i.e., any). But if you do, they cannot visit the apartment at any time.

I like the apartment to be very quiet when I am home. There would be no talking of any kind allowed after 6:00 p.m. Cell phones must be deactivated at 5:59 p.m. No music or television for you at any time of the day or night. No flushing of the toilet after 7:00 p.m. Ideally, you prefer sleeping on the street or in the park most nights instead of at home. However, do not take my newspapers from the recycling bin to use as blankets. Also, you must not bring any food or beverages into the apartment at any time.

If interested, please e-mail me and tell me a little about yourself. Potential tenants must send a photo—no uglies, please! Ideally, you will be very good-looking, but slightly less good-looking than me. Rent is $2,400 a month plus utilities. If you are new to New York, trust me, that is an effing incredible deal for the West Village.

I am having an open house next Saturday. E-mail me your pic, description, and a top-10 list of reasons I should consider you, and I will e-mail you back with the address if you are invited. If I choose you at the open house, you must pay a security deposit and the first six months' rent and the last six months' rent up-front. I look forward to meeting everyone!

Now who says there aren't some great deals out there? 

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Check this out courtesy of Boing Boing.

The ultimate holdout.  This guy in China won't sell to the developers for less than £1.3 million so they dug a huge moat of sorts around his house.  Can you say determination...on both sides?  Now how in Sam Hill does he get in and out of that house? 

This brings up the subject of how aggressive can a landlord or developer be in vacating a property for demolition.   If a landlord wants to demolish a building, tenants must vacate the property.  A group called Housing Conservation Coordinators, Inc points out that some landlords may actually file for demolition and not carry it out:

Phony Demolition
By law, tenants are not required to move out of their apartments if a landlord wishes to renovate their building. If, however, a landlord decides to demolish and construct a new building, tenants must vacate their apartments. In order to demolish, a landlord must file a claim with the Department of Buildings. In the case of a phony demolition, a landlord files for permission to demolish, and forces the tenants to leave, but, in fact, just renovates the building. HCC is working with local elected officials and housing groups from around the city go ensure that landlords cannot force tenants out of their apartments by pretending to plan a building demolition.

I don't think the aforementioned Chinese development group is planning a phony demolition.

And for those who aren't facing a demoliton but are being harassed, HCC says this:

Tenant harassment is a frequent occurrence, not just in Hell's Kitchen, but all over the city. Frivolous lawsuits, intimidation, and refusal of services are just some of the forms of harassment many tenants face. As it stands, harassment is not grounds for a lawsuit filed by a tenant. HCC organizers are working with the Association for Neighborhood and Housing Development and other community organizations to strengthen tenants' rights on this issue. The proposed legislation seeks to make harassment a cause of action under which a landlord can be sued.

This is stunning to me that a tenant can't sue for harassment.  I'm not buying it!  Any attorneys out there to support or refute this claim?

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• The Forbes 891(yep, that's the number of billionaires on the list this year) has been released.  I imagine not all 891 are True Gotham readers right?
• An interesting "How To" Guide: How to Save Your Home from Foreclosure via The Consumerist and an unfortunate anecdote of someone who should study it from Housing Panic
• Surprise, Surprise...fewer realtors...not enough attrition in my opinion...yet! (via Bubble Meter)
• Jonathan Miller of Matrix dazzles with another fancy chart in his Three Cents Worth Post at Curbed.  Entry level buyers are indeed the most affected by mortgage rates.  I think we knew this but always good to have concrete support.
• David Kaufman of The New York Times  suggests that many are choosing Israel over the Hamptons?
• And from the Real Estate Journal, The Apthorp is going Condo.  And the Real Deal has an excellent piece on whether or not this deal pays off.

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During the housing boom of the past decade in New York City, I have seen a noticeable trend of people who once believed the grass was greener (or that any grass at all was attractive) in Westchester, Connecticut, and the suburbs of New Jersey, moving back to "the city" out of the convenience the it provides or just plain boredom with the Burbs.   Zillow blog's post Confessions of an Empty Nester gives some valuable anecdotal insight to one couple's move from the suburbs of Seattle to an urban condo in downtown Seattle.

We now live in the middle of downtown Seattle in a condo that’s less than half the size of our last House. Our 3,200 square feet of Texas sprawl has been squeezed down to a cosmopolitan 1,200. We’ve gotten rid of most of our furniture, clothes, and surplus artwork, and all of our meaningless “stuff.” We’ve chucked the lawnmower and garden tools, and pared our dishes down to enough for only four. And best of all -– most gloriously of all -– we’ve sold our three cars!

Our everyday lives have changed in every way imaginable. We don't own a car, so we walk everywhere, including to and from work. We use the bus or ferry if we want to go farther afield. This has had a profound effect on how we interact with people. We realize now that the cocoons of our cars kept us well insulated from the people around us. Our genuine interactions were with family and coworkers, the only people who saw us stripped of the metal that clothed and protected us. Our neighbors, we discovered, were virtually strangers.

Now, we stand face-to-face with people in our building’s elevators, at our corner hangouts, and on the sidewalks. We chitchat and pet our neighbors’ dogs. We exchange “good mornings” with the people we pass everyday on our way to work. We’ve developed friendships with several proprietors and servers at our favorite restaurants.

This post on Zillow blog is perhaps the best and most eloquent argument I have read thus far for why life in the city is far superior to that of suburban sprawl.  I moved to NYC in 1989 from the suburbs of Baltimore (can you say BORING?).  And although it took this suburban Baltimore boy about 10 years to feel comfortable in Manhattan (I didn't leave my apartment for 4 weeks without my girlfriend when I first arrived here), I simply can't imagine raising my family anywhere else.  The culture, the restaurants, the schools, the people:  the best in the world in my opinion.  Perhaps this is another reason that New York City real estate continues to appreciate while suburban markets across the country are literally collapsing? 

It's not just empty nesters either.  They do make up some of those who are coming back "home," but many of the purchasers whom I meet are young families who thought they wanted the suburban lifestyle only to desperately miss all that urban life has to offer.  And many of those who I have worked with in the past 10 years who have explored both urban and suburban options have chosen the city to raise their families.  The following excerpt from the same Zillow blog post is precisely why many, whether it be Manhattan, Chicago, Seattle, San Fransisco, or Miami, prefer to call "their city" home:

One warm, sunny day last autumn, we wandered over to the park where a big band was playing great 40’s music. Several older couples were jitterbugging and waltzing, having the time of their lives. We grabbed some lemonade, sat in the shade, and watched and listened. As the lines of time on the dancers’ faces disappeared and their spines straightened just a little; as their eyes brightened and their laughter mingled with the birdsong above us, we looked at each other and smiled. We knew we were thinking the same thing. We might not have The House anymore, but we were most assuredly home.

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This brings a whole new meaning to architecture!

Bryan Berg, cardstacker (Courtesy of Boing Boing)

Given the reported decline in the housing market across the country, I'd bet many feel like they are living in a "House of Cards."

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Oh well...this blog is approaching its one year anniversary and today is the first weekday that I "almost" didn't blog.  Well, the guilt is killing me and despite the fact that I'm recovering from shoulder surgery thus typing with one hand and I'm heavily drugged, I couldn't let the day pass without a little something.  So here goes:

I MISS HENRY!!!  As many of my readers know, I was introduced to the blogosphere last March by my very good friends, Henry and Jessica Abbott of Gekko Blogs.  Henry convinced me that blogging was not only a lot of fun but could be good for business.  It is indeed both!  That said, Henry's blog TrueHoop was purchased 2 weeks ago by ESPN and he has been hired to run that blog and assist ESPN with other blog related matters.  Now he's my friend so I am so excited for him and his family, but I miss him terribly.  See, when I began TrueGotham, I would write and Henry would do the rest including editing, posting, and all of the administrative and back end tasks that I am slowly learning now.  TrueGotham is now a one man show and I ask that everyone bear with me as I get up to speed. 

Time to take a nap.  I will be back Monday with something "real" estate.  Have a wonderful long weekend!

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I traveling today and back in the saddle tomorrow so here is a great debate about the "greenness" of cities vs. suburbs. 

First check out this editorial from Edward Glaeser contributor to The New York Times suggesting that New york City is more environmentally "green" than suburbia.

Now we know that the suburban environmentalists had it backwards. Manhattan, not suburbia, is the real friend of the environment. Those alleged nature lovers who live on multiacre estates surrounded by trees and lawn consume vast amounts of space and energy. If the environmental footprint of the average suburban home is a size 15 hiking boot, the environmental footprint of a New York apartment is a stiletto-heeled Jimmy Choo. Eight million New Yorkers use only 301 square miles, which comes to less than one-fortieth of an acre a person. Even supposedly green Portland, Ore., is using up more than six times as much land a person than New York.

Now read the rebuttal from Tyler Cowen on Marginal Revolution.  Be sure to read all the interesting comments too.

I get the point but I don't quite buy this. Manhattan sells services, most notably finance and entertainment, to the rest of America, and in turns draws upon industrial outputs, which of course include steel and glass. It is also no accident that Gary, Indiana is near Chicago and those rather aesthetically thrilling factories off the New Jersey Turnpike are right outside New York City. Try the other boroughs as well, they don't call Staten Island a big garbage dump for nothing. Praising Manhattan is a bit like looking only at the roof of a car and concluding it doesn't burn much gas. Manhattan supports its density only by being surrounded by a broader load of crud.

An interesting debate indeed.

Be back tomorrow.

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On Friday, I blogged about all of the new condo development projects hitting the Manhattan market in the very near future.  With all of that new inventory hitting the market, we can expect new and exciting things from the real estate industry in marketing these projects.  We are going to have to step in up a notch to set one project apart from another.  How about creating a sitcom based on a building (via Joel Burslem of Future of Real Estate Marketing) and all of the happenings inside as a way to market its apartments?  That's precisely what developer Cressey is doing in Vancouver with their latest project, Donovon, in Yaletown.

I think this is brilliant and I'm surprised Cressey did it before Shvo...seriously...this is right up Michael's alley!!!  Anyway, think about following a sitcom based on a building in your hood and then having an opportunity to move in to the exact setting from the sitcom.  Manhattan developers need to start offering more than fancy coffee table books to prospective purchasers...give them entertainment! 

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For all of those with spectacular river views who thought those views were protected, think again.  Imagine high rise apartment buildings anchored yet floating in the Hudson or East Rivers.  The concept of both under-water and "on the water" living is becoming a reality.  As Chris Taylor of Business 2.0 Magazine points out:

The most tangible signs are two altered versions of GM's Hotel Atlantis (from 1964 World's Fair), at least one of which could be open for business next year.

   

Rendering of GM's Hotel Atlantis

The first is Hydropolis, a $500 million-plus, 220-room hotel under development near Dubai in the Persian Gulf. Billed as the world's first underwater hotel, the Hydropolis will be located, if all goes according to plan, 60 feet below sea level and cost $1,500 a night. Among other amenities, the Hydropolis will also feature a missile defense system to guard against terrorists, a shopping mall, and three bars.

Then there's Poseidon Mystery Island, a $200 million development off the coast of Fiji. When it opens in mid-2008, the hotel will be much smaller than Hydropolis and almost twice as expensive to visit. But it does boast something you don't get in Dubai: 24-hour views of one of the world's liveliest coral reefs.

Taylor credits his associate Jeff Davis and Davis' blog Waterlog for pointing out the trend by some architects to develop on and in the water:

As my Business 2.0 colleague Jeff Davis notes in his excellent blog about the ocean business, Waterlog, there's a rising tide of architects building floating homes in response to global warming. Sea levels rising by 20 feet over the next 50 years? No problem. Simply surround at-risk cities (like New York) or countries (like Holland) with off-shore waterworlds anchored to the sea floor.

Leading this march to the sea is Dutch designer Koen Olthuis. His firm, Waterstudio, is the first to devote itself entirely to waterborne structures - houses, garages, apartment buildings - and has been hired by the Crown Prince of Dubai to build a sail-in mosque, presumably so the legions of oil-rich seafaring Dubains have somewhere to pray on their way to Hydropolis.

But perhaps the most novel design for seabound living is the Trilobis 65 from Italian architect Giancarlo Zema. Retailing for $5 million, the oddly egg-shaped Trilobis seems halfway between a giant yacht and a floating home. It's designed for up to six people to live in, and is powered by an environmentally-friendly combination of solar power and hydrogen tanks. You can take your entire home on day-long deep-sea jaunts, then return to the jetty at night and power down.

Frankly, this concept of staying in a hotel underwater creeps me out a bit, but the concept of building on top of the water is intriguing.  Particularly in an island city like New York where land options are "drying up" quickly.

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It's almost tax time and here in New York City many prospective purchasers enter the buying frenzy when their accountants advise them that they need the tax deduction that home ownership provides.  Aside from the obvious tax deductions that we are all aware of, here are some provided by The Consumerist  (via Kiplinger) that shouldn't be overlooked:

1. State sales taxes.
2. $250 educators' expenses.
3. College tuition.
4. Student loan interest paid by mom and dad.
5. Out-of-pocket charitable contributions.
6. Moving expense to take first job.
7. Military reservists travel expenses.
8. Child-care credit.
9. Estate tax on income in respect of a decedent
10. State tax you paid last spring.
11. Refinancing points.
12. Reinvested dividends
13. Jury pay paid to employer

Since I am sure that most of you (or at least your accountants) are savvy enough to be aware of all of these and then some, maybe some of you are aware of some additional deductions that may not be so obvious?

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Last night, I received this email from Steven Spinola, the President of REBNY:

Dear Member:

Last Sunday the New York Times Real Estate section printed an article, Agents of Angst, which heavily criticized the residential real estate industry in its opening paragraphs. Detailing the experiences of one woman whose search for an apartment left a bad taste in her mouth, the article led the reader to believe that these occurrences are not the exception in real estate dealings but the norm.

I have written a letter to the editor, attached below, expressing my frustration in the paper's perpetuating these myths and cited the Department of State's handful of complaints as well as our own stringent Code of Ethics as examples of how seriously we take our roles. While we are all too aware of the stereotypes real estate brokers face, we also know how hard you work to satisfy your clients. An article suggesting otherwise is disrespectful to you, the real estate industry as a whole and just plain irresponsible.  

Sincerely,

Steven Spinola

***

Dear Editor;

After reading your recent article Agents of Angst, I was very disappointed to see that your article took one or two bad experiences from two people and misrepresented them as common occurrences in the real estate industry. While I’m not suggesting these unfortunate events didn’t occur, they are certainly not the norm in real estate practice as your article suggests. In 2006, there were only 206 complaints brought to the Department of State by real estate clients in the entire borough of Manhattan. And as noted, the Department has received fewer and fewer complaints statewide each year. In addition, REBNY puts forth its own strict code of ethics, which clarifies licensees' responsibilities to both their colleagues and to the public. If an alleged violation occurs, REBNY immediately handles it by voluntary mediation or binding arbitration. However few and far between, stories of unethical brokers are disappointing – disappointing to the public, disappointing to me and most importantly disappointing to my members, who have to work even harder to clean up the reputation of their industry. New York City real estate agents know the false stereotypes they must overcome, but if the Department’s dwindling list of complaints is any indication, they’re doing a good job of it.

Steven Spinola

President

Real Estate Board of New York

Now I absolutely appreciate Mr. Spinola's efforts on behalf of his organization's members. I am actually one of them.  Don't get me wrong, I think REBNY does some wonderful things for the industry and although they are in essence a "self-policing" organization, they do mostly succeed in getting their members to "play nice."  Their code of ethics is also an excellent benchmark to keep members "ethical."  And for the most part, the quality of agents who are REBNY members is superior to those who aren't.

That said, I would bet that it wasn't incredibly difficult for Vivian S. Toy of The New York Times to find examples of unethical behavior in the real estate industry.  I think it's a larger problem than Mr. Spinola wants to admit.  Perhaps he actually believes that because only 206 people filed complaints with the Department of State, the "problem" is insignificant?  I happen to think 206 complaints are significant primarily because I am of the opinion (I stress opinion here) that most people who feel duped don't report the incident because they are embarrassed or feel that nothing will be done to "make things right."   Furthermore, the "false stereotypes" that Mr. Spinola refers to aren't necessarily "false" at all.   There are indeed some bad seeds out there as I have encountered them myself.  I know one person in particular who has changed his name 3 times because of licensing violations, not the least of which was steering.   He is still a practicing agent with a very large firm.  The very structure of the industry fosters opportunities for unethical behavior as I have written about before.  It is imperative that I state here that the majority of people I have met in this industry are seemingly honest and well-intentioned professionals who make every effort to maintain integrity.  And I think the article that Ms. Toy penned elucidates just that by describing the successes that the duped customer had when they found a better agent.

In closing, I believe that articles such as these are imperative in keeping the industry on its toes in remaining accountable for the actions of its "members."  And let's not forget that as good of a job as REBNY does in overseeing its members, a very large percentage of licensed agents aren't members of REBNY and therefore aren't obligated to follow any of its rules.  I would agree with Mr. Spinola that the industry is improving its reputation but I think the Department of State has to play a larger role in policing the industry and holding unethical agents accountable for their actions. 

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I'm insanely busy right now as the market continues to defy odds.  I find myself in the midst of a 2nd "highest, best and final" scenario on behalf of my sellers in as many weeks and it appears that this property will also sell for a number above the asking price.  So here are some interesting reads for the day and I will be back tomorrow with some interesting original content:

• Check this piece out from the New York Times...New York hostile to pedestrians?
•  Via Inman, 60 minutes is doing a real estate expose  featuring companies like Redfin who aim to change the rules of the industry.
• 22,000 new rent vouchers to be handed out to help low income New Yorkers stay in New York!
• According to the New York Times, 35 years ago was the best time to buy a house.  
• The first "attendant free" robogarage is set to open in Chinatown!
• Not ALL realtors are liars and cheats.  I told all of you that!!!
• Zestimates say SF and LA have more million dollar homes than NYC. Could it be?  I'm not yet confident in Zillow or their "zestimates" particularly because there are so few NYC properties even listed on Zillow and something that I listed at $1,995,000 had a zestmated value of under $200,000 last time I checked.  Zillow has a long way to go still.
• And last but definitely not least, you have to check out this video from Housing Panic (via Euro Pacific Capital) featuring David Lereah of the NAR and Neal Cavuto of Fox vs. Peter Schiff who thinks the housing market (which market I ask because there is NO "national" market) will burst and collapse by 50-70%... WHAT? I'm not a big fan of any of these characters but perhaps reality will fall somehwhere in the middle?

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The castle, perched high on a rock and surrounded by snowcapped mountains in southern Transylvania, is one of Romania's top tourist attractions and is visited by 400,000 people each year.

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• Zillow's new message to real estate professionals: buy an ad on Zillow! Jeff Somers writes about what president Lloyd Frink has been explaining at the conference: "We’re calling it EZAds – and it’s pretty simple – an easy, online way for individual agents and other real estate professionals to buy and customize ads on Zillow.com, targeted to specific searched ZIP codes. The ads show up on ZIP code-specific areas throughout the site, including map pages and home detail pages. With millions of people visiting Zillow each month, most being homeowners (86% of Zillow users own a home) plus buyers and sellers (54% plan to buy/sell in the near future), EZAds will be a lot more targeted than a flyer or traditional offline advertising. And we think you will find pricing a lot more affordable, too. When creating your ads, you can choose the ZIP code, what your ads will look like and where your ads will link to."
• Glenn Kelman of Redfin and Allan Dalton of Move.com made some fireworks in a battle about reduced commissions. Kelman blogs about how it went, from his point of view: "The moderator, Brad Inman, asked if Redfin had faced opposition from the industry; we said yes, acknowledging that sometimes we've made it worse for ourselves by stoking the controversy. Brad asked how Redfin could do better at negotiating a $2-million deal in the Berkeley Hills than a superstar agent: we told him we could do $40,000 better (but not that coherently). The battle was joined. Allan and I wrangled over whether we could cost the customer more by screwing up the deal. I said the most basic premise of Redfin's business is that we have to be the best, not the cheapest. It was an aspiration that seemed to settle Allan and the crowd; it's something we all understand. Then Redfin antagonized everyone by saying that what's wrong with the industry is the commission structure that pressures agents to pressure clients, and the desk fees that pressure brokerages to recruit more agents than the market needs. If we don't reform ourselves, and take out all the sales baloney too, people will come to hate real estate agents the way they hate tobacco companies or Big Oil. Then it was over. Many people afterwards congratulated me, for nothing in particular, which was very kind. The floor cleared, and I started to chat with a New York board member whom I rarely see but was eager to impress. "How'd you do?" he said. A Hamptons broker with a magnificent head of hair and a Bluetooth embedded in his ear interrupted us to say, confidently and happily, that I had bombed."
• Sellsius has photos and video of nearly everything, and word that the next fronteir for Zillow is rentals, possibly to be followed by commercial.
• There is an official blog of the conference.
• Doug will be speaking at two blogger's roundtables this afternoon. Starting at one, you can also see the vaunted TrueGotham mini parked at the entrance to the Marriott Marquis. The first fifty to visit Jen at the mini will also be given free copies of that most precious of items for a New York City conference-goer: a Zagat's guide to the city's restaurants. UPDATE: Not true! The mini is not there! We had arranged with the hotel ages ago to park the car there, but at showtime the people from Inman wanted thousands for the privelege, so, alas, it's off. We're hoping to work out a plan B. Stay tuned. UPDATE TO THE UPDATE: Jen has secured a spot for the mighty mini outside Starbucks on 47th and Broadway. Go see her for your 2007 Zagat's guide complete with a crisp $20 bill to help pay for that next lunch or dinner! Take a right out of the main hotel entrance, and you'll see that mini at the next corner.
  

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After lackluster summer sales, real estate broker Douglas Heddings feared the city's housing prices had taken a turn for the worse. He even started advertising his blog on his mini-cooper, but turns out he didn't need to.

"Many of us thought the market was going to continue to slow and there would be the opportunity for even more buyers, but the fourth quarter proved us totally wrong," said Heddings.

Low interest rates and sky-high record bonuses on Wall Street pushed apartment prices in Manhattan higher than ever before...

And the footprints set in the last quarter of 2006, seem to have set a strong path for the New Year.

"I, and many of my colleagues already, have more transactions in the books for the first four to eight weeks of 2007, than the first six to nine months in 2006," said Heddings.

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1. I’m the first and only person from either my mother's or father's family who has earned a bachelor’s degree.
2. I have had some interesting jobs! I did a stint in the U.S. Navy and also a stint with the FBI in the 80’s. I was a substitute elementary school teacher for two years in the New York City public school system (while running my own real estate brokerage to supplement that wonderful teacher’s salary).
3. During a brief stint as an actor I did a commercial for Snapple, a radio voice-over as a surfer dude for Britches of Georgetown, and played a “stoner” as in extra in Oliver Stone’s movie, The Doors.
4. Even my wife doesn’t know this: when she suggested we name our son Cole, I was in total agreement. I love that name. Why? Because I am obsessed with the movie Days of Thunder, in which Tom Cruise’s character is named Cole Trickle.
5. Speaking of my wife, she's a bigwig at Food and Wine magazine, which is a job that comes with unbelievable perks. We go to so many restaurants I can't even remember them all. I recently saw a list of the thirty best restaurants in Manhattan. I asked Kate why we hadn't been to more of them. She called me a name and pointed out that we had been to every single one of them. She even remembered what I ate. Thanks to her job, I have played golf with Greg Norman, tennis with Nick Bollettieri... I could go on and on.

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• A broker is inviting a bunch of celebrities to a fundraiser for Rwandan kids... in a penthouse that just happens to be her exclusive $7.5 million listing. 
• That rare happy adjustable rate mortgage story.
• Getting back at the noisy bar next door, or, how not to be a good neighbor.
• Zillow Heatmaps are pretty cool. Play around with the New York City map here.
• Real estate blogging mania: 100 posts in a day, the competition. Doug's take: "Love this 100 Posts in a day contest… Is the market THAT quiet? I'm looking forward to checking in tomorrow and Wednesday to see how this blogathon plays out. Should be fun. Nice work Sellsius!"

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We see a lot of charts that attempt to explain the reality on the ground in New York. This is one of the most accurate I have ever seen.

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Curbed shares a tip-off on the new party scene:

"I'm in the hunt for a new condo. I look in all the usual places: Bluer east side, Dumbo, Financial District, Chelsea, and everywhere in between. I also like booze. Every now and again I get invited to a condo launch party (most recently the Cocoa Exchange in the financial district) and I kill to birds with one stone: drink and see condos. But the invites are few and far between. Do you know if there are any website(s) that I could visit that would give me the run down on the latest condo launch party scene. I've never been to a Shvopening and I think I'm missing out. Any leads would be much appreciated." [To our knowledge, no such resource exist, but we're happy to pick up the slack. Let's get a party calendar going. Drop tips@curbed.com a line with intel.—ed]

I think it's hysterical that people are jumping on the condo "party wagon." I'm certain that developers and their marketing teams are tickled pink that people with absolutely no intentions of buying anything are attending.

I'm sure they'll be thrilled to see a calendar of these events created, that way no one will miss out on the next "Shvopening." Shh...listen, you can actually hear the marketing team banging their heads against the wall.

Maybe developers could start requiring a completed and notarized financial statement as an admission ticket? Or maybe they'll just continue to host these parties for the masses with the assumption tht if you keep pouring hooch, sooner or later you're sure to create a buzz.

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I can't walk one block without overhearing a conversation about apartments--buying, selling, renting, moving, or something else. New York City is fascinated with real estate.

There must be a million reasons: the city is incredibly transient, everyone is always seeking the next "best" apartment, private space here is just precious...

I'm never bored with the stories that come from behind the walls of Manhattan apartments, so I'm looking forward to reading Toni Schlesinger's new book Five Flights Up.

Every real estate agent thinks they could write a book about the industry but ultimately it takes a colorful, captivating, and creative author to make those stories interesting. It seems as though Schlesinger has done that but stay tuned, I'll let you know.

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