CORE Blog » Real Estate

SELLING NEW YORK EPILOGUE: “POOL HOUSE”

khelb — Fri, 29 Jul 2011 15:02:33 +0000

This week, Selling New York viewers had the pleasure of taking a peek inside one of Manhattan’s most unique properties, listed by CORE’s Maggie Kent. Viewers watched as Maggie went above and beyond the call of duty to secure a high profile exclusive on a stunning one-of-a-kind listing featuring a pool in the living room.

Since this was Evie McMurray Van-Zeller’s second time listing her property, she knew she needed to choose correctly among the brokerages competing for her unique listing. Continue reading for some exclusive information about what happened after the cameras stopped rolling and what didn’t make it into last night’s episode of Selling New York!

Behind the Scenes:

Evie fully utilizes every inch and every special feature of her home. Maggie informed us that Evie starts her day with a luxurious session in her sauna, followed by a swim where she enjoys the swing hanging from the rafters above the pool. Evie’s beloved dog, Chloe, loves to get her paws wet, too, and has been known to surf on a kickboard for thrilled houseguests.

The pool is not the only amazing feature of the home. Viewers may have noticed a wealth of art throughout the triplex where Evie and her family lives. Evie’s husband and her grandfather are both renowned artists, so her home is filled with eclectic artwork including several large scale paintings, sculptures and antiques from her travels all over the world.

After connecting with Maggie following the episode, she shared that Evie was drawn to CORE because of our reputation for being an extremely creative, hands-on company. Evie was concerned about selecting the firm to exclusively list her property due to her previous experience trying to sell her home. She mentioned that past brokers didn’t utilize the fact that her property required a distinctive marketing plan to appeal to the right buyer and that this time, she wanted to chose the right firm.

In order to sway Evie, Maggie brought her to an open house event on the Upper West Side to show her how CORE specifically tailors marketing plans, PR efforts and events to each specific property. What viewers didn’t see during this scene was that CORE tapped a famous New York City historian to speak at the event, an idea utilized to target the couples and families who would search for historic homes in this neighborhood. While this was a drastic contrast to Evie’s property, following the event, Evie was able to understand how CORE would tailor marketing specifically to her home.

Following up:

Since taping on this episode wrapped, the “Pool House” has broken press coverage records at CORE. The property graced the pages of New York City’s real estate trade publications, The Real Deal and Curbed, was a feature article in The New York Times and was also a cover story for AOL Real Estate, Yahoo! Real Estate and The Huffington Post. The home was also named New York Daily News’ “Best Place of the Week” both “House of the Day” and June’s “Most Notable Home in New York” by The Wall Street Journal. Word spread overseas as the home received praise from The Daily Mail in the United Kingdom and NOS Dutch Public TV. Evie and Maggie have also been busy filming news spots for LXTV’s Open House New York and CBS’s Living Large, which will both air in the near future. All this exposure has brought in more interested buyers than ever before and needless to say, Evie’s home is now in the center of the public eye, positioning her perfectly for a sale.

We get a bad rap!

Shaun Osher — Fri, 10 Dec 2010 19:48:11 +0000

One reason real estate brokers have a generally-less-than-stellar reputation as professionals is that because a large amount of the time, the client is unhappy.

Unhappy beyond our control -
And unhappy people like to lay blame…
Usually on “us”.

The buyer loses a property because they’re outbid -
The broker gets blamed…
The seller loses the buyer because the property is overpriced -
The broker gets blamed…
The board turns down a buyer (for some unknown reason)-
The broker gets blamed…

Is the key to being a good broker having the ability to seek out and work with generally happy people who see things as they are?

I think so!

My Theory on “REALativity”: Key Points for the Buyer & Seller

Shaun Osher — Tue, 12 Oct 2010 17:05:18 +0000

Chapter 1 for Buyers:

Why on earth do you want to move?

Not many sane people want to pack, relocate and uproot their current home, their nest, unless they have a good reason to! If home is where the heart is, then moving is not for the faint of heart! Trust me, I’ve moved a couple of times in my life!

Real estate is one of those life necessities. Everyone needs shelter, and even though we are a first world country with abundant resources, there are approximately 3.5 million people homeless in the US (In South Africa, my home country, 60% of the 45 million people living there are without electricity, 16 million have no access to clean water and 22 million people lack adequate sanitation). A little perspective is always refreshing! So, if you have a nice home and are happy in it, then you need to make sure there’s a good reason to move.

Of course, almost every mortgage broker and real estate broker wants to convince you to move. And who can blame them? That’s how they make their living so they can pay for their housing. There are certainly a number of compelling reasons to move. A large part this country’s notion of “The American Dream” is that everyone can own a home and Uncle Sam actually does a lot for us in that regard. Having just come out of the “era of irrational exuberance”, the fundamentals of home ownership have never been more scrutinized than they are right now.

Having sold thousands of apartments, I’ve become intimately familiar with the top ten reasons real buyers buy. They are:

1.) I’m relocating for my new job.

2.) I’m getting married.

3.) I’m getting a divorce.

4.) We’re expecting another child and five people in a studio won’t work.

5.) My children have moved out and we don’t need so much space.

6.) I’m tired of making my landlord rich, rates are low, I’ve saved for my deposit, and I want to build equity.

7.) I can’t walk up these stairs anymore after 50 years. I need an elevator and a doorman.

8.) My grandfather just passed and he left me this amazing 7 room co-op.

9.) My commute to work is killing all my time with my wife and family.

10.) I can’t afford to live here anymore.

Here are the top ten reasons NOT to buy:

1.) Look at the Jones family! (Google “keeping up with the Joneses”)

2.) The guy over at the bank said he can get us a cheap loan for a bigger house. (Reminder: That’s what got us into this mess)!

3.) We stumbled upon this open house and loved the views.

4.) My broker said we could make bank on selling our current home.

5.) I’d like to live in a building with a putting green on the roof or a triathlon training facility.

6.) There’s a great club across the street that I frequent.

7.) I could be a part time flipper and make a small fortune.

8.) The most recent “housing report” says it’s a “good time to buy”.

9.) I received an unsolicited bid on my home, so now I need to move.

10.) It would be cool to live in a (insert “starchitect’s” name here) building.

Most of this seems to be common sense, but I have found that when it comes to buying things, small or large, common sense is not always that common.

More on “Home Energy”

krundhaug — Fri, 30 Apr 2010 20:49:16 +0000

Continuing a theme from my previous appearance on Selling New York, in the April 22nd episode I had a chance to focus on identifying and addressing the inherent “energy” of the apartment that I was tasked to sell. An apartment, house or any kind of home acquires its energy not only from its own history, but from the histories—the experiences, goals, aspirations, obstacles and anxieties—of the people who live in it, as well as of their guests, their neighbors and, dare I say, their brokers. I was educated in the existence and power of this type of energy by my friend and colleague Reginald Arthur, who for years has studied the energies of individuals, their homes and their environments. Almost as soon as I took over the listing of an apartment at 50 Gramercy Park North, I brought Reggie in to help promote the residence’s positive energies. Similar to the penthouse (at 350 West 23rd Street) featured in my previous episode, the one at 50 Gramercy is a relatively new construction and its current occupants have lived there for less than three years. Reggie and I have come to understand that new developments often attract and absorb negative forces that accompany the building process: the stresses of financing, the convulsions of construction, the uncertainties of the marketplace in which the apartments are sold. Furthermore, the 50 Gramercy project incorporates an old New York hotel that has hosted many unusual guests over the years, each of whom contributes his or her own energy to the bones of the building. All of these factors, if sufficiently negative, can create a pall that, on a certain level, deters buyers. Reggie identified this immediately and took measures to reverse its effects. He tries to help homes release negative energies from dark periods in their histories by assisting their owners and brokers in doing the same. In other words, if the people who live and pass through an apartment are able to expel their negative energies, so too will those energies be expelled from the apartment itself, resulting in a space that is brighter and more attractive to prospective buyers. Whether or not they believe in the veracity of Reggie’s methods, my sellers (and I) are always filled with confidence by his presence and charisma. And, after all, isn’t confidence just another form of positive energy?

Sunnier Skies Ahead….but when?

Shaun Osher — Thu, 18 Jun 2009 20:56:38 +0000

Chelsea Garden

The skies are grey, the real estate market is cloudy, and the unpredictability of both has never been more apparent. The New York Post’s Katherine Dykstra wrote a story today that featured apartments with outdoor space. Will this will clear the air and give us hope for brighter days ahead?

I still contend that THIS IS THE TIME TO BUY! I say this not because I own a brokerage that relies on transactions, but because of the fundamentals underlying the opportunity for buyers and their ability to transact.

It’s June.

July and August are supposed to get hot.

Let’s see what happens.

Opportunity knocks in Williamsburg

dbowen — Mon, 04 May 2009 21:31:20 +0000

These are certainly good times for the buyers in the land of new development condominiums here in NYC. That is if you have 20% down, good credit, a job and you are looking to buy in a building that is nearly, if not 100 percent complete. Prices are down precipitously, high inventory is providing abundant choices, interest rates are at a 45 year low, and developers are providing incentives on top of their incentives. As a broker leading one of these projects, 125 North 10th Street, it feels like running a booth at the bazaar in a third world country. Every weekend I am not sure if people are showing up to practice their haggling skills or are actually looking for a new home.
It is extremely hard to get buyers to focus on the important things; like the quality of the construction, the mechanical systems( they are not all created equal), and the way they imagine themselves feeling and living in their prospective new home. Buyers come in to 125 so full of ideas crammed into their smart/informed brains by Rush radio voices, the talking heads (not the band-I wish it were so), the print news, the local real estate rags or the blogosphere; but, what is incredible is that buyers have actually convinced themselves that what they are hearing and reading, which is largely opinion, is the absolute truth and that they are now somehow the experts. It is really amazing. It would be like me showing up to the emergency room after reading some good instructions online about a gall bladder operation, suiting up and giving it a go. I was a practicing carpenter for 17 years and good one; I think that I can handle it!
There is a basic rule in real estate in NYC, at least in the best and already past the point of no return areas like Williamsburg, Brooklyn, EVERYTHING SELLS!! They are not creating anymore “Greatest City in The World” and there has and will always be demand for NYC real estate. All those buildings that are not filled and are actually getting completed WILL BE FILLED, mark my words. As for timing the bottom of the real estate bubble-BEWARE! It is the same for the greedy sellers in this last up market who did not price their homes realistically and waited too long. Now, having laid the groundwork for their next transition in housing, many of these sellers that passed up on offers before last September are wishing that they had listened to their brokers. Remember, it is not an easy time out there for brokers, they have to sell more properties at lower prices to earn a living and there are far fewer deals to go around. The good brokers are working their butts off and are extremely knowledgeable about the different segments of the NYC housing markets and where to find a great deal. For buyers to think that they know more than these everyday players is simply absurd. Greedy buyers will inevitable suffer the same fate as the greedy sellers by either missing the bottom and getting caught in the upswing or missing out on the apartment that they really want because they were waiting for a further decline in prices.
It is tough times for the developers. These high profile starchitect affiliated new development condominiums that helped to run up the NYC real estate markets to stratosphere highs have now run into a pretty severe case of the troubs. In Manhattan, the 1000/sf number was replaced by the 2000/sf number in a matter of about 2 years and guesses what, 1000/sf is the new 2000/ft and we may be going from 4 digits to 3 digits in the coming months. Manhattan being the barometer, this same scenario is reflected in the prime Brooklyn markets, Williamsburg being a great example. This has put an enormous burden on the developers who were mid process on their projects and even those who had just completed the land acquisition before the s— hit the fan with Lehman. The developers of course have other investors and banks, all of whom worked out incredibly complicated contracts to spread the risk around, but the fact is that no one could possibly have anticipated what happened when the post Lehman aftermath continued with the now familiar tale of woe . It has really been a perfect storm in many ways with these new developments buildings. Pre-selling a building, a common place practice for many years, a kind of “take the temperature” approach that kept money flowing and investors happy, is now a thing of the past. Lenders put these new developments at the top of the “do not lend” list, the crane collapse trafficked a bunch of keystone inspectors that slowed things down further on the building sites, the media found a hot disaster story to sell and the buyers froze. Everything turned to ice.
Hmmm, someone smell an opportunity? Now that we have a new President and new Country, spoken like a true optimist, the thaw is on. Banks are lending again, there is a serious uptick on Wall Street and open houses have been very busy for about the last 2 months. People are definitely buying on the Northside of Williamsburg as is evidenced by the recent article More Sales for Less Money. In addition to all the incentives, developers have also realized that they have to finish strong and have upped the ante on quality of the buildings. Since that crane toppled a year ago, the process for delivering finished buildings into the market place has also changed dramatically. In the good ole days of yore, developers could pre-sell a building, cut corners as they built because they were already mostly sold and then get to the finish line( i.e. people closing and moving into the building) without having to complete various amenity spaces or even the lobby. Now, if you do not substantially complete all these items, and by that I mean 90 plus percent complete, you will not get the clearance from either the Department of Buildings or the bank or both to close. All this is good for the buyers in these buildings as they will move into better quality buildings and more completely finished buildings.
In short, there is opportunity out there. Many projects, not all, are well designed with very good layouts and they are basically selling at 2-3 year old prices. In the case of Williamsburg, this has been coupled with a flight to quality on the construction side, especially on the Northside, that further puts the buyer in the driver seat. You get an apartment in the very best location in the area, at the same price as people paid 2-3 years ago for a lesser product. You get a better designed building, likely with better amenities or at least more completed amenities. And you get it while interest rates are at a 45 year low. Williamsburg is one example of an area well on its way to being one of the premiere places to live in NYC. It is like an extension of the East Village and LES, only cleaner, with more open space and the take-it down a notch lifestyle that has brought masses of people over to the BOOM Borough. Expect the trend to continue.
For you buyers, be choosy, but do not be foolish. Ask the important questions, the people selling property really do want to help you make a good and informed decision. You are in what is essentially the best buyers market in more than 2 decades. Get advice from the experts, they will help you. If you find something that really speaks to you, that you can afford and want to call home, go ahead and try and get your great deal. You may be surprised.

Buffett & Kellogg – Contrarians

Shaun Osher — Fri, 24 Apr 2009 03:12:35 +0000

Breakfast anyone?

There are more similarities in these two names than one might think. If you’re into numerology, you’d notice that both names are spelled with an unusual combination of a consonant, followed by a vowel, followed by two consonants….you get the idea.

“Be fearful when others are greedy and greedy when others are fearful.” said Buffett. Historically, this has proven to work wonders for him (for the most part). He ranks number 2 in the United States with an estimated net worth of $50 billion.

During the depression, Kelloggs and Post (the cereal companies) took two different paths. James Surowiecki eloquently wrote a piece in this past week’s New Yorker about this. Kelloggs, with their contrarian business model proved to be more successful. As we continue to grow our company organically in this market, I find myself asking mentors about this philosophy. They all overwhelmingly agree with Buffett and Kellogg, although it’s always easier to give this type of advice from the outside looking in.

We are clearly in a buyers market which means that those who are brave (and smart) enough to take advantage of this historic moment, should come out long term winners. My advice, from the inside looking out, is to seize this moment and embrace the opportunites this market brings. I know there will be some echo’s of 1998 to 2006 where the bears were saying “I could have, should have, would have…”

Don’t be a foolish bear. Be sly like a fox!

Questions for George

Shaun Osher — Thu, 26 Mar 2009 21:38:32 +0000

In June 2008 I was walking down Fifth Avenue and saw George Soros’ new book “The New Paradigm for Financial Markets: The Credit Crisis of 2008 and what it means.” I bought the book, read it, and thought to myself “whew, let’s hope this guy is wrong”. Unfortunately, he was right on the money, and the global financial and housing crisis is almost exactly as he predicted. The video above from 2006 further validates his foresight. He has been politically outspoken and has provoked some passionate rhetoric from the left and the right. Love him or hate him, one can’t argue with his success and foresight.He is one of the few billionaires (estimated above $9 billion) who’s net worth is growing, not shrinking. I would love to know a few things from him. Namely…….

1) What do you think of the stimulus plan?
2) Can you explain to me why Czech prime minister Mirek Topolaneka calls the plan a “way to hell” that will “undermine the stability of the global financial market”?
3) What is your outlook for the housing market in the next 12 months?
4) When will we hit bottom (if we haven’t already)?

I’m hoping to see a new book from him soon that will answer some of these questions, and more. I’ll certainly be paying attention!

Birds of a Feather…

sanderson — Tue, 24 Mar 2009 21:59:03 +0000

So I sign up for Twitter. I figure I will be able to read the newspaper, buy an apartment and hang out with 50 Cent in my spare time. Just when I thought things were going well, I get a message that says, “Too many tweets!“.

I guess when everyone absolutely must know what you are doing at that very moment things get a little hectic. Now you know what I am doing and maybe I will try again tomorrow!

Eastside Story

mlynch — Thu, 05 Mar 2009 19:56:23 +0000

Who says dreams don’t come true? When I first began tramping around the Lower East Side in search of the perfect dive bar, I always looked upon it as a playground; a place to drive to in my 1962 “Three on the Tree” Rambler Wagon from my home on Staten Island, not a place I’d wind up living, even though everything about the neighborhood piqued my interest: so funky, so diverse, such a time capsule of a New York rapidly vanishing and evolving, the people, the places, the vestiges of the immigrants who settled here at the turn of the 20th century! Wistfully, I’d imagine a day I would be living on the lower east side the same way, I suppose, Chekhov’s Three Sisters imagined getting to Moscow. But unlike Olga, Masha, and Irina, my journey took place. Read all about it!