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NYC Coop Sales Price Now Public Information
It's an old axiom that, despite increasing numbers of condos, coops still account for around 80% of NYC's apartment inventory. Yet, until recently, the sales figures were shrowded in mystery. No more. A recently passed law allows access to these figures through use of the City's ACRIS system. While the link may not be up for long, you can find a pdf guide to how the system works at NYC.gov/html/dof/html/jump/acris.shtm.
Noah's Ark 2006
In the year 2006, the Lord came unto Noah, who was now living in the United States, and said, "Once again, the earth has become wicked and over-populated, and I see the end of all flesh before me. Build another Ark and save 2 of every living thing along with a Few good humans." He gave Noah the blueprints, saying, "You have 6 months to build the Ark before I will start the unending rain for 40 days and 40 nights." Six months later, the Lord looked down and...
Commercial Rent Prices Up - Square Footage Down?
A recent article in Business Week suggests that the open space model of the dot com era may, actually be a paradigm to enable businesses to reduce one of their largest expenses, namely, commercial office rent. Yet, the position of the author is hardly universally shared, eliciting a number of rejections and criticisms in the posted comments following the article. From my own experience, there is no doubt that, technologically, more and more things can be done in more and more places....
Bubble Metrics
I came across a very interesting website, that of the Center for Economic Policy Research, an organization that's done alot of looking into the housing bubble issue and that has alot of articles that you'll find interesting and informative. What's really noteworthy, though, is a unique bubble calculator that seeks to measure whether you'd be better off renting or buying by plugging in the price, mortgage terms, location and projected hold time into the fields, which then takes into...
Expected Report of Year Over Year 2nd Qtr Condo Price Declines
Today's NY Sun reports that an expected industry report on condo prices will show softening on a year over year basis for the second quarter. As the article recites, industry analysts opine on whether they foresee a repeat of the coop collapse of the late 1980's when oversupply combined with softening demand and tax reform to cause a sharp drop in prices. Some, according to the article, feel the City's overall healthy economy will prevent this recurrence in the case of...
Worried about Interest Rates? Tell that to the Rent Guidelines Board
In an unusually raucus session of the Rent Guidelines Board's annual spectacle on guidlines increases for rent stabilized apartments in NYC, the Board members could hardly hear themselves over incessant drum beats from Tenant activists, yet still managed to outrage them, while disappointing landlords in the process. Read about the meeting and the increases at <a...
Problems When the 1031 Tail Wags the Dog
Here's an interesting article about what happens when investors, in their zeal to meet the stringent time requirements of a 1031 exchange, invest in properties in areas they're unfamiliar with and do so without their usual degree of due diligence. <a href="http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on" >http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on</a>
Everybody into the Pool!
When it comes to Terrorism Insurance, the government's days as a reinsurer of last resort are numbered, ending in 2007 following one extension of a temporary act intended to restore confidence among the Nation's insurers and reinsurers following the huge losses suffered as a result of the 9/11 attacks. A lobbying group called the Real Estate Roundtable, <a href="http://www.rer.org/," >http://www.rer.org/,</a> recently proposed modeling a future system after that...
Taxes and Commercial Real Estate Activity in NY
Today's NY Sun has an interesting article sure to reinvigorate the timeless intellectual arm wrestling about whether booms and busts in real estate are primarily driven by tax policy or the business cycle. This article focuses on the infamous "Cuomo Tax", formally known as the Real Property Gains Tax, enacted in the '80's by then Governor Mario Cuomo. In short, the tax that excluded townhouses and one and two family houses, surcharged capital gains on most other...
Another View on the Bubble-No Bubble Coin Toss
Glenn Roberts, Jr. of Inman News today quotes from findings of the Anderson Forecast, an economic report out of UCLA. According to the report, housing is more likely to head for a crash rather than the gradually deflating balloon we've all be hearing about lately. For more, check out the article ( subscription required) at <a href="http://www.inman.com/hstory.aspx?ID=53488" >http://www.inman.com/hstory.aspx?ID=53488</a>

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Successful Real Estate Investing Takes The Right Attitude
In the 80s, if you were going to go on a diet, popular periodicals would advise you to “think thin.” The magazine articles were reluctant to explain what that meant, but people were aware that they were supposed to do it. Adopt the psychology of the thin person, whatever that was supposed to be. A logical extension of this concept would be that if you want to make money, one would be able to accomplish that by adopting the psychology of the wealthy, right? As a matter of fact, this is true. In particular, you ought to internalize the mindset of the accomplished real estate investor.

The best real estate investors see the world through an opportunistic lens. They constantly have their feelers out for new moneymaking opportunities. They position themselves in the center of the flow of information. They “live the life” of the real estate investor, so to speak. Because of all this, they take notice of things that others do not.

Ken McElroy, writer of The ABCs of Real Estate Investing, part of the Rich Dad, Poor Dad book series, states that it is all about seeing patterns. If you look at enough properties, explore enough areas, speak with enough people, he claims, you'll start noticing these patterns. Then certain things will begin to occur. You may begin to feel luckier. And, McElroy says, this may be luck, but it is a sort of luck that comes with hard work and preparation.

Don't forget: “Fortune favors the prepared mind." Opportunities for profit are all around us, but if we don't stay alert, these opportunities may as well not exist. The prepared mind recognizes opportunity.

McElroy stresses repeatedly the fact that being a successful real estate investor is a process. It isn't just something that happens one day, as in one day we're suddenly successful. It's something that you do each day. Eventually things will start happening for you.

Someone who is successful concentrates on doing a little at a time, on educating himself on one subject or another, or making a certain deal. It is a “walk before you can crawl” process.

For example, McElroy says that if you have located a potentially profitable deal, you can obtain the

necessary funds as others will want their own share of the eventual profits. This isn't about negotiation skills necessarily, he said. Clearly, skillful negotiation can get you an even more advantageous deal at times, but you shouldn't worry about whether or not you can hold your own at the negotiation table. Just look for good deals.

Though they are constantly evaluating risk, constantly aware of it, good investors are not scared away by it. They figure out whether or not a risk seems reasonable. If the numbers add up, McElroy says, it's a good deal. If it's a good deal, the smart real estate investor goes ahead with it.

Piece of cake.

Those who do not know how to accurately evaluate risk may think that every deal is too risky. They make the assumption, for example, that a larger deal involves to great a risk for a beginner to deal with. They make that assumption because they have the misconception that the investor is investing a prodigious amount of his own funds into it when, in truth, a larger deal has the potential to generate greater profit for the participants. For this reason, you may be able to get backers for a deal like that. At the end of the day, you may put up less money than you would've on a smaller deal.

Real estate investment is just like anything else you might want to learn. For one thing, you first have to learn how to do it. And you learn by doing. Get out there and look at pieces of property. Visit cities as though you were intending to buy. Log on to the Internet and educate yourself about areas. Check out what others have said about the real estate in an area. Introduce yourself to people. Before long, you'll know enough to start considering making a deal. You do not need to have a pile of money in hand prior to entering the game. Just get out there and enjoy the process. Everything else will come.

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