I recently did a segment on Fox Business with Melissa Francis, where we discussed how being “average” might lead to a better life for overachievers. Written by Harvard Business Review, it was directed at those who are in the pursuit of perfection. Though I disagree with the idea from a entrepreneurial standpoint, it made me think of the residential buying process in NYC.
The pursuit of perfection is something that not only affects entrepreneurs, but is also an issue buyers deal with every day. When buying, one should keep in mind that compromise is the key to a successful transaction.
- Pick your non-negotiables. Chose your top three items that you cannot live without. It could be the views, light, location, or room count- start your search with those things in mind.
- Determine where you can compromise. If you cannot find anything that fits your non-negotiables, start to look outside the box. Try a new neighborhood or a lower floor. It will help to expand your options.
- Keep an open mind. If all else fails, look at properties that are completely unexpected. Until you walk through a space and have the intimate experience, you will never know how it lives from the inside.
Remember, no matter how hard we try, attaining perfection is impossible. But being settled in your home, with a peace of mind, is as close to perfection as one could get.
To understand the fundamentals of any market, one has to take a look at its statistics and judging by Manhattan’s data points, it’s clear that the City is home to one of the strongest real estate markets in the world. Here’s why:
1,619,090 currently inhabit the island with an average of two people per household. In the majority of these homes both people are income earners which increases property equity.
71.8% of the population is between the ages of 18 to 65, which is also the age group most productive in terms of work earning and taxes.
There are 847,172 housing units on the island of Manhattan. Two-thirds are cooperatives totaling 192,308 units and one-third is condominiums totaling 64,103. Since cooperative and condominium ownership requires you be financially responsible to own property, this creates a stable real estate market. Under these stipulations, New York City is one of the few places in the U.S., if not the world, that asks purchasers to prove they can afford what they are attempting to purchase.
As anticipated, the 3rd quarter housing report was reflective of an unprecedented three months in New York real estate. Various statistics for this quarter provide us with a snapshot of different segments of activity within the market, presenting information that supports the general consensus of the city’s impressive growth this year. For instance, the inventory of active listings has dropped to approximately 4,500, down nearly 5% from last quarter and the lowest recorded since 2005. The market as a whole has also reached its highest average price-per-square-foot since 2008. As records continue to be broken, it is important to reflect on these developments to better anticipate the changes ahead.
Shown in this quarter’s CORE Real Time Report, one of the biggest deviations we have witnessed was the almost 30% reduction in contracts signed. At first glance, this may seem like a cause for concern, but after analyzing the factors that influence this market, it is actually a testament to how strong the market continues to be. The following points are four key components that have contributed to the low inventory levels seen throughout the New York City market this quarter: (more…)
Captured by Jarrod Guy Randolph, today’s “Photo of the Week” offers a glimpse at Park Avenue South’s newest residential project. Located at 400 Park Avenue South, Sky Couture is the latest condominium project being developed by Toll Brothers and Equity Residential. Designed by Christian de Portzamparc, the building is expected to house both rental and sales units, with prices for the one- to five-bedroom condos ranging from $1 million to more than $10 million. Building amenities at Sky Couture will include round-the-clock concierge service, a fitness center with yoga rooms and an indoor lap pool.
A sampling of last week’s press coverage of CORE and CORE properties.
Spare Change: Do Flex-Hour Jobs Really Exist?
Jarrod Guy Randolph is featured in this week’s segment of Spare Change alongside host Melissa Francis, author Imogen Lloyd Webber and small business expert Susan Solovic. This week’s topic of conversation was based on the scarcity of jobs offering flexible hours.
Nate Berkus Buys $5M Penthouse in Greenwich Village
Nate Berkus’s recent purchase at 39 Fifth Avenue receives additional coverage, as the popular interior designer buys a new home only moments away from his West 9th Street pad. The 15th floor penthouse was listed by Emily Beare and Tony Sargent.
Gimme Shelter: We Hear…
New York Post
One Museum Mile is mentioned in this celebrity real estate recap as the site of a benefit event on September 17th, hosted by The Book of Mormon co-director Casey Nicholaw and Josh Marquette. Tom Postilio and Mickey Conlon are set to be in attendance.
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.
Having entered the real estate industry at a young age, Jarrod Guy Randolph has experience and wisdom far beyond his (soon to be) 30 years. Known for his charisma and hard work ethic, Jarrod has quickly risen to the top of the industry, while also maintaining close relationships with his clients along the way. Now at the height of his career, Jarrod shows no signs of slowing down. Here are Jarrod’s answers to Ten questions:
1) What did you do before you found this career?
If I decide to explore another career, I can always go back and work at Soccer Corner in Bucks County, PA. Other than that, I’ve been in real estate ever since I worked for a star broker in PA at 16 years old.
2) What has been the highlight of your career?
Being nominated to Forbes’ “30 Under 30” list for my accomplishments in real estate is by far the greatest highlight. The nomination created some pressure to perform, which I loved. It made me work that much harder and now my career is stronger than ever.
3) What is your greatest daily challenge?
My greatest daily challenge is deciding what to eat for lunch. I’m on 61st and Madison and there are way too many awesome lunch options. I love to eat!
A sampling of last week’s press coverage of CORE and CORE properties.
Return of the Sight-Unseen Market
The Wall Street Journal
Shaun Osher is featured in this article about real-estate developers reviving the boom-era practice of pitching new buildings a long time ahead of completion. Shaun offers expert insight into new development strategies and the unpredictability of the real estate market today.
Beverly Hills on the Hudson
The New York Post
Emily Beare received coverage for her assistance in Real Housewives of Beverly Hills’ Yolanda Foster’s apartment search for daughter Gigi Hadid. This apartment hunting excursion will be featured on an upcoming episode of the Bravo show, featuring fellow Beverly Hills housewife Brandi Glanville.
Brokers, Stars Turn Out for Domestic Violence Fundraiser
Real Estate Weekly
Reba Miller and Jarrod Guy Randolph were featured in this event-related piece, showing their support for The Retreat, a charity aimed at ending domestic violence, at the 18th Annual Artists Against Abuse Gala in Bridgehampton. Domestic violence survivor and ex-girlfriend of actor Mel Gibson, Oksana Grigorieva, made a speech that deeply moved Reba and Jarrod as well as the other brokers and stars in attendance.
Today’s “Photo of the Week” features Reba Miller and Jarrod Guy Randolph at the 18th Annual Artists Against Abuse Gala at The Ross Lower Campus in Bridgehampton, right across from the prestigious Ross School. The night featured a silent and live auction to raise funds for The Retreat’s services for domestic violence victims. Oksana Grigorieva, former girlfriend of Actor Mel Gibson, was the guest speaker of the night. As a victim of domestic violence, and one who has worked with domestic violence agencies like The Retreat all over the country, she gave a speech that moved both Reba and Jarrod. For Reba, the event made her realize that “often enough, we hear and read of the violence that occurs amongst partners and couples but what we don’t hear often enough about is where the victims can turn to.”
Dear Foreign Buyer,
As a broker who often works with foreign buyers and investors, I am more than familiar with the difficulty of navigating through the wacky world of New York City Real Estate. With the right team in place, the process can be an educational and exhilarating experience.
To begin the process it’s essential to understand the financial snapshot of a NYC purchase before you begin shopping. This would include guidance and support from an attorney, accountant, and tax advisor. Once you fine-tune the purchase, a property manager may be an additional team member you should have in place to deal with landlord matters.
With the help of an experienced real estate broker, you can count on these experts to help you manage your purchase in New York City.
On Thursday, May 23rd, CORE Madison Avenue’s second “Walking Tour” gave agents the opportunity to gain a deeper insight of their surrounding neighborhood. Since opening its doors last month, the Madison Avenue agents remain committed to staying current on the intricacies of nearby buildings and their histories. Already well in-tuned with the Upper East Side, this walking tour took agents back to Park Avenue, where, once again, each of them were assigned to a new building to become familiar with the purpose to educate one another along their route.
“As the number one mid-sized firm in Manhattan, we are able to go out on the streets and learn,” said Reba Miller, the Director of Sales of CORE Madison Avenue. “This is what sets CORE apart from larger firms which don’t have the ability to do things like this.”
Participating agents included Lee Frankel, Romina Frecha, Blu Kokin, Keren Ringler, Stephen Gallagher, Jarrod Randolph and Alison Abovsky who explored buildings including 565 Park, 625 Park and 710 Park. One interesting trend that appeared throughout the tour was that famed 20th century architect, J.E.R. Carpenter, designed six out of the ten buildings showcased.
An informational recap at the end of the tour proved that the agents gained a great deal of knowledge from one another. “There’s never a limit to education, and CORE agents need to make sure they understand the history and real estate market in order to stay current, relevant and familiar,” noted Reba.
Check out some additional photos taken throughout the tour below.