Property Grunt

Wednesday, November 12, 2008

Synergy:Real estate, mortgages and dead trees




Wells Fargo, New York Observer and Halstead Host Event to Discuss

Real Solutions for Obtaining Financing in Today’s Credit Markets

New York, NY – Halstead Property Development Marketing, Wells Fargo and The New York Observer have joined forces to host a consumer homebuyer event to help New Yorkers understand the current real estate market – and learn how to get financing in our changing economic times.

With changing interest rates, new mortgage regulations, and overall economic concerns, consumers are hearing mixed messages when it comes to buying real estate. At the Halstead Property Development Marketing’s Homebuying Seminar for Changing Times event, officials from Halstead, Wells Fargo, and The New York Observer will advise consumers on practical issues in real estate today.

WHAT: Halstead Property Development Marketing’s Home Buying Seminar for Changing Times

- What consumers need to know about qualifying for a mortgage today

- Understanding credit scores and changing credit restrictions

- Economic outlook for New York real estate

- Pros and Cons of renting vs. buying

- Where to look – Best NYC areas that hold the most property value; attendees can also browse some of Halstead’s hottest new developments


- Jared Kushner, Publisher of The New York Observer

- Jeffrey Szymanski, Market Manager of Wells Fargo

- Stephen G. Kliegerman, Executive Director of Halstead Property Development Marketing, LLC

WHEN: Wednesday, November 12, 2008 – 6:00pm to 9:00pm

- Seminar and Q&A 6:00 – 8:00pm; Reception 8:00 – 9:00pm

- Wine & Hors D’oeuvres will be served

WHERE: Scandinavia House (58 Park Avenue, between 37th and 38th Streets); Volvo Room

RSVP: Event is free to attend, but attendees must RSVP to reserve a seat:

Press interested in attending should email:

During the reception, representatives from Wells Fargo, Halstead’s Development Marketing Division and The New York Observer will be on hand to answer questions about applying for mortgages and credit applications in the current market. Halstead’s on site representatives will be available to provide information and to set up appointments for viewing some of their top developments in Manhattan and Brooklyn. Developers in attendance will include: 2280 Frederick Douglas Boulevard, 20 Henry, 80 Metropolitan, Toren, +aRt at 540 West 28th Street, 905West End Avenue, Steelwork and Park Columbus.

About Halstead Development Marketing:

A division of Halstead Property, Halstead’s Development Marketing Division is the exclusive sales and marketing firm for more than 65 new developments representing over 3,500 units in the tri-state area. The Halstead Development Marketing Division consults with developers on every aspect of the development process, including: pre-development planning such as comprehensive market research, detailed unit mix and layout analysis and amenities planning, all of which enables their clients to maximize sales prices, increase absorption rates and provide an overall superior product benefiting the consumer and developer. In addition, the division directs and coordinates the selection of all on-site personnel, conducts extensive sales training and monitoring, designs exceptional sales environments, and creates integrated communications planning including marketing, advertising, public relations and branding. For more information on the Halstead Development Marketing Division, please visit:

As the first firm in New York to bring real estate sales out of office buildings and into retail storefronts, Halstead is one of the largest residential real estate brokerage firms in the metropolitan area. For more information on Halstead, please visit

I am not going to be able to attend this. However, if you have a chance, I think you should all go. Even if you are not looking to buy, it Jared Kushner, who is taking a break in teaching Ivanka the joys of being a Jewish wife, will be attending.

What I find ironic is that the 3 industries being represented at this seminar are the ones that are getting pummeled in this economy.

In my opinion this is just another indication of how bad the real estate market is doing in Manhattan. Especially if you have someone with the stature of Jared Kushner participating in this particular event.

This is not an opening for a new development. This is an event to attract buyers. Not too long ago, all developers needed to do was announce that a plot of land was going to be turned into condos and a line of buyers would around the corner.

It is a far different we live in now. I was received this link from City File titled.

The 20 Cheapest Apartments in Manhattan

Here are the first 5.

1. 252 East 89th Street
Bedrooms: 0
Bathrooms: 1
Square feet: 300
Price: $239,000
Listing: Bellmarc

2. 103 East 84th Street
Bedrooms: 0
Bathrooms: 1
Price: $249,000
Listing: BHS

3. 310 East 49th Street
Bedrooms: 0
Bathrooms: 1
Price: $249,000
Listing: PDE

4. 317 East 18th Street
Bedrooms: 0
Bathrooms: 1
Price: $250,000
Listing: Bellmarc

5. 233 East 69th Street
Bedrooms: 0
Bathrooms: 1
Square feet: 420
Price: $265,000
Listing: Corcoran

6. 323 East 8th Street
Bedrooms: 0
Bathrooms: 1
Price: $265,000

In the near future we are going to see more these types of lists since this is the new reality we are facing.

I applaud the parties who are holding this event because whether you are selling new developments, mortgages or newspapers, you are in the business of selling. If you are not selling you are starving. And these three industries are experiencing a famine.

You have to go out and find the buyers. If you can't find any then make the buyers. Even if they are not on the fence, even if they are not looking, you pull a Lee Atwater and do some push polling. Put the idea into their head that this is the time to buy. That you need to buy now. Manhattan is a different animal then the rest of the country and it will bounce back quicker.

This will be age that will determine who the real titans of the industry will be because the hard times we are facing are just a forge and those who have the gumption to stay will become stronger and will reap the benefits of the future.