A number of other condominium developments are holding back from publicly announcing that they are offering discounts for new units. According to real estate sources, if a buyer really wants to make a deal, he can negotiate price reductions for as much as 20 percent off the purchase price for condo units in some neighborhoods in Brooklyn. In Manhattan, the bidding and asking prices for sincere purchasers can range from 7 to 15 percent.

One thing is certain, local developers had hoped the stimulus proposal compromise between the House of Representatives and the Senate reached last Wednesday for a $15,000 tax credit for first-time homeowners would aid in the sale of condo units. On Thursday, the credit was scaled back to a more modest $8,000 — or 10 percent of the purchase price, whichever is less.

Under the stimulus package expected to be signed into law, first-time home buyers would receive an $8,000 tax credit if they purchase a home this year before November 30. This would be an actual tax credit and receipt of it is contingent upon the home buyer owning the property for at least three years. If the home is sold in less than three years, the tax credit must be repaid to the government.

There is an income cap for recipients of the full tax credit — under $75,000 income for individuals and less than $150,000 for couples who file their taxes jointly.

Unfortunately, the bonus won’t apply to many first-time homebuyers in Manhattan and trendy sections of Brooklyn and Queens because their incomes exceed the qualification level, and yet their incomes are not great enough to enable them to qualify for a mortgage.

By Michael Stoler – The Real Deal.com

In Manhattan and its surrounding areas, the most recent asbestos concern was the estimated two thousand tons of asbestos that fell on New York City on September 11th, 2001. When the World Trade Center’s fell, a cloud of dust extended as far as New Jersey which included 2,500 contaminants. If you or anyone you know was near the towers on 9/11, it is advisable to you to seek help from a licensed, practicing physician.

Non-regulated asbestos material can be legally performed by homeowners, regular contractors, or licensed asbestos abatement contractors as long as the National Emissions Standards for Hazardous Air Pollutants (NESHAP) are not violated. Asbestos removal in public facilities, homes and workplaces must be undertaken by a licensed asbestos abatement contractor. Once the removal is complete, green insulation options should be given serious consideration, such as: Cellulose, Cotton Fiber and Lcynene.

By Chase Peterson
www.asbestos.com

The median price of a one- to three-family house dropped 6.9 percent to $427,388 from a year ago, New York-based appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said today in a report. The median for all properties, including condominiums, dropped 6.2 percent to $415,000. The report excludes the Hamptons resort towns.

The threat of a recession and tight credit contributed to the decline in Nassau and Suffolk counties, Miller Samuel President Jonathan Miller said in an interview. Citigroup Inc. forecasts that the U.S. economy will contract every quarter next year, according to an Oct. 21 note to clients, and 75 percent of loan officers surveyed by the Federal Reserve in July said they had tightened home lending.

“The declines, within reason, are relatively equivalent across all markets of Long Island,” Miller said. “That essentially says that it’s external influence.”

In addition to the price drop, the number of sales for all types of residential property on Long Island declined 16 percent to 5,292.

Sales of previously owned homes probably will drop to 5.01 million in the U.S. this year, 29 percent less than 2005’s all- time high of 7.08 million, the National Association of Realtors said in a Sept. 9 forecast.

Manhattan Holds Up

Nationally, sales of previously owned homes fell more than forecast in August. Transactions dropped 2.2 percent to an annual rate of 4.91 million units from 5.02 million the prior month, the National Association of Realtors said Sept. 24. The median price declined 9.5 percent from August 2007.

While the suburbs are showing price declines, Manhattan has yet to see a drop in values. The median price of a condominium or co-op in Manhattan climbed 7.4 percent to $928,263 in the third quarter, according to Miller Samuel data released Oct. 3. Transactions fell 24 percent to 2,654.

Miller Samuel said today the median price of homes sold in the New York City borough of Queens dropped 11.4 percent to $400,000, while the number of sales fell 35 percent to 3,240.

To contact the reporter on this story: Sharon L. Lynch in New York at sllynch@bloomberg.net

So how are you reacting to this financial chaos? Are you investing, or has this uncertain financial market got you frozen in your tracks? If you are frozen, you might be missing one of the best opportunities to invest in real estate that we’ve had in a long time. Consider this:

1. There are numerous “fire sale” deals available for real estate property throughout the United States
2. Interest rates are still generally favorable
3. Our economy will survive, so it’s just a matter of time before your investment in real estate is worth more than you pay for it by virtue of a greater demand for it

This is not the time to bury your money under a mattress. Yes, it’s comforting to be able to put your hands on it quickly, and perhaps like Donald Duck’s eccentric Uncle Scrooge, be able to roll around in it, but it will cost you big time. Inflation alone will devalue your money; your money won’t be worth as much next year as this year.

Here’s a better suggestion.

First, develop an investing plan. Then locate a real estate professional in your area that understands income-producing property and has a track record for investment property sales and build a relationship. Let him or her know what your investment objectives are and have them start looking for profitable investment opportunities.

If you know enough about the nuances of real estate investing and have a good understanding of your local real estate market, great. Then start kicking the bushes yourself.

The point is not to neglect doing something. This slumping financial market is unnerving, certainly, but our economy will survive and bounce back and what you invest into today will make you money tomorrow. If you have the financial means to invest in real estate without jeopardizing your welfare, then this is not the time to run for cover and hide. Instead, follow in the tracks of the Donald, during this slumping economy, look for, pursue, and seize investment opportunities with abandon.

The artist Olafur Eliasson’s much-publicized initiative cost $15 million. It will appear from June 26 to Oct. 13 and run from 7 a.m. to 10 p.m.

City officials and the Public Art Fund say that no city money is being used to pay for the waterfalls, with all of the funds coming from foundations, corporations and private supporters.

Mr. Elliasson’s waterfall installation was tested for the first time in pre-dawn light on Tuesday, two days before the official launch of the exhibit.

The locations for the waterfalls include Pier 35, just north of the Manhattan Bridge; one in Brooklyn at the foot of the Brooklyn Bridge; another between Piers 4 and 5 near the Brooklyn Heights Promenade, and a fourth on the north shore of Governors Island.

This is Mr. Eliasson’s first public art project in New York.

The Waterfalls are erected on the shoreline and have been designed to protect water quality and aquatic life.

Saturday October 11th
8th Avenue Autumn Festival
(on 8th Avenue from 42nd – 57th Street)

Sunday October 12th
Avenue of the Americas Family Expo
(on 6th Avenue from 42nd – 56th Street)

Monday October 13th
Columbus Day Festival
(On Broadway from Cedar St. – Battery Pl.)

Sunday October 5th
N.Y.C. Oktoberfest
(on Lexington Avenue from 42nd – 57th Street)

Saturday September 27th
Broadway Autumn Fair
(on Broadway from Waverly Pl.- 14th Street)

Sunday September 28th
Lexington Avenue Fall Festival
(on Lexington Avenue from 34th – 42nd Street)

Saturday September 20th
7th Avenue – Guardian Angels Fair
(on 7th Avenue from 47th – 57th Street)

Sunday September 21st
Eighth Avenue Fall Festival
(on 8th Avenue from 42nd – 57th St.)