In 2008, I predicted that West Chelsea would be one of the hottest new neighborhoods in the city. With the development of The High Line and all the construction activity – this was a no brainer. I also felt that West 19th Street would eventually become one of the most architecturally significant streets in Manhattan. Lined with residential buildings by Frank Gehry, Jeanne Nouvelle, Suga Ruban and Annabelle Selldorf, this prediction has become a reality. There was very little residential housing in the area and when I first met Annabelle Selldorf, she was not well known to the public. She was introduced to me in 2006 by John Jacobson, who, with his brother Keith and the City Investment Fund, developed 520 West 19th Street. This was the first residential condo project in West Chelsea and it was a huge success. Today, Annabelle is one of the most prolific and successful architects in New York and a household name. She was my first interview, and I thought it appropriate to review her interview for #throwbackthurdsay. I hope you enjoy it the second time around.
A Method to the Madness: How to make a quick and informed decision when you find the RIGHT apartment.
The New York real estate market is improving rapidly as a result of low inventory, high demand and the availability of attractive financing terms. These factors have given steam to the market and have resulted in increasing values. This low inventory is creating some “madness” in the market. Only 8,529 units were on the market as of Dec 2012, or 18.2% less than the same time last year according to Streeteasy.com. Michael Vargas at Vanderbilt Appraisal asserts that is only 5 months of property supply. These statistics are creating more and more bidding wars, a far different situation than the same market just one year ago.
As a buyer you must be prepared to move quickly. My last blog entry, “The Ultimate Checklist for Buyers,” was designed to help you decide what apartment will work best for you. Here we will discuss how to quickly and assuredly pursue the right apartment once it has been identified.
In this market sellers are in the driver’s seat. They will only deal with buyers who are well prepared and well qualified. To win the race you must make an offer quickly and in as strong a manner as possible:
-Don’t be afraid to make a same day offer.
-State that you do not wish to be in a bidding war.
-An excellent way to stand out is to offer slightly above ask if your broker can justify the offer.
-Be transparent when making the offer.
-Have your broker give your financial breakdown with the offer.
-Prepare a short bio on you and your family.
-Be clear about your timeline and all conditions.
-Offer a quick closing.
To make the process less daunting, it is helpful to keep the following three things in mind:
1) Do your research so you know the values in the area. A good buyer’s broker will help you with this.
2) Make sure your financing is in place, with mortgage pre-approval and REBNY financial firm completed. It is important to demonstrate to the seller that you are financially stable.
3) Retain an attorney with New York City residential contract experience. A good attorney will facilitate a smooth transaction so you don’t lose out to a backup bidder.
Note: do not expect much negotiating on properties in this market. By doing your research and knowing your needs, you and your broker will be able to justify value.
In New York City real estate, a master bedroom’s size can make or break a deal. Below are three listings that embody the grandeur of a true master suite with sitting areas, walk-in closets, terraces and large, en suite bathrooms.
A sampling of last week’s press coverage of CORE and CORE properties.
Houses of the Week
New York Post
Vickey shares her keen insights on everything from modern design being used as a creative selling tool to new trends in the market. She also opens up about building long-lasting and successful relationships with clients.
Done Deals: 303 West 77th Street
Jarrod Randolph’s recent sale at the Upper East Side’s Isis Building was highlighted. His unique and targeted approach to marketing the property resulted in a quick and notable sale. Jarrod shared his strategy for getting the right buyers into the space, “I hosted a whiskey tasting event to target buyers and showcase how well suited the space is for entertaining and allowed guests to enjoy the outdoor spaces.”
It’s hard not to imagine yourself living in this classically stunning home. Nestled on the Upper East Side, the Dover House residence’s elegant aesthetic has been enhanced with modern renovations including custom shelving, new bathrooms and a modern kitchen with GE Stainless Steel appliances and granite countertops. This home is bright, peaceful and quiet with a convenient split 2-bedroom layout. Besides being ideally located near the best the Upper East Side has to offer including Atlantic Grill, Citarella and several subway stations, this home boasts garden views and generous closet space.
To achieve a successful purchase, as a buyer you must first have a base knowledge of the marketplace. From there, you should find a broker to help you navigate and negotiate that successful purchase. Your broker should be able to garner information, disseminate data and provide an informed platform for you to make a decision.
However, though it is extremely important to work with a strong buyer’s broker you must also be aware of the right questions to ask to determine if a property is right for you. Questions can range from how the apartment lays out to the economics of the building- all of which should be on your “checklist” of items needed for a successful purchase.
Take a look at the standard questions and items you as a buyer should know in order to determine that the “right” property is truly the “RIGHT” property for you:
A sampling of last week’s press coverage of CORE and CORE properties.
What Kind of Fireplace Do You Get for $8.5 Million?
New York Magazine
With temperatures diving below freezing, New York Magazine took a moment to roundup some of the best fireplaces currently on the market in NYC. Emily and Elizabeth Beare’s Upper East Side townhouse exclusive at 407 East 75th Street made the cut for its modern, minimalistic fireplace.
New York Post
Jarrod Guy Randolph’s recent penthouse sale at the Upper East Side’s Isis condominium was featured. Although the penthouse sold in what seems like no time at all, Jarrod completely changed the space by fully staging it in September. Check out his full, “before and after” staging post here. (more…)
Produced by Inman News®, Real Estate Connect® is the preeminent event for everyone who cares about the real estate industry and where it is going. Each year, thousands of influential real estate leaders gather at Real Estate Connect to network, make deals, explore current trends and technology, and to learn how to embrace and leverage the change that surrounds our industry.
This morning, our CEO, Shaun Osher sat on a panel produced by The Wall Street Journal dedicated to The Globalization of Real Estate. Seated next to other industry bigwigs including Douglas Elliman President and CEO, Dottie Herman, Coldwell Banker President and CEO, Budge Huskey, and Philip White, President and COO of Sotheby’s International Realty, the group discussed “How to Attract Global Buyers”.
HGTV’s “Selling New York” follows CORE agents as they navigate the country’s most competitive—and compelling—real estate market. Here’s our behind-the-scenes look at Episode #608, which first aired on January 17, 2013. For more SNY recaps, click here.
In SNY episode #608 entitled “Slide Show,” Elizabeth Kee and Lindsee Silverstein team up to list a penthouse in the “A Building” at 425 East 13th Street. The seller is a young, world class poker player who has taken his bachelor pad up a notch with a sculptural slide that combines two penthouse apartments. This listing is a true game changer with a sprawling floor plan, multiple private outdoor spaces and a game/media room. Combined with a double height atrium and floor-to-ceiling windows which offer open city views, this penthouse with a slide is a truly a unique dream home.
After 15 other potential agents were interviewed, Elizabeth and Lindsee were selected to list this unique property because of their candor about the face-lift needed to achieve the seller’s ambitious asking price. Also, their creative ways offered to market the apartment without removal of the slide (as most other agents suggested) sealed the deal. With the slide remaining, these resourceful agents were able to lose the frat house feel and upgrade the property to emulate a sleek home – perfect for entertaining.
Part of the customized marketing plan included an influencer’s event, which targeted young, influential industry gurus, who this listing would appeal to. The catered event with a noted local mixologist, renowned spin artist, and prominent sommelier added to the event’s huge success.