Real Estate News

Why is New York City ‘For Sale’ inventory so low?

Manhattan real estate inventories decline

Real estate supply and demand!

As an economics major with an MBA in Finance, the basic economic theory of supply and demand tells me that as buyers find less Manhattan real estate inventory to bid on which has effectively pushed prices up, that more sellers should enter the market once again increasing the supply as they attempt to take advantage of the price spikes.

But that is not happening and the question then becomes one of why?

In fact to date in 2013 real estate inventories are actually as far below the 10-year average as they were above that same average in 2009.

Here are some possible explanations.

An article in Curbed New York written by Jonathan Miller explains:

“One of the biggest housing market complaints these days pertains to thelack of inventory, both existing and new development. Many would assume the complaining is only coming from buyers and real estate agents and not from would-be sellers.  Of course, for those who are selling it should be a good time since the competition is limited, right?

If inventory is so low, why aren’t sellers coming out of the wood (cast iron, brick, etc.) work to take advantage of the limited competition? A big unsung factor is that many sellers can’t sell (sellers when they sell become buyers, and if they don’t qualify for a trade up they don’t sell—this is more than a third of US mortgage holders)—otherwise we’d see a surge of inventory enter the market this spring.

But we aren’t seeing that…”

Read the rest of the article here.

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Hallmark Abstract Service News, Long Island Fight for Charity, Title Insurance New York

Michael Haltman of Hallmark Abstract Service is fighting for charity!

Long Island Fight for Charity

*Donate $50 or more and receive a Fight for Charity t-shirt!

Michael Haltman, President of Hallmark Abstract Service, is entering the boxing ring later this year to raise money for the great and deserving charities supported by the Long Island Fight for Charity (LIFFC)!

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While our clients typically know HAS as the firm dedicated to their commercial or residential real estate transaction, today we seek your support to whatever extent you are able as Michael trains to enter the boxing ring later this year at the “Main Event’ taking place at the Long Island Hilton in Melville, New York.

Glen Cove Boxing Club outside

Michael is currently working out at the Glen Cove Boxing Club with 35-year boxing veterans Frank Pena and Billy “Kid” Strigaro who have trained Olympic fighters and with Billy holding a Marine Corp boxing title.

Glen Cove ring

At the ‘Main Event’ November 25, about 1,500 Long Island businesspeople are expected to attend  first for a dinner buffet catered by 25 top Long Island restaurants followed by the 12 3-round bouts pitting two Long Island businesspeople against each other who have been matched by age and weight to end the night.

Michael seeks to raise a minimum of $10,000 understanding that this goal will primarily be attained through the contributions of many people donating whatever they can.

We are also very aware that these are difficult economic times and not everyone can spare money for anything beyond the necessities of life.

However, if you find yourself in the position where you are able to donate, there are opportunities to do so through one of the fantastic sponsorship opportunities described below that will provide excellent exposure for your business, by purchasing a ticket for the ‘Main Event’ taking place on November 25, 2013 or by donating some other amount that you feel comfortable with.

This is a description of the Long Island Fight for Charity along with sponsorship opportunities and links to donate at PayPal.

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Screen shot 2013-04-17 at 4.52.52 PMTo discuss sponsorship or advertising opportunities contact Michael Haltman at 516.741.4723 or by email at mhaltman@hallmarkabstractllc.com

Donate to the Long Island Fight for Charity here!

You do not need a PayPal account to donate as you can pay using a credit card there as well (click on don’t have a PayPal account at the lower left when you are at PayPal).

DONATE ANY AMOUNT—————————————–DONATE NOW

VIP RINGSIDE SEATS:————————————–$195 DONATE NOW

GENERAL ADMISSION:————————————-$125 DONATE NOW

COMPANY NAME AND TAG-LINE ON TRUNKS:—–$250 DONATE NOW

COMPANY NAME AND TAG-LINE ON ROBE:———$300 DONATE NOW

ENTOURAGE MEMBER (INCLUDES GA TICKET):–$350 DONATE NOW

MICHAEL HALTMAN LIFFC T-SHIRT:——————$25  DONATE NOW

A press release for Michael Haltman appears at LongIsland.com.

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hallmark abstract service, Long Island Commercial Real Estate Expo, Title Insurance New York

Coming this Tuesday! The Long Island Commercial Real Estate Expo!

Long Island commercial real estate

LICREE

LICREE is coming to the Long Island Hilton, Farmingdale, New York on Tuesday, March 12, 2013!

Whether you are currently involved in the commercial real estate market on Long Island or you’re not but may want to be, LICREE is a must attend event!

Register Now at the link below!

And when you’re there stop by the Hallmark Abstract Service booth and say hello!

The Long Island Commercial Real Estate Expo

Visit the Long Island Commercial Real Estate Expo here.

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Charitable giving, hallmark abstract service

Long Island Fight for Charity: A win-win charity proposition!

Long Island Fight for Charity Hallmark Abstract Service

The Long Island Fight for Charity!

Later this year I am going to be stepping into the ring as a boxer in the Long Island Fight for Charity (LIFFC) (501c3). I will be fighting under the name of Mike ‘The Closer’ Haltman!

In 2013, the LIFFC is celebrating its 10th Anniversary of raising money for three extremely deserving charities on Long Island, New York (see charities here).

As part of my duties as a fighter I am training at the Glen Cove Boxing Club in Glen Cove, Long Island, and I am reaching out to individuals and companies presenting the fantastic win-win charitable giving proposition that the Long Island Fight for Charity offers.

The charities benefit from the generosity of your your donation – Win

Your firm, or you personally, benefits from the many months of promotion and publicity provided by a Long Island public relations firm that culminates with the night of the ‘Main Event’ when 1,500 screaming fans will be packed into the Huntington Hilton seeing your brand – Win

Of course the amount of publicity is relative to the sponsorship level that you choose, but know that whatever you decide that the money is going to support some great causes!

You can read about the LIFFC at this link, and then come back and choose your level of participation!

Donate any Amount! BUY NOW

Mike ‘The Closer’ Haltman T-Shirt BUY NOW

Fight-Night Opportunities Participation Opportunities!

Member of my Entourage on Fight Night ($600) – Bring me to the Ring and wear your Company Shirt and carry a Company Sign – Includes One General Admission Seat! BUY NOW

Your Company Name and Tag-Line on my Robe ($350) BUY NOW

Your Company Name and Tag-Line on my Trunks ($250) BUY NOW

LIFFC Sponsorship Opportunities!

· Champion ($15,000) – Name recognition as Main Sponsor to be included on all print material and advertising, 15 ringside VIP tickets, full page color ad in LIBN event program, banner displayed at event, banner displayed at pre-event cocktail reception, listed on the cover of the event brochure, logo & link on the website. Call me at 516.338.7500

· Contender ($12,000) – Name Recognition as Presenting Sponsor to be included on all print material and advertising, 12 ringside VIP tickets, full page color ad in LIBN event program, banner displayed at event, banner displayed at pre-event cocktail reception, logo & link on the website. Call me at 516.338.7500

· Ring ($10,000) – Company name on four corners of the ring & name recognition as Ring Sponsor on all printed material, 12 ringside VIP tickets, full page color ad in LIBN event program, banner displayed at event, logo & link on the website. BUY NOW

· Judges ($7,000) – Company logo on judges voting signs, 10 ringside VIP tickets, full page color ad in LIBN event program, banner displayed at event, logo & link on the website. BUY NOW

· Round Card ($5,000) – Company name displayed on Round Card, 8 VIP tickets, half page color ad in LIBN event program, banner displayed at event, logo & link on the website. BUY NOW

· Boxer ($3,000) – Company name on a boxers robe or trunks, 6 VIP tickets, half page black and white ad in LIBN event program, logo & link on the website. BUY NOW

· Sparring Partner ($1,500) – 4 VIP tickets, Quarter page black and white ad in the event program and logo & link on the website. BUY NOW

 · Booster ($1,000) – 5 General Tickets, eighth page black and white ad in event program and logo on website. BUY NOW 

 

How often does a win-win proposition present itself! Get involved today! 

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business interruption, Insurance

Hurricane Sandy business interruption claim denials could be all wet!

Hurricane Sandy business interruption claims are being denied!

Many companies that thought they were covered for Hurricane Sandy business losses are now finding that their insurance company is telling them that their claims are all wet!

Isn’t that just like an insurance company? It reminds me of the Seinfeld episode where Jerry goes to pick up a rental car only ot find out there is no car:

“I know what a reservation is” “I dont think you do” “See you know how to take the reservation, but you just dont know how to hold the reservation. And essentially thats the most important part of the reservation, the holding.”

Change that to an insurance company when a policy holder files a claim that gets denied:

Agent: “I know what insurance is!”

Policy Holder: I don’t think you do. See you know how to write the policy and collect my premiums, but you just don’t know how to pay a claim! And essentially it is the paying of a claim that is the most important part of having insurance!”

The good news, however, for companies that have had claims denied, is that it might not be the end of the road.

In fact, in an article at the Property Insurance Company Law Blog titled ‘Business Interruption Claim Denials After Hurricane Sandy Abound in New York City‘ the case is made that ‘While it is true that most, if not all, commercial policies have flood exclusion provisions in the main property coverage section, most standard policies also contain additional coverages and endorsements that afford payment for business income losses despite the flood exclusion.’

Read the full article at the Property Insurance Company Law Blog here.

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