Our new mantra is - buy now with the best interest rates in 25 years, the best prices in two years, and fine inventory to choose from – so..you may sell a little lower, but you will buy much lower still!!
Tuesday, December 30, 2008
When Your House Gets Too Big
As the Baby Boomers of the 1950s send their children off to college, they join the part of the market called "empty nesters". At this point they no longer need six bedrooms and three baths, a family room and a gigantic yard. Many "empty nesters" are trading in the family home for something that is smaller, easier to maintain and has the amenities that are important to their more carefree lifestyle. If you are considering such a move, start out by consulting a good Realtor whom you like and trust. The good news is--- when you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. These capital gain exclusions apply whether you "buy up" to a more expensive home or "buy down" to a less expensive one. If you are moving downtown from the suburbs in order to be close to cultural centers, theaters and restaurants, there may be "quality of life" issues, such as noise or parking. Your Realtor can help you find a home that has all the conveniences and amenities you desire.
Monday, December 29, 2008
In New York, Fashion's Vacca Cuts Price to $8.9 Million
By CHRISTINA S.N. LEWIS
Fashion designer Domenico Vacca, who bought and renovated a New York City condominium earlier this year, and then relisted it, has now reduced the price to $8.9 million -- still 45% more than he paid.
In February, Mr. Vacca and his wife, Julie, paid $6.15 million for the unit, in the Museum Tower, and first listed the apartment for $9.5 million this summer. (In the 1980s, architect Cesar Pelli designed the Museum Tower, on top of the Museum of Modern Art's existing galleries, as part of an expansion plan.) With park and city views, the 3,250-square-foot unit has three bedrooms, three travertine-marble bathrooms and a large dressing room, according to the listing. The apartment can also be rented for $35,000 a month with a one-year minimum lease.
A. Gordon
Italian-born Mr. Vacca is known for his ties, bags and custom suits. At the 2007 Oscars, he dressed Best Actor-winner Forest Whitaker. Mr. Vacca has opened a handful of stores.
Carrie Chiang, of Corcoran Group, has the listing.
Qatar Sheikh Offers Big Apple Apartment
Elsewhere in Manhattan, Sheikh Abdul Aziz al-Thani, of Qatar, has listed his three-bedroom apartment at Trump Park Avenue for $14 million. Mr. Al-Thani paid $6.1 million for the 3,300-square-foot condo in 2005, according to property records.
On the fourth floor with east and southern exposures and full city views, the apartment has marble bathrooms, herringbone wood floors, walk-in closets and 11-foot ceilings.
The apartment is rented through June for $30,000 a month, and the building (pictured left) has maid service, valet service, a health club and closed-circuit security monitors, according to the listing. Carrie Chiang and Alexa Tirado, of Corcoran Group, have the sheikh's listing.
Meanwhile, Yankee Alex Rodriguez is asking $10 million for his renovated 4,600-square-foot unit in the same building. The All-Star third baseman originally asked $14 million for the home. Adam Modlin, of Modlin Group, has that listing.
The Federal Reserve Board's Dec. 3 "beige book," citing "a major residential appraisal firm," said that Manhattan apartment prices have fallen by 15% to 20% since midsummer, though thin volume muddied the picture.
Splash News
Trump Park Avenue
Hollywood Producer Furla Asks $3.5 Million in Chicago
Hollywood producer George Furla wants $3.5 million for his unfinished penthouse apartment in downtown Chicago. The listing calls him a "motivated seller."
Mr. Furla's long résumé includes this year's iteration of "Rambo" and "Righteous Kill," starring Al Pacino and Robert De Niro. Mr. Furla paid $3.15 million for the unit in 2005. The apartment is in the Fordham building on the Gold Coast, an area along Michigan Avenue that's home to a raft of new luxury condo developments. The producer's 6,200-square-foot, 50th-floor unit has a 1,500-square-foot terrace.
The listing says plans to finish the unit have been approved, but Mr. Furla never acted on them and is selling the space raw. The building has a bike room, doorman, a gym and other services. In 2005, actor John Cusack paid $2.9 million for a 45th-floor condo in the Fordham. Oprah Winfrey bought an apartment in a building nearby.
Tricia Fox, of KW Luxury Homes, has Mr. Furla's listing.
Fashion designer Domenico Vacca, who bought and renovated a New York City condominium earlier this year, and then relisted it, has now reduced the price to $8.9 million -- still 45% more than he paid.
In February, Mr. Vacca and his wife, Julie, paid $6.15 million for the unit, in the Museum Tower, and first listed the apartment for $9.5 million this summer. (In the 1980s, architect Cesar Pelli designed the Museum Tower, on top of the Museum of Modern Art's existing galleries, as part of an expansion plan.) With park and city views, the 3,250-square-foot unit has three bedrooms, three travertine-marble bathrooms and a large dressing room, according to the listing. The apartment can also be rented for $35,000 a month with a one-year minimum lease.
A. Gordon
Italian-born Mr. Vacca is known for his ties, bags and custom suits. At the 2007 Oscars, he dressed Best Actor-winner Forest Whitaker. Mr. Vacca has opened a handful of stores.
Carrie Chiang, of Corcoran Group, has the listing.
Qatar Sheikh Offers Big Apple Apartment
Elsewhere in Manhattan, Sheikh Abdul Aziz al-Thani, of Qatar, has listed his three-bedroom apartment at Trump Park Avenue for $14 million. Mr. Al-Thani paid $6.1 million for the 3,300-square-foot condo in 2005, according to property records.
On the fourth floor with east and southern exposures and full city views, the apartment has marble bathrooms, herringbone wood floors, walk-in closets and 11-foot ceilings.
The apartment is rented through June for $30,000 a month, and the building (pictured left) has maid service, valet service, a health club and closed-circuit security monitors, according to the listing. Carrie Chiang and Alexa Tirado, of Corcoran Group, have the sheikh's listing.
Meanwhile, Yankee Alex Rodriguez is asking $10 million for his renovated 4,600-square-foot unit in the same building. The All-Star third baseman originally asked $14 million for the home. Adam Modlin, of Modlin Group, has that listing.
The Federal Reserve Board's Dec. 3 "beige book," citing "a major residential appraisal firm," said that Manhattan apartment prices have fallen by 15% to 20% since midsummer, though thin volume muddied the picture.
Splash News
Trump Park Avenue
Hollywood Producer Furla Asks $3.5 Million in Chicago
Hollywood producer George Furla wants $3.5 million for his unfinished penthouse apartment in downtown Chicago. The listing calls him a "motivated seller."
Mr. Furla's long résumé includes this year's iteration of "Rambo" and "Righteous Kill," starring Al Pacino and Robert De Niro. Mr. Furla paid $3.15 million for the unit in 2005. The apartment is in the Fordham building on the Gold Coast, an area along Michigan Avenue that's home to a raft of new luxury condo developments. The producer's 6,200-square-foot, 50th-floor unit has a 1,500-square-foot terrace.
The listing says plans to finish the unit have been approved, but Mr. Furla never acted on them and is selling the space raw. The building has a bike room, doorman, a gym and other services. In 2005, actor John Cusack paid $2.9 million for a 45th-floor condo in the Fordham. Oprah Winfrey bought an apartment in a building nearby.
Tricia Fox, of KW Luxury Homes, has Mr. Furla's listing.
Friday, December 19, 2008
How does Chicago stack up?
How does Chicago stack up?
Video:
Olympics expert Ed Hula, founder of AroundTheRings.com, compares the four host city hopefuls for the 2016 Summer Games: Tokyo, Madrid, Chicago and Rio de Janeiro.
http://link.brightcove.com/services/link/bcpid1184417269/bclid3916906001/bctid1818365469
Video:
Olympics expert Ed Hula, founder of AroundTheRings.com, compares the four host city hopefuls for the 2016 Summer Games: Tokyo, Madrid, Chicago and Rio de Janeiro.
http://link.brightcove.com/services/link/bcpid1184417269/bclid3916906001/bctid1818365469
Wednesday, December 17, 2008
Paulson: Not contemplating 4.5% mortgage plan
WASHINGTON (MarketWatch) -- Treasury Secretary Henry Paulson said Tuesday that he isn't contemplating a plan to set a 4.5%-target mortgage rate for new home loans, though he acknowledged that the agency is working to lower mortgage rates.
"We didn't float any plan," Paulson told the CNBC cable channel. "I am always looking at new ideas and I have said from day one that the key thing to get us through this period is getting housing prices down."
Paulson responded to speculation that the Treasury would employ Fannie Mae (FNM, Trade ) and Freddie Mac (FRE, Trade ) to offer mortgages with rates as low as 4.5%. Instead of any 4.5% mortgage rate, Paulson expressed his support for the Federal Reserve's statement Tuesday that it would buy mortgage backed securities from Fannie Mae and Freddie Mac as a means of driving down mortgage rates.
"The Fannie Mae and Freddie Mac action is so critical," Paulson said.
Paulson defended the Treasury's controversial use of a $700 billion bank bailout fund authorized by Congress. Lawmakers were told the fund was needed for purchasing large quantities of mortgage backed securities, but instead he has allocated a significant amount of it to buy large minority stakes in financial institutions.
"Seeing what is it we've done to date is stop a string or cycle of financial institutional failures which could have gone to a downward spiral," Paulson said. "I am expecting no other major financial institution to fail."
Nevertheless, Paulson acknowledged that banks have not yet responded to the injections in the way he hoped they would by lending to consumers. "Everyone understands that they are not lending enough," Paulson said.
He also reiterated a plan to support consumer finance. Treasury announced Nov. 25 that it would use $20 billion of a the bank bailout fund to buy asset backed securities for a consumer-lending facility known as Term Asset-Backed Securities Loan Facility, or TALF.
The program, which isn't expected to start until January, is expected to provide liquidity to consumer loans such as student loans, credit cards debt and auto loans. It will be operated by the Federal Reserve.
"We at Treasury are willing to support consumer finance," Paulson said. "A lot of financing takes place outside of the banking system."
"We didn't float any plan," Paulson told the CNBC cable channel. "I am always looking at new ideas and I have said from day one that the key thing to get us through this period is getting housing prices down."
Paulson responded to speculation that the Treasury would employ Fannie Mae (FNM, Trade ) and Freddie Mac (FRE, Trade ) to offer mortgages with rates as low as 4.5%. Instead of any 4.5% mortgage rate, Paulson expressed his support for the Federal Reserve's statement Tuesday that it would buy mortgage backed securities from Fannie Mae and Freddie Mac as a means of driving down mortgage rates.
"The Fannie Mae and Freddie Mac action is so critical," Paulson said.
Paulson defended the Treasury's controversial use of a $700 billion bank bailout fund authorized by Congress. Lawmakers were told the fund was needed for purchasing large quantities of mortgage backed securities, but instead he has allocated a significant amount of it to buy large minority stakes in financial institutions.
"Seeing what is it we've done to date is stop a string or cycle of financial institutional failures which could have gone to a downward spiral," Paulson said. "I am expecting no other major financial institution to fail."
Nevertheless, Paulson acknowledged that banks have not yet responded to the injections in the way he hoped they would by lending to consumers. "Everyone understands that they are not lending enough," Paulson said.
He also reiterated a plan to support consumer finance. Treasury announced Nov. 25 that it would use $20 billion of a the bank bailout fund to buy asset backed securities for a consumer-lending facility known as Term Asset-Backed Securities Loan Facility, or TALF.
The program, which isn't expected to start until January, is expected to provide liquidity to consumer loans such as student loans, credit cards debt and auto loans. It will be operated by the Federal Reserve.
"We at Treasury are willing to support consumer finance," Paulson said. "A lot of financing takes place outside of the banking system."
Tuesday, December 16, 2008
Tuesday, December 2, 2008
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