The following is a message from Trulia to Realtor.com
Thank you.
I got this email from Rudy "Rudeman" Bachraty about the Trulia Challenge where Trulia is compared to Realtor.com. Honestly, I would love Trulia go toe to toe with Zillow. That would be a fight.
Now if Trulia is telling Realtor.com to step up, well then Realtor.com better get up or get out.
Damn. I love cliches.
From what I see hear, it looks like Trulia has a better deal then what do you expcet since they the Great Jonathan Miller is part of their crew.
And unless Realtor.com offers free hookers and blow with their subscription, they better do something with their prices.
Those wild and crazy guys from Propertyshark gave me a sneak preview of their next foreclosure report and it is does not suck. It is a god damn black hole.
S**T
DAMN!
F**K
According to Grandmaster B, this is how it breaks down:
New foreclosures in New York City (all five boroughs) increased 64% from December 2008 (170) and were up 5% from January 2008 (266).
At least we are not in Seattle. According to the Sharkmen foreclosures went up 300% in Decemeber 2008.
Yeah, we're f**ked.
Be sure to keep an eye out for the entire report this Monday.
One of the Boards that i serve on is called CRSWMA. What in the heck is CRSWMA? Good question. CRSWMA is an acronym for Coastal Regional Solid Waste Management Authority. It is the organization responsible for disposing of the solid waste from Craven, Carteret, and Pamlico Counties. CRSWMA is a quasi governmental organization with a board of directors chosen by the County Commissioners. The board hires a manager who is responsible for overseeing the operation. The 35 employees of CRSWMA ensure that the trash generated by the citizens of the 3 counties is disposed of in an enviornmentally responsible manner and in accordance with the general statues of North Carolina.
Managing solid waste in North Carolina has changed dramatically over the years. It used to be relatively simple. Pick up all the various types of trash, dump it in a central location, and cover it with topsoil.
When organic material decomposes without oxygen present, ir produces methane gas. Methane, along with carbon dioxide, sulfer dioxide, and some other gases in trace amounts, make up landfill gas. Landfill gas is usually about 50%-60% methane.
CRSWMA is required to extract the methane gas from the landfill and combust it, because methane is a greenhouse gas. Up until the fall of 2007, we just flared the gas off. Now we sell the gas to INGENCO, LLC. a Richmond, Va. based company that uses the landfill gas as fuel for generators producing electricty. This electricity is sold to Progress Energy. CRSWMA and INGENCO have a contract that could last for 20 years or more.
During the month of January, 2008, INGENCO burned about 1 million cubic feet of landfill gas per day to Ingenco. Based on the methane content of that gas, over 18 billion btu's of energy were provided for electric generation.
INGENCO uses converted diesel engines to turn electric gensets. Currently at the CRSWMA facility, there are 12 engines in place, with room for expansion as the landfill continues to receive waste. Each engine is attached to a 350 kilowatt generator for a total output of about 4 megawatts. INGENCO usually runs the generators at slightly less than full capacity to extend the life of the engines, with an output of about 3.2 megawatts on average. this is enough power to furnish the needs of about 2,000 homes.
Landfill gas is a renewable energy source. As long as we continue to have waste to dispose of in landfills, the source of this power will continue to be sustained.
Why is this man so confident? Because he is represented by Kelly Kreth.
The grand dame of real estate PR is now representing the Manhattan branch of NAR and Kelly Kreth Communications has released the following Press Release.
New York City , February 3, 2009 - The Manhattan Association of REALTORS® (MANAR) has announced the election of the 2009 Board of Directors and Officers. Philip Kiracofe will serve as President of the Association.
Kiracofe has been a member of MANAR since 2006, and has served on the Board of Directors for both the Manhattan MLS and The Manhattan Association of REALTORS®.
“There are 1.2 Million REALTORS® nationwide, so to be elected President of the REALTOR association here in Manhattan is both a tremendous honor and a humbling responsibility. Our industry is facing unprecedented challenges, and this is a unique opportunity to look at radical, innovative ways for brokers, buyers, sellers, and all related parties to work together,” says Kiracofe.
Kiracofe continues “We are incredibly fortunate to have a Board of Directors consisting of some of the most dedicated, motivated, and accomplished leaders in the industry, all volunteering their time and diverse talents to guide us to the next tier.” The 2009 Board of Directors includes:
Vice President – Jeff Wolk (Fenwick Keats Goodstein)
Treasurer – Steve Nardoni (Nardoni Realty)
Directors – Fanny Montalvo (Fenwick Keats Goodstein), William Clark II (Weichert REALTORS® Mazzeo Agency), Maria Goris (City Sites), Stephen Maycock (DJK Residential), and Phyllis Pezenik (DJK Residential)
The 2009 initiatives are bold in nature and audacious in scope, and are reflective of today’s market conditions – widespread access to accurate real estate data, the broadest possible marketing and distribution of listings, and the most seamless transactions possible between all parties.
Kiracofe was elected President based on his diverse skill set and broad experience leading companies in the real estate, technology, and venture capital industries. His role as Chief Technologist at Coldwell Bank Previews International makes him a natural fit for spearheading the pervasive technology initiatives as the organization leads the industry into a new era defined by transparency, collaboration, and disintermediation.
This year, recognizing the economic environment, the annual installation dinner was moved from the traditional January timeframe to March 12th in anticipation of a warming climate.
I asked Kelly if there was any conflict involving REBNY, Kelly assured that you can belong to both organizations without any problems. The key advantage of joining MANAR is that your listings will get more exposure through the NAR national site. From what I understand, the required REBNY membership does not offer that. So it wouldn't hurt to take a look at Manhattan Association of REALTORS®
Some Chinese are so eager to turn their yuan into other assets that when an online real estate brokerage organized a tour of foreclosure auctions in the United States, it received so many applications that it had to turn away nearly 400 people.
In Shanghai, cash-rich Chinese companies are buying high-yield bonds issued by distressed American companies at a time when many Western investors are steering clear of bonds even from solid companies.
All over the world, Chinese companies are sending home fewer of the billions of dollars they earn from exports, parking them in overseas bank and brokerage accounts instead.
And in Hong Kong, wealthy mainlanders are turning up at jewelry stores in growing numbers seeking diamonds, big ones.
“They’re looking for five-carat diamond rings and six-carat diamond earrings — three carats for each ear,” said Yollanda Lam, the marketing manager for the King Fook jewelry store chain here.
Together, these trends represent a potentially tectonic shift. As Chinese citizens are starting to send more money out of the country, foreign investors are pulling money out too, and slowing the pace of new investment.
“There is a recognition for sure that China is slowing down, so why keep your money there?” said Henry Lee, a Hong Kong fund manager.
Nobody knows how long this trend will last. If China’s series of economic stimulus measures are successful, then the Chinese economy could rebound later this year and start drawing back money on the same scale that it did over the last decade.
Chinese people with money know that the party is over. The question now is what to do with their party favors. And it looks like they have to go overseas to protect their money. How much?
Total outflows in the fourth quarter were as much as $240 billion, but this is using the broadest possible definition and includes everything from capital flight to a slowdown in repatriation of overseas profits by Chinese companies. There is no good data assessing the motives of those moving money out of China.
$240 Billion!
Awhile back I did two entries on Chinese and real estate.
Peasants with money This was about my perspective on the development boom in Chinatown and how the Chinese are playing a central role. A Better Tomorrow
This is my take on how take advantage of the Chinese market which included shelling a 100 grand to attract Chinese customers.
Below is proof by entries were, no pun intended. on the money.
Soufun.com, an online real estate brokerage, is offering a tour for at least 40 people to San Francisco, Los Angeles, Las Vegas and New York City, starting on Feb. 24, and found that demand outstripped the spaces available. “The people in the group are obviously interested in diversifying their investments, and the United States certainly is a very attractive location since real estate prices there have dropped drastically,” said Zhao Xingyu, a manager organizing the tour.
Chinese real estate industry executives say that there was considerable speculation here in recent years by overseas investors, especially overseas Chinese. Those purchases contributed to a bubble that peaked last spring and has gradually deflated since, removing the incentive for further real estate investments here.
The rich Chinese see the writing on the wall. They realize this situation can only go down.
Most troubling for China would be if a sizable portion of these disparate streams represented capital flight — people taking their money out because they worry about the stability of the country.
Though there are myriad reasons to move capital around, there is also cause for concern: Chinese authorities announced Monday that 20 million migrant workers had lost their jobs. If they do not find new work, these workers could form a volatile class of unemployed.
Even more crucial, Chinese individuals and companies placing more of their money outside China could affect one of the constants of international finance over the last five years: China’s central role in bankrolling American trade and budget deficits.
Rich Chinese people have been here before. It was called the Cultural Revolution. So they know that this time to engage in a flight to quality. And what is more safe than the good old USA?
Real estate brokers I urge you to go forward and embrace the Chinese community. If you don't know Mandarin, hire someone who does. Reach out to this community because they are looking for a place to stash their cash. They will see you through the downturn.
If you can't harbor the thought of listening Chinese people talk because it sounds like two cats in an alley fighting over a chicken bone or you feel like you are being overwhelmed by their numbers or you just can't stand Chinese people. Too bad.
Think of them as Jews with Chopsticks because they are the ones with the money now. And if you want to eat, you have to go to them.
So suck it up and be nice. It's just a job. Piss them off and you could find yourself hitting the bricks.
Although it is notoriously difficult to quantify the state of the rental market, rents fell in almost every sector of the Manhattan market last year, according to the Real Estate Group, a New York brokerage. The steepest drop was in one-bedrooms, down 5.7 percent in buildings with doormen and 6.53 percent in buildings without. The only category that rose: rents for two-bedroom apartments in doorman buildings, up just a bit, by 0.61 percent. But these numbers, like most available data, represent asking rents rather than the final price. Anecdotal evidence suggests that some people are negotiating rents as much as 20 percent lower than the original prices asked by landlords. These figures also leave out incentives, like a month of free rent or a landlord’s paying the broker fee, which can add up to real savings.
This is not a really big surprise to me considering there is a huge surplus of residential new development inventory, there are more opportunities for renters out there.
Tom Botts and his wife, Libbie Rice, found all kinds of deals from landlords when they went apartment hunting this winter, and they were able to negotiate a reduction in the rent on the Upper West Side three-bedroom that they finally chose. They also encountered a symptom of the market that was simply unheard of in recent years: their previous landlord offered to lower their rent if they renewed their lease.
“We had a truly un-New York experience with our old landlord begging us to stay,” Mr. Botts, 39, said in an e-mail message. The owner offered a rent reduction of more than 10 percent, but the couple had already found an apartment they preferred and were committed to moving.
It’s impossible to say how often owners are lowering rents to encourage tenants to stay put, but anecdotes are starting to surface. “It’s not a common occurrence,” said Mr. Circosta of Citi Habitats, “but it is happening.”
This is not the time for landlords to f**k around. They need to do their numbers and determine how low they can go in their comfort zone in order to keep their tenants.
While prices have started to slide in Manhattan, they are steadier in Brooklyn. Increasingly, however, there are deals to be found, especially in neighborhoods like Williamsburg that have seen a lot of new construction.
The rental market in Queens, meanwhile, is relatively stable.
“The prices are not going up,” said Donna Reardon, Queens divisional manager for Prudential Douglas Elliman. “They’re staying the same.” Concessions are still an exception rather than the rule in that borough.
It is understandable that Brooklyn and Manhattan are backsliding since they were the hot areas to live in. Despite the fact that Queens has a very high number of foreclosures, rental wise is still stable because it is Queens. Demand in that particular market did not start to heat up later in during the real estate bubble, so rents did not climb as high.
Some landlords hope that adjusting leases to expire in summer 2010 will get a better price next time around.
Amy Baglan, 26, and her boyfriend, Johnny Muñoz, 28, found a one-bedroom apartment in a prewar building on the Upper West Side at the end of last year. They negotiated a cut of $200 per month in the rent and received a free month. (They connected with the owner on Craigslist and did not use a broker.) But they signed a 16-month lease, which will expire at the end of April 2010.
Mr. Muñoz wondered why his landlady was not offering a standard one- or two-year lease. “Do you want to make sure this is open and available during the prime season of rentals?” he said he asked. She chuckled and said yes, Mr. Muñoz said.
Mr. Muñoz’s landlady may get a boost from the warm weather, but no one knows where the market will be in 2010.
It is understandable why landlords are doing this. They are hedging their bets for the next rental season and want to build some leverage in case of a rental rebound. There is a risk with this strategy
“My assumption would be over the next year that you’re going to see effective rents drop because of the increase in concessions,” said Andy Joynt, a real estate economist at Property and Portfolio Research, an independent research and advisory firm. “We’re forecasting that asking rents are also going to drop,” he added. “We’ll see if that ends up being reflected in the numbers.”
“My assumption would be over the next year that you’re going to see effective rents drop because of the increase in concessions,” said Andy Joynt, a real estate economist at Property and Portfolio Research, an independent research and advisory firm. “We’re forecasting that asking rents are also going to drop,” he added. “We’ll see if that ends up being reflected in the numbers.”
There more evidence to indicate that there will be more a downturn than a recovery. If that is the case, then renters will once again be playing a game of hopscotch looking for the better deals that are out there.
Marc Lewis, the president of Century 21 New York, has seen several recessions in his many years in the business, most recently after Sept. 11, 2001. “But in the past,” he said, “it always felt like it would be a few months and then it would be over. This one, we don’t have an answer yet.”
I remember after 9/11 I thought rents in Manhattan would drop and I would be able to find the same type of deal that I once had which was an $800 dollar month apartment. No dice. Rents stayed strong.
Many people — including President Barack Obama — are suggesting that the economy is likely to get worse before it gets better. And the rental market is unlikely to strengthen until the economy, and the job market in particular, turns around.
According to the Independent Budget Office of New York City, the outlook is bleak. The agency expects the city to lose 243,000 jobs from the peak of early 2008.
“Let’s hope this is a short-term problem,” said Vicki Been, the director of the Furman Center for Real Estate and Urban Policy of New York University. “You know, we prefer more affordable housing, until there’s a downturn. And then we panic.”
“People assume when sale slows down, rental will pick up, but that depends on what the source of this is,” said Gregory J. Heym, the chief economist at Terra Holdings, which owns Halstead and Brown Harris Stevens. “When you’re losing jobs, the rental market is also going to suffer.”
Back in 2005 there was a huge shortage of sales inventory which many brokers to believe that buyers would be come renters and would look to rent. They were correct. Buyers did become renters. But they did not look for rentals, they simply resigned their own leases.
This impacted the rental market because it led to a drought in rental inventory which made it extremely difficult for newcomers coming into Manhattan.
The irony now is that we are facing a surplus in rental and sales inventory. The people who are losing out are not the landlords. It is the sellers who are losing out. There is a tremendous amount of uncertainty in our world right now. Everyday we are getting pounded with more bad news about the economy and according to President Obama we are going to be living like this for quite awhile. Neil "Dr.Doom" Roubini has stated the following:
While the U.S. government is resisting nationalizing its biggest banks, Roubini says it will have no choice because they are now “effectively insolvent.” And the outcome may be even worse than even he anticipates if governments fail to take aggressive steps to recapitalize banks and revive their economies, he says: “The risk of a near-depression shouldn’t be underestimated.”
Roubini, who’s now working on a book about the crisis, says he takes no particular pleasure in his role as Dr. Doom or the attention it brings him.
“I’m not a permanent bear,” he says. “I’ll be the first to call a recovery, but I just don’t see it yet, and it’s getting uglier
There is a tremendous amount insecurity in New York City. People who have been laid off do not know what to do and people who still have jobs aren't sure how long they will have them. Along with this uncertainty, prices in the sales market have begun to drop and it is more and more expensive to get a mortgage these days.
When you buy an apartment in New York City or anywhere else you are making a commitment to live there for an extended period of time. In this environment that does not seem feasible because no one knows if they have the resources to stay for that long
It would make more sense to rent for now in order to have the option to stage a tactical retreat. Right now we are living in an age where people need to go where the jobs are. With landlords offering unheard of incentives and the rising levels of rental inventory, right now it makes more sense to rent.
