Giving To Those In Need -- Especially This Year!

Holiday Giving (Reblog from my blog last year)

With the holidays upon us, it's a time to give gifts to our loved ones, friends and customers.

In a volatile economy gift buying could decrease for some. And at the same time there are wonderful groups doing important work whose donations are suffering. Many charities I know could use the help!

This holiday season, rather than buying expensive gifts, I will be making donations to charity in the names of my loved ones, friends and customers. It's like giving twice!

Here is a list of top registered charities you may want to consider:

Alzheimer's Associaton
To eliminate Alzheimer's disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health.

American Cancer Society
The American Cancer Society is the nationwide community-based voluntary health organization dedicated to eliminating cancer as a major health problem by preventing cancer, saving lives, and diminishing suffering from cancer, through research, education, advocacy, and service.

American Heart Association
Our mission is to build healthier lives, free of cardiovascular diseases and stroke. That single purpose drives all we do.

America's Second Harvest (New name is FEEDING AMERICA)
The nation's leading domestic hunger-relief charity

Brokers Build
Brokers Build is a campaign for real estate brokers to raise $1M to build homes with Habitat For Humanity in New York City
(Full Disclosure - the writer of this blog is a Broker Who Builds)

Darfur - Not On Our Watch
Focusing global attention and resources towards putting an end to mass atrocities around the world.

Elizabeth Glaser Pediatric AIDS
The Elizabeth Glaser Pediatric AIDS Foundation seeks to prevent pediatric HIV infection and to eradicate pediatric AIDS through research, advocacy, and prevention and treatment programs.

Feed The Children
Feed The Children provides food, medicine, clothing, educational materials and other essentials to children and their families domestically and internationally.

Habitat for Humanity
Habitat for Humanity International is a nonprofit, ecumenical Christian housing ministry. HFHI seeks to eliminate poverty housing and homelessness from the world and to make decent shelter a matter of conscience and action.

Juvenile Diabetes Foundation
JDRF is to find a cure for diabetes and its complications through the support of research.

Love Our Children USA
The national nonprofit leader in breaking the cycle of violence against children. It has become the ‘go-to' prevention organization for all forms of violence and neglect against children in the U.S.
(Full Disclosure - the writer of this blog is the founder and chief executive officer of this charity)

March Of Dimes
Dedicated to improving the health of babies by preventing birth defects, premature birth and infant mortality.

MS Society
The MS Society is a collective of passionate individuals who want to do something about MS now-to move together toward a world free of multiple sclerosis. They help each person address the challenges of living with MS by funding cutting-edge research, driving change through advocacy, facilitating professional education, and providing programs and services that help people with MS and their families move their lives forward.

North Shore Animal League
North Shore Animal League America, headquartered in Port Washington, NY, is the largest no-kill animal rescue and adoption organization in the world.

ONE
ONE is Americans of all beliefs and every walk of life - united as ONE - to help make poverty history

St. Jude Children's Research Hospital
St. Jude is unlike any other pediatric treatment and research facility. With research and patient care under one roof, St. Jude is where some of today's most gifted researchers are able to do science more quickly. All patients accepted for treatment at St. Jude are treated without regard to the family's ability to pay.

Stand Up To Cancer
Stand up to cancer raised funds for research in unprecedented effort to end cancer's reign
as a leading cause of death

Starlight Starbright Childrens Foundation
Enhancing the lives of critically and terminally ill children through granting wishes and hospital programs
(Full Disclosure - the writer of this blog is a volunteer with this Starlight Starbright Children's Foundation)

Susan G. Komen For The Cure
The largest grassroot network of people working together to save lives, empower people, ensure quality care, and energize science to find a cure.

UNICEF
Raises funds for programs and increasing awareness of the challenges facing the world's children. The oldest of 37 national committees for UNICEF worldwide, they are part of a global effort to save, protect and improve children's lives.

For other registered charities please visit http://www.guidestar.org/

Tipping in Manhattan Apartment Buildings for the Holidays

The holiday season is here and it's time to start thinking about tipping for services in our apartment buildings.

For those living in Manhattan, holiday tipping is the norm and can seem endless.

While it's important to be generous, it's also important to be realistic about what you can afford. Especially in our current economic climate.

Tips in decent class buildings (not Park and Fifth Avenues) run between $20 and $300 and it's not uncommon for supers to accumulate well into the five figures.

Porters and doormen see anywhere between $2,000 and $10,000, depending on the size of the building.

Holiday tipping is a way to say ‘thank you' for services. And it's a big part of apartment service worker's compensation.

Some Manhattan apartment buildings pool tips so the workers receive one lump sum. Most leave it up to the individual resident.

I hope you will find the information below useful when tipping in your apartment building this holiday season!

Apartment Building Superintendent
$50-200. Tip less if you tip throughout the year.

Apartment Doorman/Concierge
$10-80 or more each, depending upon building. Those who serve you more should get a bigger tip.

Apartment Building Handyman And Porters
$15-40 each

Apartment Building Elevator Operators
$15-40

USPS Mail Carrier
Non-cash gifts with value up to $20. This is for mail carriers that you know and see regularly.*

UPS - Regular Driver
Has no formal policy. Drivers don't expect tips but can accept them.

Fedex
Not allowed to accept anything over the value of $75. No cash gifts accepted.

Newspaper Carrier
Daily - $25 - 50, weekend - $10

Regular Overnight Delivery Person
$10-30

Parking Attendants
$10-30 each

These are suggested tips for Manhattan. Tips will vary throughout the rest of the country. Most importantly -- give what you can. If you are giving less this year, include a postscript saying "Wish it could be more" and your gift will be very appreciated.

During this holiday season, remember to take time for yourself so that you're not frazzled when entertaining.

And keep in mind - if you're planning on putting your apartment on the market, the holidays are a great time to do this. People who look for a home during the Holidays are more serious buyers! Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

Wishing you all the blessings of the holiday season,

Ross Ellis
Licensed Real Estate Agent
Halstead Property, LLC

Ask me about Love Our Children USA and Brokers Build at Habitat For Humanity

Working With A Buyer's Broker Has Its Advantages

Working with a Professional Buyer’s Broker:Finding the right home in Manhattan can take time and a lot of work. At times it can be overwhelming …after all it’s the most important decision you will make.

The myraid of appointments ... making an offer, negotiations, working with your attorney and mortgage broker, board packages, the closing .. and many more details is why you should hire a professional Buyer's Broker who will do this and more!

A licensed and professional Buyer’s Broker can help navigate the process from beginning to end --- and even after your closing --- applying their expertise to your search to get you the results you deserve.

Using the right Buyer’s Broker can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.

Look for a Buyer’s Broker, not a property
Your Buyer’s Agent works for and with you.

Pick one agent to assist you.
Every broker has access to the same group of listings through RLS (REBNY Listing Exchange Service) which acts similarly to the MLS. Working with multiple agents will just make more work for you, in that you will have to manage a team of people, field many phone calls and emails, learn of duplicate properties and make the search for your home all that more overwhelming.

Since you’ll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and your agent connect.

Sign an exclusive contract with your Buyer’s Broker as there is no cost to you and your Buyer’s Broker can show you all the listings in your city – regardless of what agency the property is listed with.

Share all requested information

Letting your Buyer’s Broker know what you want is the first step to successful communication. Many factors play a part in the selection of properties for you to view and there are a wide variety of properties in New York City. Give your agent a complete picture of you and your needs to avoid wasting time looking at properties that does not suit your lifestyle. Make a wish list. You may not get everything on your list, but a good agent will work to get you as much of your wish list as possible.

When looking at properties, give your agent a piece of your mind.While looking at properties, let your agent know what resonates with you for each property. A good broker will consider all of the input you have given throughout the relationship when selecting properties to see, not just your initial requirements. Perhaps your reaction to a property will bring to mind another option they would have otherwise struck from the list. As you see more properties with your broker, they will get to know how they can best assist you.

Be Open

Never feel that you have to hold back in your assessment of a property, your assessment of a contract, or your feelings on a situation. Your broker is there to help you and the more they know, the better off you are.

Being Green Without Breaking The Bank

You don't have to install solar panels in order to be green. You can be green and use cost cutting strategies and reduce your carbon footprint which can payback in about two years.

• Install Low Flow Fixtures
Cost: $3 to $30
Low flow faucets, shower heads and aerators reduce the amount of water on
the gas or electricity used to heat your water.

• Use Air Filters Cost: $1 - $12
By cleaning or replacing your cooling system or air conditioning filters you
save on about 7 percent in electricity.

• Seal Air Leaks
Cost: $10 per window and $20 per door.
By sealing off air leaks cool and hot air is not lost and your home is more
comfortable by not using extra air conditioning or heating. Window frames can be
caulked, doors weather stripped.

• Add Window Treatments
Cost $10 - $150
Shades, blinds and curtains can cut cooling and heating costs.

• Use Compact Fluorescent Lighting
Cost $3 - $5 per bulb
They use 75 percent less energy than regular bulbs

• Install Light Motion Sensors
Cost: $50 - $70
Light motion sensors automatically turn off light and thereby save on energy.

These cost-effective ideas will not only save you money, but you’ll be doing your part to save the planet.

New York Real Estate Term Glossary

New York City is like no other. And when it comes to real estate in this glorious city, it's good to have an experienced broker whether you're buyng or selling ... and it's good to know basic terminology.

Glossary of Terms

Abstract of Title
A historical summary of the recorded instruments and proceedings on the title of a property.

Air Rights
The right to use or control the space above a property. Air Rights can also be sold, rented or leased to another party.

Amenities
The benefits from home ownership, such as a feature that enhances value.

Appraisal
An estimate of the value of the property. One may have an appraisal to determine the offering price during a sale.

Assignment
The process by which a right or contract is transferred from one party to another. Assigned contracts include mortgages, leases and deeds of trust.

Broker
A state licensed sales agent who acts for property owners and prospective purchasers in Real Estate transactions.

Brownstone
A 19th century house which shares a common wall with the neighboring property.

Building Amenities
The assets that buildings offer its owners or tenants. These can include a doorman, health club, club, garage etc.

Building Restrictions
Requirements in building codes that affect the size and appearance of the building.

Capital Expenditure
An improvement that will have a life of one year or more and will increase the value of the property.

Certificate of Occupancy
In New York City, each building is required to have a Certificate of Occupancy which permits the structure to be occupied by members of the public. This means that the building is in compliance to health and building codes.

Closing
The transfer of ownership of a property from the seller to the buyer according to the sales contract.

Co-Broke
This is the term used when a broker sends out their listing to other brokers and other firms. The brokerage community then receives the listings and the commission will now be split evenly between the seller's broker and the firm that provides the buyer of the property.

Combination
Refers to when an owner combines two adjoining apartments into one to enhance the value and the space.

Commission
Payment to the broker for his or her efforts on marketing and selling the property it is usually a percentage of the total purchase price.

Commission Split
The sharing of commissions between the listing agent and the broker of the buyer.

Common Area
The area on the property or in the building that is available for use to all owners and tenants.

Comparables
Used in assessing or establishing the fair market value of a property, a property which has been sold recently that is similar in size, condition, location and amenities.

Condominium
A building where individuals own individual units but share common areas with the other unit owners of the building. A more liberal type of ownership than Coops, Condominiums also have more lenient policies regarding subletting and pets.

Contract
A legally binding agreement between two parties. To have a valid contract for the sale of Real Estate there must be:

•an offer
•an acceptance
•competent parties
•consideration
•legal purpose
•written documentation
•description of the property
•signatures of the principals


Conversion
Property changing to a different form of ownership, such as a condominium to a cooperative or a commercial building to a residential building.

Convertible
A one or two bedroom apartment that has space to make another bedroom. The other bedroom can be made with the construction of a wall; however, the new bedroom must have a window in order for it to be legal.

Cooperative
A type of ownership of property. This is when the individual unit owners own shares in the cooperative building and do not own the actual property. The amount of shares owned is determined by the value and size of the apartment. The cooperative building owns all of the units and the purchaser is buying stock in the building.

Deed
A written document by which title of property is expressed from one party to another.

Duplex Apartment
An apartment that has two levels.

Escrow
A state where consideration, benefits, legal rights, money, documents or other valuables are transferred to another party in advance of that party's legal claim to them, on the basis that the legal claim will arise at a given point in the future. It is a form of trust.

Estate
The word used to describe the collection of all assets of a deceased person. Also, the extent of interest a person has in real property.

Estate for Life
The interest of real property that ends with the death of a person.

Excellent Condition
This is used to describe the condition of the apartment; mint is another word for excellent meaning the apartment is in great shape.

Exclusive Listing
A contract whereby the owner of a property grants a single broker the right to market the property for sale.

Façade
The exterior front wall of a building.

Financing
Borrowing money to purchase a property.

Firm Price
An asking price for a property that is not open for negotiation.

Fixed-Rate Mortgage
A loan where the interest rate remains constant over the entire term of the loan.

Flip Tax
Tax imposed on the cooperative apartment by the cooperative, this tax can either be paid by the seller or purchaser and is usually a percentage of the purchase price.

Floating Rate
A loan where the interest rate is not fixed over the term but is allowed to vary according to the change in a specified index.

Floor Plan
A scale diagram of the arrangement of rooms and their sizes drawn by an architect.

Foreclosure
An enforcement process in which the lender under a defaulted mortgage takes title to the property for the purposes of selling it to recoup moneys owed under the mortgage.

Full Bath
A bathroom with a bath or a shower.

Grandfather Clause
If a new law is passed or an old is changed those people whose activity was legal under the previous law are allowed to continue because of this condition. This law is common with pets; some buildings that do not allow pets now, did in past, therefore, those owners are allowed to keep their pets.

Half Bath
A bathroom without a bath or a shower.

Interest Rates
The cost of borrowing money from a lender. Rates change over time and are set by the Federal Reserve.

Lease
A written agreement to rent a property or part of a property from the owner.

Lien
A legal claim against property for money owed.

Listing
The agreement that allows a real estate professional to market a property. Available apartments are also referred to as listings.

Loft
A loft refers to open living space that was converted from commercial space to residential space. Lofts contain very high ceilings, large windows and open space. In New York City, most lofts and converted commercial space is located downtown.

Lot
A measured section of land.

Maintenance
Monthly charges paid by the owner or tenant of a cooperative building for that person's share of costs of keeping the common-use portions of the building in good condition. This includes the daily cost to operate the building and it is calculated based on each individual unit.

Managing Agent
An independent company that is hired to manage a property. In New York City, most of the cooperative and condominium buildings are managed by a company which is responsible for the building operations. Brown Harris Stevens manages over 160 buildings in Manhattan.

Market Value
An estimation of the price for a property in relation to the current real estate market.

Mortgage
Money borrowed from a lender in order to purchase a piece of property. Mortgages vary in terms of length as well interest rates.

Negotiation
The process of discussing an issue between two parties who are working towards the same goal. Successful negotiation usually leads to a contract and then a sale.

Notarize
To verify the authenticity of a signature by a certified Notary Public.
Offer
An expression of the desire to purchase a property at a specific price. Once an offer is made and then accepted it leads to the purchase of the property.

Offer Accepted
The term refers to when the owner of the property agrees and accepts the offer and terms of the purchaser.

Open House
A specified time when a property that is for sale is advertised by opening its doors to prospective buyers. A broker advertises an open house to help the sale of the property.

Open Listing
A listing where the owner of the property hires more than one broker and only pays commission to the one that provides the purchaser.

Ordinance
A law enacted by the local government.

Penthouse
A luxury apartment in a high rise building.

Pied a Terre
A French term that refers to an apartment that is not the primary residence of the owner. A Pied a Terre is used when a person lives in another location and comes to New York several times a month or a few weeks a year to either work or enjoy this great city.

Post War
A post war building is one that was built after World War II.

Pre War
A pre war building is one that was built before World War II. Common characteristics of a pre war apartment are fireplaces, moldings and hardwood floors.

Property Tax
The tax issued on the ownership of property.

Points
A charge levied by the lender on the borrower for the mortgage for prepaid interest. Each point is equal to 1% of the principal of the mortgage.

Powder Room
Also known as a half bath. A powder room is a bathroom without a shower or a bath.

Quadraplex
An apartment that has four levels.

Referral
A recommendation made to a client about the services of a particular agent or firm.

Rental Building
A building where the apartments are only rented and not sold.

Rent Control
Laws that regulate the amount of money that is charged to rent out space.

Reserve Fund
An account reserved to provide funds for future expenses in order to maintain the cooperative or condominium building.

Sale Price
The amount of money paid by the purchaser to the seller. Also known as the purchase price.

Security Deposit
A payment required by a landlord to guarantee that the tenant meets his or her obligations under the lease and to guard against any potential damages that may be incurred during the term of the lease.

Shares
When one purchases an apartment in a cooperative building he or she is actually purchasing the shares in the cooperative. They represent the proportion of the building owned by the unit owner based on the size and value of the apartment.

Square Footage
The area measured in square feet of a certain property. Square footage can be measured in different ways and is usually considered approximate. Condominium apartments have specific laws that determine the way which the apartment is measured therefore condominium measurements are more accurate.

Sublet
The term used when an owner of an apartment decides to rent the apartment to a tenant.

Tax Deductible
An expense that reduces taxable income. Each year, shareholders in cooperatives apartments are able to deduct a certain amount from their personal taxes. The amount is determined by the amount of shares that are owned.

Term
A specified period of time.

Term, Amortization
The term in which the interest and principal payments of a loan must be made.

Title
The legal term for the evidence that the owner is in lawful possession of the land and property.

Townhouse
A townhouse is a private residence where at least one wall is shared with another residence. In New York City, townhouses are a very popular and a more private way of living.

Triple Mint
Refers to the condition of the residence. Triple mint condition means that the residence is in immaculate condition.

Triplex
An apartment that has three levels.

Unit
A single residence within a building.

Utilities
Services such as water, gas, electricity, telephone and television. Utilities in some buildings throughout the city are included in the maintenance charges.

Vacate
To move out and leave the property.

Walk Up Building
A building that does not have an elevator. Most walk up buildings are four to six floors.

Walk Through Inspection
The inspection of a property immediately before the closing to ensure that the property does not have any new damages.

Zone
An area set by local law for specific use with certain rules and regulations.

The Economy - The Heym Report

Learn the latest about the economy from Executive Vice President, Chief Economist Greg Heym of Halstead Property, LLC.

Third Quarter 2009 Manhattan Market Report

Third Quarter 2009 Manhattan Market Report is in

While the residential market is not back to where it was before the collapse of Lehman Brothers, things have improved over the past several months.

With a slow start, the spring buyimg market picked up. National housing indicators are turning around and job losses are slowing. Many feel that the worst is now behind us.

The average price for Manhattan apartments was $1,274,563 during the third quarter of 2009, up slightly from the prior quarter. While the average price is still 13% lower than a year ago, this is an improvement from the second quarter's 24% annual decline. Also showing improvement was the number of sales reported. After falling 53% year-over-year in the second quarter, closings in the third quarter were down 25% from the same period in 2008.

All sizes of cooperative apartments posted lower average prices than a year ago, led by a 41% decline in three-bedroom and larger units. Note: There were 4 co-op sales over $30 million a year ago, 2 of which approached $50 million. There were no similar sales this past quarter, thus this figure fell sharply. This also brought the average price lower for all co-ops, which at $934,400, represents a 22% decline from the third quarter of 2008.

While the average price fell for all sizes of condominiums over the past year, the overall condo average price was actually up slightly from 2008's third quarter. The reason for this was that the average condo sold during the third quarter was 9% larger than a year ago. If the average size of condos sold goes up, the overall average price can rise-even in a declining market. Just under half of all condo sales were in new developments in the third quarter, down from 70% a year ago.

Third Quarter 2009 Manhattan Sales and Rentals

Third Quarter 2009 Manhattan Sales Market Report

Third Quarter 2009 Manhattan Rental Market Report

Manhattan Home Buyers - It's Your Market! Understand Your Buying Power!

It's THE market for Manhattan home buyers. So it's important to understand your buying power.

Your buying power means you can negotiate a good deal. It is also important to understand that while this is a buyer's market, there are no fire sales - meaning you won't get a $1M property for $500,000.

Be realistic. Manhattan sellers are not in the position of those in Florida, California or Nevada.

Additionally, just because it is a buyer's market, it doesn't mean that the down payments of the "bubble" days will be the same.

In the bubble days you could put down 10% on a condo in Manhattan and anywhere from 15% and higher on a coop.

Today, your down payment is generally higher due to mortgage rates and the economy and will determine whether you can purchase a condo or coop. Some buildings require that you put 30% - 50% down and could even insist that you pay all cash.

Also important - where is your down payment coming from? Is the money all of your income and assets, are your parents or someone else helping you with the down payment, is it a gift or inheritance? Some buildings do not allow co-purchasers, gifting or guarantors. And what is your debt to income ratio?

So, it's critical that you know and understand your complete financial profile. Just because you have money, does not necessarily mean you will satisfy the rules of a coop.

Discuss your finances with your broker/agent before you go apartment hunting. This will help your broker to determine what types of homes you should be seeing and for what price. At the end of the day you will be happier. Your agent won't waste your time and you won't be frustrated about the type of property you cannot afford.

Once you've determined what you can afford to spend, it's time to think about where you will get your mortgage from. Mortgage Broker or Bank?

Working with a Mortgage Broker gives you more options. They have various financial institutions they work with and can research the best products which you will qualify for. Mortgage Bankers have relationships with various banks. So by working with a good Mortgage Broker, they can find creative ways to satisfy the bank's requirements if there are a few areas where you don't necessarily qualify.

When working with a Bank, your only option is the loan officer who cannot offer you a variety of products. And - they can change the requirements on your mortgage commitment at anytime. That could mean a new bank offers new rates which might not be a good fit for you.

In today's economy it is imperative to work with someone who has experience. Whoever you choose to work with, be sure it's someone who explains everything to you and who can meet your needs and goals.

4th of July 2009 in Manhattan

Since 1976 the tradition of Macy's fireworks took place on the East River in Manhattan. This year to commemorate the 400th anniversary of the exploration of the Hudson River by Henry Hudson, the 2009 Macy's July 4th Fireworks extravaganza took place on the Hudson River,

This year's fireworks featured more than 40,000 shells exploding at a rate of more than 1,500 per minute.

The fireworks were synchronized to a score of patriotic standards, classic river-themed works, and original music. Performances by the New York Pops and Broadway superstars Audra McDonald and Idina Menzel performed.

It's that time again! New York City Restaurant Week Summer 2009 is almost here! New Yorkers and tourists alike will be able to enjoy an extended Restaurant Week and dine at Manhattan’s trendiest and best restaurants from July 12-31, 2009.

New York's top restaurants will serve three-course lunches for $24.07. FYI -- the discounts are not good on Saturdays, though some restaurants are offering deals on Sundays and three-course dinners for $35.00 (beverage, tax and gratuity not included).

Reservations began on June 30, 2009 and participating restaurants include Megu, Spice Market, Dos Caminos, Nobu, Tao, One If By Land, Two If By Sea, Blue Water Grill, and many others.

Click Here To Read More & Make Your Reservations

2nd Quarter 2009 Manhattan Sales

Second-quarter sales prices fell nearly 20% in a year, while sales volumes drop like stones. The number of months on the market now doubles the decade's average.

The Manhattan residential real estate market showed little sign of recovery during the second quarter.

Some of the reports attributed the second-quarter price drop-off to sales back in early 2008 of high-priced units at The Plaza and 15 Central Park West. Some apartments at those luxury buildings sold for as much as $4,000 per square foot in the second quarter of last year. Greg Heym, chief economist at Halstead Property, said "adding that this year's third- and fourth-quarter sale prices should more accurately reflect the market."

To that end, Manhattan buyers are on the streets, as it's a great time to buy in Manhattan.

Read Halstead Property's 2nd Quarter 2009 Sales Market Report Here

Manhattan Real Estate Market May 2009

Although quieter than last year, this spring the Manhattan residential real estate market is busy with the exception of Memorial Day weekend, when the Manhattan real estate market is on hold for the entire weekend.

And this year the difference is price. Sellers for the most part understand that there is a 20 – 40% decline, while buyers look for great discounts.

But caution to buyers, there are no fire sales. And sellers who wait for a better deal – may or may not see it. Yes, there are great discounts but buyers and sellers must be realistic.

I know of one buyer who fell in love with my exclusive property but wants to wait a few months to purchase. There are offers on the property. Moral of the story – if you love a property and have not seen anything else like this on the market – don’t wait. Make an offer.

Another buyer I know of is in arguments with the seller. Each standing their own ground. Does the buyer want this apartment badly enough? Although motivated, how badly does the seller want to sell?

Who will win? Deals are happening. They’re more difficult than they used to be but they are happening.

I for one am very busy with several buyers. Yet, some are not. And sad news for my fellow Manhattan real estate agents at Coldwell Banker Hunt Kennedy, as they prepare to close their doors.

It’s an interesting time in Manhattan Real Estate.

Buying A Home

It occurred to me after speaking to someone who recently bought an apartment on their own, that many people do not know what a Buyer’s Broker is.

Had she had a Buyer’s Broker representing her she would have saved approximately $60,000.00 and it would not have cost her a penny. Yet she had no idea that she could have her own broker represent her.

Working with a Buyer’s Broker offers buyers every advantage. The Buyer’s Broker works solely for the buyer, yet they work with ALL of the Seller’s Brokers -- especially in Manhattan. This means that buyers can preview apartments from any brokerage firm in Manhattan through their Buyer Broker.

It’s the best of both worlds. A Buyer’s Broker will determine a buyer’s real estate needs and financially pre-qualify them for apartments that they may be interested in.
The Buyer’s Broker will then schedule appointments for the buyer to preview apartments from any and all firms that represent apartments of interest to the buyer.
Once a buyer sees an apartment they want to purchase, the Buyer’s Broker makes the offer to the Sellers’ Broker on behalf of the buyer, negotiates price, closing dates and other matters. Once the offer is accepted, it is up to the Buyer’s Broker to guide their customer and work closely with their attorney on any and all issues that may arise.

For a foreign buyer this is particularly important as the Buyer’s Broker is based in elsewhere … in my case Manhattan, and can handle any issue with great ease. The Buyer’s Broker can easily recommend the appropriate real estate and tax attorneys (albeit condo or coop), accountants, decorators, and any services the buyer will need.

Buyers DO NOT PAY A FEE. There is absolutely no cost to them. The Seller pays the fee and the fee is split between the Buyer’s and the Seller’s Brokers.

Your broker will be present at the closing. This broker was responsible for saving her client a few thousand dollars at the closing because the closing documents contained the wrong information.

So when buying a new home – even if you are the best negotiator – it is to your advantage to work with a Buyer’s Broker.

Feel free to contact Ross Ellis at Halstead Property for a consultation or for any questions you may have at 212-317-7828 or by email

Showing Your Home To Sell in Today's Market

In today's real estate market it's more important than ever for your home to look sales ready!

Selling your home is like a job interview. You want to make a great impression!

I cannot begin to describe the number of instances, where I have gone to preview a seller's home or brought a buyer and even renter - only to find the home dirty, dishes in the sink, food left on the kitchen counter, toys ALL over the house beds unmade, etc.

Do not assume it doesn't matter. It does!!!!!

People are coming to inspect your home to see if they want to purchase it. By making a good impression, you increase the chances of getting your home sold or even rented,

The home for sale or rent should be clean, uncluttered, beds made and toys put away.

If you have pets, realize that many people are allergic to pets, and that shedding dog fur and cat dander are everywhere. When showing your home, pets should not be at home. That's what friends, relatives and kennels are for - to help you with those darling fluffy family members! Additionally, your home should be completely fur and dander cleansed. It should not be obvious to a potential buyer that you have pets living in your home.

If your home needs additional sprucing up, do consider a new coat of paint and staging! It works wonders.

Remember ... a clean and uncluttered home that is attractive and inviting, is a home ready to be sold!

Now that your home is clean, you need to think about how your home looks.

Do you have too much furniture? Is your furniture worn? You may need to stage your home!

Home staging is preparing a home prior to putting it on the market for sale.

Why stage your home? Staging a home can ensure a quick sale.

You may love the way your home looks, but potential buyers may not. When selling your home, staging it professionally can make your home more appealing and more attractive. It depersonalizes your home, reduces its flaws and very often, raises the value of your home. Very often it can bring a higher purchase price.

With shows like HGTV's ‘Designed To Sell', "Bought and Sold", "Get It Sold", "Buy Me" and TLC's "Flip This House" home owners looking to sell their home, can learn valuable staging information that could be the difference of one's home being sold quickly, or sitting on the market for a long time.

As a professional real estate agent, I have seen buyers cringe at red walls, pink bathrooms, clutter and other people's pictures and momentos. Although this is important to the seller, sellers should not take this personally. Buyers want to see neutral, clean and uncluttered living spaces that they can envision themselves living in.

You can find professional home stagers in most cities by searching the Internet or letting your fingers do the walking in the yellow pages. You can also find these stagers from an accredited home staging school. One of the best ways to find a good professional home stager is to ask your broker. Brokers know the best stagers in their area.

Let the stagers do their job ... regardless of whether you agree with their choices or not.

If you prefer to do the staging yourself:

- Get rid of clutter
- Put away photos and momentos
- If you have children, their toys should not be visible
- Clean and light fireplaces so they look inviting
- Clear kitchen and bathroom counters
- If it's outdated, it should go
- Walls and carpeting should be neutral
- If furniture is oversized, put some in storage

Make your home appealing. Keep it neat and clean and light scented candles when potential buyers are coming over to see your home. The seller should not be present. Only the brokers and potential buyers should be there.

Add value to your home so it sells!

If you feel overwhelmed, hire a stager. There are home staging companies all over the country. My favorite stager Caroline Greenberg owner of Design Solutions works wonders and is located in Manhattan.

It's worth the modest fee that will increase the value of your home!

Manhattan Real Estate Gets Busy

Over the past few weeks, apartment buyers have hit the Manhattan pavements searching for their dream homes. I know this because I am working with four buyers, am in contract on a property and speak with other agents who see the same traffic.

Despite media reports of banks not giving mortgages, many buyers are getting mortgages.

While there are no fire sales, some buyers are making unrealistic offers... a few which have been considered.

For the most part, sellers understand that they have to be realistic in their asking price and price properly from the onset, or negotiate with buyers for the value that they are seeking.

Of the buyers I am currently working with, three are in the medical profession and one buyer is in the communications field. My buyer who just signed a contract for an apartment is in finance, but not on Wall Street.

The one seller I currently have is a couple in the medical field.

Additionally, the rental market in Manhattan is far from what it used to be. I had a rental exclusive on the market for a month and urged my client to lower the rent, offer a month of free rent and a dinner for two (up to $200) at a trendy Manhattan bistro. The apartment was rented today - three days after we lowered the rent and offered perks! In lieu of the dinner at the bistro, my client is paying a portion of the applicant's application fee.

So it's a different real estate market than it was a year ago for sure, both in sales and rentals, but Manhattan real estate is busy.

Manhattan Is A Buyer's Market

Manhattan is a buyer's market and with prices going down ... NOW is the time to buy!!!

If you need to move (downgrade or upgrade), if you're a first time buyer, now is a great time to buy. Mortgage rates are low and prices are negotiable.

While there are no fire sales, you can be assured that if you buy an apartment in Manhattan today, your property's value will greatly increase in years to come.

Before beginning, it is important to outline the different forms of ownership available to purchasers of Manhattan property. Those forms are Cooperative, Condominium, Cond-op, and Townhouse (both single and multi-family). Please see the notes at the end of this document for a full description of each form of ownership.

Preparation

Work with your agent to complete the following:

Speak with a Mortgage Lender/Broker and obtain written pre-approval for a loan. This helps you determine your purchasing power and enables you to act expeditiously and with confidence when you identify the property you would like to purchase. Additionally, a pre-approval assures the seller that you are qualified, providing you with an advantage when bidding on a home. This is especially helpful in a multiple interest situation.

Choose a Manhattan Attorney who specializes in residential Real Estate. As New York City has complex real estate laws, attorneys are utilized to close all real estate transactions. Time is often critical; be sure your attorney is available to move quickly. A relative or friend who is an attorney cannot handle the complicated New York City real estate intricacies unless they know New York City real estate law.
The customary deposit upon executing a contract of sale is 10% of the purchase price. Ideally, be prepared to have those funds liquid when you begin your search. The balance of the down payment will be due upon closing.

For Coop purchases, your total annual housing costs should not exceed 25-30% of your gross reported income, and your total debt should not exceed 35-40% (except in the case of substantial liquid assets). Housing costs include: mortgage interest, coop maintenance, secondary residences and any other mortgage in which your name appears.
In certain forms of ownership, offers are not only accepted based upon price, but upon the financial strength of the potential buyer. Therefore, be prepared to have your net worth statement with substantiating documentation (bank statements, brokerage statements & other financial documentation) available. In many cases sellers require you to provide this with your offer. Regardless of the outcome this information will be required for most purchases and financial institutions so having it prepared will also save you time in the future. Be assured your agent will safeguard this information in a confidential manner.

Review your credit report. Remove all disputed claims and clear up any debt if possible, especially outstanding credit card balances.

Guidelines to finding your home:

Define your search parameters. This typically includes price range, location, size, type of ownership and building amenities (if appropriate). Ultimately, flexibility will only work to your advantage.

Choose an agent to work with. Since agencies have almost all the same listings, working with one broker allows you to efficiently schedule appointments to see only those properties that meet your needs. In addition, working with more than one broker may actually prolong your search by having the same properties shown to you by multiple brokers or by having multiple brokers confuse other brokers by making appointments at different times for the same customer. Since property in Manhattan tends to sell rather quickly, prolonging the process may actually hinder you from seeing the property that best meets your needs. Lastly, by creating a good relationship with your broker, you assure that you are the first person they call when a new listing arrives on the market.

Talk to your broker. Be specific about your needs, price point, locations of interest and any other amenities you require in your new home or building. If you do not feel comfortable with your broker, do not hesitate to let them know so that they may have the opportunity to refer you to a colleague with whom you may be more compatible.

When scheduling appointments, try to be available during the week. In addition to evenings, early morning and late afternoon is a good time to schedule appointments, as more brokers are available during these times to provide access to their listings. In addition, by avoiding weekend and open house showings you allow yourself to view properties without fighting crowds of people (competition) and giving you more time to ask questions and get a "feel" for the property.
Once you identify the property - The purchase:

Submit a verbal offer through your Agent immediately who will then follow it up in writing. The offer will include such provisions as purchase price, down payment, amount of financing, included and/or excluded personal property (i.e. window treatments, lighting fixtures, etc) preferred closing date, current income (combined for couples), job description, net worth, and debt status (loans, credit, etc.). Once your offer is verbally "accepted" by the seller, your broker will notify the seller's attorney who in turn will draw up and send to your attorney the initial contract.

Keep in mind that sellers are allowed to hear ALL subsequent offers while your contract is negotiated (or finalized). In fact a seller may accept another purchaser's offer up to the point of a fully signed, executed and returned contract. This means that until your contract is signed by both you and the seller, your deal may not sustain as the primary deal. Therefore, instruct your attorney to proceed expeditiously.

Your attorney will review with you the contract, perform a "due diligence" reviewing with you the "financials" and/or "issues" of the building, and ask you to execute the contract and put forward a 10% deposit to be held in escrow until closing. Thereafter, the seller signs the contract and your attorney will deliver one original to you and one to your mortgage broker/bank.

Immediately apply for a mortgage (if applicable). Your agent will work with your mortgage broker/bank to coordinate the appraisal of the property and provide the bank with requested information on the building. The loan process typically involves several steps from application to appraisal and finally approval. This process may take up to 45 days to complete and hinges on your ability to provide all of the required financial data to your broker/banker in a timely manner.

While awaiting your mortgage commitment work with your broker to complete your board package (not applicable for townhouse purchases). Your broker will provide an application which varies from building to building which typically must be completed and returned to your broker (who will in turn deliver it to the appropriate party) within 10 days of receipt of the fully executed contract or 3 days for the date a bank commitment letter is received, whichever applies. A typical cooperative board package requires at the minimum, the following: Personal and Business Reference Letters (if necessary, we can provide you with sample reference letters to assist your friends and colleagues), Employment Verification Letters and/or Pay Stubs, Bank Verification and Brokerage Statements, Net Worth Statement (this mirrors the information requested by your bank), two-years tax returns and the mortgage loan application and commitment.

Board packages must not be taken for granted. All questions and requests for documentation must be complied with. Both the application form and the Net Worth Statement should be typed and the package should provide a clear and concise assessment of your qualifications to purchase.

Once completed, your broker will review the package in order to assure that all the required documentation has been supplied and presented in the manner requested by the board and then forward the package to the buildings managing agent or otherwise authorized personnel for processing.

Upon review of your board package, the board will typically schedule an interview to meet with you. Boards vary in the manner in which they meet with applicants so please check with your broker to find out how often the board meets or if they have a separate interview committee that meets on a case by case basis.

After the interview, typical notification of the board's decision is given to you or your Agent within 72 hours however some boards reserve the right to take longer.
Upon board approval, notify your attorney who in turn will coordinate the closing date. A typical closing can take up to 2 weeks to schedule so please keep this in mind when planning your move.

Prior to closing - The Inspection:

The day before or the morning of the closing (but usually after the seller has vacated), your Agent will accompany you on an appointment to inspect that the property is in the same condition or promised condition as stated in the contract. Be sure to check appliances and the removal of personal property, and that the premises are broom clean.

The Closing:

At any closing be sure to bring with you your driver's license or passport, your checkbook for any last minute adjustments, and all certified checks discussed with your attorney.

Cooperatives and Condops: The closing is ordinarily held at the office of the management company for the building. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, a representative from the managements transfer dept., and the Agent(s) involved in the transaction. At the closing you will first sign documents necessary to complete the loan transaction inclusive of a Security Agreement, Promissory Note, Stock Power, and an Assignment of Lease. Thereafter, you will sign all documents to convey the apartment and secure interest in the apartment such as Stock Certificate, Proprietary Lease and Consent and Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment.

Condominiums & Townhouses: The closing is ordinarily held at the office of the seller or lender's attorney. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, the title company closer and the Real Estate agent(s) involved in the transaction. At the closing you will first sign all documents necessary to complete the loan transaction inclusive of a mortgage and promissory note. Thereafter, you will sign all documents to convey the condo apartment to you including a Deed, Title Report, and Unit Power of Attorney. Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment or house.

Notes - Definitions of different forms of ownership

Cooperative

In this form of home ownership, one owns shares of stock in a corporation that owns the building. These shares are considered "personal property" similar any other shares of stock. For tax purposes, the IRS has recognized this form of ownership and under normal circumstances any mortgage interest incurred by an owner is considered tax deductible. The corporation (Coop) issues to each shareholder a "proprietary lease" which gives the shareholder the right to occupy their specific apartment. In addition, the corporation elects a board of directors who are responsible for overseeing the daily operations of the building, enforcing the by-laws, and acting of behalf of the shareholders to ensure that the building operates as an efficient entity. Owners pay to the Coop a maintenance fee, which pays for such items as; the buildings Real Estate Taxes, underlying mortgage, payroll, management fees, supplies and general maintenance. In addition, many coops accrue a contingency budget for future capital repairs. Typically, the portion of the maintenance that is attributed to the buildings Real Estate Taxes and mortgage interest are "tax deductible (td)" on your federal and state income tax returns. This "td" may change annually, as the mortgage on the building is amortized and Real Estate Tax charges change.

Lastly, but not least, as this form of ownership regards owning stock in a private corporation, approval to purchase such shares of stock must be granted by the board of directors. Thus, a purchase application must be submitted to the board requesting approval to purchase these shares. This application typically requires a minimum of the following: Net worth statement with full backup documentation (bank statements, brokerage and retirement account statements, etc.), 2 years tax returns & W-2's, verification of employment or accountants letter, 2 personal and 2 business letters of reference, landlord reference, a credit check authorization, and a completed application provided by the board. In addition, the board will require an interview in order to meet you and make any inquiries regarding the information you submitted or questions they may have. The board has the right to approve or deny any applicant without cause.

Condominium

In this form of home ownership one owns "Real Property" much like owning a house. The condominium residents elect a "board of managers" who are responsible for overseeing the operations of the building and enforcing the "house rules" of the building. The main difference between owning a "condo" and a "house" is, in addition to owning the apartment, you also own a small percentage of the "common elements" of the building such as the halls, stairwells, basement, etc. Each homeowner receives a separate property tax bill from the city for their unit. In addition, each owner pays a "common charge" to the Condominium association to pay for such items as: payroll, building maintenance and supplies, management fees, and building repairs. In addition, some condominiums maintain a "reserve fund" in order to pay for major repairs and improvements to the building. It is important to note that although the Real Estate Taxes you pay on a condominium apartment are tax deductible, the common charges are not as they are solely to pay for the building operation and are not attributed to any tax deductible expenses.

In recent years many condominiums have implemented a procedure whereby purchasers must submit an application to purchase. Unlike in a coop, the board of managers must either approve the applicant or exercise the condominiums "right of first refusal" to purchase the apartment from the owner. Although this is not a common occurrence, it is an option for the board should they choose to exercise it.

In most condominiums, the owner has the right to sublet or sell their apartment with either no board approval or with a minimum board review. In either case, the board must either approve the applicant or exercise their right of first refusal to match the purchase price. For this reason this form of ownership is very appealing to investors, foreign buyers and parents purchasing for their children

Cond-Op

By definition, a Cond-op is a residential Cooperative where the ground floor (typically commercial units) is converted into a separate "condominium" which is either owned by an outside investor or the original sponsor of the building. Thus, although the residential units are a coop, the commercial units are owned as a condominium by an entity other than the coop. Thus, the coop does not receive the benefit of the income from these units.

Many times, people will refer to Cooperatives that operate under Condominium rules as "Cond-ops". This is not accurate although you will hear this quite often. A Cooperative that operates under condominium rules is just that but may be inaccurately referred to as a "Cond-op".

Townhouse

This form of ownership provides the owner with a "fee simple" ownership of Real Property. The owner is responsible for payment of all Real Estate Taxes, maintenance and repairs of the property. The sale of the property may be conveyed to any party without prior approval by anyone other than the homeowner. There are two typical types of Townhouses; single family and multiple family. In a single family the property may only be occupied by one family although the entire house may be rented to another single (or family) user. In a multiple family residence, the owner may occupy (or lease out) one of the units while leasing out the other units as income producing entities.

For more information on purchasing an apartment in Manhattan, call Ross Ellis at 212-317-7828.

Manhattan Rentals Now Bring Incentives And Negotiations

Residential rents in Manhattan have fallen and incentives like a month's free rent, an extra month of rent and no fee are becoming very common. Manhattan rental prices are down between 10 and 15 percent from 2007.

Halstead Property Manhattan 4Q Rental Report 08

In addition to Manhattan properties for sale, my company has a large rental department where we are constantly updated on the Manhattan rental market.

As of late, some landlords are offering an opt-out of lease if one loses their job. Although there are terms and conditions, that should ease a New Yorker's mind if they wish to rent an apartment.

Manhattan has become a renter's market as well as a buyer's market.
If you're a bit hesitant to buy now, why not consider a lower rent, upgrading to a larger apartment at a low rent, more incentives. It's all negotiable!

Tips on Renting Apartments in Manhattan

A Renter's Guide
Ross Ellis is committed to providing the same level of services to her customers seeking rental properties as she offers to those in the market for buying a home. Ross offers you an in-depth needs analysis prior to meeting with you, so she can guide you throughout the leasing procedures and assist you in securing your rental home.

Typical New York lease types:

The type of lease used in New York City may vary depending upon the type of building and the conditions under which it is rented. Often, landlords will include riders that may supersede or effectively change language in the lease. It is important to read the riders carefully because they can nullify any clause in the lease agreement. Both parties must sign any riders added to a lease.

REBNY Standard Form of Lease

This lease has its stabilized and non-stabilized variation and it is primarily used when renting in rental buildings as opposed to renting in a condominium or in a co-operative. When used for a rent- stabilized apartment, a rent-stabilization rider must be attached to the lease. Under the Rent Stabilization laws, the State of New York sets the annual rent increases and the lease is automatically offered for renewal each year

Condominium Lease Agreement (Blumberg Form A101)

This lease may contain a cancellation clause and/or require the lessee to pay any increases in condo charges in addition to rent. Most landlords will allow tenants to remove these two items from the lease. Whenever possible, Halstead recommends using REBNY Condominium Lease instead of the Blumberg form A-101.

Sublease Agreement (Blumberg form P193)

This lease form is used most often when renting in a co-operative apartment and in virtually all sublet situations. It is a one-page legal document and various riders are often attached. As in the case with the condominium leases above, Halstead recommends using REBNY Co-operative Sublease Agreement instead of the Blumberg form P-193.

Lease Agreement (Blumberg Form A55)

Predominately used for leasing Townhouses, Brownstones, and Single Family Structures. This lease is also easy to understand. Again, various riders could be attached and need to be reviewed prior to the execution of the lease.

Guarantors - Some landlords may request a lease Guarantor if the prospective tenant does not meet all financial requirements. A Guarantor is an individual that is qualified to guarantee the performance of the tenant. The Guarantor should earn enough income to satisfy the lease in case of default. Such income requirement is usually in the range of 80-100 times monthly rent. Landlords usually request that the guarantor be a family member living in the vicinity of New York City. Guarantors are usually asked to disclose detailed financial information and fill out a credit application as part of the approval process.

Negotiations - In the present rental market it's yours for the asking.

It is advisable that a tenant receives all promises of repairs and improvements in writing. This may be used as a rent negotiation tool if the tenant decides to pay for some of the costs of improvements. Lease renewal increases can be negotiated prior to signing the lease. It is advisable to consult with a rental agent regarding current market trends.

Short Term Rental Apartments - There is a limited supply of short-term furnished rentals. Prices tend to be much higher than a one-year lease and the supply is limited to the higher end of the market. For unfurnished apartments, tenants may rent furniture for a monthly fee. With basic furniture, the monthly cost of a rental package is about $400.00 per month for a one-bedroom apartment. As a general rule of thumb, one can estimate furniture rental costs as approximately 20% of the apartment rent. Ross Ellis will be happy to supply you with a list of reputable furniture rental companies.

When to begin your search - We strongly suggest that you do not begin your search any sooner then 4-6 weeks prior to your intended occupancy date. If you begin your search too soon, none of the apartments you saw during your home finding trip will be available when you are actually ready to sign a lease. Ross Ellis will work with you in a time efficient manner and will strive to minimize your costs by having just one home finding trip to New York City.

Building Types - There are three types of categories of buildings in which you can rent: a rental building, a cooperative, or a condominium. Each property has its own rules and regulations affecting the time frame in which a tenant will be able to move into the apartment. Ross Ellis will work with you and help you determine which type of accommodation best fits your lifestyle and occupancy date requirement.

Building Terms - Prewar Buildings are those built before World War II. These buildings tend to be less than twenty stories high and are recognized for architectural interest with features such as larger rooms and/or windows, hardwood floors and higher ceilings. These can be either doormen or non-doormen.

Postwar are larger buildings than the prewar ones, and they are built after WW2 through the 1970's. Most will have doormen. They can be found on most city blocks constructed of white, red or brown brick.

Modern Buildings are generally built from the 1980's through the present and tend to be either condominiums or luxury rentals. They are mainly hi-rises with doormen and/or concierge services. Many will house a health club and/or pool within the building.

Loft Apartments are usually large open spaces with high ceilings and big windows. They are predominantly located in the downtown neighborhoods of Manhattan and most do not have doormen.

Brownstones or Townhouses are usually 4 to 6 stories high and are either single-family homes or have been converted into multiple apartments (usually one per floor). Generally, these buildings offer a lot of charm with wood moldings, fireplaces and outdoor space, however they do not have doormen.

Walk-Up Buildings are no more than 6 stories high and have no elevator and no doorman

Studio is one or two rooms combining a living room and sleeping area. The kitchen may be within the same room or separate.

Alcove Studio (or L-Shaped) is a one or two room studio with a separate alcove which could be "walled off" and used as a sleeping area.

Convertible (or flex) is an apartment with either an alcove that can be "walled off" to create an additional bedroom, or whereby the living room is large enough to split, making an additional bedroom while still retaining some of the living room space.

Junior is similar to a convertible in that it is typically an apartment with an alcove adjacent to the living room.

Duplex or Triplex are apartments with two or three floor levels respectively.

Loft Area is an additional space created in apartments with very high ceilings. The loft area is usually constructed above the living room, accessible by a staircase or ladder and typically used for storage or sleeping space.

To find out more information renting in Manhattan with renter incentives, feel free to contact me at 212-317-7828.

4th Quarter, 2008 Market Report

While real estate could be better across the country,the average price for Manhattan apartments only fell 2% from the 3rd Quarter of 2008.

Apartments sold during the 4th quarter spent 16 days longer on the market than a year ago, a 19% increase. Sellers received a bit under 95% of their asking price down from almost 98% in the 4th quarter of 2007.

I offer you the market report for 4th Quarter, 2008.