For better or worse the New York City market is changing.  Morgan Brennan, a Forbes Magazine real estate correspondent, quotes in a recent tweet, “’seller’s market’ developing as housing inventory hits a 13-year low, says N.A.R. Translation: sales up, prices up.”  This low inventory and increase in prices has the educated consumer scrambling to find the right apartment at the right price with the right luxurious aspects to justify paying more.

Aside from making a smart financial play when buying in today’s market, one should look at the tangible and intangible aspects of a property that make it special.  If you are paying top dollar you want to make sure that you can eventually sell again for top dollar in the future.

To do so you have to take into consideration what “luxury” really means and how it affects value.

Building: When you find a property that you love and its top dollar you have to work in reverse.  Remove yourself from the apartment and take a look at the aesthetic of the building, hallways and lobby as you also live in those spaces.  Those areas are part of the package and should also be at a high standard of quality. (more…)

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!

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!

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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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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This week’s question: What’s the most common distraction in a home that may turn off potential buyers?

The CORE agent verdict: Clutter!

It seems like a fairly standard and obvious answer, but agents across the board are always faced with the challenge of getting sellers to de-clutter. CORE agent Debbie Batres explains that “In New York City, space is hard to come by and walking into a space where most of the apartment is covered in ‘things’ lessens the appearance of usable square feet.”

Adrian Noriega's clutter-free exclusive at 15 Broad Street

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While Selling New York is momentarily taking a break from new episodes, our agents have been busy putting together some helpful tips for sellers and buyers to use as go-tos when making a decision on anything from a first-time apartment buy, to sprucing up before a showing. Be sure to stop by next week to see the first post of this series!

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.

Tony Sargent joined CORE this year after a long association with a much larger firm. He is an agent who has built a sound reputation in the industry and is known for his Sargent Report. His attention to detail and thorough knowledge of the market is an asset to us as a company and he is also one of the most approachable people in the business.

1) How long have you been selling real estate?
Twelve years.

2) How did you get involved in real estate?
I grew up moving around internationally and so I saw a lot of different styles of living and design in my youth, and I love architecture and working with people. In 1999 I met someone in real estate and we talked about his clients. One morning I started looking online at luxury townhouses and apartments and never stopped. A month later I was sitting on the beach watching the sun rise and I knew I wanted to do this. I am driven by my passion to help others and to be able to create a positive difference in someone’s life by helping them find or sell their home. It makes me incredibly happy.

3) What was your quickest transaction?
A Park Avenue classic seven. I was sharing it with another broker. The co-op board rejected the first buyer on a Thursday. The other broker called me to say the owner’s daughter had called on Friday out of the blue and was threatening to pull the listing. Given my numbers background and the fact that the owner’s daughter was in finance, I called her and used my business skills to give her confidence we were going about things the right way. I shared that we’d had another buyer interested three months prior who had strong qualifications. I reached out to that buyer’s broker on Super Bowl Sunday with a strategy. I let her know that the deal had dissolved, but we were about to raise the price (true). If her buyer was willing to come up $150,000 higher than their last offer, make no contingencies and simultaneously sign a contract by Tuesday morning with the seller, they had a deal. It happened in two days for over $3 million.

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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.

Reba Miller has been in the business for almost 30 years! Even after selling over a billion dollars worth of real estate, she has an impeccable reputation and a zest for the business. She recently caused a stir by joining our team in a senior leadership role, and I’m looking forward to working with her to help build our company, our culture, and our brand.

1) What is one the one thing about you that you think defines who you are?
I am very driven.

2) You’ve been in the brokerage business for almost 30 years. What has been your biggest surprise?
How much I still love each day as if it’s my first!

3) You recently joined CORE as our Senior Managing Director of Sales. Why move now?
I felt the business was changing and I bee-lined for the coolest and most reputable company to align myself with. I figured the owner’s name spelled the same way as my son Shaun was a great sign.

4) What was the toughest negotiation of your career?
Selling myself to the developers of 22 West 66th Street when they bought the building from the Resolution Trust Corp. They did not speak a word of English, so every bit of the exclusive from beginning to end was translated into Italian.

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