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Real-estate agent Dolly Lenz takes FBN’s Gerri Willis on a tour of a luxury apartment in New York City.
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Welcome back today an FB and we're reporting on the return of the housing market.
Are you -- take a look at something really luxurious.
In New York City one segment of the market is booming.
And it's homes selling for ten million dollars and more Dolly -- for Prudential Douglas element to the -- -- tour of one such child.
And -- shares great advice no matter what your price points.
For 25.
Years we've had a heck a bond market is -- recovering.
It's recovering slowly it's better than it was I wouldn't call it a full blown recovery and we still have surprises.
Possibly coming down the war in that sounds like negative surprises it could be negative surprise -- if we don't get our employment act together where people actually have jobs and the prospect of jobs.
They're not worried and shaking they're gonna lose -- job today and not be able to another one.
Those people are buying homes well the jobs market and the housing market are inextricably -- there's no doubt about that exactly let's talk about New York for me who is buying everybody's fine.
It's movie stars it's athletes it's mainland Chinese it's Russians.
Everywhere everyone wants a by the Big Apple when they cut into an apartment like that some of the tightest -- is really pretty swanky.
What are they looking.
The primary thing they're looking for here is location location location the old adage right we're on Fifth Avenue.
-- and prime Fifth Avenue in Carnegie hill where New York.
All the private schools in New York although that's arrests were right at the window exactly the Jackie -- reservoir and Jackie -- lived right there up that window -- that are meant.
So we're really in the middle of everything wonderful that everyone wants this building was actually occupied by celebrity's right -- lived here.
Will Mariah Carey and Tommy Mottola lived here when they were married.
Breslin long lived here are sold in his apartment he had a similar apartment to this.
A couple of floors down from here so we've had many many celebrities in this building what other advice you have you been doing that's a long time you can give us some great advice.
Be careful when you -- Buying at the right price the right properties somewhere you know you could stay a few years.
-- not bailing.
And when you bail you lose so make sure you buying and have a long time horizon so this market that tweaks in between we're really not sure which way it's going.
Do you have any specific advice for people who are worried about that don't Russian -- the second bid don't fall in love.
Doing your homework make it -- -- deal now we're looking at and nearly sixteen million dollar apartment in New York City.
Should take an amateur -- absolutely but this is -- -- market you know we're not talking about fifty people 59 this is a bargain so this room I think had -- been at parties here.
Over hundred people.
And they had a table set up.
And you really just came in here -- it was going Dolly I have never seen an eating kitchen in New York yes the first why it is really rare it's big it's beautiful it's comfortable and look at that window this is a beautiful master bedroom tell -- about this -- to terrific master bedroom this is a really high up bed because the owner is very -- I like that could -- exactly -- -- -- -- The owner also added a second bath.
So -- -- -- did you come down this home -- why are there to like right across from each other his and hers so don't we did the math on this apartment and if you got a thirty year mortgage put down 20%.
Paying 4% interest let's -- to make that all happen.
You're paying 60000.
Dollars a -- and that doesn't include taxes that doesn't include monthly charges.
If you do the 101000 a month that's right so -- what questions to.
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