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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

Real estate icon Hal Ellis dies
A legend in the Bay Area real estate arena, longtime area developer Hal Ellis died today at 77. Ellis was chairman of Ellis Partners, a company he started in 1993.
Blount Street Commons delayed
The economy has slowed down the development of the 21-acre Blount Street Commons project in downtown Raleigh.
National Association of Realtors pending sales index drops
The National Association of Realtors Pending Home Sales Index has dropped to a record low as the housing market continues to weigh on an already distressed economy.
National Association of Realtors pending sales index drops
The National Association of Realtors Pending Home Sales Index has dropped to a record low as the housing market continues to weigh on an already distressed economy.
National Association of Realtors sales index declines
The National Association of Realtors Pending Home Sales Index has dropped to a record low as the housing market continues to weigh on an already distressed economy.
National Association of Realtors pending sales index drops
The National Association of Realtors Pending Home Sales Index has dropped to a record low as the housing market continues to weigh on an already distressed economy.
National Association of Realtors pending sales index drops
The National Association of Realtors Pending Home Sales Index has dropped to a record low as the housing market continues to weigh on an already distressed economy.
Macy?s may be out of revamped Kingsdale
Redevelopment of the Kingsdale Shopping Center in Upper Arlington could eventually expand to include the Macy’s Inc. department store that anchors the 50-year-old suburban retail property.
Crye-Leike sales volume dives 26% in 2008
If 2008 was a rough year for residential real estate, it didn’t show at the 32nd annual Crye-Leike Realtor Kick-off, held this morning at the University of Memphis Holiday Inn.
Cornerstone Bank taps Feaster as CEO
The founder of the former Signature Bank, David Feaster, has been named president and chief executive of Cornerstone Community Bank. (WNTY)
King County?s home sales stagnant in December
The number of pending home sales last month in King County dropped by more than 21 percent compared with a year earlier.
Constar to be delisted by NASDAQ
Constar International Inc. said Tuesday that its common stock will be delisted from the NASDAQ Stock Market at the opening of business Thursday. (CNST)
National Association of Realtors pending sales index drops
The National Association of Realtors Pending Home Sales Index has dropped to a record low as the housing market continues to weigh on an already distressed economy.
CMHA board dispute has day in court
The city of Cincinnati will not appoint a new board member to the Cincinnati Metropolitan Housing Authority until late February at the earliest, city officials revealed at a court hearing Tuesday morning.
Pending home sales hit historic low in November
An index measuring sales contracts for houses and condos fells to its lowest point ever in November, the National Association of Realtors reported Tuesday.
National Association of Realtors pending sales index drops
The National Association of Realtors Pending Home Sales Index has dropped to a record low as the housing market continues to weigh on an already distressed economy.
Great Mall of the Great Plains sells for $20.5 million
Glimcher Realty Trust said Tuesday that it has sold The Great Mall of the Great Plains in Olathe for $20.5 million. (GRT)
BBB unveils letter grades for businesses
The Better Business Bureau of Eastern Missouri and Southern Illinois said Tuesday it would assign letter grades to area businesses ranging from A+ to F.
Pending home sales decline in November
An index measuring sales contracts for houses and condos fells to its lowest point ever in November, the National Association of Realtors reported today.
Jim Walter Homes shutters Alabama offices
Walter Industries Inc. has closed its homebuilding subsidiary, Jim Walter Homes, including its last Alabama sales offices. (WLT)
Glimcher sells Kansas mall
Glimcher Realty Trust has closed a deal to sell the Great Mall of the Great Plains in Olathe, Kan., its latest effort to unload “non-strategic” properties and focus on high-growth malls. (GRT)
Honolulu jobless rate up to 4.4% in November
Honolulu’s jobless rate was 4.4 percent in November, up from 3.8 percent in October, according to the latest data from the U.S. Bureau of Labor Statistics.
Report: Economic recovery a year away
Florida lost more than 150,000 jobs in the past 12 months and it’s only the beginning, said a report by Attorneys’ Title Insurance Fund.
National Association of Realtors pending sales index drops
The National Association of Realtors Pending Home Sales Index has dropped to a record low as the housing market continues to weigh on an already distressed economy.
Honolulu office market remains stable
Honolulu’s office market escaped much of the crisis that hit Mainland commercial real estate markets to end 2008 with only moderate differences from the year before, according to a new report.
Tampa to see housing market recovery by 2010, economist says
The Tampa housing market isn’t expecting to rebound this year as population declines and struggling employment numbers continue to be coupled with excess inventory.
Study: Fla. recession to last until 2011
Florida’s economy, like that of the rest of the nation, is suffering through an epic economic recession that isn’t expected to recover until 2011, according to a report released Tuesday by the Attorneys’ Title Insurance Fund.
D-FW apartment sector feels economic woes
A new study from M/PF Yieldstar says apartment occupancy in the Dallas-Fort Worth area during the final quarter of 2008 fell enough to negatively counter the area’s significant apartment rental growth the year prior.
Milwaukee home prices up, bucking trend
Milwaukee was the only one of 25 major cities where home prices rose from year-ago levels in October, according to a monthly report from real estate data firm Radar Logic.
Study: Fla. recession to last until 2011
Florida’s economy, like that of the rest of the nation, is suffering through an epic economic recession that isn’t expected to recover until 2011, according to a report released Tuesday by the Attorneys’ Title Insurance Fund.
Report: Ga. mortgage rates among lowest
Georgia had the second-lowest 30-year fixed mortgage rates last week, according to real estate Web site Zillow.com
Northwest building trades for $5.5M
Ritte Company has bought 1730 Massachusetts Ave. NW from the Institute for Electrical and Electronic Engineers Inc. for $5.5 million.
Oahu home prices stable in 2008
Home prices on Oahu fluctuated by single digits in December, while the number of sales fell by more than 19 percent year over year.
Kauai home sales fall 30%
Home sales on Kauai were down by more than 30 percent in December, and also were down by more than 30 percent for the whole year, according to new statistics.
Big Island home sales continue to fall
Home sales on the Big Island fell in December, mirroring the trend of a drop in sales of about 30 percent for all of 2008.
Abraxas reports success with South Texas well
Abraxas Petroleum Corp. reports a new gas well in South Texas is producing 600,000 cubic feet of gas per day. (AXAS)
City lays off eight development services workers
Sacramento on Monday announced it has laid off eight workers in the city’s development services department due to falling revenue.
Report: Tough times for Austin CRE in ?09
While Austin’s economy continues to fare better than that of other U.S. cities, 2009 will be a challenging year for commercial real estate, according to a global forecast released Monday by Grubb & Ellis Co. (NYSE: GBE). (GBE)
Southeast economy has more of the same in store in 2009
The Southeast can look forward to “more of the same” in 2009 when it comes to the regional economy, according to the Federal Reserve Bank of Atlanta.
Balfour Beatty buys into two Texas projects
Balfour Beatty Communities has paid $142 million to gain an interest in two phases of a military housing project in Texas.
N.C. foreclosures jumped 9% in 2008
The number of foreclosures in North Carolina increased by 9 percent in 2008, new state data show.
Montgomery County makes personnel changes
Montgomery County is making changes to its administrative hierarchy, promoting Assistant County Administrator Joe Tuss to second-in-command, it announced Monday.
N.C. foreclosures jumped 9% in 2008
The number of foreclosures in North Carolina increased by 9 percent in 2008, new state data show.
Orlando group plans Austin project
More than a year after it dropped plans for a massive, mixed-use development in Leander, Avalon Park Group Management Inc. of Orlando is re-entering the Austin market, this time on a smaller scale.
Economy to dominate ?09 Missouri General Assembly session
Economic issues will take a front seat during this year’s General Assembly session as Missouri lawmakers grapple with a projected $342 million budget shortfall and ways to fuel job growth amid a recession.
Mathews Nichols joins Allie Beth Allman
The Mathews Nichols Real Estate Group is beginning the new year with a new company.
Triad's Crisco named N.C. commerce sec'y
Gov.-elect Beverly Perdue on Monday named Asheboro businessman Keith Crisco as her choice for state Secretary of Commerce.
New Yorkers' confidence goes from ?worse? to ?bad?
New Yorkers’ consumer confidence has improved from “worse” to “bad,” according to the latest Siena Research Institute poll.
Real Estate Roundup: Fournier Group moves to Kaplan Building penthouse
The Fournier Group, a Portland-based insurance and financial services group, has moved its headquarters to the penthouse condo at the Kaplan Building, 510 S.W. Fifth St.
Progress Energy issues earnings prediction for 2009
Progress Energy’s earnings growth could slow in 2009 as the company cuts costs to deal with the economy. (PGN)
Lawmakers move to plug $2.3B budget gap
Business groups will be watching warily when Florida lawmakers return Jan. 5 to the Capitol to work on closing a $2.3 billion hole in the state’s $66 billion budget.
The housing market in 2009? It?s anyone?s guess
We asked three experts in the local housing market what to expect in 2009. We got three different answers.
Banks gear up for major shifts resulting from mergers
Coming off one of the toughest years in decades, most local bankers are hoping for a respite from the turmoil in 2009. They probably won’t get it.
Dorothy Bridges
Dorothy Bridges, one of only a handful of black female bank chief executive officers in the nation, took over in September 2008 as head of District-based City First Bank.
Drees, others file suit over HUD ruling
Fort Mitchell-based Drees Co. and several dozen national home builders have filed a complaint against the U.S. Department of Housing and Urban Development.
Attorney: Hale ?trying to work something out? over condo project
Baltimore developer Edwin F. Hale Sr. has defaulted on a $10 million loan taken out to finance Canton Crossing, a high-profile waterfront development in Baltimore City anchored by the 17-story First Mariner Bank tower, according to court documents.
Apartments sell for $4.8M; Nursing home union vote
City apartments sell for $4.8 million The Evergreen Village apartment building on the southwest side of Milwaukee sold for $4.8 million in December, $1 million more than it sold for in September 2002.
Biggest backlog of sales in King County hits Alki beach community
The quirky neighborhood of Alki Beach has long been known for its extensive coastline, its crusty seafood joints and its weathered surf shops, all of which are pounded by waves of Seattle tourists each summer.
Many condos for sale in Alki Beach community, but only one sign, please
There’s a slew of condos on the market in Alki but you wouldn’t know it from the “For Sale” signs — or lack of them.
Developer sells Whidbey vacation cottages to seniors instead
When a Colorado developer dreamed up Langley Garden Bungalows, he believed the Whidbey Island cottage community would draw baby boomer Seattleites looking for vacation homes.
Residential real estate
It was the year of the bargain hunter in residential real estate in Sacramento. First-time homebuyers snapped up foreclosed homes, investors hoped to capitalize on foreclosure prices and future residential development land traded at steep discounts.
Downtown Raleigh condo sales are slow, steady
RALEIGH – Downtown Raleigh condominium projects are not meeting the goals set by developers when dirt was turned, but slow and steady progress is being made despite a dire environment for the housing sector.
Lenders foresee the unforeseen
For those trying to maintain the flow of credit to small businesses and homebuyers, 2008 was an unsettling year. If New Mexico fared somewhat better than other states, nerves were perhaps all the more on edge as lenders waited for the other shoe to drop — as it just might in 2009.
San Felipe Pueblo?s housing stock grows with MFA?s help
San Felipe Pueblo is partnering with the New Mexico Mortgage Finance Authority on more than 30 rehabs and new construction projects on its homeland, halfway between Albuquerque and Santa Fe.
Apartments in outlying areas not experiencing drastic uptick in renters
While changes in the housing market are constantly on the move, to date Delaware and Licking counties have apparently not experienced a significant shift to apartment living. Licking County landlords, for instance, said it’s still business as usual – sort of – despite the unusual times.
With rental housing at a premium, older complexes need a facelift
A resurgence in apartment living brought on, in part, by the increase in foreclosures means a lot of properties need a facelift.
Apartment developers weigh options
A decline in job growth, a rising unemployment rate, unavailable credit and high vacancy rates have created a perfect storm of problems for the apartment sector, leaving real estate experts wary as the market enters 2009.
Chance Gordy optimistic about future of multifamily projects
Chance Gordy believes in the future of downtown condo living.
How do people looking to buy townhomes differ from those looking at single-family homes?
Cindy Manning, Realtor, Re/Max Town Centre: “Typically, demographics for townhomes have been first-time homeowners or an empty-nester who needs to downsize. Demographics for the single-family homebuyer are those who want much more space, a yard and want to get away from the feeling of an apartment lifestyle. Townhomes seem to be more attractive now because of price, low maintenance, amenities — most of them are new and updated.”
Egbert Perry will help fix mortgage giant Fannie Mae
Atlanta-based urban developer Egbert Perry has joined the board of troubled mortgage giant Fannie Mae, whose near collapse four months ago threatened to sink America’s housing market.
Little house on the infill
Chad Ludeman is building green homes that are affordable, and they even come with a blog and a happy hour.
Housing slump doesn?t scare Realtors? prez
Jim Alexander takes the reins of the Atlanta Board of Realtors (ABR) as the housing market is in the midst of a historic downturn and the group’s membership is in steep decline.
Green condos are still attracting buyers at listing price
When Kelly Hough received her energy bill last summer, she thought the electric company had made a mistake.
Jacksonville real estate is in for a rough 2009
Last year was rough for the commercial and residential real estate market, and 2009 isn’t expected to get much better.
There?s plenty of supply, but buyers aren?t getting loans
One way to look at the future of residential real estate is in terms of the classic supply and demand dynamic, except that those two factors are unlike anything industry veterans have ever seen.
Home sales offer 2009 litmus test
Entering 2009, housing is perhaps the most significant sign on the road to New Mexico’s recovery. If housing continues to soften, New Mexico’s recession is likely to be bumpy and prolonged.
Buyers, tenants stand to gain amid turmoil
The 2009 outlook for real estate — commercial as well as residential — is grim.
Apartment plan banks on new appeal of renting
Turning an old elementary school in Schenectady into luxury apartments might seem dicey right now because of the economy, but the timing could work in Franca DiCrescenzo’s favor.
Executive domains: Financial District loft puts the city at your front door
Neighborhoods are taking hold in Boston’s Financial District where, unlike the Back Bay or many of the South End’s long-established residential communities, buildings originally built for industrial use are being transformed.
10 To Watch: Mark DeWeese
GRAHAM — To say 2008 has been rough for Triad home builders is probably being generous. Mark DeWeese, president of Empire Homes in Graham, knows that as well as anyone.

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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