I just got back from the Real Property Meetings in New York City and wanted to report on the great experience had by all. We discussed why New York Real Estate is different, Current real estate development issues, Rebuilding the World Trade Center, Current real estate financing issues, Current real estate leasing issues, Residential mortgages, Real estate issues facing not-for-profits, and NYC skyscrapers. The meeting was very positive and their was an air that the market is improving in NY. Also, I learned that the foreclosure woes are estimated to be 1/2 done in NY where they are only 1/3 through the crisis in the rest of the Country.
Personally, the discussion about the stages of building up the World Trade Center's buildings to achieve market rentals as opposed to building them all at the same time when they would compete for tenants and the discussion about the German influence on NYC's skyline were the most interesting aspects of the meetings.
Yet, I would say that Suffolk County's real estate issues were not addressed and the focus was on NYC. Therefore, I wrote the Chair of the Committee asking how we can get more localized into the future. Hopefully, we can learn from other counties and share with them the lessons we learn from having the best residential community in the State, the Hamptons / North Fork.