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.