DAVID LEREAH

As chief economist and and senior vice president of the National Association of Realtors, David Lereah gets a lot of press, most of it not so great. Check out the David Lereah Watch blog, you'll get a good idea of why.

BURJ DUBAI

Follow the money. At a cost of one billion dollars, Samsung of South Korea is building the world's tallest building in Dubai. Those in charge are not saying how high, but they are saying at least 160 stories or 2,296 feet. The "Taipei 101" in Taiwan currently has the honor of being the highest at 1,666 feet. Real estate seems to be moving right along in this oil rich region where they have enacted a law allowing foreigners to become freehold property owners. "Burj Dubai" or Dubai Tower will house 30,000 apartments along with the world's largest shopping mall. I bet those upper floors will have stunning open views, but - are they protected? Scheduled completion date is 2008. Along with protected views, New Yorkers know what scheduled completion dates mean - let's say 2009. Here's a photo from AP.

JONATHAN MILLER DOES IT AGAIN!

Jonathan Miller's blog the Matrix is the best! Why? Because he most consistently brings to the fore information about the real estate market that is so important for everyone to be aware of and that info is usually buried somewhere that we normally wouldn't find it. I must admit working hard in the trenches this past week trying to attract buyers to take a personal look at properties or trying to get owner's to pay attention to my buyers' offers that I didn't really keep up and read him every day as I should. Again, mantra - read Matrix along with the first coffee of the day - before anything else. And here goes friends - "From the Tank: Tools, Lessons and Messages" posted by Miller, Friday, October 27th: he brings to our attention the article appearing in the "The Big Picture" blog on the economy, an article about Treasury Secretary Paulson not understanding the wealth effect, and then on to Bloomberg News about Paulson selling his Manhattan condo for almost $8 million (he paid $2.88 million for it). Please jump here and read Miller's post - excuse me, who doesn't understand the wealth effect?

SHERATON HOTEL ON CANAL STREET?

Next door to the depression era Canal Street Station Post Office, Sam Chang is building a 20 story Sheraton Hotel. Purchasing air rights and the small parking lot owned by the post office is just one of many genius moves of the Mr. Chang. Starting in Los Angeles and via a series of successful businesses in Maryland, he eventually discovered New York City and and purchased a small piece of land on which he built the Comfort Inn. That was in 1997. Mr. Chang has now become "the busiest Asian developer in New York City" according to an article written by Megha Bahree in a June edition of Forbes Magazine.

THE HONG KONG DOLLAR IN MANHATTAN

The Philippe Starck Building is one of Manhattan's most spectacular conversions. Located across the street from the New York Stock Exchange on what the New York Times calls "Finance's Holiest Corner" and where the global economy all started, is America's renown historic building "The House of Morgan." The conversion was just finished this year as residential condominiums with a multitude of amenities: Full-time Doorman; Concierge; Starck Gold-leaf Receiving Room; Basketball Court; Bowling Alley; Fitness Center; Yoga/Ballet Studio; Theater by Theo; Children's Playroom; and The Starck Park with a terrace, reflecting pool and lounge. The ground floor has been leased by Hermes and will open in 2007 with Tiffany just around the corner on Wall Street.

Available is a high-floor corner unit with a private terrace and spectacular views north and west. Two bedrooms (one ensuite); two bathrooms; living/dining room with 11' ceilings and 4" wide maple floors; Starck designed kitchen with white quartz counters, Bosch and Jenn-Aire appliances; video intercom. Owner of this unit now lives in Hong Kong and regretfully needs to sell. 1763 square feet, asking $2,100,000 US or $16,338,000 HKD.

Go to Prudential Douglas Elliman or email me at toniscott@elliman.com for complete information. Private showings available.

OUR MANHATTAN REAL ESTATE $ IN HONG KONG

This week we'll visit Hong Kong, and the neighborhood known locally as the Peak. The proper name, Victoria Peak is located in the southwestern part of the highest mountain on Hong Kong Island. It's home to a spectacular array of bird life and butterflies. They're sure to have there own feathered celebrities like we have Palemale and Lola. The Peak is also home to some of Hong Kong's wealthiest residents.

Here are three properties in the Peak found on the Knight Frank Real Estate site currently being offered:

Watford Villa. 3300 square feet, triplex, terraced townhouse with four bedrooms, three bathrooms and stunning panoramic views of the Island. Asking 65,000,000 HKD or $8,354,756 US. ($2532 per square foot.)

Strawberry Hill. 3200 square feet, three bedrooms, three bathrooms and views over Hong Kong and the South China Sea. Asking 50,000,000 HKD or $6,426,735 US. ($2008 per square foot.)

Kellett Grove. 2300 square feet, three bedrooms, two bathrooms, WBFP, and again, the breathtaking views. Asking 33,500,000 HKD or $4,305,912 US. ($1872 per square foot.)

On top is a photo of Watford Villa.

LOWER MANHATTAN

The Municipal Buildings on Chambers & Centre Streets

WE LOVE OUR MANHATTAN SKYLINE!

MR PINK'S OPINION ON ALL THIS BUBBLE TALK

UP OR DOWN - GOOD OR BAD - DEPENDS ON HOW YOU LOOK AT IT

Robert J. Samuelson, Op-Ed Columnist for the Washington Post, writes a good summary of the recent Moody's article evaluating the national housing market. He points out the George Washington University economist Richard Green's view that higher home prices are permanent and reflect lower long-term interest rates and that growing confidence in low inflation has been the muse in the gradual reduction of long-term rates. Jump here for Samuelson's full story.

NEW YORK CITY DRINKING WATER

Schoharie Reservoir in the Catskills

INTERESTING (BUT UNSCIENTIFIC ) NUMBERS

Wanted to take a look and see how properties are moving and what neighborhood more than another. Here's a fishbowl look taking the data from four neighborhoods : The Financial District, Tribeca, Chelsea and the Flatiron. Time periods are June and September of this year counting condos only; active and in contract. (Sales only).
The Financial District: June - 67 properties active; 115 properties in contract.
Sept - 62 properties active; 58 properties in contract.
Tribeca: June - 52 properties active; 35 properties in contract.
Sept - 66 properties active; 42 properties in contract.
Chelsea: June - 58 properties active; 54 properties in contract.
Sept - 58 properties active; 16 properties in contract.
Flatiron: June - 67 properties active; 115 properties in contract.
Sept - 58 properties active; 62 properties in contract.

CONSTRUCTION PRICES TO FALL?

The blog seekingalpha.com reports that today's Wall Street Journal is saying with "petroleum a key component in building materials, metals prices falling, and a softer home construction market lessening demand, many analysts expect construction costs to fall to a level that permits development to return to more cost-efficient levels." A lot of developers will be wiping their brow on this news. For the entire story jump here.

TRIBECA TO BE A SHOPPING MECCA?

Into 101 Warren Street will go not only Whole Foods and Barnes & Noble but now add in Bed Bath & Beyond. What a symbiotic trio, go downstairs get some good food, a hot new book and a down comforter and cuddle up for the night. Brilliant!

THE TEMPERATURE HAS RETURNED TO NORMAL

Now that the property fever is back to a normal temperature, you can still make money but you must do your homework. Not neccessarily a prerequisite after 2000 but in todays market it's rule number one. A not to miss article entitled "Real Estate in Your Nest Egg" is in today's Wall Street Journal written by Karen Hube. The game is tougher now, reports Hube, but real estate can still pay off. She covers three categories: flipping; buying with your IRA; and purchasing abroad. Well-versed in pros and cons of flipping and buying abroad, the IRA option I found absolutely fascinating. I'm running out now to find a good IRA custodian and think more about that beautiful 16 acres of land for sale I saw this weekend in upstate New York. Jump here for the full story.