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

**** January 20, 2007 ****

Questions? Your calls and e-mails are more than welcome.
Referrals to prospective buyers and sellers? Ditto!

IN THIS ISSUE:

• Items of Interest
• Out and About
• Whither the Market?
• New Listings

Items of Interest
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The Scales of Justice

SUPREME COURT WON'T CONSIDER EMINENT DOMAIN AGAIN: The nation's top court has declined to decide whether a private company can demand payment in exchange for not seizing property, according to the Christian Science Monitor in Realtor magazine and the New York Times. Developer Bart Didden wanted to put a CVS pharmacy on property he owned in Port Chester, N.Y. He had approvals from the local planning board. Because the land was in a blighted redevelopment zone, he also had to also gain approval from the private redevelopment company hired by the city to control development in the zone. The developer overseeing the zone told Didden he'd have to pay $800,000 or give the developer, G&S, a 50 percent stake in the CVS business. Otherwise, G&S would seize the property and use it for a Walgreen's drug store. Didden refused, and the Village of Port Chester began eminent domain proceedings. In Kelo v. New London, the U.S. Supreme Court ruled 5-4 in 2005 that local governments could seize private property and turn it over to a private developer when the action was part of an economic development project that benefits the public.

The Investment Gambit

SOME RESIDENTIAL RENTAL VACANCY RATES ARE RISING: The average for the 79 largest U.S. markets climbed to 5.9 percent in the last three months of 2006 from 5.5 percent in the third quarter, according to a survey by research firm Reis Inc, says the Wall Street Journal in Realtor magazine. This was the largest quarter-to-quarter increase since the January-through-March period of 2003, Reis calculates. The vacancies grew as landlords raised rents, 4.4 percent over last year. Markets with the largest increases in the percentage of vacant units were Little Rock, Ark., which increased 2.3 percentage points to 8.7 percent; Palm Beach, Fla., which increased 1.7 percentage points to 6.5 percent; and Baltimore, 1.4 percentage points to 5.8 percent.

MANY CONDO DEVELOPERS IN THE U.S. ARE GLUM: Since the middle of 2006, the frenzied condominium market in big cities such as the District of Columbia, Las Vegas, Miami and Boston has collapsed, reports the New York Times. Once roaring sales have slowed to a trickle, sparse inventory has mushroomed into a glut and soaring prices have flattened out and started falling. In many cities, banks have significantly scaled back loans to condominium builders. Some have demanded that developers sell half or more of the units in a building before even beginning construction. In hopes of salvaging something from their costly plans, hundreds of developers are looking to the strong market for apartments, planning to rent their units for at least a couple of years while waiting for today's condo surplus to shrink. In some cases, developers are even turning older buildings back to rentals after a brief or aborted attempt at condo conversion. And while rents are high and rising in most cities, in many cases they still are not sufficient to turn a profit. Industry analysts also point out that rents may start sagging if too many condos are converted into apartments too quickly. One of the few exceptions to the trend is in Manhattan, particularly at the high end. Condo and co-op sales increased to 2,441 in the fourth quarter, from 1,574 a year ago, and inventory was relatively flat at 5,900, said appraiser Jonathan J. Miller. Nationally, condominium sales have fallen further than those of single-family properties, 13.6 percent from November 2005 to the same month in 2006. Inventories have risen 38.1 percent for condos and 29.6 percent for individual homes, according to the National Association of Realtors (NAR). The national median price was $224,600 in November, unchanged from November 2005.

Boldface

STRANGER THAN FICTION: Johnson & Johnson heiress Elizabeth Ross Johnson bought the Manhattan townhouse from Meryl Streep and her husband Donald Gummer for $9.1 million just in October of 2005, reports the Wall Street Journal. Now, she has the five-story brick home on West 12th Street in Greenwich Village on the market for nearly $16 million. She must have spent a mint on improvements, right? Wrong! The not so compelling argument is that there has been a rising market for townhouses and something called the "scarcity factor."

A SUPER SALE FOR REEVE HOME: The Pound Ridge, N.Y. home on three acres went on the market for $2.595 million shortly after Christopher Reeve died. The former Superman and his wife Dana Reeve bought the seven-bedroom house, which boasts a theater with surround sound, for under $1 million 14 years ago, notes the Wall Street Journal. The place is now listed as under contract, but, of course, the sale price is not yet disclosed.

FOOTBALL IS NOT HIS ONLY GAME: Former NFL super power Roger Staubach went into the property management business even before he left the Dallas Cowboys in the mid-1970s, launching his own firm in 1977, notes National Real Estate Investor in Realtor magazine. Today The Staubach Co. has 1,400 employees in 65 offices. The former quarterback emphasizes the same game plan that helped him guide the Cowboys to four Super Bowls: teamwork. "The platform doesn't work for everyone," Staubach says. "The real estate industry has become sort of a 'fee-and-me' business, where if you control the account, you're going to try to get most of the commission. Our structure is all customer-driven, where those who actually execute the transactions are rewarded."

SHE JUST CAN'T STOP HERSELF: Gwyneth Paltrow, a mother with two young children who also occasionally appears in films, is still in a nesting phase, observes the New York Times. Two years ago, she and her rock-musician husband, Chris Martin, bought a condo with 7,000 square feet of space on three-and-a-half floors in a small two-unit building in TriBeCa for $7.95 million. In August, they bought a summer house in Amagansett, N.Y., for $5.4 million. And then at the end of 2006, Ms. Paltrow signed a contract to buy the last unsold apartment at River Lofts in TriBeCa, a 4,400-square-foot sixth-floor penthouse with three bedrooms, three-and-a-half baths, a library and two terraces. The sale was put at just over $5 million, somewhat below the $5.5 million asking price.

BUYER OF JOHN EDWARDS HOME IS DISCLOSED: When the former North Carolina senator and Democratic presidential candidate finally succeeded last month in selling his imposing Georgetown mansion for $5.2 million, the names of the buyers were not publicly disclosed, says the Washington Post. The buyers were Paul and Terry Klaassen, according to several sources and confirmed by Edwards's spokeswoman. The grand 18th-century house had lingered on Washington's slowing real estate market for more than 18 months. The Edwardses paid $3.8 million in 2002 for the six-bedroom Federal-style house once owned by socialite Polly Fritchey, and they did substantial renovations. The final sale price was half a million dollars below the asking price but still $1.4 million more than the Edwardses paid four years earlier.

Home and Hearth

HOW SAFE ARE YOUR DOCUMENTS AND VALUABLES: For those who store them at home, investing in a safe is prudent, counsels the Washington Post. Home improvement stores carry options ranging from $20 to $1,200. As always, you get what you pay for, but be skeptical if the packaging says "fireproof." ("Fire-resistant," corrects David McGuinn, president of Safe Deposit Specialists in Houston. "Nothing is fireproof.") Safes are given ratings - expressed in hours - to indicate how long they will withstand heat or fire. And even if fire never reaches inside the safe, the heat outside could melt jewelry and incinerate papers. While a home safe is better than nothing, it's not burglar-proof. "Having valuables in a safe at home will slow [burglars] down, but it won't stop them," says McGuinn. Consider paying more for a safe that can be bolted to the floor or built into the wall.

ONLY THE BEST FOR BACKERS OF BACCHUS: With many expensive new houses and condominiums including dedicated space for wine, owners are often finding themselves a few cases short of a cellar, notes the Wall Street Journal. Many, of course, will fill them the old-fashioned way, accumulating a case here or there over the years. But in one emerging solution, others are seeking instant cellars - paying consultants to add hundreds or even thousands of bottles within a month or two or asking wine stores to fill overnight orders for a decade's worth of wine. At New York's Sherry-Lehmann four years ago, a client fresh from a remodeling job asked for help filling his new wine room. "I put together a proposal for 400 cases of wine, anticipating him to say, 'I'll take this or that,'" says company chairman Michael Aaron. "Instead, he says, 'I got the list. It looks good. Just send it." The $700,000 tab remains the retailer's largest instant-collection sale, Aaron recounts, but now the company says it fills about three turnkey-cellar orders each month. For customers who know how to spend but not, evidently, how to enjoy nuance.

TOILET TALK: No dirty jokes here, but the Washington Post notes that dual-flush models are now being widely specified for newly constructed condos, beach house developments and colleges; they also are being used in home remodeling projects. Costs range from $200 to $500 for most models. The dual-flush, dubbed "the eco-throne" by Popular Science magazine, is experiencing a sales boom in this country. A spokesman for Australian manufacturer Caroma, which has sold the dual-flush for more than 25 years, says U.S. sales doubled in the past year. Last year, Toto introduced the dual-flush Aquia, a stylish two-piece "skirted" design (smooth porcelain from rim to floor) available in six colors, including black and biscuit. According to company spokeswoman Lenora Campos, a family of four using the dual-control model could save 7,000 gallons of water a year beyond what is already saved by the standard 1.6 gpf model. The EPA awarded its first Water Efficiency Leaders (WEL) awards to spotlight water-efficient products and practices. One winner was the New York State Funeral Directors Association, which reduced the volume of water used in an embalming from 120 gallons to an astonishing 5 gallons. Let's not speculate how.

HERE'S HOW TO GET RID OF YOUR OLD COMPUTER: To learn about the donation of electronics to schools, charities and nonprofit organizations, visit Earth911.org. But if your computer is too outdated to donate, consider recycling. You can find out how by checking out electronicsrecycling.org. Either way, don't forget to remove personal information by using methods such as professional disk cleaning software to delete your Internet browser's cache, cookies, history, e-mail contacts and messages, documents, recycle or trash folder, and nontransferable software.

HAS THE DAY PAST FOR STAINLESS AND SPIRAL STAIRCASES: Maybe hardwood floors, installed throughout the house, would be a better bet for resale value, the Washington Post speculates. These are imponderables that Chicago-based real estate broker Mark Nash, author of "1,001 Tips for Buying and Selling a Home," posed to 5,000 real estate agents from around the country, receiving some 923 responses. What, he asked them, are the features that are turning for-sale signs into SOLD signs? The results: Some old favorites, such as spiral staircases, are definitely out, the agents said. But other "old" features, such as old-fashioned plank floors, weathered and recycled woods, and wood paneling over kitchen appliances have more appeal than ever, the agents said. Storage space brings buyer buzz on the spot, and even enhances property values. Think linen closets, dressing areas, pantries, luggage rooms. Meanwhile, some relatively new features are starting to feel dated, or are actually inciting a negative backlash at least among some buyers. Stainless steel appliances, for example, now draw criticism because some models are hard to keep smudge-free. Glass-front cabinets lose their appeal to some neatness-challenged homeowners who have trouble keeping their dishes arrayed in tidy rows. Vessel-style sinks, the sleek bowl-shaped, above-counter bathroom sinks, are still a popular "wow" feature with some buyers, but some real estate agents say they are falling from fashion because they, too, are hard to keep clean. But glass tiles in kitchens and baths add glisten and glow, at minimal cost, and are a definite yes.

This and That

CAN YOU TOP THIS: The most expensive house sold in 2006 was an English-style, 10,000-square-foot Alpine, N.J., mansion with guest cottages, pool, and tennis courts, according to the Institute for Luxury Home Marketing, reports Dow Jones Business News in Realtor magazine. The price tag for the 63-acre estate five miles from Manhattan: $58 million. Advanced Photonix CEO Richard Kurtz bought this year's top seller from Henry Clay Frick II.

LITCHFIELD COUNTY IS PULLING THEM IN, AND AT A COST: Between 2000 and 2004, 13 Litchfield County towns had increases in the median sale prices of homes of more than 40 percent, according to the Hartford Courant. Much has been written about the impact of the Internet on modern life – the drawing away of the young from print, of retailing from brick-and-mortar stores, of entertainment from movies and television. And Litchfield County has become a vivid example of a new, geographic drawing away. In Goshen, which even 15 years ago prided itself on being a rural, working enclave of dairy farmers and loggers, housing prices spiked 96 percent, to a median price of $373,000. In Salisbury – always exclusive, but attractively clustered with affordable, Cape-style homes occupied by the teachers and groundskeepers at the town's four private schools – house prices climbed 67 percent between 2000 and 2004, to a median sale price of $360,000.

Tax Tips

DO YOU GET THE POINT: One of the most important items you should understand is the concept of "points" when it comes to shopping for mortgages, notes Washington Post columnist Benny L. Kass. Each point is 1 percent of the amount of your mortgage loan; you pay points upfront when you borrow. Points can go by other names, such as loan discounts or origination fees, but for tax purposes, they're points. If you were to borrow $450,000, each point would cost you $4,500. Lenders can charge as many points as they want, but at some level, the loan becomes usurious, potentially illegal, and may represent what is commonly known as "loan sharking." Typically, for every point you pay a lender, you should be able to reduce your interest rate by 1/8 of a percent. Points paid to obtain a new mortgage are fully deductible in the year they are paid by the borrower. The IRS used to require that the borrower write a separate check to the lender for these points; in recent years, the IRS seems to have backed off this position. However, it still makes sense to have the settlement statement (the HUD-1) clearly reflect the number and amount of points you are paying.

THE IRS KNOWS WHERE YOU LIVE BUT MAY NOT MUCH CARE: Unless the home seller is audited, the IRS does not require any proof that the principal-residence-sale requirements were met to obtain your capital gains tax exemption, says Inman columnist Robert J. Bruss. If you qualify for the full exemption, up to $250,000 for a single principal-residence seller, or up to $500,000 for a qualified married couple filing a joint tax return, you don't even report your principal-residence sale on your income tax returns. If the IRS should question your eligibility, however, you will need proof the home was your principal residence. Evidence could include utility bills, voter registration, driver's license, bank accounts, nearby employment and income tax forms filed before the house was sold

The Soothsayers

FED OFFICIAL SAYS HOUSING MARKET MAY BE STABILIZING: Said Federal Reserve Board Vice Chairman Kohn: "Tentative signs have begun to emerge that the housing market may be stabilizing," according to the Wall Street Journal. "Housing starts may be not very far from their trough." But he added: "The risks around this outlook still are largely to the downside." Housing prices are still high relative to their fundamental determinants, such as interest rates and rental rates, he said. Moreover, uncertainty is magnified by the fact housing isn't responding to overly tight monetary policy, as in the past, but to unusually elevated sales and construction. Kohn also noted that long-term rates are "relatively low," thereby supporting housing. He noted long-term rates could rise if short-term rates "fail to follow the downward path currently built into market expectations" or if "term premiums" rise. The term premium is the additional interest rate a lender charges for a long-term rather than short-term loan that can't be explained by expectations of Fed policy. Got that?

TRADE GROUP SEES HOME SALES RISING GRADUALLY INTO 2008: The National Association of Realtors (NAR) finds that sales of existing homes bottomed in the last quarter and predicts their gradual rise through 2007 and into 2008. New-home sales should turn around by summer, according to the organization's latest forecast. Annual totals for existing-home sales in 2007 will be comparable to 2006, said the reliably optimistic David Lereah, NAR's chief economist. "Keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation," Lereah continued. "We are starting 2007 from a relatively low point, so even with a gradual improvement in sales, it'll be pretty much of a wash in terms of annual totals." Existing-home sales for 2006 are expected to come in at 6.50 million, the third highest on record, with a total of 6.42 million seen in 2007, according to the NAR. New-home sales in 2006 should tally 1.06 million, the fourth highest on record, with 957,000 projected this year. Builders are pulling back on new construction to support prices of remaining inventory. The national median existing-home price for all of 2006 is expected to rise 1.1 percent to $222,100, and then gain 1.5 percent this year to $225,300, the NAR said. And the median new-home price, after rising only 0.3 percent to $241,600 in 2006, is projected to grow 3.0 percent in 2007 to $248,900. "With all the wild projections by academics, Wall Street analysts, and others in the media, it appears that much of the housing sector is experiencing a soft landing," Lereah says. "Despite the doomsayers, household wealth will not evaporate and the economy will not go into a recession. If you're in it for the long haul, housing is a sound investment." Just what is the opposite of "doomsayer?"

MORTGAGE GROUP SEES SLOW RISE IN RATES: Chief Economist Doug Duncan of the Mortgage Bankers Association expects long-term rates to rise modestly this year, helping to cushion the decline in residential housing activity that will continue through at least mid-2007. "The 30-year fixed-rate mortgage yield should trend modestly higher over the first half of the year, reaching 6.5 percent by the third quarter and edging up just slightly through 2009. Thus, interest rates will still be quite low by historical standards," said Duncan. Total existing-home sales for 2007 will decline by about 7 percent relative to 2006, he predicted. New-home sales will decline by about 8 percent from 2006. Both home sales are projected to rebound in 2008 by about 3 percent and increase by about 1 percent in 2009. Existing-home price appreciation is expected to slow significantly over the next three years, Duncan said, adding that median prices should remain relatively flat for both new and existing homes.

A RATE CUT SEEMS IMPROBABLE: In three separate speeches, Federal Reserve Board officials made it sound unlikely that a rate cut would come anytime soon, according the USA Today and Reuters in Realtor magazine. In a speech in Arizona, San Francisco Fed President Janet Yellen said that, even though the current housing market decline has been significant and will probably continue for a while longer, concerns that it will result in a "devastating collapse - one that might be big enough to cause a recession in the U.S. economy - have been largely allayed." In a speech in New York, Fed Gov. Frederic Mishkin said it's debatable whether the central banks should respond to house price movements beyond doing what it takes to ensure stable inflation and employment. He said there is mixed economic research on whether raising interest rates deflates dangerous bubbles or makes downturns worse and noted that housing prices are less volatile than stock prices. In St. Louis, William Poole, the president of that Federal Reserve Bank, told the Chartered Financial Analysts that housing is still in a slump and it might be months before it is clear that the situation has improved. "My own instinct is we're not out of the woods on the state of the housing market," he said.

Research

MOST HEALTH-CARE WORKERS CAN'T AFFORD WHERE THEY WORK: They are priced out of homeownership in 187 of 202 U.S. metropolitan areas. "With Americans living longer and the baby boomer generation aging, our communities will need more health care workers to meet the growing demand. However, if these workers cannot afford to become homeowners, as this study shows, it will likely become difficult to attract a sufficient workforce," said Center Chairman Kent Colton, senior scholar at the Joint Center for Housing Studies of Harvard University. "It is also clear from this study that housing affordability concerns stretch beyond the health care field to a spectrum of other occupations." The Center's study found that, overall, in the United States, an annual income of $84,957 was needed to qualify to purchase the median priced home of $248,000 in the third quarter of 2006. Yet, during this period the median annual salaries of registered nurses ($58,640), licensed practical nurses ($37,127), nursing aides ($24,745), physical therapists ($62,417) and home health aides ($20,414) all fell short. The study also found that police officers would not qualify to purchase the median priced home in 161 of the 202 metro areas studied, followed by elementary school teachers at 157, and retail salespersons and janitors, who are priced out of homeownership in all the metro areas studied.

THAT'S THREE QUARTERS OF A MILLION WITH AN 'M': There were 744,313 people homeless in January 2005, according to Homelessness Counts, the first national assessment of the number of homeless people in over a decade. Among other findings: 56 percent of homeless people counted were living in shelters and transitional housing and 44 percent were unsheltered; 59 percent of homeless people counted were single adults and 41 percent were people living in families; in total, 98,452 homeless families were counted; 23 percent of homeless people were reported as chronically homeless, meaning they were disabled and had been homeless for long periods of time or repeatedly; and Alaska, California, Colorado, Hawaii, Idaho, Nevada, Oregon, Rhode Island and Washington were the states with the highest ratio of homeless people per capita.

The Big Apple

A PROPERTY TAX CUT IS ON THE HORIZON: Mayor Bloomberg proposed to cut property taxes by roughly 5 percent in his annual address to the City Council, according to the New York Times. The property tax cuts, which would be in addition to an existing $400 annual rebate for homeowners, would apply for at least the next fiscal year. The mayor's proposal is likely to get a sympathetic hearing from the City Council, whose members have been calling for tax relief and who set the tax rate as part of the budget process. The average yearly tax bill for a condominium owner is $6,449, so a 5 percent cut would translate to $322 annually. The average tax bill on a house is $3,098, and a 5 percent cut would save $160.

LOOK FOR SMALLER UNITS AT HIGHER PRICES PER SQUARE FOOT: So says The Real Deal, which notes that developers are downsizing their square footage to keep residential units affordable to a larger share of the market and help sales. Compounding the slowdown are increased construction costs, now up to around $400 a square foot, say developers, from $335 a square foot in 2005. The average sales price for a Manhattan apartment dropped 7 percent from the second quarter through the third. Developers are trying to maximize profits by selling smaller units, which have a higher price per square foot than larger units, says Andres Escobar, head of interior design company Andres Escobar & Associates. "The price per square foot is more obtainable in smaller units," Escobar said. "Developers need to be looking at the ultimate price. Most developers realize the market isn't as strong as it was a couple of years ago." Market reports for Corcoran, Prudential Douglas Elliman and Halstead have all reported a growing market for apartments priced below $800,000. Achieving higher per square foot prices means the entire project is worth more.

CITY AGENCY SEES JUMP IN PROPERTY VALUES: Estimated market values soared by 19 percent in 2006, double the increase from the previous year, city officials said, according to the New York Times. The steepest jump in market values is occurring in the Bronx and Brooklyn, with increases of 27.6 percent in both boroughs. The data come from the most authoritative snapshot of city property: the annual assessment roll, which contains market and assessed values for all residential, commercial and other property. The city estimates market values based on sales figures in the case of houses, and on potential income, in the case of apartment buildings, condominiums, cooperatives and commercial properties. The market value becomes the basis for the smaller assessed value, which is then used to calculate the tax bill. The figures not only reflect the surprising robustness of the city's real estate market, which increasingly seems detached from national trends, but also could provide a boost to the city's budget. They also mean that renters and some homeowners may have to dig deeper into their coffers for housing, although many homeowners are protected because of assessment caps, and tax rebates.

RENTAL MARKET EASES JUST A BIT: The rental market is still hot, according to The Real Deal. But maybe not quite as hot as it was this summer. Brokers say the typical seasonal drop-off seen in the fall was a little bit more of a harder landing that normal. Still, things are pretty strong. Rents rose around 15 percent this year, according to many brokers, and some expect hikes of another 5 to 10 percent next year. Fringe neighborhoods are commanding higher rents, and the lack of new rental development is limiting supply and making the market tighter.

10¢ HERE, 10¢ THERE DOES INDEED UP, DOESN'T IT: Since 1020 Fifth Avenue opened in 1925, members of the Kress family, the founders and heirs to a dime-store fortune, have lived high above Central Park among their artwork, antique woodwork and extravagant mantels, observes the New York Times. The duplex apartment, taking up the top two floors of the building, has 17 rooms, with five bedrooms, six baths, a grand salon and solarium, as well as large roof terraces. But in the last few weeks, the family has quietly put the penthouse, once home to one of the great private collections of Italian Renaissance art and still full of antique treasures, on the market. The Kress family was not at all shy about the asking price: in excess of $50 million, which if reached would challenge the records for the highest price of a prewar Manhattan co-op apartment. Samuel H. Kress, the founder of the long-gone but once ubiquitous S. H. Kress & Company variety stores, picked it up for the grand price of $150,000, according to a press account at the time. Even at that price, buyers interested in the penthouse would have to modernize the bathrooms and outdated kitchen, and then decide how much of the antique European décor that gives the space its sense of place to preserve or change. The record for closed co-op sales is still the $44 million paid by Rupert Murdoch when he bought the triplex owned by Laurance S. Rockefeller in 2004.

ENOUGH ALREADY: Fewer people are going into the real estate business, dropping the number of newly licensed agents in the city to the lowest level since the terrorist attacks of Sept. 11, 2001, observes The Real Deal. The New York Department of State, which oversees licensing of real estate agents, recorded 698 new agents in the five boroughs certified between April and October 2006. That was the smallest six-month increase since the period between October 2001 and April 2002, when the number grew by 614. There are still plenty of people who are making a living in the field, though - the department shows 41,575 licensed agents in the city. Along with the declining growth in new agents comes a drop in the growth of the ranks of brokers. The number of brokers in the city increased by 337 to 24,209 between April and October 2006, the smallest rise for any six-month stretch since April to October 2002, when the growth was 267, according to the state.

MURRAY HILL IS MATURING: For years, landlords in Murray Hill, the East Side neighborhood bridging Downtown and Midtown, have banked on tenants who are twenty-somethings with financial support who want to live in a doorman building, according to The Real Deal. In today's white-hot Manhattan rental market, however, many young people can't afford Murray Hill's steep rents, and neighborhood landlords are increasingly passing over freshly minted college grads in favor of independently flush tenants with longer rental histories. Add to that the warm reception for recent condo projects, and it's clear that the face of Murray Hill is changing. In addition, landlords are finding the manner in which many young people gained a foothold in the neighborhood - by sharing apartments or converting spaces so they have extra bedrooms - less desirable.

HOW HIGH UP IS: High ceilings, long a selling point for New York apartments, are getting even higher, with the tallest being out of reach for all but upper-end buyers who don't have to stretch their dollars, notes The Real Deal. "Ceiling height is one of the primary focuses of layouts in new developments over the past five years," says Jonathan Miller, president and CEO of appraisal firm Miller Samuel. "Developers have tried to emulate the prewar style of larger room size and higher ceiling heights because buyers will pay a premium for that." For example, at 15 Madison Square North on an edge of Madison Square Park, units with 14-foot ceilings command a 10 percent premium compared with apartments that have 12-foot ceilings.

CITY BUCKS NATIONAL FORCLOSURES TREND: That key indicator of the trajectory of the real estate market is falling in the city and state while foreclosures rise in the rest of the country, reports the New York Times. But many holders of adjustable rate mortgages, or ARMs, could soon be exposed to rising interest rates as the period of their mortgage that has a set rate expires. Exposure to higher payments could land some ARM holders in trouble and push foreclosure numbers up. Nationwide, foreclosures peaked at 117,150 in February 2006, dropped to 88,194 in June and climbed to 112,510 in September, according to figures compiled by RealtyTrac.com. In New York, statewide statistics compiled by RealtyTrac.com defy national trends. Foreclosures in February 2006 reached 5,205, dropped to 3,907 in June, bounced to 4,537 in August, then fell to 3,622 in September. In the five boroughs, the number of foreclosure auctions dipped in the third quarter, according to PropertyShark.com. New York City foreclosures dropped from 948 in the first quarter to 762 in the third quarter.

THE COST OF SHELTER OUTPACES ALL CONSUMER PRICES: The cost of putting a roof over one's head in the New York metropolitan region rose faster last year than at any other time since Edward Koch was mayor, the federal Labor Department reported, according to the New York Times. The Bureau of Labor Statistics said the cost of housing was the main driver of inflation in the region in 2006. Over all, consumer prices rose 3.3 percent in the region last year, but the cost of shelter rose 6.5 percent, the biggest leap since 1989, said Michael L. Dolfman, regional commissioner of labor statistics. "The prices of homes in the last couple of years have gone up very, very significantly," Mr. Dolfman said, adding that shelter costs in the region are a mixed measure of apartment rents and home ownership. The previous peak in housing inflation came just before a wrenching recession that dragged the region's housing market into a long slump.

The Mortgage Biz

RATES REACH HIGHEST LEVEL SINCE NOVEMBER: The 30-year fixed-rate mortgage (FRM) averaged 6.23 percent for the week, up from last week's 6.21 percent and last year's 6.10 percent. The 15-year FRM this week was 5.98 percent in comparison with 5.96 percent the prior week and 5.67 percent a year ago. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.04 percent, having inched up from 6.03 percent. A year ago, it was 5.75 percent. One-year Treasury-indexed ARMs averaged 5.51 percent, up from last week, when it was 5.44 percent, and from last year's 5.18 percent.

MORTGAGE FRAUD CONTINUES ITS ASCENT: According to new statistics from the Federal Bureau of Investigation, the incidence of fraud is rising despite increased attention from the financial industry and law enforcement agencies, reports the New York Times. "We recognize it's a growing problem, so we've redoubled our efforts to work with the industry and other law enforcement agencies to address it," said William Stern, the F.B.I.'s mortgage fraud coordinator. "We're seeing it spill over to things like organized crime and gangs, which concerns us, too." As of early January, the bureau had 938 pending mortgage-fraud investigations, compared with 818 at the end of September and 721 in September 2005. The F.B.I. estimated that the actual number of cases was closer to 36,000 for the year ended Sept. 30, compared with 22,000 the previous year. The bureau's cases typically involve so-called "fraud for profit," which happens when criminals seek to make off with the funds from a loan. Criminals will buy a house, often using a stolen identity, from a legitimate seller, then immediately put the house up for sale. Others in the crime ring will then pose as buyers and work with a corrupt appraiser to assign an inflated value to the house. After finding a mortgage at the inflated value, the buyers split the proceeds from the fraudulent mortgage with the sellers. The other major category of mortgage fraud involves "fraud for property." In these cases, borrowers typically inflate their incomes on mortgage applications so that they can qualify for loans that would otherwise be outside their reach.

PURCHASE APPLICATIONS SLIP: For the week ended Jan. 12, mortgage loan application volume fell by 0.6 percent on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association. On an unadjusted basis, the activity increased by 28.9 percent from the New Year holiday week; it was up 9.8 percent compared with the same week one year earlier. Seasonally adjusted, refinancings went up by 6.3 percent from the previous week, and purchases decreased by 7 percent. The refinance share of mortgage activity grew to 49.9 percent of total applications from 48.4 percent the previous week, and the adjustable-rate mortgage (ARM) share, to 21.2 from 20.1 percent of the total.

The Market

WARM DECEMBER BOOSTS HOUSING STARTS IN THE U.S.: Including condominiums and apartments, starts rose 4.5 percent to a seasonally adjusted annual rate of 1.642 million units for the month, according to figures released by the Commerce Department. Total housing starts for 2006 were at an estimated 1.801 million units - 12.9 percent fewer than in 2005. Builders increased the pace of permit issuance by 5.5 percent in December to 1.596 million units, a level that was 24.3 percent below a year ago. The pace of multifamily permit issuance was up 19.0 percent to 432,000 units for the month, but 7.1 percent below the December 2005 pace.

BUILDERS BELIEVE THINGS ARE LOOKING UP FOR THEM: Continuing on an upward trend that began in the final quarter of 2006, builder confidence rose two points in January, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI increased from an upwardly revised 33 in December to 35 in January, its highest level since July of 2006. "Builders are starting to see that the worst is behind them and that buying conditions have improved to the point that greater optimism is warranted," commented David Seiders, chief economist of the National Association of Home Builders. He added that the recent stabilization of home buyer demand largely reflects reductions in mortgage interest rates since mid-year, lower energy prices following what had been record highs, and solid growth in employment and household income. Reductions in home prices and widespread sales incentives offered by builders also have helped resuscitate buyer demand.

Out and About
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Robert Frost Was Right, Unfortunately

Something there is that does not love a wall, wrote the poet. What would that be? From all appearances, that would be the buyer of an adjoining apartment.

How rare is the combination of two or more units in a manner that is aesthetic, harmonious and well integrated so that flow is smooth, the merger is imperceptible and room use is sensible. Without – and sometimes even with - a gut renovation, the result is almost always awkward and wasteful of space.

It is too often like a shotgun marriage between the Hatfields and the McCoys, who would rather eliminate than embrace each other. The ceremony shouldn't be allowed to take place, yet in a marketplace with changing demographics, evolving needs and housing stock that has become mismatched over time with what city dwellers want, the acquisition of the apartment next door has become a widespread desire. But it is a goal that is reached far too frequently and a combination that is achieved with far too little success.

Consider as a prime example of failure a Flatiron apartment on the market in the shadow of the building that gives its name to the neighborhood. With three bedrooms, two baths in its 1,641 square feet, this condo was, astonishingly, featured in a book called "Good House Hunting." Maybe the owner or the architect wrote it? The place has herringbone hardwood floors, beamed ceilings, balcony and, naturally, two entrances.

A rabbit warren with wandering halls, the unit has oddly placed rooms and no sense of where to walk to reach what. The second kitchen has been turned half into a laundry room, and the second living room is so detached from the rest of the apartment that it seems like an afterthought. Now, the large room is furnished with just two chairs, only one of which faces the big TV. What underscores its apparent superfluity is the presence of a cozy den off the master bedroom. Maybe the added one-bedroom unit would be appropriate for use as an office or pied-a-terre for college students on their visits home. But so would space in a separate apartment that does not suffer from an ill-designed combination with another one.

Despite expanses of custom wall paneling and cabinetry, or because of them, everything needs to be ripped out for a new beginning. Who would want to fork over $1.95 million, with $918 in common charges, for a place without views that desperately needs a total makeover – even in a building with roof deck, free health club, children's playroom, garage, full-time doorman and a laundry on each floor? Not anyone in his or her right mind.

A small sampling of other apartments and townhouses listed by various brokers and seen since our last issue:

• *A lovely 700-sf one-bedroom apartment on Carnegie Hill with a new windowed kitchen, improved bath and four closets. In a pre-war building with live-in super, this co-op has lots of charm and excellent flow. The price of $495,000, with $753 monthly maintenance, is squarely on the market.
• On the Upper West Side a couple of blocks from a #1 subway station, a townhouse that is impressive with the exception of one important feature. It has been configured into a renovated owner's duplex, three large market-rent apartments (two of them with outdoor space), plentiful original detail, working fireplaces and, in all, 6,000 square feet of livable space. The problem: the modern kitchen and master bedroom in the owner's duplex. With an island, the kitchen is basically an eat-in affair that is unaccountably situated a long, long hike downstairs to the dim renovated basement, which boasts a separate entrance and a couple of bedrooms, including the master, and baths. Way upstairs on the parlor floor is the just the living room and an extraordinarily handsome wood-paneled dining room with fireplace. Don't even think about serving dinner there! The new owner would have to find space for a new $100,000 kitchen, rent out the downstairs and reconfigure the building to provide bedroom space. Still, at $4.85 million, the townhouse is well priced.
• A pre-war co-op on Riverside Drive with entry through a Lilliputian galley kitchen (two-burner electric stove), French doors between the living room and bedroom and the improved bath beyond. Although the building itself is less than distinguished on a busy and charmless block close to an express subway station, this bright seventh-floor apartment represents good value at $449,000 with $572 monthly maintenance.
• In Chelsea, a 1,400-sf apartment with one bedroom, the possibility of making the mistake of turning a dining area into another bedroom, one and a half baths, six-foot-high windows overlooking Avenue of the Americas, a rear terrace off the oversize bedroom overshadowed by surrounding building, and excessive hallways. Among the pluses of this condo in a converted building are a beautiful open kitchen with granite counters and cherry cabinets, high ceilings, limestone master bath with separate shower, glass-tiled powder room, and a washer/dryer. Given that it is best as a one-bedroom unit, this condo is listed at an optimistic $1.355 million with $718 in common charges. Rumor has it that the owner is about to give up and try to rent it.
• A four-bedroom condo on the Upper West Side east of Amsterdam Avenue that is the result of combining two apartments in that rare exception of agreeable design. The reason is that the master suite has been located at one side of the foyer along with the living/dining room, and the three other bedrooms and their two baths are in the opposite wing, plus a family room. The very upscale kitchen and breakfast area are in the center. This is a 2,300-sf home with limestone, polished quartz, Brazilian teak floors, cove lighting, south-facing balcony and numerous other pleasant touches - at a price: $3.5 million, with $1,920 in common charges.
• *In Tribeca, a glamorous two-bedroom, two-bath loft with 10-foot ceilings, oversized living room, gas fireplace, stunning kitchen with cherry, granite and a six-burner Viking stove, and gleaming hardwood floors in an 1881 brick building with 28 units, live-in super and key-locked elevator that opens directly into the loft. The 2,082-sf condo has the usual end windows, so the bedrooms are on the dark side, but the master bath boasts cherry, limestone and separate soaking tub and shower stall (though access is via the literally walk-in closet. The flow is excellent, and the front rooms have great proportions. Price: $2.595 million with $2,082 in monthly common charges.
• Up three flights of stairs near Central Park on the Upper West Side in a converted eight-unit brownstone with dim public spaces, a pleasant top floor duplex with solarium, private 242-sf roof deck, one bedroom and one-and-a-half baths. One end of the up-to-date galley kitchen is open to the living room, which has a wood-burning fireplace and a rickety spiral staircase up to the bedroom and deck. A washer/dryer can be installed, but the hike up to the apartment would be a long one with shopping bags, making the price of $950,000 for this co-op with $790 in maintenance seem much too high.
• In the Flatiron neighborhood, a handsome two-bedroom corner apartment that has a balcony, glorious views, excellent flow, beautiful finishes with quarter-sawn English Sycamore and honed stone, beautiful windowed master bath with European walk-in shower, many closets and a second, modern bath. The kitchen of this condo in a full-service building also is top-of-the line, open to the living area. The unit is competitively priced at $1.94 million with common charges of $766 monthly.
• A one-bedroom apartment in a new tower that is far east and north on Carnegie Hill. Featuring good design, standard side-by-side room layout, a pleasant modern kitchen with pass-through and relatively open views from a high floor, this co-op (with condo rules) is listed at $665,000, reduced from $679,000 after more than three weeks on the market. Monthly maintenance is $755. It is still a heady price for so little space, which appears to be around 650 square feet.
• *On the Upper West Side, yet another bizarrely renovated apartment that eschews its pre-war origins in a Riverside Drive building. The 1,800-sf co-op was gutted by previous owners to put the kitchen in the center, just about the first thing visitors see from the front door. The three bedrooms are in three corners, one of them occupying the space of the former kitchen; a decorative partial wall that obscures a small home office next to the new kitchen presents a defiant face to guests; the master bedroom shares a dual-entry bath with what is now a child's room; the kitchen sink juts out from a narrow wall, unattached to any counters; and the views from the master bedroom and living room are winning. It's hard to imagine what the architect was thinking. If he was at all. Or was he just following orders? Price: $2.1 million, with maintenance $1,805.
• Near Gramercy Park, a quirky duplex penthouse in an unappealing building east of Third Avenue. The first floor has an interior, sadly outdated kitchen (even with high-end fridge and granite countertops), a wood-burning fireplace, living room, second bedroom and two floor-to-ceiling walls of built-in shelving that defines tasteless. Venture up the spiral staircase to the master suite, which includes a nice marble-tiled bath, sitting room and sliding-glass doors to a spacious terrace that helps explain the asking price of $1.75 million, reduced from $2.2 million, with $1,170 in common charges.
• In Yorkville, an overpriced one-bedroom condo with walls (and intercom) painted the color of French's mustard, a kitchen all in 70s laminate, minimal closet space, entry down a long hall past the bedroom as well as the unimproved bath, and a wall of windows facing a well-trafficked avenue from the second floor in a building with sullen part-time doorman, plus grimy, narrow, smelly and otherwise grim narrow hallways. This 776-sf unit is offered at a reduced price of $629,000 with $504 in common charges monthly. Not reduced enough.
• A two-bedroom, two-bath duplex condo in Tribeca with private roof deck, 11-foot ceilings, arched windows, marble bathrooms, washer/dryer, southern exposure, hardwood floors and a living/dining area unfortunately dominated by a massive spiral staircase to the outdoor space. The full-service building allows pets and is nicely located. This 1,300-sf oft, which has a decent modern kitchen, is listed inappropriately at $2.085 million, with monthly common charges of $980.

Whither the Market?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Prognosticators Do Their Thing

by Glenn Roberts Jr.
Inman News

Never say die when it comes to New York real estate.

All that national jabber about a housing-market meltdown fell flat in Manhattan, said Dottie Herman, president and CEO for Prudential Douglas Elliman, a Manhattan real estate brokerage firm.

A crash? Not even close, Herman said. "I would just say that we might have blinked."
Herman and other Manhattan real estate luminaries detailed the real estate industry's growth and progress and praised the city's leadership during a session at conference called "Real Estate Connect NYC," which focused on future trends in area real estate.

"Most of the reporters are reporting very negative things because they 'cookie-cuttered' the whole country," Herman said. New York isn't like the rest of the country, though, and the market there is doing just fine, she said. Million-dollar bonuses on Wall Street, an influx of foreign purchasers and city leadership have contributed to the strength of the industry, she said.

World Trade Center site developer Larry A. Silverstein, another panelist, noted that areas around Wall Street that were formerly dominated by office buildings are converting in rapid succession to residential buildings. "We can see the effects of the gentrification - the different parts of the different neighborhoods coming alive all over again," he said, adding that transportation systems have been improving to accommodate the population growth in the area. The expansion and enhancements, he said, "is just nothing short of remarkable."

He is definitely putting his money where his mouth is. Lots of it. Silverstein is paying $8 billion to rebuild office space at the World Trade Center site, and the total development of the site will cost $16 billion - or $1 billion an acre, he said.

"People don't fully appreciate what is about to transpire down in Lower Manhattan. We're going to see massive amounts of new housing created in that part of town. (It is) coming alive such that it hasn't been for many years. At the end of five years we're all going to look back and say, 'This is really extraordinary,'" the developer said.

While new housing units are coming online closer to job centers, he said affordable rental housing is sorely lacking. "There's a terrible need for rental housing in the city today, especially for middle-income people."

Steven Spinola, president of the Real Estate Board of New York, the largest real estate trade group in the city, said construction costs are at an all-time high, though there are programs that provide incentives to developers who build middle-income and low-income housing. Those programs don't always work, though, in a city with escalating prices. "Developers feel that they can get more from the market rate than they can from middle-income and low-income (projects)," he said.

"The reason for not building enough middle-income housing is because the return isn't there." Land costs alone can range from $100 per square foot in the outer boroughs to $200 to $400 per square foot in Manhattan, he said. "So the numbers are extraordinary."

But the industry is not moving to New Jersey anytime soon, he added, saying "We're not going to pick up buildings and move to a less expensive place."

*****

Despite affordability problems, there is still demand, Spinola said, as the city is growing in population and expected to add another 1 million residents by 2020. "The real estate industry in New York City is tied to how well the city is doing. The city has never been doing better than it is right now, and as an industry (we've) really never done any better." The city and its leaders have proved that the city is manageable and controllable, he said.

Growth is carrying the city's residents in new directions, and neighborhood boundaries and the way people think about neighborhoods is fundamentally changing, said Diane M. Ramirez, president of Halstead Property, another Manhattan brokerage firm. The company and its real estate salespersons have likewise expanded their boundaries, she noted.

In past times, prospect buyers "would give you a six or eight-square-block area that they want to live in; now the customer says, 'I'll live anywhere in Manhattan,' " she said. The thought of neighborhoods is just totally changing. Whole boroughs are going to be neighborhoods. It's like Manhattan, in my opinion, is a neighborhood now. It's no longer little sections."

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.

300 W 23rd St - 7G, NEW YORK, NY, 10011
$689000
Bedroom(s): 1
Bath(s): 1
Square Feet: 750
In the listing agent's inimitable words: "WHAT A LOCATION AND SO MUCH SPACE! Finally an apartment in prime Chelsea location with good light, space and all for a great price. This pre-war one bedroom features a great layout with grand size rooms. An entrance foyer that separates living room and bedroom for more privacy. To top things of you will find high ceilings and lots of closet space. The building designed by Architect Emory Roth has been restored to its best and is now one of the most sought after buildings in Chelsea. Full service 24 hour doorman COOP. Apartment Features: East exposure Building Features: Private storage, Package room, Water, Electric, Gas"
Listing #: 807830

57 E 75th St - 2F, NEW YORK, NY, 10021
$850000
Bedroom(s): 1
Bath(s): 1.5
Square Feet: 855
In the listing agent's inimitable words: "Unique sun filled multi-level Coop apartment located in the East 70s, steps from Central Park on one of the nicest blocks between Madison and Park Avenues. A private keyed elevator with a video TV security system leads you up to the entry level where there is a powder room and a new eat-in kitchen with a washer/dryer. Step up to the living room with a wood burning fireplace, four large windows with three exposures, plus a Juliet planting balcony. Step up again to a bedroom, dressing area and a full bath complete with Jacuzzi tub and bidet. This apartment has incredible closet and storage space and is in excellent move-in condition. Pied-a-Terre's allowed. No pets allowed."
Listing #: 807308

418 Central Park West - 64, NEW YORK, NY, 10025
$1100000
Bedroom(s): 3
Bath(s): 2
In the listing agent's inimitable words: "Here is a great opportunity to live in a turn of the Century, Prewar 24 Hour Doorman Condo Building Located on Central Park West. An amazing converted three bedrooms with two full bathrooms, a large separate windowed kitchen with dishwasher, high ceilings and wood floors throughout. A washer & dryer are allowed, pets are welcomed, and there is a live-in super, great for investment or family with Central Park right there at your front door! Close to the subways (1 block away) and the cross-town bus on 96th street. There is currently a monthly assessment of $302.00 x 40 month's payable in full @ closing **SPONSOR UNIT - NO BOARD APPROVAL**"
Listing #: 808410

1160 Third Ave - 5K, NEW YORK, NY, 10021
$539000
Bedroom(s): 1
Bath(s): 1
Square Feet: 700
In the listing agent's inimitable words: "This warm and well appointed, mint condition one bedroom apartment needs only you and your furniture! Features include a spacious balcony; a large, renovated kitchen with granite countertops, a dishwasher and a breakfast bar; ample closet space; mint condition bathroom; hardwood floors and through wall air conditioning. Full time doorman. Pied a terres allowed. Apartment Features: West exposure, Balcony, Partial city view Building Features:"
Listing #: 807488

1600 Broadway - 21F, NEW YORK, NY, 10019
$864000
Bedroom(s): 0
Bath(s): 1
Square Feet: 600
In the listing agent's inimitable words: "The Ultimate Urban Living! Rare and unique residential opportunity at the gateway to Times Square and Rockefeller Center, in the heart of New York City. Spectacular views and Sunflooded!!! Brand new, never lived in studio apartment on 21st Floor. Open, state of the art EIK with granite countertops, full-height glass backsplashes, Sub-Zero refrigerator, Bosch and Miele appliances. Washer and Dryer in the apartment. Generous size bathroom with tub for 2 and soothing colors limestone walls and floors result in a warm and inviting space where you will feel comfortable lingering and relaxing. Enjoy the many world-class amenities offered at Club On The Square, including an entertainment lounge with billiards, putting green, virtual golf, fitness center and full-equipped conference center. Watch the city move from lounge chairs on the lawn, stargaze, or sunbathe, and take an outdoor shower on the expansive rooftop observatory deck. Also available for rent."
Listing #: 808229

150 Columbus Ave - 22F, NEW YORK, NY, 10023
$2150000
Bedroom(s): 2
Bath(s): 2.5
Square Feet: 1609
In the listing agent's inimitable words: "This beautiful and spacious 2Br/2.5 bath condo is in excellent condition. The apartment also features a large entry foyer, oversized windows with expansive city views, herringbone floors, marble baths, a new washer/dryer and a new convection oven/microwave. The master bedroom is outfitted with built-in storage units maximizing space efficiency. Situated in Lincoln Square, a prime Millennium building; shopping, transportation, Lincoln Center, and Central Park are only steps away! Discount is available at the Reebok gym. Apartment Features: East exposure, North exposure, West exposure, Full city view, Partial park view, Floors - hardwood, Light - excellent, Windows - oversized, Modern kitchen, Marble bath, Great closet space, Washer/dryer, Dishwasher Building Features: Health club"
Listing #: 807277

17 E 16th St - 7FL, New York, NY, 10003
$5950000
Bedroom(s): 4
Bath(s): 3.5
Square Feet: 4000
In the listing agent's inimitable words: "Full floor in prime 50 wide loft building on the best UNION SQUARE block. Impeccably renovated with every amenity. Beautifully detailed throughout, it has an expansive open living-dining area with bright south facing floor-to-ceiling window wall, custom eat-in kitchen, high ceilings, enormous master suite, 3 additional bedrooms, 3.5 baths. Separate library or guest room and home office. Laundry room, central AC, large-keyed passenger and freight elevator. Building dimensions of 50x92 offers layout perfectly separating living and sleeping."
Listing #: 806909

955 Fifth Ave - 2A, NEW YORK, NY, 10021
$3195000
Bedroom(s): 2
Bath(s): 3
In the listing agent's inimitable words: "Classic six-room apartment in fabulous full-service Rosario Candela building. Beautifully proportioned rooms with direct Central Park views from the living room and master bedroom. Wood-burning fireplace, gracious formal dining room. Building boasts a state-of-the art gym, roof terrace and is pet friendly. Estate condition."
Listing #: 808457

595 West End Ave - 12D, New York, NY, 10024
$845000
Bedroom(s): 1
Bath(s): 1
Square Feet: 702
In the listing agent's inimitable words: "595 West End Avenue at 89th Street snuggled peacefully next to Riverside Park- This pre-war gem offers world chic within the heart and soul of the upper West side. An address with style, a design with vision and a community with heart. Designed by acclaimed designer Sean Johnson, these residences are being reinterpreted to preserve its old world style and classic elegance. Apartments feature Dark Walnut Stained Oak Hard Wood Flooring. New fixtures throughout. Granite Kitchens come complete with Stainless GE Profile Appliances. New marble baths with Chrome fixtures, 12 x 12 Bianca Carrerra Floors, and mosaic tile back-splash, Zuma soaking tub. Washer/Dryer in every unit. There will be individual storage bins (price to be determined by sponsor), bike racks and separate space for gym & playroom to be designed by board."
Listing #: 1171296J

232 W 75th St - PH4A, NEW YORK, NY, 10023
$662000
Bedroom(s): 1
Bath(s): 1.5
In the listing agent's inimitable words: "Amazing one bedroom duplex with private outdoor space in the heart of the Upper West Side! This unique apartment features a working fireplace, a huge private outdoor deck, a separate semi-private sundeck, high ceilings, California closets, and the convenience of being located right around the corner from Fairway and Citarella, and near the subways. The large sunken living room features dark hardwood floors, with large windows that allow in lots of sun. A spiral staircase leads to the bedroom off of which is the huge private terrace, great for gatherings and for having your own private oasis in the city. Very low maintenance, dishwasher, gas range, air conditioning on both levels, washer/dryer in building, cats permitted. 80 percent financing permitted."
Listing #: 807827

257 W 117th St - 7A, NEW YORK, NY, 10026
$1799000
Bedroom(s): 3
Bath(s): 2
Square Feet: 2100
In the listing agent's inimitable words: "Bright Fabulous 2,100 sq ft 3-4 Bedroom, 2 Baths Luxury condo gut renovation home featuring top of the line kitchen with stainless steel appliances Miele Dish Washer, Brazilian cherry floors. Apartment is wired for high speed internet access and cable. Great layout for family or fantastic entertaining. Luxury new condo bldg with full time doorman.. This top floor penthouse comes with 1500 square feet of private roof deck with unobstructed views of Manhattan. Your own interior stairway will take you to your rooftop paradise. Occupancy March 2007"
Listing #: 807681

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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