Bubble Wrap: June 2006

Remeber, that's an orderly and moderate correction

The WSJ’s RealEstateJournal covers Commerce Department housing starts in Softer Housing Sector Is Seen, But Data Don’t Point to Collapse

May’s rebound in housing starts may be a temporary pause in a downward trend, economists say. Builders are responding to widespread expectations that the housing boom is ending.

The faster pace of new-home building in May is confirmation that the housing market is experiencing what Federal Reserve Chairman Ben Bernanke recently described as an “orderly and moderate” correction following last year’s peak. That bodes well for the economy, though analysts anticipate more weakness in the housing market during the rest of the year.

MoMA names next Architecture Curator

The Architect’s Newspaper reports that Columbia’s current art history chief will become the next Philip Johnson Chief Curator of Architecture and Design.

The MoMA has named Barry George Bergdoll as permanent successor to Terence Riley, as of January 1st 2008.

Flap at One Hanson Place Kick-off

In Manhattan Transfers over at the NY Observer, Michael Calderone covers the controversy surrounding Magic Johnson’s luxury conversion of the Williamsburg Saving Bank tower to condos.

As guests listened to smooth jazz and ate and drank cocktails in the vast, vaulted stone-and-marble bank lobby, a group of about 30 picketers formed outside, wearing little paper pins depicting skunks, slashed through with a black line.

“Sweetheart deals stink!” they shouted as they picketed. “Housing for the Needy, Not for the Greedy!” And: “Come Down, Magic! Come Down Now!”

Trade me what for this apt?

The NY Times recounts the various valuables New Yorkers are offering up in lieu of cash for Manhattan real estate.

In Manhattan, where the average price per square foot for apartments exceeds $1,000, the notion of bartering is particularly enticing.

Renting for a grand

Over the weekend the NY Times asked What You Can Rent for $1,000

Apparently the NYC housing folks have determined:

...that $1,000 is the average price of a privately owned nonregulated rental apartment in the five boroughs. That included all sizes of apartments, from studios on up.

This is causing quite a stir, as most people can’t remember $1,000/mo apts.

Manhattan User’s Guide cleverly responds with Here Was New York