Realty Digest
A Quirky Collection of News and Information
From Malcolm Carter

**** March 17, 2007 ****

Thanks for thinking of us when friends, relatives or colleagues may be moving. We treasure referrals, which are the foundation of our growing business, and we prize anyone who makes them.

IN THIS ISSUE:

• Items of Interest
• Out and About
• Bulletproofing Your Mortgages
• New Listings

Items of Interest
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The Market

BAD WEATHER CHILLS PENDING HOME SALES: They declined 4.1 percent in January following a strong upturn in December because of unfavorable weather patterns, according to the National Association of Home Builders (NAHB). The Pending Home Sales Index, a leading indicator for the housing sector based on contracts signed in January, fell to 108.7 from an upwardly revised reading of 112.3 in December; it was 8.9 percent below January 2006. Aside from December, which got a lift from mild weather, the January index was the highest since last August. There has been a narrowing trend from year-ago levels since last July, when the index was 14.7 percent lower than a year earlier. "We’re seeing temporary near-term weather disruptions in much of the country, but there is an underlying pattern of stabilization in the housing market," says David Lereah, chief economist of the National Association of Realtors. "As a result of these weather disruptions, it may take a couple months for the picture to fully clarify, but a modest recovery is likely." The December figure got a boost from mild weather and showed the largest monthly gain in nearly three years; it was up 4.5 percent, the largest increase since a 6.1 percent jump in March 2004.

DOES THE HOUSING MARKET MIRROR OTHER MARKET ‘BUBBLES’: Seven years after the stock market bubble burst, the Wall Street Journal finds that the housing market looks strikingly familiar. In fact, everything is going according to the textbook - the textbook in this case being Charles Kindleberger's 1978 classic, "Manias, Panics, and Crashes," the Journal says. Kindleberger found speculative bubbles tended to follow similar patterns. First, there is some "displacement" - such as the development of the Internet or a prolonged period of ultra low interest rates - that radically improves the outlook for some area of the economy. People take advantage of the opportunity, fueling a boom that is fed by progressively easier access to cash. At the height of the bubble, there's "pure speculation;" assets are bought to quickly sell them again at a higher price - day-trading in 2000, condo-flipping more recently, tulips long ago. The speculation eventually runs its course and in the ensuing downturn, swindles come to light. That leads to "revulsion." Lines of credit dry up and regulators, Sarbanes-Oxley style, rush to shut the door of the empty cow barn. In the worst cases, selling panics follow. Revulsion is where housing appears to be. So the Journal maintains, noting that in early February, the Federal Reserve reported a sharp increase in the number of banks tightening mortgage-lending standards. Then Freddie Mac said it was tightening standards on purchases of risky, subprime mortgages. And banking regulators proposed stricter mortgage guidance. As Kindleberger showed, financial shenanigans in housing are coming to light. A jump in "early defaults," where borrowers stop paying shortly after taking out their mortgage, stems in part from questionable lending practices.

NEW CANAAN PRICES HAVE SLIPPED: Prices in the community, home to some of Manhattan’s wealthiest and most-powerful denizens, slipped 3 percent to $2 million last year and sales were down 16 percent, according to the Connecticut Multiple Listing Service, reports USA Today in Realtor magazine. The condo market was even tougher; sales were down 30 percent and the average sales price dropped 12 percent to about $675,000. There are 276 houses currently listed with an average asking price of $3.1 million, a two-year supply. There also are 49 condos on the market at an average price of $1.3 million.

RENTAL APARTMENT MARKET MAY BE REBOUNDING: It shows signs of rejuvenation following the condo construction and conversion exuberance of recent years, according to the National Association of Home Builders (NAHB). The return of developers to the market-rate apartment sector - the low-rent government subsidized apartment sector never really faltered - is being fueled by increased household demand for rental units and depleted supply owing to the earlier conversion of rental apartment buildings to condominium ownership. "We are forecasting that the rental and for-sale sectors of the multifamily market will rebalance during the next two years, with about one-third of multifamily starts representing condos and nearly two-thirds representing rentals by the end of 2007," said David Seiders, NAHB's chief economist. "Last year, the for-sale market had grown to represent nearly half of all multifamily starts, a record share, and a correction now is under way." The comments are based on the latest results of the NAHB’s Multifamily Rental Market Index (MRMI). It finds builder expectations for market-rate rental starts now at 69.5 - nearly 18 points higher than last year's 4th quarter index.

Home and Hearth

TWENTY QUESTIONS: To help architects and homeowners communicate better, the American Institute of Architects has developed on its Web site a handy section of 20 questions that prospective clients should ask before hiring an architect. That link is aia.org/ask_20_questions.

KITCHENS AND BATHS CONTINUE TO CHARM: As kitchens have evolved into the most popular room in the home, consumers are increasingly looking for high-end appliances, additional pantry space, island work stations, wine storage areas and recycling centers. The number of bathrooms in homes also is increasing, with radiant floors, multi-head showers, dual sink vanities and towel warming products emerging as the most popular features. These findings are from The American Institute of Architects (AIA) Home Design Trends Survey, which focused specifically on kitchen and bath trends in the fourth quarter of 2006. "There is a strong desire to integrate the kitchen with living space that allows for a more open home environment with the ability to converse and access entertainment options while in the kitchen," said AIA Chief Economist Kermit Baker. "There has also been a sharp rise in demand for renewable materials for countertops and flooring, as well as dedicated areas for recycling." Accessibility and universal design to accommodate an aging population are on the rise in bathrooms, Baker added. "From an amenities standpoint heated floors lead the way, followed by multiple showers and towel warming racks, with the popularity of whirlpools dropping for the second consecutive year," he observed.

ARE YOU HAVING TROUBLE MAKING DECISIONS: Paint is one of the few products for which many consumers actually prefer fewer choices, not more, says the Washington Post. Sherwin-Williams, recognizing how overwhelming a wall of paint chips can be, has issued a new fan deck of its 250 most popular colors. At a mere 3 by 5 1/2 inches, the deck is compact enough to carry around and fits comfortably in your hand while you flip through. It’s available for $4.99 at Sherwin-Williams stores. You can go to Sherwin-Williams.com for locations.

COUNTING SHEEP ISN’T THE ONLY OPTION: Not since the Victorian age of starched sheets and starchy manners, builders and architects say, have there been so many orders for separate bedrooms. Or separate sleeping nooks. Or his-and-her wings. According to the New York Times, couples and sociologists tell interviewers that often it has nothing to do with sex. More likely, it has to do with snoring. Or with children crying. Or with getting up and heading for the gym at 5:30 in the morning. Or with sending e-mail messages until well after midnight. In a survey in February by the National Association of Home Builders, builders and architects predicted that more than 60 percent of custom houses would have dual master bedrooms by 2015, according to Gopal Ahluwalia, staff vice president of research at the builders association. Some builders say more than a quarter of their new projects already do.

HERE’S YOUR WAKE-UP CALL: Imagine a morning when an electronic sun dawns to the chirp of virtual birds and the coffee-laced scent of ethylene-vinyl-acetate aromatherapy bead. No need to imagine it: The latest gizmo to wake you up is an alarm clock that mimics the sights (and sometimes the sounds and smells) of a bright and shiny new day, reports the Walls Street Journal, which surveyed several of the slow starters. Lifestyle retailers claim these "dawn simulators" - clocks with a built-in light that gradually grows brighter - help regulate the body's natural circadian rhythms, leaving users refreshed and alert instead of, say, bitter and groggy. The claims have some basis in science. Several of the devices were a pain to set. One came with a burned-out bulb. The chemical-java aroma of the Hammacher Schlemmer scent beads was so strong all night that it was no longer possible to smell the "coffee" by the time the Journal’s writer woke up. Only the BioBrite did what it was supposed to, waking the sleeper gently with a soft light. What’s next? A clock that kisses you awake?

MID-CENTURY MODERN IS HOT, HOT, HOT: Pieces from the mid-century and even later are being scooped up by collectors aware of their growing value, observes the Wall Street Journal. Twentieth-century sales and auctions across the country - including Miami, Chicago, New York, and Los Angeles - have become increasingly heated as collectors grab pieces by superstars and lesser-knowns alike. Collectors born since the 1960s are discovering modernism, says Corcoran Gallery of Art Director Paul Greenhalgh, who is overseeing a show that just opened focusing on designs spanning 1914 to 1939. "The 20th century has now become a historic period. It's finished. It's over with," he declared. Kathleen Doyle, chief executive of the Doyle auction house, has seen a similar shift. "Who is out there promoting Queen Anne?" she asks. "Nobody, because there are newer categories to promote." David Rago of Rago Arts and Auction Center in Lambertville, N.J. agrees. "It's the blue M&M phenomenon: the next new thing. Generation X wants hip. It's what the designers and decorators want. It's clean, it's sleek, it's available - and compared to new furniture, it's relatively affordable." What are you waiting for?

SEVEN WAYS TO GET RID OF PET ODORS: Don Aslett, owner of Varsity Contractors tells the St. Louis Post-Dispatch that you should consider using a fluorescent black light (pet-supply stores sell them), to expose odor-producing spots on the carpet, couch, floorboards and even on drapes; removing all solids, blotting up as much liquid as possible with a clean towel and applying an appropriate odor neutralizer or cleaner according to directions; never using ammonia, which takes on the smell of what it's supposed to be cleaning; choosing the best product to remove the problem – for example, on water-safe surfaces, Simple Solution stain and odor remover; trying Bramton's Oxy Solution Pet Stain and Odor Destroyer, which can remove odors and stains from surfaces that won’t withstand soaking; resorting to the most effective and safest disinfectant for use around pets, Chlorhexidine, which is sold under such names as Nolvasan, Chlorasan and Chlorhex by veterinarians and medical-supply outlets for problems that demand deep cleaning; and, when all else fails, temporarily neutralizing odors with a product such as Fresh Wave.

TREATS FOR THOSE PETS COULD GIVE YOU SALMONELLA: Pet treats that come from animal bi-products have reportedly made numerous people ill in the U.S. and Canada, says Realty Times. According to the CDC in Washington, there have been several salmonella outbreaks in the past few years attributable to these pet treats. The outbreaks stem from either salmon or beef treats as well as pig ears given to dogs as treats. People who buy these "animal derived pet treats" are being warned by the CDC to wash their hands carefully after coming into contact with them. A June 2006 CDC report indicates that the last outbreak was identified in 2004 and 2005. (That’s the last time?) There were nine laboratory confirmed cases associated with that outbreak. Beef or salmon pet treats processed or distributed in the U.S. and Canada seem to have caused the outbreak.

QUESTION: WHAT’S ON TONIGHT: Answer: nothing. According to a Census Bureau study, 98.2 percent of U.S. households in 2004 had televisions, averaging 2.8 sets per home, reports the Washington Post, which adds that there is a minuscule group of Americans who just say "no" to television. Their reasons vary: Some never had a TV growing up. Some think the shows are not worth their time. Others simply find television too distracting. Whatever the rationale, life without TV is a rarity. "To aggressively not have a TV is to take yourself out of the loop of American cultural conversation," says Robert J. Thompson, director of the Center for the Study of Popular Television at Syracuse University. He says people are often shocked, then reverential upon learning of someone's TV-free lifestyle. He doesn’t say those same people are very well disciplined.

This and That

CLASS ACTION SUIT SHINES SPOTLIGHT ON BROKER AFFILIATES: A recent class-action lawsuit focuses attention on a long-festering consumer issue in real estate: Alleged steering of home buyers to affiliated title, settlement and mortgage companies by large real estate brokerage firms, a practice that could cost consumers hundreds of dollars, compared with fees and services offered by nonaffiliated competitors. Columnist Kenneth Harney writes in the Washington Post that two buyers in Minnesota filed suit Feb. 21 against Coldwell Banker Burnet Realty, one of the largest brokerage firms in the state, charging that it breached its fiduciary duties under state law when it steered the buyers to its own title and settlement affiliate, Burnet Title, despite knowing that the affiliate’s fees were significantly higher than those available elsewhere. A spokeswoman for Coldwell Banker Burnet said the company had no comment on the allegations and does not discuss pending litigation as a matter of corporate policy. The class action, filed by Kenneth and Dylet Grady in state district court, potentially has national significance because many large real estate brokerage firms have financial relationships with one or more affiliates in the title, settlement and mortgage businesses. Properly structured, these affiliate relationships comply with federal anti-steering and anti-kickback rules, and have withstood numerous legal challenges.

NEW HOME DESIGNS CATER TO BOOMER BUYERS: Designing for the 55-plus crowd is the most powerful trend in home building these days, notes USA Today. Americans aged 55 and older will buy 20 percent of all new homes built this year, according to research by the National Association of Home Builders, which says design features that cater to them have to be both practical and boast a "wow" factor. A house designed for older residents by a consortium of builders offers two master bedrooms on the ground floor, each with a full bathroom. The home also features a ground-floor office with a theater room that can be used for entertaining clients. The house is almost completely wheelchair accessible and includes elevator access on all three floors.

DEVELOPERS ARE GOING UP AND IN: They are embracing "vertical neighborhoods" to meet demand for downtown living at a time when undeveloped parcels of land are scarce, according to Investor’s Business Daily in Realtor magazine. These high-rises feature residential units, retail space and scores of amenities, aiming to ensure that occupants are in the middle of the action. One example: MGM Mirage, which is erecting a vertical neighborhood on 66 acres on the Las Vegas Strip. CityCenter will feature a 4,000-room hotel casino, 2,700 condominiums and condo-hotel units, as well as 500,000-plus square feet of commercial space. "Developers here realized that you can't look at the cost of land on a per-acre basis but should look at it as a percentage of total project cost," says MGM Mirage President James Murren. "We're creating an urban environment that's dense, diverse and pedestrian-friendly." The first large-scale vertical neighborhood was put up four years in Manhattan by Apollo Real Estate Advisors and Columbus Center LLC. The $1.7 billion, 2.8-million-square-foot Time Warner Center on Columbus Circle offers upscale condos in the two towers along with a Mandarin Oriental hotel, retail space on seven floors, and TimeWarner's headquarters. Vertical neighborhoods are also popping up in Dallas, Salt Lake City, and other cities nationwide.

The Soothsayers

ANALYST SAYS SUBPRIME MORTGAGES MAY HURT NEW HOUSING: A report released by Credit Suisse analyst Ivy Zelman forecasts that credit tightening for financially stretched borrowers will lead to a 20 percent drop in new-home sales in 2007, to about 890,000, as buyers find it more difficult to borrow for homes, says the Wall Street Journal. Coupled with a general waning in demand for housing and the exodus of speculators from the market, Zelman expects that credit tightening will cause housing starts to drop 35-45 percent through this year and into 2008 from their peak annual rate of 1.8 million units in January 2006. While subprime loans are often concentrated among entry-level buyers, she says credit tightening "will affect the entire housing food chain." If people selling an entry-level home can't find buyers, it often means they can't move up and buy a pricier home. Zelman, who derives much of her research from surveys with private builders and mortgage originators, also expects rising delinquencies among stretched borrowers to create a flood of foreclosures in the coming months that could add as much as 20 percent additional supply to the existing inventory.

EVEN THE NATIONAL ASSOCIATION OF REALTORS CONCEDES DOUBT: Unusual weather patterns and problems in the subprime lending marketplace are creating challenges in assessing housing market conditions, but a recovery is likely this year, according to the latest forecast by the National Association of Realtors (NAR). Allows David Lereah, NAR’s chief economist: "Underlying trends point to a housing recovery in 2007, but it will take a couple months for us to get a better handle on it." He adds that existing-home sales are expected to slowly improve from what appears to be the cyclical low last fall but that "there will be some additional pain in the new home market, which hopefully will start to rise later in the year." The NAR projects existing-home sales to be 6.42 million this year and 6.66 million in 2008, compared with 6.48 million last year. The national median existing-home price is predicted to rise 1.2 percent to $224,500 this year, following a 1 percent gain in 2006. "Although existing-home sales will be marginally reduced due to subprime lending restrictions, they should be gradually rising this year and next," Lereah says. "However, total sales this year will be fairly close to 2006 because last year started high and ended low." Lending problems in the subprime marketplace, which continue to grow, will also play a role in housings' recovery, perhaps inhibiting future housing activity and "further dampen our forecast," Lereah continues. New-home sales are forecast at 950,000 in 2007 and 981,000 next year, down from 1.06 million in 2006. The median new-home price should grow 1.7 percent to $249,600 in 2007, following a 1.9 percent increase last year, according to the NAR. Housing starts will probably total 1.50 million this year and 1.56 million in 2008 in contrast to 1.80 million units last year. Overall, the NAR suggests, stronger gains are probable in 2008, with new-home prices growing 3 percent and existing-home prices rising 3.1 percent.

SOME SAY RECOVERY COULD BE YEARS AWAY: Is the housing slump really that bad? asks CNNMoney. After all, the S&P 500 last week fell more in a single day (3.5 percent) than home prices have fallen in the past year nationally (3.1 percent). But two big factors could prolong the slump: the glut of homes on the market after a record building boom and the fact that prices saw unprecedented gains during the white-hot real estate market of the first half of the decade. Another worry is rising mortgage defaults, especially in the subprime sector, that could lead lenders and regulators to choke off the credit that fed the previous booms. Celia Chen, director of housing economics for Moody's Economy.com, says she thinks it will take until 2009 for prices nationally to reach the peaks hit in 2005. Take inflation into account, she said, and a full recovery could take more than 7 years. Hugh Moore, a partner with money manager Guerite Advisors who has been studying home prices, thinks over-supply is the biggest problem. The glut of new homes has hurt major U.S. builders. New Jersey builder Hovnanian Enterprises became the latest to report a loss, following operating losses at Pulte Home, KB Home and Centex. Don Tomnitz, CEO of No. 1 builder D.R. Horton, which has stayed in the black, said he doesn't expect 2008 to be a great year and added, "’07 is going to suck.’" One bright spot, according to David Stiff, chief economist of Fiserv Lending Solutions, is that so far there hasn't been a recession or a downturn in the job market, as there was with past housing slumps. But Dean Baker, the co-director of the Center for Economic and Policy Research and a leading proponent of the theory that there has been a bubble in housing prices, says that he believes it could take five to seven years before prices get back to their highs on a nominal basis. If prices are adjusted for inflation, he thinks that prices will never recover their recent highs.

JOBS IN HIGH-TECH METROS WILL BE MOVING OVERSEAS: Expect higher-than-average job losses in 28 metropolitan areas as a number of information technology and service jobs move from the United States to other, often lower-wage countries, forecasts a recent study released by the Brookings Institute, according to Realtor magazine. Although the study concludes that "only a small share of all U.S. jobs" will move abroad in what is dubbed "service offshoring" in the next decade, the impact is forecast to be greater in metropolitan areas with high shares of information technology or back-office service jobs." Study projections call for at least 17 percent of computer programmer, software engineer and data entry jobs to move overseas between 2004 and 2015. Hardest hit will be Bergen-Passaic, N. J.; Boston; Boulder, Colo.; Danbury, Conn.; Denver; Hartford, Conn.; Minneapolis; Nashua, N.H.; Newark, N.J.; Orange County, Calif.; San Francisco; San Jose, Calif.; Stamford, Conn.; and Wilmington, Del. Additionally, 14-17 percent of customer service representatives' and insurance underwriters' jobs in Bergen-Passaic are projected to move abroad. In terms of overall employment, Boulder, Colo.; Lowell, Mass.; Stamford, Conn.; and San Francisco and San Jose, Calif., are projected to incur the highest losses - - 3.1-4.3 percent of all jobs. Another 23 metros are likely to lose between 2.6-3 percent of all jobs, while 158 metros will lose no more than 2 percent of their jobs. Of the 23 metros, a majority are in the Northeast and West with the exception of Washington, D.C.; Austin and Dallas, Texas; Huntsville, Ala.; Wilmington, Del.; Cedar Rapids and Des Moines, Iowa; Minneapolis and Rochester, Minn.; and Omaha, Neb.

Boldface

IT’S ALL IN THE FAMILY: Gwyneth Paltrow must be happy to keep her most reliable babysitter in the neighborhood, now that her mother Blythe Danner has bought another co-op apartment at One Fifth Avenue, reports the New York Post. Danner, known lately for her roles as Robert De Niro's wife in the "Meet the Parents" and "Meet the Fockers" flicks, has paid $3.125 million for a three-bedroom, three-bath residence on a high floor in the prewar building overlooking Washington Square Park. Last August, Danner sold a two-bedroom, 2 ½ -bath place on the eighth floor where Brad Pitt and her Anglophile daughter once played house for $1.8 million, according to public records.

IN ONE ARENA, IT CAN BE HARD TO SCORE: Dan Marino's home in Weston, Fla., has all of the extras befitting a Hall of Fame quarterback - a 15,000-square-foot main house, two guest houses, a waterfall Jacuzzi spa, a volleyball court and a putting green, the Wall Street Journal observes. After more than a year on the market, a $1.4 million price cut to $14.5 million and a change in listing agents, the former Miami Dolphin's home still hasn't sold. From Miami to San Francisco, the real-estate market is glutted with the splashy homes of professional athletes. Over-the-top, customized amenities such as 8-foot doorways, wrought-iron gates emblazoned with uniform numbers, and basketball courts with stadium seating aren't hitting home with prospective buyers. Red Sox slugger Manny Ramirez has yet to sell his 4,500-square-foot condo in Boston. The $6.9 million penthouse in the Ritz-Carlton Towers was listed in 2005, when Ramirez put it up for sale. He recently took the apartment off the market, but local agents say it's still available. Potential buyers may also be having trouble seeing themselves in an apartment that has a bedroom decked out like Fenway Park, including a mural of the field with the trademark Citgo sign in the background and twin beds made to look like the Green Monster outfield wall, with authentic paint and netting. Former teammate Pedro Martinez has yet to find a buyer for his house in Brookline, Mass., where, among other things, his initials are inlaid into the parquet floor in the entranceway. The five-bedroom home is listed for $1,695 million, about $600,000 less than its 2005 price. Dallas Cowboys wide receiver Terrell Owens is having similar problems. His five-bedroom house in Moorestown, N.J., the site of his now-infamous driveway sit-up display during his rancorous contract dispute with the Philadelphia Eagles, was originally listed in October 2005 for about $4.4 million. It's now available for $3.4 million, less than what he paid for it in 2004. He's also been trying to sell another property in Lithonia, Ga., for about a year now. The 7,700-square-foot house features an indoor basketball court with spectator seating, the sort of building more likely to be seen on a college campus than in someone's backyard.

WELL, YES, SHE PROVES THAT SHE IS THE MATERIAL GIRL: Madonna hit the streets on the Upper East Side last weekend during her house-hunting tour, says the New York Post. The Material Mom is said to have her eye on a 14,700-sf East 62nd Street mansion that features grand entertaining rooms with double-height ceilings, plus marble floors, staircases and fireplaces. With handlers and brokers in tow, she toured four pricey town houses on the Upper East Side and is said to have fallen for the Gilded Age mansion on East 62nd Street - with a $35 million price tag. Madonna spent the majority of her time here going through the Beaux Arts-style six-level elevatored limestone home that includes seven bedrooms, 10 bathrooms, three kitchens, separate servants quarters, a gym with a sauna, billiards room and a garden. No media room?

TOM BROKAW BUYS A PAD, BUT NOT FOR HIMSELF: The former anchorman has bought the duplex apartment that belonged to the Barbara Epstein for over half a century, says the New York Observer. The apartment, at 33 West 67th Street, sold for $3,267,650. At the apartment’s dinner table Epstein invented The New York Review of Books with Robert Lowell, Elizabeth Hardwick and then-husband Jason Epstein. She co-edited the colossally intellectual biweekly until her death last year. Despite the co-op’s 686-square-foot living room - with immense laddered bookshelves and double-height windows - Brokaw will probably not move in. He shares the deed with his daughter Andrea and her husband Charles Simon.

The Mortgage Biz

THE NEWS THAT ROCKED WALL STREET: The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 4.95 percent of all loans outstanding in the fourth quarter of 2006 on a seasonally adjusted (SA) basis, up 28 basis points from the third quarter and up 25 basis points from one year ago, according to the National Delinquency Survey by the Mortgage Bankers Association (MBA). The increase was driven by increases in delinquencies for all major loan types, most notably for subprime and FHA loans. Delinquency rates for prime, subprime, FHA, and VA loans increased on a seasonally adjusted basis relative to the third quarter. The delinquency rate for FHA loans reached a new record in the fourth quarter. The percentage of loans in the foreclosure process was 1.19 percent of all loans outstanding at the end of the fourth quarter, an increase of 14 basis points from the third quarter of 2006, while the SA rate of loans entering the foreclosure process was 0.54 percent, eight basis points higher than the previous quarter and a record high. Compared with the fourth quarter of 2005, the percentage of loans in the foreclosure process was up 20 basis points while the percentage of loans entering the foreclosure process was up 12 basis points. "Although the U.S. economy and job market remain solid, the housing market continued to decelerate in the fourth quarter of 2006. Nationally, house prices increased at a slower rate and the pace of sales and construction activity continued to slow," said MBA Chief Economist Doug Duncan. "Given our macroeconomic forecast of below trend economic growth and a slowly recovering housing market, we would expect delinquency and foreclosure rates to level off as the housing market regains its footing towards the end of 2007." All adjustable rate (ARM) as well as fixed rate (FRM) loans had higher SA delinquency rates compared with the third quarter of 2006. In the fourth quarter of 2006, the percent of loans that were seriously delinquent was 2.21 percent, 21 basis points higher than for the third quarter of 2006. Across all loan types, the states with the highest overall delinquency rates were Mississippi (10.64 percent), Louisiana (9.10 percent), and Michigan (7.87 percent). Based on foreclosure inventory rates across all loan types, the top three states were Ohio (3.38 percent), Indiana (2.97 percent), and Michigan (2.39 percent).

GOING FAST: Americans continued to load up on mortgage debt last year, even though the housing market was stalling, according to data released by the Federal Reserve. Homeowners increased their mortgage borrowing by almost $600 billion in the last quarter of 2006, an annual pace of 6.4 percent, significantly faster than the rise in housing prices, according to the Fed’s newest estimate of household and business balance sheets. But mortgage debt climbed more slowly in the fourth quarter than in the third quarter, reflecting the slowdown in home sales, says the New York Times. With prices creeping up slowly, homeowners dug deeper into their equity to keep up their spending. Owners’ equity as a share of the total value of their property edged down to 53.1 percent at the end of 2006, from 54.4 percent in the fourth quarter of 2005. Homeowner equity was almost 58 percent of housing value in 2000, and nearly 70 percent in the 1980s.

BORROWING ACTIVITY IS UP: For the week ended March 9, the Mortgage Bankers Association says loan application volume went up 2.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the increase was 3.2 percent compared with the previous week and 19.1 percent compared with the same week one year earlier. Seasonally adjusted, refinancing volume grew by 3.5 percent from the previous week and purchase applications, by 2.2 percent. The refinance share of mortgage activity inched up to 46.2 percent from 46.1 percent of all applications the previous week, and the adjustable-rate mortgage (ARM) share rose to 21.9 percent from 21.4 percent.

RATES ARE FLAT, LACKING GOOD REASON TO CHANGE: The 30-year fixed-rate mortgage (FRM) was unchanged at 6.14 percent this week, according to Freddie Mac. Last year at this time, it averaged 6.34 percent. The 15-year FRM this week rose to 5.88 percent from last week’s 5.86 percent, but it was below last year’s 5.98 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.90 percent this week, unchanged. It was 5.93 percent a year ago. One-year Treasury-indexed ARMs were 5.42 percent this week, down from 5.47 percent the prior week and up from 5.37 percent the year before. "Mortgage rates moved little in the past week, as the latest economic news gave no reason for change," said Frank Nothaft, Freddie Mac vice president and chief economist. "The economy added 97,000 jobs in February, in line with consensus expectations, while the unemployment rate dipped to 4.5 percent. But the promising employment situation did not materialize at the cash registers, with retail sales only growing by 0.1 percent in February, falling short of the 0.3 percent gain that had been predicted. Over the course of next week, February's inflation measures at the wholesale and retail levels will be published and could serve as the driving force behind further rate movement."

The Big Apple

THE APTHORP IS ABOUT TO BECOME CONDOS: The ornate building on Upper West Side will be converted into condominiums in a transaction completed by an Israeli billionaire for a 50 percent stake in the property, reports the Wall Street Journal. Africa-Israel USA, an investment company of diamond mogul Lev Leviev purchased half of the Apthorp from a group of investors led by Mann Realty Associates that closed on the building for $426 million. Mann Realty had previously disclosed it was purchasing the building but said it would maintain it as a rental building. After factoring in the retail space on the ground floor, the purchase price comes to about $2.4 million per apartment - the most ever paid for a residential building in the U.S. One of the most exclusive rental buildings in the world, with monthly rents of up to $20,000, the 445,000 square-foot Renaissance Revival structure built by the Astor family in the early 1900s has 163 apartments around a central courtyard. It has been the home of Al Pacino, Nora Ephron and Conan O'Brien. More than half the apartments are rent stabilized and would require buyouts or other incentives to be converted, according to a person familiar with the transaction, which undoubtedly will make many lawyers very happy. The purchase price is about $1,000 per square foot, and that Journal source says conversions could fetch up to $2,500 per square foot.

Research

CONDO BUILDERS ARE SOMEWHAT ENCOURAGED: Condo builders reported somewhat better market conditions in the fourth quarter of 2006 than in the previous quarter, according to the latest results of the National Association of Home Builders' (NAHB) Multifamily Condo Market Index (MCMI). The current-conditions index remained substantially lower than it was at the same time last year, but builders and developers are more optimistic about what they think the condo market will be doing six months out. Traffic of prospective buyers also rose slightly from the previous quarter. "The condo market is coming back toward balance following the previous four quarters when the pendulum swung from red-hot to seriously cold," said NAHB Chief Economist David Seiders. "What we are looking for - and likely to find in 2007 - is a healthy and sustainable level of condo production that will fall short of the unsustainable levels registered during the earlier boom period, but that will meet current market demands." The component of the MCMI that tracks current condo market conditions showed an index value of 29.6, compared with a value of 47.1 during the fourth quarter of 2005; the index's low point came during the third quarter of 2006, with a 19.7 value. The index gauging builder sentiment about condo market conditions over the next six months rose to a 49.1 value - the highest seen since the last quarter of 2005. (See "Research" below.)

MOST CONDO BUYERS WANT NOTHING ELSE: More than half didn’t consider any other style of housing, according to a recent National Association of Home Builders' (NAHB) survey of condo buyers, notes Realtor magazine. Respondents identified the following areas as their preferences: Close-in suburbs, 46 percent; outer suburbs, 28 percent, inner cities, 19 percent; and rural areas, 5 percent. Why a condo? Price and location, 70 percent; design and size of the unit, 66 percent; desirability of a particular neighborhood, 64 percent; good investment, 57 percent. Fewer than half mentioned as important motivations low condo fees, parking, pool, and tennis courts, the proximity of public transportation, porches, and valet services. Amenities used most often by respondents included cable/satellite TV, 88 percent; Internet, 82 percent; swimming pool, 72 percent; and fitness room, 64 percent. Even though fewer than 20 percent of properties offer concierge services, such services are highly used, with 71 percent of owners saying they use them.

NEWS FROM THE DEPARTMENT OF DUH: Neighborhoods are becoming increasingly segregated by income and education, according to an analysis of demographic data by an economist for the Federal Reserve Bank of St. Louis, says Realtor magazine. Despite the dramatic decline in nationwide unemployment, from 6.3 percent to 3.9 percent between 1980 and 2000, neighborhoods are becoming increasingly polarized. The well-educated, employed people live together, while those with less education and more unstable employment situations live elsewhere, wrote Christopher H. Wheeler in the March/April issue of Review, the Reserve Bank’s bimonthly journal of economic and business issues. Independent of either urban decentralization or shifts in union and industrial activity, "a rising concentration of those who are unemployed seems to be related to an increase in the extent to which households have separated themselves into certain neighborhoods by both income and education," Wheeler concluded. In other words, birds of feather?

REMODELING MARKET REMAINS SOFT BUT STEADY: Remodeling activity remained steady in the fourth quarter of 2006, according to the National Association of Home Builders' (NAHB) Remodeling Market Index (RMI). The current market conditions index edged up slightly from 47.8 to 48.2 on a seasonally adjusted basis and future expectations moved up to 46.0 from 45.4. The RMI measures remodeler perceptions of market demand for current and future residential remodeling projects.

Out and About
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Both Fish and Fowl

Turning up in the early 90s, the condop frequently is either misunderstood or not understood at all. One reason for any confusion is that real estate brokers and lawyers sometimes use different definitions. To buyers and owners of condops, the short answer is that they are co-ops that operate like condos. But the long answer is far more complex. Read on.

According to Real Estate Weekly, the legal definition of a condop is a building that has been partitioned into mixed-use segments with each segment receiving a condominium unit deed. In turn, one of these segments is identified as a residential component that is owned by a cooperative corporation. This residential component is therefore referred to as a condop since the cooperative corporation effectively owns a condominium unit deed rather than a fee simple interest in the land. (If you find the foregoing prose dense, blame all the lawyers.)

''Picture a 20-story building,'' Dennis Greenstein, a Manhattan lawyer who specializes in co-op and condominium law, explained to the New York Times. ''The building has commercial space on the first floor and residential apartments above. Now, visualize an imaginary property line separating the first floor from the rest of the building. We'll call the first floor condominium unit one and the 19 floors of apartments above it condominium unit two. The owner of condominium unit two - the one with the apartments - is a co-op corporation. The owner of condominium unit one - the first floor - is someone else. You now have a building that's a condop.''

The initial motivation for creating condops (as legally defined) was to avoid potential adverse consequences of violating section 216 of the Internal Revenue Code. Included within this provision is a requirement that a cooperative corporation cannot receive more than 20 percent of its income from sources other than tenant-shareholders to qualify for a tax deduction pass-through of interest and real estate taxes to individuals. Another motivating factor was that federal law created certain limitations on the ability of sponsors to enjoy the benefits derived from utilizing a master lease on the retail component of the property at a below market rent for an extended period of time. Developers often gravitate to the arrangement when the land beneath the building cannot be purchased, but only leased, thereby exposing residents to ever-increasing costs.

A second definition of "condop" relates to cooperative apartment buildings that do not have board approval requirements or restrictions on rentals. These buildings are viewed as hybrids if the ownership form is a cooperative corporation but the procedural characteristics are similar to a condominium.

Such condops provide the freedom not only to sublet, but also to put only 10 percent down at closing and obtain easy board approval. Closing costs are similar to a co-op’s because buyers receive shares in a corporation rather than a deed for real property. Indeed, closing costs for a condo or condop can be half of those expenses for a condo in many cases.

As for board approval, condops may require none at all or just "easy" based on a review of the buyer's credit and criminal history. By contrast, as almost everyone knows, the co-op board process can be inordinately tough, requiring detailed financial and personal information without any explanation for rejection. As a consequence, the pool for potential buyers is smaller than a condo’s.
In the eyes of buyers, another advantage of condops is their usual acceptance of up to 90 percent financing. For co-ops, rare is the requirement below 80 percent and common is the one for much more – even 100 percent for the toniest buildings.

Neil S. Goldstein, a Manhattan real estate lawyer, told the Times that one drawback to condops may trouble existing shareholders - as well as potential ones. ''When you sell your commercial units, you give up control of the use of the space,'' he said. ''And maintaining control weighs heavily on shareholders' minds.'' Added Arthur I. Weinstein, a Manhattan co-op lawyer and vice president of the Council of New York Cooperatives, the issue of shareholder control was so fundamental to co-op living that the diminution of control could make apartments in some condops less desirable than those in traditional co-ops.

''A shareholder could suddenly find himself with a nightclub or a disco for a downstairs neighbor,'' Weinstein said. ''You just have to do your homework as a buyer to make sure you're buying in one of the good ones.''

A one-bedroom post-war condop newly on the market on the Upper East Side prompts the foregoing disquisition. With a small kitchen replete with laminate countertops and undersize stove, this appealing unit in a pet-friendly doorman building has an updated bath, expansive living room and decent closet space. But its chief attraction is the 20’ x 24’ terraced garden with plantings, lighting, automatic awning and the minor objection of limited exposure to a school yard. The building offers a roof deck as well, private storage and central laundry. At $769,000 with maintenance of only $847, this bright apartment represents very good value no more than three blocks from one of two crosstown buses.

Elsewhere in Manhattan, the following are some of the properties offered by various brokers that have been seen since the last Realty Digest:

A Good Bet in Brown*

Chelsea/$4.35 million

A Brownstone Bargain*

Upper West Side/$6.4 million

A Two-Bedroom Treasure *

Turtle Bay/$875,000

*Details Below

• A sensibly designed and handsomely finished loft that occupies a full floor of a 50’ x 92’ building just west of Union Square. It is configured with three or four bedrooms; three and a half baths; an enormous open area that easily accommodates a den or family space, dining area, living "room" and first-class open kitchen (with two wine refrigerators and eight-burner Viking, for example); freight and keyed passenger elevators; and a laundry room. The co-op features seven floor-to-ceiling windows facing south in the public spaces but dark exposures from the bedrooms, of which the master has a spectacular bath. On the market for half a year, the place is listed at $5.95 million with $3,301 in monthly maintenance. Some buyer inevitably will find the cost worthwhile, or close to it.
• On East 97th Street off Fifth Avenue, a very well priced alcove studio apartment that needs work. The slim galley kitchen is way out of date, the views are not only forgettable but nonexistent, the bath is, well, vintage, but the co-op in a very nice building is commodious. It has not one, but two, walk-in closets, one of them positively cavernous. The price: $315,000 with $583 monthly maintenance.
• * In the heart of Chelsea, an immaculately renovated 2,005-sf duplex loft with another 1,236 square feet of terraces. Aside from the living room adjacent to a splendid large open kitchen, almost every vertical surface is a somewhat oppressive chocolate brown – inexplicably so, given the owner’s position of design director of a fashion house. But this co-op with 12-foot ceilings is elegant and impressive, including a spacious master suite that boasts an oversized spa bath and room-size closet featuring burnished cabinetry plus an extra storage room. The price of $4.35 million is not out of line for such a nicely improved space with so many outdoor opportunities, including dining beneath a pergola. The maintenance is $1,947 monthly.
• A theatrically decorated two-bedroom, two-bath co-op on Carnegie Hill. With three exposures, countless closets, washer/dryer, excellent layout, including a 28’ gallery, beamed ceilings, a picture window in the living room, the apartment is in a full-time doorman building that permits pets, offers private storage and allows only 60 percent financing. To buyers who can see past the overwhelmingly suffocating décor, the unit may well be worth the asking price of $1.17 million with $1,499 monthly maintenance.
• * On the Upper West Side, a brownstone that has been renovated and partly restored while preserving many original details, including moldings and banisters that have not been beautifully refinished. Still, this 1890 Italianate townhouse is priced attractively because of numerous improvements, the desirability of five eminently rentable apartments and the opportunity to sell those apartments as condos with no additional expense. The façade has been resurfaced, some of the units have at least one terrace and appliances are mostly Miele and SubZero. Of special interest is a dramatic potential owner’s duplex that starts up three and a half flights of stairs; aside from a smashing kitchen, double height ceiling above that kitchen and two terraces, the unit offers a show-stopper in the form of a bullet-proof all glass bathtub and square toilet. (Really.) Just a few blocks from Zabars, the property is listed at $6.4 million.
• What can best be described as a bachelor pad in modern Murray Hill full-service building. With zebra rugs, platforms, huge windows and nonpareil views, a black-lacquer bar in the living room, which has three televisions and a projection unit, skylight, washer/dryer and wide spiral staircase this duplex penthouse has two bedrooms, two-and-a-half baths and a décor that doubtless would please Hugh Heffner and his harem. But the galley kitchen, which Hef certainly would avoid, shows signs of thoughtless use, though it easily could be improved at moderate expense. The asking price for this 2,020-sf condo of $2.375 million with $2,400 in common charges per month is not unreasonable.
• An Upper East Side condo with two bedrooms, one bath, views of brick walls from almost every window, nine-foot ceilings, hardwood floors and an extraordinarily strangely shaped kitchen, seemingly as long and narrow as railroad car and a layout that makes no sense. The bath has been improved, but this boxy apartment is so filled with furniture it’s hard to appreciate its "bones," but they’re not terrible. Price: $999,000 with $939 in common charges and pointless exposure to the dreaded "mansion" tax at such a sum.
• Back on the market after one prospective buyer was transferred before signing a contract at $150,000 over the asking price, a 3,000-sf loft at the eastern edge of Chelsea. This full-floor co-op that includes an essentially separate space used as an office at the other end of a hallway requires a buyer with vision. The space, on a block lined with wholesalers, is decent and filled with light. But the open kitchen on a platform needs to be overhauled, and a renovation at least to improve the aesthetics is mandatory. The price of this four/five-bedroom, two-and-and-a-half-bath place is the same as it was in the weaker market at the end of last year: $2.7 million with $2,491 monthly maintenance.
• * In a staid Turtle Bay building, a two-bedroom, two-bath well-maintained pre-war co-op. The newly but poorly renovated kitchen includes nothing high-end, and the gold-flecked manufactured stone used for the countertops has limited appeal. Still, the long space easily accommodates a breakfast counter, but it strangely has a demi-dishwasher and a refrigerator that is far too many steps from the sink. Withal, the price of $875,000 with $1,702 monthly maintenance is on target.
• A duplex penthouse in a small pre-war building with part-time doorman in a prime Upper West Side location. With two bedrooms, two baths, a just-completed kitchen with all the bells and whistles, plus a flexible space on the second floor that opens to a 250-sf terrace, this 1,150-sf condo also has a wood stove that is upstairs, newly refinished floors and a washer/dryer. But the hallway is narrow, and the rooms may well cause claustrophobia, except for the one on the top floor. At $1.395 million with low common charges of $575, this apartment is nonetheless extremely well priced and probably will be gone by the time you read this.
• In the Flatiron neighborhood, a glam new two-bedroom apartment in a renovated former office building that began life as a big hotel. The 1,280-sf condo has the usual upscale features – including unusual, impressive marble-tiled baths – but entrance is practically into the open kitchen, and none of the rooms is notably large; the amount of space devoted to the living/dining/kitchen area is particularly troublesome. While high, the price of this north-facing apartment is on the market at $1.785 million with $480 in common charges, which are bound to escalate.
  

Bulletproofing Your Mortgage
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How to Spot Risks in Your Loan
By Ron Lieber
The Wall Street Journal Online

It's tempting to write off all the mortgage bad news - rising delinquencies, lenders in crisis - as someone else's problem. After all, the misery seems to be concentrated in loans to the riskiest borrowers. If you have any kind of mortgage where the payment terms change over time, however, you should be asking yourself: How likely is it that you'll get hit with a big jump in your monthly payment that would mess up your personal finances?

It isn't as far-fetched as it sounds. The exotic loans and more liberal borrowing rules that led to the recent industry troubles aren't limited to people with poor credit or lower incomes.
For instance, adjustable-rate loans offering cheap payments for the first few years are the only thing that enabled some families to stretch and buy the new home they loved, but didn't think they could afford.

Other borrowers yanked equity from one home to buy a second one, or else to invest the money in stocks or a small business. If they used interest-only mortgages (which can require no payments toward principal for years) the payments can spike later.

In the "jumbo loan" category - which currently refers to most mortgages for $417,000 or more, though it's been lower in years past - 69 percent of purchases and 63 percent of refinancings were done at adjustable rates in 2004, according to First American LoanPerformance, a mortgage-data company. So now is about when the pain from higher payments is kicking in for many of those borrowers.

The mortgage business has been shaken in the past few weeks. In recent days, for instance, New Century Financial Corp., one of the nation's largest subprime lenders, stopped making new loans altogether.

Oddly, most people pay less attention to their home loan - likely the biggest debt they'll ever take on - than they do to their investment portfolio, where the balance is often a lot smaller.
Now is a good time to change that habit, especially if you're in a mortgage of any sort with a payment that can be or has changed.

"We haven't been through a downturn with some of these untested mortgages," says financial planner Elaine Scoggins of Seattle's Merriman Capital Management, who has seen a number of affluent individuals end up in foreclosure over the years.

The easiest out: Switch into a 30-year fixed rate. The national average is currently 6.27 percent according to consumer-loan data provider HSH Associates. That's low by historical standards, and better than most rates available in the past 18 months.

Here is a set of questions to test whether your mortgage is truly bulletproof. If it isn't, there are ways to get a new one while avoiding key mistakes.

First, a set of old-fashioned financial-planning queries: Are you spending more than 28 percent of your pretax income on mortgage principal and interest payments, plus property taxes and homeowners insurance? Or do these four items, plus all your other debts, add up to more than 36 percent of your gross income?

Mortgage bankers used to deploy these benchmarks religiously. In their zest to issue new loans, however, some have decided it's just fine if the figures are up into the 40s or 50s.

You don't want to go up there for long. After taxes and a 401(k) deposit eat up 30 or 40 percentage points of your income, you'll need money left over for milk and meat and the fridge going on the fritz. And if your mortgage payment is about to spike higher, you'll be that much more vulnerable to unexpected calamities.

Then there's the spouse test. Ask yourself what your significant other would think of the terms of the mortgage if he or she only knew about it.

When Jeffrey Seymour of Triangle Wealth Management in Cary, N.C., sits down with new clients, he often finds that the husband handles the finances - and hasn't told his wife that the monthly mortgage payment on, say, the beach house, could rise by four figures over the next several years.
The revelation isn't always a happy one. But it can lead to productive conversations. "Frequently they'll have different views on risk, and they might not even know it," Mr. Seymour says.
Finally, imagine a confluence of nasty events hitting you all at once. Take, say, a young family in a fixed-rate, interest-only mortgage, where they pay nothing toward principal for years until the monthly payment resets to higher levels. The husband has a solid job, the wife is finishing training for a high-paying career (say, a doctor), and considering all of that, they're comfortable with the higher bills ahead.

Several years later, the couple gets divorced, or she has quit the practice of medicine, or one child is ill - or perhaps a combination of such events. Suddenly, they can't afford the new payment, they need another dwelling and the value of the house has dropped.

Then what? "Do you have sufficient reserves to ride it out?" asks Christopher Van Slyke of Capital Financial Advisors in La Jolla, Calif. "And if you tightened your belt without reserves, could you make it?"

All of this may seem overly risk-averse, but Mr. Van Slyke is merely prudent, not timid. In his own case, he says, back in 1999 when he bought his first house, he financed 100 percent of the $750,000 price tag. But one factor that gave him the confidence to do that was that he knew he would be willing to take in roommates if things really went south. (Everything went fine, and he now lives in a different, bigger house.)

If your own circumstances give you pause when faced with the questions above, it's worth at least shopping for a fixed-rate mortgage that could give you some stability. There are excellent calculators at mtgprofessor.com to help compare your current situation with other options.
Before you research rates, go to myfico.com to buy your credit score, which is the figure that most mortgage lenders consult when considering your creditworthiness.

A FICO score of between 620 and 650 or so is the rough dividing line between prime (good credit) and subprime (more risky) borrowers. Anything above 760 or so (out of 850) probably won't give you a much better rate.

If you're on the lower end, improving your score is especially important, because many lenders who service that market are tightening their standards or getting out of the business altogether.
To get your grade up, pay every bill on time and try to lower any outstanding credit-card debt. Don't open a bunch of new credit-card accounts - but don't close any either, because the length of your credit history factors into the score.

Once your credit is in shape (it could take as many as 60 days to see results), go shopping. When you find a loan you like, don't sign anything until you understand everything. Incredibly, there are still plenty of smart people getting mixed up in mortgage loans with terms and reset rates that they don't understand.

Your neighbor or friend may have the confidence, financial reserves and mental fortitude to bet on interest rates with adjustable-rate loans. They tell you that fixed-rate loans are for suckers.
But there's no shame in sacrificing square footage or incremental stock-market gains in order to avoid mortgage risk.

New Listings
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Some of Manhattan's Latest Listings

Below are just a few of the newest listings of condominiums and cooperatives put on the market by various brokers.

336 Central Park West - 4D, NEW YORK, NY, 10025
$639000
Bedroom(s): 1
Bathroom(s): 1
Square Feet: 780 [238 SqMt]
In the listing agent’s inimitable words: "Mint, move-in condition one bedroom apartment with separate dining area in a full service CPW landmark building. Impeccably, restored and renovated with new tilt-in windows, hardwood floors, upgraded electrical, closets with automatic lights and a cedar closet in the bedroom. Kitchen is fully equipped with custom hickory cabinets with aluminum/glass flip up doors and self closing drawers. Granite counters, glass tile backsplash, Xenon under-cabinet lights with dimmers and porcelain tile floors in the windowed kitchen. WOLF gas range with built in charbroiler/grill, Zephyr (Italian) glass/stainless steel exhaust, Sub Zero refrigerator with ice maker, Franke faucet and deep sink, Franke instant hot water dispenser and purifier, 30-bottle wine cellar, ASKO dishwasher, Sharp Microwave/toaster oven, Bosch washer/dryer. The windowed bath features Italian marble throughout - polished on the walls / honed on the floors. ROHL & HANSGROHE shower / bath fixtures, PORCHER soaking tub, Italian glass/bamboo sink and custom glass shower spray panel. The building has doormen and elevator men as well as a childrens play room, laundry room, bike storage and individual storage bins. South and West exposures with tranquil garden views."
Listing #: 853904

263 West End Ave - 3C, NEW YORK, NY, 10023
$675000
Bedroom(s): 1
Bathroom(s): 1
Square Feet: 800 [244 SqMt]
In the listing agent’s inimitable words: "HUGE, sun-filled corner one bedroom with great prewar detail throughout. High beamed ceilings, crown molding, parquet floors, windowed kitchen & renovated bath, decorative fireplace and excellent closet space. All in a well established West End Avenue co-op with 24 hour doorman, live in super, laundry in the building, private storage room that comes with unit and an amazing roof deck. Steps from the 1,2,3 subway lines, Fairway, Citarella and Riverside Park. Apartment Features: East exposure, South exposure, Decorative fireplace, Full city view, Prewar detail, Beamed ceiling, Floors - hardwood, Floors - parquet, Light - excellent, Windows - new, Modern kitchen, Renovated bathroom, Storage space, Walk in closets, Great closet space, Dishwasher Building Features: Roof deck, Private storage, Childrens room, Central laundry room, High speed internet"
Listing #: 854127

205 Third Ave - 2C, NEW YORK, NY, 10003
$725000
Bedroom(s): 1
Bathroom(s): 1
Square Feet: 800 [244 SqMt]
In the listing agent’s inimitable words: "Peace and tranquility will overcome you as you step inside this beautiful home located in one of Gramercys much sought after full service coops. This extra large layout boasts a wall of windows in the living room with a large alcove for dining which can be converted to second bedroom or den. A fabulous open kitchen perfect for entertaining, beautifully renovated bath, hardwood floors and generous closets make this property one that should not be missed. Gramercy Park Towers provides every amenity including full-time doorman and concierge, gorgeous roof deck, new fitness room, garage, common laundry, bike room and a beautiful courtyard. Fantastic location just steps to all transportation, parks, great restaurants and shopping. Sorry No dogs. Utilities are included in the very low maintenance."
Listing #: 854097

410 W 25th St - PHB, New York, NY, 10001
$729000
Bedroom(s): 1
Bathroom(s): 1.5
Square Feet: 625 [191 SqMt]
In the listing agent’s inimitable words: "1 Bedroom 1.5 Bath Duplex This apartment features a double height pitched ceiling with skylight, wood burning fireplace and an approximately 240 square foot private roof deck. The kitchen has been renovated and includes stainless steel appliances and cherry cabinetry. In addition the entire apartment has been outfitted with central air conditioning"
Listing #: 853278

345 E 80th St - 31G, NEW YORK, NY, 10021
$775000
Bedroom(s): 1
Bathroom(s): 1
Square Feet: 706 [215 SqMt]
In the listing agent’s inimitable words: "SWEEPING CITY VIEWS FROM OVERSIZED BALCONY. This renovated high-floor 1 Bedroom enjoys an unobstructed Southern panorama from the thirty first floor. Soak in dramatic city and river views from the extra large living room with dining area. The kitchen is generously proportioned and the bathroom is newly renovated. Apartment Features: South exposure, Balcony, Full city view, Light - excellent, Renovated bathroom, Walk in closets Building Features: Roof deck"
Listing #: 854305

220 Riverside Blvd - 11V, NEW YORK, NY, 10069
$975000
Bedroom(s): 1
Bathroom(s): 1
Square Feet: 707 [215 SqMt]
In the listing agent’s inimitable words: "Great 1 Bedroom 1 Bath unit at Trump Place! This city facing unit with large windows gets great light. Enjoy the large walk-in closet and washer / dryer in the unit. This unit boasts a beautiful kitchen with stainless steel appliances, granite countertops and lovely marbled bath. Trump Place amenities include 24 Hour Doorman, Concierge, Conference Room, Billiards Club, Private Storage, Bicycle storage; Carriage Storage, as well as Garage with FT Attendant. Charming Upper West Side location steps away from Lincoln Center, Restaurants, and Entertainment."
Listing #: 852843

325 Fifth Ave - 15B, NEW YORK, NY, 10016
$1050000
Bedroom(s): 1
Bathroom(s): 1
Square Feet: 646 [197 SqMt]
In the listing agent’s inimitable words: "CATERED GRAND OPENING SUNDAY 3/18 2.30-4PM, ALL WELCOME!!!! Live in the heart of Fifth Avenue in this triple mint, never lived-in brand new development condominium. The oversized open kitchen is perfect for entertaining. It is equipped with top of the line stainless steel appliances: Subzero refrigerator, Bosch dishwasher, Dacor microwave, Bosch Range/Stove. Black granite countertops and modern flat panel wood cabinetry finish the stylish look. Enjoy the luxury of your own GE WASHER/DRYER in the comfort of your home. The exquisite marble bath is furnished with elegant Kohler appliances throughout. Fabulous 10 foot ceilings and oak hardwood floors throughout. Superb amount of storage space - floor to ceiling closets in bedroom and foyer, plus complimentary use of a separate private storage space approximately 6ft x 7ft x 8.5ft. 325 Fifth Avenue is a white glove full-service high-rise with an impressive lobby, outdoor common courtyard and Club that occupies an entire floor. The 10,000SF Apartment Features: Building Features: Courtyard, Terrace, Pool, Health club"
Listing #: 854145

125 W 22nd St - 9A, NEW YORK, NY, 10011
$1115000
Bedroom(s): 1
Bathroom(s): 1
Square Feet: 946 [288 SqMt]
In the listing agent’s inimitable words: "Architect, H. Thomas OHara together with Basile Builders have created this spectacular 33 unit building in the heart of Manhattans hottest neighborhood, Chelsea. This team has combined elegance with sophistication, and meshed it with quality and affordability. The 24 hour attended lobby displays an array of natural stones that set its relaxing tone. Glide into your new apartment upon vanguard red oak flooringLarge kitchens featuring fully integrated top of the line appliances by Sub-zero, Bosch, and Asko. The master bath is entirely clad with marble and quartz and features a custom dark walnut vanity accented by a crystal mosaics backsplash and a Zuma Soaking tub. Homeowners will enjoy a styled roof deck and spacious manicured garden. Apartment Features: North exposure Building Features: Roof deck, Terrace"
Listing #: 852949

2373 Broadway - 708, NEW YORK, NY, 10024
$1450000
Bedroom(s): 2
Bathroom(s): 2
Square Feet: 1200 [366 SqMt]
In the listing agent’s inimitable words: "Triple Mint Cond-op featuring southern views, large open living room with dining area, renovated chefs kitchen w/ wine fridge, renovated bath w/ jacuzzi tub, built-in surround sound system, custom closets, molding throughout."
Listing #: 854159

955 Lexington Ave - 9C, NEW YORK, NY, 10021
$1850000
Bedroom(s): 1
Bathroom(s): 2
Square Feet:
In the listing agent’s inimitable words: "Meticulously restored. Perfect 70th Street location, through-wall air conditioning, custom closets, mint move-in condition, smart-wired with sound in each room, North, South and East exposures. Second MBR now is double LR with museum quality hand carved paneling and large WBFP."
Listing #: 1008521J

447 W 18th St - 7E, NEW YORK, NY, 10011
$1890000
Bedroom(s): 2
Bathroom(s): 2
Square Feet: 1402 [427 SqMt]
In the listing agent’s inimitable words: "Chelsea Modern is the winner of two distinct and prestigious awards from the American Institute of Architecture (AIA) and the Society of American Registered Architects (SARA) for excellence in design and architecture. This award-winning, 12 story, 47 unit boutique development lies in the heart of ManhattanÆs sizzling West Chelsea neighborhood. Chelsea Modern is located on West 18th Street just east of Tenth Avenue and fronting on the north side of the street. The fa?ade of this AIA award-winning building is divided into five horizontal glass bands. These glass bands zig-zag along the face of the property, each one with a different profile thus reinforcing the buildingÆs distinct aesthetic. This signature detail also serves to further individualize many of the layouts. The zig-zags consist of a blue tinted curtain wall interspersed with a pattern of highly designed and unprecedented clear glass operable windows that project out horizontally, complimenting the buildingÆs singular design. These custom made parallel projecting windows allow airflow on all four sides of the window."
Listing #: 853320

137 E 15th St - GDNLEVEL, New York, NY, 10003
$2350000
Bedroom(s): 3
Bathroom(s): 2.5
Square Feet:
In the listing agent’s inimitable words: "Now available, this luxury duplex in Townhouse built before Lincoln was President is just two blocks from Union Square and features a contemporary double-height atrium overlooking a patio and tiered garden. Light from floor to ceiling windows inundates this property accentuating its spaciousness. Warm touches include two fireplaces, exposed beams, and parquet floors. A dining area is located on a balcony overlooking the living space. In addition to 3 bedrooms and 2.5 baths, the apartment features ample storage and space that can be used for a nursery, play area or home office. A perfect blend of modern design and original elements, this property defines luxurious living now."
Listing #: 854129

1050 Fifth Ave - 6B, New York, NY, 10028
$3400000
Bedroom(s): 2
Bathroom(s): 2
Square Feet:
In the listing agent’s inimitable words: "This five room two bedroom property has been architecturally reconfigured into an exquisite loft like space for elegant and functional 21st century living. North and south exposures give a rare and open feeling with direct views of the Neue Galerie on the corner of Fifth Avenue. No detail has been overlooked from the structural integrity to the flawless finishes of every surface. This property is in a well established full service 1959 cooperative.The building has an exercise room and a garage. The charming upper eastside neighborhood is among New York's finest brimming with museums and wonderful shopping."
Listing #: 852491

106 Seventh Ave - 6THFL, New York, NY, 10011
$10500000
Bedroom(s): 3
Bathroom(s): 5.5
Square Feet: 6000 [1829 SqMt]
In the listing agent’s inimitable words: "From the quality of the craftsmanship and materials to the superior design, there's only one word to describe this home: Impeccable. At approximately 6,000 square feet, it offers a 50 foot gallery, expansive living/dining room, spacious master suite, two additional bedrooms, media room, large windowed office, two staff rooms, 5.5 baths, laundry room, 200+ bottle wine room, separate service entrance, and miles of closets. The magnificent chefs kitchen features a 6 burner Viking professional range with griddle, char-grill, double convection ovens, and outside venting restaurant-grade hood; side by side Sub-Zero refrigerators, two Miele dishwashers, built-in Miele espresso machine, KitchenAid ice maker, KitchenAid microwave, and two stainless steel sinks. With four exposures, eighteen windows, and 11 foot high ceilings, the space is bathed in light from sunrise to sunset. State of the art Crestron electronics throughout control lighting, music, climate, and more. One viewing and you'll agree: Impeccable."
Listing #: 854525

151 E 58th St - PH53E, NEW YORK, NY, 10022
$14500000
Bedroom(s): 4
Bathroom(s): 4.5
Square Feet: 3785 [1154 SqMt]
In the listing agent’s inimitable words: "Experience panoramic North, East, and South views from this 53rd floor Penthouse - including a birds-eye view of Connecticut! This ultimate White Glove Condo, built in 2003, offers full-time Doorman and Concierge, valet parking, state-of-the-art gym, business/party room, and childrens playroom. One Beacon Court is also home to the new "Le Cirque." This spectacular 3,785 square foot home with 4 bedrooms and 4-1/2 baths features 12-foot ceilings, floor-to-ceiling windows, custom white-oak plank floors, laundry/utility room with Miele W/D, and large formal dining room. The eat-in-kitchen is beautifully appointed with Poggenpohl lacquered cabinets, Italian Basaltina stone countertop, Brazilian Pannafragola 18x18 granite floor, and sandblasted tempered glass backsplash. Appliances include Sub-Zero 600 Series stainless refrigerator, Wolf stainless double over and 5-burner gas cooktop, Miele dishwasher, and Sub-Zero wine cooler. The apartment has been equipped with a built-in Crestron system which controls the custom sheer-weave shades as well as air, heat, and lighting in each room. The master suite comes complete with several large closets, including a walk-in with floor-to-ceiling window and ample room to dress. The exquisite North-facing master bathroom features honed marble mosaic flooring, polished 8x5 bond-pattern marble shower tiles, and a double vanity with Statuary Vein polished marble counters. Enjoy a peaceful view of Central Park as you soak in the large Kohler bathtub, or stand under the rain-dome showerhead of the glass-enclosed shower. Separate sleeping wing includes three additional bedrooms, each replete with en-suite bathrooms featuring custom maple vanity cabinet and display shelves, Botticino Fiorito polished marble countertop, Kollista polished chrome faucets, and Kohler fixtures. The floor of the elegant guest powder room is Absolute Black granite framed in Botticino Fiorito marble and set into a Yellow Ramon limestone border. Penthouse 53E is showing by appointment only."
Listing #: 852460

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