New York Penthouse turns into a Child's Paradise

Manhattan's skyline is well-known for its extremely luxurious residences - one more expensive than the other. Money is no object, what usually counts is: who has the biggest room, the highest ceiling, the best whirlpool. The penthouse we're talking about today is different though. It's not about creating a ultra luxury residence, it's about a child's dream coming true. The owners of the home intended to create something completely new, something exciting and advanced. The New York Architect David Hotson made their dream come true. He created a penthouse that seems to be a three-dimensional puzzle. Being inside the apartment can be very confusing as Dave Dotson combined childlike playfulness with mathematical complexity. Walking around you can sometimes look through to other levels, but you don't understand why and how it's possible. The highlight of the child's paradise penthouse provides the 80-foot slide that wends its way through the 4-story residence.
 
To get a better impression of how it looks like, watch the video below:
 

What is a cond-op?

Probably most of you have already heard the term "cond-op". The question is, do you actually know what it stands for? A common misunderstanding is that it’s a co-op that runs with condominium rules. That's how it works in many cond-op buildings but basically the rules have nothing to do with what makes the building a cond-op. The facts that a building requires a board interview or allows rentals are legally not the determining factors defining what a cond-op is. A cond-op is a condominium building in which residential and commercial units are separated. Typically the commercial units are sold separately by the developer and a co-op corporation controls the residential units. The commercial units can include retail space, office space and a parking garage. Furthermore cond-ops are known for being investor friendly and their right of 1st refusal. Compared to condos, cond-ops usually have the same unlimited sublet policy and amenities like condos.

Johnnie Walker’s Diamond Jubilee Whisky



To celebrate Queen Elizabeth II’s 60 years of

reign, John Walker & Sons produced the Diamond Jubilee. There’s only a limited edition of 60 bottles available for sale. Each decanter is priced with an incredible value of $156,000. It’s the whiskey inside the decanter that justifies the price as it’s a special blend of grain and malt whiskies, all distilled in 1952 – the year Queen Elizabeth acceded the throne. All the profits will be directed to a royal charity, the Queen Elizabeth Scholarship Trust, which supports British craftsmen and women. The crystal diamond-shaped decanter from Baccarat is enclosed in a cabinet which has been made with wood from two of the Queen’s estates. Hamilton & Inches has fashioned the collars set with a half-carat diamond and each crystal decanter is accompanied by two hand-engraved lead crystal glasses.

Board Package Tips

If you have attempted to purchase an apartment in a Co-op building, you know board packages can be extremely invasive and detail oriented. A board package is a detailed breakdown of your personal and financial information ultimately used by the co-op board to make the decision to either accept or reject your application to purchase. Perhaps the most important thing to know about board packages is that you should make them as thorough and as simple to read as possible. Make sure to include everything exactly as the board asks for it and make sure to pay attention to their specific criteria because every board has different requirements. As the old adage goes, control the controllables. When I put a board package together I image the board member coming home from a long day, with a glass of wine in his or her hand with a child at their feet. With that in mind, we want to present the materials in a manner that even a two year old could understand. The last thing we want is for the board member to come back to us asking questions. This only delays the decision making process and shows that we were not clear in our explanation of the submitted materials.

Gathering supporting documentation early on in the process is very helpful because in most cases, the board package needs to be assembled quickly performing to any guidelines mentioned in the sales contract and/or meeting any deadlines of the managing agent. In some cases, for example, the managing agent may have strict guidelines because of the number of monthly board packages in processes. If they only allow submissions before the end of the third week in order to be considered for the following month’s interviews, missing the cut off could delay a board decision by more than a month. If you are anxious to close, not being able to prepare quickly could be costly.

Some board packages require a commitment letter to be submitted from your lender, so starting the bank underwriting process early on and getting an appraisal ordered right after the sales contract is signed can save a tremendous amount of time. Receiving a pre-approval letter from your lender is the first step when looking for an apartment and this theme continues throughout the purchase process right up to this critical time when you are now required to perform and prepare the package for submission. As you can imagine, once the sales contract is signed, that is when the real stress begins. We already lead very stressful and busy lives living here in NYC, so while not completely controlling the ultimate decision of the board, understanding what lies ahead and preparing various components of the board package in a timely manner will prevent a number of potentially costly and devastating delays. For more information…
Check out Pre-Qualificaiton Letters v. Pre-Approval Letters

The Rise of Bidding Wars in Manhattan

The first half of 2012 brought a rise of bidding wars over many properties throughout New York City. These bidding wars are different than what we saw during the housing boom (2007). The new wave is due to a multitude of factors. A main factor is the shortage of properties to purchase in the New York City market. According to a report from The Real Deal: only 5,084 new listings were added [in the most recent quarter], 15 percent fewer than in the previous quarter and in the prior year quarter, according to the Corcoran Group’s report, which noted that available listings were off 35 percent from the peak in the first quarter of 2009. These estimates show there continues to be a decline in inventory, specifically a 12 percent decline from last year and 4 percent from last quarter.

In addition, with the downward trend in inventory, there is a white hot rental market in New York City. Such a flourishing market leads to low vacancy rates giving landlords the opportunity to drive up rental prices. As a buyer sees the staggering increase of rentals prices, many look to purchase rather than rent at these new higher prices. Along with the higher rental prices making these potential buyers even more eager to purchase, are the shockingly low interest rates currently in effect for 30 year fixed mortgages. All of these factors create a “perfect storm” for bidding wars. With a declining inventory, high rental prices, low vacancy rates, and extremely low interest rates many buyers are trying to seize this opportunity and are faced with a rather savvy buyer pool all bidding on the same listing. With an influx of increasing competition, and a record number of offers with a low number of closings, it is proving to be frustrating for both buyers and brokers. Pamela Liebman, the chief executive of the Corcoran Group gave her advice to buyers when discussing the rise of bidding wars in a recent New York Times Article:

I think buyers have gotten the message that if you’re ready to buy, be prepared to bid aggressively and to sign quickly. Pam’s simple yet sound advice for the potential homebuyer, who could potentially face a bidding war, reflects greatly in the current markets and is the best advice one can give when looking to buy in the markets during this perfect storm.

If you find yourself in a bidding war for a listing, there are a number of things you can do as the buyer to increase your chances of closing the deal. For one, a New York Times article suggests writing a letter to the seller can develop a personal connection between you and the seller. There are many things you can do to write a good letter such as: finding things in common between you and the seller, mentioning your kids and their names (if you have any), and even sharing personal compliments about specific interior design choices in the property. Aside from writing letters to the seller there are strategic things you can do to increase your chances of winning. Such things include: be flexible with the seller, increase your deposit, eliminate conditions, increase your price and be willing to close sooner. With the increase of bidding wars in the current real estate market, there is no guarantee your offer will be taken, so be prepared for disappointment, learn from your lessons and take your experience to the next property where there should be renewed hope for victory.

More tips on writing letters to the seller...

http://www.nytimes.com/2012/03/27/nyregion/securing-an-apartment-with-help-from-a-love-letter.html

A business insider's perspective on how to win a bidding war:

http://articles.businessinsider.com/2012-05-10/tech/31650766_1_bidding-wars-housing-market-dream-home