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Mortgage Lender Alliance Bancorp Files Chapter 7

Alliance Bancorp Inc. has filed for Chapter 7 bankruptcy protection and will liquidate, becoming the latest residential mortgage lender to collapse in the U.S. housing downturn. In a letter posted on Alliance's Web site, Chief Executive Lisa Duehring said "the latest market was more than we were able to overcome. We have exhausted our resources." Yahoo Finance

530 Park Avenue Sells for $211 M.

BlackRock is in contract to purchase a rental building at 530 Park Avenue for $211 million, a source familiar with the deal said. BlackRock is the elite investment fund that last year merged with the asset management portion of Merrill Lynch, which created a $1.1 trillion global asset manager. Now, BlackRock can set its sights on redeveloping the 180,000-square-foot 530 Park Avenue, which will likely turn either luxury rental or condo. The New York Observer

Manhattan Is the New Lilliput

It’s the staggering cost of Manhattan apartments in general. Or the abundant supply to buy from. Or maybe it’s just that New Yorkers like little things. In fact, the average price of a Manhattan apartment with two bedrooms or more was at least $1.63 million, more than twice the average for either a one-bedroom or a studio in the second quarter. In short: To go from a one-bedroom to a two- (or three- or four-) is to take a financial leap akin to moving from Wherever Elsewhere to Manhattan itself. The New York Observer

Buy a Home - Things to Know

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner. Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking. CNNMoney.com

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