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2018

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11.23.18
11.17.18
11.17.18
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11.16.18
11.16.18
11.16.18
11.13.18
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10.31.18
10.31.18
10.31.18
10.29.18
10.29.18
10.27.18
10.26.18
DONE DEALS: Harlem block buster
Real Estate Weekly
10.26.18
10.26.18
10.26.18
10.25.18
10.25.18
10.24.18
10.24.18
10.22.18
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10.10.18
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10.6.18
10.5.18
Done Deals: Asked and Answered
Real Estate Weekly
10.5.18
10.4.18
10.4.18
10.4.18
10.4.18
10.3.18
10.3.18
10.3.18
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10.1.18
STYLE RETURNS TO NEWSSTANDS WITH A SUPERHERO NUMBER
Il Corriere Della Sera Italian Men's Magazine
10.1.18
9.30.18
9.30.18
9.29.18
9.28.18
9.28.18
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9.27.18
9.27.18
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9.21.18
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9.21.18
9.21.18
9.20.18
9.20.18
9.20.18
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9.19.18
9.19.18
Done Deals
Real Estate Weekly
9.19.18
Done Deals
Real Estate Weekly
9.18.18
9.17.18
9.17.18
9.15.18
9.15.18
New Listings
Real Estate Weekly
9.15.18
New Listings
Real Estate Weekly
9.14.18
9.14.18
9.13.18
9.13.18
9.13.18
9.13.18
9.13.18
9.13.18
9.13.18
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9.13.18
9.12.18
9.12.18
Ready For His Close-Up
Cottages & Gardens
9.12.18
9.8.18
9.8.18
9.7.18
9.7.18
9.7.18
9.7.18
9.6.18
9.6.18
9.5.18
9.4.18
9.4.18
How to Invest in Luxury Real Estate
U.S. News and World Report
9.3.18
9.3.18
9.2.18
9.2.18
9.2.18
9.1.18
9.1.18
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8.30.18
8.30.18
8.29.18
8.29.18
8.27.18
8.27.18
8.24.18
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8.22.18
8.21.18
8.21.18
8.19.18
8.18.18
8.17.18
8.17.18
8.16.18
8.15.18
On the Market in New York City
The New York Times
8.15.18
8.15.18
8.14.18
8.13.18
8.13.18
8.13.18
8.12.18
8.11.18
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8.7.18
8.5.18
8.4.18
8.4.18
8.2.18
8.2.18
8.2.18
How to Glow from Head to Toe!
ABC Morning Blend
8.1.18
8.1.18
8.1.18
8.1.18
8.1.18
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7.30.18
7.29.18
7.28.18
7.28.18
7.25.18
7.25.18
7.25.18
7.22.18
7.20.18
7.20.18
7.20.18
7.19.18
7.19.18
On the Market
The New York Times
7.19.18
7.18.18
7.18.18
7.18.18
7.17.18
7.13.18
7.13.18
7.12.18
7.12.18
7.11.18
7.11.18
7.10.18
7.9.18
7.6.18
The Rise of the Single Female Homeowner
US News and World Report
7.5.18
7.5.18
7.5.18
7.3.18
7.2.18
7.2.18
7.2.18
7.1.18
No longer New Yorkers
The Real Deal
6.29.18
6.29.18
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6.28.18
6.27.18
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6.27.18
New Listings
Real Estate Weekly
6.27.18
6.26.18
6.26.18
6.26.18
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6.25.18
6.22.18
6.22.18
6.21.18
6.21.18
6.19.18
6.15.18
6.15.18
6.14.18
6.13.18
6.13.18
6.13.18
New Listings
Real Estate Weekly
6.13.18
6.12.18
6.12.18
The Guide to First Time Homebuyers
U.S. News & World Report
6.11.18
6.8.18
6.8.18
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6.4.18
5.29.18
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5.3.18
4.19.18
4.17.18
3.27.18
3.22.18
3.16.18
3.16.18
3.14.18
3.13.18
2.25.18
See More See Less

2017

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10.16.17
10.15.17
10.12.17
10.4.17
8.22.17
8.22.17
8.22.17
8.22.17
8.12.17
7.21.17
7.14.17
7.7.17
7.7.17
7.6.17
7.6.17
7.6.17
7.6.17
Congratulations (Again), Wendy!
Wall Street Journal
7.5.17
6.28.17
6.27.17
6.20.17
6.14.17
6.13.17
Warburg And Wallack Partner
CityBizList NYC
6.12.17
6.9.17
6.8.17
6.8.17
6.8.17
6.7.17
5.23.17
5.19.17
5.18.17
5.18.17
5.17.17
5.17.17
5.12.17
5.10.17
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4.23.17
4.21.17
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4.20.17
4.19.17
4.18.17
4.18.17
4.18.17
4.17.17
4.17.17
4.14.17
4.12.17
4.7.17
4.1.17
3.10.17
3.10.17
Prewar Is So Last Year
New York Times
3.2.17
3.2.17
2.21.17
2.7.17
2.6.17
2.2.17
1.31.17
1.24.17
1.20.17
On the Market
The New York Times
1.11.17
1.5.17
1.4.17
1.1.17
1.1.17
See More See Less

2016

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12.29.16
12.13.16
12.13.16
12.6.16
12.1.16
11.30.16
11.28.16
11.27.16
11.22.16
11.18.16
11.18.16
11.9.16
11.4.16
On the Market
The New York Times
11.4.16
10.31.16
10.31.16
10.30.16
10.28.16
10.7.16
On the Market
The New York Times
10.4.16
9.30.16
9.25.16
9.23.16
9.19.16
A Water Skier Seeks Higher Ground
The Wall Street Journal
9.13.16
9.9.16
Where to Live? Ask an App
The New York Times
9.1.16
8.5.16
8.2.16
8.2.16
7.27.16
7.21.16
7.19.16
Kowalczuk and Compton join Warburg Realty
New York Real Estate Journal
7.11.16
7.1.16
6.24.16
Once and Always a New Yorker
The New York Times
6.16.16
Dream Homes
New York Post
6.16.16
6.10.16
Industrial Elegance in SoHo
The New York Times
6.1.16
6.1.16
Living Large in Manhattan
CASTLES Magazine
6.1.16
5.26.16
5.26.16
5.25.16
5.17.16
5.16.16
5.13.16
5.13.16
Priced Out of My Childhood Home
The New York Times
5.6.16
The Golden Mean
Metropolitan Magazine
5.6.16
5.6.16
Featured Property: 150 Reade Street
Metropolitan Magazine
5.6.16
Soiree at 150 Charles
Metropolitan Magazine
5.6.16
Best in the West: 150 Charles, M9
Metropolitan Magazine
5.6.16
5.1.16
5.1.16
5.1.16
4.13.16
4.12.16
4.11.16
4.8.16
4.8.16
4.6.16
4.6.16
4.5.16
4.1.16
4.1.16
4.1.16
4.1.16
4.1.16
4.1.16
4.1.16
3.31.16
3.31.16
3.30.16
3.30.16
New Listing: 30 West Street
Real Estate Weekly
3.28.16
3.25.16
Fusco joins Warburg Realty
New York Real Estate Journal
3.23.16
Who’s News: Mary Anne Fusco
Real Estate Weekly
3.23.16
New Listing: 39 Vestry Street
Real Estate Weekly
3.17.16
Dream Homes
New York Post
3.16.16
3.15.16
3.10.16
3.10.16
Dream Homes
New York Post
3.8.16
3.8.16
3.7.16
3.1.16
3.1.16
NYC Premier Properties
Luxury Listings NYC
3.1.16
Deeds & Dont’s
New York Cottages & Gardens
2.26.16
Executive Moves
Crain's
2.24.16
Sugar Hill condos hit market
Real Estate Weekly
2.18.16
2.17.16
New Listing: 475 Park Avenue
Real Estate Weekly
2.17.16
2.17.16
2.12.16
2.12.16
2.11.16
2.10.16
2.9.16
2.5.16
2.5.16
2.5.16
Big Ticket
The New York Times
2.3.16
2.3.16
2.1.16
2.1.16
1.29.16
1.27.16
1.22.16
The Art of Home Staging
The New York Times
1.20.16
Unfailingly Vibrant in The West Village
Private Air Luxury Homes
1.15.16
1.15.16
1.13.16
1.12.16
1.10.16
Something about a quick deal
Luxury Listings NYC
1.10.16
Premier Properties
Luxury Listings NYC
1.10.16
Premier Properties
Luxury Listings NYC
1.8.16
1.6.16
1.5.16
1.5.16
1.4.16
1.1.16
The interest rate upshot
The Real Deal
1.1.16
See More See Less

2015

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12.23.15
12.22.15
12.22.15
12.21.15
12.21.15
12.18.15
On the Market
The New York Times
12.18.15
12.10.15
12.10.15
12.10.15
12.1.15
Haber inks a book deal
The Real Deal
12.1.15
12.1.15
12.1.15
11.30.15
11.27.15
11.25.15
11.25.15
11.24.15
11.18.15
Symposium
Metropolita
11.18.15
New Listings
Real Estate Weekly
11.17.15
11.13.15
11.12.15
11.11.15
11.9.15
11.9.15
11.4.15
11.3.15
11.3.15
11.3.15
11.3.15
11.2.15
11.2.15
11.1.15
11.1.15
11.1.15
10.28.15
10.25.15
On the Market in New York City
The New York Times
10.23.15
10.22.15
10.22.15
10.21.15
10.21.15
10.20.15
10.16.15
10.14.15
10.12.15
10.6.15
10.6.15
10.2.15
10.1.15
In their words…
The Real Deal
10.1.15
9.30.15
9.23.15
9.22.15
9.14.15
9.11.15
9.11.15
9.9.15
9.3.15
9.3.15
9.2.15
9.1.15
8.28.15
8.21.15
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8.20.15
8.18.15
8.18.15
8.14.15
8.13.15
8.13.15
8.11.15
8.7.15
8.7.15
8.7.15
8.5.15
8.4.15
8.1.15
8.1.15
Win now, decide later
The Real Deal
7.28.15
7.27.15
7.24.15
7.23.15
7.21.15
7.20.15
7.13.15
7.12.15
7.8.15
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7.6.15
7.6.15
7.5.15
7.3.15
7.1.15
7.1.15
7.1.15
7.1.15
7.1.15
6.29.15
6.28.15
6.26.15
6.25.15
Fishman joins Warburg Realty
New York Real Estate Journal
6.25.15
6.24.15
6.23.15
6.22.15
6.22.15
6.19.15
6.18.15
6.18.15
6.17.15
6.17.15
6.17.15
6.17.15
6.16.15
6.16.15
6.16.15
6.12.15
6.12.15
6.12.15
6.9.15
6.5.15
6.5.15
6.5.15
6.3.15
6.3.15
6.3.15
6.3.15
6.2.15
6.1.15
6.1.15
5.30.15
5.29.15
5.28.15
5.28.15
5.27.15
5.27.15
5.26.15
Home Prices Continue to Climb
Wall Street Journal
5.21.15
$21.5 million Manhattan townhouse is a steal?
CNBC Secret Lives of the Super Rich
5.20.15
5.18.15
5.18.15
5.18.15
5.16.15
5.15.15
5.15.15
5.15.15
5.14.15
5.8.15
5.4.15
5.1.15
5.1.15
5.1.15
5.1.15
5.1.15
5.1.15
Manhattan Market Watch: Moving Tips
Mann Report Residential
5.1.15
5.1.15
4.30.15
4.30.15
4.28.15
4.24.15
4.22.15
4.21.15
4.16.15
4.15.15
4.14.15
4.13.15
4.12.15
4.12.15
4.3.15
4.3.15
4.3.15
4.2.15
4.1.15
4.1.15
4.1.15
4.1.15
3.20.15
3.19.15
3.17.15
Lauren Bacall’s Apartment
Top Ten Real Estate Deals
3.13.15
3.12.15
3.3.15
We Hear…
New York Post
3.3.15
3.3.15
3.2.15
3.1.15
EXTRA! EXTRA! READ ALL ABOUT IT IN 2015
Mann Report Residential
3.1.15
3.1.15
2.26.15
2.25.15
2.20.15
On The Market In New York City
The New York Times
2.19.15
2.17.15
2.11.15
2.5.15
2.5.15
2.3.15
2.2.15
2.2.15
Fixer-uppers gain appeal
The Real Deal
2.1.15
2.1.15
1.30.15
1.29.15
1.25.15
1.16.15
1.16.15
1.12.15
1.7.15
1.7.15
1.6.15
1.6.15
1.6.15
1.5.15
See More See Less

2014

Show Press Hide Press
12.29.14
12.29.14
12.26.14
On the Market: Sutton Place
The New York Times
12.23.14
12.17.14
12.1.14
Prime Rates
Gotham
11.26.14
11.24.14
11.14.14
11.12.14
11.11.14
11.6.14
Houses of the Week
New York Post
11.5.14
11.1.14
11.1.14
10.31.14
10.31.14
10.31.14
10.24.14
10.24.14
10.20.14
10.17.14
10.15.14
10.14.14
10.9.14
10.1.14
10.1.14
10.1.14
9.20.14
9.19.14
9.10.14
9.10.14
9.4.14
9.1.14
Doubling Down On Cuomo
The Real Deal
8.26.14
8.23.14
8.22.14
8.8.14
8.8.14
8.6.14
8.1.14
7.28.14
7.23.14
7.14.14
7.9.14
7.3.14
7.2.14
7.1.14
7.1.14
7.1.14
7.1.14
7.1.14
6.30.14
6.24.14
6.13.14
6.4.14
6.1.14
5.30.14
5.21.14
5.21.14
5.16.14
5.16.14
5.6.14
Profile: CLAIRE GROOME
New York Family
5.1.14
4.20.14
4.16.14
4.9.14
4.7.14
Dads of Real Estate
New York Family Magazine
4.7.14
4.6.14
4.1.14
3.30.14
3.28.14
3.26.14
3.25.14
3.25.14
3.25.14
3.12.14
Sales Updates – Harlem
The Real Deal
3.10.14
3.10.14
3.1.14
3.1.14
2.26.14
New Listings: Beekman
Brokers Weekly
2.20.14
2.14.14
2.5.14
2.1.14
2.1.14
1.29.14
1.29.14
1.29.14
1.29.14
1.29.14
1.27.14
1.14.14
1.14.14
1.3.14
1.3.14
1.1.14
See More See Less

2013

Show Press Hide Press
12.30.13
12.19.13
12.4.13
Gotta get gund
New York Post
11.26.13
11.26.13
11.15.13
11.15.13
11.12.13
11.8.13
11.6.13
10.31.13
10.30.13
10.27.13
10.25.13
10.21.13
10.16.13
10.11.13
10.7.13
10.7.13
Park Manhattan is Sold Out!
Mann Report Residential
10.1.13
10.1.13
10.1.13
Sales in the City – Summer 2013
Residency NY Magazine
10.1.13
Sales in the City – Fall 2013
Residency NY Magazine
9.27.13
9.21.13
9.19.13
9.12.13
9.11.13
9.11.13
9.10.13
9.9.13
9.1.13
8.27.13
8.27.13
8.26.13
8.19.13
8.19.13
8.18.13
8.1.13
EVERYONE IN THE POOL!
Mann Report Residential
8.1.13
8.1.13
7.18.13
7.8.13
7.2.13
7.1.13
6.23.13
6.21.13
6.9.13
6.4.13
6.2.13
5.31.13
5.23.13
5.19.13
On the Market: Kips Bay Co-op
The New York Times
5.14.13
5.9.13
5.8.13
5.1.13
5.1.13
4.30.13
4.18.13
4.10.13
4.8.13
4.8.13
4.4.13
4.1.13
4.1.13
4.1.13
3.23.13
3.18.13
3.17.13
3.7.13
Dream Homes
New York Post
3.5.13
3.1.13
3.1.13
2.26.13
2.22.13
Houses of the Week
New York Post
2.22.13
2.13.13
Properties of the Month
Avenue Magazine
2.12.13
2.11.13
2.8.13
Dear Owner: Please Sell
The New York Times
2.5.13
2.4.13
2.4.13
2.1.13
2.1.13
2.1.13
Warburg Honors Top Agents of 2012
Mann Report Residential
2.1.13
1.31.13
1.15.13
1.1.13
1.1.13
1.1.13
1.1.13
1.1.13
1.1.13
See More See Less

2012

Show Press Hide Press
12.31.12
12.23.12
12.21.12
12.11.12
12.6.12
Who’s News
Brokers Weekly
12.4.12
11.27.12
11.26.12
11.1.12
10.10.12
Who’s News
Real Estate Weekly
10.1.12
10.1.12
Just Sold!
New York Post
10.1.12
9.24.12
9.12.12
9.12.12
9.4.12
8.24.12
8.21.12
8.20.12
8.9.12
8.8.12
8.4.12
8.2.12
8.1.12
8.1.12
Alicia Corpening Joins Warburg Realty
Mann Report Residential
7.19.12
Dream Homes
New York Post
7.9.12
7.1.12
6.22.12
6.21.12
Houses of the Week
New York Post
6.14.12
6.13.12
6.8.12
6.8.12
6.1.12
5.18.12
5.17.12
Dream Homes
New York Post
5.15.12
5.15.12
5.9.12
5.4.12
5.2.12
5.1.12
Pricey Co-ops Find Buyers
The Wall Street Journal
5.1.12
5.1.12
5.1.12
4.1.12
3.25.12
3.24.12
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2011

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2011: The Year of the Turndown
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Should You Buy a House?
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Bahamas’ Albany Continues to Grow
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Trio Seeking Second-Time Chelsea Charm
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2010

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Some Condos Avoid Shoals
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New Appraisal Rules Irk Some Brokers
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Caught in the Web
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6.1.10
Manhattan Market Watch: ON NEGOTIATING
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Time to relist?
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4.1.10
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Real Brokers of NYC
Brokers Weekly
3.5.10

New Appraisal Rules Irk Some Brokers

June 23rd 2010

The Wall Street Journal

By Craig Karmin

Changes Backed by Cuomo Target Inflated Property Values; Critics Complain Sales Can Be Derailed

The ink had just dried on a contract last month for the sale of a two-bedroom Harlem apartment when real-estate agent Charlie Lewis got the bad news: The co-op at Ellington on the Park was appraised at a value around 15% below the agreed-on sales price.

An appraisal that low usually meant one thing—the planned sale would go bust. But Mr. Lewis of Warburg Realty Partners says he appealed to the lender, arguing that the apartment was compared with those in older buildings, that its outdoor space wasn’t given enough consideration, and that the appraiser from outside the city had misconceptions about Harlem prices.

“We knew something was wrong,” Mr. Lewis recalls. The bank agreed to send another appraiser, who valued the apartment at close to the contract price. Mr. Lewis says the deal is expected to close soon.

Not every broker has been that lucky. Since changes adopted a year ago in the way appraisers are appointed, New York real-estate agents have been complaining about an influx of outsiders who don’t understand the intricacies of Manhattan real estate and have repeatedly low-balled prices in their appraisals.

Under the new industrywide rules, mortgage brokers, real-estate agents and loan officers are banned from choosing their own appraisers. The result has been an increase in the use of out-of-town appraisers and—brokers and developers say—a greater likelihood of lower-than-expected property estimates that can put agreed-upon sales deals at risk.

“It’s gone from a very smooth process to a bumpy one,” says Ron Moelis, chief executive officer for L + M Development Partners, a New York firm that specializes in affordable housing benefiting from government subsidies and tax abatements.

He says that out-of-town appraisers can’t get up to speed quickly enough on the city’s complex regulatory environment, leading to repeat appraisals and a few deals falling through.

The new rules went into effect in May 2009 after they were adopted by Fannie Mae and Freddie Mac as part of a settlement with the New York Attorney General Andrew Cuomo’s office, which was examining their appraisal process.

John Milgrim, a spokesman for the attorney general’s office, said Fannie Mae and Freddie Mac have found that the code “has protected home buyers and has improved the independence of appraisers by reducing opportunities for fraud [and] protecting consumers in the mortgage process.”

But many in the real-estate industry dislike the new appraisal rules. House and Senate negotiators on Tuesday appeared likely to roll back at least some of these new appraisal rules, known as the Home Valuation Code of Conduct, as part of a federal financial-overhaul bill.

The new appraisal rules are in effect nationally, but real-estate professionals say the impact has been particularly acute in New York, where appraisals can vary widely from block to block and many individual properties are unique.

Measuring an apartment’s square footage is straightforward, but determining how much value to assign to a partial park view or how much renovations will likely cost can require local knowledge, brokers say.

Some think the brokerage industry brought this on itself. Appraisals are supposed to offer an unbiased assessment of a home’s value to protect a buyer from overpaying and banks from making risky loans. It’s widely believed that inflated appraisals contributed to the housing bubble when loan officers or brokers selected friendly appraisers in hopes of getting a high enough valuation to close a deal.

Even so, many New York real-estate professionals complain that the solution has created its own set of problems. While the new code permits banks to set up internal controls for selecting an appraiser, most larger lenders have opted instead to farm the choice out to an appraisal-management company. These companies—which are often owned by large banks—select their own roster of appraisers.

“These management companies often decide who to pick based on who will work for the lowest fees,” says Michael Vargas, principal at the New York City-based Vanderbilt Appraisal Co. “That doesn’t foster the highest quality appraisals.”

Jeff Schurman, executive director of the Title/Appraiser Vendor Management Association, a national trade group that represents appraisal-management companies, disagrees.

“An appraiser has to decide if he knows the area and has the data sources to do it,” he says. “An appraisal-management company won’t continue to use an appraiser if it’s not getting quality.”

 

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