real estate prices in

MemeFirst: New York real-estate prices explained -- MemeFirst December 01, 2005 New York real-estate prices explained The 2.2 million jobs in Manhattan pay, on average, $2,025 per week . (You know that feeling you get when you find out you're below average? I've been having that for years.) Manhattan is 22 square miles, which means that the island of Manhattan pays, on average, $378 per square foot per year . And that includes Washington Heights. Posted by Felix at 02:54 PM GMT All proceeds go to MSF -- Comments #1 Pity we can't all work for Goldman Sachs. Posted by: Gherimiah on December 1, 2005 03:28 PM #2 I'll happily defer to someone with a firmer grasp of stats on this, but in the meantime, I wonder, does that average income number tell you very much? Given the massive disparity in Manhattan incomes, between, say, the dishwasher and the hedge-fund owner, which surely are among the widest in the country, wouldn't you also need to know the distribution of the data points? At a minium, wouldn't you want also to know the median income? Also, is this net or gross? Article talked about paychecks, which could probably mean either. Posted by: Matthew on December 1, 2005 04:36 PM #3 Oh, and also, Felix, presumably the 2.2 million people with jobs in Manhattan don't all live there, so your extrapolation doesn't wash. Posted by: Matthew on December 1, 2005 04:38 PM #4 Obvs mean incomemedian income, and I'd be surprised if more than 40% of Manhattanites made above average. Probably less. But even so. And actually, the fact that there are 2.2 million jobs to 1.5 million people in Manhattan actually only serves to exacerbate the demand-supply imbalance when it comes to real estate. Posted by: Felix on December 1, 2005 04:53 PM #5 I hate to be the one to break this to you, Felix, but nearly all residential housing in Manhattan consists of multi-story buildings. The salary range you describe explains real estate prices in Westchester County, NY and Bergen County, NJ to about the same degree as prices in Manhattan. Posted by: Sterling on December 1, 2005 07:05 PM #6 How delightful that the discussion of property prices one is sometimes unable to defuse at dinner parties just carries on here - almost as if taunting one with its dreary ineluctability. And how nice that Felix should bring along his no doubt expert appreciation of statistical lore. The one thing I am missing is the crucial evaluation of bedbug incidence as it affects property prices in Manhattan. In another thread, Betty has said this bedbug malarkey is all a plan of Bush's. For myself, I prefer to recall that bedbugs tend to originate in Belgium. Schtumm for now. More on this later. Posted by: Claude de Bigny on December 1, 2005 08:40 PM #7 Also, this seems to imply that everyone pays all of their income for housing, which is hopefully not the case. To be more realistic (ignoring the issues rightly brought up by the other commentators, including whether all of those people actually live in Manhattan and whether you can just take the sq ftge of Manhattan as the residential sq ftge), say people on average spend 40% of their income on housing. That gets your income for housing per sq ft to around $151. Posted by: Susan on December 1, 2005 09:14 PM #8 Susan and Sterling, you are embarassingly confused. What percentage of real estate in Manhattan is used for housing? According to this http://www.nyc.gov/html/dcp/pdf/landusefacts/landuse_tables.pdf (in case you are confused by the graph, the percents sum together veritcally and the land area sum horizontally). And even assuming that all "Mixed Residential and Commercial" was used for housing, less than 38% of the land in Manhattan is for housing. These data certainly allow for the idea that much of rent paid in Manhattan is for commercial use, and even then, a considerable percent is used for public space (Central Park alone is 10% of the area of Manhattan). Anyway, the amount people earn in a particular location is not directly related to the amount the people who live there earn, or the amount the people live there pay for rent. Look at this site: http://www.census.gov/hhes/www/saipe/index.html The direct link is unavailable, but the Median household income for New York County was 43,573. Nassau County on the other hand is more than 71,000. In which place is it cheaper to rent by the foot? Posted by: Andrew on December 2, 2005 07:22 AM #9 I don't think I'm confused. My points are: a) there is actually quite a bit more than 22 square miles of residential floor space in Manhattan because of vertical construction b) a lot of upper-income Manhattan workers live outside Manhattan, and their buying power lifts prices in tony bedroom communities Posted by: Sterling on December 3, 2005 03:38 PM #10 OK, Sterling, let's do it your way. Assume that each of the 1.5 million residents of Manhattan has 400 square feet to call their own: that works out to 1200 square feet for the average family of three and 1600 square feet for the average family of four. Generous, I'd say. That comes out to 600 million square feet of residential real estate in Manhattan. Using that figure, my calculation actually comes out slightly higher : $386 per square foot per year, rather than $378. What makes you think that there's more than 22 square miles of residential floor space in Manhattan? As for your point b, I fail to see how it is in any way germane. Posted by: Felix on December 3, 2005 11:09 PM #11 OK, 22 square miles equals about 613,324,800 square feet. That would leave each of Manhattan's 1.5 million residents with 409 square feet of living space. But I don't believe that most Manhattan residents are actually so deprived, especially when you take into account common areas in apartment buildings such as laundry facilities, hallways, lobbies, etc. I'd be surprised if the average wasn't at least 600, and it's probably more than 800. And besides, that's not what you originally meant - you were dividing Manhattan's land footprint and not taking into account its vertical expansion. As for the second point, I suspect there's a strong tendency among $100,000 - $1,000,000 per annum Manhattan earners - which is well-off to wealthy-on-a-budget - to live in places like Valhalla and Ho-Ho-Kus, especially if they're married with kids. Family-flight in turn increases the average per-capita-square-footage of the Manhattan residential footprint through bleed-off of children. Posted by: Sterling on December 4, 2005 02:29 AM #12 Sterling jumped the shark so long ago it's probably not surprising, but for those of you keeping score at home, he really did just say that the average Manhattanite has 800 square feet of their own. So if you're an average person living with 2 roommates, that means you're in a 2400 square foot apartment. In Manhattan. Yeah. Oh, and that 350 square foot apartment you've got? It's not 350 square feet at all, it's probably more than 4000 square feet. You're just not including the lobby and all the hallways. Posted by: Felix on December 4, 2005 02:43 AM #13 My claim is that the amount of residential-zoned floor space in Manhattan probably works out to between 600 and 800 square feet per resident of Manhattan. You're not only challenging this, but asserting that my claim is absurd. Sure you wanna do that? Posted by: Sterling on December 4, 2005 02:59 AM #14 I've tried to find the statistic, but to no avail. It seems that while office space inventor is measured in square footage, residential space is simply measured, in all documents, by units. But we can work with that. So far I've learned that 82% of zoned lots in Manhattan are residential, making up about 280,000,000 square feet, which includes permanently undeveloped spaces like yards and gardens. If the average height of development across all that land is four stories, then, we're looking at about 750 square feet per person. I've also learned that in 1999 there were about 727,000 residential units in Manhattan , which means that the average unit houses two people. So those three-roomies crammed into one 800-square-foot-tenement-with-the-bathtub-in-the-kitchen examples are mostly fiction. Which is a shame because I get a tingle from the mental picture of Manhattan twenty- and thirty-somethings living in cramped, dingy conditions. If we divide the total residential land area by the total number of units, we get 385 square feet, which works out to 192.5 square feet per person, assuming no dwellings above one story in height and no unimproved/vacant land. If the average height is assumed to be four stories, in this scenario we get about 770 square feet per person. Here's a report from Prudential Douglas Elliman that details its 1Q 2005 sales. Units sold averaged 1,334 square feet, which divided by two yields 767 square feet per person. Breaking it down further we find co-ops averaging 1,197 square feet, condos at 1,496 square feet, luxury at 2,921 and loft at 2,145. So that's 598.5 square feet per person at the low end all the way up to 1,460.5 at the top. There's three separate analytical models for you Felix, all of which yield per-person square footage of 750 or better. I admit they're not all that fleshed out, but I'm stuck inside with a cold watching The Taking of Pelham One-Two-Three on DVD, and I'm disinclined to dig deeper. But you're welcome to. Posted by: Sterling on December 4, 2005 04:04 AM #15 Sterling: do your calculations include infrastructure or is the 280MM number a percentage of raw space? Building density is higher here than anywhere else in America, but 15% to circulation (in buildings and streets themeselves) would be an easily defended metric. Counting hallways in urban residential structures is like counting sidewalks as part of sf for suburban homes. As much Sterling does sound like a set designer for Friends, Felix, I gotta say, of the 25 or so apartments of people that I can definitely make an estimate of size, we average 500 sf easy. Most everyone is a half a standard tenement lot (25 x 25), with a couple of lofts and post-war, large-scale developments thrown in. This is skewed because many of them are single (I live in a 2bd alone) or have rent-controlled apartments from way back. Posted by: 99 on December 4, 2005 07:19 PM #16 Where does your 280m sq ft number come from? Your first two calculations are based on it, so I'd like to know. (They're also based on a multiplier of 4, which as far as I can tell came pretty much out of thin air.) As for apartment sales, in Manhattan individual condos and coops tend to be much larger than the apartments inside rental buildings. So if you look just at sold apartments as opposed to rented apartments, you're going to get a skewed figure. What's more, if a 3800-square-foot brownstone in Harlem, say, is sold and then the downstairs floor is rented out, that still counts as a 3800 square foot deal under these figures. Posted by: Felix on December 4, 2005 09:21 PM #17 The multiplier of 4 was back-of-envelope guess. The 280,000,000 number came from this PDF . Sorry, thought I'd linked to it initially. As for rental apartments being smaller than privately owned condos or co-ops...not sure I buy that. But even if it's true, how much smaller could they be? 10%? Doesn't really matter. You can apologize any time now. Posted by: Sterling on December 4, 2005 10:06 PM #18 if anyone is real curious why not pony up the $250 to get a list of every tax lot in the city? http://www.nyc.gov/html/dcp/html/bytes/applbyte.shtml in the meantime, simply because i am tired of having to read sterlings pontifications about things he knows anything about, i downloaded a list of all the residential tax lots from 14th street and below from propertyshark. only 14th street and below, because after 6000+ entries, i became bored. 14th street down is a good representative sample of the 99000+ residential tax lots in manhattan. it includes spacious luxury lofts of tribeca, tenements of the les, projects on the eastside, high rise high density battery park and half building condo conversions of downtown (note that a rental bldg with multiple units counts as a single tax lot with the number of units listed as a seperate data field). the average unit size works out to 1100sf with 590sf per person (based 2000 census population stats for 14th st & below). this includes all common space in a building as it is based on total building size for single tax lot (rental) buildings and counts common space tax lots for condo buildings (read lobbies, circ, etc.) multiplying back out by the 2000 census population numbers for manhattan of 1,537,195... we get 906,945,050sf of residential space in manhattan. let's call that an even 9Bsf since the city lists 3800 acres of lot area in manhattan (165,500,000sf), that gives a rough overbuild factor of 5.5. this will obviously skew higher with the ues & uws densities without actually affecting the sf/person. summary- -590sf of residential per person (inclusive of common areas). close to sterlings low estimate of 600, but nowhere near the 800sf -1100sf average size per unit (inclusive of common areas). again close to sterlings guess based on broker mumbojumbo, but still below the stated average. -9Bsf of residential space in manhattan sterling- close on your numbers, but not nearly close enough to be quite so pompously smug. stick to things you know about, like why bush is a foreign policy genius. felix- remind me what this related to? Posted by: geoff on December 5, 2005 12:34 AM #19 Geoff - The only reason I was pompously snug is because Felix had reacted to to my estimates with such comedic outrage. Also, I don't think 14th St. and below is a good representative sample. Newer and I suspect more spacious high-rises make up a much larger proportion of housing from the 30s up through the low 100s. So I'm sticking with 600+. I suspect the actual number is around 750, as stated above. As for your justification of your work - "simply because i am tired of having to read sterlings pontifications about things he knows anything about" - I'm not sure what it means. Perhaps you meant to write "nothing" instead of "anything"? I'm not claiming to be right all the time - I am not right all the time. I am, however, pretty much always right whenever Felix gets all worked up and tells me I have no idea what I'm talking about. Thanks for your small role in marking off another example for me to throw back at him at some future date. Posted by: Sterling on December 5, 2005 06:19 AM #20 Renter-occupied apartments are much smaller than owner-occupied apartments. And as the PDF you yourself linked to shows (see page 24), the vast majority of apartments in Manhattan are renter-occupied. Think about it: one needs maybe 350 sq ft per person to live in some reasonable comfort. Beyond that, you're shelling out extra cash for extra space. Owners are happy doing that because they have 100% equity in that space: everyone has heard the advice that they should buy the biggest apartment they can afford. Renters, on the other hand, are simply giving away thousands of dollars in rent every month, with nothing at all to show for it. So they tend to go not for the biggest apartment they can afford, but rather the cheapest apartment they find adequate. Put it this way: Manhattan is full of individuals spending an enormous proportion of their income on outsize mortgage payments. Almost everyone, when they move from renting to buying, sees their monthly housing costs rise substantially. If you move to Manhattan and have a relatively low income, then you might spend a crazy amount of it on rent, it's true. But if your income is average or higher (and remember that average is $2,025 per week), I very much doubt that your rent is making nearly as much of a dent in your paycheck as it would if you owned your own apartment. You reach a standard of living you're comfortable with, and you stop. Anything beyond that is money which you could otherwise spend on clothes, or travel, or restaurants. Whereas if you buy , you're not spending so much as investing. The only money which you're really spending is the interest on your mortgage -- and even that comes with a tax deduction. Or let's put it another way. That Elliman report you linked to has an average sales price of $1.21 million. A typical rental yield in Manhattan these days is 4%, so if rentals were functionally identical to owner-occupied apartments, which you seem to assume, then the average rent in Manhattan would be over $4,000 a month. In fact, of course, it's nowhere near that. Posted by: Felix on December 5, 2005 06:55 AM #21 There's the shark, and then there's the A train. Sterling's Manhattan clearly stops at 96th street. Sterling, dear, north of that bright white line, the housing stock is incredibly stable and consistent in terms of size and layout. Harlem is just now getting it's first 'luxury' apartment building in a half century. Any larger apartment complexes are housing projects, which have smaller units by definition, and, allowing for the dispersal of the towers in some International Style fantasy also insures that the density does not increase much. Posted by: 99 on December 5, 2005 04:03 PM #22 Felix, just because apartments are currently going for $1.21 million a pop doesn't mean that everyone who owns an apartment paid that much. Rent prices move in sympathy with real estate prices but are less prone to bubbles. What you're missing here, and you've missed the same thing when we've talked about the stock market in the past, is the difference between speculative investors and income investors. Speculators don't buy an apartment (or apartment building) primarily for the benefit of the rent; their main motivation is the hope of flipping the property at some later date for a larger sum than they paid for it. The current Manhattan real estate bubble is the product of speculators. Real estate income investors view rent collection as their goal - most apartment buildings in any town or city in the U.S. are owned by income investors. They get less press than speculators, but they also tend to go bankrupt less often. The market value of a rental property can be determined by the amount of rent it generates for the owner, not the other way around. Manhattan rents are high - probably even ludicrously high - but that is a function of large demand chasing relatively low supply, and is only weakly related to current real estate prices. I do acknowledge your point about space not being a priority for Manhattan renters, there is some truth in that. People who do see space as a necessity tend to wind up in rental units in Brooklyn, Queens or Hudson County. But that's not exclusively the case. Posted by: Sterling on December 5, 2005 04:59 PM #23 This thread is hilarious and sad, although a good example of how the same statistics can be applied to support any and all political positions. Posted by: sac on December 5, 2005 06:39 PM #24 Sterling, Manhattan is the one real-estate market in the US where there are, to all intents and purposes, zero speculators under your definition. No one buys Manhattan property in order to flip it. For one thing, co-op boards (and even condo boards, for that matter) hate flippers, and are likely to punish them. There's flip taxes, brokers' fees of 6% for the seller, and a luxury tax of 1% on any apartment over $1m for the buyer. Prices are so high that the carrying costs are enormous -- and you can't rent out the apartment in the meantime, because that makes it pretty much unsaleable. There are, of course, lots of buildings owned by income investors in New York. Most of the East Village, where I live, is comprised of such buildings: they normally have 20 or so apartments (say 5 floors, 4 apartments per floor), and they've been going up in price almost as much as individual apartments have -- the only reason they haven't gone up just as much is because many of the tenants are rent-controlled or rent-stabilised below market. These are typical New York apartments, from a renter's point of view -- but I can tell you, as someone who was apartment hunting in the East Village for almost a year, they're much less typical from an owner's point of view. Also, there's a strong incentive for for-sale apartments to be as large as possible: price per square foot is positively correlated with size. That's not the case in the rental market: it's easier to rent out a 650sqft apartment for $2500 than it is to rent out a 1300sqft apartment for $5000. Posted by: Felix on December 5, 2005 09:14 PM #25 "Manhattan is the one real-estate market in the US where there are, to all intents and purposes, zero speculators under your definition. No one buys Manhattan property in order to flip it." Felix, of course people speculate on property in Manhattan. Just because the barriers to entry are high doesn't mean some won't jump them. How else do you think a modest apartment winds up costing as much as a dozen Mercedes-Benz CL500s? Who do you imagine is providing demand at that level? You know banks are not issuing $1,000,000 mortgages to households with joint incomes of $200,000. It's trust fund kiddies - who are often divorced from fiscal reality - and speculators. As for your point about different-sized apartments being suitable for rent versus sale, I might agree with you except for the fact that every rental apartment IS OWNED by someone. It IS PART of the for sale market. I'd be surprised if fewer than half of the condos in Manhattan are rented out by their owners. Posted by: Sterling on December 6, 2005 01:51 AM #26 Sterling, I'm afraid the factors leading to high apartment prices are much more mundane than your feverish mind would like to imagine. Lots of global liquidity, driving down interest rates and banks' credit tests. Lots of demand, due to Manhattan's status as the center of the universe and high Wall Street bonuses. And very limited supply. The market for flippers is Miami, not NYC -- where a condo can be bought and sold three or four times before it is even built. As for your point about rental apartments being owned by someone, it sounds clever until you stop to think about what I've already said. Rental buildings are owned by landlords; the vast majority of condos and co-ops are owner-occupied. For one thing, co-ops vastly outnumber condos, and they're hard to rent. And as for condos, they generally get rented out when they're not the place their owner really wants to live. Given how valuable they are, few owners who don't want to live here would rather rent out their condos rather than simply sell them. Take my East Village condo building, for instance: when it went condo in 1983, only one owner lived here. Today, all the units bar one are owner-occupied. I haven't done my homework on this, but I'll happily accept your wager: I'll bet the standard bottle of vintage champagne that more than half the condos in Manhattan are owner-occupied. Deal? Posted by: Felix on December 6, 2005 02:43 AM #27 If you go double or nothing on the proposition that the amount of existing residential floor space in Manhattan divided by the number of residents of Manhattan is equal to or greater than 600 sq. ft., then it's a bet. How are we going to research this? FWIW, I am descended from a man who is reputed to be the first person to negotiate a real estate deal in New York: Wessel Wesselse (ten Broek). He may have been the man to offer 60 guilders (often misreported as $24) as the purchase price of Manhattan from the Canarsies. (Technically the Canarsies didn't own Manhattan Island - it's not for nothing that "Canarsie" is in Brooklyn. Also technically the Dutch West India Company didn't care which tribe owned it. It just needed some bunch of natives to smile and sign off on the deal to keep the English away.) This of course conveys no special knowledge upon me, but it certainly adds a humorous subtext to our disagreement. Posted by: Sterling on December 6, 2005 04:14 AM #28 I'm not sure about the terms of the wager: we seem to be betting on two different things at the same time. But spell it out, and I'll be amenable. I do want to ensure, of course, that hallways and elevator shafts and the like do not count as residential floor space. And please also ensure that if one of the propositions can be determined while the other one can't, then the other wager still stands. Posted by: Felix on December 6, 2005 05:55 AM #29 I'm not sure how we could specify the terms to exclude elevators if they are included in filings. However, it occurs to me that Manhattan Borough probably requires a statement of total dwelling space for its Certificate of Occupancy, so that would work for me. And no, I think double or nothing sounds good to me, especially since we will be attempting to falsify two of my estimations, rather than either of yours. Posted by: Sterling on December 6, 2005 06:20 AM #30 You've lost me, I'm afraid. When you say "double or nothing", are you proposing a 2BVC bet on the residential floor space, and no bet at all on the proportion of condos which are rented out? Or what? It makes no sense to me: "double or nothing" normally happens after A has lost a bet and B has won it. Then going double or nothing means that either B wins double the original amount, or he wins nothing. You essentially run the bet over again. Are you maybe trying to propose something whereby if I lose I lose 2BVCs, and if I win I win nothing? Posted by: Felix on December 6, 2005 07:44 AM #31 Are you trying to squirm out of it? Posted by: Sterling on December 6, 2005 06:03 PM #32 Sterling, will you propose your bet already? I've already said that I'm likely to accept. Just tell me the terms! Posted by: Felix on December 6, 2005 06:12 PM #33 I did! Posted by: Sterling on December 6, 2005 06:25 PM #34 OK, have a few moments now, I had to get someplace before 2pm and the roads are crap with snow and slush. Um, OK. My terms for the bet is those two things specified, avg. sq. footage = 600 and = 50% of condos. Either side has to get both right to collect. gotta run Posted by: Sterling on December 6, 2005 06:51 PM #35 So if one of us gets both right, he wins 1BVC or 2BVCs? And if one of the two turns out to be unverifiable, then it's a wash? Posted by: Felix on December 6, 2005 07:22 PM #36 Honestly, Felix, I doubt either number is verifiable. Like I wrote above, the city appears to track residential rental inventory by units, rather than by square footage. Also, most owners of condominium units who rent them out do so through agents - even the tenant may be only vaguely aware of the legal status of the unit. In NJ I don't think an individual condo owner even needs to report the unit as a rental property if it's in a building that's already inspected under multi-family housing regulations (or if it's a standalone unit or duplex). The rent revenue has to be reported as taxable income, naturallly, but not to any entity with housing oversight. So make it for one bottle and yes both figures have to be verifiable. That said, if either of us can show a grouping of not-completely-conclusive figures from multiple sources that seem reasonable and fall long or short of my guesses by ten percent or more, then I think we should accept them. (Of course, I have arguably already met this condition with my square footage prediction, and Geoff's calculations don't contradict it under the 10% rule I suggest.) Posted by: Sterling on December 6, 2005 10:05 PM #37 as i mentioned earlier, you can get the sf and unit count for every residential tax lot in the city from the cities web site... google 'bytes of the big apple' and look at the 'pluto' product. the license fee is $250 or you can get the info from propertyshark.com. there are 99000+ listings for manhattan. at 100 listings per page, thats a lot of cutting and pasting into excel. both of these will give you tax lot sizes (whole buildings/unit count or condo unit), which will be inclusive of common area. 10-15% is considered a fairly standard deduction for circulation. mechanical space is not included in the floor area count. happy dueling Posted by: geoff on December 6, 2005 10:29 PM Post a comment Name: Email Address: URL: Remember personal info? Yes No Anti-spam question: Share four cupcakes equally among four people. How many does each person get (in digits)? Comments: XML Atom RSS 2.0 RSS 1.0 Sources Eurof Felix Jame Michelle Mike Sage7 Stefan Sterling &c. Disclaimer Archive 12/05 11/05 10/05 09/05 08/05 07/05 06/05 05/05 04/05 03/05 02/05 01/05 12/04 11/04 10/04 09/04 08/04 07/04 06/04 05/04 04/04 03/04 02/04 01/04 12/03 11/03 10/03 09/03 Old site Recent posts 08/12: Not man enough (1) 08/12: Fare's fair (0) 07/12: Briddishisms (5) 06/12: The Trial of Saddam (5) 05/12: Leg deficiencies (4) 01/12: New York real-estate prices explained (37) 30/11: Bad vibe (22) 30/11: Thick-headed bouncers (0) 29/11: Argentina's sinister move (2) 28/11: Bedbugs and the city (8) 27/11: I've got a fast card (1) 22/11: Pedestrianize Broadway! (5) 19/11: Century 21 the next casualty at Ground Zero? (23) 19/11: Johnny Depp - sunshine traitor (4) 18/11: Gawker F***** by Yahoo! (7) Comments 06/12: geoff: as i mentioned earlier, you can get the sf and unit count for every residential tax lot in the ci 06/12: Sterling: Honestly, Felix, I doubt either number is verifiable. Like I wrote above, the city appears to tr 06/12: Felix: So if one of us gets both right, he wins 1BVC or 2BVCs? And if one of the two turns out to be unv 06/12: Sterling: OK, have a few moments now, I had to get someplace before 2pm and the roads are crap with snow an 06/12: Sterling: I did! 06/12: Felix: Sterling, will you propose your bet already? I've already said that I'm likely to accept. Just te 06/12: Sterling: Are you trying to squirm out of it? 06/12: Felix: You've lost me, I'm afraid. When you say "double or nothing", are you proposing a 2BVC bet on the 06/12: Sterling: I'm not sure how we could specify the terms to exclude elevators if they are included in filings. 06/12: Felix: I'm not sure about the terms of the wager: we seem to be betting on two different things at the s 06/12: Sterling: If you go double or nothing on the proposition that the amount of existing residential floor spac 06/12: Felix: Sterling, I'm afraid the factors leading to high apartment prices are much more mundane than your 06/12: Sterling: "Manhattan is the one real-estate market in the US where there are, to all intents and purposes, 05/12: Felix: Sterling, Manhattan is the one real-estate market in the US where there are, to all intents and p 05/12: sac: This thread is hilarious and sad, although a good example of how the same statistics can be appli 05/12: Sterling: Felix, just because apartments are currently going for $1.21 million a pop doesn't mean that ever 05/12: 99: There's the shark, and then there's the A train. Sterling's Manhattan clearly stops at 96th stree 05/12: Felix: Renter-occupied apartments are much smaller than owner-occupied apartments. And as the < 05/12: Sterling: Geoff - The only reason I was pompously snug is because Felix had reacted to to my estimates with 05/12: geoff: if anyone is real curious why not pony up the $250 to get a list of every tax lot in the city?<br 04/12: Sterling: The multiplier of 4 was back-of-envelope guess. The 280,000,000 number came from <a href 04/12: Felix: Where does your 280m sq ft number come from? Your first two calculations are based on it, so I'd 04/12: 99: Sterling: do your calculations include infrastructure or is the 280MM number a percentage of raw 04/12: Sterling: I've tried to find the statistic, but to no avail. It seems that while office space inventor is 04/12: Sterling: My claim is that the amount of residential-zoned floor space in Manhattan probably works out to b 04/12: Felix: Sterling jumped the shark so long ago it's probably not surprising, but for those of you keeping 04/12: Sterling: OK, 22 square miles equals about 613,324,800 square feet. That would leave each of Manhattan's 1 03/12: Felix: OK, Sterling, let's do it your way. Assume that each of the 1.5 million residents of Manhattan ha 03/12: Sterling: I don't think I'm confused. My points are: a) there is actually quite a bit more than 22 02/12: Andrew: Susan and Sterling, you are embarassingly confused. What percentage of real estate in Manhattan i Trackbacks

Colorado Real Estate

Breckenridge Lodging-colorado Real Estate Skiing Snowboarding information Summit County colorado. Today Snow High: 28 to 32 Tonight Snow Low: 10 to 15 -- If you would like to be kept informed on things going on in Breckenridge such as weather , lodging specials , cool stuff and more, then sign up for our email club now. BreckNet is the Breckenridge Colorado local information source for Breckenridge, Colorado and all of Summit County, Colorado. Step inside to learn more about this gorgeous alpine town and its surrounding areas, located high in the Central Rockies of Summit County, Colorado. BreckNet lists lodging companies and lodging specials as well as Real Estate companies in case you're looking to buy. Locals say the best things about Breckenridge Colorado are the endless opportunities for R&R. Talk about recreation ! Come in the summer to hear a concert, play golf, hike, camp, bike, fish, kayak, ride horses, or just go shopping ! There's something to do every minute of the day. Ski Breckenridge Lodging Call Toll Free: 1-800-754-9378 In the winter , enjoy some of the best skiing in the world. Our snow is light, soft, and plentiful! Check the list of Breckenridge Colorado ski and snowboard shops to save time with rentals. Winter in Breckenridge Colorado offers excitement and romance with skiing, snowboarding, ice skating, snowmobiling, sleigh rides, helicopter skiing, apres-ski entertainment , and candlelight dining . Looking for a deal? SkiCoupons.Com is the answer. Find tons of printable coupons for steals & deals on a wide range of products and services in the area like; lodging, dining, tours, shopping, skiing, rafting, golf, fishing, sportsgear, and much, much more! Check out their website today! Click here for air fare. Click here for Car Rentals. P.O. Box 1318 - 101 North Main Street, Suite 6 Breckenridge, Colorado 80424 For advertising information, Call 970-547-9690 - email chip@colorado.net - or visit www.inw.biz Email, dial-up or DSL Questions? Contact our sister company, VailNet/ColoradoNet 949-3318 * http://isp.vail.net

Investment Property Projects Offices

Addison read - Romanian Property Investment Romania Home About us Properties News Contact us Romania or Bulgaria ... exciting property investment opportunities.. learn more about.. ADDISON READ ROMANIA REQUESTS FOR PROJECT PROSPECTUSES Romania Property Market Land Price Guide - 2005 Bucharest residential market supply & demand Investment - Commercial property Residential property - New build Foreign ownership of land in Romania Martha Bibescu - Villas - New build project Representative projects South-East Europe drives growth in the New Europe REPORTS Addison Read Brochure pdf Romania Property report 2005 pdf PROPERTY MARKET Industrial Parks in Romania Bucharest office market Business Park -Bucharest Business Park - Iride GENERAL REPORTS GDP comparison - ro - hu - bg - cz Relocation services Cost of living Indices by country / Descending order Detailed report - Bu News Commercial Investment Property Projects Offices 34 office buildings are already under construction to be ready during 2005 or 2006. 21 office buildings will be completed in 2005 and 13 during 2006. Kardan from Israel intends to build 26,000 square meters of A class offices, project value of 50m . America House under construction is well located at Piata Victoriei now a focus of Bucharest's office developments. The Israelis have also developed Europa House, which, on completion was sold to the Austrian property fund Europolis. National Bank of Kuwait (NBK) intends to place 15m in Romania and 150 million in the area. In this regard, it recently launched an investment fund for CEEE to be called Watani Central European Real Estate Fund. The assets targeted by the fund include A class offices, commercial areas and logistics to be let to international companies. The Belgium company Liebrecht & Wood is currently negotiating several important projects. They will enter the office market in Bucharest with a 20,000 square meters building, an investment estimated at 20m-22m . "The land is fully owned by Liebrecht & Wood, and the building and development authorisations are in progress. The new Liebrecht & Wood project will be composed of four buildings with a surface of circa 5,000 square meters each, connected to one another. It will have an excellent location and whoever will come to Bucharest would not miss it, declared Johan Rogiers, managing director with the company. Warehousing Liebrecht & Wood will also develop a warehouse project, called the Bucharest Logistic Centre located in NW Bucharest on the ring road. For a first development phase, Liebrecht & Wood is negotiating the rental of the site with a potential client. The third Liebrecht & Wood project in Romania refers to the Bucharest Industrial Park, located in the Eastern Bucharest close to the Bucuresti-Pitesti motorway. Liebrecht & Wood also holds a 25 hectares land, but they did not decide on its destination yet. Autoker Holding, one of the most important real estate and logistics companies in Hungary is indenting to enter the Romanian market by building office buildings in a first phase. "Although we continue with the projects in Budapest, we started to look for investment opportunities in Romania, Poland Czech Republic and Ukraine as well. As it is risky to enter into residential projects on new markets, we will probably start with investments in office buildings:, declared Ehud Amir, the company president, quoted by Budapest Business Journal. Business Opportunities and Development Projects The Israeli investment fund Africa Israel Investment bought a 121,000 square meters plot last month for which it paid 9m . Here they intend to build a residential complex in Bucharest. Four international companies will jointly develop the largest logistics centre in Romania, Cefin Logistic Parc, which will be spread on 30 hectares in close to Bucharest, next to the Bucuresti-Pitesti motorway. The development of the project estimated at 75m will be the responsibility of the Romanian division of the Italian group Cefin specialising in real estate investment ad the Austrian Europolis will provide the funding via a loan contracted from HVB Bank Romania. The building of Cefin Logistic Park will include several phases for the next three years. The centre will have 13 hectares and it will include distinct units of at least 2,500 square meters each. European Future Group, UK, is targeting eight potential investments totaling 150m . But, everything is at the intention level. The American Apollo Real Estate division, last year's leader in terms of CEEE investment, plans to invest up to 150m in Romania. 11 new shopping centres will be built in Bucharest The real estate companies confront a great number of retail projects, but 11 projects are a certainty for Bucharest. There will be three new hypermarkets, a Cora in Drumul Taberei, a Kaufrand in Colentina and a Carrefour in Baneasa. 5 new malls will be built: City Mall on Sos. Oltenitei, Concorde Mall in Rahova, Esplanada oposite the Pasajul Marasesti, Sun Plaza at the crossing between Vacaresti and Oltenitei, Metropola at Eroilor. They are added three shopping parks two in Baneasa and one in Otopeni. Major Projects The Esplanada project includes the development under a Public-Private-Partnership, in the central Bucharest, of a multifunctional complex with several malls, office buildings, residential buildings and 10-20 floors hotels, the development of a pedestrian area and commercial spaces on circa 10 hectares in central Bucharest. The total investment for this project to start soon will exceed 800m. Projects in negotiation Other projects represent an intention. The real estate company Meinl European Land, registered in the UK, has planned investments of 100m in Romania, declared Nadine Gilles, representative of the company. "We are currently negotiating to purchase several retail projects in Romania with a value exceeding 100m". They mainly target projects in the commercial sector and potentially industrial developments. Other investments of the company in Romania are targeting the extension of the Military shopping centre. "The project could be extended on approximately 150,000 square meters. The extension will be done depending on the demand, step by step, in the following years". The Militari shopping centre, which Meinl bought last year from Liebrecht & Wood for 20m, is the first investment of the company in Romania. Jurnalul - 6 APRIL 2005 If you are interested in a Property Investment with High Capital Growth Check out why Romania's property market has Europe's highest investment potential Why Invest in Romanian Property Addison Read's Romanian Brochure For more information contact: Addison Read Romania 5 Intr. Temisana Street Apt. 4 Bucharest 010795 Romania Richard Prior email Richard Tel +40 722 304 773 Phil Stapley email Philip Tel +40 743 145 443 Fax: +40 21 232 6737

new home or remodel

EERE Consumer's Guide: Designing and Remodeling a Home Search Help More Search Options Search EERE Information Center Professional Services Find an Architect American Institute of Architects Federal Government Resources Energy-Efficient Rehab Advisor U.S. Department of Housing and Urban Development Related Links A Construction Technology Showcase Homes Across America Energy & Environmental Building Association Decisions for Environmental Buildings Green Tree Green Building Home Guidelines National Association of Home Builders Research Center Reading List Related Publications Printable Version Designing and Remodeling a Home Before you design a new home or remodel an existing one, you should consider investing in its energy efficiency. You'll save energy and money in the long run. It's also a good time to invest in a renewable energy system that will provide your home with electricity , water heating , or space heating and cooling . If you'd like to design an energy-efficient home, no matter what type of design, you should use what's called the whole-house systems approach . If you're remodeling a home, conduct an energy audit to help you determine what energy efficiency improvements should and can be made to your home. Learn how to optimize energy efficiency with the following home designs and construction techniques: Advanced House (Wall) Framing Techniques Reduce lumber use and waste—improving energy efficiency—in the construction of a traditional wood-framed house. Earth-sheltered Homes Incorporate earth into their structure and design for durability and energy efficiency. Log Homes Use wooden logs to provide structure and insulation. Manufactured Homes Feature energy-efficient options for new homes and improvements for older homes. Passive Solar Homes Take advantage of climatic conditions, especially the sun, for heating in the winter and cooling in the summer. Straw Bale Homes Use straw bales to provide all or part of their structure and insulation. Zero Energy Homes Produce more energy than they use. You should also explore your options for financing an energy-efficient home or improvements . Printable Version Skip footer navigation to end of page. Webmaster | Security & Privacy | Consumer's Guide Home | EERE Home U.S. Department of Energy Content Last Updated: September 12, 2005

House rental in USA

Private villas and holiday rentals USA. Rental property, villas in USA for rent. Property rating: Best buy Highly recommended Recommended New listing Unrated Property features: Instant booking Wheelchair friendly Suitable for elderly Suitable for children Suitable for babies Pets allowed Private pool Communal pool Any pool Balcony Garden Cots available Air conditioning Central heating Smoking allowed Location features: Beach Golf Fishing Watersports Skiing Themepark Shopping Good views Available discounts: Last minute deals Early bird deals Long stay deals Sort results by: Default Customer rating Villarenters index Lowest price Highest price Quick Availability Search For Villas & Apartments View rental properties in: All Countries , USA . Click here for a destination guide to USA . To narrow down your search for villas to rent in USA, you can use the following sub regions Alabama Florida Great Lakes Hawaii New York Oregon Washington Here are the available villas for rental in USA. Villa vacation rental in Florida, USA Lake Berkley Resort Villa (Ref: 7885) self-catering villa in Orlando, United States Price Range: £875 to £1302.21 (GBP) Sleeps: 16 No of Reviews: (8) Relax in the sunshine at this luxury 7 bedroom villa The villa is ideally located within 10 min to Disney behind Medieval Times ...more Private pool, wheelchair friendly. On site: fishing. Less than 15 mins to: golf, horse riding. Click for details... Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Lake Berkley House rental in USA Dorchester Court Vacation Villa (Ref: 2202) self-catering house in Kissimmee, United States Price Range: £295 to £400 (GBP) Sleeps: 10 No of Reviews: (9) Luxury 4 Bedroomed 2 Bathrooms Florida bungalow with Private Heated Swimming Pool, situated within leisurely drive of Walt Disney World Maimgate ...more Private pool, wheelchair friendly. Less than 15 mins to: horse riding, sailing, fishing. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Poinciana Holiday villa in Florida, USA Chris and Annie's luxury home (Ref: 2686) self-catering villa in davenport, United States Price Range: £395 to £700 (GBP) Sleeps: 8 No of Reviews: (9) Beautiful, 4 bedroom 3 bathroom luxury villa, with private, oversize south facing pool and spa, close to all attractions and golf courses ...more Private pool, wheelchair friendly. Less than 15 mins to: golf. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Westridge Villa to rent in Florida, USA Pine Valley Court (Ref: 2973) self-catering villa in Rotonda West, United States Price Range: £519 to £625 (GBP) Sleeps: 6 No of Reviews: (4) Lovely single storey villa, which backs on to a lake in the quiet residential area of Rotonda West, Englewood. Near to golf and Gulf beaches. ...more Private pool, wheelchair friendly. On site: golf, fishing. Less than 15 mins to: beach, sailing, mountain biking. Click for details... Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Gulf/West Coast / Tampa/Sarasota Villa holiday accomodation in Florida, USA Wonderland Villa, Westridge (Ref: 3309) self-catering villa in Orlando, United States Price Range: £450 to £645 (GBP) Sleeps: 10 No of Reviews: (12) Luxury 4 bed/3 bath villa with Games Room.Two Master en-suites. two living/dining areas. Oversized 15x30 pool & lanai. FREE International phone calls ...more Private pool, wheelchair friendly. Less than 15 mins to: golf. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Westridge House rent in Florida, USA "La Dolce Vita" (Ref: 3384) self-catering house in Kissimmee, United States Price Range: $770 to $945 (USD) Sleeps: 10 No of Reviews: (6) Large 4 Bed villa - Only 12 minutes to Disney! FREE electric pool heat, high speed internet & international phone calls. Private 28ft pool. ...more Private pool. Less than 15 mins to: golf. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Montego Bay Villa to rent in Davenport, Florida, USA Dream Disney Home (Ref: 3503) self-catering villa in Orlando, United States Price Range: £560 to £650 (GBP) Sleeps: 12 No of Reviews: (14) Beautiful 5 bedroom villa located on an exclusive gated community, 10 mins from Disney with stunning south facing pool and lake views ...more Private pool, wheelchair friendly. Less than 15 mins to: golf, horse riding, fishing. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Davenport Villa rental in Florida, USA Lutz (Ref: 3570) self-catering villa in Lutz (Tampa), United States Price Range: £500 to £550 (GBP) Sleeps: 8 No of Reviews: (13) Beautiful, single story villa, 20 minutes from Gulf coast and 5 minutes to golf and tennis. Features all including heated pool, 4 bedrooms, baths. ...more Private pool, wheelchair friendly. On site: golf. Less than 15 mins to: beach, sailing, fishing. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Gulf/West Coast / Tampa/Sarasota Villa vacation rental in Florida, USA Cala Lily Cove (Ref: 3615) self-catering villa in Kissimmee, United States Price Range: £475 to £725 (GBP) Sleeps: 10 No of Reviews: (12) Superb New Villa nr Disney; 4/5 bed (optional playroom/bed). Overlooks lake; two lounges; heated 30ft pool and spa; online access;dvd's;ps2. ...more Private pool, wheelchair friendly. Less than 15 mins to: golf, horse riding, fishing. Click for details... Last Minute Discounts, Long Stay Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Crescent Lakes Villa rent in Florida, USA VILLA CLOUD NINE (Ref: 3794) self-catering villa in Kissimmee, United States Price Range: £400 to £550 (GBP) Sleeps: 10 No of Reviews: (14) 4 Bedroom 3 bathroom Luxury Villa with pool & spa overlooking a beautiful lake in the gated community of Aster Cove. 15 minutes from Disneyworld. ...more Private pool, wheelchair friendly. On site: fishing. Less than 15 mins to: golf, horse riding, sailing. Click for details... Last Minute Discounts, Long Stay Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Crescent Lakes Holiday villa in Florida, USA Luxury Executive Villa Haymark (Ref: 5746) self-catering villa in Orlando, United States Price Range: £475 to £750 (GBP) Sleeps: 12 No of Reviews: (12) Brand New Luxury Executive Villa 2 Master Suites 4 Bed/4 Bath Oversize Private Screened Pool with 7ft Jacuzzi. 1 Mile Championsgate 7 Miles Disney ...more Private pool, wheelchair friendly. Less than 15 mins to: golf. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / The Manor at Westhaven Page: 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50 , 51 , 52 , 53 View rental properties in: All Countries , USA . Click here for a destination guide to USA . back to top Can't find what you want? Click here to let us find it for you! Conditions Of Website Use | Privacy Statement © myvillarenters. com 2005 New Listing - This property has recently been added to our website. Click for more information... Recommended - This property has at least one good review. Click for more information... Highly Recommended - This property has several good reviews. Click for more information... Best Buy - This property has many excellent reviews. Click for more information... The Villarenters Index evaluates the activity of the owner/manager. Essentially the more bookings that we process for the property, the more confidently we can recommend a property, plus, the more likely the calendar will be up-to-date and accurate. Click for more information... Instant Confirmation - This property can be booked instantly and therefore the availability is completely accurate. If your booking is last minute this is ideal. The property is yours if you want it! Click for more information...