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 405, which first aired on November 10, 2011. For more SNY epilogues, click here.
In “Youth Movement,” CORE’s Michael Graves makes an impressive return to the “SNY” stage in a high-octane, double-deal episode that showcases the dexterity required to stay afloat in the world of New York City real estate. Michael grows increasingly wary of his ability to sell Rosalind’s apartment at her desired asking price, which is well above available comps in the building and immediate area. Michael tells Rosalind that he must dissolve their agreement unless she is willing to lower the price so that it is more in line with the market. she gives Michael a final incentive in order to maintain the price and keep him as her broker—the promise of two more deals—if he can successfully close on her current home at 10 West End Avenue. After five months on the market, however, Michael is increasingly unsure about being able to sell the apartment, especially since the asking price is nonnegotiable. As Rosalind becomes uneasy about being able to get the right price for 10 West End Avenue, she begins to question her desire to move into a new apartment. Refusing to accept defeat, Michael hits the ground running in search of a way to live up to his client’s high expectations.
Keep on reading for some exclusive behind-the-scenes information about what didn’t make it into last night’s episode of “Selling New York” and what happened after the cameras stopped rolling!
1) Out with the old, in with the new—new developments, that is. In addition to having a client who refused to budge on her asking price, Michael faced an additional challenge of competition from new developments on the Upper West Side, the same neighborhood as 10 West End Avenue. With plenty of vacant, brand-new apartments in the neighborhood, Michael had to find a way to convince a buyer that Rosalind’s apartment at 10 West End Avenue was the better choice. Ironically, Rosalind herself was leaving 10 West End Avenue in search of a new development, but the charm of 10 West End Avenue still won over a buyer.
2) Competition can be a good thing. Beyond desiring a residence in a new development, Rosalind wanted to move out of her apartment in search of a busier neighborhood. The neighborhood, however, ended up being Michael’s biggest selling point, as he convinced potential buyers that while a new development across the street—slated to be finished within a few years—would eliminate much of the river views, it would add incredible value to their purchase by providing new commercial and retail spaces, as well as 3.5-acres of green space connecting to Riverside Park.
3) Artists aren’t easy to please. Rosalind, who is actually an acclaimed artist, had a distinct idea of what she wanted in her new apartment: a chic residence in a new development with outdoor space. While Rosalind’s interior design abilities benefited Michael at his 10 West End Avenue listing, as it was perfectly decorated for a potential buyer, her creative eye placed extra pressure on Michael to find a new apartment that perfectly matched her unwavering vision. After taking his client to seven new developments, Rosalind fell in love with a unit at the Tempo in Gramercy—but was reluctant to even consider making an offer until Michael closed on 10 West End Avenue.
4) Two deals are better than one–but timing is everything. After seeing the apartment at the Tempo, Michael knew he had to act quickly if his client was going to get her dream home, convincing Rosalind that it was in her best interest to start the buying process even before receiving an offer on her current apartment that matched her asking price. This required a delicate balancing act, as well as a good deal of faith. If Michael was unable to negotiate with potential buyers to achieve a full price offer, he would have to withdraw his client’s bid on the unit at the Tempo and risk losing the apartment.
5) Sometimes sticking to your guns pays off. After receiving an initial $1.5 million offer on 10 West End Avenue, Michael successfully negotiated with the buyer and closed on the apartment just shy of the $1.775 million asking price, setting a new record for price per square foot at the building, leading to a feature story in Brokers Weekly. And thanks to Michael’s quick thinking, Rosalind was able to close soon thereafter on her new apartment at the Tempo. After proving he could rise to any real estate challenge and closing two seemingly impossible back-to-back deals, Michael secured his third listing: When Rosalind decides to retire and sell her apartment, she will be returning to CORE for Michael’s expertise.