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Ross Ellis

Cookie and Gourmet Kids' Restaurant Week 2009

06-11-09
Ross Ellis


Special Prix-Fixe Dinners
June 20 - 28, 2009
Kids 11 and under pay their age; Everyone else: $29

Dine at a participating restaurant between 5 & 7pm, and enjoy special prix-fixe dinners at participating restaurants. See list below for participating restaurant. Prices are per person and do not include beverage, tax or gratuity.

Note: Kids' Restaurant Week menus will only be offered from 5-7pm during the promotion week. Not all restaurants on OpenTable.com are participating in the Kids' Restaurant Week. Please ask for the official Kids' Restaurant Week menu when you are seated.

Click Here To Make Reservations

Manhattan Real Estate Market May 2009

05-25-09
Ross Ellis

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.

1st Quarter Market Report 2009 - Manhattan

05-25-09
Ross Ellis

1st Quarter Market Report 2009

An 87% decline in closings over $10M from the 1st quarter of 2008 helped bring the average Manhattan apartment price down

11% to $1,0502, 399. The data for the first quarter of 2008 were significantly inflated due to the many closings at 15 Central Park West and The Plaza.

The median price actually rose 6% over the past year to $907,500 as new developments accounted for a larger percentage of closings. Overall, 58% fewer transactions were recorded compared to the same period in 2008.

Relocating to New York and Learning About Its Public and Private Schools

05-12-09
Ross Ellis

Relocating to Manhattan can be an overwhelming process without an experienced broker who knows the New York City real estate market. And even more overwhelming is the process of trying to find a school for your children.

To help you through the daunting process of deciding what school to send your children to, click here to learn what to expect when looking into public schools and click here to learn about New York City Public Schools.

Buying A Home

03-07-09
Ross Ellis

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. 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