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!

Hop to It - This Week's Neighborhood Tour...

I continued to explore properties on the market in West Village and Chelsea to take advantage of the surprisingly lovely Easter weather.


Today, I visited 5 properties between West 26th and Jane Street. Open houses notices for sponsor unit listings, unique layouts, and apartments with outdoor space drew my eye on the OLR site this morning. I whittled the list down to a group of 5 or 6 options, and headed out.

Not the 'Doink Doink', the 'Thu-thunk thu-thunk'

Several months back, I came home to a ConEd emergency crew working on my street. It turned out to be a gas leak that required jackhammering on the street in front of us for days to fix the leak.

Over the past two months, we heard 'thu-thunk thu-thunk' all night as cars drove over the steel plates covering the in-ground work site. Last week, I noticed fewer plates on the ground.









Today, I peered out my window and noticed that *all* the plates were gone. Now, I will need to get used to not hearing the noise. It made me think about my own assumed requirement of a garden-facing bedroom for quiet sleeping. I want to share that tip for your own search.

Real Estate Tip: When considering a move to a new home, pay attention to your routines. This will help to prioritize your requirements for features. For example, if you like to finish up a meal while guests are present, you may prefer an open concept floor plan.

- Posted using BlogPress from my iPhone

Real State of Real Estate: Tenth Avenue Walking Tour

I've published another neighborhood walking tour, focused on west Chelsea.  I visited 6 different properties between west 24th street and west 17th street along Tenth Avenue.  Read more after the jump too...

Its High Time for the High Line...

In this weekend's NY Times Real Estate section, an article called "Message From a Stranger" states "85 percent of New Yorkers live in buildings erected before 1970, compared with 42 percent of Americans generally.  More remarkably, 39 percent of New Yorkers live in buildings predating 1930 and 17 percent in buildings predating 1920."  A great portrayal of the living and breathing fabric that is Manhattan!  

So, this week's neighborhood tour will focus on 10th Avenue from 16th to 24th Street.  In this stretch of western Manhattan, hip and history intertwine much like the High Line park weaves amongst the buildings.  Stay tuned for a video in the next few days!

Real State of Real Estate - A new educational segment on YouTube

I continue to experiment with internet and social media tools as I help my clients (and potential clients) navigate the real estate market of NYC.   In addition to neighborhood tours, the Real State of Real Estate will also provide useful and relevant information to successfully navigate the NYC real estate market.  I don't love the thumbnail that YouTube generated for this video, but my video editing skills will improve with time....


Without further ado, here is my first segment.  The topic:  "What is the role of a real estate agent?"  


Happy Viewing!

In Search Of: Thompson Street

I desperately needed to walk off the Monkey Bread from Friday night.  What a better way to multi-task than to explore an area near the James Hotel on foot.  I recently worked the streets of SoHo for a rental client.  I remembered positive feel of Thompson Street, so that became my focus.


Thompson Street Fast Facts
*51 Rental Buildings
*18 co-ops
*4 condos
*3 single/multi-family houses
*2 mixed-use buildings

Monkey Bread: A super-sweet end to food as art at David Burke Kitchen

Scene: Friday night. David Burke Kitchen. Fabulous meal, from beginning to end. Food as art. Then the dessert menu is handed out. 

I glanced down the list, and saw ..... Monkey Bread.


I know Monkey Bread as fair food from county grange fairs in Pennsylvania. It was one of the yummy gooey treats in the same category as funnel cake. It is a cousin of the Grilled Stickies from Penn State too.  

Do you see that tin of ooey goodness?  It was DELISH!

Conclusion:  David Burke Kitchen is definitely worth a visit

Market Up, Market Down - What Is Going On?

In an article on April 1, the New York Times reported "The Manhattan real estate market saw declines in price and sales volume in the first three months of 2011."  The article also stated that many of the city's large brokerage firms released their reports on first quarter activity that day.

Most people will focus on the fact that all reports showed some sign of weakness.  But, there is another statement that is equally valuable to consider.  What statement is that...?

"...firms varied in their conclusions"

Data helps to draw conclusions about the marketplace.   Whatever the new data that comes out, ask your agent, (or ask me if you're looking for an agent):  How will you use this market data to get me the best deal?

A Market Snapshot - March 2011

Although it is April Fool's Day, market data is no joke.  This morning, as I reviewed market data for March, I was pleased to see signs of growing activity and stable values in the West Village. 

To see what the early spring season brought to market, I return to 2-bedroom apartments in the West Village as my focus for this post.  Over the coming week, stop back for updates on other layouts or neighborhoods situated on the lower west side. 

Top Line:  I believe that two bedroom properties in the West Village continue to represent good value - as well as a thriving real estate market

• The average price per square foot for 2 bedroom apartments in the West Village remained stable, posting a decrease of only 4%.  Currently, the average price per square foot for 2-bedrooms in the neighborhood is $942/sq ft (compared to $1080/sq ft for 1-bedrooms) 
• Trade volume picked up nicely, with contracts signed up by 10%, new listings up by 8.7% and properties sold up by a whopping 44%.
• 6% of listings for 2-bedroom units dropped their price during the period and another 6% of listings were taken off the market.   

How do I read between these lines? 

• Inventory remains low in this popular neighborhood - which encourages stable market values. 
• Owners of properties that have been sitting on the market are growing more motivated to strike a deal. 
• Buyers and sellers have more closely matched expectations for pricing and deals.
• Now is a good time to consider 2-bedroom layouts to gain a little more space...and an extra bedroom!

If this market snapshot is enticing, call or email me (rebekah@tmrp.com) to guide you to the best deals and the most interesting opportunities!