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An interesting article in today’s New York Times outlined the rising popularity of social networking sites designed for residential buildings — and the article makes a good case for building-exclusive online communities. Since March, more than 335 buildings have signed up for the Brooklyn-based LifeAt.com service for the $6,000 start fee, according to the Times. Since, as of now, LifeAt doesn’t charge an annual fee, that isn’t a bad investment for a building to make, considering the potential payoff with owners. Who could benefit from a social networking site? A number of residential buildings: Small Buildings. Condos with just a…

This summer, a New York Times article about parking introduced non-New Yorkers to a shocking concept: the $225,000 parking space. Think that sounds high? Some New Yorkers don’t — there’s a waiting list for those spaces in Manhattan. If that price tag blows your mind, considering we’re in the midst of  a national housing decline in which homes are losing value, the concept of the auto condo — essentially a purchasing living space for several high-end cars — likely won’t make much more sense. But some developers are revving up to build them all the same. Luxury on Main, opening late…

When real estate agents are offered swanky incentives by developers and other agents — which, as mentioned yesterday, can include gift cards, cars and more — does it create a conflict of interest? It’s a tricky issue — and one that’s playing out in the industry as declining home sales make developers and agents more and more anxious to sell. The National Association of Realtors’ Code of Ethics and Standards of Practice states that "REALTORS®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value." But there isn’t a law that prevents agents from…

With today’s waning home sales, reports of real estate agents and developers offering unusual incentives aren’t uncommon. But what is unusual is that, in some cases, they’re not offering the incentives to the buyer — but instead to each other. Take, for example, a recent Wall Street Journal article that featured examples including a builder offering a $5,000 American Express gift card to agents as a thank-you for selling a Long Island City, N.Y., condominium and a fully paid lease on a BMW for an agent who brought in a buyer for a New York City penthouse. It may seem…

Federal Reserve Chairman Ben Bernanke gave a speech Monday on the Fed’s recent and future moves — and current take on the economy. Some highlights of his talk, given to the New York Economic Club: The housing decline isn’t over and will likely continue through 2008, dragging down growth. The mortgage sector still has room for improvement. We’re not sure yet if rising credit costs will affect consumer spending. Bernanke viewed mid-August as a low point for the financial markets. U.S. economic performance so far this year has been "reasonably good." So what’s next? It’s unclear if the Fed will…

A good friend of mine is currently renovating a condo in an up-and-coming (actually, a somewhat-already-here) neighborhood. The neighborhood has turned out to be a real find, so much so that a relative who works in real estate is thinking about buying down the street. Now, this family member is a classy lady. I don’t see her being interested in a fixer-upper, but rather a home that is ultra-modern, something hip. New construction condo, I asked? The friend lowered her eyes, sheepishly. "No," she said, somewhat nervously. "She’s actually thinking about buying a foreclosed property. It’s for the investment. I…

Yesterday, we discussed the housing slump’s effect on real estate agents — which, in many areas of the country, isn’t looking pretty. And yet, as the housing slump drags on, the National Association of Realtors remains overwhelmingly positive. Just this week, the NAR said that mortgage conditions are improving and that while sales are down from their 2005 peak, 2007 will mark the fifth-highest year on record for pre-owned home sales. That’s indicative of NAR’s other recent forecasts. In July, the NAR said it expected home prices to increase throughout all of 2008; yet it at the same time decreased…

The housing slump has hurt U.S. construction companies, banks and a number of related industries, from home renovation material retailers like Home Depot to power tool companies. And let’s not forget real estate agents. How are they faring as the market crumbles? Not well, according to a number of recent reports. For the first time in a decade, the National Association of Realtors expects membership to decline this year, the Associated Press reported this week. Last year, the NAR had almost twice its 1997 membership. Realtor income has also dropped — falling on a national level from $49,300 in 2004…

This week’s news that property moguls landed three of the four top spots on Forbes Asia’s annual list of the 40 richest people in China highlights an interesting trend — China’s real estate tycoons. That includes 26-year-old Yang Huiyan, who was named the richest person in China this week, with shares of the development company her father founded, Country Garden, valued at about $16 billion. As the U.S. sinks further into housing despair, China’s residential sector is booming. Real estate investment development grew 29 percent in the first eight months of 2007 to 1.4 trillion yuan, or $186.5 billion, the…