No one knows NYC quite like a real estate agent who has their finger on the pulse of the City’s ever-evolving neighborhoods and revolving door of hot spots. Our agents are constantly pounding the pavement so who better to go to for insight on the most romantic places to take your sweetie to celebrate the official day of “LOVE”? Learn all about our recommendations for the most romantic spots in New York City:

Tom Postilio:

“As an expert on Valentine’s Day (it’s my birthday), I think the most romantic restaurant in town is One If By Land on Barrow Street.  Request to be seated by the arched windows looking into the courtyard.  (And hope that a light snowfall happens!)”

Adrian Noriega:

“One if by Land, Two if by Sea” is the perfect romantic setting for dinner.  They have 3 fireplaces and it is very warm and cozy, especially for a cold day like today. Two other great places for cocktails by the fire are The Library at the Hudson Hotel or The Bowery Hotel.  Both have grand fireplaces and offer a romantic setting.”

Debbie Batres:

“I love the lounge area at Per Se. Skip the reservation wait list and the huge bill in dinner seating and sit in their beautiful lounge overlooking Columbus Circle – you’ll have the same incredible views! They offer a delicious small bites menu, superb wines and champagne and excellent desserts! This is a great romantic spot to cuddle up and be pampered, while enjoying one of the best views in the City. They take walk in’s no reservations are needed!”

Lee M. Frankel:

“With four locations in Manhattan, La Maison Du Chocolat (I prefer the one on Madison Ave @ 78^th Street) is THE place for a decadent & luxurious chocoholics dream treat.  Their hot chocolate is like drinking a chocolate bar and is not to be missed! It’s perfect for gifts or a wonderful date experience with that someone special – or the “hope to be” someone special.”

Ashley Sternbach and John Harrison suggest River Cafe in DUMBO. “Its view of the Manhattan skyline is amazing,” notes Ashley.

Shaun Osher and Brittley Jarrell:

“Alta in the West Village. First of all, the food is amazing. And we both love eating small plates – whether it be tapas or appetizers. This way we also get to share. The wine list is perfect, and they have a Rioja there we will never turn down. The decor is lovely and charming as well.”

Lacey O’Neill:

“Raine’s Law Room for its nondescript door. When you walk in, you are immediately transported to a 1920’s Speakeasy. It’s never overcrowded and has lots of dark nooks to enjoy their impressive cocktails in. Also, Death & Co (instead of Back Room) for its cozy, dramatic cocktail bar and great selection of small bites to share with your Valentine.”

Wishing you lots of love today!

The key to a successful sale is to eliminate any surprises from the beginning to create a seamless process for you and your broker. Knowledge being power, you want to arm yourself with as much market data and building information as possible. Also, have a clear grip on your personal finances as they relate to the property. Finally, be ready to present your property in the best condition.

Find a Good Broker:

• To start, finding a broker is the most important part of selling your home. You should look for someone you enjoy working collaboratively with on a daily basis. Interview a few brokers and make sure your personalities match. Your broker should also have a clear grip on the state of the market and be able to give you basic information about your building in the first meeting. From there, your relationship should flourish into a successful transaction.

Market Research:

• Know what has sold in your building over the last few years.
• Review the comparable market analysis with your broker so you are educated about value.
• Determine the best time of year to bring your property to market with your broker. You want to be competitive and maximize your exposure.

Building Financials:

• Flip Tax: Find out if your building has one and who pays it.
• Mortgage: Know the amount of the mortgage on the building and its terms.
• Reserve Fund: Know what is in the building reserve fund as it relates to cash on hand.
• Special Assessments: Ask if there are any special assessments planned.
• Approved Lenders: Find out the banks that have approved the building for lending. This is very helpful for perspective purchasers.

Structural- Building and Apartment:

• Construction: Know if there is any planned in the near future before or after you sell.
• Local Law 11: The law requires structures over 6 stories be professionally inspected every 5 years to make sure the façade is secure. Inquire if the building is compliant.
• Structural: Ask when the roof and mechanicals were last replaced or updated.
• Renovations: Be aware of any renovations that may hinder a potential purchaser from renovating the apartment.
• Legal: Tell your broker if there are lawsuits or bed bug issues and how they are being dealt with.
• Equipment: Make sure all your appliances including windows, plumbing, and electrical are in working order.
• Leaks: Be prepared to discuss any leaks that may have occurred because the buyer’s attorney will ask it to be disclosed in a rider.

Board Package:

• Managing Agent: Make sure the managing agent knows that you are selling your property to be in compliance with any building rules on marketing, etc.
• Transfer Cost: Confirm the amounts of associated transfer cost and who pays them.
• Financials: Get the last two years financials and offering plan as the broker will need to give them to the buyer. Alteration Agreement: Get a copy of the alteration agreement from the managing agent for the buyer to review in case they plan to do a renovation.

Seller’s Closing Cost:

• Broker Commission: 6% of purchase price
• NYC Real Property Transfer Tax: 1% of purchase price if $500,000 or less 1.425% of purchase price if over $500,000
• NYS Transfer Tax: 0.4% of purchase price
• Attorney: If you do not have an attorney, ask your broker for a list of at least three NYC Real Estate attorneys. They will discuss fees with you.
• Move Out Deposits: These vary per building but there is normally a non-refundable and a refundable fee. NYS Capital Gains Tax Withholding: The tax for out of state sellers is 7.7% of gain.

Personal Finance*:

• Loan Balance: Get the amounts of your loan payoffs and who you are writing the check to.
• Capital Gains Taxes: For a single individual there is no tax on gains up to $250k and a married couple is $500k in gains. Speak with your accountant for a more in-depth explanation.

*Discuss with your broker and banker if you need to sell in order to buy. That may mean you will need a bridge loan, a holdover agreement, or a lease back.

Relocation:

• If you are relocating find out what expenses are covered by your company versus those that are personal. Since the agreement can be very complicated, find out how your broker and closing costs are paid.

ie: The relocation company may step into the role of the seller and assume the sale and its fees after a buyer is found.

Preparing to List:

• Minimize: The easiest way to prepare your property for sale is to pack up and store clutter, clean out closets and cabinets and minimize the amount of furniture in each room. It will help to define the space and make it feel larger. Organize: Once you have minimized, you should organize all the remaining furniture and accessories to give the property a lived in feel but make it look like a show piece.
• Glamorize: Finally, a fresh coat of paint or newly buffed floors can make a world of difference when it comes to presentation. Everything should look clean and updated.
• Staging: When your budget allows, hiring a professional stager can drastically increase your chance of selling quickly and at the highest and best price. We are visual creatures and pretty always wins!

Note: The consumer today is very educated. They have been in the market for some time looking for a property and most are ready to buy. Because of low inventory, multiple bid scenarios are happening on many properties. This does not mean a property is underpriced – it means it is priced well and the educated consumer is ready to move when they see what they want at the right price.

Happy Selling!

Jarrod Guy Randolph

Image Courtesy of Ross MacDonald for the New York Times

This past weekend The New York Times recently ran a piece on how the “shortage of New York City apartments for sale is forcing real estate agents to take extreme, if not desperate, measures in order to conjure up listings.” Even in the challenging market, CORE brokers are leading the competition by employing inventive techniques to bring properties to market and make sales.  Jarrod Randolph talks about the importance of relationship building and gives an example of opening communication with the doorman. In addition to that specific instance Randolph adds, “the key to getting inside deals done is being persistent.  You have to commit to building a relationship with the person that is your “in” or the seller themselves.  It takes a lot of trust to want to help someone out or give them an opportunity that isn’t afforded to others.”

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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.

Happy buying,

JGR

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:

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In my previous post, I went into detail on the basics of new development in New York City. With the basic information provided, here are some suggestions on how to put that information and knowledge to good use.

When to buy
There are two types of buyers in new development: investors and end users. If you are an investor, the best thing for you to do is work with a highly specialized broker who can get you in on the ground floor of a new development. For end users, any time is a good time to buy as you should look at the purchase from a long term perspective. In fact, the most important aspect for an end user is quality of life, so picking the right unit is much more important. Again, you need to be guided by an expert as you are typically buying off of floorplans and may not physically see the property before committing to it. (more…)

Residential development is playing a critical role in the changing architectural landscape of New York City. From Philip Starck’s 15 Broad Street to the Time Warner Center and the newest edition of Hudson Yards, neighborhoods are changing because of each new development. Beyond being known as eye candy or game changers, these projects are proving to be New York City most lucrative investments.

Due to limited quantities, new residential developments appreciate disproportionately higher when compared to the rest of the market. Prices appreciate for several reasons in new development: new infrastructure, no barriers of entry, flight to quality, high design aesthetic, building economics and inventory. I’d like to take a moment to scratch the surface and point out these factors that impact the market, value and your bottom line.

New Infrastructure
It’s shiny and new. The largest majority of consumers love that.

No Barriers to Entry
When buying in a new development, there is no board process. You sign a contract, submit a check, and pay the balance at closing with your associated closings cost. That’s it.

Flight to Quality
Flight to quality has been influenced by the consumers, but mainly by the financiers. Underwriting standards have changed and you have to underwrite at higher numbers than ever before. Sometimes, $2,000-plus on the base price-per-square-foot. This has forced developers to build better product in order to create equal profit margins to past developments. In essence, you can only charge more if the quality is better. The better the product, the more it retains its value and tends to appreciate higher.

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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.

It’s definitely challenging to keep a high level of enthusiasm and energy in the real estate industry, because we are constantly challenged with rejection. After almost two decades in this business, Oliver Brown has a youthful energy that is rare. Here’s his answers to ten questions:

1) How long have you been selling real estate?

I have been selling real estate for 21 years.

2) How did you get into the business?

I was working for Ralph Lauren and decided to change paths. A close friend was working in real estate and arranged an interview. I was hired as an assistant to one of the top-producing brokers in the City. We worked with many famous and influential people. It was a great introduction to New York real estate.

3) What do you attribute your success to?

I think being able to listen to and figure out what people really want is important. I enjoy people and sometimes show them something they haven’t thought of – its instinctual.

4) What was your favorite or most challenging deal?

I sold a large house that Madonna was interested in – we had to move very quickly and ultimately sold the house.

5) You have a strong background in design. How does this help your business?

I see what the space can be; almost like a contractor or architect, which walls can move, how to add symmetry, raising doorways etc.

6) After years in the business, how have you seen the nature of real estate sales evolve?

People do a lot of research on the web. They choose many of the properties before you meet them. One thing that hasn’t changed is how a good broker can match a customer to a property. Offering something beyond pictures and floor plans.

7) What is the one value you admire most in a person?

Integrity. I will work really hard for my customers and I expect loyalty and clear communication in return.

8) What is the most challenging part of your job?

Time management. There is so much to do every day. Brokers are our own micro companies and have to handle communication, advertising, marketing research appointments and showing properties.

9) Where do you see the market going in the next year?

I think the market will go up 10-15%. There is not enough good product especially in the high-end larger properties.

10) Do you have a question for me?

What do you enjoy most about your job?

I love the fact that no day is ever the same. I am constantly challenged with creating solutions while having the flexibility to create something new.

With holiday season in full swing we thought we would put together a selection of our favorite gift destinations throughout the city. Whether you are searching for a host/hostess gift, a present for someone who has it all or a special stocking stuffer, the CORE team has weighed in so you can spend your time toasting the season rather than running around the city.

Lawrence Treglia heads to the Brooklyn Women’s Exchange when he is looking for a beautifully crafted present or handmade children’s gift. Not only will you find one-of-a-kind items but you can feel good about supporting the not-for-profit, volunteer run shop that has been showcasing independent craftspeople since 1854. Another Brooklyn stop Lawrence recommends is the BKLYN Larder.  This “celebration of food” offers an incredible selection of cheese, meat, jams, honey, oils and more utilizing sustainable ingredients. You will be sure to find the perfect holiday gift basket and grab a snack for yourself to keep your shopping momentum going. And for a sweet stocking stuffer, Lawrence  says the London Candy Co. will not disappoint. Nestled on the Upper East Side, this candy shop imports UK confections that are delicious, whimsical and sure to bring out the child in anyone.

For the homeowner with an eye for distinctive home goods, Jennifer Lafferty suggests checking out Global Table. With multiple locations around the city, this is sure to be a convenient stop you won’t leave empty handed. Nest Interiors in Chelsea is another place Jennifer heads to for a great assortment of items for the home décor connoisseur.

Scott Hartman says the Working Class Emporium in Tribeca is your one-stop-shop. With a little bit of everything, you can find goods ranging from antique to boutique with an English flair. An array of curated photography and silver tea sets make for great statement gifts and for smaller items they have unique jewelry, books and scrumptious tea biscuits.

The holidays are full of parties and we all know it’s no walk in the park to play host/hostess. So as a token of appreciation, Tony Sargent recommends picking up a stunning piece from Michael Aram’s selection of hand crafted silverware, bottle holders, cheese plates and more.  And to contribute to the festivities Oliver Brown says jaws are sure to drop when you show up with a Mille Crepe cake from Lady M bakery on the Upper East Side. Layers of light and slightly sweet decadence make for a beautiful piece on the dessert table (although it won’t last long). Or order one ahead of time for a friend who is expecting company for a thoughtful gesture to ease the stress of entertaining.

Hopefully this gift map of New York City will lessen the burden of holiday shopping and give you ideas for meaningful, unique presents for those you care about. Cheers to a wonderful season!!

This week’s question: How do you improve a space with viewless windows?

The CORE Agent verdict: When windows don’t provide views, create a visually pleasing scene inside.

Agents are often tasked with finding a beautiful apartment with views, but not every home comes with stunning vistas. A lack of views can be a major obstacle when selling an apartment but there are ways to draw the attention away from what’s missing and focus on the positives of the space.

An eye-catching ceiling light elongates the space and draws attention inward.

Patrick Mills suggests “making the interior living space the center of attention.” With out natural light an apartment can feel dark and uninviting but if you can think creatively there are ways to brighten a space. Patrick stresses the importance of a cultivating a fun and welcoming atmosphere, “whether it’s using interesting lighting choices or adding candles, there are always way to make viewless properties seem brighter and more energetic.”

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