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Wednesday October 18, 2006 10:01 AM

By AMY WESTFELDT

Associated Press Writer

NEW YORK (AP) – It’s not often that Manhattan apartment dwellers compare their neighborhood to a small town.

But the 25,000-person community of Stuyvesant Town and Peter Cooper Village is unusual: residents stay for decades, children play outside, friends gather on park benches.

Metlife Inc. announced Tuesday that the complex – one of the nation’s largest – has been sold to a developer for $5.4 billion. Now, residents worry the character of the place will be changed.

Even though rent stabilization protections remain, many fear they will eventually be pushed out of their homes by rising costs.

My husband grew up here, it's a part of his history, his parents live here still,'' said resident Joan Colten.We very much want to remain in the neighborhood.’’

Generations of families of lawyers, teachers and firefighters have lived in the 110 apartment buildings originally built for returning World War II veterans. Many have called it the last bastion of middle-class housing in Manhattan’s supercharged real estate market.

The buildings along the East River include mostly below-market, rent-stabilized apartments, a community center where women gather and play bridge, and private parkland. The distinct brick buildings can be seen from blocks away and the winding streets within can make the area feel like its own city.

MetLife, one of the nation’s largest insurers, announced the sale of the apartments to the Tishman Speyer development company in a joint venture with BlackRock Realty, the real estate arm of BlackRock Inc.

The opportunity to buy 11,000 apartments in a terrific neighborhood in this city doesn't come along very often, maybe once in a generation,'' said Robert Speyer, Tishman Speyer's senior managing director.You live for opportunities like this one.’’

The $5.4 billion price tag makes the sale one of the biggest residential real estate deals ever. The price beat a tenant-backed bid of $4.5 billion for the properties, as well as several other bids.

Speyer said the residents of rent-stabilized apartments are protected by law and will be able to keep paying the below-market prices as long as they still live there. He said there are no plans to convert any of the apartments into condominiums.

``We don’t want Stuyvesant Town and Peter Cooper Village to be a place of pied-a-terres over the long term, a luxury gated community, one which is only accessible to the richest New Yorkers,’’ said City Councilman Daniel Garodnick, a resident who was part of the proposed offer.

Source: The Guardian

The Associated Press-AOL Real Estate poll on public attitudes about
shopping for homes was conducted Sept. 26-28 by Ipsos and is based on telephone
interviews Ipsos conducted with 2,001 adults from all states except Alaska and
Hawaii. That included 289 people who bought a home in the last two years and 401
likely to buy a home within the next two years.

Results were weighted to represent the population by demographic factors
such as age, sex, region, race and income. No more than one time in 20 should
chance variations in the sample cause the results to vary by more than plus or
minus 3 percentage points from the answers that would be obtained if all people
in the U.S. were polled. The margin of error for those who bought homes within
the last 2 years was plus or minus 6 percentage points, while the margin of
error for those who are likely to buy a home in the next 2 years was plus or
minus 5 percentage points. There are other sources of potential error in polls, including the wording
and order of questions. Results may not total 100 percent because of rounding.
An “X” signifies less than 1 percent. 1. During the past two years, did you buy a house or condominium, or not? —Yes, 16 percent —No, 84 percent 2. How likely is it that you will buy a house or condominium in the next two
years? Is it almost certain, very likely, somewhat likely, not too likely, or
will you definitely not buy a house or condominium during the next two years? —Almost certain, 7 percent —Very likely, 8 percent —Somewhat likely, 10 percent —Not too likely, 21 percent —Definitely will not buy, 53 percent —Not sure, 1 percent Total almost certain/very likely/somewhat likely—26 percent Total not too likely/will not buy—74 percent 3. Do you currently own your home, or do you rent? —Own, 70 percent —Rent, 28 percent —Not sure, 2 percent 4. Do you think the housing market in your area is overpriced, under priced,
or do you think the market is priced about right? —Overpriced, 46 percent —Underpriced, 5 percent —About right, 45 percent —Not sure, 4 percent 5. During the next (two years), do you think housing prices in your area
will go up, go down, or stay about the same? —Go up, 49 percent —Go down, 18 percent —Stay about the same, 32 percent —Not sure, 1 percent 6. In general, how difficult do you think it is for most first-time
homebuyers to afford a home? —Very difficult, 40 percent —Somewhat difficult, 40 percent —Not too difficult, 13 percent —Not at all difficult, 5 percent —Not sure, 2 percent Total difficult—80 percent Total not difficult—18 percent 7. Do you think it is more difficult, less difficult, or about as difficult
for first-time homebuyers to afford a home as it was 5 years ago? —More difficult, 59 percent —Less difficult, 14 percent —About the same, 26 percent —Not sure, 1 percent 8. I’m going to read you a list of factors that might be important in buying
or renting a home. For each one, please tell me if this factor is very
important, somewhat important, not too important, or not at all important to you
in buying or renting a home. How about … Price —Very important, 79 percent —Somewhat important, 18 percent —Not too important, 2 percent —Not at all important, 1 percent Total important—97 percent Total not important—3 percent Location close to work —Very important, 42 percent —Somewhat important, 40 percent —Not too important, 12 percent —Not at all important, 6 percent Total important—82 percent Total not important—18 percent Quality of schools in the area —Very important, 68 percent —Somewhat important, 15 percent —Not too important, 9 percent —Not at all important, 8 percent Total important—83 percent Total not important—18 percent Pleasant views —Very important, 28 percent —Somewhat important, 48 percent —Not too important, 17 percent —Not at all important, 6 percent —Not sure, 1 percent Total important—77 percent Total not important—22 percent Square footage —Very important, 45 percent —Somewhat important, 45 percent —Not too important, 7 percent —Not at all important, 2 percent —Not sure, 1 percent Total important—90 percent Total not important—10 percent Closet and storage space —Very important, 54 percent —Somewhat important, 37 percent —Not too important, 7 percent —Not at all important, 2 percent Total important—91 percent Total not important—9 percent Outdoor space and landscaping —Very important, 40 percent —Somewhat important, 45 percent —Not too important, 12 percent —Not at all important, 3 percent Total important—85 percent Total not important—15 percent Quality of construction and plumbing —Very important, 87 percent —Somewhat important, 11 percent —Not too important, 1 percent —Not at all important, 1 percent Total important—98 percent Total not important—2 percent Possibility of appreciation in value —Very important, 57 percent —Somewhat important, 34 percent —Not too important, 6 percent —Not at all important, 3 percent Total important—91 percent Total not important—9 percent (Questions 9-11 held for future release) (QUESTIONS 12a.-16 ASKED OF RECENT HOMEBUYERS) Thinking about the most recent house or condominium you bought 12a. Approximately how far is this house or condominium from your previous
residence? Please estimate the distance in miles. —1 mile or less, 15 percent —2 to 3 miles, 11 percent —4 to 5 miles, 12 percent —6 to 10 miles, 12 percent —11 to 25 miles, 16 percent —26 to 50 miles, 8 percent —51 to 500 miles, 9 percent —More than 500 miles, 15 percent —Not sure, 2 percent

Median -- 9.7
12b. Approximately how far is this house or condominium from your work?

Please estimate the distance in miles.

—1 mile or less, 19 percent —2 to 3 miles, 9 percent —4 to 5 miles, 5 percent —6 to 10 miles, 15 percent —11 to 15 miles, 22 percent —16 to 20 miles, 10 percent —21 to 25 miles, 2 percent —26 to 50 miles, 11 percent —More than 50 miles, 5 percent —Not employed, 13 percent —Not sure, 1 percent

Median -- 7.8
13. What tools or resources did you use in your search for a house or

condominium? Did you

Use a professional real estate agent —Yes, 62 percent —No, 38 percent Use the Internet —Yes, 53 percent —No, 47 percent Check print newspaper ads —Yes, 40 percent —No, 60 percent Visit open houses —Yes, 37 percent —No, 63 percent Use friends or family —Yes, 55 percent —No, 45 percent Drive or walk around looking for “for sale” signs —Yes, 51 percent —No, 49 percent 14. How did you FIRST learn about the house or condominium you bought? Was
it —Through a professional real estate agent, 32 percent —Through friends or family, 29 percent —Driving or walking around looking for “for sale” signs, 19 percent —On the Internet, 11 percent —Through newspaper ads, 6 percent —I built it, 3 percent —In some other way, 2 percent Thinking about the most recent house or condominium you bought 15. Overall, would you rate your home buying experience as positive or
negative? Is that very (positive/negative) or somewhat (positive/negative)? —Very positive, 51 percent —Somewhat positive, 37 percent —Somewhat negative, 9 percent —Very negative, 3 percent Total positive—88 percent Total negative—12 percent 16. Was this the first house or condominium you have ever purchased, or not? —Yes, 40 percent —No, 60 percent (QUESTIONS 17-21 ASKED OF LIKELY HOMEBUYERS) 17. Are you currently actively looking to buy a house or condominium, or
not? —Yes (actively looking), 40 percent —No, 60 percent 18. When thinking about buying a house or condominium, how much do you worry
about each of the following? How about Paying above the fair market value at the time —A lot, 39 percent —Some, 39 percent —Not too much, 11 percent —Not at all, 10 percent —Not sure, 1 percent Total a lot/some—78 percent Total not too much/not at all—21 percent The potential that the home will decline in value —A lot, 27 percent —Some, 35 percent —Not too much, 22 percent —Not at all, 15 percent —Not sure, 1 percent Total a lot/some—62 percent Total not too much/not at all—37 percent Finding enough money for the down payment —A lot, 34 percent —Some, 24 percent —Not too much, 20 percent —Not at all, 22 percent Total a lot/some—58 percent Total not too much/not at all—41 percent Being able to afford the mortgage payment —A lot, 40 percent —Some, 25 percent —Not too much, 16 percent —Not at all, 19 percent Total a lot/some—65 percent Total not too much/not at all—35 percent Rising interest rates —A lot, 46 percent —Some, 39 percent —Not too much, 9 percent —Not at all, 6 percent Total a lot/some—84 percent Total not too much/not at all—16 percent Not being able to afford the kind of home you really want —A lot, 34 percent —Some, 29 percent —Not too much, 20 percent —Not at all, 17 percent Total a lot/some—63 percent Total not too much/not at all—37 percent Not being able to find a home that you like —A lot, 24 percent —Some, 40 percent —Not too much, 19 percent —Not at all, 16 percent —Not sure, 1 percent Total a lot/some—64 percent Total not too much/not at all—35 percent Not being able to find a home in the area where you want to live —A lot, 36 percent —Some, 28 percent —Not too much, 16 percent —Not at all, 20 percent Total a lot/some—64 percent Total not too much/not at all—36 percent 19. Which of the following resources are you using or do you expect to use
in your search for a house or condominium? How about Using a professional real estate agent —Yes, 71 percent —No, 28 percent —Not sure, 1 percent Using the Internet —Yes, 74 percent —No, 26 percent Checking print newspaper ads —Yes, 69 percent —No, 31 percent Visiting open houses —Yes, 70 percent —No, 30 percent Using friends or family —Yes, 67 percent —No, 33 percent Driving or walking around looking for “for sale” signs —Yes, 67 percent —No, 33 percent (Question 20 held for later use) 21. Will this be the first house or condominium you have ever purchased, or
not? —Yes, 53 percent —No, 47 percent (QUESTION 22 ASKED OF UNLIKELY HOMEBUYERS) 22. What is the MAIN reason you say you are unlikely to buy a house or
condominium in the next two years? (open-ended) —I like the home I have now, 25 percent —Can’t afford a new home, 16 percent —Don’t need a new home, 11 percent —Don’t want to move, 10 percent —Recently bought a home, 10 percent —Age/too old, 3 percent —Housing prices are too high, 3 percent —I’ve made an investment in my current home, 3 percent —I own my home, 2 percent —Retired, 1 percent —Want to wait until prices drop, 1 percent —Unemployed, student, 1 percent —Can’t afford a down payment, 1 percent —May move out of the area, 1 percent —Interest rates are too high, 1 percent —Children are in school, X percent —Not a U.S. citizen/not from here, X percent —Other (specify), 5 percent —Nothing, 1 percent —Not sure, 5 percent (QUESTIONS 23-25 ASKED OF HOMEBUYERS WHO USED/EXPECT TO USE THE INTERNET) 23. What would you say is the best feature available when conducting real
estate research online? —Photos of properties, 19 percent —Search capabilities, 14 percent —Variety and volume of listings, 10 percent —Virtual tours, 9 percent —More information available, 4 percent —Ease of use, 3 percent —Accessibility, 3 percent —Free listings, 1 percent —Price, 1 percent —Other, 24 percent —Not sure, 16 percent 24. Have you ever taken an online virtual tour of a home, or not? —Yes, 71 percent —No, 29 percent 25. Where would you say you spent the most time online searching real estate
listings? —At home, 83 percent —At work, 11 percent —Both equally (volunteered), 3 percent —Not sure, 3 percent