Daily Archives: September 11, 2011

Mt Kisco NY Homes | The day we can’t forget: Sept. 11, 2001 | Inman News

The day we can’t forget: Sept. 11, 2001

Real estate industry reflections on the 10th anniversary of 9/11

Editor’s note: Inman News reporter Andrea V. Brambila assisted in compiling this report.

The first time we visited the World Wide Web. The call to bring down the Berlin Wall. The elation of the first moon landing.

The assassinations of John F. Kennedy and Martin Luther King Jr. Pearl Harbor.

9/11.

These are events that shape generations. In our thinking, our actions, our culture. Our government. Our future.

Our fears.

I awoke on Sept. 11, 2001, to a distressed phone call from my Mom. “It’s horrible.” I was still spiraling out of sleep, and this just wasn’t making sense.

“What’s going on?” I asked. Something big.

Nothing felt safe in that instant. I recalled how years earlier, during a cross-country adventure with a few friends, we toured the public observation deck in one of the Trade Center towers and marveled at the epic and breathtaking view. Gone.

All of us, even those not directly touched by the loss of friends and loved ones were impacted, too.

Sept. 11, 2001, was the most significant globally historic event in my lifetime since the symbolic crumbling of the Cold War, when people chipped away chunks and pushed down whole sections of the Berlin Wall. And how different those events were.

Earlier this week I was talking with my best friend, a schoolteacher, about how 9/11 changed the U.S. How it changed us. We pondered whether the youngest generation is somehow different, in mindset and even behaviorally, having grown up in a post-9/11 environment. And whether the changed security environment has significantly impacted our daily lives and outlook.

I’ve still got a tourist trinket from that New York City visit years ago — it’s a tiny copper-hued metal model of the Trade Center towers that my kids will no doubt ask about. And I’ll have to explain what it is and what it means to me. And what that day means for all of us — even those of us too young to remember.

Inman News reached out to our readers and columnists and asked them to reflect on the impacts of 9/11. This report also includes reader commentary from the September 2001 Inman News archives, and links to real estate-related articles about the anniversary. Please share your thoughts in the comments section below.

Margaret Kelly
CEO
Re/Max LLC
“Because of the magnitude of the tragedy, 9/11 is one of those unforgettable moments that I will remember the rest of my life. I will never forget where I was and what I was doing. It became a day that I was glued to the TV trying to understand exactly what had happened, and what it might mean for our future. But I also remember how good it felt to see our country come together.

“Even today, when I read accounts of what happened in New York, it becomes a very emotional moment, reliving the accounts of heroism and the suffering. I pray for the victims and their families, and hope we never experience an event like that again.”

Charlie Young
President and CEO
ERA Real Estate

“I was in a meeting in Ohio when I heard the news. Time seemed to stand still, but my mind started racing with worry: for my friends and neighbors who worked in the city, for my family in N.J. I drove home in a rental car — because the airports were closed — and was struck by the absolute absence of planes in the sky, and a pervasive stillness that hung everywhere.

“When I got home, I witnessed the American spirit in action, watched how we all banded together and worked to support our friends, families and neighbors through such a difficult time. Our separatism disappeared: Differences were erased as we focused on the grief we shared and learned that we were more similar than we thought. At the time, we seemed more united than ever before, but 10 years later, we seem to have lost the strength we found in each other.”

Andrea Altieri
Broker-manager
Cherry Creek Properties
“I lived in Washington, D.C., on 9/11 where I watched my friends and neighbors wait for news about loved ones in the Pentagon and on airplanes. We huddled together and watched the Pentagon burn, wondering if it was the beginning of the end. Business didn’t seem very important.”

Gerald Bushnell, owner-broker, Ace Realty Inc.
“My wife and I sat in front of the TV in disbelief as we watched the brutal attack in our coma-like state. The first tower was on fire and no one knew why. After many minutes went by we watched in horror as the second plane crashed into the adjoining tower. We continued to watch all day as the towers collapsed and listening to the news about the other airplanes crashing in Pennsylvania and the Pentagon.

“We were the owners of Ace Realty Inc. in Dallas, Texas, a small but successful real estate company that specialized in selling condominiums. I had just received a shipment from China of Sign Boots, an invention I had created that cleans dirt off the sharp tips of metal real estate signs.

“The National Association of Realtors’ convention was taking place the following week in Dallas and I had a booth set up and ready for the thousands of Realtors that would be flying in to attend the convention. The convention opened their doors as planned only without the thousands of Realtors.

“Many committed nearby Realtors drove to the convention, but Realtors that lived outside of the area were unable to jump on a plane because flights were canceled. Besides, no one wanted to leave their families and homes to travel during this troubling time.

“Real estate sales slowed. September, October and November were the worst sales months for the year, and in December business started back up again.

Erica Lockwood
Executive recruiter
Joseph Chris partners
Indiana

“All of the 9/11 stories and pictures make me feel like it was just yesterday. My stomach has that wrenching feeling and tears start to swell up as the memories come flooding back.

“Ten years ago (on Sept. 11) I was on a business trip in Philadelphia. Our flight was to leave on 9/11 after our last appointment. Standing in the middle of a Starbucks I heard the unbelievable news. Someone rushed to get a tiny TV so that we could watch what was happening.

“The bridges and highways were shutting down — threats of bombs were everywhere. We saw the first tower had been hit, assuming like most that it was an accident, and then saw the second plane fly directly into the second tower and then couldn’t take our eyes off of the TV — even as the towers fell and the news reports (announced) that we had been attacked by terrorists.

“I recall a woman running out of the Starbucks hysterical because her son worked in one of the towers, and countless others having relatives or friends who would most certainly be somewhere in or near Ground Zero.

“Thankful that the rental car was still in our possession, we made the quiet trip across Pennsylvania, Ohio and back home to Indiana. Every time I see that bright blue fall sky I can’t help but remember that day and how it forever changed our lives.”

Kris Berg
Broker-owner
San Diego Castles Realty
Columnist
Inman news
“Sept. 11 was a dichotomy for our family. My husband was three days into a six-day backpacking trip in the Sierras. While he was enjoying the freedoms we have so long celebrated, unaware of the events unfolding, those of us who remained connected feared for those same freedoms.

“As I readied my then-middle school children for what should have been another routine day, my oldest daughter said, “Look, Mom. New York is on fire.” No time for television, I told her. We would be late. Perhaps foolishly, I deposited them in front of the school as the second tower came down.

“For me, Sept. 11 marks a day of remembrance — remembrance of both heroes and ordinary people who would be driven to do extraordinary things in the face of adversity. It is a day when I pause to reflect on how precious are the freedoms that we take for granted and that from acts of hate can be born true united communities of tolerance and compassion.

“As for my husband, he emerged from the wilderness two days later to have another backpacker on his way into the park recount the story, a story my husband initially discounted as some lunatic’s rantings.

“And when he finally confirmed the events, my husband too was left with a renewed sense of the importance of family and community — and renewed sense of national honor and pride.

Lisa Ludlow Archer
MyCarolinaHome.net
“I can remember exactly where I was. In a high-rise working at a big bank in uptown Charlotte. My dad was flying from Boston to (Los Angeles). I didn’t hear from him till late that afternoon. (It was the) scariest, and a life-changing, day. He quit his 30-year career in computer consulting and got his real estate license.”

Kevin Lisota
CEO, co-founder
Findwell
“Where was I on 9/11? Well, this was before my days as a real estate agent. I was working in the tech industry for Microsoft. I was flying from Japan to Seoul, South Korea, for a new product launch when it happened.

“The vice president of my division and myself arrived at the hotel in Seoul at about 11 p.m., and turned on the TV to witness the Trade Centers collapsing. Obviously it was a night of watching CNN and checking on things at home.

“Our product launch the next day went on as planned, with some heartfelt comments by the Microsoft vice president. We ended up being trapped in Seoul for about five days, waiting for the international flights to start back up and eventually getting our spot on a flight.

“Strangely, I think we got back home sooner than a lot of domestic travelers, but it was a surreal trip, with not much to do other than hang in our hotel room and watch the newscasts from back home.

Zachary Hanz
Marketing associate
Entrust IRA Administration Inc.
Chicago, Ill.
“On 9/11, I was in my senior year of high school. My older brother lived in New York, and when the second tower was hit, a teacher pulled me out of class to his office so we could call him.

“It turned out he was OK and had somehow slept through the whole thing. Eventually, school was let out and I sat with my parents glued to the TV. The next day was my 18th birthday, which I spent eating pizza and cake while contemplating joining the military with a few gung-ho friends.”

Waccabuc NY Homes | Message of ‘I Will’ Turns County Center into Volunteer Central – Bedford-Katonah, NY Patch

Updated, 6:30 p.m.

Irvington resident Tony Russo, owner of Aries Wine & Spirits in White Plains, was pleased to see an event where people could find out about volunteer organizations that they may never have knew of otherwise in a pressure-free setting.

“I know some people at the Volunteer Center and there are always new groups that need help,” said Russo.

Updated, 6:13 p.m.

New Rochelle Mayor Noam Bramson and his two sons stopped by the Westchester County Center Friday to make cards for active duty soldiers, as well as veterans and those who are sick or injured. 

***

Adam Getis, IT manager for Cross Cultural Solutions based out of New Rochelle, said the event brings back that feeling people had right after 9/11 — of working together and having a common purpose to somehow make a difference. 

“It brings back all kinds of memories,” he said of the approaching 9/11 anniversary. “I was working in the city at the time. It was such a big impact that you could see it from everywhere. It’s difficult. It’s hard to imagine it’s been 10 years.”

***

Mary Jane Schaumann, a volunteer coordinator for Hospice and Palliative Care of Westchester, said she was happy to see the young people who come to the event searching for something to do and give back. 

“That’s honoring 9/11,” she said.

Updated, 6 p.m.

Valhalla residents Jerry and Joan Bucci have been involved in community service and volunteer work over the years, but Jerry had not given back in a while and was “beginning to feel the pull.” Joan has been volunteering at a nursing home and was here to help Jerry find his perfect fit.

A recent retiree and highly qualified volunteer, Jerry came to the fair in search of an opportunity where he could use his doctorate in education or musical skills. Within minutes of arriving at Friday’s “Serve and Learn: Westchester Remembers” volunteerism event he found United Way’s Working with Westchester Library systems to help teach GED classes.

“I think it is a good idea to bring all these organization together,” Jerry said as he went off to peruse more opportunities.

***

Renee Anderson, a mental health worker from White Plains, was here looking for a way to spend evenings giving back.

“I do work during the day but I am free at night and that is why I am here,” Anderson said.

“It is wonderful to bring so many (volunteer organizations) together and giving back to those who really need it.”

***

Original story, 3:30 p.m.

As a group of officials prepped for a press conference outside the Westchester County Center this afternoon, Tunisha and Tariq Thomas of Peekskill were a hundred feet away doing some checking of their own.

The mother-son pair were helping process a growing stack of non-perishable food for the Montrose VA Food Pantry, checking expiration dates and handing off soup cans to Javier Betances and Ivan Fuentes of Shlepper’s Movers who would drive it all north. 

It was an apt backdrop for why everyone was here — to kick off “Serve and Learn: Westchester Remembers,” a day of service in honor of the 10th anniversary of the Sept. 11, 2001, attacks. Local residents can connect with more than 100 local non-profits in need of volunteers. It runs from 2 p.m. until 7 p.m. today with free entrance and parking.

Patch will be bringing the stories of those seeking volunteers and those motivated to turn a time of national mourning and remembrance into something positive for their community.

“It’s about taking something evil and horrible and letting humanity shine through,” said County Executive Rob Astorino. 

Alisa Kesten, the executive director of The Volunteer Center of United Way, whose team organized the event, acknowledged that no single act of volunteerism could ever bring back any of the lives lost that day.

But everyone can answer the call from victims’ families to honor the 9/11 anniversary by filling their community with good deeds — turning an “I will never forget,” Kesten said, into “I will help my neighbor.”

Chairman of the County Legislature, Ken Jenkins, D-Yonkers, said it was so important to recognize the service each organization gathered at the center today gives to local residents. “They do it at such a cost-effect level and they do it for love.”

Inside the center, Gil Weinstein, who was on the 88th floor of Tower One when the planes hit, came to support his many local volunteer commitments and will give a talk at a Rye synagogue tonight about his experiences on 9/11.

“I survived that day for a very important reason — so I could give my time volunteering,” he said. “It helps justify my survival.”

South Salem NY Homes | Your Conversions Are Falling. What Now?

A significant drop in you conversion rate can send up a red flag quickly. Chances are, your

baby orangutan looks shocked

See if you can find the search marketer without a disaster plan.

client will be calling you as soon as they log into their analytics. If conversion rate goes down, so do sales. Not to mention that your cost per sale rises.

But don’t panic.

It’s almost inevitable that your site or your client’s site will malfunction at some point. Whether it’s your fault, your developer’s or your client’s, it’s important to have a disaster plan to minimize recovery time. Here’s a guide that you can use to figure out what is wrong ASAP.

What Items To Examine:

Traffic Sources – New traffic sources can play a large role in your overall conversion rates. A new source with a huge amount of traffic can easily sway your conversion rate both positively and negatively. Prior to adding the traffic, set expectations with the stakeholders. Tell them that performance metrics will fluctuate.

You also need to look at your current traffic sources. Second-tier engines frequently add and remove publishers to their networks, causing performance fluctuations.

Page Load Speed – This can be a big factor in your conversions. A longer conversion process requires a minimal load time because people are impatient. Watch the exits and exit rates for pages in your conversion process for signs that pages are loading too slowly. Frequent QA of your conversion path will pay big dividends.

Search Queries – Examine inbound search queries for irrelevant search terms that result in bounces. Query-mining should be done for both organic and paid traffic.
Google can be very liberal with its broad-match keywords, and you could get matched to irrelevant terms. Query for new negative keywords weekly. The same is true for organic keywords. A jump in ranking for an irrelevant search term will probably hurt performance.

Broken Links – A lot can go wrong when you present the opportunity to convert across your entire site. For example, broken links can occur when your site is updated or when your dev team makes changes. Run broken-link tools frequently to stay on top of this.

Targeting Changes – Have there been any major changes in the targeting options of your search or display campaigns? It’s easy to mistakenly change key settings when uploading, editing or copying campaigns from one place to another using tools like Adwords Editor or Adcenter Desktop. It’s a best practice to always log into Adwords or Adcenter and review your campaign settings to make sure there was no error during upload.

Seeing your conversion rate drop is never something you want to deal with, but it can happen. If you have your client on the phone looking for an answer, go through this checklist to rapidly diagnose the problem and get on with the recovery.

Bedford Hills NY Homes | How home sellers can price their real estate to sell

By Marilyn Lewis

MSN Money

You’re selling your home. Here’s the big decision: Should you set the price high, expecting buyers will bargain you down eventually? Or should you start low to attract a lot of attention and get the inevitable discounting over with upfront?

You might be surprised how important this decision is.

Experts agree that starting high with the idea that you can always drop it later is a costly mistake. Pricing doesn’t just determine how much money you stand to make — it also dictates whether buyers even give your home a serious look.

With so many competing properties for sale, yours has to pop out immediately as a good value or buyers will move on, unlikely to return. You get one first shot at your home’s debut, and it’s easy to blow it.

“The amount of traffic that a listing gets in its first week is five to seven times what it gets in its ensuing weeks,” says Glenn Kelman, the CEO of Redfin, an online brokerage and listings site. “Let’s say you lower the price (later). No one will notice. You really are broadcasting that discount to a much smaller audience of buyers and will have the perception it is damaged goods.”

It’s worth more because it’s mine

Your job as a seller seems simple: Price it right to make the sale. You analyze the competition thoroughly and coldbloodedly. You know the prices of the properties that have recently sold in your neighborhood and their similarities to and differences from your home. You know the current competition and understand precisely what homes a little better and homes a little worse than yours are selling for.

That shouldn’t be too difficult — for Mr. Spock. But for us humans, emotions, history, attachment and expectations get in the way.

“The buyer is looking at ‘What are comparable houses selling for?’ and the buyer is thinking, ‘What did I pay for this six years ago?'” says John Gourville, a marketing professor and expert in buyer behavior at Harvard Business School.

Home sales and purchases are loaded with illogic and irrationality. Compounding the problem is our tendency to cling to things. Behavioral scientists try understanding why. Economist Richard Thaler of the University of Chicago’s Booth School of Business describes this “endowment effect,” the tendency for things, even little things, to become worth more in our eyes once we own them. (This cartoon, at Nudge, a blog Thaler runs, conveys the idea succinctly.)

Researchers find that the pain of a loss is two to three times greater than the joy of an equivalent gain, Gourville says. In other words, it’s hard to accept receiving less than you paid for something.

But in this difficult market, realistic goals may be making a quick sale, getting the best return possible and preventing buyers from niggling over price. In areas clogged with short sales and foreclosures, a realistic goal may be making any sale at all. In Phoenix, says Greg Swann of BloodhoundRealty.com, “we’re a long way from being able to be coy about pricing.”

Here’s an arsenal of expert pricing tips. These tricks and strategies to help you gain the upper hand.

Making the debut count

Tip No. 1: Don’t get penalized for starting too high. Identify your home’s true value, and set the price slightly under that. At worst, you’ll lose about $10,000, but you might make a quick sale. If you’re further under market than that, buyers are likely to bid the price back up, Kelman says.

An error on the high side, however, can cost you more than just time. Once you drop your price, buyers smell blood. “They say, ‘He’s knocked $30k off the price; he’ll do it again.’ It’s death by a thousand cuts,” Kelman says.

Don’t think no one will realize you’ve dropped the price. The best listing sites show how many times a price has been reduced and by how much, as well as how long a home has been listed.

Tip No. 2: Test your price against reality. Try this: Pretend you’re the buyer. Search online in your price range in neighborhoods with similar quality schools about the same distance from downtown or the nearest major work center. If your place doesn’t pop out as an obvious value next to other properties people can buy for the same money, your price is too high.

“Most people really don’t want to price it as well as they have to in this market,” says Ardell DellaLoggia, an associate broker at Sound Realty in Seattle and a popular blogger. In her market, that means setting a number 20% to 25% below the selling prices in 2007.

Altos Research, a Mountain View, Calif., company that analyzes data for the real-estate industry, routinely compares initial listing prices around the country with final sales prices. Sellers generally start out with prices a bit too high, forcing them to later offer discounts to get a deal done, says Scott Sambucci, Altos’ vice president of sales and analytics. Nationally, he says, discounts are averaging 8% to 9% off a property’s last listing price.

Continued: Finessing the numbers

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Bedford NY Homes | Manhattan’s distressed real estate assets shrink | Crain’s New York Business

Manhattan real estate—a poster child of the excess that led to the last downturn—appears oddly sturdy, despite last week’s turmoil.

The boroughs commercial real estate market, which many feared would enter a prolonged depression following the collapse of Lehman Brothers, recently passed a key milestone: The total dollar amount of assets classified as distressed has been cut in half.

Since 2008, $30.6 billion of assets in Manhattan have been in foreclosure, bankruptcy or in the process of having its loans modified. The figure now stands at $15.2 billion, and a third of that amount is tied to one apartment complex, Stuyvesant Town/Peter Cooper Village.

“This happened faster than we would have imagined,” said Dan Fasulo, managing director of Real Capital Analytics.

The market is in a better position to weather whatever storms result from the latest upheavals.

Behind its progress are scores of individual transactions—buildings sold, refinanced or with restructured loans. Many once-troubled properties are now owned by experienced, deep-pocketed firms that can withstand hard times and that have poured money into their new holdings. For example, Vornado Realty Trust, one of Manhattan’s largest landlords, bought three of the eight large distressed assets sold in the first half of 2011.

The improvement dovetails with a renewed investor appetite for commercial real estate in Manhattan. Last year, $13.9 billion worth of commercial properties were sold, nearly four times the amount recorded in 2009. The demand is seen as a reflection of the standout performance of the city’s economy in general, and of its office and residential markets in particular. Lackluster returns on government bonds also helped push banks back into making loans to landlords, as those deals offer higher yields.

Further strengthening the market is that buyers must have more skin in the game. Gone are the days when a buyer could finance 95% of a purchase.

“These deals are a lot safer than those done in 2007,” said Mark Edelstein, head of the real estate practice at law firm Morrison & Forester.

Despite the gains in the market, plenty of risk remains. An estimated $5 billion to $10 billion worth of real estate is close to falling into distress. Massey Knakal Realty Services calculates that investors have lost $4.6 billion in equity over the past 18 months as they sold notes.

Pickier lenders seen

Double-dip jitters are likely to push lenders to be even more selective about to whom and how much they lend. The turmoil is expected to slow the comeback of the commercial mortgage-backed securities market, once worth $400 billion, and a source of real estate financing in the boom and of enormous losses in the bust.

“I think the CMBS market will move in fits and starts for a long time,” said Mr. Edelstein. He has not seen traditional lenders back out of any deal he is working on.

The Federal Reserve’s decision to maintain low interest rates should also help the rebound continue, according to Robert Knakal, chairman of Massey Knakal. “When rates go up, owners of properties that are underwater face a double-whammy,” he added.

Low rates have the added benefit of keeping insurers, banks and pension funds in the real estate lending business because they don’t want to be committed to low-yielding government and corporate debt.

“Mortgages still offer better values [than government bonds],” said Melissa Farrell, a managing director at Prudential Mortgage Capital Co. “And Manhattan is the strongest market in the country.”

Among the most active buyers of distressed assets is New York-based investment firm Savanna, which has acquired five troubled buildings in the past 15 months, including 100 Wall St. and 104 W. 40th St.

“We were looking for broken assets because they offer the best upside,” said Savanna Managing Partner Chris Schlank.

Savanna spends money on renovations and marketing, and cuts vacancies. Since the firm bought 104 W. 40th, for example, occupancy has risen to 65% from 40%. “We bring in equity, fresh ideas and fix problems,” said Mr. Schlank.