Scott L. Gibson's Real Story on Real Estate

Annual Harvard study for housing shows a lot of promise but also some roadblocks

http://www.jchs.harvard.edu/publications/markets/son2010/index.htm

New York City Market Update

By: Sharon Katzoff, VP
Associate Broker, Corcoran

Dear Friends and Brokers,

Now that we have come to the end of the first quarter, I thought I would update you on the state of the New York City market once again.  Things are picking up and it is a great time to buy here.
 
Corcoran has released its First Quarter Corcoran Report, First Quarter Corcoran Report  our quarterly survey of residential real estate sales in Manhattan.  This report compares data based on deals that closed in 1Q 2010 (January 1 through March 31) with those closed in the prior quarter and in the same quarter one year ago.

 

This quarter continued the price stabilization in residential real estate that began in the Fourth Quarter of 2009.  A number of significant factors contributed to the phenomenon, including continued low mortgage rates, renewed consumer confidence and the extension and expansion of the home buyer tax credit.  Market-wide, the average sale price and the average price per square foot of an apartment were up two percent versus last quarter; for re-sales only both statistics were up three percent.

 

The pent-up demand that carried over from 2009 is beginning to be released as buyers take advantage of reduced prices and the favorable financial climate to acquire homes.  As a result, 55% of Corcoran agents in Manhattan have reported experiencing bidding wars in the First Quarter, and almost all of them say that their buyers are buying because they need someplace to call home, not for investment purposes.

 

The window for buyers to act on their advantage may be short-lived.  Market activity is significantly higher in 2010’s First Quarter than it was in 2009, and we are seeing an increase in property coming on to the market.  I will be tracking this closely over the spring and summer months, and would welcome the opportunity to answer any questions you may have about the report or the market generally.

Please pass this report along to anyone you feel may be interested. 

Looking forward to speaking with you soon.

 

Sincerely,

Sharon

__________________
	Sharon Katzoff, VP Associate Broker Corcoran d: (212) 941-2573 f: (212) 415-6127 m: (917) 304-3658 490 Broadway, New York NY, 10012

The Speed of the Leader Determines the Pace of the Pack

This article really makes me reflect on one of Gibson International's greatest strengths, Pat Heller. Pat is not only an exceptional person but an outstanding motivator. Often one of the first people in the office and one of the last to leave, she really sets a standard for work ethic and keeping a positive, proactive attitude for our office on a daily basis. This last year has been very difficult for our industry, yet week after week, Pat really kept an upbeat tone at our office meetings, choosing to focus on actions our agents could take to not only 'weather the storm' but to also ensure that they would come out ahead when the market picks up. While I really try to subscribe to the principles discussed below, I can confidently say that Pat exudes them.

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The Speed of the Leader Determines the Pace of the Pack

by Gino Blefari, president & CEO, Intero Real Estate Services, Inc.

Market uncertainty has always played a role in our industry, but perhaps never more so than today. It seems each month there are new insights on what the market will do next. Have we hit bottom? Will it be a v-shaped recovery, or a u-shaped one? What does that even mean? As Realtors, our clients expect us to guide them through this process. Should I sell now? Should a buyer wait for prices to drop a little more… but what about interest rates? Change and uncertainty are difficult to manage and leaders need to navigate carefully without freezing in their tracks for fear of being wrong. We have to be careful how we lead in uncertain times but as renowned horse trainer D. Wayne Lukas once said, “The speed of the leader determines the pace of the pack.”

This does not mean you have to always be at full throttle. Being the fastest through the process is not always the answer. When I look at the most successful real estate offices I find that they are managed by good leaders that understand this. A good example is the manager/leader who goes to work everyday thinking, “what can I do to be better?” They are always looking for innovation and ways to improve their skills as leaders and managers. They understand that the process of leading is never complete. Their offices become mirror images of themselves. If the manager is motivated, the office is motivated. If the manager gets to work early each day the agents get to work early.

The legendary Green Bay Packer coach Vince Lombardi embodied this leadership spirit. He took a rag-tag crew of players and within two years molded them into champions. This wasn’t because of wholesale changes on the team. In fact, he only changed one player on the team that won 2 games in 1959 and won the championship in 1961. He did this by starting with himself. He said that, “Only by knowing yourself can you become an effective leader.” His uncanny ability to motivate others along with an insatiable drive to win molded him, but also shaped his charges.”

Many times in my career, I have witnessed agents without any business experience join an office with a great leader and take off because they are able to mold themselves into the image of the manager/leader. I have also witnessed the effect of bringing new leadership into an office with little life and watching it explode. Bill Walsh had the same effect on his new team as did Vince Lombardi. He immediately created an aura of winning despite a history of losing in the years before he took over. Like Lombardi, he expected success first from himself and then from his players.

You can always improve and get better, and you can do it today, regardless of the market. Great leaders know this. This allows them to navigate through change. The manager/ leader that goes to work every day working to improve is ready when a challenge or change presents itself, because they are already in the mindset that you have to adapt to whatever lies in front of you. This creates a focal point in the office that the agents can emulate. They too soon learn to come in every day deciding to be better than they have ever been. When this attitude infects the entire office, suddenly, uncertainty in the market does not present such a challenge.

Article courtesy of Real Trends March Newsletter

Consumer Price Index Rises in March

Here is the link for the latest consumer price index report that came out yesterday showing a rise from February levels and from last year.

http://www.conference-board.org/economics/ConsumerConfidence.cfm

Great Habits to Keep in Mind

This is an old article but these are great habits to keep in mind as we jump start this week. It is never too late to pick up good habits.

Tapping the Power of Your Morning Routine

by Jim Citrine

Posted on Tuesday, January 30, 2007 on Yahoo Finance

How disciplined are you about your early-morning routine?

If you want to maximize your success while achieving the best possible balance in your life, you may want to take a fresh look at what time you wake up and what you do with your time before getting to the office.

A Wakeup Call

Last week, I contacted some of the business leaders I greatly admire and inquired about their early-morning schedules.

Specifically, I asked 20 CEOs and top executives what time they wake up, when they have their first cup of coffee, when they start on email, what if anything they do for exercise, what time they leave for the office, and what else they do before walking out the door.

I heard back from half a dozen of them within 10 minutes, and, in a matter of a few hours, I received answers from a total of 17 out of the 20 -- a response rate that would be the envy of any market researcher.

It didn't take long for the patterns to emerge. Based on an analysis of the executives' schedules and activities, I discovered seven practices you should seriously consider adopting in order to make the most of your morning.

1. Start early.

   This is the part of your morning routine over which you have the greatest control. To fit it all in, it's a must to start early. The latest any of the surveyed executives wake up is 6 a.m., and almost 80 percent wake up at 5:30 or earlier.

   The early-bird-gets-the-worm award goes to Padmasree Warrior, chief technology officer for Motorola, who rises at 4:30 a.m., spends an hour on email, reads most of the news online, and then does an hour of either cardio or resistance training each morning. This allows her to get her son ready for school and drop him off, and still get to work by 8 or 8:30 in the morning.

2. Get a jump on email.

   If you think you're alone in feeling overwhelmed by email, take comfort: even top CEOs and the most senior executives feel compelled to stay on top of their email, and most of them find time in the early morning to do so.

   Ursula Burns, the No. 2 executive at technology giant Xerox, says, "I do email from the minute I get up [5:15 a.m.] and all day long, finishing around midnight." Haim Saban, chairman and CEO of investment firm Saban Capital Group, starts email right after his first cup of coffee "at 6:02 a.m." and works on it for about an hour before his 75-minute morning exercise regimen.

   Lou D'Ambrosio, chief executive officer at telecommunications equipment leader Avaya Communications, is "on email literally within one minute after waking up. I spend about an hour at home in the morning doing email to jump-start the day. This allows me to have a clear mind when I set priorities for the day." Lou also does email from 10 p.m. to 11:30 p.m. at night.

   Several executives wait until they get to the office before they start working on email. Matt Ouimet, president of the hotel group for Starwood Hotels & Resorts Worldwide, for example, rises at 5:30 a.m. and leaves the house at 6 a.m. to get to the office very early -- "I've always been anxious to get to work: game time" -- and responds to email undisturbed for an hour while the office is very quiet.

3. Exercise every morning.

   It's often difficult to find a way to fit exercise into your busy schedule, but knowing that some of the most successful businesspeople do so might motivate you to find a way to work it into your routine.

   More than 70 percent of the business leaders in my survey perform their exercise in the morning, while 15 percent find a way to do it during the day (one does it late at night before turning in). Only two of the executives admit to not exercising on a regular basis, although one said, "I know I should."

   The individual who demonstrates the greatest exercise discipline is the CEO of a high-performing global technology company (I promised him anonymity so as not to blow his cover). "I exercise at lunchtime," he says. "I block the time every single day. This is because I'm a runner and that's the best time to run outside all year long."

4. Be thoughtful about the source, form, and timing of your news.

   Much has been written about the demise of the newspaper, and, along those lines, about a quarter of the executives I spoke with has switched to online news. Yet most of the others maintain the morning newspaper as a central part of their routine.

   Steve Reinemund, the CEO of PepsiCo, reads the New York Times, the Wall Street Journal, the Financial Times, and the Dallas Morning News. Rafe Sagalyn, CEO of the prestigious Sagalyn Literary Agency of Bethesda, Md., blends traditional and new media. He says, "I simultaneously skim online newspapers from Boston to Los Angeles and half a dozen blogs one really has to keep up with. At about 6:30 a.m., I fetch three morning papers -- the New York Times, the Washington Post, and the Wall Street Journal."

5. Problem-solve.

   The quiet of the morning is often the time when your mind is at its clearest and most well-suited to solving important problems.

   Steve Murphy, CEO of publishing company Rodale, says, "A line in a William Blake poem inspired me to think differently about my day: ‘Think in the morning, act in the noon, read in the evening, and sleep at night.' This has made a huge difference in my life. Now, I take out a yellow pad every morning and write my thoughts for the day, which allows me to be much more strategic and proactive than reactive."

6. Make family time.

   Many business leaders find that the morning encourages important family time. Some have breakfast with their families or make taking kids to school a central part of the morning routine.

   Greg Maffei, CEO of Liberty Media Corporation, says, "I try to talk one of my kids into going outside to get the paper, but end up getting it myself. I then have breakfast with my wife and kids, help the latter get dressed, and drive the older boys to the bus stop at 7:40 a.m."

7. Be creative with your morning routine.

   Despite all the discipline and structure described in the above best practices, it doesn't mean you can't be creative with your morning rituals. Gerry Laybourne, founder, chairman, and CEO of Oxygen Media, maintains a routine similar to other business leaders.

   However, she adds a unique twist to her schedule: "Once or twice a week, I go for a walk in Central Park with a young person seeking my advice. This is my way of helping bring along the next generation. I can't take time at the office to do this, but doing it in the morning allows me to get exercise and stay connected with young people at the same time."

The examples cited here have led me to reassess how I structure my early-morning time, and I hope they help you in making the most of your daily routine as well.

View the original article on Yahoo Finance

New York City Market Update

By: Sharon Katzoff, VP

Now that everyone is back and has jumped into the New Year, I wanted to update you on the state of the New York City market, should you, your friends. family members or clients be interested in buying or selling a property in New York

I am happy to inform you that Corcoran has released its Fourth Quarter Corcoran Report, our quarterly survey of residential real estate sales in Manhattan.  This report compares data based on deals that closed in 4Q 2009 (October 1 through December 31) with that closed in the prior quarter and in the same quarter one year ago.

 

No doubt you have been following the economic news closely over the last year.  If so, you have had your eyes on the real estate market as a key indicator for economic recovery.

 

This quarter there is reason to be hopeful that the significant devaluation we have tracked since the demise of Lehman Brothers is coming to an end. Although values are down significantly compared with 2008 (median prices are 15% lower than they were one year ago; average price per square foot is 17% lower), prices in the Fourth Quarter were essentially unchanged from the Third, suggesting that buyers and sellers reached price equilibrium after twelve months of downward pressure. This was particularly apparent in the comparison of quarter-over quarter resales: the median price for a re-sold apartment in the Fourth Quarter was $725,000, down 3% from the prior quarter, while the average price per square foot rose 1% to $936.

 

In the past few months, smart buyers have been taking advantage of reduced prices, low interest rates and tax credits.  The Fourth Quarter was an extremely busy one for closings; when all deals are fully recorded in the public record, we anticipate this quarter will outpace the same quarter one year ago by 48% in number of sales.  In addition, the total available inventory has decreased 36% since the peak in March, restricting choice and increasing competition.

 

The combination of shrinking inventory, stabilizing prices and increased sales are hopeful signs for the value of real property as we enter the New Year.  I will be tracking them all closely as 2010 unfolds, and would welcome the opportunity to answer any questions you may have about the report, the market generally, or  just how to go about buying or selling in New York.

I look forward to hearing from you and hopefully assisting you with your New York City Real Estate needs. 

All the best for a prosperous and happy New Year!

Sharon_______________
	Sharon Katzoff, VP Associate Broker Corcoran d: (212) 941-2573 f: (212) 415-6127 m: (917) 304-3658 490 Broadway, New York NY, 10012

WorldWide real estate Belize, Pacific Palisades, Brentwood, Beverly Hills real estate

Just back from Belize, no not a vacation, but an opportunity to see the next Cabo San Lucas or Hawaii. They are not immune to the overall downturn in the real estate business world wide but, they are still selling and it's the best value for ocean front real estate that I have seen in a long while. We looked a new development on Ambergris Caye called South Beach. While its still in the "rough" phase, the developers are moving quickly and expect a build out within 5 years. While we were there, lots and units were selling and money was coming from different places around the world.

 I believe that there is an increasing anxiety around the world as to the value of our dollar and what inflation might do to that value so there is an increasing rush to place those dollars in a hard asset, and real estate is the best hard asset you could invest in. It's the first time I have traveled to a foreign country and paid for things in the local currency and been paid back in US dollars-not very comforting when it used to be that those dollars would of been coveted especially in countries less developed. 

Santa Monica, Pacific Palisades, Cheviot real estate is very good

As we discussed at our sales meeting on Monday, we have come a long way from those dreary days of last fall through winter when a coming depression was a common discussion, the take over of Freddie Mac and Fannie Mae to the Bear Sterns buyout then the collapse of Lehman and the seizure of the credit markets, the Dow plunged  and people went into their bunkers as companies slashed their payrolls with an eye to surviving at any cost.

Today consumer confidence is rising, the Dow is 305 above its March low, talk of a depression is gone and the recession has been declared as over, real estate sales are improving, and people are slowly building a confidence that the worst is over. 

Remember what you were feeling like during those dark days. Think about how you feel today vs then. That sigh of relief you just let out says it all. But you cannot afford to take anything for granted. Now is the time to redouble your efforts. Your clients are still uncertain. Take full measure of the business that is available now, don't expect it to be there tomorrow. You should be sitting open house every weekend, showing up ready to work every day, seeing as much property as you can. Staying in touch with your clients on a continuous basis. Work hard and stay steady through the end of the year, you'll be glad you did.

BRENTWOOD/WESTSIDE real estate

Does anyone remember 1991-1993? You could reduce a house by 20% and no one cared. Most of the inventory were foreclosures There were no showings, no offers, no deals being done. Offices were like ghost towns.

That market makes todays market look like it's on fire. There are lots of people still looking to buy. People come out for open houses, offers are being made, homes are selling and there are very few foreclosures compared to the general market.The uncertainty of the financial system and the economy in general has created hesitation, but there is demand that I believe is building up. Things will get better for those agents that stay with it and stay positive. Don't listen to CNBC or read the LA Times or associate with anyone that just complains how bad it is. Stay consistent in your actions and continue to try to improve yourself as a professional and take care of yourself personally by a good diet and exercise.

Continued agent survival thoughts

I can tell you that this market is going to get more challenging and will last well into 2008 and perhaps into 2009. Agents must put more of themselves out to the client. A client should never have to ask for a marketing plan when they list their home. A client should never have to call an agent to find out what's happening with their home and in their neighborhood. A client should not have to look for their marketing each week, the agent should be providing that information as a matter of course. An agent should be personally showing the home they are representing whenever they are able to. A client should be given a market evaluation before they make an offer. An agent should be presenting their offers personally to the seller when that opportunity is available. In those presentations, the agent should be able to talk about their client, neighborhood, and the property. Agents need to cooperate with each other, fully recognizing now more than ever everyone needs to work together to help our clients achieve their goals.

Attitude is everything for people in the real estgate business now. I know everyone says it, but few really are watching what they say and do and the messages those actions send to their fellow agents and their clients. I would check out www.acomplaintfreeworld.org for one way to make sure your approach to life and the world around stays positive and forward looking.