The Jetson's Floorplan...

Just when you thought you'd seen it all in Manhattan, something comes along that blows your mind. At first glance, you could mistake the floorplans to the left for a birds-eye view of a pinball machine. The duplex apartment conversion at 123 W 15th Street has been described as "Wonka-riffic" on the popular blog, Curbed.com. I couldn't think of a better word to describe this floorplan. The duplex boasts 2,054 square feet and is asking $2,995,000. Own a piece of history today, before flying cars and robot maids take the world over.

Are people really willing to pay $1,953 s/f?

You better believe they are. If you thought the market was flatlining, think again. NY Post reports that the Lucida, the Upper East Side's first LEED-Certified Green Building on the southeast corner of 86th Street and Lexington Avenue, is approximately 69% sold after two months of sales! There have already been four pricing amendments and rumor has it that they are considering a fifth. Apartments in the family-friendly Lucida are fetching a staggering $1,953 per square foot. Who's paying these egregious prices? Lawyers and private equity hedge fund managers. Some are buying multiple units and combining them. I can't wait to see how the combined units appreciate in years to come. It will certainly be interesting to see. Apparently, the "sterile" Upper East Siders have been longing for the hip, glass-facade developments only seen south of 59th Street, until now.

“I’ll have Johnny Walker… Blue Label”

New Yorkers have always been a couple of notches above the average consumer. Their desire for the best is apparent in all the aspects of day-to-day life in the big apple, and more recently, in the real estate market. David Rockwell, Andy Pepper, Phillipe Starck, Richard Meier, Deborah Berke, Costas Kondylis, Bruce Fowle and Ismael Leyva, to name a few, have revolutionized how Mr. and Mrs. Jones feel when they enter their designer homes at the end of a busy day. What’s in a name? The arguments both for and against are compelling, and we will make no attempt to address the matter here, other than to say that there is indeed something that we associate with these “designer” names, which continues to drive the buzz and hype around these starchitecturally designed buildings, more so than their no name counterparts.

Authored by Matthew Knee (Guest Author)

South Beach comes to South Manhattan...

The developers of the Setai, Miami are altering the condo's South Beach Art Deco aesthetic for a classier corporate look, with wood and stone for the Setai, New York. After two months of sales, the Setai, New York is 30 percent sold. The 30-story condo conversion is located at 40 Broad Street, between Beaver Street and Exchange Place, with prices averaging $1,350 s/f to $2,000 s/f. The real selling point is the outdoor terrace (common area), which has tropical bamboo, oversized daybeds (think Duvet, NY and Nikki Beach, FLA), 2 Jacuzzis and gas grills. Word has it that the co-founder of the Setai Group is "trying to get a cigar room there." This condo conversion has done a spectucular job differentiating itself, hence the surging sales in a two-month period.

For more information, visit http://www.setainy.com.

Left the A/C on? No problem! Deactivate it remotely...

New developments are in a race to provide a better mousetrap, and those without a differentiation strategy are having trouble moving apartments. The recent frill-frenzy™ we've witnessed has us wondering, "What's next?" I'll tell you what's next...computers that control EVERYTHING in your home. Not cool enough? Don't worry, it gets cooler. These computers can be accessed via the Internet, remotely. Want a cool (temperature) apartment when you walk in the door? Turn on the A/C and lower the shades remotely before leaving work. Can't be home for the handyman in the afternoon? Unlock your apartment and watch them on camera remotely from work.

And you thought Bill Gates had all the fun in his hi-tech residence! Stay tuned for more "technomenities"...

Mortgage Contingency Clause Got You Down?

Weary about waiving the mortgage contingency clause? Try this...

First, a little bit about the mortgage contingency clause. A "mortgage contingency clause" is a provision in the home purchase contract that says that if the prospective buyer can’t get a mortgage within a fixed period of time, s/he can call the whole deal off. In other words, the agreement is conditional on the buyer being able to obtain a mortgage on the property.

Given the current seller's market, it is assumed that the buyer will waive the mortgage contingency clause, forfeiting their down payment if they can't get a mortgage. If this has you worried, take comfort in that you're not alone and there is a workaround!

If you have a great mortgage professional, they can "rush" the appraisal of the property and produce a commitment letter within 24 hours of receiving the appraisal report - this all happens before contracts go out to the buyer's attorney. At that point, the mortgage contingency is a moot point and can be waived with the confidence that you are guaranteed a mortgage for a proper amount. As always, consult your attorney and mortgage professional before heading down this road, and make note that this workaround isn't recommended when there are multiple bids on the table (a.k.a. "bidding war"), as the seller will likely entertain the offer that waives the mortgage contingency without any "headaches."

"I have a blue house with a blue window...I'm blue (da ba dee)"

The Lower East Side's Blue Condo sticks out like a sore thumb. It would seem more appropriate along the water on the West Side, across from Chelsea Pier and adjacent to the Nouvel Chelsea new development. Nonetheless, it makes it's mark on the Lower East Side's skyline and could be an indication of what's to come for this slow-to-modernize neighborhood. The average unit in the Blue Condo sells for $1,200 to $1,300 per square foot, a lofty sum for the neighborhood, but in tandem with the rest of the city.

There's no doubt about it, when friends and family visit for the first time, it'll elicit a, "Wow." The question is, will it be a good "wow!" ("Very cool!") or a bad "wow" ("You live in that thing?")? For more information, visit http://www.bluecondonyc.com.