I must say, as my first in-person encounter with Reggie Arthur drew near I didn’t really know what to expect. My partner here at CORE Group, Kirk Rundhaug, had worked with Reggie before, and vouched for the results.  Indeed, a property Kirk had listed for over a year found a taker the day after Reggie did what he does

Now, as I stood waiting for him outside the Upper West Side building where a listing of ours had been on the market for just over six months, I thought to myself, “What’s this guy going to be like? Will he be an inch off the ground? Speaking in tongues? Eyes rolling back in his head? Is he going to want to hug me? What?” Kirk’s experience notwithstanding, I confess to a degree of skepticism.

I’m happy to say, the person I encountered that afternoon defied my somewhat cynical expectations. In my first meeting with Reggie Arthur I was face to face with a warm, gregarious, and firmly rooted gentleman with whom I formed one of those instant connections we happen upon from time to time. We chatted, he cleared, and less than a week later our Upper West Side listing had an accepted, all cash offer that closed in just a little over a month! A coop, no less!!

Now, not only is Reggie an integral part of our team, he’s a friend.

Now that the 2009 ship has sailed, there are numerous new development condominium projects that were bought in 2007 and 2008 that are now starting to close.  Many people are anxious to move into their new homes and (hopefully) meet their new neighbors.

Did you know that it is legally permissible for the sponsor to retain board control in a new development even if only 1 unit remains unsold, as long as it was fully disclosed both in the bylaws and in the special risks section of the offering plan?  The rules change for a conversion that requires a sponsor to give up control of the board after five years or upon the sale of at least 50 percent of the units, whichever occurs first. This is according to New York Real Estate attorney Mark Axinn.

However, should the sponsor give up control of the board of managers, the sponsor cannot designate or nominate the majority of the managers. In this case, the sponsor is not prevented from voting with its percentage of common interest for unit owners who have similar views, as long as the unit owners are not on the sponsor’s payroll or otherwise given money by the sponsor.

In 1973, Barbara Corcoran created what was eventually to become New York City’s top real estate brokerage company. Her entrepreneurial mind, common sense approach to building a business, creativity and tenacity set her apart from the field. She sold the company seven years ago and started applying her creativity and knowledge into other endeavors. She has written two books and is widely considered a pre-eminent expert in the real estate and business world. I had the pleasure of speaking with her about the company she created and eventually sold and the general market.

THE INTERVIEW

Shaun: What was the most challenging part of starting your real estate brokerage company?

Barbara: Coming up with the cash, absolutely, because I was working as a waitress at the time and I lived off of what I earned in tips. Coming up with the cash to start any business was a major obstacle. But fortunately, my (what was soon to be boyfriend), came into the diner. I met him and he gave me the cash to start a brokerage firm. A thousand dollars.

Shaun: That’s a great story.

Barbara: That was a stroke of good luck.

Shaun: So you never became a real estate agent? You started your own company immediately and you never went to work for a firm?

Barbara: I started my brokerage firm in New Jersey immediately because my boyfriend had a friend who was an attorney, and as an attorney he was able to license me. So I just went and took the test. In those days, you have to appreciate 35 years ago, there were no barrier entries at all. If you could walk and talk you could pass the test. And I could do both, so I sailed through it.

Shaun: Is it any different now?

Barbara: Of course. It’s a pain in the neck now. In New Jersey, in New York, any state. Top of the list of course is California where fifteen years after I went to California five times to attend the courses I failed my brokers license five times in a row. I never got to move to California because I already had the Corcoran Group. I wanted to just move to California to just start all over again, but I couldn’t because I couldn’t pass the damn exam. In answer to your question; “Is it more difficult today?” It’s more difficult in terms of education, because you have to take courses and pass the exam, which is a pain in the neck. (more…)

My buyer told me today while we were sitting in traffic on Houston that viewing properties to him was as much fun as grocery shopping (ie. Not fun – for those of you who enjoy grocery shopping, he doesn’t).  I was shocked.  I was disappointed.  I started to question both myself and my line of work.  It never occurred to me that buyers didn’t enjoy viewings, being led without having to think from one apartment to another for a few hours, having the almighty power to discard properties that matched every one of their obsessive requirements sometimes “just because they didn’t get that feeling”.  As an agent I’ve been so envious of my clients, at least till the time comes to hand over any money, that it infuriated me he wasn’t enjoying the “shopping” experience.  Those that know me know how important it is for my buyers to enjoy viewing apartments with me, and while he assured me it wasn’t me but the viewing of apartments he found laborious, nevertheless I probed him to expand. (more…)

New York City is one of the only cities in the United States that has never had a comprehensive one-stop-shop for listing data (current or historic). For years, the major power brokers tried to “get together” to create an MLS , but we all know how that turned out. Michael Smith is the CEO and Founder of Streeteasy. He has confronted this monumental task head on and has revolutionized how people search for available listings on the web, and research historical data. I sat down with him recently and discussed his company.

Shaun: How old is the company?

Michael: The company is almost 3 years old.

Shaun: And your title is?

Michael: CEO

Shaun: How many people is the company comprised of?

Michael: Ten. A big group of ten.

Shaun: Must be ten very efficient people.  What hours do you work? (Laughing)  Is there some advantage to owning a web based company, where your hours are not traditional?

Michael: I think so. We have an employee in California.  Today we’ve been able to do a lot with very few people. Ten for us is actually quit a big number.  For the first two years it was much smaller than that.

Shaun: Why did you start the company?

Michael: In a very basic sense, we started the company because we felt there was a real lack of actionable data for consumers, when it came to residential real estate. (more…)

I ran in the Hamptons Marathon this past weekend in the pouring rain and driving wind. The bucolic and maritime scenery on the East End was spectacular despite the weather and I managed to post a fairly respectable time of just over four hours.

Along the 26.2 mile course I set about the task of counting FOR SALE signs in varying areas and neighborhoods to get a better understanding of the current housing market in this rarefied territory. A cursory evaluation told me that the larger seasonal dwellings had signs in evidence while those homes with year round residents did not.

Maybe those contractors, landscapers, painters and pool maintenance people are not so bad off after all?

Welcome to Core Talks. Get ready for some interesting dialogue about the fascinating world of real estate and everything connected to it. This will be an open forum to share our ideas, thoughts, opinions, happenings, and expertise. We welcome your input and comments. Let’s start talking……….

LEADING THE REVOLUTION – ONLINE

The world at large is flattening and our mechanisms of communication have evolved. Not since the Alexander Graham Bell era, more than 130 years ago, have we seen this extent of innovation. The internet has allowed pioneers to navigate through unchartered territories. Lockhart Steele is one of those pioneers. In a few short years he has created Curbed.com, which has become one of the leading industry (and non-industry) related blogs. Love it or hate it, you can’t ignore it. I sat down with Lockhart in West Soho and discussed his creation, opinions and vision.

(more…)