Lifestyles of the Rich and Famous

The most glorious of views (or at least the most expensive)

“Priceless” Views Of The Park Not Quite Priceless, But Very Expensive Nonetheless

Ever wonder what a Central Park view—that most coveted of coveted features, that most desirable of desirable details—actually translates to in terms of cold, hard cash?

Quite a lot, in fact. Apartments with Central Park views fetch more than twice as much as surrounding apartments, The Wall Street Journal reports. And if you just look at co-ops it’s three times as much!

Forget the waterfront. All New Yorkers care about is tree line, tree line, tree line. Read More

Stratospheric Sales

scatterallonechart1200

Just What Does an $88 M. Sale Look Like?

While the Rybolovlev(a)s are fighting it out in court over the purchase of Sandy Weill’s $88 million penthouse at 15 Central Park West, Jonathan Miller, our favorite real estate appraiser, provides us a startling visualization of just how rarefied this sale was. He has plotted every sale between January 2003 and January 2012 in Manhattan. It looks like a funky piece of op-art, but it also amazes how far this sale is even beyond the other record setter’s like the $53 million sale of the Harkness Mansion. Mr. Miller calls this his “Tallest Chart in History of Manhattan Real Estate.” Read More

Stratospheric Sales

Rarefied air. (NY City Lights

#RichPeopleProblems: Will My Home Value Double or Triple?

As the city collectively recovers from the recession, greenbacks are once more flowing freely for the uber rich, particularly in the real estate market. While apartment prices have stabilized since 2008, “ultraluxury” pads, those costing northwards of $7 million, are selling for record prices.

While moderately priced homes are still working to recover pre-Lehman property values, those lucky few sitting on luxurious, or rather ultraluxurious properties, have found their nest egg suddenly re-secured as the demand for high-end hearths has skyrocketed, according to The Times. Read More

the way things were

The Studio apartment, and extinct species?

Size Matters: New York Used to Be Full of ‘Singletons,’ But Bigger Apartments and Rising Prices Means Living Alone Is Harder Than Ever

“This is an incredible thing. It’s new. No human society in all of history has organized life in this way,” enthused NYU sociology professor Eric Klinenberg. He had met The Observer at Jacques Torres in Hudson Square to discuss his new book, Going Solo, which investigates what Mr. Klinenberg sees as a desire of a large number of people to live alone. In the book he coins the term “singleton” for this supposed emerging group—take that, BoBos!—and he calls Manhattan “the capital of singletons.”

“The typical New Yorker gets married after 30 these days,” said Mr. Klinenberg, “and they have children even later. We had a huge number of years where we used to live with other people. Now we’re free to do what we want to do.” In his book, Mr. Klinenberg cites numerous statistics over the past 50 years that do show a gradual shift in this direction, from the standard (expected) nuclear family to the rise of what he calls “the cult of the individual.”

“Most people we interviewed said that after a few years of living with roommates they are ready for a place of their own.” Mr. Klinenberg said. He has a whole host of reasons why: “Roommates who don’t pay rent on time, roommates who don’t like the person you are dating …” etc., etc.

The idea of the New York loner is as old as the city itself. Look no further than the solemn, solitary Statue of Liberty. But recent trends actually point away from a city of “singletons,” not toward one. Read More

This Old House

It's a shadow!

Elizabeth Stribling Is Not Afraid of Her Shadow Inventory

Shadow inventory. It was supposed to be the boogeyman of the real estate bust, thousands upon thousands of unsold properties scattered across the city. Bought or built for more than they were worth, people would hang onto these homes until the market improved, giving a better appearance to the housing supply than actually existed. It’s like the difference between the standard and broad rates of unemployment.

No matter. To real estate doyenne and new Brooklynite Elizabeth Stribling, there is no shadow inventory, or so she tells The Times in one of its patented 30-Minute Interviews. Read More

Our City Since

The Fresh Direct fridge goes here.

Glass Action: The Condo Since 9/11

One winter evening in 2006, host Martin Bashir’s voice intoned over the opening of Nightline: “Meet the brash, young real estate assassin, selling lavish dream apartments to clients with money to burn.”

The TV screen bled to an earnest-looking Michael Shvo. “When you see a photo of the New York skyline,” the 32-year-old informed us, “these are buildings I made happen.”

And what made Mr. Shvo happen? Read More

apartments

Twilight?

Plenty of Brooklyn Apartments For Sale

It would seem by a new report that there are either (a) a lot of people leaving Brooklyn; or (b) a lot of opportunities to move to Brooklyn. It’s got to be (b), right?

The number of homes offered for sale in the BroBo paradise jumped 11.5 percent annually in the second quarter, according to a new report from Douglas Elliman and Miller Samuel, and the average number of days spent on the market hit 142 days, up from 103 days during the same time last year.

More apartments and brownstones gone wanting? For a month-plus longer than last year? What gives? Read More

Panics

We're Running Out of Apartments! (Well, Maybe Not)

The typical picture of the housing crisis in America is miles of empty tract homes and half-built lots, years away from ever being filled. In New York the story is a little different, and The Times weekend Real Estate section paints a both bleaker and better picture in a rather alarmist article about the coming apartment Read More