9月 15, 2021

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Womp womp: Rental vacancies and concessions stay high in Manhattan

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Womp womp: Rental vacancies and concessions stay high in Manhattan
Incentives in Queens jumped significantly
New York /
Clockwise: 23 Elliott Place, 900 Park Avenue, 15 West 53rd Street #31B and 33 Bond Street
Though slightly down from last month, the vacancy rate in Manhattan rental apartments in October remained high.
According to Douglas Elliman s latest market report, the vacancy rate hit 2.5 percent last month. In September, the rate reached 2.6 percent, the highest seen all year. Concessions rose last month, with 28 percent of new leases offering concessions, a roughly 4 percent increase year-over-year. Meanwhile, median rents stayed flat at $3,400 in October, around the same as September.
We are seeing just general malaise or weakness in the market, said Jonathan Miller, the CEO of appraisal firm Miller Samuel and author of the report. The market is soft. We re seeing a lot of concessions.
Median net-effective rent in the borough — meaning that concessions were taken into account — continued to fall for the 10th month in a row. October s median net effective rent was $3,300, down from September s $3,334, according to the report.
Gary Malin, president of Citi Habitats, noted that the vacancy rate is high in the borough, in part due to a seasonal decline in demand. But he also pointed to landlords who haven t changed their leasing strate[……]

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In resi development, “Other People’s Money” no longer cuts it

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In resi development, Other People s Money no longer cuts it
There’s enough skin in the game where it would be painful for the developer to walk:” Peebles
New York /
For years, one of real estate’s dirty little secrets was how little equity some developers put in their own real projects. The mantra was Other People s Money, which allowed sponsors to recover from failures with only superficial wounds.
No longer. Now, there’s enough skin in the game where it would be painful for the developer to walk,” said Don Peebles, CEO of the Peebles Corporation.
“Capital is plentiful, but it’s not dumb,” added Billy Macklowe, speaking at Haute Residence s luxury real estate summit at the Core club Friday. “Most capital allocators want to see sponsor equity.”
Senior lenders are willing to contribute between 40 and 60 percent of the capital stack, down from as high as 90 percent pre-2008.
Mitchell Moinian of the Moinian Group said his firm puts up at least 50 percent of a project’s equity. And there are advantages to that approach, with sponsors having greater control over their projects, he said.
“The more you’ve seen the rodeo, the less you’re willing to expose yourself to highly-leveraged debt,” said Continuum Company s Bruce Eichner, who s on the third or fourth of his proverbial nine lives in this business.
Peebles said he typically puts up about 20 perce[……]

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Building Congress president just paid $2.2M for this Bay Ridge home

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Building Congress president just paid $2.2M for this Bay Ridge home
Carlo Scissura’s new three-story Colonial has eight bedrooms
New York /
Carlo Scissura and 242 82nd Street in Bay Ridge
New York Building Congress president Carlo Scissura is trading his Dyker Heights digs for a new three-story home in Bay Ridge.
Scissura purchased an eight-bedroom home on 82nd Street between Third Avenue and Ridge Boulevard for $2.2 million, according to documents filed with the city s Department of Finance on Tuesday. Though not far from his current Brooklyn home, the Bay Ridge property offers a shorter commute to his daughter s school, Scissura said on Tuesday.
The house, built in 1899, spans more than 4,000 square feet and has a private driveway and two-car garage. The dining and living rooms each feature a fireplace, according to House-n-Key s listing of the property. The previous owner is listed as Virginia Hindy.
Scissura, a life-long Brooklynite, took over as president of the Building Congress in January 2017, succeeding Richard Anderson, who held the position for more than 20 years.
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LCOR eyes $400M sellout for condo conversion of 25 Broad

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LCOR eyes $400M sellout for condo conversion of 25 Broad
Pricing would range from $800 to $2,000 psf
New York /
25 Broad Street
LCOR is planning a nearly $400 million sellout for its condominium conversion of the 308-unit rental building at 25 Broad Street in the Financial District.
The development firm, which is majority owned by the California State Teachers Retirement System, filed an offering plan with the New York state Attorney General’s office indicating a $395 million projected sellout for the project.
David Sigman
LCOR principal David Sigman told The Real Deal that pricing is forecasted to range from about $800 per square foot at the base of the building to $2,000 per square foot for the top floors.
“We’re really just trying to decide if this is the best route to go,” he said. “We’ll start reaching out to see what kind of interest there is from current tenants and see where the condo market goes over time.”
LCOR filed a “test the market” application with the AG’s office in November to gauge interest for a potential offering. The average condo price in Manhattan during the first quarter was $2.68 million, according to Douglas Elliman. That checked in at $1,989 per square foot.
The developer bought the 21-story building at a foreclosure auction in 2012 from Kent Swig, who had previously worked on converting the former office building t[……]

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Brown Harris Stevens launches global broker network

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Brown Harris Stevens launches global broker network
30 firms are promoting each others’ listings
New York /
Bess Freedman and Hall Willkie
After Brown Harris Stevens was unceremoniously dumped by Christie s last year, the luxury brokerage found itself without an international partner for the first time in 30 years. So co-president Hall Willkie cracked open his Rolodex.
Six months later, he s rounded up 30 brokerages around the globe that have agreed to promote each others listings online — without the fees or marketing costs associated with other affiliation agreements. The initiative went live in late December.
The unique part is that for each listing, the contact is the listing broker themselves, said Willkie, adding that there are no meetings, no dues and no referral fees — just exposure to buyers and sellers. It s a service we provide to our partners and they to us.
So far, the group of 30 firms includes BHS, Hilton Hyland Real Estate in Beverly Hills, Daniel Féau in Paris and London s Strutt Parker, among others. Willkie estimates the group will include 45 by the end of the year.
Over the past decade, nearly every residential firm in New York has buddied up with an international player — such as Leslie J. Garfield and London-based Beauchamp Estates; Stribling Associates and Savills; Douglas Elliman and Knight Frank; and Corcoran Group an[……]

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Carrie Chiang, Janet Wang and Scott Stewart take top honors at Corcoran awards

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Carrie Chiang, Janet Wang and Scott Stewart take top honors at Corcoran awards
Firm recognizes 2017’s top producers in event at Guastavino’s
New York /
From left: Carrie Chiang, Scott Stewart and Janet Wang
Third time s the charm for Corcoran Group agent Mike Fabbri.
After stints at Douglas Elliman and then Compass — where he was director of social media and agent development, respectively — Fabbri decided to ply his trade as a broker in 2016.
On Tuesday, Fabbri and business partner Scott Francis were named rookies of the year at Corcoran s annual sales meeting and awards ceremony. Michael Tannen was rookie of the year in Brooklyn.
Perennial top producers Carrie Chiang and Janet Wang were named Manhattan team of the year, while Scott Stewart was Manhattan salesperson of the year.
Held at Guastavino s, the ceremony kicked off with a rendition of Seasons of Love, from the musical Rent, performed by a choir made up of Corcoran executives, staff, and agents.
Corcoran also honored Susanna Lendrum and Hilary Landis — each with a deal of the year award — for closing the $91.1 million at 432 Park Avenue and the $55 million sale of art dealer Robert Ellsworth s co-op at 960 Fifth Avenue.
The deals were the most expensive condo and co-op sales of 2017.
Corcoran was the No. 1 firm on The Real Deal s recent ranking of Manhattan s top residential brokera[……]

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Hotel union: Airbnb removes thousands of apartments from rental market

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Hotel union: Airbnb removes thousands of apartments from rental market
New study funded by Hotel Trades Council accuses startup of gentrifying neighborhoods
New York /
Bedford-Stuyvesant (Credit: Airbnb)
A new report, funded by the Hotel Trades Council, claims that Airbnb removed between 7,000 and 13,500 apartments from the long-term rental market in the last three years.
The report states that Airbnb hosts are driving up rent and contributing to the city s housing shortage, Politico reported. The analysis is based on data from September 2014 to August 2017.
The study notes that many of the apartments removed from the long-term rental market are in neighborhoods that are expected to see a surge in new development, like East New York. Bedford-Stuyvesant is another popular neighborhood. The report points out that these areas are predominately occupied by black residents, but the Airbnb hosts profiting off the neighborhood are mostly white.
A representative for Airbnb noted that properties rent for a median of 47 nights per year in the city.
What that signals and what we believe is that most folks in New York are using it as an occasional source of supplemental income, the representative told Politico. That unit is not being lost to the long-term rental market. It s being used.
Meanwhile, the city has continued to crackdown on landlords accused[……]

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Housing investment startup EasyKnock raises $3.5M in seed funding

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Housing investment startup EasyKnock raises $3.5M in seed funding
Montage Ventures, Crestar Partners and Blumberg Capital invested
New York /
EasyKnock CEO Jarred Kessler (Credit: iStock)
Housing investment startup EasyKnock raised $3.5 million in venture capital, the company announced Wednesday. Montage Ventures, Crestar Partners and Blumberg Capital participated in the Seed round.
The Manhattan-based company, founded in 2016 by Jarred Kessler and Benjamin Black, buys homes and allows the sellers to remain as renters for a fixed lease term.  At the end of the term, the renter can either buy back the home for a previously agreed price or move out.
EasyKnock claims it can close on home purchases within 30 days with the help of credit lines and markets itself as an alternative to reverse mortgages for homeowners who want to turn their properties into cash without actually moving out. “There is an explosion in single family rentals in the United States and a huge hole for homeowners unable to release equity out of their home,” said the company’s CEO Jarred Kessler.
Last year EasyKnock raised $1.2 million in an earlier Seed funding round. The company initially launched in New York, Florida, Georgia, Texas and California and has since expanded to Tennessee and South Carolina, Kessler said. The company currently has 16 employees.
Its business model i[……]

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Wildfires and a trade dispute with Canada are creating a US lumber shortage

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Wildfires and a trade dispute with Canada are creating a US lumber shortage
Higher prices are passed on to builders and eventually homeowners
Los Angeles /
(Credit: Wikimedia Commons)
A perfect storm of politics, logistics, and natural disasters has created a shortage of lumber that’s become a bona fide “crisis,” for suppliers, industry experts say.
Suppliers are having a hard time getting material to builders, and wood that does make it to construction sites comes at a premium, according to a report in the Wall Street Journal. That is making home building more expensive, and could affect what builders anticipate will be one of the busiest years for home construction in recent memory.
One Colorado-based builder told the Journal he’s spending $8,500 more on a typical home than he did a year ago.
Initially, what set prices rising were a series of wildfires last year in Canada’s forests big enough to be seen from space and a U.S.-Canada trade dispute. That disagreement had U.S. suppliers hesitant to resupply at higher prices.
Trade disputes between the U.S. and Canada date back to the 1980s, but periodic agreements have temporarily settled them. They flared up again when the Trump administration set a 20 percent tariff on Canadian lumber imports last year, after negotiations for another agreement fell apart, the Washington Post reported.
Bad weat[……]

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WATCH: TRD discusses Town’s downfall and what comes next

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Last week, The Real Deal s E.B. Solomont and Hiten Samtani broke the news of Town Residential s decision to close its sales and leasing divisions, which followed months of speculation the firm was struggling financially. In a LinkedIn post this weekend, Town CEO Andrew Heiberger blamed the cost of commissions and a competitive recruiting environment for the brokerage s inability to stay afloat.
Though the dust continues to clear, questions about the future of the firm s operations and what will happen to its agents as well as their exclusives still remain. Solomont and Samtani met in TRD Studio today to discuss Town s demise and what s next for the brokerage.
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Zillow and REBNY finally come to the table over RLS feed

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Zillow and REBNY finally come to the table over RLS feed
The listings portal’s CEO Spencer Rascoff met with John Banks on Thursday
New York /
From left: Susan Daimler, Spencer Rascoff and John Banks
For the better part of a year, StreetEasy has been a magnet for criticism from much of New York real estate s brokerage community.
But a visit Thursday by Spencer Rascoff, CEO of StreetEasy s parent company Zillow, to the Real Estate Board of New York may signal a thaw in relations.
Sources said Rascoff — who is based on the West Coast — met with senior REBNY officials, including president John Banks, to discuss the possibility of StreetEasy taking REBNY s syndicated listings feed, which it so far has disavowed.
It s not happening tomorrow, said one source familiar with Thursday s discussion. But they were open. They were listening. It s something that s being considered.
The meeting was two months in the making, according to sources. After reaching an impasse with StreetEasy, REBNY reached out directly to Rascoff late last year to propose a face-to-face meeting.
In addition to Rascoff and Banks, others present at the meeting included Susan Daimler, general manager of StreetEasy; Jim Whelan, REBNY s executive vice president and chief lobbyist; and Sandhya Espitia, REBNY s senior vice president.
It was a productive, positive conversation, confir[……]

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Sotheby’s wants to replace home staging with augmented reality app

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Sotheby’s wants to replace home staging with augmented reality app
AR technology is coming to the luxury brokerage business
New York /
Curate by Sotheby s International Realty
The elaborate staging of an apartment is a staple of the brokerage business. Now Sotheby’s International Realty is hoping to replace actual furniture with a smartphone app.
The augmented-reality app, dubbed “Curate by Sotheby’s International Realty,” allows users to look at an empty apartment through their phone’s camera and throw in different virtual furniture sets on the screen.
“There’s a cost to physical staging,” says John Passerini, who handles interactive marketing at Sotheby’s International Realty, told Bloomberg. “And there’s even an environmental impact to it—carting [the furnishings] from one apartment to another. Plus, you can’t do things on the fly. Once you choose a physical staging set, that’s it, so if a client doesn’t like the modern furniture you’ve chosen, too bad.”
The brokerage is currently testing the product at a $7 million apartment at 481 Greenwich Street that’s about to hit the market. Sotheby’s is the first real estate brokerage to launch a virtual home staging app, though home goods retailers Ikea, Lowe’s and Pottery Barn already offer similar technologies.
Unlike its cousin virtual reality, augmented reality technology doesn’t create new world[……]

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Compass reels in Southampton broker Matthew Breitenbach from Elliman

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Compass reels in Southampton broker Matthew Breitenbach from Elliman
He joined Elliman in 2015 after working with mom, Corcoran’s Susan Breitenbach
New York /
719 Ocean Road and Matt Breitenbach (Credit: Corcoran and Getty Images)
It s still January, but Compass is fishing in the Hamptons again.
The Union Square-based firm said Monday it hired Douglas Elliman s Matthew Breitenbach — a top East End agent and son of the Corcoran Group s Susan Breitenbach — to join its Southampton office.
The son of two real estate professionals, Breitenbach started in the business at the Corcoran Group, where he spent eight years working with his mother, the No. 2 agent in the Hamptons, according to The Real Deal s July 2017 ranking of residential brokers. His father, Stephen, is a luxury homebuilder and owner of Breitenbach Builders. Matthew Breitenbach joined Elliman in 2015.
According to Compass, Breitenbach has sold more than $1.5 billion in real estate — a good chunk while working with his mother. His celebrity clients include the NBA s Jason Kidd and Kyrie Irving, as well as the actor Jeremy Piven and music mogul Russell Simmons.
Breitenbach said he d been doing well at Elliman, but shares Compass hunger and desire to grow and build in the Hamptons.
I really want to attack the luxury market even harder than I have been, he said, adding that Compass market[……]

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Gimbel townhouse listed for $18M

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An Upper East Side townhouse that was once home to department store heir Louis Gimbel Jr. and his wife Elinor hit the market today asking $18.45 million.
Built in 1899, the 36-foot wide house at 163 East 78th Street has a gated garden entry, seven bedrooms and several fireplaces. It spans 6,517 square feet plus 2,200 square feet of outdoor space, including front and rear gardens and a parlor-level terrace. A living room has six window bays and two fireplaces; a third-floor master suite features a marble bath and fireplace. Brown Harris Stevens’ Paula Del Nunzio has the listing, which is priced at $2,996 per foot.
The typical mansion in Manhattan is 20 feet wide. When you re getting into 36 or 40 feet, you re really pushing into another stratosphere, said Del Nunzio. She pointed out that the house has big, square rooms courtesy of extra-wide floorplates. The roof of the property could be landscaped into an additional terrace, she said.
Curbed was the first to spot the listing.
The seller is Thomas Hexner, CEO of Value Trust Capital, who bought the house in 1997 for an unknown sum, according to property records. Before him, investment banker Samuel Wasserman and his wife Sandra purchased the house from Elinor Gimbel in 1984.
Elinor Gimbel — whose father Samuel Steiner was a major hops distributor — was a champion of women’s rights during World War[……]

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‘American Horror Story’ house has become a nightmare: lawsuit

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‘American Horror Story’ house has become a nightmare: lawsuit
Owners of the $3M home claim “daily intrusions” from fans
Los Angeles /
The Rosenheim Mansion (Credit: Wikipedia)
What a nightmare.
The owners of the “American Horror Story” house in Olympic Park have sued the brokers who negotiated the $3.2 million deal and the former owner for failing to disclose its connection to the FX show.
Since the couple purchased the home in 2015, it has become a “macabre tourist attraction” for fans of the horror show who “trespass, attempt to break in, and [create] a significant nuisance,” according to the lawsuit.
Dr. Ernst von Schwarz and Angela Oakenfold purchased the mansion at 1120 Westchester Place, also known as the Rosenheim Mansion, from Elizabeth Axelrod. The mansion’s starring role in the show, which first aired in 2011, was not disclosed. The suit was filed Wednesday in LA County Superior Court.
Stephan Apelian and Joyce Rey of Coldwell Banker, who are defendants in the suit, brokered the deal and represented both parties. When reached by phone, Apelian said he could not comment. Rey did not immediately return a call for comment.
An attorney for Coldwell Banker said the company had not been formally served, and could not comment on the suit. Axelrod could not be reached for comment.
The new owners began noticing fans of the show turning up ou[……]

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How to party without going to the party: Why some don’t even bother with the REBNY banquet

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How to party without going to the party: Why some don t even bother with the REBNY banquet
There’s more action outside the dinner, some say
New York /
A crowd at the cocktail hour before the REBNY gala (Credit: Adam Pincus for The Real Deal)
To be on the outside looking in isn’t a bad place to be at the REBNY gala.
Lingering in the lobby might mean a brush with Gary Barnett, a quick chat with John Banks, a laugh with Paul Massey. To get to the main event from the cocktail hour, industry bigwigs need to pass through a long open space on the third floor of the New York Hilton Midtown. And many of them aren’t eager to retire to the more confining Grand Ballroom, where assigned seats and instructions to stop talking through the awards ceremony interfere with primo schmoozing.
It’s like the game British Bulldog, but the gala attendees aren’t trying very hard to avoid being tagged. And some savvy attendees use the opportunity to get in the ticketed guests’ paths, networking without having to actually pay for a ticket, which goes for $1,200 a pop.
This is where all the action is, one real estate attorney, who asked not to be named, said shortly after the banquet began.
There were heaps of not-so-subtle signs that the event s organizers wanted to clear the area on Thursday night. A somewhat-perturbed voice rang over the loudspeaker, repeatedly urging[……]

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Banks are bullish on Singapore’s resi market

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(Credit from back: Someformofhuman/Wikimedia Commons; Pixabay)
Since 2013, Singapore s residential market has seen price declines, but after marginal increases in the last two quarters of 2017, the market is officially forecasting double-digit growth.
“For 2018, we expect prices in the private residential market to rise 12 to 15 per cent year on year,” said Savills Singapore s Alan Cheong to the Financial Times.
He s not alone: Credit Suisse estimates prices will rise up to 10 percent while OCBC Investment Research predicts growth by 8 percent, which makes Singapore their best bet for Asean residential markets.
Not withstanding market crashes in 1997 and 2008, the city s resi market had seen four decades worth of growth before government intervention finally cooled the market, after 10 different attempts, in 2013 with a stamp duty tax and tougher borrowing rules.
Recent easing of the government-imposed rules are prompting more sales now, according to Cheong, and increased development will push more buyers towards new buildings or renovated units, which, Morgan Stanley believes, will take care of the surplus of existing units in a city with a resi vacancy rate of 8 percent. [FT] Erin Hudson
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Spotlight on: The no-drama broker behind One57’s $100M condo sale

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Spotlight on: The no-drama broker behind One57 s $100M condo sale
The Corcoran agent has a fat Rolodex and history of shattering records
New York /
Leighton Candler and One57 (Credit: Getty Images)
In 2008, the New York Observer crowned Leighton Candler as the city s “new co-op queen,” after she racked up a series of eight-figure deals on the Upper East Side’s Gold Coast. But the Corcoran Group agent is now in line for an even grander title after selling the city s priciest condominium for $100.5 million.
The buyer, Dell Technologies founder Michael Dell, inked a contract for the Billionaires Row condominium back in 2012 and the sale closed two years later. Dell’s identity — and Candler’s role — was revealed on Thursday by the Wall Street Journal.
Although she s flown under the radar these past few years, Candler’s record-setting One57 deal puts her in an exclusive club. She joins other record-setting brokers like Corcoran s Carrie Chiang, who represented David Wildenstein in the $79.5 million sale of the Upper East Side commercial townhouse last year; Sotheby s International s Serena Boardman, who brought a $77.5 million buyer in 2015 to Woody Johnson s co-op apartment, where she had a co-exclusive with Brown Harris Stevens John Burger; Brown Harris Stevens Paula Del Nunzio, who listed the Harkness mansion when it sold in 2006 for $53 million; a[……]

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Buckle up, brokers: This could be the worst spring for home sales in years

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Buckle up, brokers: This could be the worst spring for home sales in years
Rising prices and interest rates, along with the new tax law, could slow demand
New York /

Springtime for home sales across the U.S. could end up being a pretty depressing season.
Increasing mortgage rates, a new tax law reducing homeownership incentives and exhaustion from first-time homebuyers getting priced out of the market could all contribute to extremely low demand for houses this spring, according to the Wall Street Journal. The volatility of the stock market is also contributing to weakness at the high end of the housing market, while rising interest rates are a major factor on the low end.
This could lead to a slowdown in the constant price increases that the housing market has seen in recent years, but while this may increase interest from buyers, it could make things more difficult for sellers in pricier markets.
Last year, about 2 million homes were sold between March and June, and the National Association of Realtors expects this spring’s sales to be flat. Fannie Mae data from February showed that consumer confidence had dropped in the housing market, and in January, NAR data showed that home sales saw their sharpest drop in three years.
“People are being a little more cautious than they were before,” Chicago broker Bruce Glazer told the Journal. “Buyers h[……]

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Inspectors missed hazardous, unsafe conditions on NYC elevators: report

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Inspectors missed hazardous, unsafe conditions on NYC elevators: report
14,828 inspections weren’t conducted between 2015 and 2016
New York /
Credit: NosUA via iStock
A new report on the city s elevators conjures nightmare scenarios: Worn-out cables and the danger of the doors opening between floors.
In three different buildings, city and state officials found that elevator inspectors didn t notice defective door restrictors, the devices that prevent the doors from opening between floors, according to a report released by the New York State Comptroller Thomas DiNapoli. At two other buildings, officials discovered rouging, abrasions that cause hoist cables to wear. According to the report, an inspector missed the issue in one building, and the inspector in the other noticed the abrasions but didn t have the proper tools to determine the severity of the issue.
The comptroller s office and inspectors with the Department of Buildings observed inspections of 12 elevators at nine buildings in the five boroughs from January 1, 2015 through October 20, 2017. The report found that contractors hired by the DOB to conduct investigations sometimes signed off on inspection certifications without actually performing the inspections and overlooked 29 violations, including a broken emergency telephone and an expired fire extinguisher in the elevator.
Perhaps ev[……]

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