I was recently in Scottsdale, Arizona for the Cyberstar Convention, which is a group of top producing real estate agents who have a special interest in technology and the internet. While there, I was interviewed by Michael Krisa (known as “That Interview Guy”) on increasing your referrals from other brokers. Michael has a great real estate site for brokers to get new and relevant information to increase their business. The interview turned out to be a good plug for CRS (Certified Residential Specialists); I’m glad I was wearing that shirt. 

Star Power, the leading real estate education and training association was sold from Howard Brinton to Alex Charfen. Alex is very sharp, a good businessmen, and a great speaker. I am very happy this powerful organization will continue.

Our company, The Corcoran Group, has created a new free app for iPhone users. The Corcoran app will allow you to search Corcoran listings in Manhattan, Brooklyn, the East End of Long Island and South Florida all with full photos, property details and the agents contact information. Also, using the iPhone’s GPS, the Corcoran app will identify your location and will let you know how far away you are from a listing!

If you would like to download the new Corcoran iPhone app or learn about all its features click here!

I’m in San Diego for the 2009 National Association of Realtors  (NAR) Convention.  I go to quite a few real estate conferences each year to find out what other agents are doing successfully in their markets, what is new and hot technology wise, and to drum-up some business.  When I speak, I usually get a couple of referrals that week.  I’m not speaking this time, so it has been more relaxing connecting with old friends and rumaging through the expo which is the best collection of vendors catering to the real estate trade in the world.  The number of vendors focusing on short sales  has dramatically risen, which is another indicator of the national real estate market.

Condoleezza Rice was the featured keynote speaker.  U.S. realtors are politically conservative for the most part, so she was welcomed as a hero receiving multiple standing ovations.  Being the good New Yorker, I was skeptical.  After playing to the crowd with references to our country’s greatness and her gratitude for our servicemen, I was pleasantly surprised to hear her express her views on our viability and security as a nation.  She strayed from the ex-administration’s policies and put forth her beliefs that our security depends on finding a way to make life better in the most depressed areas of the world, for that is where unrest and terrorism thrives, especially if those countries’ governments cannot control their boders; and, the American Dream of improving your lot in life, or your children’s lot in life, is key to our continued viability.  She focused on quality education for the economically depressed in our country as the means of keeping the dream alive. 

On a side note, both the keynote speaker and the current President of NAR, Charles McMillan, are African Americans.  Times are changing.

Both the House and the Senate have passed an extension and an expansion of the homebuyer’s tax credit. The President is expected to sign the bill Friday. Key provisions of the bill are as follows:

* Tax credit of up to $8000 is extended for first-time homebuyers who are in contract to purchase a home by May 1, 2010 and close by July 1;

* A tax credit is also available to homebuyers who have owned their current homes for at least five years of up to $6,500;

* The credit is available for the purchase of principal residences costing up to $800,000 (the prior tax credit did not set a limit on housing price);

* Income limits for claiming the credit are raised to $125,000 for individuals and $225,000 for couples.

I have a great client who is looking for a small two bedroom in Harlem for under $350,000 and wants to finance 100% of the purchase price with a VA loan.  Now I’ve done over a thousand deals in my 25 years of selling real estate in Manhattan and I’ve never done a VA loan nor have I done 100% financing.  This is all new to me.

We found a great place, negotiated a deal, and are trying to satisfy the VA requirements, which are basically FHA approved housing.  It is complicated and frankly my client knows more about this topic then the so called ‘experts’ seem to know.  We are moving along, but slowly and that is my problem.  My client takes forever to get to his point in a conversation and I go way too fast for his liking I am sure.  He’s a great guy and we seem to have fallen into an acceptable pattern where I listen longer than I normally would and he graciously allows me to cut him off before he says everything he wants.  Clearly, we go through life at different speeds. 

One option is for me to slow down to his speed, he is the client.  My sister’s ex-husband took forever to get to a point or tell his story and I tried and tried and couldn’t stop myself from interupting him and telling him the end of his story.  Ultimately we have rudeness on one hand (me) and boredom on the other (also me).  So this is all about me and not the client.  I know not interupting others is a good thing, but boy, what a challenge.  I’ll give it a go….I think.

Yesterday I was out showing $10,000,000 properties on Fifth Avenue and today I am talking VA loans.  I love my job.  I might not see the entire spectrum of humanity, but at least I encounter the range of mankind with good credit scores.

I reviewed the Second Quarter Report of residential real estate sales in Manhattan. My firm, The Corcoran Group, has released this report comparing data based on deals that closed in 2Q 2009 (April 1 through June 30) with that of 2Q 2008.

Due to the impact of the credit crisis and our nations recession there is a decline in sales activity and sale prices over the prior year.  2009’s Second Quarter posted 50% fewer closings over 2008’s.  The large amount of available properties along with low demand in the first part of the year has forced sellers to lower prices by 12-15%.  Therefore, buyers can negotiate much more and can snap up some of the best deals to be had in Manhattan in many years.

Spring is usually the busiest season and despite a slower market, the report shows greater sales activity in the Second Quarter than the First.  In fact June 2009 was even busier for our agents than the same month a year prior.

New developments showed decreased sale prices and slower activity as well. 67% fewer new development properties closed this quarter than in 2Q 2008, having an average drop of 14% in price per square foot.

If you would like to see this report in its entirety please contact me.