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Million Dollar Listing NY

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Article about sales slump in high end NY real estate.

https://www.wsj.com/articles/the-man-behind-billionaires-row-battles-to-sell-the-worlds-tallest-condo-11547739897

May have to post on social media and click the link there to read the story.

Basically in 2018, Manhattan home sales were down 14%, the highest since 2009.

They profile Gary Barnett, who created "Billionaire's Row" with apts over $60 million.  He's giving discounts but making buyers sign NDAs so they don't disclose what they paid.

But Barnett borrowed money from overseas and built one of the first high-end towers, One57, around 2011 as the economy and market snapped back.  But he marketed to Russians, Arabs and Chinese to sell these expensive apts.

Now, there's a glut of them.  In 2011 there were about 200 real high end apts. available in the market.  In 2019, there are 10 times as many and the number is expected to go up to over 3000.

I guess none of the MDLNY guys work on these $60 million and more apts and certainly not on Billionaire's Row with views of Central Park.  Then again, Russian oligarchs, Chinese with connections to take money out of China and Arab sheiks don't want to be on a Bravo TV show.

However it sounds like other developers drafted behind the high-profile properties that developers like Barnett created and so they're selling properties up to $10-20 million because the high-profile properties lift the prices of everything else.

For instance, in 8 years, average price of ALL properties in Midtown around 57th Street went from $1.2 to about $2.0 million.

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Congratulations to them but are we going to get overloaded with cuts of the baby and the couple in the next season?

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On 3/3/2019 at 11:33 PM, scrb said:

Congratulations to them but are we going to get overloaded with cuts of the baby and the couple in the next season?

No doubt, unfortunately

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39 minutes ago, LucindaWalsh said:

I love that he calls her their little Puff! What did they name her?

Zena

I have to say, I follow Ryan on Instagram* (of which I look at all of once every couple weeks if I think about it) and never saw any mention of them expecting a child. He even posted some more recent pictures (December?) of him and Emilia somewhere tropical and she didn't look pregnant at all to me. I suppose that could be because they are saving it all for the show. 

I follow all of the MDL people on Instagram because I am addicted to real estate porn 🙂

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So when is the new season?

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Wow, Steve Gold and his girlfriend just had a baby. He met the gf last August on a flight to London. That was a pretty immediate pregnancy. 

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Ugh then baby story lines for all 3 of them.

what a snore fest.

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They named the baby Rose Gold. That makes me think of rose gold jewelry. 

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1 hour ago, NotChristine said:

Season 8 trailer

Luis is back 🙄 . New guy🙄

I like Luis. Not sure about the dangly earring. I hope he is happier now. 

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On 6/10/2019 at 8:16 PM, NotChristine said:

Luis is back 🙄

He must need to replenish his traveling around the world doing nothing money. I predict he will leave again after this season. 

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Fredrik has moved his home base to Los Angeles.  He and the family are living in Beverly Hills.  He will commute to NYC when needed.  What this means for his future participation in this show wasn’t announced.  I somehow believe we will see him transition to the LA show.  Might actually be interesting to see how a big time broker changes cities and markets

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5 hours ago, pally said:

Fredrik has moved his home base to Los Angeles.  He and the family are living in Beverly Hills.  He will commute to NYC when needed.  What this means for his future participation in this show wasn’t announced.  I somehow believe we will see him transition to the LA show.  Might actually be interesting to see how a big time broker changes cities and markets

I read about this and he said his NYC real estate business will continue to expand, even though he and his family have now moved to CA. The move will also be shown on the new season. Sounds like he will be jetting around between NYC, Miami and back home to CA. I wonder if he will play a role on both the LA and NYC shows now?

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Doesn't Fredrik also still own his IT company in Sweden?

I'll be interested to see what appeal LA has for him, or them as a family. Maybe it's something Derek wanted? I suppose he can do his artwork anywhere.

Maybe he bought the house that Nate Berkus and Jeremiah Brent sold when they moved back to NYC!

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Supposedly high end NY real estate has kind of crashed or at least stagnated since the last season of the show.

So maybe he's looking to step back for awhile?

If he's made so much money, he may have more interest in familial pursuits.

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Has Fredrik talked about expanding his business into the LA market? If the move was purely personal, maybe the change in scenery and distance away from NYC was a guaranteed way to put some distance between himself and work for the sake of being around his growing family more.  His Connecticut home is/was beautiful but it's still pretty close to the action that should something happen, he could jump in a car and be in the city in a couple of hours. Being in LA means he will need to put more trust in his people to navigate situations without him and I'm sure the weather will be a nice change of pace. If he's looking for more work, well then I take everything else back, lol. 

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3 hours ago, RHJunkie said:

Has Fredrik talked about expanding his business into the LA market? If the move was purely personal, maybe the change in scenery and distance away from NYC was a guaranteed way to put some distance between himself and work for the sake of being around his growing family more.  His Connecticut home is/was beautiful but it's still pretty close to the action that should something happen, he could jump in a car and be in the city in a couple of hours. Being in LA means he will need to put more trust in his people to navigate situations without him and I'm sure the weather will be a nice change of pace. If he's looking for more work, well then I take everything else back, lol. 

He opened up both an LA and Miami office in the last year.  He will be in charge of building up and expanding the LA office and his partner John Gomes will run the NYC office (which has also expanded into Brooklyn).  With the market for high-end luxury real estate crashing in Manhattan, it makes sense for them to expand into other, more stable markets.  It also makes business sense for Fredrik to be the one to head to LA.  He is the one with the name recognition that will help get the publicity needed to build out the client list.

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@pally Thanks that makes sense. I didn't know he had offices outside of NYC so I figured there might be a possibility that he's trying to wean himself off work a bit. Instead, he's taking on more work, lol.

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Just a year or two ago, in the old Media thread, we had stories about how Fred and his partner were working on all these huge projects, like helping to design these towers, using his knowledge and experience of what sold well

So are those projects suspended?  Can't imagine if they started construction on those, that they developers would bail.  Once they start building, they have loans they have to pay off so there's a race to complete them and start selling ASAP.

Now, maybe they determined that they weren't going to get anywhere near the prices they forecasted when they started some of these projects.

Still I can't imagine they'd stop building once they've started.  Maybe they'd have to renegotiate the loans with the banks -- interest rates are lower now than a year ago.

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