Thursday, March 29, 2007

Image is EVERYTHING...

Your parents' condominium is out. Lifestyle condominiums are in. What's your lifestyle? Are you an uber-hip trendsetter who attends chic gallery events and mingles with the fashionistas? If so, the Chelsea Modern in West Chelsea is just your speed.

For more, visit http://www.chelsea-modern.com.

Sunday, March 25, 2007

Starck Madness...

Love him or hate him, he's here to stay. Philippe Starck's "New Design" style is off the deep end, literally (see his indoor pool design for Yoo Downtown in Manhattan at left). Owning in Starck condo is a good deal, as his designs of the common areas add value to your property. In an age (and town) where unique features create buzz and demand, a Starck condo is a sure thing.

For more information about Starck's brilliant projects, visit http://www.philippe-starck.com.

Saturday, March 24, 2007

How cool is your condo?

Probably not as cool as the new Atelier condominium, a towering glass structure in Midtown West by architect, Costas Kondylis, and developer, The Moinian Group. The lobby of the Atelier was packed with fashion insiders for the Alice + Olivia show, the closing show at Fashion Week in 2007. Celebrities Carmen Electra and Molly Sims sat front row as models paraded in Andy Warhol-inspired outfits. A fashion show and celebrity endorsement that fit the new development's chic image...can you think of a better publicity play?

The coolest thing that happens in my lobby is when the delivery guy from Fresh Direct shows up. Not cool.

For more information, check out http://www.ateliercondos.com.

Thursday, March 22, 2007

It's getting hot in here...

Everybody's heard of a wood-burning fireplace...but have you heard of a glass-burning biofireplace? Didn't think so. These fireplaces burn on FANOLA fuel, a special eco-friendly biofuel. While burning, biofuel is more energy-efficient than wood by about 40%. While burning, no smoke or smell is given out, but merely steam and CO2 in proportions similar to those contained in air exhaled by humans.

These decorative pieces are sure to astound guests and add value to your home. There's nothing better than a nice, "Holy $@#!" when your guests first lay eyes on your magnificent eco-flame. For more information, check out http://www.ecoflames.com.

All-inclusive, resort-style living in Manhattan...

Miraval Living. Lucky owners in this awesome Upper East Side condominium will be pampered to their heart's content. So, what makes this condo so special? Hold your breath - here's a partial activity schedule: Aqua Circuit (a combination of cardiovascular and resistance work in a non-impact water environment), "Dive In" Movies (float around the pool on an innertube on a Friday night while watching a movie projected on the wall), Digital Photography Workshop, "Artists In Residence" Showcase (a showcase of the artwork done by Miraval residents), Latin/Rhythm Dancing Lessons, Poetry Reading & Writing, Scrapbooking, Ashtanga Yoga Intensive, Tea Ceremonies, among others. Mind you, this all takes place on the condominium premises! These high-end spa amenities are just an elevator ride away...

Apartments range in price from $645,000 to $4,285,000. For more information about this unique lifestyle condominium, visit http://www.miravalliving.com.

Wednesday, March 21, 2007

This Just In: President Elects New World Cabinet...

Founded in Italy in the early 1980’s, Valcucine cabinets immediately distinguished themselves by refining the design and quality of their product and thereby revolutionizing the standard for residential kitchens. With over sixty styles available you’re sure to find something that is not only fine-looking but functional. Their trademark Lift-up Door wall cabinets are a great space saver as they can be attached to walls or hang freely over center islands. Or, for something more traditional, their “Ricicla” cabinet doors are made of all recycled materials and use only 1/10 of the resources needed in other types of doors.

Valcucine is dedicated to ensuring that their products don’t endanger the health of anyone, from those who make them to those who use them, they don’t’ use formaldehyde or synthetic varnishes. Valcucine is also a supporter of Bioforest, an association dedicated to biodiversity and the regeneration of natural environments.

One of the most notable purchases, perhaps of Valcucine kitchens, and a testament to their fine quality was by the Extell Development company for use in one of their flagship buildings, The Orion Condominium. Soaring sixty stories above Manhattan’s west side and appropriately nicknamed “Hell’s Kitchen,” is one of the finest examples of craftsmanship and design I have seen in a long long time, and oh yeah some of the nicest kitchens I have seen yet.

For more about Valcucine, visit http://www.valcucine.it.

Authored by Matthew Knee (Guest Author)

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Tuesday, March 20, 2007

Going...going...GREEN!

According to Bruce Fowle, Senior Principal of FXFOWLE Architects, "There's a greater concentration of green buildings here (Manhattan) than anywhere else." Consumers are increasingly eager to "green" their environment and new developments are meeting those demands in high style. Some of the coolest advances in "greening" new developments include: ventilation systems that provide filtered and humidified air, photovoltaic cells that generate a percentage of the building's electric load, on-site water treatments, recycled steel/wood/concrete drawn from local resources, solar rooftop panels, and landscaped rooftop gardens that capture rainwater for re-use.

Most importantly, green homes are much healthier than standard homes, because they are constructed without traditional toxic building materials -- like formaldehyde-laced particle board, toxin-laden insulation, and dioxin-filled vinyl flooring -- that have been shown to cause everything from sore throats to asthma and other repiratory illnesses, and even cancer. Not to mention, green homes mean lower energy bills!

For more information on "going green," visit the following sites:
http://www.nyc.greenhomeguide.com
http://www.earthpledge.org

Saturday, March 17, 2007

Is there a parking garage somewhere around here?

Every once in a while, certain advances in technology really excite me. Enter http://www.nycgarages.com. Not only does this Web site plot each and every garage in Manhattan on a Google map (by neighborhood), but it compares the daily and monthly rates for different vehicle types. A simple scroll of the mouse over a particular parking garage on the map pops up a small window with more information about the garage, including capacity, contact phone number, hours of operation, etc. Totally awesome.

Thursday, March 15, 2007

Inclement weather...good or bad for business?

Some seem to think that inclement weather keeps people indoors and hurts business. Others seem to think inclement weather brings out the "serious" home hunters. I'm interested to know what home hunters think? Do you brave the storm with the best of 'em or are you a couch potato when there's inclement weather?

It is my personal opinion that the best deals are to be had on days where there is inclement weather. Most people will stay indoors, affording you the opportunity to be the first to view an apartment that just hit the market and avoid crowded open houses and sales centers. That's just my two cents.

Monday, March 12, 2007

The next level in hygienic chambers...

A long time ago, in a galaxy far, far away...I thought to myself, "Why can't my bathroom at home mimic those of the 5-star hotels I've stayed in?" I miss that feel good, bubbly, butterflies-in-my-stomach feeling that I get everytime I set foot in those lavish chambers. Is it the lighting? Is it the pressure of the water? Is it the fixtures? Is it the luxury furnishings?

Enter...Waterworks. Tell the Mandarin Oriental they can keep their bathrooms, you don't want 'em. Waterworks affords its customers a hygienic experience unlike that of any other - most importantly, in the comfort of their own home. For more information about the Waterworks line of products/fixtures, visit their Web site at http://www.waterworks.com.

"Water is their muse."

Sunday, March 11, 2007

Feng-Schrager...

A poor attempt at a play on words ("Feng-Shui")? Yes. A brilliant interior designer? Yes. For all those who aren't familiar with Ian Schrager - shame on you. Some of his projects include the Gramercy Park Hotel (pictured left), 50 Gramercy Park North and 40 Bond. In an age where selling is increasingly difficult and differentiation is the key to success, an Ian Schrager-designed residence will do the trick.

Check out more about Mr. Schrager at http://www.ianschragercompany.com.

PS...If you're reading this Ian, how about a pro bono re-design of my living room? If you don't ask, you dont get...

Saturday, March 10, 2007

Renovating your kitchen?

Not without an RFID refrigerator. Well, at some point in the near future, at least.

This techno-monument to food preservation can purportedly send a shopping list to your cell phone or directly to the supermarket when it detects your milk, juice, eggnog, or assortment of critical condiments are reaching dangerously low levels. It is also designed to track each item's expiry date and display information about its nutritional value. Moreover, it can provide recipes for dishes that can be prepared with the ingredients in the fridge. Antennas will transmit signals to products with embedded RFID transponders and retrieve important information about the product. The only thing this uber-fridge can't do is cook for you - but I'll bet that's not too far off. Move over Sub-Zero.

More to come as the RFID fridge hits the market...

Thursday, March 8, 2007

The Great Condop Misunderstanding...

As condo sales transactions catch up to co-op sales transactions, I get more and more clients asking about the mysterious condop form of ownership. It's time to dispell the myths and bring truth to the light.

By legal definition, a condop is...an apartment building, which has been partitioned into mixed-use segments (typically, commercial and residential space); with each segment receiving a condominium deed. In turn, one of these segments is identified as a residential component that is owned by a cooperative corporation. This residential component is therefore referred to as a condop since the cooperative corporation effectively owns a condominium unit deed rather than a fee simple interest in the land. Pretty straightforward, right?

A condop is not...a cooperative apartment building that does not have board approval requirements or restrictions on rentals. These buildings are viewed as hybrids wherein the ownership form is a cooperative corporation but the procedural characteristics are similar to a condominium. In this case, the term "condop" is incorrectly used to reflect this hybrid character. It wouldn't be the first time brokerspeak was misleading.

Wednesday, March 7, 2007

Waive "bye-bye" to the Mortgage Contingency clause...

It is once again a seller's market in Manhattan. Open houses are like cattle calls and bidding wars are more common than not. When submitting an offer for an apartment, sellers will typically require that you specify one of the following: 1) This offer is contingent upon financing, or 2) This offer is not contingent upon financing and I am willing to waive the mortgage contingency clause in the sales contract (a.k.a. this deal is getting done come hell or high water). Sellers prefer the latter, as it conveys the seriousness of the buyer's offer. Don't be surprised if your lower bid is accepted over a competing higher bid, simply because you are willing to waive the mortgage contingency clause in the sales contract and the competing bid is not. Buying in Manhattan is a unique opportunity, to say the least.

I don't recommend that you waive the mortgage contingency clause if you don't have sufficient cash reserves to cover any discrepancy between the mortgage you were pre-approved for and the actual mortgage you are awarded (based on the appraisal of the premises). You may be pre-approved for a $350,000 mortgage, but upon receipt of the appraisal report, you may only receive $300,000 from your lending institution. You'll need to come up with that $50,000 difference out-of-pocket, if you waive the mortgage contingency clause in the sales contract. If you can't come up with the $50,000, your 10% down (good faith deposit submitted with the signed contracts) is gone forever. Ouch!

And yes, I've intentionally mispelled "Waive" in the title of this blog entry. How's that for a play on words?

What the f@#! does "No Fee" mean?

1) The Legitimate "No Fee" - The landlord has a 2BR penthouse apartment in their building and they are asking $5,995/mo for rent. This apartment will be very difficult to rent because of its high price; there are only so many people who are looking to spend $5,995/mo to rent a 2BR. Therefore, the landlord will pay the broker $5,995 (1-month) as an incentive to bring a qualified tenant to the table and rent the apartment expeditiously.

2) The "No Fee" Roll-up - The rent for the apartment is $3,000. The 15% broker fee is $5,400 ($3,000 x 12 months = $36,000 x 15% = $5,400). The broker will advertise the net effective rent at $3,450 ($5,400/12 months = $450 + $3,000 = $3,450). In essence, the broker is rolling the fee into the monthly rent.

3) The 1-Month Free "No Fee" - Many landlords will offer tenants 1-month free when they sign a 13-month or 2-year lease. Often times, brokers will advertise a property as "No Fee" and expect that you'll apply the 1-month free toward the broker fee.

4) The Blatantly Illegitimate "No Fee" - The broker will post a "No Fee" ad to peak your interest. When you call, or even worse, once you're out on the appointment, the broker will mention that "the landlord is no longer paying the broker fee" or, "Did I post the apartment as 'No Fee' in the ad? That was a mistake."

The "No Fee" tactic has been used by numerous brokers as a lead generation tool on Craigslist, in particular. The reality is that the majority of apartments in Manhattan are not "No Fee" apartments, as most landlords will not pay the broker fee. This is especially true, given that we are in a landlord's market at the moment, with vacancy rates falling below 1% in some neighborhoods. Typically, the landlord will pay the broker fee on high-priced apartments that are difficult to rent or during a slow period (winter). There are only a handful of buildings/landlords in Manhattan that continue to pay the broker fee on a rolling basis.

"That's a fact."