Industry Events & the Real Estate Wake Up Call

August 28, 2007

End of summer After-work Business Network Mixer, sponsored by The Wall Street Journal and Nationwide Equities Corp., Networking Reception, 6:00 p.m. - 8:15 p.m. [Venue is social, Bar & Lounge], 795 Eighth Ave, 2nd Floor, Free. Contact: Evantz (Evans) Saint-Gerard, 917-975-5985

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August 30, 2007

Wharton MBA Admissions Workshop, Information Session, Manhattan Review's Grand Central Office, 7:00 p.m. - 8:30 p.m., 420 Lexington Ave, Suite 2310, Free. (212) 997-1660

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Business Networking Event, Networking Reception, Village Pourhouse, 64 Third Avenue, $5 with RSVP, $10 at the door, 7:00 p.m. - 9:00 p.m, Contact: Joanne Louie at 917-531-9342


Real Estate Wake-Up Call

The amount of New York City homes in foreclosure rose by 55% last month. That compared with last year at the same time, according to a national foreclosure monitoring company report released on Tuesday.

Across the country, the rate is up 93%. This number includes homes in several stages of foreclosure that eventually lead to an auction. For the state of New York, its a process that takes about a year or more. For NYC, relative to the other boroughs, Brooklyn and Queens are going up faster. Compared to last year this time, the number of homes in Brooklyn stands at 51%. That's up from 25% in June. As for Queens, the year to year increase for July is 126%, that compared to June.

All said, perhaps it is time to keep your thoughts of "flipping" and those comparable skills, confined to pancakes.

For years many have enjoyed the spoils of purchasing and quickly reselling both commercial and residential real estate. However, with the market changing its tune to a sour note over the last year or so, it can be really tricky business, if not considered 'living on the edge.'

Throughout the country, although there had been a down turn in various pockets, the market was still pretty much dictated by region. That, with the 'high-end' statistically holding its own. Today, its an all new ball game. With properties here in NY often with price tags mirroring the winnings of lottery jackpots, there are fewer folks willing or able to 'mirror' that monthly payout. Look at "YOUR" surroundings... there's more than coffee going through the grinder, and more than pizza dough being stretched thin. There's a trend a brewing, and it might be smart to let it finish before deciding to get some.