The High Line - Symbol and Catalyst for Growth

NY1 ran a segment this morning to announce the completion of digging for the Second Avenue Subway project - which has been planned and envisioned since the 1920s!  When the new line opens for strap-hangers in 2016, Second Avenue will become a draw for more retail, eating/drinking establishments, community services and more.  One only needs to look at the High Line to see how public & private investment can re-envision an entire neighborhood. 

A recent New York Times article, Cities See Another Side to Old Tracks, discussed how The High Line has become both a symbol and a catalyst for an explosion of growth in the meatpacking district and the Chelsea neighborhood. 

In fact, in the five years since construction started on the High Line, 29 new projects have been built or are under way in the neighborhood, according to the New York City Department of City Planning. More than 2,500 new residential units, 1,000 hotel rooms and over 500,000 square feet of office and art gallery space have gone up.

Visit High Line Section 3 during OHNY weekend 15/16 October

openhousenewyork Weekend, America's largest architect and design event, opens doors throughout New York City each October. The 9th Annual openhousenewyork Weekend will be held October 15 & 16, 2011.

Among the pages and pages of tours and programs, I discovered one that immediately caught me eye:

The High Line

W 34th St/11th & 12th Aves, Midtown

 

James Corner Field Operations and Diller Scofidio + Renfro, 2009. The High Line, an historic elevated rail viaduct that runs through the Meatpacking District, was renovated and reopened as a public park last year. Take a tour of the still unopened portion of one of NYC’s most talked about open spaces. Subway ‣ A, C, E to 34th St–Penn Station. Bus ‣ M11, M34.

For more information visit: http://www.ohny.org/weekend/

Making Sense of Dollars and Cents

As an investor, you have a unique investment strategy, threshold for risk, and desire for return on your investment. Ratios like GRM, NOI, and Cap Rate can identify properties that warrant deeper investigation as a financial asset. You can address fundamental purchase questions like: 

• Does this opportunity match your investment strategy?
• How much income do you expect to earn each year?
• Should you reduce costs or increase income?   

Now, let's look at a few stats in more detail...

Giving Due Diligence Its Due

Are you ready to buy property and wanting to know if it is good value? Are you ready to sell your property and want to know what to expect? Have you found an appealing property and are ready to make an initial offer? Did you know that conducting a thorough due diligence can help make the market (and time) work for you to put more money in your pocket and avoid countless headaches.

Simply put, due diligence is the opportunity for you to verify the facts presented about a property or a buyer, calculate value, and identify the risks you may face. A recent article in the Real Estate Weekly offered a bit of quick guidance for conducting the due diligence crucial to commercial real estate deals. The article offers some sound suggestions for due diligence on any size of deal - co-op, condo, townhouse, or multi-unit investment property or more.

While your due diligence will be unique, here are four areas to explore during this time:  

→ Building Condition: Identify repairs, improvements, and upgrades that might be necessary in the near future.TIP: Engage a professional inspector to conduct an engineering inspection. 

→ Financial Health: Verify building financial statements, schedule of improvements & budgets.TIP: Obtain prior year tax returns to compare with reported financial figures. 

→ Current leases: Examine lease terms & options, obtain estoppel certificates for any matters not documented in current tenant agreements.TIP: Review correspondence files for insight.

→ Neighborhood Survey: Review zoning laws, inquire to known plans for neighboring properties and check local government records.TIP: Tap into online data sources to search NYC records for liens, violations, tax records and more.

The bottom line: You will understand the value of a property as well as the risks and rewards  if you plan for due diligence.

Today is new headshot day

Happy Monday everyone.  In celebration of the back to school season upon us, I've decided to update my profile picture.  I had this head-shot taken earlier this summer to use on marketing materials.  So, here it is...now my blogger profile picture as well. 

For the rest of the story....I spent this summer with my hair piled on top of my head to beat the heat.  This past weekend it was finally a bit cooler but my hair kept blowing into my eyes, my nose, and my mouth.  So I am now seriously contemplating a shorter sassy cut for the fall.  The bottom line?  New Headshot Day may come again before the end of the year.  Stay tuned.  =)

Astoria Three Family Home Available

Today, I'd like to present a Three Family Home available for purchase in Astoria.  See the full listing on LoopNet (follow the snippet below). The savvy buyer can purchase this property and keep it configured as an income property with three rental units above owners quarters on the ground floor.  Another option is to combine the owners quarters with the first floor rental apartment to create a duplex with access to a deep terraced garden. 

If you've been looking for a property that is both an asset and a home, this could be the opportunity you've been looking for.  Contact me today for more details!  You can email me at  rebekah@tmrp.com. 

If you're looking for other opportunities to own and invest properties in the NYC area - I'd love to talk with you.  Contact me today!

Commercial Real Estate

28th Avenue and 41st Street

StreetViewed!

Remember when "google" became part of our vocabulary?  You know, after meeting someone all the sudden, it was time to go home to google them?

Not long ago, another google word crossed the boundary into my own vocabulary - StreetViewed.  Well, I've always been a big user of Google maps.  I've used the 'my places' feature to visualize sales data - current listings, recent sales, development sites, etc.    I've also used StreetView to explore neighborhoods during a home search - neighborhood features, building facades, and nearby properties.

So, I've known for awhile that the unexpected can be preserved as part of the image for a particular address.  But until recently, I'd never actually seen the image capture in action.

Picture this (no pun intended):  My business partner and I were standing in front of a building for a pre-closing walk thru.   As we chatted, a little green and white car with California plates and a huge apparatus (best word I could come up with here) motored up and idled in front of the building.  It paused long enough for me to get a picture of it - and then it moved on.

My conclusion:  Being 'StreetViewed is the ultimate in candid camera!

Here's the photo I took of the StreetView car.  Now, I'm curious how often do street view images capture people taking a picture of the StreetView car itself? :)

Can you beat the Summer Sizzle in the Rental Market?

Anyone that has searched for a rental apartment (and a budget other than unlimited) know how difficult the search can be. Apartments are rented the day they come available - or even beforehand. Trade-offs in space, location, features, amenities, and price are expected. Why is it so challenging to rent in NYC? Fundamentally, its about supply and demand.


The Wall Street Journal reports that 'The apartment vacancy rate in New York City continues to be the lowest in the nation, according to a new report...only 2.8% of the city's apartments were vacant during the second quarter, according to a new report.'


Crain's reports 'Last month, the average monthly rent for an apartment rose 8% to $3,358 from the same month last year, just $36 shy of the all-time highest monthly rent, recorded in May 2007.'

Remember Econ 101, limited supply can drive prices higher.  What's a renter to do when their budget can't grow with prices?  Use focus and speed to combat rising prices.  

Last summer, vacancy rates were similarly low in the West Village when my family needed to find a new apartment in the West Village.  I think a few tips we followed back then can pay off even more for renters today.  

First, we established our maximum budget and agreed to a list of top three priorities.  We agreed to compromise on any other aspect of the apartment.  (One note:  originally our budget was about 10% lower, but decided to increase it after seeing 20+ apartments in our initial budget without finding a fit.)  Our priority list was very simple:

1. No more than two flights up in a walk-up
2. A living room at least 15' x 15' square 
3. Two bedrooms - with one that could fit king-size bed (even if nothing else fit)

During our search, we saw every ad on craigslist, streeteasy, OLR and more.  I walked the streets and called the numbers on signs, I spoke to doormen and shop keepers to see if they knew of any apartments coming available.  Suffice to say, we did our homework.  Our homework also included preparation of our tax returns, and other financial documents.  Finally, we specifically agreed to apply immediately for an apartment that fit our priority list, even if only one of us saw the apartment.   

I walked into what is now our apartment at 5:45pm on a Tuesday and told the owner immediately that we'd like to apply (I was alone).  By 10am the next morning, we fully completed the rental application and provided copies all of financial documents needed to approve our application.  By 5pm that evening, we had signed leases.  

The bottom line:  When you are a savvy renter, get the edge in a tight market by being willing to make tough trade-offs, have all your documents ready to go and be ready to rent on the spot.  

Read more about the current rental market in Manhattan at: the Wall Street Journal (subscription required), Crain's

As Investors, Chinese Turn to New York

Chinese banks have poured more than $1 billion into real estate loans in New York City in the past year. Investors from China are snapping up luxury apartments and planning to spend hundreds of millions of dollars on commercial and residential projects like Atlantic Yards in Brooklyn. Chinese companies have signed major leases at the Empire State Building and at 1 World Trade Center, which is the centerpiece of the rebuilding at ground zero.


Even one of the region’s fastest growing construction companies is Chinese. The company, China Construction America, has won contracts on major public works projects, including the Tappan Zee and Alexander Hamilton Bridges, the No. 7 subway line extension and the $91 million Metro-North Railroad station at Yankee Stadium.


Read full article:  As Investors, Chinese Turn to New York

BBLs and ACRIS - more than alphabet soup of property records!

I've spent much time mucking around property records as of late.  It goes with the territory!  Lately though, I realized that I've become quite familiar ACRIS - the web based search system for researching property records.  While the system is completely free and open to the public, it does require familiarity with the the Borough, Block, and Lot (BBL) system that the City of New York uses to organize property records.  

The Borough, Block and Lot system is oriented around fixed chunks of land that are each subdivided into individual sections.  This approach contrasts the one designed for movement - street addresses - which is oriented around the arteries for traffic flow.  

A lot is typically an individually owned piece of land (condo units are also assigned individual lot numbers) & generally corresponds to a single tax bill.  A block is a group of lots that are bounded on four sides by streets.  For example, in Manhattan the block bounded by Lenox Avenue and Adam Clayton Powell Boulevard, West 118th, and West 119th is Block 1903.   In this block, individual lots are numbered starting at 001 and counted as the lots wrap around the block.  

Writing BBL numbers: 

A quick note about writing BBL numbers (from the Department of Finance). The Borough number is always first:

1 = Manhattan
2 = Bronx
3 = Brooklyn
4 = Queens
5 = Staten Island

The Block number is second and can be up to 5 digits.
The Lot number is last and can be up to 4 digits.

Using BBL numbers to search property records

Many city agencies make public records available online to be searched via BBL number. For example, the Department of Finance collects property taxes and other property-related charges. It also maintains land title records and tax maps, conducts lien sales, and collects Real Property Transfer and Mortgage Recording Taxes. Anyone can easily research these property via  ACRIS.  

The Automated City Register Information System (ACRIS) allows searches of property records from 1966 to the present(and more) for Manhattan, Queens, Bronx, and Brooklyn.  Simply type in the Borough, Block, and Lot and all sorts of information like recorded mortgages and deeds is instantly at your fingertips.  No BBL number for the property in question?  Never fear!  ACRIS also can convert a street address to a BBL number.  It's a simple as that.  

Now, go try ACRIS out....see what you can find.  Start here: 

http://a836-acris.nyc.gov/Scripts/Coverpage.dll/index

Michael Stoler Real Estate Report: Where the Demand Is Coming From

The current issue of the Commercial Observer contains an Michael Stohler's analysis of demand in the investment sales market.  The overall message is "global, local investment up over 2010."

In fact, various figures quoted by key industry players shows volumes are "up" in several different ways.

• Jones Lang LaSalle reported $49B in the second quarter for US investments
• Cushman & Wakefield reported commercial property sales up 152% over last year
• Eastern Consolidated reported $9.4B in $10M+ transactions

The article continued to cite several different drivers for this increase in volumes, including:

• Recapitalization
• Purchases by institutional investors, REITs and sovereign wealth funds
• Hotel purchases

Read the full analysis online: Michael Stoler Real Estate Report: Where the Demand Is Coming From

Acing the Open House: Have a game plan

Today's 'Getting Started' in the New York Times focuses on Acing the Open House.   The article considers an open house as a great information gathering opportunity to complement online searches.  Some of the tips from the article include:

• Have a game plan
• Explore available styles/features
• Picture yourself living in a space
• Learn more about a building

The article offers several great tips for what to do during an open house. But, it didn't give as many tips on creating a game plan before the open house.  A good game plan makes for savvy buyers & sellers.  So, that got me thinking about what makes a good game plan - and what tips on creating a game plan I can share.  

The process of creating a game plan helps to make the most of a time investment in attending open houses.  So, my best tip is a simple one:  When planning to visit open houses, take just a moment to clarify which aspect of the real estate market is to be explored, such as:

• Available apartments in a neighborhood
• Popular styles and features
• Current asking prices
• Similar or convenient neighborhoods
• Different living spaces

Once this goal is established, finishing the game plan is straightforward.  First, pick out open houses for interesting properties.  Next, organize the visiting schedule.  Finally, determine where to focus attention during each open house.  (Refer back to the article for some good pointers here - from considering the style & features; to imagining life in the space; to understanding building financials.)  


Here are my tips to help make the open tour go smoothly or to get the most of each visit:

• Consider both proximity and open house times when planning a route.  
• Schedule is 15 minutes per open house and 15 minutes transit.  (Consider time a beverage/snack stop along the way too.)
• Try to confirm the open house schedules in the morning of the visit.
• Remember to take along the addresses, the apartment numbers, and the mobile phone number for the agents hosting the open houses.
• Identify 2 or 3 properties to visit time permitting - sometimes open house plans change.
• Don't rely solely on memory to recall the features of each properties visited, bring a pen.

Don't forget - Whether casually exploring a neighborhood or actively searching for the perfect property, a buyer's agent can be a great resource!  

Find the full article on the NY Times site:

Strategies for Acing the Open House

By JOSEPH PLAMBECK

Published: August 5, 2011

For first-time buyers, open houses can also be overwhelming, so it is critical to have a game plan

Behind the Numbers: Number of Residential Properties For Sale in Several Neighborhoods, July 2011

It comes as no surprise that the overall number of properties for sale (listings) declined during the period of May thru July 2011.  (Anyone that has been in the city knows the commitment it takes to search for an apartment in the recent heat.)  I do anticipate that number of listings  will jump in September/October as everyone settles into the rhythms of the fall season.  But, different neighborhoods posted different levels of decline in listing volumes.  

See the graphic, local numbers, and insight into the differences after the jump

Recent Real Estate Headlines - Focus on NYC Rental Market

According to QuickFacts on census.gov, over 70% of Manhattan households rent.  It's not a far jump to see that the multi-family market plays a large role in the Manhattan real estate market.  So, there is plenty of coverage of the rental market - as well as the trading of rental buildings in the press.  


Articles followed the fluctuations of the rental market in New York - in the bubble, the crash, and the recovery.  First, rents were up, inventory was down.  Then, concessions were the norm, rents were down.  Now, concessions are disappearing and vacancy rates are plummeting.  The recent news from the NYC rental market focuses on the rising rents, and shrinking inventory.  A few sources also noted the fewer trades of multi-family buildings in the market.  


Some recent headlines include:

• Rents on the Rise Again from the WSJ.com.  Read more at http://on.wsj.com/ihAbmY [June 09, 2011]
• Manhattan Rents Still Headed Up, With No Sign of Stopping from Curbed NY.  Read more at http://t.co/e6wJjS9
• New York Experiences Decline in Transaction Volume; New Capital Comes to Market from Multi-Housing News.  Read More at http://j.mp/n3HX18

Headlines and other articles of interest

I dedicate time every day to reading industry news, both in industry publications and more general press.  After the jump, a summary of a few articles that have caught my attention this week:

Let there be light (or is it drawn shades for privacy?) along the High Line

The Real Deal reports the word "voyeuristic" popped up more than a few times in reviews describing the [High Line]'s coexistence with its architectural surroundings. 

Now, the flip side of the debate also appears...how to maintain privacy in a residence that sits at eye-level with a public park?  Do homeowner need to chose between light and privacy?  Will the proximity create a cachet like the maisonette on Park Avenue?  

Only time will tell....

Read the full article:  Privacy not on the amenities menu for some High Line residents | The Real Deal | New York Real Estate News

Finding the right apartment - finding a needle in a haystack?

The Wall Street Journal reported Skyward Move in Rents....


The bottom line:

• Manhattan rents were up 10.1%, the biggest average increase in rent since the end of 2006.
• Manhattan monthly rent for a one-bedroom apartment averaged $2,672 while monthly rent for a two-bedroom averaged $3,757.
• The Manhattan vacancy rate fell to 0.72% - the lowest vacancy rate on record since 2002.
• Just 11% of apartment transactions in New York last month included some type if concession, less than half of the 28% that did in June 2010.

Read the full article :  here

Development site sales, prices rise in northern Manhattan

Crain's New York Business RED ALERT: Development site sales, prices rise uptown

The Bottom Line: Demand for development sites is picking up in northern Manhattan.

*Better sites are now drawing bids ... nearly $79 per buildable square foot in the first half of 2011.

*Smaller multi-family units in Harlem seeing rents in line with peak levels prior to the recession.

Crain's NY | Home foreclosures down in the city... (but are they also up?)

A new article in Crain's NY discusses the recent foreclosure statistics for the NYC boroughs. While the number of new foreclosures fell, there were major increases in Manhattan as well as in co-ops citywide.


*The total number of new foreclosures in the five boroughs shriveled 56% during the second quarter - as compared to a year ago.
*During the second quarter, 66 homes in Manhattan were in foreclosure, more than double the number of foreclosures the same period a year ago. That total also marked a two-year high for the borough.
*While the number of new foreclosures fell from a year ago, it is worth noting that new foreclosures were up 16% from the first quarter of this year.


See Crain's for the full article:
Home foreclosures plummet in city | Crain's New York Business

West 123rd Street

West 123rd Street, a set on Flickr.

A picture tour of the buildings of West 123rd Street.

Big rise in rental charges for NYC apartments | Crain's New York Business

Big rise in rental charges for NYC apartments | Crain's New York Business

Good article on the current rental market conditions.

Some key data points:

*Manhattan's apartment vacancy rate was 0.72% in the second quarter

*Rental prices for studios and one-, two- and three-bedroom apartments increased 9.1%, 9.2%, 10.8% and 11.3% over the past year

*The average apartment rental remained on the market for 33 days, compared with 40 days last year

*The average rental concession was 1.2 months of free rent or its equivalent in the second quarter

*The average rental price increased 3.4% for tenants after concessions this year

Trade a little discipline for a lot of money - $90,975 worth!

This morning, as I returned to my business routine from a long holiday weekend, I read an interesting article in the NYTimes about home mortgages.


The article considered the benefits of making a mortgage payment every two weeks rather than one time per month.  The article looks at it from several different angles, but the basic concept is simple - and worth repeating for home-buyers looking for value:  

• If you pay a full payment once a month and your mortgage payment is $1000/month.  You repay $12,000 each year.  
• If you pay 1/2 a payment every two weeks, and your mortgage payment is $1000/month.  You repay $13,000 each year. 

You've paid an extra $1000 - or a FULL EXTRA PAYMENT EACH YEAR - by making 1/2 payment every 2 weeks.  The real benefit is what happens to that extra $1000.  Typically, it directly pays down the principal - which means you have less money that you need to pay interest on.  Because you have less interest to pay, you pay off the balance earlier.

Northern Manhattan Rentals - A Market Snapshot for June 2011

This month, The Real Deal featured an article on "Cheaper condos moving in Harlem; Uptown new development inventory is selling; albeit at lower prices."  First, a few facts on the Uptown condo market from the article (Q1 2011 as compared to Q1 2010):

• 55% more condo closings 
• Average sales price is up 5% 
• Average size is down 1%

Now, I started to wonder about the current rental market in Northern Manhattan as well.  I dug into OLR data for rental data.  Read after the jump to see what I found.

The MTA is on Flickr - and posting updates on the 7 Train extension!

This morning, I read an update regarding the 7 train extension to 11th Avenue and 34th Street.  It was, as usual, short & informative local news from DNAinfo.  Here's the link:  Future 7 Train Station and Tunnel Revealed in Photo Tour - DNAinfo.com.  


Best fact?  The extension & station is scheduled to open in December 2013. Thats only a little more than 2 years away!


The best part of the article was the link to some very cool photos from the MTA's flickr stream (how cool is that?) showing progress.   

 

Also posted by MTA - Second Avenue Subway and East Side Access construction updates.   


I am constantly amazed by all that goes on behind the scenes, or under the ground, or tucked out of sight to create and maintain the buildings and the services for this city to be living, breathing place that it is. 

Open Houses in West Chelsea This Weekend

This weekend, I'm going to visit several open houses west of Eighth Avenue between 15th and 30th streets.  Its this neighborhood that hosts my morning runs, that provides the backdrop when I walk the High Line, that provides the street scenes as I walk my daughter to school in the mornings.

So this weekend, I return to this neighborhood to see "where is home" in Western Chelsea?

Kips Bay & Murray Hill continue to offer good value!

I continued the trend of building charts yesterday (see Better, But Still on the Mend).  Next Up?  A heat map of current overall average price per square foot for studio, alcove studio, 1-bedroom, and 2-bedroom configurations.

Better, But Still on the Mend

An article in today's Wall Street Journal analyzes second quarter data for Manhattan apartment sales.  The data doesn't point to a new bubble emerging.  But, the data isn't a harbinger of a dour market to come either.  Some key market statistics for 2nd Quarter 2011  (from the article):

• Average Price for a Manhattan Apartment - $1.39 million
• Median Prices are 1.2% below 2nd Quarter 2010 prices.  That's a difference of about $16,000 on a purchase of $1.39 million
• Average Prices are 1.5% above 2nd Quarter 2010 prices.  That's a difference of about $20,850 on a purchase of $1.39 million

If you happen to be a buyer or a seller in Manhattan, please remember these borough-wide statistic are but one indicator of the current market.  As an alternate view of the $1.39M price point, I created my own bar chart of current median prices for studio, alcove studio, 1 bedroom and 2 bedroom apartments for several different neighborhoods.   Here on the blog, its tough to read the individual data bars that represent different neighborhoods - so don't.  Focus instead on the dotted horizontal line.  This line represents the current average price for a Manhattan apartment.  Notice all the bars below that line.  But remember, even here we're speaking only of average and median prices

Bottom Line:  A statistic is just that.  Your results will vary based on how you use the information available to you!

If you'd like to see larger version of this graph, or more of my 'under the covers' analysis of neighborhood market conditions, CLICK HERE to email me today!  I'll send you a complimentary copy of the current issue of my newsletter, 'The Real State of Real Estate'

Dawn of a New Neighborhood?

This morning, the daily real estate alert from Crain's New York featured an interview with Stephen Ross.  The interview provides a few tantalizing tidbits about the future of Hudson Yards... 

Dawn over Hudson Yards

10:06 AM

(The New York Times) -- Related Cos. will likely announce signed deals for 3million square feet of office space at its huge Hudson Yards development on the west side by the end of the year, CEO Stephen Ross told the New York Times in an interview.

The High Line - Growing the Market West of 9th Avenue

Last week, I toured the just-opened section 2 of the High Line.  It got me thinking:  Where are real estate transactions happening around the High Line?


I looked through property records and plotted many recent transactions for buildings  on a google map.  See the map, and what I predict for upcoming real estate activity after the jump....

A Tour of The High Line Section 2

This week the much anticipated Section 2 of the High Line opened. On Friday, I had a chance to walk the length, enjoy the newest section of the promenade and see what is happening with the real estate in the area.  There is definitely more of an industrial feel to the westerly neighborhoods.  Up close, many of the buildings are so close it is them that offer a backdrop of activity to those on the High Line instead.  

Road Rage

What do a harrowing encounter with a disgruntled NYC Yellow Cab driver and smart real estate decisions have in common?   Before yesterday, I would have never thought about it.  But, now I have.

Yesterday, I jumped into a Yellow Cab to head up Sixth Avenue to 34th Street.   As the cab zipped passed 34th Street - I asked my driver to pull over since we just past my requested stop.  The driver wanted a confrontation, and I faced a choice.  I could focus on getting this irrationally angry man to acknowledge that his rage was misdirected toward me.  To 'win' this confrontation, I would risk escalation of the berating and physically intimidation without having done anything wrong.  Or, I could exit the situation as quickly as possible and avoiding further threat to my physical safety.   

I chose to exit the situation.  My priority was my physical safety.

I saw a lesson that applies to all the decisions I make - including real estate decisions.  Focus on priorities to significantly increase the likelihood of achieving desired results.  Here's the bottom line:

• Criteria reduce the role of luck in achieving the results you want.
• Terms ensure that money is made going into a deal so the market works for you.

Selling a Home - Are you a smart seller?

In April 2011, mint.com published as simple and straight forward graphic that illustrates the process of selling a home.  The explanation begins by stating several pros and cons to consider when deciding to sell or rent out a property.  The illustration then continues to introduce the major steps a seller must take once they've made the decision to sell.  

Provided by Mint.com


See the larger graphic after the jump...

Moving On Up...

In addition to my focus on residential sales in Lower West Manhattan, I also work with the investment team at Metropolitan Residential to market and sell investment buildings.  Currently,  we are marketing a short sale investment opportunity for a new construction condo building (with an elevator!) .  The property is located in on West 126th Street within 2 blocks of the express stop on the A/C/E line.  Here's a picture of the building. 

Now, this got me wondering....how many condos and other new construction projects are currently underway in Manhattan?  Read after the jump to see what I learned...

May 2011 - Neighborhood Pricing Comparison

As part of the many data sources available to the professional real estate community, OLR publishes daily market snapshot statistics.   This includes average price per square foot paid in different neighborhoods, for coops and condos.  The graph shows the average price per square foot for coops and condos in different neighborhoods throughout middle and lower Manhattan.

It is always good to know the average price per square foot in the neighborhoods you are considering for a purchase.  It gives you a quick rule of thumb to compare the value of each property against the 'average market.'  Great deals will often have lower prices or better features than the average property in the neighborhood.  But that's not all....Here's the Bottom Line:

• Flatiron has the biggest difference between condo and coop $/sq. ft prices.
• Coop pricing warrants a second look for active buyers in Chelsea
• Condo sellers in Greenwich & West Village neighborhoods will face few competing properties
• Murray Hill, Kips Bay, and Gramercy Park are centrally located neighborhoods that offer a target rich environment for finding a GREAT DEAL!

The Tulip Experiment: Week Three

Last Fall, my daughter and I planted bulbs as part of the Charles Street Green Team. I love tulips, and also planted a few in a container that I hoped would end up outside my window. My friend, the internet, showed me that I could put the container in the refrigerator until spring, when I could bring them outside to sprout - and hopefully bloom.

I brought them out a few weeks ago, and they have been growing on the windowsill outside my bedroom window ever since. Yes, these are later than the other tulips that have sprouted all over city this spring. Hopefully, they will appear just as I miss their spring blooms the most.

Week #3 and they are still going strong!

Celebrestate - West Village 'site-ings'

Yes, I love celebrity real estate as much or more than most. Today, one of my favorite blogs Curbed NY reported that "the deed for the sale of Sally Hershberger's 1BR Penthouse C in a West Village building hit public record this morning for $4,950,000. That's about a million dollars less than the $5.9 million the celebrity hairstylist was seeking." The buyer is believed to be Jennifer Aniston.

Curbed continues on to state "the deal was done by Bruce Lagnese, a money manager-to-the-stars who has handled all of Aniston's deeds in the past." In a follow-on update, The Observer pointed out that "the deed is in the name of Norman, Aniston's Corgi-terrier mix." What more proof do we need?

I hope she embarks on a full scale gut renovation project - and can't wait to see the result. If I had a say in the matter, my vote is for a huge loggia to better enjoy the wrap-around terrace. Yes, I am a sucker for outdoor space too.

Ms. Aniston, welcome to the neighborhood.


- Posted using BlogPress from my iPhone

Chelsea Coop and condo market data: March to April 2011

I continue to experiment with internet and social media tools to navigate the real estate market of NYC.  This time, I discuss current market data for coop and condo sales in Chelsea.  There is a buying shift toward coops that is visible in average list prices, number of properties sold, and number of new listings.








Happy Viewing!

Coop Sales Surge

In fact, the current edition of The Real Deal* discusses a recent surge in coop sales, and the effect on the marketplace.

I took a look at the data for Chelsea from March 15 - April 11 vs. April 12 - May 11 to see how this plays out in Chelsea. Some key facts:

• On average, prices for coops ranges from 28% to 44% less than condo prices.
• The volume of coops sold increased by 60% in the time period, while the volume of condos sold remained even.
• Average listing price decreased by 3%, while coop listing prices rose by 1.8%.
• The number of new listings of coops INCREASED by 17%, while the number of new listings of condos DECREASED by 72%.

My conclusions for using this data to your advantage as a buyer or seller are after the break:

Greenwich Village Homes Tour

Last week's neighborhood tour comes courtesy of the annual Greenwich Village Society for Historical Preservation Home Tour. I volunteered and my station was the Gambrel House at 55 Grove Street. Today, the building houses the owner's interior design firm and personal apartment.

Once, this space was a Cabaret Lounge first called "The Duplex" before it became "Rose's Turn." Before its turn in the cabaret scene, 55 Grove Street was 'originally constructed as a row of three in 1839.' The personal apartment of the designer, at the top floor of the building, was stunning come-to-life from the pages of any interior design magazine. Every detail was impeccably curated - from the end grain floors to the frame photo of Dash (the owner's dog) which hung in the stairwell.

There were another another six stops on the tour -

• 50 West 12th and 12 West 10th were those farther east (between Sixth and Fifth Ave).
• Toward the West Side Highway were 330 West 12th, 340 West 11th, and 179 Christopher.
• The tour rounded out with 62 Morton between Hudson and Seventh.

For anyone that likes to peek into world of real estate, this event provided a great way to have an insider's view of some wonderful properties in the Village.

Its Not Listed But It is Definitely For Sale

Today's NYTimes Real Estate section has a great article on the fine art of 'deal-making' for property in NYC.  The full article can be found here:  http://www.nytimes.com/2011/05/01/realestate/01cov.html

There are some great observations about the current market.

• Current inventory is low on properties that are priced right 
• Successfully selling a home requires commitment and engagement from the home owner
• Seller's need to have their basic concerns about listing a property addressed
• Fear that their apartment will be considered tarnished if it lists but does not sell for weeks or even months. 
• Fear of being inundated with low-ball offers from buyers seeking bargains.
• Hassle to keep their home primped and primed for constant showings. 
• Fear of wasting months because a buyer fails to get financing

If you're thinking of selling a home, keep reading after the jump for practical tips to address each of  concern.

You have chosen... Wisely

Name that movie? Well, you need to imagine a medieval looking dude saying this line to Harrison Ford amidst a room full of golden and jewel-encrusted goblets.  If that clue isn't a give-away, please visit IMDB.com 

What does this have to do with real estate in the West Village?  Well, one of the most important decisions that a buyer or seller will make is the choice of an agent.  Many times, it is about the AGENT you pick – and what they bring to the table beyond the name of a firm - that makes the difference between a deal that happens and one that does not!  

As your agent, my goal would be to capture the attention and interest of the most viable buyer(s).  I would develop a strong marketing plan that gets the best possible price in today's market.    

If you are searching for the right agent to represent you and your best interests, a savvy buyer or seller should ask how best to use current, relevant data effectively as well as proven marketing techniques to put the most $$ in my client's pocket.  

Here are three key data points that I use to develop an effective and targeted marketing plan:

1. Market activity data such as sales volumes and time on market for the neighborhood
2. Sales data to properly value the unique features and benefits of a property
3. Inventory data to position a property against similar properties competing for buyers    

If you'd like to know more about how to maximize value when you buy or sell real estate - contact me and I'll show you how to be the savvy buyer or seller!