23 July, 2014 posted by: Tony Sargent
Photo by Chad Waterhouse
During last week’s Inman Connect San Francisco, I was asked to be a participant on the Luxury Power Broker and the Hear it Direct Broker Wrap-Up panels. Hosting more than 2,000 industry leaders from across the nation, I was honored to take part in this year’s conference, and discuss the latest in real estate trends and technologies. Here are my seven takeaways: Read the rest of this entry »
21 July, 2014 posted by: CORE
Experiencing an unprecedented surge in residential growth, New Yorkers are flocking to Brooklyn to get in on the borough’s growing popularity. Named the 4th most populated city in the U.S. without taking its neighbor Manhattan into consideration, Brooklyn is now at the epicenter of New York’s new residential development boom. An expert the borough, CORE’s Doug Bowen recently spoke with the New York Post to discuss downtown Brooklyn’s condo market. When asked about the neighborhood’s current housing activity, Doug said “Downtown Brooklyn was largely rental-driven since Lehman Brothers fell. Most of the development — especially anything of size like the Brooklyner, or [the upcoming] Avalon Bay — was rental.”
15 July, 2014 posted by: Tony Sargent
West Chelsea is being transformed block-by-block along The High Line, experiencing an unprecedented amount of luxury new development activity, starting with the new Whitney Museum on Gansevoort Street, to its apex at Hudson Yards. New co-ops and rental projects such as London Terrace and the Fitzroy Townhouses also add to the sophisticated flare of this rapidly expanding nabe. While press stories continue to tout the latest in this frenzy, West Chelsea has also managed to retain the charm of its 19th-century charm, while providing some of the city’s best views, as far as the Empire State Building and beyond.
Its historic district of beautiful Federal and Italianate houses create a boundary between the more loft-like Central Chelsea and trendy West Chelsea. The neighborhood’s luxury developments, permitted into existence with the changing of zoning from commercial to residential use, came on the heels of the support for the High Line. Today, developments designed by luminaries such as Lord Norman Foster, Zaha Hadid and Thomas Juul-Hansen are raising the bar for residential activity in the area, further anchoring The High Line District’s platinum reputation. Read the rest of this entry »
14 July, 2014 posted by: CORE
Last week, Christian Rogers spoke with Kim Velsey of the New York Observer to discuss homebuyers purchasing Manhattan homes under limited liability corporation designations in response to a provocative New York Magazine cover story, Stash Pad. Largely embraced for privacy reasons, LLCs are increasingly being used by high-end buyers, especially foreign purchasers – according to the article, to maintain anonymity in public records and the media.
Christian estimates that approximately 85 to 90 percent of his buyers use LLCs when purchasing homes and that the split between foreign and domestic buyers is roughly 50/50. According to him, the practice has “…become very popular with all buyers. People are being better advised and understanding the advantages of it.”
11 July, 2014 posted by: CORE
Taken in the heart of Tuscany, today’s Photo of the Week takes us over 4,000 miles away to Italy. Courtesy of Reggie Grayson, this shot was captured during his trip to one of the country’s most popular destinations, where he traveled along with his partner Michael and four other friends to a private villa on the grounds of Castello di Casole. Known for it’s gorgeous landscape, water activities, relaxing spa experiences and rustic foods, Tuscany offered the group an abundance of fun and relaxing options during their stay. “On most nights, we would end the day by lighting a fire in the fire pit, wrapping ourselves in cashmere throws, drinking wine and talking about the day’s events,” says Reggie.
Keep following our #COREtravels around the globe this summer on Instagram @CORE_RealEstate.
26 June, 2014 posted by: Doug Bowen
As an investor, landlord and broker for the past 15 years, I have had the great opportunity to watch the miraculous “coming out” of a borough that spawned the term “urban flight” in the 1960’s. Recognized as the largest brand coming out of NYC, Brooklyn has quickly become a world-class destination in its own right. Why Brooklyn? The answer comes down to fundamentals.
The most populous borough with 2.8 million residents, Brooklyn itself would stand alone as the 4th largest city in the U.S. It is also the 4th largest economic center in the country. Back when Brooklyn was on the brink of becoming what it is today, you used to have to trick cabbies to take that trip. Nowadays, tourists and residents alike continue to shuttle between destinations such as the new Barclay’s Center and arguably one of the best parks in New York City, Prospect Park. Brooklyn is the home of the most talked-about restaurants downtown, as well as several noted dance, music and theater venues, all of which have come to the area because they too want to experience what the borough has to offer. Read the rest of this entry »
20 June, 2014 posted by: CORE
Today’s Photo of the Week comes to us courtesy of Michael Rosser, one of CORE’s newest agents. During a recent trip to Iceland to celebrate a friend’s 40th birthday, Michael captured this amazing shot of a local stream fed by a nearby hot spring. This image was taken during a day of hiking, where Michael and his group of friends were educated on the geothermal activity in the country. To demonstrate the intensity of the hot spring, the group’s tour guide boiled eggs in the stream for the hikers to eat, and further downstream, they enjoyed a relaxing soak in deep pools of the heated spring water. Michael described the trip as “quite an experience.”
Keep following our #COREtravels around the globe this summer on Instagram @CORE_RealEstate.
18 June, 2014 posted by: Adrian Noriega
A recent article in the Financial Times revealed what may or may not be an inadvertent bias on the part of the London-based publication comparing premium real estate values between London, New York and Hong Kong. The article suggests that London is probably the best value for the high net worth real estate investor dollar, given a broad range of considerations from tax burden to price and a host of others. Citing an exclusive report viewed by the FT, their assessment finds despite the high prices of London properties, Hong Kong is even pricier; and while NYC’s prices may be lower, they’re offset by the city’s higher tax burden.
Speaking with clients who have (or have had) properties in these three cities, I found that the consensus was all were pretty comparable in terms of key amenities and requirements sought after by real estate investors. Close proximity to world trade and banking centers? New York, London and Hong Kong all get a check mark. World-class nightlife, cultural outlets and accessibility? Check! Marquis properties with global cachet? Each burgh has it in spades. So what it all really comes down to, as is the case with nearly all types of investments, is the potential for change in valuations in the future.
At the risk of appearing biased, I contend that New York City offers the best premium real estate investment opportunity now and in the foreseeable future. Here’s why: Read the rest of this entry »
13 June, 2014 posted by: CORE
Today’s Photo of the Week showcases one of the world’s most outstanding examples of ancient architecture. CORE agent Christian Rogers captured this shot of the Great Wall of China, recognized as one of the New7Wonders of the World, during a recent trip to meet with Chinese clients. Taken from the Mutianyu section, the Great Wall of China spans across 13,171 miles and was built in 7th century B.C.
Keep up with our #COREtravels around the globe this summer on Instagram @CORE_RealEstate.
10 June, 2014 posted by: Shaun Osher
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 on the hot seat.
After getting an early start in the real estate industry, Steve Pak’s passion for the business has translated into a successful portfolio of transactions over the past several years. Now working alongside industry veteran Michael Rubin, he is now looking forward to leaving his mark as one of CORE’s newest additions. Here are Steve’s answers to Ten questions:
1. What did you do before you found this career?
Before I got into real estate, I was a sophomore in college. I got licensed first in New Jersey and worked for about two years while finishing up school.
2. What has been the highlight of your career?
The highlight of my career has definitely been shifting my focus from the New Jersey housing market to New York’s real estate scene and joining CORE. I was given the opportunity to work with Michael Rubin and it has been a great learning experience ever since I came onboard.
3. What is your greatest daily challenge?
The greatest daily challenge I face is probably commuting for about 1-2hours every day. The commute is stressful at times, but it’s worth living in a home with expansive outdoor space.
4. Where do you see yourself in 10 years?
I see myself still involved in the real estate business in some type of way, whether it’s through brokering deals, coordinating new development efforts or managing my own investments.
5. Where do you find inspiration?
I usually find inspiration from people I meet. Everyone has a story to tell and there’s always something to learn from others. Read the rest of this entry »