It’s not just you: this February really is miserably cold. The New York Times reports that today is the 22nd day in a row without above-normal temperatures and that if the forecast holds this week, temperatures will average 19 degrees below normal. “I don’t see any evidence that this is really going to change much over the next 10 days,” Bill Goodman of the National Weather Service tells the paper. On Friday it might actually be zero. Bryant Park’s frozen fountain is actually something of a problem, Gothamist reports—because of the prolonged freeze this year, the fountain’s icicles haven’t melted, meaning that the weight being borne by the granite bowl is just becoming heavier and heavier. And yesterday the East River froze, New York Magazine reports. And we can confirm that portions of the Hudson, at least by the shore, froze, too! There’s been much talk of loving being in the air of late, but when it’s not anymore, you sometimes find yourself living in an apartment with an ex. As one woman tells DNAInfo: “You’re trying to deal with your feelings, but you’re seeing this person who makes you feel a million times of everything.” At the Branson at 15 and 19 W. 57th Street, hotel guests complain of rude tenants passing in the hall—it’s no wonder as few long-time renters would be thrilled to live in an illegal hotel. Crain’s reports that the twin buildings together “have been the subject of more illegal-hotel complaints than any other in […]

Most Americans are thrilled by the 50 percent reduction in prices at the gas pump. The strong U.S. dollar also helps our purchasing power for products manufactured outside the U.S. The real question is to what extent these shifts will positively or negatively affect the real estate industry. No matter how the real estate or the overall financial market changes, there are always winners and losers. In terms of the current downturn in oil prices and the surge in the U.S. dollar, the short-term impact for most agents will probably be positive. 1. The historical upside According to a recent Bloomberg Business article, “U.S. food retailers, pharmaceutical companies, makers of construction materials, banks and insurance companies have typically performed best in times of dollar strength.” Consequently, these sectors should be prime growth areas in 2015. This growth should increase sales wherever these companies have a strong presence. 2. A boon for Gen Y buyers For Gen Yers, lower gas prices means they have extra cash to pay down their student loans. With their student loans paid off, they can begin saving for their down payment on their first home. Repaying their student loans also means that it will be easier for them to qualify for a mortgage. As Gen Yers enter their prime child bearing years, family is a prime focus. As realtor.com Chief Economist Jonathan Smoke put it, “Baby needs her own room.” 2015 will be a great time to prospect for first-time buyers in high-end rentals as well […]

After 22 years living in Moscow and promoting overseas real estate to wealthy Russians, Kim Waddoup is unfazed by the recent plunge in the ruble’s value, which has made many Russians much less wealthy. “I’ve been through three or four of these crises,” said Mr. Waddoup, chief executive of aiGroup, which stages exhibitions and conferences. “Nobody keeps their money in rubles. Are you stupid?” But many real estate executives around the world are worried. From the sunny resorts of Spain to the desert villas of Dubai, developers and agents have been reporting far fewer Russian buyers over the last year as the ruble declined and the West imposed sanctions on Russia in the wake of its takeover of Crimea. (As of Jan. 20, a ruble was worth about one U.S. cent, more than 40 percent less than its value a year ago.) The wealthiest Russian buyers “have all but disappeared” from some areas in the south of France, said Mark Harvey, the country’s residential expert for Knight Frank, the real estate agency. In St.-Tropez, for example, Russian demand for luxury villa rentals was down 20 percent from a year earlier, he said. “Their absence has left quite a void,” Mr. Harvey said. Russians, along with wealthy residents of some countries in Asia and the Middle East, play a prominent role in many luxury markets, notably London, where they have helped drive up prices in the wealthiest areas more than 50 percent in the last five years. The average price of […]

Three top executives resigned from American Realty Capital Properties Inc. (ARCP), the U.S. real estate investment trust that has lost more than a quarter of its value since disclosing accounting errors. Nicholas Schorsch, whose dealmaking made American Realty Capital Properties one of the biggest REITs in a matter of a few years, stepped down as executive chairman and a director of the New York-based company, according to a statement today. Chief Executive Officer David Kay also resigned, as didLisa Beeson, president and chief operating officer. William Stanley will act as CEO and chairman until permanent replacements are named. The changes are effective immediately. American Realty Capital Properties, or ARCP, fell 27 percent through last week after reporting on Oct. 29 that it found accounting errors that were intentionally concealed, leading to the resignations of its chief financial officer and chief accounting officer. Today’s departures leave a void at the company, according to Kevin Gannon, president of Robert A. Stanger & Co., an investment bank that focuses on nontraded REITs. Kay, who became CEO in October, said as recently as Nov. 14 that he wasn’t planning to quit. “The first concern you have is there’s a leadership vacuum inside the company now,” Gannon said in a telephone interview. “You’re missing a chairman, a CEO, a COO and a president. They didn’t give a reason for why they resigned, and that’s an oddity.” Investor Confidence Schorsch, who controls an empire of real estate companies through his closely held firm AR Capital, was […]

With Christmas a month away, it’s time to start picking out the perfect gifts for the people you love. While winter winds and swirling snow have most of us thinking about just staying warm, serious green thumbs are probably already counting down the days until they can get their first plants into the ground. If you have a serious gardener on your Christmas shopping list, here are some great gift ideas. Iro Smart Spinkler Watering can be tricky work. You have to factor in temperature, humidity, and the time of day. If you get it wrong and water too little, you’ll end up with a shriveled brown patch. Water too much and you’ll just add to your monthly utility bill, and possibly damage your plants. The Rachio Iro Smart Sprinkler looks to take some of the guesswork out of gardening. Once you hook it up to your home irrigation system and plug in a few details about your soil and plant types, the Iro will pull local weather data to build a watering schedule that works for your yard. You can check in with your phone to ensure your garden is getting watered, and even adjust the schedule on the fly when you’re away from home. Ogrow GreenHouse A greenhouse is a great way to extend the growing season, and in many parts of the country, you’ll be able to garden all year long if you have a bit of protection for your plants. Not only will a greenhouse protect […]

There are many reasons the 10-acre Owlwood Estate in Los Angeles’ Platinum Triangle could be considered the ultimate trophy property. For starters, it has Hollywood history. Once owned by Joseph Schenk, the founder of 20th Century Fox, the roughly 13,000-square-foot manor has been home to Tony Curtis and Sonny and Cher. Marilyn Monroe is said to have spent many a night there as Schenk’s guest. And–oh yes–it’s currently priced at $150 million, making the estate (tied for) the Most Expensive Home For Sale in America. But you won’t find Owlwood on the MLS–or even with its own listings page. “We are not advertising it anywhere. We want to keep it very low-key,” says agent Josh Flagg of Rodeo Realty, who confirmed he shares the pocket listing with Ann Dashiell, also of Rodeo, and $150 million price. That asking price puts the estate neck-and-neck with a second Los Angeles spread: Formula One heiress Petra Ecclestone Stunt’s Spelling Manor. The daughter of billionaire Bernie Ecclestone picked up the property in 2011, when she was 23, for $85 million. She’s since renovated it and is searching for a buyer willing to pay $150 million, which would give her a $65 million gross (before subtracting renovations costs). Together, these two properties share the No. 1 spot on our annual list of America’s most expensive homes for sale. To compile it, we sorted through listings on Realtor.com, Trulia, Sotheby’s International Realty, Christie’s International Real Estate (and its affiliates), Coldwell Banker Previews International (and its affiliates), […]