14 August, 2014 posted by: Douglas Heddings
Perhaps one of the most common misnomers regarding the Manhattan real estate market is that listing in August is unwise, and a waste of time. Most sellers believe that no one is searching for their new home in August and that the market will explode with activity after Labor Day.
After 22 years of selling Manhattan real estate, I can unequivocally state that this couldn’t be further from the truth. Yes, inventory decreases in August, and yes it increases in September. In fact, from July to August of 2013, active listings decreased 6% from 4542 to 4275*. Signed contracts during the same period decreased 18%. This year active listings have decreased by 4% and signed contracts have dropped 34%. These numbers would seem to indicate that perhaps waiting until September is wise but take a look at this:
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30 July, 2014 posted by: McKenzie Foster
Mention the name Wall Street to just about anyone, and they will almost immediately conjure up the image of a banker resembling Gordan Gekko, Jordan Belfort or perhaps picture the Stock Exchange. Even to New Yorkers, the Financial District is thought of as just that. But having moved from Park Avenue South to Maiden Lane, I am rediscovering just how majestic the Financial District really is. It is not only the lifeblood of the American economy, but more locally, one of the most historically rich and culturally diverse neighborhoods on Manhattan Island.
In the wake of Hurricane Sandy, efforts to revitalize the neighborhood have resulted in a complete makeover of New York’s picturesque waterfront. With the addition of new bike and pedestrian paths, restaurants, bars and shopping, The East River waterfront is attracting a high volume of New Yorkers and tourists on a daily basis, and yes, that includes the weekend. New additions to the Financial District include trendy pop-up stores like Dossier Outpost, which not only provides great shopping, but offers free concerts, film screenings and might I add, incredible food trucks.
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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 »
17 July, 2014 posted by: CORE
With single women buying homes at twice the rate of their male counterparts, brokers throughout the city are noticing the growing trend of women purchasing pricey Manhattan homes for both investment and lifestyle reasons. This week, Katherine Clarke at the New York Daily News profiled three single NYC women, chronicling their search for the ideal pad. According to the piece, single professional women have been more active as homebuyers than men for almost twenty years, with the gap now growing wider. According to data from the National Association of Realtors, single women make up approximately 16% of homebuyers nationwide, while single men account for just 9%. Banking executive Ana Kostreci, one of the three women profiled in the article, purchased a one-bedroom home near Lincoln Center after beginning her apartment search with CORE’s Deirdre De Risi. When asked about her decision to finally buy a home, Ana said “I was always raised to be independent and realistic, and not wait for the white picket fence.”
16 July, 2014 posted by: CORE
As the international hub for some of the world’s most noted historic and modern art exhibits, New York City entices visitors and residents with its vast art scene. Home to several modern galleries, exhibits and museums such as The Museum of Modern Art and the renowned Whitney Museum, New York City remains a popular destination for those looking to indulge in the visual arts. Here is a roundup of some of the city’s most impressive art exhibits taking place this summer.
- Widely regarded as one of the most influential artists of our time, Jeff Koons’ exhibit “A Retrospective” will be showcased at the Whitney Museum from now through October. From his famous balloon animals, to a massive ‘Play-Doh‘ sculpture, the exhibit features his best work dating back to 1978. Daily tours are open to the public and will be held every weekday and during select weekend hours.
- Presented by MoMA, Rockaway!, in recognition of the ongoing recovery of the Rockaway Peninsula, is a curated public arts festival which features the work of several local Rockaway artists, including Patti Smith, along with Adrián Villar Rojas, Marina Abromovic, Terence Koh, Tom Sachs, Michael Stipe and others. Admission is free and the exhibit is set to run until September 1st at Fort Tilden and Rockaway Beach.
- On the High Line, artist Ryan McNamara will be showcasing “Misty Malarky Ying Yang,” presented by High Line Art tomorrow evening at 7:30pm. The piece celebrates the 35th anniversary of President Jimmy Carter’s famous 1979 “Malaise Speech”. Admission is free and all ages are welcome to attend. Additionally, summer commissions include Edward Ruscha and Mark Dion.
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 »
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 »
25 June, 2014 posted by: CORE
With Chinese buyers officially surpassing their Russian counterparts as New York City’s leading demographic of foreign home buyers, industry professionals continue to keep a pulse on the opportunity to reach this increasingly powerful group. This week, Forbes contributor Michael Cole provided readers with an interesting narrative, chronicling how the United States stacks up against the United Kingdom in reaching Chinese investors. According to Cole, “the United Kingdom seems to be winning the battle for the hearts and wallets of China’s biggest property buyers, despite the recovering U.S. market.” With real estate at the forefront of investment interests, Chinese insurers boast almost $1.19 trillion in available assets to spend in global markets. With these figures in mind, it’s no wonder why both the United Kingdom and the United States are competing to attract China’s growing number of investors.
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 »
10 March, 2014 posted by: CORE
A sampling of last week’s press coverage of CORE and CORE properties.
Social Media’s New Status
The Real Deal
CORE’s Director of Marketing Elizabeth Kosich provides expert insight about the importance of social media within the real estate community. In regards to content, Elizabeth says “Facebook drives engagement and is a one-stop shop for focus grouping. Twitter is really effective for sharing news and driving traffic, and Instagram is great for visual content,” such as listings.
West Village People
Steve Snider discusses the growth of the West Village and its increasing popularity. “The growth of the Meatpacking District and the opening of the Whitney Museum and High Line all contribute to the trends we are seeing in this area,” says Steve.
A Day in the Life: Emily Beare
The Real Deal
Emily Beare is featured in this profile piece, documenting her day-to-day activities as a wife, mother and real estate broker.