Mon Dieu! Rather than redecorating their chateaus or contemplating the new Chanel collection, the French elite must now find places to stash their cash, now that the people have gone and elected that terrible Socialist François Hollande.
The taxman cometh, reports The New York Times, and wealthy Gauls are not standing around waiting for him to take their hard-earned euros. Non! Instead, the French are rushing to spend their money on Manhattan real estate.
More Rubles Than You Know What To Do With
Buyers are already starting to despair when it comes to finding ultra high-end New York properties, especially after casino king Steve Wynn reportedly snagged the $77.5 million duplex penthouse at the Ritz-Carlton.
And in the future, the market may get even tighter for buying-crazed billionaires, with a new crop of Russians and Ukrainians eager to snap up trophy properties, a new CNBC video warns.
When Michelle, a writer working on a first novel, tells people her husband, Daniel, is a hedge fund manager, they often remark, “Oh, honey, you did well.” And she did. The recently married pair live in a large dazzling loft in Dumbo. They currently rent, though they’ve started looking at places to buy and are Read More
Is your annoying co-op or condo board always on your case, nagging you about this, that or the other thing? Didn’t you leave this kind of misery behind when you moved out of your parents’ house?
Well, it’s probably all your fault, according to Brick Underground, which talks to a long-time Upper East Side co-op board member who helpfully explains why your board hates you.
Sure, you might bring a shrewd mindset and a few inflexible demands to an apartment closing, but a revolver?
Some people do, The New York Times reports, in a story on acts of violence, temper tantrums and shouted threats that accompany some closings in the brutal world of New York real estate.
Is it laying out all of one’s savings and then some that drives people over the edge? Not really, the reporter finds. Mostly, it’s the little things.
Residents of North Brooklyn’s 11211 area code who also happen to be part of the local cult-fanbase of NY1 anchor Pat Kiernan, your moment has come. Not only is Kiernan going to be on Live! With Kelly again next week, and not only is he profiled in tomorrow’s Thursday Styles (wherein “an abiding love” for Pat is declared that which makes one a “real New Yorker”), but yes:
Pat Kiernan is moving to Williamsburg.
Today, the Observer Media Group has launched LivingThere.com, a new real estate search and information site. Designed to simplify the buying process, LivingThere.com will provide consumers with powerful research tools necessary to navigate Manhattan’s real estate market.
The National Low Income Housing Coalition published their “Out of Reach 2012: America’s Forgotten Housing Crisis” report this week. The report, in short, calculates the required hourly wages (at 40 hours a week and 52 weeks a year) to sustain a two bedroom apartment. The report surveyed hundreds of counties, metropolitian areas, and cities across the United States, and then our buen vecino Puerto Rico.
Keep in mind that the report also stipulated that an affordable two bedroom apartment is 30 percent of your monthly income. Here are some interesting breakdowns (in hourly wages at 2080 hours a year).
As usual, the $4 million+ housing market in Manhattan stands strong—thanks in part to the record-setting $88 million dollar purchase a few months ago—but the rest of Manhattan continues to slump.
“For the first time since the recovery, the U.S. is growing at a quicker pace than New York City,” Greg Heym, an economist at Brown Harris Stevens and Halstead, told the Journal.
Red Carpet Real Estate
While apartments across the river in Manhattan sell for nearly a hundred million, Brooklyn is breaking into the double digit club. Turman Capote’s house in Brooklyn Heights recently sold for a record-setting $12 million, the Daily News reports. The previous record was an $11 million single-family house in the same tony neighborhood.