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Click here to see our advertising prices . jc-today -- NEWS: Avian Flu Study Underway The eBay Index: Mexican Land on Block LANDBLOG: Hunting Clubs Get Creative LANDBLOG: Vodka From Apples See All News See the LandBlog For Real Estate Agents Protect Yourself: . Tips on how to avoid internet real estate scams. Click here jc-today -- Make Money From Your Site: . NEW! Bulk listing plans! See details here . -- Lodge Farm (multiple Income) ( recreational property, pasture, forest - natural) A 240 acre property with an asking price of $550,000. Farm & MULTIPLE INCOME SOURCEMAPLE SYRUP - VACATION RETREAT RENTAL - HAY - TIMBERSAINT-PIERRE-BAPTISTE, QUEBEC, CANADA 240 acre farm located ...(Click here to learn more) This property is for sale. Location: Canada . [Email this listing to someone] Virgin Brazil Timberlands ( forest - natural, undeveloped land, recreational property) A 10,763 acre property with an asking price of $199,000. SEVERAL AREAS FROM 10,000.- TO 100,000.- ACRES.PRICE: FROM U$ 17 PER ACRE One of the best worldwide investments.A 10,000 acres parcel cont ...(Click here to learn more) This property is for sale. Location: Brazil . [Email this listing to someone] Walla Walla Farm With Water ( row crops, vegetable farm, vineyard) A 905 acre property with an asking price of $3,000,000. 905 Acres, Fabulous view overlooking Walla Walla valley and Blue Mountains. Prime Vineyard land..currently planted in alfalfa & wheat. 40 acre zoning. ...(Click here to learn more) This property is for sale. Location: Walla Walla , Washington [Email this listing to someone] Horse Lover''s Dream ( horse farm, recreational property, hunting property) A 11.00 acre property with an asking price of $249,000. This beautiful 11-acre property includes fenced pastures, a pond, and riding trails, located outside of Douds in historic Van Buren County, Iowa. Als ...(Click here to learn more) This property is for sale. Location: Van Buren , Iowa [Email this listing to someone] 4br 3ba On 66 Acres ( horse farm, residential land, recreational property) A 66 acre property with an asking price of $1,150,000. 66 Acres of Hardwoods and Pastures with Beautiful Views! $1,150,000Country living in a beautiful home on 66 pastoral acres. With 36 acres of hardw ...(Click here to learn more) This property is for sale. Location: Hall , Georgia [Email this listing to someone] Custom Home On 13 Acres& Lake ( recreational property, waterfront, horse farm) A 13.00 acre property with an asking price of $697,500. If you are looking for Privacy,Look No Further! This is the Builders Private Home! There are so many customs features to this amazing property. First ...(Click here to learn more) This property is for sale. Location: Georgia [Email this listing to someone] New Hunting Cabin ( hunting property, recreational property) A 6.05 acre property with an asking price of $74,900. Brand new cabin on over 6 acres with a stream and stateland across the road on 2 sides. New septic, new well and electric. Wrap around porch and no ne ...(Click here to learn more) This property is for sale. Location: Chenango , New York [Email this listing to someone] 12/29/2005 3:37:29 PM Web LandAndFarm.com Search eBay Land Listings! Quick Search Search Properties/ Advanced Search Recent searches: 3 properties - 38 seconds ago 20 properties - 1 minute ago 9 properties - 1 minute ago 16 properties - 1 minute ago Click a Pro! Visit the following real estate pros for the best properties from around the world! Debra Dodd, TENNESSEE Craig McKenzie, South Africa (Singell) Countrytyme, OHIO (Kimmel) Countrytyme ALC LTD, OHIO Virginia R. Reid, MAINE Melinda Barrington, TENNESSEE David A. 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Home Mortgage

NYS Banking Department-Residential Home Mortgage Rates from HSH Associates Interest Rate Information Mortgage Rates The information contained in this section provides a sample of the mortgage rates by region across the state. The entities listed for each region are representative of the mortgage lenders in the region. This is by no means an exhaustive list, nor is it meant to be. The rates listed may not be the most competitive you can find and are meant only to convey a range. The Banking Department recommends that consumers shop around to find the rates and terms that fit their needs by contacting a variety of mortgage lenders including commercial banks , savings banks and mortgage bankers . The Banking Department warns home buyers and owners to carefully review the terms of any loan and to consult a lawyer before signing any documents. For more information and tips on mortgages, read Shopping for a Mortgage: What you need to know in the consumer section of this Website. Capital Region Warren, Washington, Saratoga, Schenectady, Albany,Rensselaer, Greene and Columbia counties Central New York Cayuga, Oswego, Onondaga, Cortland and Madison counties Finger Lakes Region Orleans, Monroe, Wayne, Genessee, Wyoming, Livingston, Ontario, Seneca and Yates counties Long Island Nassau and Suffolk counties Mid-Hudson Sullivan, Ulster, Dutchess, Orange, Putnam,Westchester and Rockland counties Mohawk Valley Oneida, Herkimer, Hamilton, Fulton, Montgomery and Schoharie counties New York City Kings, Queens, Brooklyn, Bronx and Richmond counties NYC Co-operative Apartment Loans Five Boroughs plus North Country Jefferson, Lewis, St. Lawrence, Franklin, Clinton and Essex counties Southern New York Steuben, Schulyer, Chemung, Tompkins, Tioga, Broome,Ostego, Delaware and Chenango counties Western New York Niagara, Erie, Chautaqua, Cattaraugus and Allegheny counties First and Junior Lien Mortgage Loans- Calculate Your Payments Interest Rates in Text (for Downloading) Note: The Banking Department provides external links as a public service. The inclusion of, or linking to, other Web site URLs does not imply our endorsement of, nor responsibility for, those Web sites, but has been done as a convenience to our Web site visitors. Mortgage Rates provided by HSH Associates, Financial Publishers, Pompton Plains, NJ 800-873-2837 | Home | Search | SiteMap | | Interest Rates | | Credit Cards | MortgageRates | Home Equity Lines of Credit | | Home Equity Loans | New Auto Loans | Used Auto Loans | Last Modified October 17, 2005 FastCounter by bCentral

Home Equity

Home Equity Loans: The Three-Day Cancellation Rule -- Search: FTC Consumer Alert PDF Version Home Equity Loans: The Three-Day Cancellation Rule If you’re considering applying for a personal loan and using your home to guarantee repayment, you should know that a federal credit law gives you three days to reconsider a signed credit agreement and cancel the deal without penalty. Your "right to rescind" or "right to cancel" is guaranteed by the Truth In Lending Act. You can rescind for any reason but only if you are using your principal residence—whether it is a condominium, mobile home, or house boat—as collateral, not a vacation or second home. Under the right to rescind, you have until midnight of the third business day to cancel the credit transaction. Day one begins after all three of the following occur: you sign the credit contract; you receive a Truth in Lending disclosure form containing certain key information about the credit contract, including the annual percentage rate; finance charge; amount financed; and payment schedule; and you receive two copies of a Truth in Lending notice explaining your right to rescind. For rescission purposes, business days include Saturdays but not Sundays or legal public holidays. For example, if the events listed above take place on a Friday, you have until midnight on the next Tuesday to rescind. During this waiting period, activity related to the contract cannot take place. The creditor may not deliver the money for the loan. If you’re dealing with a home improvement loan, the contractor may not deliver any materials or start work. If you decide to rescind, you must notify the creditor in writing. You may not rescind by telephone or in a face-to-face conversation with the creditor. Your written notice must be mailed, filed for telegraphic transmission, or delivered if by other written means, before midnight of the third business day. If you cancel the contract, the security interest in your home is also cancelled, and you are not liable for any amount, including the finance charge. The creditor has 20 days to return all money or property you paid as part of the transaction and release any security interest in your home. If you received money or property from the creditor, you may retain it until the creditor shows that your home is no longer being used as collateral and returns any money you have paid. Then, you must offer to return the creditor’s money or property. If the creditor does not claim the money or property within 20 days, you may keep it. If you have a bona fide personal financial emergency—such as damage to your home from a storm or other natural disaster—the law allows you to waive your right to rescind and eliminate the three-day period. To waive your right, you must give the creditor your own written statement describing the emergency and stating that you are waiving your right to rescind. The statement must be dated and signed by you and anyone else who shares in ownership of the home. But remember: if you waive your right to rescind, you must go ahead with the transaction. The right to rescind does not apply in all situations when you are using your home for collateral. Among the exceptions are: when you apply for a loan to buy or build your principal residence; when you refinance your loan with the same creditor who holds your loan and you don’t borrow any additional funds; or when a state agency is the creditor for a loan. In these situations, you may have other cancellation rights under state or local law. The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues , visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel , a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. May 1998

Sell House

Tips on Buying and Selling Your House Remarked out per Bob Gent 4/11/02 -- TIPS TO HELP YOU SELL YOUR HOME MORE QUICKLY Owners can help expedite the sale of their home by following a few guidelines to make the house more attractive to potential buyers. A thorough self-inspection and a walk-through with your real estate agent can reveal imperfections that might hinder a sale. (Please note: in Washington state, as in many other states, the seller must complete a "Real Property Transfer Disclosure Statement" form about the condition of property being offered for sale. Material defects must be disclosed.) House-hunters typically begin their inspection of a property bypreviewing its "curb appeal." A surprising number ofhomes are eliminated from consideration before potential buyersget out of their car because they find the exterior appearanceunsightly or uninviting. Following are some basic suggestions for improving the marketabilityof your home. Examine the lawn and flower gardens, making sure the lawnis mowed and free of drainage problems. Colorful flowers andshrubs can enhance the home's attractiveness. Check the sidewalks and driveway to make sure they're freeof weeds and clutter. Inspect the home's exterior, looking for loose, missing ordamaged siding and brickwork, a cracked and uneven foundation,and gutters, downspouts or fences that are in disrepair. Paintor repair any problem areas. Clear the decks! Clean decks, patios and steps, removingunnecessary furniture, toys and debris. Tidy up any pet areas. Inspect the front door. A fresh coat of paint or stain anda clean doormat can help create an inviting "first impression." Check lighting, making sure pathways and entry have adequateillumination. Inside the home, you should conduct an equally thorough inspection,since potential buyers are likely to open doors and cupboards,look into, look behind and operate everything to make sure thehome offers the space, layout and features they need. Extensiveredecorating isn't usually recommended, but all rooms should beclean and clutter-free. Think "light," "bright,""open" and "airy." Clear rooms (including closets and storage areas) of everythingbut the basics. Arrange furniture so rooms look spacious. Remove clutter from the basement and garage. Sweep floors,degrease spots and dust. Have carpets and drapes professionally cleaned. Patch walls and ceiling cracks, then repaint or wallpaper,using neutral shades. Check the basement for musty smells and signs of mildew orleaks, correcting any defects. Inspect bathroom and kitchen fixtures to make sure they sparkle,are leak-free and are otherwise functioning well. Remove stainsfrom countertops, sinks, tubs and showers. Test major mechanical components, including the furnace, waterheater and electrical system. Make sure windows and doors open and close easily. Replacecracked or scratched glass. Be aware of the amount and type of insulation. DETERMINING HOW MUCH HOUSE YOU CAN AFFORD Low mortgage rates and special incentives for first-time buyersare making the dream of home ownership a reality for more individualsand families. As you begin your search, you'll want to determinehow much house you can afford and what type of mortgage is bestfor your budget. In general, four factors will influence your ability to buy thatdream home. They are: how much of a down payment you will make. The more cash youput down, the less you'll have to borrow. the amount you need to borrow (your mortgage) to cover a monthlypayment for the loan principal (amount borrowed), interest ("price"charged for your use of the lender's money), taxes ( a portionof property taxes), and insurance. the mortgage interest rate. the repayment terms of your loan. When applying for a mortgage, your current earnings and expectedincome during the next few years may influence your borrowingpower. Outstanding long-term debt and how long you expect tostay in the home you're buying may also be considered. Most realty agents recommend getting preliminary approval fora loan, usually by getting "pre-qualified" or "pre-approved"for a certain monthly payment. Getting approved for a loan requireshaving a lender verify your financial situation, including yourcurrent assets (income, savings, investments and other sourcesof revenue) and your liabilities (existing loans, credit cardbalances and other obligations). Using this information, thelender will evaluate whether there are sufficient funds for thedown payment, whether you have adequate income to make monthlypayments, and your overall credit-worthiness, which is based ona review of your borrowing history. According to many real estate professionals and lenders, the biggestreason people get turned down for a loan is poor credit. Reviewingyour credit status and correcting any mistakes before applyingfor a loan can help you avoid surprises or disappointments. Consumersmay request a copy of their credit report from one of three majorreporting services: Equifax: 1-800-685-1111 Trans Union: 1-800-851-2674 Experian: 1-888-EXPERIAN (1-888-397-3742) A small fee may apply, although if you've been denied credit recently,federal law mandates that the lender tell you which company suppliedthe information. You have a right to a free copy of your reportfrom that company so long as you request it within 30 days ofthe credit denial. Pre-qualification, based on numbers you supply to a lender, isan indication of the range of what you can afford. Getting pre-qualifiedis neither a commitment to loan you money, nor is it an obligationby you to borrow from a particular lender. Lenders typically use one of two guidelines when evaluating aloan request. Most lenders will limit the loan amount to a percentageof your gross monthly income or to a multiple of your annualhousehold income. As a general rule, individuals or families can usually handlea housing payment that amounts to 25- to-28 percent of their grossmonthly income. Following this guideline, if gross monthly incomeis $3,500, monthly payments (inclusive of taxes and insurance)in the range of $875 to $980 are considered reasonable. Somelenders use an alternate ratio that allows 36 percent of totalmonthly income for housing expenses and other long-term debts,such as car loans, credit card payments and obligations for childsupport. (Monthly living expenses for utilities, groceries, entertainment,medical and auto insurance are not calculated in this formula.) Another guideline, based on gross annual household income, assumesmost borrowers can afford up to 2.5 times their gross annual income. This means a borrower with total income of $40,000 may qualifyfor a loan of up to $100,000. Whether using a "multiplier method" or a "percentagemethod," prospective home buyers should allow for closingcosts and moving expenses. (Closing costs are the fees and taxesthat are paid when the deed is transferred. These usually amountto 5-to-10 percent of the mortgage amount. Moving expenses includecosts for movers, as well as "move-in" deposits forutilities and other "necessities"). Many lenders provide work sheets and charts to help you calculateyour borrowing power, along tables so you can compare paymentsat different rates and for different loan periods. (Some realestate brokers and financial institutions even have "mortgagecalculators" on their Internet site to help you determinewhat you can afford.) Your borrowing power can be increased with favorable interestrates and terms. With lower rates, you can borrow more money. Different types of loans and the duration of the payback periodwill influence the interest rate that will be applied to yourmortgage. In general, the shorter the term of the loan, the lowerthe interest rate. There are dozens of different types of mortgage programs froma wide variety of financial institutions, including mortgage companies,saving and loan associations, commercial banks and credit unions. Prudent consumers will find it pays to compare options to findthe right loan for their particular situation. THE MULTIPLE LISTING SERVICE (MLS) A multiple listing service is a system for collecting and organizinginformation on available properties in a given area. Such informationis shared by members who agree to cooperate with each other andto abide by certain operating procedures. This service enablesbuyers to have a vast selection of homes to consider, while sellersbenefit from having their property exposed to a large networkof real estate professionals and their clients. Most brokers in the Seattle-Everett-Tacoma area are members of the Northwest Multiple Listing Service (NWMLS), formerly called Puget Sound Multiple Listing Association (PSMLA). More than 1,300 companies with approximately 15,000 licensed sales professionals currently belong to this independent association. In addition to its primary function of maintaining a comprehensive database on thousands of properties, NWMLS produces various legal forms, publications and reports for its members. The "multiple" also maintains an electronic keybox system, which allows access to listings by authorized agents. Other benefits include an array of computerized services to assist with property searches, financial analysis, communications between offices, and access to data on property taxes, local schools and other information. Ongoing training and technical support are also available to NWMLS brokers and agents.

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)? 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(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 &lt; 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?&lt;br 04/12: Sterling: The multiplier of 4 was back-of-envelope guess. The 280,000,000 number came from &lt;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