Traders immediately cheered the Fed’s moves, hoping they would lead to lower mortgage rates and a return to more bullish conditions. By 3:10 p.m., the Dow Jones Industrial Average stood up 131 points at 7527. The Nasdaq had picked up 35 at 1497, and the S&P 500 had jumped 20 to 798.

After reading this article I realized that with foreclosures at their highest rate in 15 years and an overall market adjustment from 10 to 25 percent  we may we have possibly hit a bottom or come close to one.   With  the The Treasury Department  considering a plan to revitalize the U.S. home market that would push down interest rates for loans to purchase a home, according to people familiar with the matter.

The plan, which is in the development stage, would temporarily use the clout of mortgage giants Fannie Mae and Freddie Mac to encourage banks to lend at rates as low as 4.5%, more than a full point lower than prevailing rates for standard 30-year fixed-rate mortgages.

U. S. Treasury  about to reduce rates to 4.5% ????????those of you who are trying to catch the falling knife you better put some gloves on

Another small business has joined us here on Vernon Boulevard and opened its doors for the very first time, today. This is a wonderful addition to Long Island City, coming at an especially critical time  for emerging neighborhoods such as here . With increasing concern about deteriorating market values, small business owners are now taking on more risks to bring the area establishments that meet the area demand. It refreshing to see a steady flow of patrons now having another area alternative to high tailing it to the city!

“The Prism” (working name for now), an 81 unit condo, will rise 125 feet on Borden Avenue between 5th Street and Vernon. This is no ordinary condo- this one comes with a 24 hour color light clock.

http://afinecompany.blogspot.com/2008/11/lic-prism-condo-with-light-show.html

New Development Long Island City/Astoria, near Vernon Blvd

Ok so as many of you know, i live over at The Arris Lofts, and even though ive been living here for 2 months, ive been coming here practically everyday since last summer due to work, ive gotten to know many of the residents, and having been in real estate for over 6 years, dealing with predominantly luxury buildings, i have yet to see a group of residents so diverse, so eclectic, so social and friendly like in the Arris.  Last night the developers held a party in the Lobby for all the residents and people involved., i left the building only to realize that the lobby had a complete makeover, it looked like the W hotel or something, everything in white, candles everywhere, a dj setup, it was crazy. The event started at 5:30, and the atmosphere was great, yes they had also invited many brokers, but there were alot of residents as well as the people involved with the project, there were probably somewhere around 2-300 people who attended throughout, everyone getting to know there neighbor laughing and enjoying the soiree. Afterwords at around 9:30pm, about 20 residents myself included decided to head to Manducattis for dinner, as i arrived there, i saw there was a table with Alex & Andrew Silverman (Andalex Group), along with several other employees of the firm in addition to Sunshine Corcoran, i stopped by the table to say hi, and that i enjoyed the event and later joined my neighbors and new friends from Arris, we spent the rest of the night, laughing and talking, towards the end of the night, Andrew & Alex had come over, to say hello, They told us they chose Long Island City to develop because they saw how great the area could be, they were happy to see that a real community had been created, 237 owners from all walks of life had found something special in the Arris and had developed friendships. They thanked us, promised that Arris will be a great building and then told us that they were paying for our check. it is great to see that we New Yorkers having a reputation throughout the world for being rude, abnoxious, and keeping to ourselves, are coming together, conversing, interacting and playing parts in eachothers lives… And ive been hearing that alot lately in this town, other buildings are coordinating meetups or nights drinking or for dinner with other people who have purchased in the same building, buildings like Badge, and Purves have done it, i believe 5SL as well, organizing yahoo or google groups. Its pretty cool i think… People are inviting one another to see eachothers homes, share design tips, where to get a good deal on window treatment, recommend local restaurants or whatever and from this, friendships are born. I have to say that Im glad to be part of this community… 

This Sunday from 12-2pm experience the Arris Lofts… probably the most luxurious building in all of Long Island City, featuring more ammenities than you know what to do with. Including an 8700sqft Fitness Center with Lap Pool, a 4700sqft Lobby with owners Lounge and Sculptured fireplace, a 6000sqft Landscaped Courtyard with reflecting pond, a 6000sqft Roofdeck, a 3300sqft Media/Game room with childrens play area, 24hr doorman/concierge, fresh direct ready, onsite valet parking just $226 a month… Come experience the Arris Lofts rental tour, several brokers from several different firms are getting together to display a selection of units for rent… Just take the E,V or if your coming from Brooklyn the G to 23rd Street Ely Avenue, you can also take the 7 Train to Courtsquare, less then 4 minutes from Manhattan… 27-28 Thomson Avenue…