With the holidays approaching, sellers often wonder if they should keep their properties on the market or take them off. Or if they haven’t listed their homes yet, should they wait until after the first of the year? Maybe hold off until spring?
Conventional wisdom used to be that you shouldn’t even try to sell your home during the busy holiday season. Potential home buyers were too preoccupied with attending parties, cooking meals, buying presents or planning vacations. With all that going on, there just wasn’t time to ride around with a real estate agent, looking at properties.
But with the Internet, smartphones, tablets and our always-on lifestyle, that conventional wisdom isn’t relevant any more. The reality is, the home buying season is now year-round.
Here’s why you should consider listing your home during the holidays, or even in January.
Today’s buyers never stop looking online
Today, serious buyers are always looking — and the holidays are no exception. They may check out the latest listings in a Zillow Mobile app before bed or while waiting for the kids’ school holiday show to start.
Our hectic lifestyles also play a role. Many serious buyers today work hard. They don’t shift into holiday mode until the last minute. Even during the holiday break, they’re still squeezing in work. There’s no such thing for them as “going off the grid.” So why not continue to monitor real estate listings, too?
The inventory — and the competition — is usually lighter
Despite our always-on lifestyles, many sellers still believe buyers can’t be bothered to look for a home between, say, Thanksgiving and Valentine’s Day. At the same time, sellers who’ve had their homes on the market often take them off during the holidays.
The net effect is that the inventory for good homes often tightens this time of year. So there’s less competition for sellers, at a time when motivated buyers are out there looking — and no doubt wishing there were more properties to see.
As discussed in the cover story of last weekend’s New York Times real estate section, “The Other Downtown”, it’s no surprise that Downtown Brooklyn is going vertical. I remember when Atlantic Yards was first revealed in 2004, I attended a parlor reading given by Mike Wallace, one of New York’s preeminent historians and the author of Gotham: A History of New York City to 1898. At the time, Mike lived on Dean Street, which happens to be right on the cusp of what became known as “Develop – Don’t Destroy. Brooklyn”. Develop – Don’t Destroy. Brooklyn, the main opposition group to the massive urban renewal project that eventually brought us the astoundingly successful Barclay’s Center, took the conversation between preservation and development to a whole new level in NYC. The Q&A at the end of Mike’s reading quickly turned into an impassioned dialogue about Atlantic Yards. What Mike said, and I paraphrase, was that to him “it was not that long ago that above 14th Street in Manhattan was farmland.”
Cities must grow. Edward Glaeser’s brilliant book, Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier, explores the idea that cities are where the necessary human capital exists to promote the innovation necessary to solve the biggest challenges of our day.
Downtown Brooklyn is the embodiment of Glaeser’s thesis in action. “DoBro”, as it is known today, is the fourth largest economic center in the country. Now that Brooklyn has become THE global brand coming out of NYC, the area has garnered the attention of all the major developers, many of whom have locked up and parceled together sites throughout the downtown area. The Downtown Brooklyn Partnership sums up DoBro as “a business district with more than 17 million square feet of office space, a historic and vibrant shopping center, a burgeoning residential community, 11 colleges and universities, nearly 50 cultural organizations, a professional sports franchise, and exceptional public transportation and open spaces.”
This weekend, Patrick Lilly shared insight on the Manhattan housing market with a Wisconsin-based radio talk show, entitled “Voices of Real Estate.” Hosted by Randy Lenz, the two discussed all things real estate, from Patrick’s personal business model, to the city’s lengthy surge of activity, to how New York City compares to other cities across the country. Since joining CORE in September, Patrick has made several appearances throughout the country, offering his real estate expertise. His current listing at 410 East 57th Street was recently highlighted as a featured ‘Premier Properties’ home in this month’s issue of Luxury Listings NYC.
To listen to Patrick’s appearance on “Voices of Real Estate” in its entirety, be sure to check out the segment here.
Last Friday, The New York Times ran an interesting trend article, dissecting the recent residential developments happening throughout Midtown’s Hell’s Kitchen neighborhood. As Manhattan continues to experience a lengthy season of exponential growth and development within the real estate industry, this piece was extremely timely and informative. It was written with a combination of realism and affection that really captures the atmosphere of an area that has come from behind in an impressive way. The piece did a great job of diving into Hell’s Kitchen’s past, present and future with gusto and attention to detail.
Well aware of the recent developments and potential of this area over the past decade, we have built a steady portfolio of work within the neighborhood helping sellers and buyers navigate the many condominiums and cooperatives of Hell’s Kitchen, closing on nearly $50 million worth of transactions. The attraction for buyers has always been – and still is, for now – Hell’s Kitchen’s lower housing costs, relative to other comparable neighborhoods and housing stock. We don’t believe that this “Hell’s Kitchen discount” will last forever, so for buyers looking for one of those transitional areas of the City where a higher rate of appreciation is possible, this is not only a prime choice, but one of the only choices in this intense market.
A sampling of last week’s press coverage of CORE and CORE properties.
Event Manor: Posh Parties the New Way to Show a Home
New York Post
Tom Postilio and Mickey Conlon’s townhouse listing at 143 East 63rd Street is featured in this unique trend piece, the site of an upcoming event open to a select group of brokers and potential homebuyers. “The event brings a lot of different factions together,” says Tom. “It shines a spotlight on the house, which is known for having fabulous events. We’re able to listen to great music and raise money for the [nonprofit] Michael Feinstein Initiative for the Great American Songbook.”
These Shattered Real Estate Records Confirm That Brooklyn is Booming
Pick-up coverage documenting the exponential real estate growth occurring throughout Brooklyn with Doug Bowen providing agent insight. “The townhouse market is in an uncanny place right now,” Doug said. “The velocity of price increases — it’s better than I’ve seen in my 15 years in real estate.”
I recently did a segment on Fox Business with Melissa Francis, where we discussed how being “average” might lead to a better life for overachievers. Written by Harvard Business Review, it was directed at those who are in the pursuit of perfection. Though I disagree with the idea from a entrepreneurial standpoint, it made me think of the residential buying process in NYC.
The pursuit of perfection is something that not only affects entrepreneurs, but is also an issue buyers deal with every day. When buying, one should keep in mind that compromise is the key to a successful transaction.
- Pick your non-negotiables. Chose your top three items that you cannot live without. It could be the views, light, location, or room count- start your search with those things in mind.
- Determine where you can compromise. If you cannot find anything that fits your non-negotiables, start to look outside the box. Try a new neighborhood or a lower floor. It will help to expand your options.
- Keep an open mind. If all else fails, look at properties that are completely unexpected. Until you walk through a space and have the intimate experience, you will never know how it lives from the inside.
Remember, no matter how hard we try, attaining perfection is impossible. But being settled in your home, with a peace of mind, is as close to perfection as one could get.
A sampling of last week’s press coverage of CORE and CORE properties.
House of the Week: 21 East 22nd Street, 10F
New York Post
Michael Rubin’s co-op listing at 21 East 22nd Street is highlighted in this ‘House of the Day’ feature. With modern upgrades, outstanding exposures and a stylish layout, this home is perfectly situated in the heart of the Flatiron District and close to all the local conveniences and attractions this neighborhood has to offer. (more…)
Last week, CORE’s Limor Nesher was featured in this special real estate segment on FOX-NY. Discussing the growing popularity and benefits of the latest “Try Before You Buy” trend, cameras followed Limor, her client Shira Gavrielov and the seller of her East Harlem listing, located at 158 East 100th Street. “Basically, without the pressure of a broker, the buyer can come to the home, stay a few hours, even stay overnight, and just tryout the apartment,” Limor said.
The home’s seller, Richard Bost, is extremely confident in the effectiveness of this trend among potential buyers. “We realized this ‘try it before you buy it’ is a great way to showcase all the great things about the neighborhood and the apartment,” he said.
Welcome to Ten, CORE founder and CEO Shaun Osher’s rapid-fire interview series with prominent CORE figures. Read on to find out how this week’s subject deals with being in the hot seat.
Patrick Lilly is a real estate powerhouse not only widely known in New York City, but throughout the nation. He has built not only a successful business as the leader and figurehead of The Patrick Lilly Team, but a fan following among the real estate convention and motivational speaking circuits. How does he manage do juggle it all? Here are Patrick’s answers to Ten questions:
1) What did you do before you found this career?
Prior to real estate sales, I was a tennis instructor, a bouncer for the Village People, and a bartender (while getting an MBA at NYU).
2) What has been the highlight of your career?
Recently, I received the Pinnacle Award from Keller Williams which honors the 20 best real estate agents in the nation based on productivity, consistency and innovation and I got to speak at their Mega-Agent Conference to over 10,000 agents in attendance…it was a blast!
3) What is your greatest daily challenge?
Taking time for myself.
In just 6 months, The Patrick Lilly Team successfully sold two units at the famed Hit Factory at 421 West 54th Street, each breaking the previous price-per-square footage record for the D-line, the largest line in the building!
Formerly one of the best-known recording studios of all time, The Hit Factory has been transformed into a state-of-the-art, 27-unit residential condominium. 5D, a 3-bedroom, 3-bathroom unit, with an additional private parking spot and storage room, was listed by Patrick Lilly and Adie Kriegstein at the end of March. The first customer to see the apartment liked it and put in an offer based on the asking price. 5D was originally listed for $2,850,000, which, at the time was quite high for the building. Patrick and Adie were able to close on 5D after just 45 days for a price of $2,825,000, or $1,189-per-square-foot. (more…)