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 #612, which first aired on February 21, 2013. For more SNY recaps,click here.
In this episode, CORE’s Michael Graves is looking to outdo himself by breaking his own high sales record in the same building, 240 Park Avenue South. But CORE’s CEO Shaun Osher is skeptical Michael will be able to outdo the price of the penthouse apartment, which sold at the height of the real estate market. Keep on reading for some exclusive behind-the-scenes information on what didn’t make it into last night’s episode of “Selling New York” and what happened after the cameras stopped rolling!
240 Park Ave South and its warm community of residents hold a special place in Michael’s heart. As fate would have, it his first real estate transaction was Penthouse 15A in the building – a direct deal that broke all price-per-square-footage records in the building which set him on a course of success that he could never have imagined.
Since that time, Michael has become friends with many residents and has worked hard to increase their property value by swiftly selling more units at record breaking prices, such as 9A seen in tonight’s episode.
Michael wishes we had more time to show the inner workings of these deals and the wonderful people who were involved along the way. What can he say is that Susan Kennedy is one of the most professional and pleasurable brokers in the industry. It was a total joy to work with her and her clients and they had a lot of laughs and fun along the way. Michael is certain that 240 Park Avenue South will continue to prove itself as one of the best buildings downtown and he is looking forward to his next deal there soon.
If you’ve been near Madison Square Park lately, you’ve probably noticed a building rising on Fifth Avenue between 27th and 28th Streets. Over the course of this past year, every time we pass by the site, we’re wowed by the building’s progress. Since no one ever stays put in NYC to watch a construction site in evolution, we’re excited to share this construction time lapse video of our new development project at 241 Fifth
Emily Beare and Elizabeth Beare’s stunning East 85th Street listing is featured. In an area full of prewar co-ops this modern, full-service property is garnering attention. Space, modern amenities and premium finishes make this listings a true dream home.
Pegged as one of New York City’s fastest growing neighborhoods, Court Square has seen an incredible boom of residential properties in the works and hitting the market. Doron Zwickel spoke to the rapid success of LIC’s One Murray Park.
We snapped this stunning shot of Manhattan from the rooftop of our new development 93 Worth. We have shared some other photos from this project but this incredible and pristine view seems endless. Spanning almost the entire width of Manhattan, this shot captures many iconic NYC buildings including the Empire State Building and the Chrysler Building.
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:
“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!)”
“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!”
“With four locations in Manhattan, La Maison Du Chocolat (I prefer the one on Madison Ave @ 78th 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.”
“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.”
“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.”
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.
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.
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.
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.
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.
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.
Image Courtesy of Ross MacDonald for the New York Times
This past weekendThe New York Timesrecentlyran 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.”
One of our favorite endorsements from a celebrity client was, “I really don’t know how they do what they do, but they’re just so damn good at it. They’re perfectly cast. Just hire them and you’ll know what I’m talking about.” We’re happy to say we got the job, and though we’d like everyone to take her word for it, we know some might need a bit more convincing. This brief video isn’t as much a testimonial as it is a glimpse into the machinery that makes us tick. Lights, Camera, Action!
A 6-bedroom, 6.5-bathroom combination unit at One Museum Mile was featured for its “sweeping Central Park vistas.” In addition to its breathtaking views, the full-service building offers a rooftop pool, children’s playroom, game room and several other amenities….
CORE’s Jarrod Guy Randolph and Michael Rubin are interviewed on the creative tactics brokers are using to secure exclusive listings. With inventory at a new low, they discuss their strategies for “sealing the deal” with sellers.