Archive for Rules of R S M R E


In the News – August 19, 2012

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08/15/12  In Manhattan Home Search, Some choose to Go Big:  There are a small, but growing group of New Yorkers with deep pockets and the stomach for renovations, some are creating single-family homes out of an apartment building.  Behold the return of the urban mansion.  See the full article in the Wall Street Journal 

08/16/12  Refinancing a Vacation Home:   Homeowners who want to take advantage of historically low mortgage rates and refinance a vacation home should be prepared for stricter loan requirement especially if they rent out the property.  See the full article in the New York Times

08/17/12  Rent or Buy?  Blanching at their rent bills, more New Yorkers are being forced to confront that age-old question, should I rent or does buying make more sense?  See the full article in the New York Times 

08/19/12 Upper East Side  fourth-grader Samuel Wohabe is cooking up quite a career in food: White House ‘State Dinner’ is next for the 9-year-old upper East Sider and co-winner of national Healthy Lunchtime Challenge  See the article in the New York Daily News


All Real Estate Is Local-Very Very Local

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Rule # 7 of  Really Simple Manhattan Real Estate (RSMRE):  Ignore the Case-Shiller Index if you are thinking about buying a coop or condo in Manhattan.

The S&P/Case-Shiller index methodology states:

The S&P/Case-Shiller indices do not sample sale prices associated with new construction, condominiums, co-ops/apartments, multi-family dwellings, or other properties that cannot be identified as single-family

Since 99% of all home sales in Manhattan are ” new construction, condominums, co-ops/apartments, multi-family dwellings”  the Index has no relevancy here.

Dr. Shiller in his June 6th article published in The New York Times reported:

HOME prices in the United States have been falling for nearly three years, and the decline may well continue for some time.

Nowhere in the article did he discuss or give a footnote on the methodology used or the property types included and,  with regard to Manhattan real estate, property types excluded.

No disclaimers or discussion of properties included or excluded on this  Bloomberg TV’s doom and gloom video report .

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