Condo Blog - A Non-Corporate Blog From CondoDomain HQ

I saw this sign driving by a recently completed condo development this weekend.  I have to be honest…it made me grin.  Is this evidence that we are entering a new marketplace for home sellers?  The neighborhoods or towns that are in a little bit of a slump - are these owners trying to save money because they have to or because they want to?  With “Brokers Protected” they are anouncing that they will compensate a buyer’s agent - but how much?  Well, we have tried to call but have had no luck yet.  If we get any further details we will post.

LaLa Wang - a New York City Real Estate broker stripped of her license years ago, still battles the uphill endevor of a more transparent New York Real Estate Marketplace.

Today LaLa received Judge Leonard Sand’s opinion denying the trade association, Real Estate Board of New York’s (REBNY) motion to dismiss Klickads dba BrokersNYC’s antitrust claims. Because the monopoly claims included more than one entity, Sand granted dismissal on charges concerning monopolization. The case will now be set for a jury trial.  Continue…
If you are not familar with these ongoing actions & history read below…

Klickads, which does business as BrokersNYC, filed an antitrust suit against the Real Estate Board of New York (REBNY), a trade association that represents the largest players in the New York City real estate market. By restricting members’ residential listings for distribution only through its own computer system and boycotting other integrators, REBNY seeks to monopolize information and, therefore, keep broker commission standardized.
Brokers need access to REBNY’s listings in order to compete in the Manhattan real estate market, but they should be able to choose which system they use to access that information. As in any other market, choice empowers consumers; competitive listing services such as BrokersNYC would help New Yorkers comparison-shop for apartments or brokers and save tens of thousands of dollars.
REBNY’s attempt to control the way brokers and their customers access listings is similar to the National Association of Realtors’ “opt-out�? policy that prompted a recent civil antitrust filing by the U.S. Department of Justice. For further history click here.

Got a question for Lala?  “AskLala” on her blog.

Lala - you know you have our support! 

The National Association of Realtors expects membership rolls to decline this year for the first time in a decade. The group ended 2006 with nearly 1.4 million members _ almost double the roughly 716,000 it had in 1997 _ but expects 2007 to close with 1.3 million, a drop of more than 4 percent.

Agents’ ranks continued to rise even after the market began to cool about two years ago because of the 18-month lag between the downturn in sales and membership, says NAR spokesman Walter Molony.

Trade groups in two of the hardest-hit states _ California and Florida _ also forecast membership drops. The California Association of Realtors is expecting its first decline since 1997, forecasting a year-end tally of 185,000 members compared with more than 199,000 last year. The Florida Association of Realtors currently has about 154,000 members compared with more than 161,000 last year at this time, but expects flat membership by year-end.  Continued…

Source:  Chicago Tribune

Well this post has 2 meanings:

1. We have actually moved as you can see from the photos attached. condoDomain.com is now located at 580 Harrison Avenue in the TechSpace building. There are lots of cool dot-com companies up here including our new neighbor - CitySquares.com.
Citysquares.com is a local company that brings together local businesses and their consumers. Our philosophy is that you enhance local neighborhoods by strengthening the locally owned businesses. Local businesses are what make our neighborhoods unique. Citysquares.com focuses on providing rich, hyper-local content for urban and suburban communities. Also you can visit the Cheif’s blog here.

More on other cool companies as we get to know them…

2. Mooo… the all new Luxury Steak Restaurant taking the place of the oldie but goodie Federalist in XV Beacon Hotel. A must visit restaurant…food was excellent and I am coining the Best Steak House in Boston! Yup over Abes, K.O. Prime, Grill 23 & S&W! Its that good…check them out here.  This group which also owns Teatro, Sorrelina, & Mistral have really just set a new level for food quality, ambiance & great experience!  Check them out!
More pics of our view below…

Oh, by the way, we will be giving traffic reports everyday starting at 3pm (KIDDING), but call us if you need an update on the Southeast Expressway.

Thanks to Mark Zilbert of Zilbert Realty Group I got my monthly Miami Condo Update.

Mark concentrated on the WCI Hot Bed…

“You are likely going to see a handful of upcoming articles in the press about WCI COMMUNITIES, the company that brought the MOSAIC condo to Miami Beach and is about to open ONE BAL HARBOUR.  WCI reported to its stockholders recently that is has seen 17% of its buyers walk away from their units this year (rather than close).  That’s a startling number, of course.  But, some people seemed to have misunderstood this quote as being a prediction that 17% of One Bal Harbour buyers are walking away.  Actually, this number applies to their communities everywhere, the majority of which are not in the Miami area.  Let’s not forget that Miami’s luxury oceanfront market is very unique.  Our buyers come from all parts of the world.  The strong Euro, Pound and Loonie are drawing additional dollars in (in record numbers).

I truly believe that One Bal Harbour will be a success story, one that will surprise many.  We’ve noted in the Miami market that oceanfront condos tend to do very well, particularly 5-star condos.  We’re seeing CONTINUUM SOUTH BEACH trade consistently above the $1300/sf mark, and this is an indication of today’s luxury market.  WCI’s recent opening of MOSAIC on Miami Beach has shown us that we’re in a strong oceanfront market.  MOSAIC owners resold about 17% of the building AFTER closing last year.  That’s a remarkable number considering that many have considered the condo market to be somewhat flat.  I believe that this shows us that the 5-star oceanfront market continues to be strong.

My prediction is that the majority of WCI’s buyers at One Bal Harbour will close, without fuss and without muss.  I predict an average resell price, after closing, in the $800/$900 per square foot range.  Current pre-closing re-sales are being offered at about $100/sf less than my projected target price.  Unfortunately, WCI doesn’t allow pre-closing re-sales, so the list you see on my website will likely carry over into the post-closing phase of the building.”

See some of the hottest Miami Condo projects here.

Our pal John Hitchcox & design icon Philippe Starck strikes a deal in New Jersey!
Extraordinary living becomes your everyday reality at Aurora Over the Hudson in Cliffside Park. A condominium in NJ comes alive in this all glass, residential enclave with two high rise towers which make sweeping views of the Manhattan skyline and adjacent river possible. Aurora Over the Hudson is the first community of New Jersey condos to feature the brilliant design of YOO by Starck. Philippe Starck’s bold artistry has created chic living spaces, functional floor plans, and resort-caliber amenities that elevate your lifestyle to brand new heights for premier NJ condo living. The elegant residents’ club with spa amenities is anything but common with a Zen lounge, grand salon, private dining and wine room, screening room, sports and fitness center, and game rooms. Just a few steps out is YOO PLAZA, which boasts entertainment and relaxation areas, beautiful gardens, and a swimming pool. No other complex of condos in Jersey City can afford you unobstructed views of New York City, spanning the George Washington Bridge to downtown Manhattan. The choice is yours. Come and live the enriched life with a condo in NJ only at Aurora Over the Hudson.

Visit the Development Website 

or

Sign up on their VIP list - make sure to tell them you found them on condoDomain Blog!

Other Hot Properties in Jersey City

Please join me Friday August 17th to celebrate the opening of VIA restaurant at the Eclipse condos in Buckhead. It will also be a condo networking event for those that want to network or socialize with condo people. Brought to you by CondoGossip.com. This will be the best party yet!!…

Past Gossip: Miami,  Las Vegas, & Atlanta

Discount / Rebate / FSBO /Shared-Level Real Estate Services set pace to eat up more market share of ‘Traditional Full Service’ Real Estate Industry.

Like it or not its happening. The Internet is now serving to a much more transparent & consumer friendly real estate marketplace. With the exception of some states which are backing the Full Service industry with minimum service laws, we anticipate even more growth in non-full service innovation by the end of this year.
Glenn Kelman Chief @ Redfin announced that he has 2% market share in Seattle after only being live 3 years (well really 1 since Glenn took the helm). Redfin is now live in 7 cities with no intention to stop expanding!
Buyside Realty notes that 7.1 million existing homes purchased in 2005, 2.9 million of these buyers found their home on their own and then turned to a real estate agent for help in making offers and closing the sale and in 2007 an estimated 4 million will do the same.  Buyside Realty has also expanded into 6 states!
There is no question that ForSaleByOwner (and other FSBO sites) has significant traction in the marketplace now.

FSBO Madison in Wisconsin has basically put full service brokerage out of business in their midwest town of Madison, WI.

Also, other innovative companies which have actually been around a while & operated under very profitable terms include INest.com, an IAC/Interactive Company which focuses on new home builders that offers buyers a 1% rebate via a printed coupon from its website.

This Online Real Estate space is something to keep a close eye on this year.  With the high-price of real estate, mortgage rates increasing, savvy consumer are going to find better ways to save on their transaction…and there is no better place to start than on the net with a little research.  The tools are out there and they are killer.  Zillow Comp analysis, Trulia’s search platform, condoDomain’s videos (ha, had to give me some press too).   Right now Kelman is taking the brunt of the PR, both good & bad (which means all good) so the Redfin Blog is a good one to follow if your interested.

As reported first by USA Today last week and again today on Boston.com, the Boston area is the “bloggiest” city in the US according to the location based blog and content aggregator Outside.in. Based in Brooklyn, NY (not Boston but at least East Coast), Outside.in aggregates location-based blogs and other content into city pages.Outside.in tracks local blogging activity through something called a ”blogging quotient” that factors in a metropolitan area’s population with the number of blog posts about a specific location. They currently have about 60 urban areas and nearly 3,500 neighborhoods represented on the site. Boston averaged 89 posts per 100,000 residents from March through April and edged out Philadelphia for the prize.

I think the numbers and the site are a bit early to be making coveted titles just yet, in a recent article on the Outside.in blog they point out the bloggiest neighborhoods. It looks like their homebase is on top…I wonder why?

with snorkle parking…

Divetech at Turtle Reef will be closing its doors on Friday, 31 August after having served the shore diving community for over 12 years at this location.

“It’s sad of course to leave a dive site that we developed and lived in for so many years, there’s no doubt about it.

“However, as with all things in life, change can be positive and we are very excited about the opening of a brand new shore diving site at Lighthouse Point on NW Point Road in West Bay, about a 1/2 mile south of the old Turtle Reef shop,” said Nancy Easterbrook, Managing Partner of Divetech.

“We have been out diving at Lighthouse Point a dozen times now, and the health of the reef and abundance of marine life is astounding, so we know that our customers are going to love it.

“Shore diving will be opened this September with all the outdoor amenities that our customers have come to expect from Divetech. The new site is pristine; its is like the Turtle Reef was when we first opened in 1995. With our new location open it will give residents and visitors an option to experience a brand new series of dive sites on Grand Cayman.”

Lighthouse Point will be more than just a dive shop. The total project, anticipated to be fully open next fall, will incorporate a series of eight upscale “green technology” condos, a bistro for daytime/sunset delights and Divetech’s new dive shop.

“It’s the ultimate natural environment for a residential/resort area, bringing new services to the West Bay area for both residents and visitors,” said Jay Easterbrook, the project developer and general contractor.  Continued…

Should I buy it????  Its so pretty!

This is wrong in its entirety!  A selfish move for individual home sellers & a fatal move by the MLS & any local supporting real estate brokers!
RE InfoLink, a Silicon Valley-area multiple listing service with about 21,000 members, this month notified members about a new policy that allows its subscribers to pay a fee to conceal the sale price of a property, at the request of a home buyer or seller (see Inman News article).

It’s not uncommon for an MLS to have a mechanism to deal with such requests, said Jim Harrison, RE InfoLink president and CEO, though he said that the MLS had long resisted such a policy. What prompted the MLS to change the policy was that some subscribers simply chose to pull a property out of the MLS prior to a sale to avoid reporting the sale price, he said, in which case the MLS would lose out on data related to that sale.

Requests to withhold sales price, say MLS officials, are rare and tend to occur in higher-priced neighborhoods. It’s an interesting issue: a desire to keep your own financial matters private vs. the public good in knowing what homes are actually selling for in your neighborhood.

Listing agents who are members of RE InfoLink can pay $500 for the first instance in withholding sales price, $1,000 for the second instance, $2,000 for the third instance, $4,000 for the fourth instance and $5,000 for the fifth and subsequent instances to withhold price information, according to the policy description, and agents must enter the code “SPWHLD” in the confidential remarks for those property listings.  Continued…
Source:  Inman Blog

Earlier this month, CNBC featured a segment on how sub-prime mortgages work.  Thanks to YouTube we get to watch it over and over again.   Seriously though, a pretty cool vid on a mortgage sub-prime overview.

Our favorite show - Entourage and star Adrian Grenier (aka - VINNY CHASE) purchased a Victorian home on Grand Avenue in Clinton Hill that the listing described as in need of “some cosmetic work.” Indeed—more than two years later, construction plywood is still standing. Sure, Grenier’s done plenty of renovating—he’s changed the exterior from a pukey salmon color to sky blue, and insulated his walls with denim—but as yet there’s no sign of Grenier himself (aside from one eye-witness sighting of him with “some hot chick” at the Academy diner in Fort Greene in the fall of 2005).

Source:  Curbed NY

Other Entourage Post:  Entourage takes over condo building,  Ten minutes with Ari Gold and ofcourse the Entourage “Ari Gold” Montage Video

Sweet Dig’s relaunches and relaunches bigger than ever! One of our favorites - Redfin, based out of Seattle, relaunches its infamous Sweet Dig’s real estate blog in hyper-local markets with more than 12 new bloggers covering the entire west coast. I wonder what Curbed LA will have to say about this?

‘PR STAR’ Cynthia Pang shot us the update:

The new Southern California Sweet Digs will offer as many as 40 candid, saucy and analytical write-ups each week of recent sales, price reductions, open houses and real estate trends in local areas, including Beverly Hills, Irvine, Newport Beach, Ocean Beach and Westwood. Southern California already boasts some of the top real estate blogs, and Sweet Digs complements them with its hyper-local, data-driven format written by real estate fanatics, not agents.

Redfin’s investment in the site’s quality has been significant. To launch Sweet Digs for Southern California, Redfin evaluated hundreds of candidates, and contracted with a dozen writers who are experts in their local real estate market.

Consumers who wish to read or register for Sweet Digs can visit:
· Los Angeles: http://losangeles.redfin.com/blog
· Orange County: http://orangecounty.redfin.com/blog
· San Diego: http://sandiego.redfin.com/blog
· San Francisco Bay Area: http://sfbay.redfin.com/blog
· Greater Seattle: http://seattle.redfin.com/blog
· Sign-up for daily, weekday emails: http://www.redfin.com/stingray/do/sweet-digs