Without question, a revitalized real estate economy greatly benefits New York. As we have learned all too often, however, a frothy market can produce disastrous results and unintended consequences when buyers have more money than sense.

Low inventory, low interest rates, pent-up demand and an improving economy are causing an outbreak of buyer irrationality and the emergence of the real estate tipping point.

The New York residential real estate market was on a tear throughout 2012, with an incredible crescendo during the summer. Then the storm hit, and overnight, the market quieted. So where did this force of nature leave the New York market?

As sales metrics improve month by month, economists seem to agree that residential real estate is awakening from its 36-month slumber. That being said, buyers and sellers are well advised to accept the uncertainties of the market and compromise.

esidential lending has become so cumbersome and unpredictable that a transaction without a financing component geometrically increases the likelihood that the parties will wind up at the closing table.

If there is one issue about owning a co-op or condo that will take center stage over the next few years, it will no doubt be carrying costs.

With the spring selling season around the corner, if March contract signings equal or exceed those in February, things could get pretty crazy around here. But let's look forward to a good crazy.

Admit it: When you hear the real-estate maxim "location, location, location," you think about great neighborhoods and awesome transportation. That's fine -- unless you're looking for an apartment.

There's no hard data to suggest that 2012 won't be a better year for those of us in the real estate playground, as long as we accept the fact that the rules of the game will be constantly changing.

We have a saying in my industry that "buyers are liars." Buyers aren't actually lying to their brokers, it's just that sometimes we come to find out that our "must haves" are wants rather than needs.

At a time when the complexity of a basic residential real estate transaction has increased geometrically, could the presence of an attorney in the process actually be optional?

Thousands of residential co-op and condo loans close each day, but many of those loans have taken a great deal of time and effort to complete.

Here are four current marketplace misconceptions and the realities that will save time and money and reduce the stress-fest.

It never ceases to amaze me how little first-time buyers know about purchasing a home. It's difficult for a beginner to digest all of the facets of a real estate transaction.

Free will can be significantly limited when living in a co-op or condo. The co-op or condo owner is required to submit to rules that are not expressly stated or come into existence after the purchase.

The process by which a bank completes the loan documentation at the closing is about as up to date as applying a wax seal. In the digitized world we live in today, a closing takes way too long.

Developers are dusting off their promotional materials and contracts are getting signed. But sponsor transactions are in need of a serious spring cleaning.