12 May, 2017 posted by: CORE
Offered at $3,675,000, this 4-bedroom, 3-bathroom located in the heart of Red Hook features over 2,000 square feet of outdoor space. Besides breathtaking views of the Statue of Liberty, this home boasts an expansive living room, dining space and open kitchen.
Be sure to schedule a time to see this townhouse listing near the Brooklyn waterfront on Sunday!
THE HOUSE CALL
Sunday, May 14, 1:00 – 3:00pm
11 May, 2017 posted by: CORE
Welcome to CORE 10, an off-the-cuff interview series with prominent CORE figures. Read on to learn more about this week’s guest, CORE broker, Emily Beare.
Who is the living person you most admire? My mother has been my greatest inspiration. She brought up 4 daughters who are best friends and has 12 grandchildren and 8 great-grandchildren. She is also an active member of her local community. At 86 years old, she volunteers her time to helping tutor children and supporting domestic abuse survivors and nursing home residents. Not to mention she is a world traveler, amazing cook and voracious reader.
Who is the most interesting New Yorker you know? Iris Apfel. Iris is a true icon and she is still working at 95 years old. She has always remained true to her authentic self.
What is your earliest New York memory? Seeing President Kennedy in a parade. It’s a very special memory my mom and I always reflect on.
What is the best advice you’ve ever received? To follow my passion and everything else will fall into place. I have given that advice to my children and my girls that are a big part of my life.
What do you consider your greatest achievement so far? My children. I am so proud of both of them and how they evolved to be such loving, caring individuals and amazing spouses and parents.
What are your three most treasured possessions? My daughter Elizabeth made me two very special books to celebrate my birthday – one has photos and letters from all the special people in my life, the other is a history of my life from past to present. My son David and daughter-in-law Alex had a monogrammed locket made for me with photos of their wedding day and Elizabeth and Jarett’s wedding day. I also treasure a very beautiful ring of my mother-in-law’s that she recently gave to me.
Name a movie, book or work of art that changed your life. What I love most about art is how I’ve seen it change the lives of others. One charity I work very closely with is Lalela, a South African charity promoting the global exchange of ideas, art and music. It has been an amazing gift to see how Lalela has empowered impoverished children with the tools to develop their creative skills and create permanent change in their communities.
What’s your greatest luxury? Spending time with my grandchildren almost every day.
What’s your secret talent? If I told you it wouldn’t be a secret!
Which words or phrases do you most overuse? Everyone in my life would say it’s “Yes” because I love to make people happy.
10 May, 2017 posted by: CORE
Did you catch agent Jim St. André in the Wall Street Journal last week? Jim was interviewed for a feature on top artists’ homes, specifically lending his expertise on the conversions of these industrial spaces in Tribeca into residences. According to Jim, these conversions have never been more popular. Click the link to read more of what Jim had to say regarding the topic!
Click here to read the full article: The Iconoclastic Homes of Top Artists
09 May, 2017 posted by: CORE
Commercial Basis explores how technology, branding and demographic preferences are shaping office and retail real estate in New York City. As these forces break down the barriers from where we live to where we work and shop, Lead Commercial Specialist Alex Cohen assesses the impact on real estate values and opportunities.
With housing prices rising even in unlikely markets like Las Vegas and Detroit, the “fix and flip” phenomenon appears once again to be gaining in popularity. While the opportunity to achieve a quick profit in a rising home market from buying a property in need of a makeover and quickly selling it at a significantly higher price may appear enticing, there are significant risks associated with house flipping, in common with other short-term investment strategies.
The renovation required to improve a property to appeal to a higher demographic of buyer may cost more than anticipated. A “fixed” house may face significant competition from newly constructed properties delaying a successful sale and adding to carrying costs or generate significantly less profit than anticipated upon sale. A renovation may also quickly increase property taxes. Finally if the property is resold within a year, there is no opportunity to defer capital gains taxes through a 1031 “like-kind” property exchange.
An Alternative Paradigm
I’ve previously written
about the demographic and housing supply trends that make carefully researched millennial-oriented real estate investments promising, both from an income and an appreciation perspective. The objective is not to hold a property indefinitely, but rather to capitalize on appreciation over time and trade up to a more valuable property, after earning sufficient rent to at least cover carrying costs and financing. With financing, levered appreciation can be particularly dramatic. If a property is purchased for $200,000 with $50,000 in equity and a mortgage of $150,000 and later sold to net $240,000, after transactions costs (brokerage, transfer taxes and closing costs), the initial investment of $50,000 has grown by 80% (to $90,000). If the property is held at least a year and a new real estate purchase meets the 1031 guidelines, taxes on this gain are deferred.
08 May, 2017 posted by: CORE
If finalized, the new “Mansion Tax” will increase from 1% to 2.5%, but will apply only to homes over $2M (previously $1M). Any tax increase is met with skepticism, and in Manhattan taxes and fees are always hot topics.
From my experience, purchasers are buying new development apartments, with or without tax abatements. They want the product. They want to be the first owner who enjoys the apartment before any other owner. It is like a new car out of the showroom, they don’t want a used car.
– GREG MAYBAUM
Esq, Real Estate Closing Attorney
While the proposed tax rate is set to jump 150%, New York is still one of the least taxed super-cities on earth. With comparative rates as much as 5.6 times higher, NYC should remain the world’s most attractive city for luxury real state investment.
Based on 1M property purchase – Domestic Buyers; Source: JLL
IS THIS REALLY A “MANSION” TAX OR A “FLAT” TAX IN DISGUISE?
The average apartment costs $2M in Manhattan. For this reason, some claim this is a blanket tax on almost all flats. This could hold down values of sub $2M dwellings, and spur more rental inventory. It may also elevate consumer expectations for true luxury living, particularly on elite listings.
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05 May, 2017 posted by: CORE
Offered at $2,795,000, this 3-bedroom, 3-bathroom condo, situated on the picturesque Riverside Boulevard, boasts sprawling city views and loft-like living. An open kitchen outfitted with granite counter tops and custom cabinetry is perfect for entertaining on a grand scale. Don’t miss the chance to stop by this home located in one of the Upper West Side’s best full-service condominiums on Sunday!
THE HOUSE CALL
Sunday, May 7, 12:00 – 1:00pm (By appointment only)
03 May, 2017 posted by: CORE
Looking for the lowdown on coworking spaces? Last week, our very own Alex Cohen was featured in the Huffington Post, offering his expertise on the benefits of coworking spaces beyond the camaraderie and community. Learn what Alex had to say about these locales, perfect for digital nomads, entrepreneurs and more!
Click here to read the full article: 11 Surprising Benefits of a Coworking Space
01 May, 2017 posted by: CORE
Trends & Tides takes a look at the ever changing environment of New York City real estate – past, present and future – by offering observations, analyzing perceptions and challenging myths, while giving a dose of reality along the way.
CORE saw a 26% increase in contract signings for the first quarter of 2017 and April has proven to bring more of the same with the Passover/Easter Holiday week seeing unexpected record activity. Spring has definitely sprung as my peers at other firms seem to echo my experience. That said, I wanted to take a deeper dive into exactly what is happening across different price points in the Manhattan marketplace (real time up to the minute data courtesy of UrbanDigs).
You see that the $10M+ market has seen contraction in inventory since last year but it is worth noting that 178 of those 402 units over $10M are actually over $20M which is a considerable number of ultra-high end homes. Quite a bit of inventory if you are shopping the $20M+ market. Despite that fact, pending deals since last year remain flat at 72 deals in the $10M+ range in contract. As far as the other segments of the market, relatively few additional properties are on the market this year versus last and the contract activity seems to indicate that much of the new inventory is being absorbed rather quickly.
Making sense of what is going on in different price points, different locations, and overall different segments of the market is precisely why the consumer needs a real estate professional to assist with proper pricing and effective marketing strategy
. Not everything is selling in this market and it remains imperative to navigate wisely.
28 April, 2017 posted by: CORE
Offered at $3,950,000, this 4-bedroom, 3.5-bathroom condo combines the best of loft living with a townhome feel. Located on the convenient Upper West Side, this gem of a loft offers a 600-square-foot great room with 16 foot ceilings – ideal for entertaining. Schedule a time to see this prized listing in the heart of Manhattan on Saturday!
THE HOUSE CALL
Saturday, April 29, 11:30am– 12:30pm (By appointment only)
27 April, 2017 posted by: CORE
Tax Day may be behind us, but next month’s Quoin sets out to explore the in’s and out’s of New York City real estate tax. Look out for the reveal of the Manhattan condo currently on the market with the highest monthly tax. Subscribe below to receive the next issue of Quoin, out Monday!