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

**** November 18, 2006 ****

IN THIS ISSUE:

• Items of Interest
• Out and About
• Sales in the stratosphere
• New Listings

Items of Interest
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The Big Apple

TIGHTER REGULATION URGED FOR TITLE INSURERS: An assistant New York attorney general has urged the state to step up regulation of the title insurance industry, arguing that insurance agents were receiving what amount to illegal kickbacks and that New York home buyers were overpaying, according to the New York Times. The attorney, Hannah K. Flamenbaum told insurance executives, agents and state regulators at a New York Insurance Department hearing that New Yorkers pay some of the nation’s highest title insurance rates but that insurance companies and agents provide little in return. In many cases, only 3 cents of the average dollar paid for title insurance are ever returned to policy holders in claims, Flamenbaum said, while an estimated 75 cents are kept by agents who serve as intermediaries between home buyers and underwriters. “Insurance agents are supposed to represent the home buyer’s interests,” Ms. Flamenbaum said. “But when insurance companies let them keep 75 percent of the premium, they are essentially paying agents a referral fee that is in violation of New York’s anti-kickback law.” Insurance commissioners said they would not change title insurance rates as a result of yesterday’s hearing. “We have no doubt there are bad agents, but we cannot be too broad in characterizing an important, vital industry that has many honorable and reputable agents,” Howard Mills, the New York insurance superintendent, said in a statement. “The acts of some should not be a reflection on the industry as a whole.”

ANOTHER REASON TO CELEBRATE DOORMEN: A study to be published next summer in the University of Chicago Journal of Legal Studies found that even factoring in the higher monthly carrying charges, apartments in full- or part-time-doorman buildings sell for about 12 percent more than comparable dwellings in buildings without doorman, says the New York Times. One of the study’s authors, Jonathan J. Miller, president of the appraisal firm Miller Samuel, said he examined 100,000 transactions in more than 6,000 Manhattan buildings over two decades.

WHAT IS THE SOUND OF FEWER HANDS CLAPPING: "New York is a cosmopolitan place where many people want to live, but not many people can afford to live," William H. Frey, a demographer at the Brookings Institution, told the Washington Post. "We're seeing the professionalization of Manhattan, and, increasingly, the Manhattanization of Brooklyn and Queens, and even a little bit of the Bronx." Census estimates show that from 2000 to 2005, more people left the city than moved in, and the exodus was especially pronounced among those with lower levels of education, Frey said. In Manhattan and Brooklyn, for the first time since at least the 19th century, the number of blacks declined, according to a Brookings analysis of 2004 census estimates. The white population in those boroughs increased. New York City has a smaller share of middle-income families than any other major metropolitan area in the country, according to another Brookings study. Thirty percent of its neighborhoods are middle-income, compared with 40 percent nationally. Only 8 percent of Manhattan's neighborhoods are middle-income, while 51 percent are high-income and 40 percent are low-income. The flight of the middle class from a rich New York has reversed a half-century-old pattern, added Kenneth T. Jackson, a professor of history at Columbia University. In the past, people left the city "because it was dirty, noisy, dangerous, it didn't seem to be a good place to raise a family," he said. "Now, people are more likely to leave the city because they can't afford it."

NO S---, UH. . . KIDDING: The Landmarks Preservation Commission voted not to extend landmark status to a late-19th-century stable building on the Upper West Side from which the architectural detail has been removed, according to the New York Times. The building is to be demolished for condominiums. The commission acknowledged that the owners of the former Dakota Stable, at Amsterdam Avenue and 77th Street, had obtained the necessary building permits to alter the building. The Related Companies, a large development concern, has a contract to buy the building from an investment group and plans to demolish it by the end of the year. But several members of the commission said they were angered that the alterations had been made while the building was under consideration as a landmark. They said the case underscored the ability of some builders to remove what is most valued from historic buildings to avoid landmark designations. The decision about the former stable building, a five-story Romanesque Revival-style structure that for most of its history has been used as a parking garage, came as the commission voted unanimously to extend landmark status to another former stable two blocks away, the New York Cab Company, at 75th Street and Amsterdam Avenue. Both buildings were constructed in the 1890s as part of “Stable Row” on Amsterdam Avenue, which provided horses and carriages for hire to residents of the brownstones and apartment buildings that were springing up on the Upper West Side.

Research

PRICES ARE STICKY FOR A REASON, THOUGH NOT A GOOD ONE: Evidence is mounting that people set prices, particularly for housing, as much on ego and self-image as on an objective review of the market, reports the Washington Post. That's one reason for the phenomenon known as "sticky prices" - home sellers who won't cut their demands enough to make a deal. It helps explain why the unsold inventory of homes has risen so high, and why, despite this rise, home prices in the Washington area and New York have fallen only slightly. Economic researchers have found that emotions are a bigger influence than was previously believed in how people make financial decisions. A body of research developed over the past two decades known as neuroeconomics, or behavioral economics, has shed light on how powerful a role the unconscious mind plays. New imaging technology, meanwhile, is allowing scientists to peer inside people's brains while they wrestle with financial decisions. These studies have illuminated a few key concepts: Many people will pass up sure profits for illusory ones. Some will turn down profits if they believe someone else is unfairly profiting more. Some will even refuse to sell if they believe they may come to regret it because fear of future regret can be as powerful a motivator as money in the pocket today. In other words, people will cling to prices they recall from a brighter day, even when market conditions have changed; they will walk away from a sale if they feel the buyer is getting too good a deal at their expense; and they are terrified that [if they sell now] the market will rebound and they will feel like fools. Much work has been done on the concept of "loss aversion," which shows that people tend to deny reality when something they own, such as stock, declines in value. They will keep holding that stock, confident the price will rise again if they wait long enough. They do the same with their homes, maintaining the asking price even at a level that makes no sense, economists said. Similarly, home sellers become attached to the prices their neighbors received at the top of the market rather than current prices, and they become reluctant to sell unless they get that higher price. "It's classic loss aversion," said Christopher J. Mayer, director of the Paul Milstein Center for Real Estate at Columbia Business School in New York. "You could do it, but you don't want to. You don't want to realize the loss." Mayer said that people allow their wishful thinking to overcome realistic perceptions because they don't want to view themselves as having made a mistake. "People should recognize that what they do won't change the housing market," he said. "They could wish their house could sell for more money, but it doesn't mean it will do so." David Laibson, who teaches psychology and economics at Harvard University, said a common error people make is believing that homes can't drop in value below what they paid for them, and, in particular, that they can't fall below their mortgage amounts. "There seems to be a psychological resistance to taking losses on the sale of a house," Laibson said.

CONSUMERS EXPECT VALUE OF THEIR HOMES TO RISE: Americans remain highly confident about the nation’s housing prospects, with more than four out of five home owners expecting the value of their home to appreciate over the next five years and nearly seven out of 10 calling it their most valuable investment, according to results from a new nationwide survey. The survey of 2,000 households, including more than 1,750 registered voters, was conducted by RT Strategies Oct. 26-29 for the hardly disinterested National Association of Home Builders (NAHB). The polling found that 81 percent of home owners believe that the value of their homes will rise over the next five years. Only 13 percent felt their home would fall in value, while 4 percent expected no change and 3 percent were unsure. In addition, 69 percent of the respondents listed their home as their most valuable investment followed by retirement accounts, with just 11 percent of those polled citing the latter as their top investment.

WILL METRO AREAS BOUNCE BACK: In an analysis of boom-bust patterns, Business Week concluded that, over the past three decades, about 40 percent of housing busts in big metro areas have eventually been followed by strong recoveries, reports Realtor magazine. In an additional 15 percent of markets, prices adjusted for inflation barely got back to their previous peaks after 15 years. In the remaining 45 percent or so of markets, prices adjusted for inflation were still down a decade-and-a-half after their pre-bust peaks. The disparity between winners and losers was striking: Among the winning markets, the average inflation-adjusted gain after 15 years was 43 percent, while among the losers the average inflation-adjusted loss was 19 percent. A key difference between winners and losers is the difficulty of building new houses. The cities with the tightest housing usually boom again after a bust. But in places where the supply of housing is more flexible, price cycle corrections are usually mild. There’s only wrenching change when demand sharply decreases, usually because of employment-related issues. The only real potential losers, according to this theory, appear to be areas such as Miami, Phoenix, and Las Vegas, where demand has been driven largely by speculators.

BUILDERS ARE FEELING A BIT MORE CONFIDENT: Single-family-home builder confidence edged up in November for the second consecutive month, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI gained two points from the previous month to stand at 33.

The Law

THE FAIR HOUSING ACT BEARS HEEDING: It prohibits housing discrimination on the basis of handicap as well as race, color, national origin, religion, sex and familial status. According to HUD, which enforces the law, if you or someone associated with you has a physical or mental disability and have a record of that disability (or are regarded as having such a disability), no one may "refuse to make reasonable accommodations in rules, policies, practices or services, if necessary for the disabled person to use the housing," notes attorney Benny Kass in the Washington Post. Examples of accommodations, which can be at the expense of the disabled person, might be a parking space close to an elevator for someone on crutches or a ramp for someone in a wheelchair. If HUD determines that a possible violation has occurred, the agency will attempt to reach a resolution. However, if no such agreement can be reached (called a "conciliation agreement"), HUD will recommend that the federal government sue. A violator can be ordered to compensate the complainant for actual damages, including humiliation, pain and suffering; to make the necessary corrections so that the apartment can be enjoyed; to pay the federal government a civil penalty (up to $11,000 for the first violation and $50,000 for a third violation within seven years); and to reimburse the complainant for any legal fees and costs incurred in connection with the hearing. No final decision has been made on a case you can read at hud.gov/fairhousing.

EMINENT DOMAIN ISSUE ENGAGED VOTERS ON STATE BALLOTS: Voters showed that the furor over a 2005 Supreme Court decision in a Connecticut eminent domain case has not abated, even in states that have already enacted legislation to restrict the use of condemnation for economic development, reports the New York Times. Ballot measures to limit eminent domain powers to public uses were approved by large margins in eight states. Louisiana passed an eminent domain measure in September. In all, 34 states have adopted laws or passed ballot measures in response to the Connecticut case, Kelo v. New London, which upheld the right of local officials to require the forced sale of homes and businesses for private development intended to increase the tax base of one of the state’s poorest cities. “A message has been sent that state and local governments have to do a better job of justifying a need for eminent domain,” said Larry Morandi, a land-use specialist at the National Conference of State Legislatures. “There needs to be more negotiation and more transparency.”

CRAIGSLIST IS HELD BLAMELESS IN FAIR HOUSING VIOLATIONS: The classified Web site can't be held liable for the discriminatory housing ads posted by its users because it is an interactive computer service, not a publisher, a federal judge in Chicago ruled, according to the Chicago Tribune in Realtor magazine. The Chicago Lawyers' Committee for Civil Rights Under Law sued San Francisco-based Craigslist in February, claiming that during a six-month period, the site published more than 100 housing ads in Chicago that violated the federal Fair Housing Act. The 1968 Fair Housing Act says newspapers and other publishers of ads deemed discriminatory can be held liable for violating the law. But the 1996 Communications Decency Act, in an attempt to promote unfettered free expression online, shields Web forums from liability for ads and opinions posted by their users. In dismissing the case this week, Judge Amy St. Eve cited the 1996 communications law. An appeal is planned.

Tax Tips

WHAT IF YOU MOVE BEFORE YOU SELL IN LESS THAN TWO YEARS: To qualify for a principal-residence-sale partial exemption, the reason for the sale must be one of those specified in the tax code and its regulations, observes Robert Bruss in the Washington Post. What is your reason for selling your home after, say, 22 months of ownership and occupancy? Is it due to a job location change, health reasons, or "unforeseen circumstances" such as divorce, job loss, multiple births, etc? If your reason for the early sale qualifies, then you may be eligible for a partial tax exemption up to 22/24 (11/12) of the $500,000 exemption for a married couple (up to $250,000 for a single home seller). However, if you sell your home for other reasons, such as moving to a better neighborhood or a bigger house, then you don't qualify for a partial exemption, and your capital gain is fully taxable.

YOU MUST DEPRECIATE A RENTAL PROPERTY: Depreciation must be deducted for a rental property even if that depreciation deduction doesn't save you any income tax and provides no immediate tax benefit, says the omniscient Robert Bruss in the Washington Post. Unused rental property mortgage interest is deductible only on Schedule E of your tax return. The unused portion cannot be deducted as a personal itemized interest deduction on Schedule A of your tax returns. If your rental property shows a tax loss, presuming you are not a "real estate professional" such as a full-time sales agent entitled to unlimited passive activity loss deductions, you can deduct up to $25,000 tax loss per year against your ordinary income if your adjusted gross income is below $100,000. The good news is any undeducted loss from your rental townhouse can be "suspended" to save for use in future tax years or when you sell the property at a profit.

TO ENJOY A TAX-DEFERRED EXCHANGE, KEEP THE PLACE RENTED: To qualify for an Internal Revenue Code 1031 tax-deferred exchange, both the old and acquired properties must be held for investment or use in a trade or business. A vacant house doesn't fall into either category, says Robert Bruss in the Washington Post. Although IRC 1031 doesn't specify a minimum rental time, most tax advisers suggest renting a property at least six to 12 months before selling it as part of a tax-deferred IRC 1031(a)(3) Starker exchange. That means you can sell your old rental property, have the sales proceeds held by a third-party intermediary beyond your "constructive receipt," and then use that money to acquire a replacement rental or business property of equal or greater cost and net equity. You must designate the replacement property within 45 days of selling the old rental property and complete the acquisition within 180 days. Of course, you must trade equal or up in both price and net equity.

Home and Hearth

YOU CAN HAVE A MAKEOVER WITH LEFTOVERS: Challenged by cavernous ceilings, off-center fireplaces, unmanageable collections, odd traffic flow or any of several decorating dilemmas, more homeowners are hiring redesigners to breathe new life into their rooms, reports the Wall Street Journal, which says that handing over a home to an objective outsider for a few hours may save thousands of dollars otherwise spent on new furniture and accessories. As trained redesigners mix and match items from several spots in the house, group accessories for impact and rehang artwork, clients are reintroduced to underutilized spaces and their nearly forgotten possessions long relegated to storage. Others learn that limiting display items to a few favorites or rotating accessories is an effective fix. "Before you spend a dime on anything new, I say let's do the very best with what you have. Sometimes then you just buy a lamp or an end table, or nothing at all," said Marie Kinnaman, a San Diego County-based redesigner for the last 15 years. Kinnaman coordinates the Web site interior-redesign-exchange.com and was an early guest on the HGTV series "Decorating Cents," which industry participants credit with the increasing recognition and popularity of their services. "I love the idea of recycling and reusing," added Kinnaman. "People just grow tired of their things. You can give a new feeling to a room just by rearranging what you have and it turns out, what you have isn't so bad at all." Redesigners typically don't paint, and minor construction, if included, is likely to be limited to hanging shelves. Not all redesigners will move extra-large furniture or handle valuable or heavy art. Whether they do windows is not disclosed. Interior designer Mindy Miles Greenberg, owner of Encore Décor, who helps New Yorkers make the most of their often lean living arrangements, avoids reconfiguring electronics, for instance, leaving this task to the homeowner because it can be difficult to return equipment to its exact settings. "A good redesigner will determine how a client lives and what their needs are. Where does the husband sit to watch TV?" asks Kinnaman. She says would-be clients are often misled to believe other rooms are "robbed blind" to furnish the focus room. The majority of redesigners make sure to fill gaps, she said. For tips and other resources, including a list of redesigners by region, see the Interior Arrangement and Design Association, at interiorarrangement.org weredesign.com.

LOVE THAT BAMBOO: Maybe, we’re loving it too much, speculates New York architect David Bergman in the New York Times magazine. Founder of Fire and Water Lighting, which specializes in projects that are both eco-friendly and stylish, Bergman sometimes steers clients away from bamboo because it is so trendy. “I’ve had one or two instances where we’ve said, ‘It’s too done now,” says he. “You don’t want to do something so of-the-moment that it dates the design.” That’s a refrain faithful readers of this newsletter have heard before, especially in relation to kitchens with granite countertops and stainless-steel appliances. So, yup, he’s got a point.

WILL THIS HOT NEW TREND BECOME TOAST: Radiant heating started with floors and towel racks. Then driveways got the hot treatment. Now, observes the Wall Street Journal, everything from windows to recliners is starting to sizzle. New shower walls that look unremarkable on the outside are hiding special plastic tubing that can ratchet up the heat - even as the hot water's already making the room steamy. Contractors say they're installing heated kitchen countertops to keep hands warm while cutting vegetables. But why aren’t their hands ON the vegetables? And who wants hot lettuce? There are hot mattress pads with dual controls, heated slippers and even heated door mats. New technologies are fueling the hothouse trend. Heated windows have a transparent film that conducts electricity, warming the glass to a balmy 100 degrees so families can comfortably gaze outside together on snowy nights. The new hothouse builds on the popularity of radiantly heated flooring, which had been growing steadily for more than a decade, hitting $2.8 billion in sales in 2004, according to the Radiant Panel Association, a trade group. Last year, growth started to level off, a likely result, says the group, of a slowdown in new construction, where radiant heating is most often installed.

The Market

THE APARTMENT INDUSTRY IS THRIVING, SAYS TRADE GROUP: The apartment market remains solidly in the expansion phase of the real estate cycle, according to the National Multi Housing Council’s (NMHC) third-quarter survey. “Demand for apartment residences continues to rise and should remain strong so long as employment keeps rising,” said Mark Obrinsky, NMHC’s Chief Economist. “While the slowdown in the condo market has had some impact on the investment demand for apartment properties, in every other respect the apartment industry seems to be firing on all cylinders.” The supply-demand fundamentals are improving, occupancy rates and rents rising in most markets, and apartment firms are finding it easier to acquire debt and equity, according to the report. The survey’s Market Tightness Index drifted down from 85 to 70 this quarter. Although that reading was the lowest level in two years, it nonetheless marked the thirteenth consecutive quarter in which the index was above 50; in other words, apartment demand has been improving for 13 consecutive quarters as measured by lower vacancy rates, higher rents, or both. Fully 55 percent of respondents reported tighter conditions, compared with 14 percent who reported looser conditions; almost one-third (31 percent) reported no change from last quarter’s strong market.

GENERATION X COULD ENERGIZE THE MARKET: The industry's long-term trends look promising as younger generations begin to buy and trade up, according to MarketWatch, which reports that such was the consensus among a group of consultants, analysts and developers speaking at the recent annual meeting of the Urban Land Institute in Denver. Rising affordability concerns in some home and rental markets remain a challenge, but the generations coming up behind the baby boomers are giving home builders a run for their money, experts said. With more immigration and people living alone, demographic shifts are pressing developers to reconsider what's worked in the past. Generation X, typically defined as those born between 1965 and 1979, make up a little more than half of the market for newly constructed homes, said James Chung, president of Reach Advisors, a Boston-based marketing strategy and research firm. But that doesn't mean the homes that lured baby boomers, born between 1946 and 1964, are meeting the needs of the 30-somethings shopping now. "Generation X is in the heart of their entry-level home-buying years and are just now entering their peak trade-up years," Chung said. "They haven't yet stolen the thunder of the boomers when it comes to trade-up homes. It's a big shift coming up for home builders and developers." Partly because many Gen-Xers are buying into the market after the run-up in housing prices began about a decade ago, they tend not to be as moved by deluxe kitchens, huge square footage and "prestige addresses" as their older counterparts are, he said. "It's the trade-off generation. It's no longer sort of the live-large mindset," Chung said. "They're living under different economic realities than their predecessors. They carry 70 percent more debt than the baby boomers did at that point in their lives because of the cost of housing. . . Almost all of that is housing debt."

CONTRACT CANCELLATIONS ARE RIFE: A little over a year ago, buyers couldn't wait to sign contracts to purchase homes. Now, says the Wall Street Journal, many can't wait to get out of them. With real-estate prices falling around the country and even pro-industry trade groups predicting further declines over the next year, buyers are backing away from deals in droves. At a semiannual housing forecast conference, economists reported that contract-cancellation rates for big builders were running around 40 percent - about twice as high as last year's levels. Anecdotally, real-estate professionals say they are seeing a similar dynamic in existing-home sales. Some of the cancellations are by people who signed new-home contracts at one price months ago, haven't yet closed and are now stunned to see the builder drastically cutting prices on identical properties. Some are by speculators caught short by other investments they can't unload. And some are by people trapped in a chain reaction: They can't sell their old home - or the buyer has canceled the contract - so they are being forced to cancel the deal on a new house they are buying somewhere else. "There are a whole lot of people running from contracts," says Alexandria, Va., real-estate attorney Beau Brincefield. He is currently representing more than 50 buyers who are seeking to get out of contracts on single-family homes, townhouses and condos, compared with none a year ago.

BUILDERS ARE HURTING (RELATIVELY SPEAKING): Two of the nation’s major home builders reported dismal results in their most recent quarters, confirming that the slump in the once-hot housing market is far from over, says the New York Times. Toll Brothers, the country’s largest builder of luxury homes, said revenue from home building fell 10 percent, to $1.81 billion in its fourth quarter, ended Oct. 31. Toll Brothers’ backlog of projects declined 25 percent and its signed contracts plunged 55 percent as the company suffered from a rash of cancellations concentrated in the formerly hot markets of Florida and Northern California. “I don’t think we can call where the floor is,” said Joel Rassman, chief financial officer of Toll Brothers. “We have not seen a turnaround yet.” The decline was not limited to the luxury segment of the housing market. The Atlanta-based Beazer Homes USA, a smaller rival that builds many homes for first-time buyers, reported that net income fell 44 percent, to $91.9 million, in the quarter ended Sept. 30. Revenue increased 4 percent, to $1.88 billion. But new orders plummeted 58 percent, and the company forecast a substantial decline in earnings for 2007.

FALLING PRICES IN D.C. ARE SPURRING POTENTIAL BUYERS: Growth in the number of available homes for sale and flattening or falling prices have propelled some buyers toward homes that had slipped beyond their reach, according to the Washington Post. It has allowed them more time to shop and afforded them a greater selection. It has also made sellers much more willing to help with such things as closing costs. The decline in prices is most evident in the District and Northern Virginia, according to figures released last week. The median price of all types of houses and condominiums sold in the District dropped 12 percent in October from the same month a year earlier, dropping from $425,000 to $375,000, according to Metropolitan Regional Information Systems, the region's multiple listing service. Prices fell 6 percent in the same period in the close-in Northern Virginia suburbs, dropping to $458,850 from $490,000, according to MRIS, and were essentially flat in Montgomery County, at about $430,000. Buyers, particularly the first-timers who feared they had been priced out of homeownership, are gleeful. The mood of sellers is not reported.

The Soothsayers

WHEN WILL IT END, ASKS GREENSPAN: Former Federal Reserve chairman Alan Greenspan said that home sales and prices may continue to slide for some time, but the broader U.S. economy appears poised for a rebound, reports the Washington Post. "It looks as though the worst is behind us" in terms of the effect of the housing slump on economic growth, he told financial advisers at a conference in Washington. "We're obviously going through a significant slowing period, which as best as I can judge is quite likely to be temporary," said Greenspan. A private consultant, he said the housing downturn has "a way to go" before it hits bottom, but its effect on the rest of the economy should abate in the months ahead. At the conference, he attributed much of the recent housing boom to a "speculative surge" caused by global financial conditions that pushed mortgage rates down to very low levels until the last year. Greenspan said he could not predict when home sales would begin rising again or when home prices would stabilize. “It’s hard for me to believe that they can stabilize at the level they are now because we had too much of a speculative surge,” he commented with respect to prices. “We have to lose some of that."

OUT OF GAS, THE MARKET WILL SEE FEWER SALES N 2007, SAYS NAR: Following a correction in home sales and prices in 2006, existing-home sales are expected to “coast” at roughly the same level next year, although there will be some additional decline in the new-home market, according to a new forecast by the National Association of Realtors (NAR). Overall home price gains will be modest, said David Lereah, NAR’s chief economist. “Home sellers are becoming realistic about current market conditions and are now offering more competitive pricing in addition to some incentives or concessions - especially to help first-time buyers,” he declared. “The market promises to be more balanced between buyers and sellers by early spring, supporting future price growth.” Existing-home sales, expected to fall 8.6 percent to 6.47 million this year - the third-best performance on record - are projected to be essentially even in 2007 with a 0.6 percent decline to 6.43 million. New-home sales, likely to drop 16.8 percent to 1.07 million in 2006, are forecast to fall another 8.7 percent next year to 975,000, largely because of a significant reduction in construction by builders. Total housing starts this year will probably fall 10.6 percent to 1.85 million units, and then decline another 11.8 percent to 1.63 million in 2007. “Given the huge gains in home values during the housing boom and this year’s rise in housing inventory, overall price gains this year and next will be modest,” Lereah said. Even with temporary declines in some months, the national median existing-home price should increase 1.9 percent for all of 2006 to $223,700, then another 1.7 percent next year to $227,500, according to the economist. The median new-home price is expected to drop 1.1 percent to $238,400 this year before rising 1.3 percent in 2007 to $241,400. Lereah projects the 30-year fixed-rate mortgage to average 6.4 percent in the fourth quarter, and then rise to 6.6 percent by next spring.

The Real Estate Biz

BEWARE OF THOSE UNSCRUPULOUS AGENTS: Home buyers have a new reason to be wary in this weakening housing market: Real-estate agents increasingly have lucrative incentives to push one home over another, says the Wall Street Journal. Slow sales have prompted builders and some individual sellers to offer unusually generous incentives to agents whose clients buy a home. Sellers normally pay the buyer's agent 2-3 percent of the home's price. Now many are offering thousands of dollars or other rewards, such as travel vouchers, on top of the normal commission. Although there are no national data on the practice, real-estate agents and builders agree that incentives have become much more widespread in recent months, especially in areas such as Florida, Nevada, Arizona and Washington, D.C., where inventories of unsold homes have soared. The problem with agent incentives is that consumers may not know their agents have a potential conflict of interest when they show and discuss certain properties. For example, Las Vegas builder American West is offering agents a $15,000 bonus to sell homes in its Glen Eagles development, provided they come in with a full-price offer within 30 days. The bonus drops to $10,000 for negotiated offers and those that take longer. "The goal is to try to push them to make a full-price offer," says Jeff Canarelli, vice president of sales at the builder. It is up to the broker to decide whether to give the bonus back to the buyer, he says. Some agents argue for disclosure. "Ethically, if you are representing the buyer and taking the buyer to a place where you are getting an increased commission, the right thing to do is tell them," says Danny O'Sullivan, a senior vice president with Long & Foster Real Estate Inc. in Fairfax, Va.

The Mortgage Biz

AS RATES FALL AGAIN, END OF SLUMP MAY BE IN SIGHT: The 30-year fixed-rate mortgage (FRM) averaged 6.24 percent for the week, down from last week’s 6.33 percent and below the 6.37 percent average last year at this time, says Freddie Mac. The 15-year FRM was 5.94 percent this week, also down 6.04 percent last week. A year ago, it was 5.90 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.04 percent this week in comparison with last week’s 6.08 percent and last year’s 5.86 percent. One-year Treasury-indexed ARMs were 5.53 percent this week, down 5.55 percent from the previous week but higher than 5.20 percent in 2005 at this time. "Both long- and short-term mortgage rates fell this week on early signs that the threat of inflation may be waning," commented Frank Nothaft, Freddie Mac vice president and chief economist. "The Producer Price Index (PPI) and Consumer Price Index (CPI) for October came in lower than expected and bond yields dropped, pulling mortgage rates lower. We've probably seen the worst of the housing slump, although it may not have entirely bottomed out yet. On the other hand, lower mortgage rates should help stimulate activity in the housing market."

REVERSE MORTGAGE CAN BUTTRESS RETIREMENT, BUT WAIT: Federally insured reverse mortgages are gaining in popularity, and experts think they're poised to become an even bigger part of the lending industry in coming years, according to the Wall Street Journal. The reason: More seniors are finding that traditional retirement tools, including IRAs, pensions and 401(k)s, are not providing enough income to help fund their living and health-care expenses, says Peter Bell, president of National Reverse Mortgage Lenders Association. More importantly, new reverse mortgages could address one of the main concerns some seniors have about the loans - their costs. "There are at least four new products in development," says Ken Scholen, director of the AARP Foundation's Reverse Mortgage Education Project. With increased demand for reverse mortgages, there's been more competition and those applying a year from now could be pleasantly surprised by their lower costs. "If you don't need to do it in the next year or so, definitely wait and see," Scholen says. The Federal Housing Administration insured 74,412 "home equity conversion" mortgages during the year ended Sept. 30, compared with 43,082 the previous year. Nearly half of all FHA reverse mortgages have been originated in the last two years.

ARE BORROWERS OF SPANISH-SPEAKING ORIGINS SHORTCHANGED: A new survey by the National Association of Hispanic Real Estate Professionals of 500 of its real estate agents, builders, mortgage bankers and lenders, lawyers and credit counselors found nearly one-third saying their clients end up paying subprime rates on mortgages because their limited credit histories make them appear high-risk when lenders use traditional FICO credit scores, the dominant credit evaluation method in the highly automated mortgage underwriting process. Nearly 80 percent said that for every Latino household they help to homeownership, they turn away two prospects solely because they can't pass muster under traditional score-based computer underwriting programs. The chairwoman of the Hispanic realty association, Frances Martinez Myers, estimates that if mortgage lenders used alternative credit-scoring models that factored in rent, utilities and other types of payments that are not reported to the national credit bureaus, an additional $200 billion in new home loans could be extended to Latino buyers. In addition, Fair Isaac Corp., developer of the FICO score, estimates that as many as 50 million Americans - of all ethnic backgrounds, ages and incomes - are unscoreable or difficult to score because they have minimal information on file at the three national bureaus.

INTERNET LENDER PRACTICES ARE QUESTIONS: Recent lawsuits have accused two popular mortgage Web sites, Bankrate and LendingTree, of not doing enough to back up their advertising claims, reports the New York Times. The companies say they go to great lengths to ensure that their claims, and those of advertisers, are true. Still, the cases demonstrate the sometimes confusing nature of shopping for mortgages online. The lawsuit against Bankrate, which was settled last month, alleged that some of the site’s advertisers offered rates they did not deliver. Bankrate paid $3 million to plaintiffs as part of the settlement. The company admitted no wrongdoing. The class-action suit against LendingTree, which was filed in October, asserts that the company’s own ads are misleading, an accusation it denies. The suit is based partly on the contention that the company’s longstanding advertising message - that lenders compete for the right to do business with people who complete a loan application on the site - is untrue.

WITH RATES DECLINING, APPLICATIONS ARE INCREASING: For the shortened Veteran’s Day week ended Nov. 10, mortgage loan application volume rose by 4.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the activity went down by 7.6 percent compared with the previous week and 0.1 percent compared with the same week one year earlier. Seasonally-adjusted, refinancings increased by 6.5 percent from the prior week to the highest level since October 2005, and purchase applications swelled by 2.7 percent. The refinance share of mortgage activity increased to 48 percent of total applications from 46.3 percent the previous week - the highest level since February 2005 – and the adjustable-rate mortgage (ARM) share decreased to 25.5 percent from 26.4 percent the previous week.

Boldface

DIVA’S HOME IS ON THE MARKET, STILL: Anna Moffo lived the grand life in her luxurious duplex penthouse atop 400 East 59th Street. Ms. Moffo, who died last March at the age of 73, was married to Robert Sarnoff, the chairman of the RCA Corporation. In the mid-’80s, they created their sprawling penthouse out of two smaller co-op apartments, ending up with 10 rooms and 200 linear feet of wraparound terraces. It has a 16-foot-high glass-enclosed solarium and 3,200 square feet of interior space. The apartment, possibly one of the largest one-bedrooms in Manhattan has a single master suite and a huge public space, with a living room, dining room and library facing the East River at the Queensboro Bridge. Though some of the couple’s artwork has been taken down for the Sotheby’s auction, an upstairs room that Ms. Moffo used for rehearsing and teaching is still intact. There, boxes of sheet music and librettos labeled “Beethoven” and “Mozart” are mixed with boxes of recipes labeled “lasagna” and “tortellini.” The apartment first went on the market in August at $5.45 million, without any mention of Ms. Moffo. It didn’t sell. The price was lowered to $4.45 million, and Ms. Moffo’s family decided to allow her name and the apartment’s history to become known.

Out and About
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A bounty of choices

A friend – not one of those invented for convenience – recently wrote to ask whether someone could purchase an Upper West Side pied-a-terre for under $1 million. It happens that the query came following a week’s tour of 16 apartments offered at less than $1 million on the West Side between 86th and 108th streets. It also develops that the answer was a resounding “yes!” for co-ops and condos, some of which were below that ceiling and well above average in appeal.

What the out-of-town friend did not know was the importance of staying beneath $1 million, including closing costs. The crucial number makes all the difference in the world in taxes paid at settlement. There’s this extra levy called the “mansion tax” for properties that cost $1 million or more; it amounts to an additional 1 percent of the purchase price, or $10,000 for a $1 million property. (And for mortgages greater than $500,000, the mortgage tax is 0.125 percent higher than the 1.8 percent for those below that amount.) So, it ain’t a small thing to go over $1 million.

Actually, the pied-a-terre requirement may prove to be a bigger hurdle than the price. Many co-ops won’t allow such occupants in the belief that mostly absentee owners do not necessarily care much about general maintenance and improvements. Some may also have concerns about strong neighborly relationships.

As for West Side apartments for under $1 million, there is a bounty of choices, even a pre-war unit with a terrace, another that is blindingly bright and reasonably spacious, and yet another high on drama, if questionable as to practicality.

So, welcome to the Upper West Side on a tour that samples some of the properties that other brokers are offering:

• A lovely renovated one-bedroom apartment one block from the 86th Street subway stop. With pre-war details, herringbone floors, southern exposures, washer/dryer possibilities, new kitchen and bath, and very well proportioned rooms, this co-op in a pet-friendly building with nearly full-time doorman and live-in super is offered at a reasonable $799,000 with $1,117 in monthly maintenance, of which 45 percent is tax deductible.
• Close to Central Park on 96th Street, a down-at-the-heels pre-war one-bedroom, two-bath co-op with nine-foot ceilings and a formal dining room that could, but shouldn’t, become a bedroom. The outdated but windowed kitchen is so narrow that the refrigerator door cannot be opened all the way; that’s charming in the way a balky zipper would be intriguing – easy to overlook until it came time to use the thing. In a pet-friendly building with full-time doorman, the place has views that are pretty good. Also, the potential for this unit is high, as would the cost of renovation, not to say the time and trouble it would consume. At $799,000 with $956 in maintenance, of which 45 percent is tax deductible, this apartment is overpriced.
• On 108th Street near Broadway, a renovated co-op with better than average kitchen, marble bath, 9.5-foot ceilings, inlaid floors, double-arched hallway, three large closets, and spacious living room in a 1904 pet-friendly building with live-in super. This 800-sf co-op has much to offer, including windows in the bath and kitchen. Unfortunately, every window in the apartment faces tall brick walls. At $569,000 with $852 in maintenance, of which 46 percent is tax deductible, the price is almost low enough.
• *A one-bedroom apartment on 92nd Street with an 80-sf terrace facing north in a 1929 pet-friendly building that has a full-time elevator operator and a live-in super. The spacious living room has a pleasantly angled wall; there is a foyer; closet space is almost adequate; beamed ceilings and hardwood floors add charm; and the modestly improved windowed kitchen allows for a small table. Reduced from $695,000 to $659,000 with $1,305 in maintenance, of which 44 percent is tax deductible, this co-op is well priced.
• *On 89th Street in a distinguished 1915 building, a top-floor one-bedroom apartment that is high on the style scale and relatively low on the practicality gauge for anyone who envisions overnight guests on a sofa bed in the living room. The wall between the bedroom and living room with its glam open kitchen and stunning skylights does not reach the ceiling. And the bath vanity and sinks are at one end of the bedroom, with the remainder at least behind a closed door. Yes, there are a wood-burning fireplace, loft storage space and generous closets, but is this 700-800-sf co-op really worth $749,000 with $1,043 maintenance, of which 55 percent is tax deductible? Some misguided soul may well think so.
• A one-bedroom, south-facing co-op on 102nd Street that is entered almost through a new, albeit Lilliputian, kitchen. The bath is all marble tile, the living room is unexceptional and the flooring is refinished parquet. This pre-war apartment a block from the subway is in a pet-friendly building with full-time doorman, roof deck, bike storage, additional basement storage and the usual laundry room. Although the asking price of $525,000 is not out of line, the unit probably will sell for around $500,000. The maintenance of $725 is 50 percent tax deductible.
• On 93rd Street a block from Central Park, a two-bedroom, one-bath co-op in desperate need of a makeover. Someone lacking a scintilla of taste renovated the apartment in years past, so the open kitchen needs to be overhauled, the woodwork must be re-thought; and the configuration of the entry needs to be re-examined. Perhaps the unspecified amount of square footage, the inclusion of a washer/dryer, and the amount of closet space in this pre-war pet-friendly building minus live-in super or a doorman are offsetting features. At $774,000 with $680 maintenance, this is one overpriced co-op.
• A one-bedroom co-op that is nice enough but overwhelmed by its globe-trotting owner’s personality. On the market for three months, this place in a pre-war 108th Street building with part-time doorman has a large living room, tiny modestly improved kitchen, older bath and dark décor. Time on the market speaks volumes about the price of $535,000, with $722 monthly maintenance.
• *On 96th Street, a grotesquely narrow ground-floor co-op that has been totally renovated. With two true bedrooms and a third room being called a bedroom, the apartment offers a single bath, upscale open kitchen, exposures on 96th Street and a courtyard, maple floors, washer/dryer, 10-foot ceilings and a forbiddingly long hall. On and off the market since May, when it was listed at $849,000, the unit in a pet-friendly building without a doorman or live-in super has an asking price of $799,000 with $741 in monthly maintenance. This owner, who had a sudden job transfer, is asking a lot.
• A one-bedroom apartment in an Art Deco building with live-in super on a block where folks seem to have a lot of time on their hands. The first thing a buyer would do is gut the windowed kitchen and bath, then possibly find the place to be livable. The old parquet flooring is unpleasantly shiny, but the unit’s assets include four closets and three exposures. This co-op should be listed well below its offering price of $539,000 with an $801 maintenance fee.
• On 95th Street within a block of Central Park, a two-bedroom, one-bath apartment that has been beneficially converted to a one-bedroom that now has a spacious living/dining room, handsome galley kitchen with window, new cherry wood floors, nine-foot ceilings and three exposures through 11 windows, providing unequaled amounts of sunlight. Price: $695,000 with $1,100 maintenance, of which 50 percent is tax deductible. Although considerable cash has been invested in this co-op, the price is a bit too high.

Sales in the stratosphere
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Those big ticket apartments are still selling

At the highest reaches of apartment heaven, where only the wealthiest of the wealthy can afford to perch, even the air has a different feel. There's something deliciously heady and almost unnatural in the new $5 million, $10 million and $20 million layouts that are proliferating in big cities across America. With their stately entryways, high ceilings and sweeping views of the world below, they exude a hushed grandeur.

So reports Robin Goldwyn Blumenthal in a Barron’s Online article reproduced here almost in its entirety. Says she:

Fittingly, these castles in the sky have been largely insulated from the harsh realities of the housing slowdown. The swelling ranks of millionaires and billionaires have been flocking to cities or trading up faster than developers can build the next gleaming, luxury apartment tower.
Empty-nest boomers are moving in from the suburbs in droves. Hedge-fund jockeys with city digs are on the prowl for still bigger and better ones. Newly minted magnates from overseas are snapping up second and third homes in U.S. metropolises, from Miami to San Francisco.
The result of all this: changing skylines, firmly rising prices and, for the well-funded buyer, a bewildering array of amenities. Would you care for a four-foot deep swimming pool in your apartment? How about a "mature pine forest" on the terrace? For the bookish apartment dweller, Manhattan's new 55 Wall Street comes with its own 20,000-volume private library.

Of course, regular old country estates aren't going begging. The market for houses of $5 million-plus also looks to be holding up better than most of the housing scene. Together, houses and apartments in this price range are among the few bright spots left on the national housing scene.
Just look at the numbers from Manhattan, America's apartment mecca. The average price per square foot for a condominium - and most of the new buildings are condos - continued a long climb in the third quarter of this year, to $1,171 per square foot, pushing the median price of a unit to more than $1 million. And that's just the median. It's increasingly common to see sales for $4,000, $5,000 and even $6,000 per square foot.

In the upper 10 percent of the New York market - including cooperatives, long the city's mainstay - the average sales price surged 18 percent in the third quarter from the level a year earlier, to $4.5 million, says Jonathan Miller, CEO of Miller Samuel, a New York real-estate appraisal firm.
With a dearth of available apartments in grand, prewar properties along Park and Fifth Avenues, buyers increasingly are clamoring to get into the many new steel-and-glass complexes going up all over the city. The $20 million-and-up segment is especially coveted - "statement homes," as some call them.

Is it all getting out of hand? The luxury-apartment market may have become a tad - dare we say it - frothy. Brokers, developers and other pros suggest that price gains could start moderating around the country, as the supply of new buildings catches up with demand. By and large, however, the market is showing striking resilience and could continue to post healthy gains. It certainly doesn't look headed for the double-digit price declines some are expecting for the mainstream market in parts of the two coasts.

"From my vantage point the superluxury market is as strong as I've seen it," says developer William Zeckendorf, who, with his brother Arthur, is putting up one of the most sought-after luxury buildings in the city, 15 Central Park West. Nests in that 202-unit edifice are going for as much as $45 million - to hedge-fund managers, Goldman Sachs honchos, the rock star Sting and others.

The reason for the market's health is simple: "There are very few great homes in this country, and an awful lot of people who've come into extraordinary wealth," Zeckendorf says. In fact, there are now some 35,000 people in North America whose net worth, excluding their primary residences, exceeds $30 million, according to a study by consultant Capgemini and Merrill Lynch.
The $5 million question is, what do you get for your $5 million? For that matter, is there really much difference between, say, a $15 million apartment and a $20 million model? In general, spreads in the $5 million-and-up category claim to have a sense of drama that normal apartments just can't match. Great light, distinctive architecture, and sprawling space are often part of the mix, brokers say. A striking Poggenpohl kitchen can only help the price, as can a good Japanese soaking tub.

To discover some finer distinctions, Barron's toured a group of recently built New York apartments ranging in price from $6.5 million to more than $20 million. Each had spectacular views, with even the least expensive, a three-bedroom loft on a lower floor at 165 Charles St., downtown, giving the sense of expansive space. It had floor-to-ceiling windows, an open kitchen and floor-to-ceiling glass doors in the master bathroom.

But other factors set the extremely expensive homes apart from the incredibly costly ones. As always in real estate, location was one. One East Side apartment, closer to midtown, comparable in size to the first one's 2,500 square feet, commands closer to $9 million.

That apartment, in a building called One Beacon Court, had some additional amenities, including a working fireplace. But what really stood out was the utter lack of noise. In the first apartment, you could discern the faint sound of - gasp! - cars whizzing by outside. Not so at the One Beacon Court unit. Thanks in large part to being on the 32nd floor, it was soundless. With its coffered 11-foot ceilings and expansive hallways, it hearkens back to an earlier age of civility and good breeding. But the neighbors in the building are thoroughly modern: The likes of singer Beyoncé Knowles and the Yankees' Johnny Damon can be spotted in the high-ceilinged elevator.

Go up a step to a 5,300-square-foot manse, on the 71st floor of the Time Warner Center, and the sense of drama only heightens. The entrance to this four-bedroom palace gives way to an 80-foot living room whose floor-to-ceiling vistas of Central Park, the Upper East Side and the George Washington Bridge stop you at every turn. And, spacious as the layout may be, a bathroom is never far away: There are five full bathrooms and two half-bathrooms - well outnumbering the bedrooms.

In this sprawling condo, you are completely removed from the cares of the outside world. It only requires money: $21 million, plus a monthly carrying charge of $21,000.

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.

1 Wall St Court - 1501, NEW YORK, NY 10005
Listing #827609
$999,000
Bedroom(s): 2 Bathroom(s):2
As only an agent would write: Hardwood Floors, Oversized Windows, New Windows, Washer/Dryer

299 W 12th St - 4L, NEW YORK, NY 10014
Listing #827520 $499,000
SqFt: 375
Bedroom(s): 0 Bathroom(s): 1
As only an agent would write: North, Beamed Ceiling, Hardwood Floors, Excellent Light, Good Light, Storage Space

2166 Broadway - 17E, NEW YORK, NY 10024
Listing #827519 $899,000
SqFt: 1,000
Bedroom(s): 2
Bathroom(s): 2
As only an agent would write: The Opera! A wonderful two bedroom two bathroom prewar apartment in a top full service building. This beautifully appointed home is in move-in condition! The apartments new renovations includes details such as decorative moldings, custom bookcases, single panel doors with brass hardware and discreetly hidden through-the-wall air conditioning in each room. The new kitchen features a Miele cook-top with oven, along with a super quiet Miele dishwasher that is matched to the cabinetry. The efficient kitchen layout continues with a glass tiled back splash and granite countertops. This bright and quiet home has high ceilings, an open floor plan with 5 closets (one walk-in) and two renovated bathrooms. The Opera was built in 1929 and went coop in 1980. This well established coop is perfectly located for the busy New Yorker with access to all transportation, shopping and schools. (Pet friendly building) First showing Sunday, November 19th between 12 noon and 2 pm. A must see apartment! Apartment Features: North exposure, Wood-burning fireplace, Full city view, Prewar detail, Beamed ceiling, Floors - parquet, Modern kitchen, Renovated bathroom, Walk in closets Building Features: Multi-floor laundry, Package room

768 Fifth Ave - PH2011, NEW YORK, NY 10019
Listing #: 827475 $14,500,000
SqFt: 2,906
Bedroom(s): 3
Bathroom(s): 3.5

16 W 16th St - 7GS, NEW YORK, NY 10011
Listing #827177
$549,000
SqFt: 600 Bedroom(s): 1 Bathroom(s): 1
As only an agent would write: This glamorous full-service Doorman 1BR is truly a tear sheet from Metropolitan Home! No expense has been spared in this architectural gut renovation. Honey oak floors, large custom closets and a brand new showroom quality, state-of-the art Italian kitchen and bath make this showplace truly turnkey. Bright, spacious, and pin-drop quiet this is the perfect starter home, at the perfect price. Do nothing, except enjoy it all, including downtown's best location- just steps off of Fifth Avenue, in Chelsea's most established and desirable full-service coop. You must see this apartment to believe it!

71 E 77th St - 1A, NEW YORK, NY 10021
Listing #826649 $1,100,000
Bedroom(s): 2 Bathroom(s): 2
As only an agent would write: Exclusive Upper east Side location off of Park Avenue. Currently set up as a professional doctor's office. This space can be delivered as it is, or as a residential home with plenty of renovation possibilities.

35 Mount Morris Pk W - 2D, NEW YORK, NY 10027
Listing #826439 $825,000
SqFt: 1,480
Bedroom(s): 3 Bathroom(s): 2

30 West St - 29E, NEW YORK, NY 10006
Listing #826295
$2,275,000
Bedroom(s): 2 Bathroom(s): 2

303 W 146th St - 4R, NEW YORK, NY 10031
Listing #826184
$398,000
SqFt: 670
Bedroom(s): 1
Bathroom(s): 1
As only an agent would write: New Condo development. 14 units, 2 per floor, elevator, laundry, roof deck. Will be ready early 2007.
North, Excellent Light, Dishwasher

392 Central Park West - 15W, NEW YORK, NY 10025
Listing #826065
$739,000
SqFt: 824
Bedroom(s): 1 Bathroom(s): 1
As only an agent would write: CPW is one of the Most Sought after Family Friendly Condominium on the Upper West Side. This Huge One Bedroom Unit is in a Beautiful Full Service 24/7 Concierge Building with Wonderful Landscaped Gardens, Art Deco Lobby, State of The Art Fitness Center, High Speed Internet Service, Storage, and Bike & Laundry Rooms. Indoor Childrens Playroom. The Apt Has a Renovated Kitchen Parquet Floors, A/C, 11x17 BR, 12x30 LR, 9x8 Dining Room, 11x7 Kitchens, 8x5 Bath, 3 Huge Closets (One is a 5x7 Walk-in.) This is Truly a Wonderful Space, Balcony is 18x6 w/ Open City Views. Lowest Common Charges + Tax in NYC. Combined Only $622.00 A Month. B, C Trains at Corner. 1,2,3 Trains 2 Bocks on Bway & 96th St.

15 W 17th St - PH, NEW YORK, NY 10011
Listing #814901
$2,975,000
SqFt: 2,221
Bedroom(s): 2 Bathroom(s): 2
As only an agent would write: 2221 SF Interior plus 570 SF Private Roof Top Terrace. Privately keyed authentic Union Square Penthouse with wood burning firplace and expansive roof top deck. This is real loft living for real New Yorkers. Featuring mahogany cabinetry, two bedrooms and home office/library, three exposers and a wall of oversized windows facing 17th street. With 2,221 SF of luxurious living , two skylights and possibility for more, this Penthouse is what individuality in Manhattan is all about. The private roof top Terrace is an absolute beauty. Stainless steel appliances, exposed brick and a gourmet Chefs kitchen with granite counter tops complete this lovely home. This Penthouse will be finished to suit. Closing early 2007.

32 Gramercy Park South - 9E, NEW YORK, NY 10003
Listing #781080
$439,000
SqFt: 400
Bedroom(s): 0 Bathroom(s): 1

200 Chambers St - 24F, NEW YORK, NY 10007
Listing #765864
$2,145,000
SqFt: 1,624
Bedroom(s): 2 Bathroom(s): 2.5

10 Christopher St - 3B, NEW YORK, NY 10014
Listing #733085
$409,000
SqFt: 420
Bedroom(s): 0 Bathroom(s): 1
As only an agent would write: High beamed ceilings, exposed brick walls, columns, oversized windows with tree top views...This charmer has it all! The apartment has new oak strip wood floors and a galley kitchen with dishwasher. The pre war elevator building has a live-in superintendent and is pet friendly. Buy this apartment vacant or with a tenant in place. Own your little slice of West Village paradise steps from shopping, dining and transportation.

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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