Lieb School will be closed through April 1, 2013 in honor of the above holidays.

Registration and Enrollment may both occur during our closure by going to Lieb School's website.

New York's highest Court ruled on March 21, 2013 on an issue that matters to all real estate professionals - PAY ATTENTION

In White v. Farrell,  the Court answered the issue of "the measure of a seller's damages for a buyer's breach of a contract to sell real property".

The Court ruled: "the measure of damages is the difference, if any, between the contract price and the fair market value of the property at the time of the breach".

PAY ATTENTION: The Court expressly set the time for damages at the time of breach, not at the time of resale. Additionally, the Court said that the degree that the resale price should play on a determination of damages is determined by how long after the breach that the property was resold. 

New York now expressly utilizes the Time-of-the-breach rule as the measure of damages. While its excellent that the law is now clear, be mindful that ascertaining the fair market value at the time of the breach is a question of fact for a jury, unless the property was immediately sold at arms length at the time of the breach. Therefore, in this situation, both the seller and the buyer will want to retain expert appraisers to demonstrate their position with respect to fair market value at the time of the breach.

Alternatively, its suggested that a liquidated damages clause is utilized and avoids this dispute altogether - so - make sure that the contract of sale is drafted properly and spells out the damage in the case of breach. 

In Saturday's New York Times, Floyd Norris, wrote an article entitled Off the Charts, Housing, Ailing for Years, Starts to Recuperate. The article addresses a Census Bureau report that single-family housing starts rose to the highlest level seen since 2008, which is terrific news especially when reflecting on the Great Recession and where the real etate industry has been during the last few years when every other sector started to show a rebound.

To visit the Census Bureau's website on New Residential Construction data, click here. This website is a great resource for Real Estate Professionals because you can analyze data from permits filed all the way through the characteristics of new homes such as the number of bathrooms to the number of fireplaces to even the materials of secondary walls. It also provides data on the all important topic of housing financing.

Yet, back to the article, the key for Real Estate Professionals should move away from the quantitive numbers or illustrative charts, both of which are important, but instead the focus should be that there is just another news article talking positvely about housing. This is particularly important to Real Estate Professionals because housing purchases, new construction and rennovations all deal with trends and emotion. The talk is positive - lets go ride the wave with positive energy and keep housing moving up.