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Foreclosure Alternative: Fannie Mae's Deed for Lease Program

True Gotham -- Chris Thorman at SoftwareAdvice.com sent me his latest post this AM: Own to Rent: Breaking Down Fannie Mae’s Deed for Lease Program. That's correct, the title reads "Own to Rent," not at all the rent to own scenario of which so many are already familiar. The Federal National Mortgage Association, more commonly known as Fannie Mae, recently announced a new program designed to keep m... 11-20
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Buying or Selling a Manhattan Co-op: From Contract to Closing

True Gotham -- The impetus for this post is a question that was recently asked of me from one of my sellers. They are in the early stages of selling their Manhattan co-op and have simultaneously bid on a house outside of the city. The seller wanted to know precisely when we will have confirmation that her current apartment is sold to give her confidence in proceeding with their purchase. The answer: You will kno... 11-08
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More on Confusing Housing Numbers from FoxBusinessLive

True Gotham -- I had the pleasure of joining Tracy and Chris on the Noon edition of FoxBusiness.com Live today to discuss recent housing numbers that continue to confuse. August home sales up 1% and September sales down 3.6% when an anticipated uptick of 2.6% was expected. It is all very confusing and I still maintain that these macro numbers are incredibly inaccurate when discussing a specific region and even m... 10-29
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Managing Agents, Co-ops and Condos Going Green

True Gotham -- Not soon enough for me, but it seems that the Manhattan real estate market is becoming less of a paper wasteland.Finally managing agents and co-op/condo boards are taking into consideration the ridiculous amount of paper that is being wasted in the application and home sales process.In the past 2 weeks, we have had multiple attorneys thank us for sending them offering plans, financial statements, ... 10-29
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Real Estate Video is About the Real Estate, Not the Ego

True Gotham -- Video still isn't killing the virtual tour star but it is gaining considerable steam. The once averse Manhattan real estate market is now more frequently embracing real estate video as a powerful marketing tool to transparently represent and efficiently sell homes. But unlike many housing markets across the country where MLS rules disallow agents actually appearing in these videos, Manhattan, choc... 10-15
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3Q Manhattan Real Estate Market Reports

True Gotham -- I was contemplating NOT chiming in on the big company's 3Q Manhattan residential real estate market reports, but alas I must give my two cents. Never has the answer to the "how's the market?" question been so complicated. It is all relative of course and if you compare the the 3rd quarter 2009 to the first half of 2009, then yes the news is good and the market is much busier. But despite... 10-06
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Lives of Not-So Quiet Desperation

True Gotham -- This enormous sign was placed outside of my office on the corner of 83rd Street and West End Avenue to ANNOUNCE an open house last night. I haven't seen this ever and it has been 15 years since I remember similar "marketing" attempts as flyers were taped to light posts. I'm off now to Marshall the 3rd running of The Hamptons Marathon...go all you crazy runners!!! 09-26
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Sellers More Realistic Than Buyers in Today's Manhattan Real Estate Market

True Gotham -- As far as who is more realistic in terms of their expectations in today's Manhattan real estate market, the scale has definitely tipped toward sellers. Before you get all crazy on me, here me out. I'm not AT ALL suggesting that it is a seller's market...because it's not.That said, it also is NOT the buyer's market that many believe it to be. With prices down between 10 and 40% from peak levels acr... 09-23
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L'Shana Tova!

True Gotham -- Happy New Year!!! 09-19
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No Time To Blog and Fainting Goats

True Gotham -- I'm no longer going to apologize for my lack of blogging because i sound like a broken record. It's been a busy summer (more like a Spring market) with a couple of long vacations and now I'm the lucky recipient of an IRS audit that is consuming blogging time. Speaking of the IRS audit, this is exactly how I reacted when I got the news: I have since accepted that it is more of a nuasance than anyth... 09-05
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The Sting of Selling Today If You Bought At The Peak

True Gotham -- A colleague of mine recently received a phone call from a seller whom he is representing with a disturbing question. His home is currently in contract with a prospective purchaser and he asked, "Should I reach out to my co-op board and ask them to turn down this buyer?" For those outside of Manhattan, 75% of NYC housing is co-operative in which a Board of Directors must approve any prosp... 08-22
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Solvent Buyers Frustrated By Lending Restrictions

True Gotham -- What are the banks doing with all of our bailout money? Getting fat and making the borrowing process miserable even for those with stellar credit, great jobs, and high liquidity.A current buyer of mine is supposed to be closing this coming Friday on a $1.7M condo in a new development project that is almost entirely sold. She could pay cash for the property but decided to take out a small loan for ... 08-11
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Home Sellers Must "Buy" the Team Approach for Maximum Exposure

True Gotham -- Everyone has an opinion on what added value the real estate agent brings (or doesn't) to the real estate transaction. For the purpose of this blog post, let's assume that a seller is fortunate enough to find an agent who s/he believes will bring real value to the home selling process. If one agent brings value, a team of agents working on your behalf increases that value exponentially. Bear with m... 08-05
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Charles Rutenberg Ranks Growing

True Gotham -- Already the eighth largest brokerage in Manhattan, Charles Rutenberg Realty's ranks continue to swell to almost 300 agents. The pace of growth has picked up significantly as agents are asking themselves, "What has my broker done for me or my clients lately?" Too often the answer is a resounding "not much" or "they continue to make a lot of empty promises." I am meetin... 07-31
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July Manhattan Market Video Snaphsot

True Gotham -- In this TrueGotham video blog I discuss the current Manhattan residential real estate market. Although June was a very busy month in terms of transactions, one month does not a recovery make. And what will Wall Streeters do with 2009 bonuses? Check it out: 07-30
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Hampton's Market Report and Manhattan Market Insight

True Gotham -- I wish that I could say that I sold my house in Bridgehampton in April of 2006 because I was so savvy and knew it was the peak of the market. Such is NOT the case at all but I was very lucky with my timing. Let's begin with the Prudential Douglas Elliman Hamptons North Fork Market Report.From this report comes the following clip from CNBC (via CurbedHamptons). Prices down 42% South of the Highway ... 07-25
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Sellers Must Insist on Listing Syndication

True Gotham -- if you are selling property, whether it be in Manhattan, New York or Manhattan, Kansas (yes there is a Manhattan, Kansas), you must find out from your agent/broker exactly where your property information will be disseminated. Most people don't realize how many companies still subscribe to the philosophy that controlling your property information is a good practice and one that they will try to con... 07-23
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The Traditional Real Estate Brokerage Model is Broken

True Gotham -- The traditional broker better rethink the ways in which they do business or suffer extinction. The business model is suffering and despite the facade that all is well in residential real estate, I'm here to tell you that isn't the case at all. First let's define 'traditional brokerage:"A real estate company that focuses on it's brand more than the consumer. A real estate company that is highl... 07-22
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Market Commentary from Real Estate Agent Greg Cooper

True Gotham -- Greg Cooper is a former radio personaility turned real estate agent in Carmel, Indiana. So what does he have to do with Manhattan real estate? Check out his commentary on "The Market" and se more of Greg athttp://www.gregcooper.tv: That about sums it up and i couldn't agree with Greg more. Whether you are selling real estate in manhattan, Carmel, Indiana or Timbuktu, the market is what s... 07-22
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Independent Contractor Agreements and Company Policy Manuals

True Gotham -- It has recently become clear to me that my real estate colleagues and I need to stay abreast of changes in company policy manuals. If something doesn't sit well, agents should insist on changes to their independent contractor agreements or simply refuse to sign them. There are plenty of real estate brokerage companies who will fairly negotiate these agreements and be sure you are working with one ... 07-16
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