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

**** March 3, 2007 ****

 

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IN THIS ISSUE:

Items of Interest
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The Market

SALES OF PREVIOUSLY OWNED HOMES REACH SEVEN-MONTH HIGH: The National Association of Realtors says sales of existing single family homes, townhomes, condominiums and co-ops increased 3 percent to a seasonally adjusted annual rate of 6.46 million units in January from December. But sales were 4.3 percent below the 6.75 million-unit level in January 2006. Commented David Lereah, NAR's chief economist: "Although we're expecting existing-home sales to gradually rise this year and buyers are responding to the price correction, some unusually warm weather helped boost sales in January. On the flip side, the winter storms that disrupted so much of the country in February could negatively impact the housing market." Adding that the data are seasonally adjusted, he said that many transaction closings were postponed in February and home shopping was essentially shut down for about a week in many areas. "We shouldn't be surprised to see a near-term sales dip, but that will be followed by a continuing recovery in home sales," Lereah cautioned. Total housing inventory levels rose 2.9 percent at the end of January to 3.55 million existing homes available for sale, representing a 6.6-month supply at the current sales pace, unchanged from the revised December level. Supply peaked at 7.4 months in October 2006. "Inventories are looking better, but price softness should continue until spring, when the market is expected to become more balanced," the economist speculated. Single-family home sales rose 3.5 percent and were 4.2 percent below January 2006. The median existing single-family home price was $209,200, down 3.5 percent. Apartment sales dropped 5.7 percent in January. The median was $222,200, up 0.5 percent, and the monthly supply of condos and co-ops was 7.7 months, up 30.5 percent from the year earlier.

NEW-HOME SALES PLUNGE: Sales of new single-family homes dropped in January, according to figures released by the U.S. Commerce Department. The preliminary sales pace declined an unexpected 16.6 percent for the month to a seasonally adjusted annual rate of 937,000 units, down 20.1 percent from a year earlier. It was the steepest percentage decline in 14 years. "The falloff in new-home sales in January largely reflected a return to more normal weather conditions, following the weather-related increase in sales late last year," said National Association of Home Builders (NAHB) Chief Economist David Seiders. The inventory of new homes for sale edged down in January to 536,000 units, the lowest since February 2006 and equivalent to a 6.8 months' supply at the January sales pace. But supply was the highest it has been since October. The number of completed but unsold homes rose to 175,000, up 47 percent from a year earlier. And the median price of a new home was down 2.1 percent year-over-year, at $239,800.

HOUSING STARTS PLUMMET TO 10-YEAR LOW: They declined 14.3 percent nationally in January as builders worked down their inventories of unsold homes, according to the Commerce Department. The pace of construction for the month slowed to a seasonally adjusted annual rate of 1.408 million units - 37.8 percent below January 2006. "Home sales apparently stabilized late last year, but the overhang of unsold housing inventory still is quite heavy," said Chief Economist David Seiders of the National Association of Home Builders. "Builders have been cutting back on starts of new units to bring supply and demand back into balance." Builders decreased the pace of permit issuance by 2.8 percent in January to 1.568 million units, a level that was 28.6 percent below a year ago. Single-family permit issuance was down 4.0 percent to a pace of 1.121 million units for the month, 32.6 percent lower than a year earlier.

U.S. HOUSE PRICE APPRECIATION RATE STEADIES: ¬ The rate of home price appreciation in the U.S. remained steady in the fourth quarter of 2006, extending a general trend of deceleration begun earlier in the year, reports the Office of Federal Housing Enterprise Oversight (OFHEO). Home prices, based on repeat sales and refinancings, were 1.1 percent higher in the fourth quarter than they were in the third quarter of 2006 compared with the revised growth estimate of 1.0 percent from the second to the third quarter. Prices in the fourth quarter of 2006 were 5.9 percent higher than they were in the same quarter in 2005. Price appreciation in 2006 was substantially smaller than the tremendous price gains of recent years, which ranged from 7.4 percent in 2002 to 13.2 percent in 2005. "These data show that, on the whole, prices are still rising, albeit at a much slower pace," said OFHEO Director James B.Lockhart. "This suggests that house price appreciation is, for now, more in line with historical norms." The agency's analysis suggests that in New York, Los Angeles and Miami, appreciation rates in distant suburbs and the "exurbs" have decelerated much more rapidly than in the city center. In other large cities, the housing market slowdown has affected close-in and distant suburbs more uniformly. A brief analysis of the three cities with contrasting urban and suburban price trends suggests that those cities: (a) have high home prices relative to incomes and (b) do not offer affordability relief for individuals willing to make long commutes.

Home and Hearth

TO KEEP AN ARCHITECT IN CHECK, HERE'S ONE SOLUTION: One of the ways to avoid being surprised by the costs renovation is to go with what is known as a design-build firm, one that does both the designing and building, so there is no sticker shock at the end, counsels the New York Times. Design-build firms can work in a number of ways, depending on the project; they can subcontract to architects, use stock plans or use a draftsman who is not a licensed architect. It's important to know what your municipality requires, however; some allow only licensed architects to file plans. "One of the perceived disadvantages of design-build is that you have all your eggs in one basket," said William Quatman, chairman of the American Institute of Architecture's Design-Build Committee. "Homeowners like an architect to keep an eye on construction." If they hire a design-build company, "they can feel, ‘Who's looking out for me?' It requires a great leap of faith." Not only is an architect's job to draw up plans, but she acts as the homeowner's advocate and oversees construction to ensure the contractor adheres to the drawings. One advantage, said. Nina Patel, senior editor of Remodeling magazine and deputy editor of Upscale Remodeling, is that design-build firms can have a much better sense of the real cost of labor and materials than an architect.

HOME IS MORE OR LESS WHERE THE HEART IS: To hear one architect tell it, home is nothing more than a "warehouse for our stuff," notes the Washington Post. With that in mind, manufacturers seem to be looking at how to more neatly fit all that stuff into what many of them describe as our increasingly cluttered and unorganized homes. At the International Builders' Show last week in Orlando, some of the more talked-about products targeted the ‘can't-get-a-handle-on-my-stuff' crowd. The offerings went beyond the closet organization systems popularized in recent years. Some manufacturers are reexamining the toilet, the microwave and even the fireplace, looking for ways to make them less bulky, more hidden, and certainly more pleasing to the eye. One example is the Laundry 123 tower and work surface, to be sold separately by the end of next month. The tower is a vertical metal box that can be placed beside or between the washer and dryer. In it are two oversize drawers for detergent and bleach and a shallow supply tray for holding dryer sheets and other small items. In some models, a retractable 10-inch rod pops out above the tray for hanging clothes. Then there are Kohler's C3 toilet seats with built-in bidets that pulsate water in three temperature and pressure settings. A soft blue light illuminates the bowl at night. And how important is that! In some models, the settings are chosen via remote control or a panel on the side of the seat. Not to be outdone, General Electric says soon will offer its Profile Tango Oven, a double oven that enables cooks to prepare two dishes at two temperatures simultaneously. The lower oven comes with a slow-cook feature that uses about the same amount of energy as a free-standing slow cooker. Both ovens can be used for any type of baking, broiling or roasting. But it's the "pizza mode" on the upper oven that GE most touted at the show. The microwave went from being on the counter, to over the counter, and now under it - in a drawer. Food for thought.

IT'S POSSIBLE TO CUT CORNERS WHEN REMODELING: Manufacturers of countertops, appliances and other remodeling products are introducing cheaper options as homeowners trim their makeover budgets, observes the Wall Street Journal. At the International Builders Show (see above item), Acoustic Ceiling Products came out with a plastic backsplash that resembles tin but costs half as much. Viking Range Corp. rolled out 72-inch-tall stainless-steel refrigerators priced at $2,875, scaled down from its 84-inch, $7,975 behemoths. Formica Corp. launched 26 laminate countertops that mimic wood, river rocks and even algae priced from $11 to $24 per square foot installed. Meanwhile, the company offered only four new versions of its more expensive solid-surface counters, which cost $28 to $48 installed. Therma-Tru, known for its high-end entry and patio doors, introduced a fiberglass line with faux wood finishes that mimic cherry, mahogany, walnut and oak. Prices start at $692, about half the price of custom, solid-wood doors. Appliance manufacturers are adjusting to the new austerity as well. For its Profile line, General Electric introduced a freestanding range with four burners and double ovens. It's a scaled-down version of some of the giant six-burner commercial ranges that have been popular for a decade - and at $1,199-1,499, about one-third the price. Lutron Electronics introduced its first DIY system at the builder's show - a preprogrammed, wireless "smart" lighting-control package called AuroRa. It includes a control panel, remote-control antennae and five dimmer switches that the company says can be installed by anyone handy enough to replace a light switch. Total cost: $750, about half the price of a professionally installed system. And DuPont brought out Simplicity, a countertop that's built to the homeowner's specs and arrives ready to install. At $29 a square foot installed, it's 42 percent cheaper than averaged-priced site-built countertops, the company says.

The Big Apple

THE STORY THAT JUST EVERYBODY NOTICED: You didn't? Well, the New York Times reported a burst of activity in Manhattan and several Brooklyn neighborhoods as New Yorkers frenetically hunt for co-ops, condominiums and town houses, sending prices higher despite sluggish sales in many other cities. Preliminary indications from real estate firms showed that this increased activity, with open houses jammed and bidding wars taking place, has occurred in all price ranges - from tiny studios in the East Village to red-brick mansions on the Upper East Side - in counterpoint to the heavily weighted record sales of luxury properties that led the market in the late summer and fall. The three largest real estate companies in the city agree: For January, at least, both prices and the number of signed contracts rose in double-digit percentages compared with the same month in 2006. Real estate experts say they see no reason for the trend to not continue, with economists predicting stable mortgage rates and a continuing city budget surplus. However, other factors may alter New Yorkers' renewed interest in buying real estate, including an expansion of the Iraq war, a changing employment picture or another terrorist attack. Across the board, the prices of Manhattan apartments are rising. Jonathan Miller, the president of Miller Samuel, an appraisal firm, said the number of contracts signed this January was 19.4 percent higher than in January 2006. Prices were up 14.4 percent in the same time period. Inventory, which was mounting last summer, is shrinking fast. Now, according to Miller, statistics showed that sales of studio and one-bedroom units, stagnant over the past year, were up 13.7 percent in January. "It's not like a lot of huge sales at the high end skewed the average up."

IN CASE YOU DIDN'T KNOW, TAXES ARE HIGH: State and local taxes swallow $9.02 out of every $100 in household and business income, putting New York's tax burden far above those of the eight other American cities, according to the New York Times. The city's Independent Budget Office, which prepared the report, attributed much of the disparity between New York and the other cities to the exceptionally high costs New Yorkers bear for Medicaid. The average state and local tax burden for the other eight cities in the analysis was $6.16 of every $100 in gross taxable resources. Philadelphia ($7.16) came in a distant second to New York, and Los Angeles ($6.88) came in third. The report found that property and sales taxes in New York City were roughly comparable relative to the other eight cities: "It is in the area of income taxation - personal and business - that New York City really stands out." However, Rae Rosen, a senior economist and assistant vice president at the Federal Reserve Bank of New York, warned that it was simplistic to compare New York with other large American cities. Unlike the largest cities in California and Texas, New York City is the pre-eminent economic engine of the state, she said, so it will inevitably bear a large proportion of the state's tax burden. She also noted that businesses stayed in New York even though labor and rent were their biggest expenses, not taxes. "If businesses are willing to locate here and pay some of the highest wages and rents in the nation, that's by choice," she said.

SURE, BOULDER BEATS NEW YORK - FOR SNOWMOBILING: BusinessWeek.com and Sperling's Best Places came up with a list of the best places for artists in the U.S. by identifying the metro areas that have the highest concentrations of artistic establishments. They also looked at the percentage of young people age 25 to 34, population diversity, and concentration of museums, philharmonic orchestras, dance companies, theater troupes, library resources and college arts programs. Lower cost of living played a part in the selection of some cities but had to be overlooked in others because of other very favorable factors. Some of the top ten are traditional art "super cities" - one of the reasons Los Angeles leads the list is because it has 56 artistic establishments for every 100,000 people, a diversity index of 84.2, and an arts and culture index of 100 (on a scale of 1 to 100). Clearly, bookstores were not counted. New York City and San Francisco are also in the top ten. Other places are midsize cities, like hippie havens Santa Fe and Boulder, and country-music nucleus Nashville. Smaller, less-obvious additions include Carson City, Nev., which ranks third for its high concentration of art establishments, and the city of Kingston in New York's Hudson River Valley.

This and That

NOW IT'S PRIVATE SCHOOLS THAT PROMPT A MOVE: : Across the country, a small but growing number of parents are dramatically altering their families' lives to pursue the perfect private school for their children, reports the Wall Street Journal. While past generations of parents might have shifted addresses within a town to be near a particular school, or shipped junior off to boarding school, these parents are choosing school first, location second. "I hear about it all the time," says Patrick Bassett, president of the National Association of Independent Schools (NAIS). Germantown Friends School in Philadelphia says four families have moved to the area in the past two years so their children can attend the school. Hathaway Brown School, an all-girls school in Shaker Heights, Ohio, reports five such families, four of which moved in the past few years. "It's been a little more frequent in the last two or three years," says Sally Jeanne McKenna, admissions director at Polytechnic School of Pasadena, Calif. "It's one of the great ironies of American life. We're much wealthier than ever before, but we're more worried about our kids," says Robert Evans, a Wellesley, Mass., psychologist and school consultant. "People who by any measure are doing well now are much less confident about the future."

CONSTRUCTION SPENDING SINKS FOR RESIDENTIAL PROJECTS: It reached an adjusted annual rate of $575.4 billion in January, down 13 percent compared with January 2006 and down 1.8 percent from December, the U.S. Census Bureau said, according to Inman News.

GET RICH QUICK, OH YEAH: : It was a simple pitch: Investors would put little to no money down and take out construction loans that a developer would use to build modest homes in a fast-growing stretch of Southwest Florida. When finished, the homes would be flipped for tidy profits of $30,000 to $40,000 apiece. But the New York Times reports that nearly two years since the developer started marketing the investment plan nationwide, work on the homes has come to a halt, leaving 482 investors with half-built houses and thousands of dollars in construction liens. Coast Financial Holdings, which owns the bank that made the loans, has disclosed that $110 million, or a fifth of its total loan portfolio, could be troubled. Places such as Florida, the Southwest and the West Coast were the biggest recipients of the investment wave because housing there was often deemed a sure bet. The case of a relatively small development in Southwest Florida illustrates the important role that real estate investors played. Like the day traders who drove up Internet stocks in the late 1990s, these investors, aided by cheap mortgages, helped drive a housing boom over the edge. "It was a groundswell," said Jerry Manning, who runs J. J. Manning Auctioneers, which sells homes in the Northeast and in South Florida. "Everybody thought that they were going to be a real estate mogul." Residential building permits issued in Charlotte, Sarasota and Pinellas Counties, where all of the homes are located, doubled from 2000 to 2005 before falling significantly in 2006, according to data from the Census Bureau.

HERE'S ANOTHER WAY TO BET ON THE MARKET: Financial market intelligence company Standard & Poor's has announced the launch of a quarterly U.S. National Home Price Index that tracks single-family home prices in all nine U.S. Census divisions, says Inman News. The data are on this Web Site: homeprice.standardandpoors.com. Condominiums and co-ops are specifically excluded from the index, however. Homes included in the index must have two or more recorded arms-length, or fair-market-value, transactions, Standard & Poor's announced. Also, no appraisal data are used and new construction is excluded.

DON'T GET CAUGHT SHORT: As the number of borrowers falling behind on their mortgage payments climbs to the highest level in five years, the number of "short sales" is increasing, says the Wall Street Journal. In a short sale of a home, a lender allows the property to be sold for less than the total amount due. In many cases, the lender forgives the remaining debt. Bank of America says it saw short sales of homes increase 25 percent last year, albeit from relatively low levels. In San Diego, the number of entries in the local multiple-listing service that include the words "short sale" has climbed to 129 from 50 a little more than a year ago, according to Sandicor, the local multiple-listing service. The renewed interest in short sales comes as mortgage delinquencies climbed to 2.51 percent in the fourth quarter, according to Equifax and Moody's Economy.com. That's up from 2.33 percent in the third quarter and the highest level since a recent peak of 2.53 percent in the first quarter of 2002.

CITIES ARE FACING REVERSE MIGRATION OF RETIREES: Those in the northern part of the U.S that watched many of their older citizens move to warmer climates are now searching for ways to cope as these same people return – older and frailer, notes USA Today in Realtor magazine. Age-related health problems often prompt these retirees to move back, where they can be near family. But many communities aren't prepared for this trend. "Over half of the communities in the country had not begun to plan for the aging of their existing population, much less contemplate a boomerang population coming back in their community," says Sandy Markwood, CEO of the National Association of Area Agencies on Aging. While municipalities consider how they will accommodate their surge of older residents, the private sector sees opportunity. Companies are springing up to care for this population. "It's a great opportunity for our business," says Tim Connelly, director of franchise development for Home Instead Senior Care, an Omaha company that provides shopping, cooking, and cleaning services for seniors. It has expanded from 228 to 533 franchises in the USA since 2000.

STOCKS AND BONDS COULD BE BEST FOR RETIREMENT: Don't count on home equity to come through with a significant portion of retirement funding, cautions a new report by Fidelity Investments, says the Wall Street Journal. According to the study, by a source no one would call unbiased, home values underperformed stocks and bonds over every five- and 10-year period from 1963 to 2005. Home values have been slightly above the returns on treasury bills during the same time, according to the report, "The Equity You Live In: The Home as a Retirement Savings and Income Option," which was issued before the week's stock market gyrations. Said Guy L. Patton, executive director of the Fidelity Research Institute: "The returns on residential real estate are probably less than what most people think they are." Over the more than 40-year period, real compound returns on stocks outpaced that of residential real estate, according to the study, with 5.95 percent average annual returns on stocks compared with 1.35 percent in realty. A dollar invested in stocks in 1963 would have compounded to $12.36 by 2006, while the same dollar would have grown to $1.79 in real estate.

IF YOU'RE NOT DROWNING IN DATA, VISIT THESE SITES: Government agencies pump out massive streams of data on housing, population, economics and demographics, though that statistical trove is compartmentalized and can be unintelligible for the public at large, says Inman News. ZipCodeStats.com is tapping into this virtual mountain of public information while simplifying and amplifying local statistics for communities across the nation. The goal for the site is to make the information more "presentable, digestible and more thoroughly interwoven than even the federal government is able to do," said Chris Van Vleit, a technologist and founder of the Web site, which provides city-level and ZIP code-level statistics and charts for population, ethnicity, households, housing and social characteristics. Another data-intensive site, Neighboroo.com also has amassed a huge collection of government stats, and offers detailed local statistics and mapped visualizations of the data. A range of real estate-specific sites, such as PropertyShark.com, Trulia.com and several automated home-valuation sites, additionally have gathered a virtual warehouse of information that is filtered and processed for public consumption.

The Mortgage Biz

RATES DIP FOR THE SECOND WEEK IN A ROW: The 30-year fixed-rate mortgage (FRM) averaged 6.18 percent for the week, down from last week, when it was 6.22 percent, according to Freddie Mac. Last year at this time, the 30-year FRM averaged 6.24 percent. The 15-year FRM this week was 5.92 percent in comparison with 5.97 the week before and 5.89 percent a year ago. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.93 percent, down from last week's 5.96 percent and last year's 5.97 percent. One-year Treasury-indexed ARMs were unchanged at 5.49 percent. At this time last year, it averaged 5.34 percent. "Mortgage rates drifted lower this week largely on the basis of new economic information suggesting a slower economy and lower inflation," said Frank Nothaft, Freddie Mac vice president and chief economist. "Real GDP growth for the last quarter was revised downward to a 2.2 percent annualized rate, compared to the 3.5 percent initially estimated, while the accompanying price measure showed that core inflation was tamer than first reported, at a revised 1.9 percent annualized rate. Home sales painted a mixed picture of January's activity. Continued weakness in the housing market was evidenced in January's new home sales, which fell by 17 percent from the previous month. Meanwhile, existing home sales rose unexpectedly in the same time period. While the overall trend is unclear, the housing market is likely to continue on its rocky path during the first half of 2007."

RISKY LOANS ARE TAKING THEIR TOLL: It's mounting for lenders that operate in the riskiest, and until recently, the fastest-growing segment of the mortgage business, says the New York Times. Shares of NovaStar Financial, which makes loans to people with weak credit, fell almost 43 percent in one day after the company announced a surprise loss of $14.4 million for the fourth quarter and told investors that it might not make enough money to pay dividends for the next four years. The announcement, which highlighted the fact that more home loans made last year were delinquent than mortgages from 2005 and earlier, echoed reports issued earlier this month by New Century Financial and HSBC Finance, the American mortgage division of the global banking giant. Though each lender is suffering from a variety of individual ills, rising default rates among loans made to people with spotty, or subprime, credit appear to be the central problem for the industry. At week's end, Countrywide Financial disclosed that delinquencies on subprime home loans that the company owns or services for other investors rose to 19 percent by the end of 2006, up from 15.2 percent at the end of 2005 and 11.3 percent at the end of 2004, according to Inman News. Subprime loans pending foreclosure also rose to 3.53 percent, compared with 2.03 percent at the end of 2005 and 1.74 percent at the close of 2004, Countrywide said in its annual report to investors.

FREDDIE MAC TO TIGHTEN STANDARDS FOR RISKY LOANS: Freddie Mac announced that it will cease buying subprime mortgages that have a high likelihood of excessive payment shock and possible foreclosure starting Sept. 1. As an investor in the secondary mortgage market, Mac will buy only subprime adjustable-rate mortgages (ARMs) – and mortgage-related securities backed by these subprime loans – that qualify borrowers at the fully-indexed and fully-amortizing rate. The goal is to protect future borrowers from the payment shock that could occur when their adjustable rate mortgages increase. Also, the company will limit the use of low-documentation underwriting for these types of mortgages to help ensure that future borrowers have the income necessary to afford their homes. In addition, Freddie Mac will strongly recommend that mortgage lenders collect escrow accounts for borrowers' taxes and insurance payments. The pullback will be most severely felt by minority and poor home buyers and owners, who will face trouble in refinancing adjustable rate loans that they can no longer afford, notes the New York Times. Those looking to buy homes with a small down payment or none could also be forced to pay higher interest rates and may not be able simply to declare their income without providing documentation like tax returns and paycheck stubs. "Lenders and originators are being significantly penalized for the loose standards that we saw last year," said Brian J. Carlin, head of fixed-income trading at JP Morgan Private Bank. "And they are going to take that out on current borrowers."

BORROWING REMAINS STRONG: For the week ended Feb. 23, taking into account the Presidents Day holiday, mortgage loan application volume rose by 3.2 percent on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association. On an unadjusted basis, there was decrease of 5.4 percent but an increase of 8.8 percent compared with the same week one year earlier. Refinancings went up 1.2 percent from the previous week, while purchase applications grew by 5.2 percent seasonally adjusted. The refinance share of mortgage activity slipped to 43.2 percent of total applications from 44.9 percent, and the adjustable-rate mortgage (ARM) share decreased to 21.1 from 21.2 percent.

DELINQUENCY RATES KEEP CLIMBING: Those for home loans made by federally chartered banks rose to a seasonally adjusted 1.91 percent in the fourth quarter of 2006, a level not seen since 2003, but still well below delinquency rates of the 1990s, reports Inman News. The Federal Reserve reported that the percentage of loans on which payments are at least 30 days late continued what has been a gradual rise since hitting a recent historic low of 1.38 percent in the fourth quarter of 2004. The seasonally adjusted delinquency rate on residential loans exceeded 2 percent for most of the 1990s, peaking at 3.36 percent in the last half of 1991. It was last above 1.9 percent in the first quarter of 2003.

Boldface

NEW DIGS FOR BAUMBACH AND LEIGH: The Park Slope-born writer-director Noah Baumbach and his new actress/movie star wife, Jennifer Jason Leigh, are expanding their current domain at 43 Fifth Avenue, notes the New York Observer, citing city records that the couple paid $1.26 million for their next-door neighbor's co-op. The sellers are Joseph Montebello, the former creative director of HarperCollins, who had lived in the 102-year-old co-op since 1964, and fashion designer Roland Leal, who moved in back in 1974. The entire apartment was part of a bigger one, long ago broken into three parts. "My dining room was actually a maid's room, and what became the kitchen was a maid's powder room," Montebello said. Surely an auteur like Baumbach deserves space to stretch: His film, The Squid and the Whale, was nominated for an Oscar last year. His wife stars in the follow-up, Margot at the Wedding, with Jack Black and Nicole Kidman.

POOR MARTHA: She's carved up her Turkey Hill Farm property and sliced the price in half, says the New York Post. The Westport, Conn. estate, where Stewart built her billion-dollar empire, has been lowered to $4.5 million after initially going on the market for $8.995 million last May. According to Martha's broker, Susan Warburg of William Raveis, the domestic diva is dividing the original 4-acre property into two two-acre properties and selling only the parcel that includes the nine-room main house, guest house, pool and the labor-intensive perennial gardens. What she plans to do with the other half, which includes a "party barn" and other buildings, is unclear. Make them into a wreath?

ACTING APPARENTLY PAYS: On the Upper West Side, sources tell New York magazine that Tim Blake Nelson, the actor, director and sometime playwright who is in The Astronaut Farmer, and his wife, actress Lisa Benavides, have been apartment-shopping, according to New York magazine. They look to have finally settled on a sprawling penthouse off the Broadway corridor for about $5 million. Their new apartment is in an old-school-gracious prewar and was put together from five properties, giving it views of the city in all four directions. Most accounts say that the couple lives primarily in Los Angeles, but the two aren't exactly new to the neighborhood: City records show they once owned - and may still be hanging on to - a place on Riverside Drive.

Research

U.S. CITIES LAG SEVERAL OTHERS IN POPULARITY: : American cities continue to be highly regarded by global consumers, but not more than some European ones and one in Australia; a dozen U.S. cities placed among the top 40 in the 2006 Anholt City Brands Index. The index is based on a survey of 15,255 adults in 20 countries. Survey respondents were asked to rank 60 cities on nine attributes, ranging from economic and educational opportunity to vibrant lifestyle to amenities. Internationally, the top 10 cities, in order, were: Sydney, London, Paris, Rome, New York, Washington, D.C., San Francisco, Melbourne, Barcelona and Geneva.

WHAT DO TENANTS WANT ANYWAY: According to a survey for the National Multi Housing Council (NMHC), its wireless access; in fact, 69 percent of the respondents would like communities to offer wireless hotspots. The survey of nearly 1,000 residents was conducted by SatisFacts Research. While 94 percent say that they didn't choose their current apartment home because of the technology amenities it offered, they report that high-speed Internet, good cell phone reception and a choice of service providers might be important factors in choosing where to live next. The survey found that only 58 percent of apartment homes have a wired landline phone, and only 38 percent consider it their primary phone. Fully 88 percent of renter households have a mobile phone compared with 74 percent of all households.

Out and About
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Merrily We Roll Along

The merry ones are the developers who purchase a neglected rental building and convert the apartments into pricey condos. They undertake renovations, virtually one unit at a time, as the tenants vacate in a process that rolls on almost interminably. Or so it seems. For almost everyone, it is a process that is stressful to the extreme but probably no more so than for the rent-controlled or rent-stabilized holdouts, many of them on fixed incomes, who endure.

The building's owner is most likely frustrated. She or he would like nothing more than to get on with complete conversion. Replacing whole systems can mean significant periods without heat or light in the building. Doing one unit or even several units at a time can be maddeningly inefficient. Trying to accommodate the delivery of materials and the parade of contractors in an apartment house that still has residents who have a right to undiminished habitability is bound to be a challenge. And showing unfinished or partly finished apartments, even completely finished ones, does not always make for easy sales.

Most developers devoutly wish to be rid of the tenants, who doubtless inundate them and the city with complaints arising from dust, noise, interrupted services and manifold other inconveniences. Few would dispute the grounds for the enmity that the resistant tenants hold for the developers. It is those residents who must bypass workers trooping through the lobby with sheets of drywall and put up with the crunch of plaster dust beneath their feet. It is they who suffer the thud of sledgehammers bringing down walls. And they who may find themselves intermittently without hot water or submit themselves to interminable waits for an elevator.

Prospective buyers, too, find themselves at a disadvantage in such buildings. Their imaginations are put to the test as the pick their way through the rubble in the lobby, inspect the one apartment completed to see the finishes promised for the condo they are asked to purchased, and ultimately visit an apartment yet to be renovated. They'll possibly encounter the heap of remains of a wall that separated two apartments, floors that are torn up, grease-stained kitchen with appliances from another age and mere pipes where a marble-tiled bathroom is to be located. Even with lovely artist renderings, slick marketing brochures and clear floor plans, anyone can have a hard time trying to visualize the final product, much less its faithfulness to the sales team's promises. And it cannot be comforting for them, like the renters, to tolerate continuing construction after they ultimately move in, possibly behind schedule.

Buildings subjected to these indignities have been mentioned here before. But one just seen on the Upper West Side brings the issue to the forefront. It has a modest welcoming lobby replete with mosaic tiles, making the trip upstairs in a time-worn elevator seem worthwhile. Not true. Yes, the model kitchen is nice enough, but the only commodious space in the 1,404-sf two-bedroom apartment with den is the living/dining room that results from the combination of two former rental units. Worse, the views are of blank brick walls that seem within reach, and the apartment's front door shares a floor lobby with units yet to be vacated. At as much as $1.54 million – well over $1,000/sf – and initial common charges of $1,551, the condos now available are arrogantly priced.

Elsewhere in Manhattan, here are some of the properties listed by various brokers that have been seen since the last issue:

  • In Nolita – that invented neighborhood at the intersection of Little Italy, the Lower East Side and Chinatown – an overpriced, cheaply finished, tastelessly gut renovated loft apartment on the Bowery. The wood trim and staircase are of that oak commonly found in bargain units, the ceilings are way too low (even below code, it appears) in every room but the main one, and the developer must have gotten one irresistible deal on tiles: There are four colors and unmatched patterns of tile in the two baths and three in the living/dining room; variations of the same ones seem to be everywhere. The open kitchen, tucked into what amounts to an alcove off that big room, has cheap appliances and an exposed stacked washer/dryer. On the plus side are a keyed elevator, 1,819 square feet inside and 505 outside, and zoned air and heat. This condo is offered for too much money at $2.372 million with $856 in common charges.
  • A onetime maisonette that has become a three-bedroom, two-bath apartment with lobby entrance after two apartments were all too obviously combined in an Emery Roth landmark building on Riverside Drive. The co-op sprawls – not that there's anything right about that – in an ungainly fashion. It has two bedroom wings, low ceilings, a kitchen in need of some work and just a dining "L." With herringbone floors and plantation shutters, this roughly 1,800-sf unit is hardly worth the $1.995 million asking price with $2,105 monthly maintenance, which includes electricity.
  • Off Sutton Place, a one-bedroom co-op that defines personal taste in the worst possible way. It's hard to capture in mere words the wild eccentricity of this apartment, which is a riot of colors, textures and patterns that reflect a perhaps failed sense of style. For example, the eat-in kitchen is composed of ruby-colored antique (or at least deliberately old) cabinets on which has been mounted a countertop of forest-green, diamond-shaped small tiles. Of course, anything cosmetic can be changed as the new owner of this unit – which contains five mostly deep closets and perhaps 700 square feet – surely will waste no time in doing. With an unfortunately unobstructed view of the Queensboro Bridge and its access roads, change at least is feasible at the asking price of $595,000, reduced from its original price in December of $625,000 with $1,337 in monthly maintenance. Sophie, the Dachshund who lives there, is not included.
  • An obsessively over-decorated and opulent three-bedroom apartment occupying a full floor overlooking Central Park at a corner of Fifth Avenue. Prospective buyers have had the opportunity for more than a year – and at $4 million more then - to appreciate the scale of and views from this spacious co-op, but evidently they are having a hard time getting past the brocaded wall coverings, crystal chandeliers and gilded furniture in these modern times. One obvious deficit is a kitchen larger than many living rooms in more modest buildings: It demands a gut renovation. Another issue is the number of bedrooms, though entertainment space is considerable. One other asset is the maid's room several floors away, and it could have any number of uses, some of them morally acceptable. Compared with last year's price, it's a bargain at $12 million, with maintenance that proves the wisdom of J.P. Morgan.
  • On Central Park West, a handsomely renovated three-bedroom, two-bath co-op with lovely foyer, beautiful built-ins, drop-dead kitchen as glossy as a new Mercedes, and windows that block city sounds. But closet space is spare – space in one could be traded off to make room for a washer/dryer – and the dining area is less than capacious. Withal, the price is right: $1.975 million with $1,961 in monthly maintenance.
  • In Chinatown, a condominium with five exemplary new apartments remaining; they range from a one-bedroom space of 1,063 interior and 205 exterior square feet to a three-bedroom, three-bath unit with 2,133 interior and 452 exterior square feet. It seems that almost no expense was spared, as evidenced by the glass tiles used generously; the pleasant terraces; the exquisitely stylish kitchens with their expansive honed-granite countertops and Miele appliances such as built-in espresso makers and convection steam ovens; Cubby Vac central cleaning systems installed like an old-fashioned ironing board with 55 feet of hose; Brazilian cherry floors; LG combo washer/dryers; beautiful baths; and wine refrigerators. The layouts, too, are almost beyond reproach – the "almost" reflecting entry sometimes too abruptly into those kitchens. These are no ordinary condos, yet the prices are fair without being bargains: $1.249 million with $868 in estimated common charges to $2.575 million with $1,749 in common charges.
  • A two-bedroom, two-bath pre-war co-op with formal dining room and a kitchen that demands, but does not command, attention in the Sutton neighborhood. This approximately 1,500-sf apartment in a doorman building offers good-size rooms, a very nice wall of built-in bookshelves and cabinets in the master bedroom, beamed 10-foot ceilings, a wood-burning fireplace, reasonably updated baths and a washer/dryer. The asking price of $1.495 million with $1,150 in monthly maintenance has been reduced from the original $1.6 million in August and seems appropriate.
  • Also near Sutton, a one-bedroom co-op with tons of closets within the roughly 1,000-sf apartment, desirable eat-in kitchen, dining area and one bath to call its own. There is a second, dual-entry bath that is somehow officially shared with a neighbor through the service hall. Go figure! The master bath has only a shower, but it easily could be expanded. At $875,000 with $1,650 in maintenance, this pleasingly scaled unit, which offers huge windows with plenty of light, represents good value. However, a 3 percent flip tax is payable by the purchaser, and that ain't nuthin'.
  • An unrealistically overpriced condo in upper Central Park West complex of impersonal buildings. With one bedroom and a windowless den in its approximately 1,000 square feet, the apartment has been very well renovated in toto, and it's pluses included a decent modern open kitchen with breakfast bar, a balcony, good northern views that include the park, and a number of amenities in the pet-friendly building. But $969,000 with $440 in common charges. Who's kidding whom?
  • On Carnegie Hill, a two-bedroom co-op with mundane layout, no views and modestly renovated kitchen and bath. In a 41-unit pre-war building that welcomes pets, this unsurprising unit is offered at $669,000, which is much too high.
  • An Upper West Side efficiency with almost impossibly cramped, though renovated kitchen, updated bath, dining platform, herringbone floors, dressing room, two large closets and high ceilings in its 550 square feet. The 1941 building has 90 units, central laundry, part-time doorman and live-in super. The asking price for this estate sale is $395,000, which is not untoward, with a monthly fee of $640.

So You Want a New Kitchen
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Bless Our Contractors!
By Martha Weinman Lear
AARP Magazine

Our kitchen redo went horribly wrong—and we couldn't be happier

Once upon a time, when our hearts were young and gay - four months ago - we decided to renovate our kitchen. I do not know why we decided to renovate our kitchen, since, as anyone who has been through it can tell you, you have to be nuts to voluntarily do such a thing. True, our kitchen was no longer shiny or state-of-the-art, but it was cozy and comfy and we loved it, the way you love an old shoe. We just wanted to spiff it up. That is what we said to the kitchen-renovation man: "We just want to spiff it up." When he said, "You will have a lovely new kitchen in two weeks" - get this - we actually believed him.

Still, we have chosen to look on the sunny side. Whole new horizons of life and love have opened up to us as a result of this two-week renovation, which is now in its 16th week, or possibly its 16th month, I no longer remember which.

First, there is the matter of my microwave. It and I have never had a good relationship. Everything I fed it, even for ten seconds, came out looking like nothing you would ever want to put into your mouth. But now, with our kitchen ovenless and stovetop-less, I have had to coax out the microwave's little tricks, and they are amazing. The greenest, most perfectly al dente little broccoli florets I have ever seen. Adorable chicken breasts. Steaks, no, but nothing is perfect. The point is, I am now totally in love with my microwave, and I don't care if the kitchen doesn't get finished until next Labor Day, as the kitchen man has now promised, or did he say Labor Day of 2009?

Next, the cabinets. In our old kitchen I had to strain to haul out those two-ton cast-iron skillets. For the new cabinets, we ordered roll-out shelves, which thrilled me. The only trouble is, the hardware is so bulky that there is no longer room for all those skillets, and it is weird to end up with a new kitchen with less storage space than the old. But why quibble? The shelves roll beautifully. It is so satisfying to roll them back and forth, even though we can't put much of anything on them.

By the way, the cabinet doors are the wrong size, but the kitchen man says replacements will be here next week, and though he has been saying this for 14 weeks, I just know everything will look spiffy when and if we get the right doors, which I believe are currently being hewn from lumber in a lumber camp in northern Estonia.

Then, the utility bills. Without a kitchen, our bills have dropped by two thirds! This is a perk we never anticipated, and I would like, in a spirit of gratitude, to suggest to kitchen renovators that it is a superb selling point. When they're running years late on a job, they could tell the customer, "Think of all the utility costs we're saving you!" My husband and I are finding all kinds of rewarding ways to spend the savings, such as ordering takeout.

When he said, 'You will have a lovely new kitchen in two weeks' - get this - we actually believed him.

Since the kitchen is now no place you would want to sit in, even if you could, which you cannot, we have been eating our takeout at a bridge table in the bedroom. One day the electrician - who was five weeks late but who's counting? - came to work in the kitchen and cut a cable he wasn't supposed to cut, which we learned after dark, when we had no light. Rather than dine in total darkness in the bedroom, we broke out the Sinatra (the power was still on in the living room) and a good bottle of wine and dined by candlelight. Well. Talk of new horizons! It is really amazing what a kitchen renovation and a clueless electrician can do for the tired libido, and that dinner was just so nice that we have decided to keep dining in the bedroom periodically even after the kitchen is back in operation, assuming we still have libidos by then.

On to the sink in the guest bathroom. This room backs up to the nonexistent kitchen. The sink faucet has leaked as far back as I can remember. Because we never used the guest bathroom, it never inconvenienced us, only our guests, so, naturally, we never got around to fixing it. But with the kitchen sinkless and us having to wash all our dishes in that bathroom sink, we could see what a problem the leak was, even if our guests had always been too polite to complain. So we called in a plumber.

The plumber was very simpatico. He said we needed a new faucet. Unfortunately the old one was so old that in the entire market of bathroom-sink faucets there was only one kind of replacement that would work, and it happened to be the most expensive, but what can you do?

So the new faucet was installed, and we were glad, if poorer, to have that done. But the next day, when I went to wash the breakfast dishes, I found that the guest bathroom had morphed into a steam room, due to hot water gushing from a pipe below the sink, due to the plumber having not tightened something or other. This water ruined the guest-bath carpet. So the carpet, which I had never liked anyway, had to be replaced, and now we have a nice new carpet, which never would have happened if we had not been renovating the kitchen. So you can see what a lucky break that was.

More good news: When that damage was being repaired, we learned that the longtime leak had caused extensive rot behind the tiles of our bathroom shower, which backs up to the guest bathroom. And the plaster man and the tile man and the new plumber, each of whom gave us estimates for reconstructing the shower, all assured us that it was just so lucky we had discovered it now, because these things only worsen with time, and if the situation had gone on much longer, which it certainly would have if we weren't renovating the kitchen, we might have ended up with mold that we could never get rid of. I mean, how lucky can you get?

I'll add only that when our kitchen project began, back in '89, I think it was, a friend had said that anyone who gets through a kitchen renovation without a divorce is well ahead of the game, and I am pleased to report that, so far, we are holding our own. I try not to think about tomorrow.

Renovation Tips
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Five Smart Moves and Five Big Mistakes
By Caitlin Kelly
New York Times

Contractors and consumers experienced with renovations offer these suggestions that can make the difference between a miserable experience and a great one:

  • Choose a contractor you like and trust; to find one, talk to relatives, friends and neighbors. Local real estate agents, interior designers, architects and tradesmen can also offer recommendations. Choosing someone well-established will increase the odds of success, according to Robyn Roth, co-author of "Remodel This! A Woman's Guide to Planning and Surviving the Madness of a Home Renovation" (Perigee), because a large percentage of incompetent contractors go out of business within the first five years.
  • Find out what sort of work the contractor has handled. Ask about tidiness and efficiency. Speak to several former clients and look at the spaces.
  • Ask to see licenses and proof of insurance. To investigate further, check with your local Better Business Bureau and state attorney general's office for any lawsuits filed against a contractor and the status of those suits.
  • From the start, communicate your vision and goals clearly. Discuss your expectations; as you explain what you want, watch the contractor's reactions. Put everything in writing and make sure you and the contractor have signed copies. Ask several contractors to bid on the full project, partly to determine how clearly and promptly they do that, and to see how well you get along.
  • Stay on top of all paperwork. Read every contract carefully before signing it. Make sure the contractor writes down every step in the job, with figures, and a full written schedule and timeline. Keep a running punch list of unfinished tasks or things that need to be re-done. Do not make your final payment until the work is complete.


THEN, there are the mistakes:

  • Don't insist on your budget, no matter what surprises lie ahead: termite infestations, delayed shipments, discontinued products. "No one can ever bring a job in on budget," the contractor Carl Heldmann said. "It's not one thing that derails it, it's a series of small things, and there are too many to estimate. When you start to remodel, you simply don't know what lies behind that wall."
  • Don't hire the first contractor you meet, and fail to inspect finished projects yourself or speak to former clients.
  • Don't underestimate the cost of labor and materials, or search for people who can do jobs really fast or really cheaply. "Good people don't work fast, they work well," said Lee J. Stahl, president of the Renovated Home remodeling company.
  • Don't fail to hire an interior designer or architect to draw up plans or review your plans on an hourly basis.
  • Don't underestimate the disruption, noise, dirt and emotional stress of your job. No matter how well things go, expect consequences. For example, Janette Baxter could not eat in her Cheshire, Conn., kitchen during the seven weeks of renovation. "Today we hate eating at restaurants," she said.

New Listings
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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.

350 Albany St - 6G, NEW YORK, NY, 10048
$562500
Bedroom(s): 1
Bath(s): 1
In the listing agent’s inimitable words: “Large one bedroom condo in one of Battery Parks finest full service buildings, located on a quiet cul-de-sac steps from the esplanade and park. Features include a pass through kitchen with breakfast bar, marble bath, and wood floors. The windows are large with park and river views from both the living room and bedroom. This apartment is in excellent condition, and has been extremely well maintained. The building features a fitness room, bike room, storage room, and common roof deck. No pets, please.”
Listing #: 849277

2373 Broadway - 509, NEW YORK, NY, 10024
$565000
Bedroom(s): 0
Bath(s): 1
Square Feet: 570
In the listing agent’s inimitable words: “WEST FACING "TRUE" ALCOVE STUDIO AVAIL MAY 1, 2007 Mt. $850./mo.”
Listing #: 848411

425 E 63rd St - E3J, NEW YORK, NY, 10021
$599000
Bedroom(s): 1
Bath(s): 1
In the listing agent’s inimitable words: “Sprawling 1 BR with en-suite bathroom, French glass doors, and double exposure to lush garden.”
Listing #: 849969

263 West End Ave - 2C, NEW YORK, NY, 10023
$625000
Bedroom(s): 1
Bath(s): 1
Square Feet: 850
In the listing agent’s inimitable words: “Location, Location! Prime Westside at 72 Street near everything. Subways, cross town busses, best shops and restaurants NYC has to offer. Near Central Park and Lincoln Center, Museum of Natural History and Planetarium. This apartment is approximately 850s.f with a windowed kitchen and bathroom. There is plenty of room for dining. The apartment is sunny, bright and quiet having corner south and east city views. This is an opportunity to own a wonderfully spacious apartment in a prime prewar coop in the heart of the Upper Westside. Needs some updating but priced accordingly at $625,000 with maintenance at $1,134per month. 75% financing allowed.”
Listing #: 848643

102 E 22nd St - 2I, NEW YORK, NY, 10010
$674500
Bedroom(s): 1
Bath(s): 1
Square Feet: 700
In the listing agent’s inimitable words: “The pefect 1 bedroom coop apartment in heart of Gramercy! Wonderful Art Deco building on quiet tree-lined street. Beautiful dark-stained hardwood floors throughout, beamed ceilings and windowed kitchen and bathroom add that certain character lost in todays new developments. Apartment Features: North exposure, Beamed ceiling, Floors - hardwood”
Listing #: 850073

320 W 76th St - 8D, NEW YORK, NY, 10023
$869000
Bedroom(s): 1
Bath(s): 1
In the listing agent’s inimitable words: “NOT YOUR EVERYDAY OPPORTUNITY! This pristine, over-sized one-bedroom (approx.850 SF) with beamed ceilings has all the most coveted elements in a home. The dramatic, Parisian-like views from all windows over historic brownstones, the Hudson river & Riverside Park are breathtaking both day & night! The prime location offers proximity to parks, fab shopping and transportation. The open, airy quality to this bright mint/move-in condition home makes it hard not to be happy here. Entering the large, gracious foyer, you are drawn to the spacious living room with a large dining alcove. The renovated, windowed kitchen has all you need to cook to your heart's content! Veering left from the foyer is a wing where you will find tons of storage in four large closets. Down the hallway past the mint bath is an extra-large bedroom with double N & E exposures. Let the bright eastern sun wake you to greet the incredible river views! The sunsets are gorgeous too. All of this in a well-run, boutique, "Art-Deco" building with 24-hour attended lobby with live-in Super. Additional amenities include bike room, central laundry and a roof-deck planned for Spring 2007. Pets welcome.”
Listing #: 848698

1438 Third Ave - 12A, NEW YORK, NY, 10028
$890000
Bedroom(s): 1
Bath(s): 1.5
Square Feet: 771
In the listing agent’s inimitable words: “Stylish and smartly planned layouts include one, two, and three bedroom condominium residences. Lavishly renovated and updated throughout in a crisp contemporary decor along with panoramic views from each balcony.”
Listing #: 849160

1601 Third Ave - 23K, NEW YORK, NY, 10128
$1049000
Bedroom(s): 2
Bath(s): 2
Square Feet: 1160
In the listing agent’s inimitable words: “Handyman's Special! And a price that reflects that! BEST PRICED CONVERTIBLE 3 CONDOMINIUM ON THE UPPER EAST SIDE! Good bones. Gracious floorplan. Ample closets. Prime block. Full service bldg. Next door to a Park and NY Sports club. Garage. CC include utilities. Sorry, no dogs.”
Listing #: 849889

155 W 68th St - 723, NEW YORK, NY, 10023
$1149000
Bedroom(s): 2
Bath(s): 1
Square Feet: 1000
In the listing agent’s inimitable words: “Location, Location, Location!!! Best Price @Lincoln Center Area !!Immaculate 2 bedroom, 1 full bath and space to build a second half bath. Corner unit, oversized windows in each room very bright beautiful views, North/East exposure. Fully renovated, huge living/dinning room, windowed eat-in kitchen, 8 large closets, high ceilings .Dorchester Towers is a full service elegant CONDOMINIUM with 24 hrs doorman and concierge service, roof garden, laundry in every floor, bike and storage space, garage . Steps to Lincoln Center,Central Park, AOL Time Warner Building , transportation and shopping. Excellent schooling district., sorry no Pets.A MUST SEE!!! IT WONT LAST!!! Apartment Features: East exposure, North exposure, Roof deck, Full city view Building Features: Roof deck”
Listing #: 850666

190 E 72nd St - 14A, NEW YORK, NY, 10021
$1275000
Bedroom(s): 2
Bath(s): 2
Square Feet: 1325
In the listing agent’s inimitable words: “Unusual 4.5 room with huge entertaining space. Gorgeous light, fabulous closets, split bedroom layout. In very good original condition. Needs new baths and kitchen. Ultra high service building.”
Listing #: 848987

217 W 14th St - GROUND, New York, NY, 10011
$1500000
Bedroom(s): 0
Bath(s): 1
In the listing agent’s inimitable words: “Ground Floor Store for sale as condo. Tenant still in place. ”
Listing #: 849179

2373 Broadway - 1827, NEW YORK, NY, 10024
$1725000
Bedroom(s): 3
Bath(s): 2.5
Square Feet: 1400
In the listing agent’s inimitable words: “stunning 1400 sq ft 3 bed, 2 baths southwest corner exposure with balcony. Apt. has fully renovated eat-in kitchen with window and washer dryer. Lots of pre-war detail throughout apt with crown moldings, etc. Mt is $2874. Open House sunday 3/4/07 from 1PM to 3PM”
Listing #: 850868

305 Second Ave - 342, New York, NY, 10003
$1750000
Bedroom(s): 2
Bath(s): 2
Square Feet: 1642 [500 SqMt]
In the listing agent’s inimitable words: “Fab conversion 2 bed 2 ba HUGE terr”
Listing #: 851228

650 West End Ave - 9A, New York, NY, 10025
$2395000
Bedroom(s): 2
Bath(s): 2
Square Feet: 1838
In the listing agent’s inimitable words: “This elegant pre-war condo classic six is in triple mint condition, having been recently renovated with great respect for the original character of the period. Throughout the home, you will find the highest quality materials and finishes, including new herringbone oak flooring with mahogany boarders, new baseboard, crown and picture moldings, wiring for sound in all rooms, dual zone central air conditioning and humidistats, heated bathroom and kitchen floors, and custom built closets. The limestone master bathroom has a steam shower, Waterworks fixtures and a cherry vanity by Christopher Peacock. The kitchen and butlers pantry also feature custom made solid cherry Christopher Peacock cabinetry with low voltage under-cabinet lighting, honed marble mosaic tile flooring, and cherry and marble countertops. Top-of the line appliances include refrigerator and wine cooler by Sub-Zero, Wolf range with grill, Miele dishwasher, Maytag Neptune washer/dryer. This gracious home has 10 foot cei Apartment Features: East exposure, North exposure, South exposure, Partial city view, Partial skyline view, Prewar detail, Beamed ceiling, Floors - hardwood, Floors - herringbone, Floors - marble, Light - good, Windows - new, Modern kitchen, Renovated bathroom, Walk in closets, Great closet space, Washer/dryer, Dishwasher”

240 Park Ave South - 2B, NEW YORK, NY, 10010
$3225000
Bedroom(s): 3
Bath(s): 3.5
Square Feet: 2139
In the listing agent’s inimitable words: “240 Park Avenue South- Its about Time Located on the corner of 19 and Park Avenue South, this Gwathemy & Siegel signature residence sets the standard. Tessler Developments recognized the importance of this location coupled with this generations first 'out of ground' development on Park Avenue South, and spared no expense in going to the masters of residential architecture to realize the dream of a building that is as sympathetic to its Park Avenue address as to modern architecture. The result is an astonishing accomplishment of beauty, convenience and luxury. The 52 exclusive residence of 240 Park Ave. South will enjoy a plethora of amenities ranging from God's given light too the intricacies that come with the years of experience gained by sirs Gwathmey & Siegel dedication in teaching and exploring the boundaries of architecture. So be it 2for tea, custom carved sinks, sauna or massage rooms the owner of a 2forty residence will abound in the joy of the best New York has to offer.”
Listing #: 850421

200 Eleventh Ave - 7S, NEW YORK, NY, 10011
$5300000
Bedroom(s): 3
Bath(s): 3.5
Square Feet: 2328
In the listing agent’s inimitable words: “Located in the heart of The Chelsea Arts District, this dramatic duplex faces Chelsea Cove and the Hudson River Park, with un-obstructed, protected sunset views. A private elevator opens to a foyer that leads to the grand double height 24ft ceiling living room, with over-sized double doors that let the outdoors in.... Enormous southern walls are an art collectors dream. The adjoining dining area abuts a discreet, custom crafted kitchen that is concealed by folding teak doors. A study or bedroom suite and powder room are on this floor. A dramatic stairway leads to the Master and 3rd bedroom. The Master Suite boasts sweeping river views with an adjoining bathroom that features a soaking tub carved out of a solid block of granite. Also featured is the adjoining En Suite Sky Garage, a New York first. The garage can also be used as a studio/storage room/etc. Teak flooring, Central Air-conditioning, motorized shades and other finishes of the very highest caliber feature throughout. This 16 unit stainless steel and gunmetal teracotta Condominium, designed by Selldorf Architects, is slated for Fall 2008 completion. ”
Listing #: 848443

1150 Fifth Ave - 5B, NEW YORK, NY, 10128
$6350000
Bedroom(s): 3
Bath(s): 2
In the listing agent’s inimitable words: “Fabulous Opportunity to Update this Spacious Prewar Nine Room Apartment in a Top Fifth Avenue Building. The Property Features a 25" x 179" Living Room Facing Directly into Central Park and a Corner Library also with Direct Park Views. There are Three Master Bedrooms with Two Baths(could be three). The Country Kitchen Can Be Expanded into the Pantry and One of the Staff Rooms Creating a Large Eat-In-Kitchen. Plus There Would Be Another Staff Room and Bath. This Condominium Alternative is Asking $6,350,000 with a Maintenance of $4,526,79. The Building will Permit 70% Financing.”
Listing #: 849136

1965 Broadway - PH3B, NEW YORK, NY, 10023
$11995000
Bedroom(s): 3
Bath(s): 2.5
Square Feet: 2800
In the listing agent’s inimitable words: “Serenity and simplicity can be found in this luxurious top floor penthouse located in one of Manhattans premier full-service condominiums on the Westside, The Grand Millennium. The recently renovated apartment features an approximately 1,000 square foot terrace, large living room complete with fireplace overlooking spectacular views of Lincoln Center. The three bedrooms, library, two and one half bathrooms, laundry room, separate dinning area and a spacious windowed eat-in kitchen with top of the line stainless-steal appliances complete this unique living space. The apartment features 10-foot ceilings with floor-to-ceiling windows offering breathtaking Central Park Reservoir, Hudson River and Downtown views (you can actually see the Statue of liberty from the living room). Additional features include custom Wenge wood floors throughout, custom built-ins and ample closets. This apartment is complete with Crestron total home technology which enables the control of lighting, audio and video by a touch of a remote. This Penthouse is steps away from Lincoln Center, Central Park, Time Warner Center, Whole Foods Market, Reebok Sports Club, Equinox Gym, shops and some of New Yorks finest restaurants.”
Listing #: 848897

To see photos, more information and scores of other listings by brokers throughout New York City and Long Island, please visit our website at http://www.ServiceYouCanTrust.com, then click on the appropriate area. To view details of a particular property listed above you will need to note the address.

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