NYC Market Realities


1123423-2_lWith regards to the New York City Real Estate market, this is a very busy time of year.
Rentals in prime locations are going within hours and sales are going in weeks.

There is very little inventory across the board, no matter the budget.
From the entry level starter studio on the rental side, up to the uber-luxury penthouse on the sale side.

Vacancies are slim and many are staying put for another year.

Come prepared and have your game face on!

$5800 – 3BR/2BA Apartment – 45 Pineapple Street, Brooklyn, NY 11201, USA


It’s been a while since an update, life happens.

Here’s an awesome Brooklyn Heights rental currently available.

 

Living Room

$5800 – 3BR/2BA Apartment – 45 Pineapple Street, Brooklyn, NY 11201, USA.

Sex in the City? Outdoor Space? Find the Hat Man!


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Not a fire escape

Even without trying, I ALWAYS end up finding great outdoor spaces for my people. I love grilling and chilling and usually, people who do gravitate to me as well. Out of 100 apartments available in any budget, I have a knack for showing the best four or five right away. What the heck are you paying me for anyway?!!!

This is a super value. At $2100, the rent is actually quite low for the area and outdoor space. This amount of outdoor space is actually quite hard to find, but here it is. The location is what everyone looks for. Details are below on the listing.

This is located on one of the Villages most desirable and beautiful blocks, just steps to Union Square, restaurants, NYU, shopping, Washington Square Park, & all subway lines. This Charming loft studio is peaceful and quiet with an amazing large private outdoor space that is as big as the apartment itself. Other features include high ceilings, an open kitchen with breakfast bar, new stove and refrigerator, A/C, wall of closets and bike storage. The elevator building is perfectly maintained, has a live-in super as well as a central laundry room making this unique apartment the perfect place to call home. JULY 1ST OCCUPANCY.

If you want Sex in the City, then look no further. The Hat Man CAN Do!

Starter Studio with Patio

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So what does it REALLY cost to live in Manhattan?


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It really works too!

This is a post that will create a ton of discussion. There are many areas to live, but the ideal areas for most are anything below midtown. A great deal of people will also look along Central Park on either the Upper West or East side.

No matter the area, after many years and seeing thousands of apartments, there is a magic number that must be considered the starting point for anyone looking to avoid crossing 110th Street.

While the last two years have happened and prices did correct themselves a bit, there is no way to keep prices down for a rare commodity for too long. You can argue all you want about what you may read in the papers pertaining to NYC real estate, but the fact is, more people move here each year. New hires, graduates, summer interns, vacationers and people downsizing or upgrading due to divorce and expecting children. The cycle never ceases, if anything it only increases.

Pay close attention, wait for it, here it comes…The one common thing that I have noticed since 2005, for a wide offering of what is out on the market, $1700 per person is the benchmark. You may find some things on the market for less. 95% of what is out there is sub-par and will waste your time.

I have found some rare gems on the market for less. There is this one number that really sticks no matter who or where you look. If you are looking for a simple studio in a great area, this is the starting point. If you are looking for a share in a doorman building, this is the point of entry. You can always try to find a needle in a haystack, or you can come prepared with realistic expectations of how much hay you are looking through. FYI-The fireplace is in a true one bedroom on Irving Place for $4100.

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$1M NYC Tour Part 3- “Live Like a King in Queens”


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In the city in 15mins via LIRR

The tour continues, if you missed it try here and here for the first two installments.

Now if you needed to catch up to speed on what this tour is all about, let’s keep it moving. This is something to think about if you like parks. Queens has more total acreage of park space than any part of the region. If you are looking for space, there is nothing in the city that can compare to what I found in Forest Hills for under a million dollars. This is a super safe and beautiful area with old world charm in Forest Hills Gardens where there are tons of Tudor style homes.

For those that don’t know, this is the most scenic and serviceable area in Queens as you have multiple transportation options such as E/F/G/R trains, the Long Island Railroad, taxi services and bus routes a plenty. The trip into Manhattan is easier than some parts of Washington Heights and the area is much nicer overall.  I actually will start a mini tour based off of this area as I found perhaps some of the lowest priced starter apartments in this area of the city that totally trump ANYTHING in North Manhattan.

Co-op

$599,000 1573sf  4BR/3Bath There is actually a place that just hit the market that is going for $849K and sounds like comparable square footage, but why break the bank!With no floor plan or pictures to examine, it may as well be a pipe dream.  Seeing is believing! This extremely rare, four bedroom, three bathroom Forest Hills residence thrills from the floor to the ceiling with its country home feel, windowed dining room alcove, spacious living room, hardwood floors and lots of closet space. The kitchen has granite countertops, brand new stainless steel appliances, designer cabinetry and ceramic tile. The master bedroom features an ensuite windowed bathroom, alcove sitting area and a large walk-in closet with a California closet system. The second bedroom easily transitions into a library or office. One of the three bathrooms includes a bathtub and separate shower stall. The six-story, post-war co-op building has an elevator, laundry room, parking garage and intercom system. Pets are welcome board approval. For the pictures (proof) slide over here.

Condo

$875,000 1788sf Penthouse Designed by famed designer Andres Escobar, this penthouse offers contemporary living in a luxurious environment. The spacious lay out is complemented by floor to ceiling windows, top of the line fixtures and appliances. Take a look at the floor plan and observe the TWO large private terraces! There is healthy mix of local retail along Austin Street to keep you busy and the property footprint is equidistant between both airports for the constant traveler. Enjoy unprecedented amenities including Shuttle transportation, fitness center, cinema, children’s play room, owners lounge, and 24 Hr Doorman to name a few.  Slide right in here!
The World is Yours

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$1M NYC Tour Part 2- “No Sleep til Brooklyn”


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I believe the most fitting way to sum this up is “if you don’t know, now you know!” This is by far a better value than Manhattan. There are almost too many places to choose from. It actually warrants a separate set of posts for a Brooklyn tour. Trying to narrow the best options down was a lot tougher here even when focusing on the “prime” areas as opposed to Manhattan. Whereas rentals are comparably priced in those areas these days, the sales market is still a much better bargain.

In the end, I will present one co-op vs one condo in this post, but out of a possible 186 options, I still was left with 5 co-ops and 13 condominiums which far surpassed anything else on the entire Brooklyn Market. As with Manhattan, I focused on location, space, quality and the monthly cost when making my selections.

Co-Op

$925,000 1500sf Park Slope This is a sprawling 1,500 SF Pre-War co-op in one of the most desirable locations in all of Brooklyn… Literally steps to the 2,3,Q,B trains as well as Prospect Park. This beautiful apartment boasts a wonderfully renovated app. 300 SF chefs kitchen with vented Viking stove, marble & granite counter tops/island, breakfast bar, banquette, recessed lighting and loads of high end cabinetry. Currently configured as a 2 bedroom/2 bath apartment, there is an additional room with French doors that can be used as a 3rd bedroom, formal dining room, media room or large office. Enter into the huge gallery/foyer to find 9.5 foot beamed ceilings, recessed lighting throughout, 12 windows, lustrous mahogany stained herringbone floors, built-ins, crown molding and original subway tiled bathrooms. Apartment also comes with private basement storage and though there is a modern laundry room in the building, the co-op also permits a W/D unit inside the apartment. This is a handsome, well maintained pre-war co-op, pet friendly with a live in super and P/T doorman. Apart from Prospect Park and express trains, location is also a few minutes walk to the Brooklyn Museum of Art, Botanic Gardens, Mount Prospect, Brooklyn Library, the Farmers Market and plenty of hip shops and restaurants in both Prospect Heights and Park Slope. FIRST SHOWINGS at the open house scheduled for Sunday April 3rd. For Pictures and floor plan via slide show click me!

Condo

$895,000 1425sf DUPLEX Seller pays transfer taxes! 1 Bedroom + Home Office + Mezzanine Space and style converge with stunning results in a spacious 1425-square foot loft duplex located in the heart of Williamsburg. Currently used as a two bedroom, the loft’s open plan makes it easily convertible and completely flexible.Breathtaking is the only word to describe stepping into this home with soaring 15′ ceilings and gigantic arched windows. Gorgeous hardwood flooring runs throughout the home and is complemented by the exposed beams in the ceiling. The open-plan kitchen is designed for easy cooking and entertaining with a translucent and white central island for prepping and casual dining. Miele stainless steel appliances and custom cabinetry complete the tasteful look. The main bathroom is a modern sanctuary that provides the perfect spot for unwinding with its cool tile surfaces and over-sized soaking tub. Five closets in the bedrooms and halls offer endless storage options.Out the windows and from the building’s roof deck, you’ll see this is the location to be in Williamsburg. Nestled between two of its trend-setting avenues and yet just removed enough to enjoy a quiet setting, you’re never more than steps from fine dining and boutique shopping and you’re just one stop from Manhattan on the L train at Bedford Avenue. For slideshow with pictures and the floor plan just click me

These are just the two places which I have selected based purely off of being in solid locations for either sublease and/or resale potential investment situations. There is a wealth of great value in Brooklyn right now and much can be had for less. I wanted to give you a good example of what the same amount gets you in each borough. Do feel free to contact us if you have any questions, thoughts or feedback.

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Rookie or Veteran?


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You are here looking for a home. You call or email about a specific place that’s the DREAM home on the perfect tree-lined street, only to not get an address, hear that it’s rented or if you are lucky, get taken to a box facing a brick wall.

This is the most in demand market to find a home and the busiest time of year for rentals is approaching fast. The vacancy rate is under 1% again. To put that it in perspective, for every one building with 100 apartments in it, you MAY be able to sublet a room from someone within.

To move is an important decision. Likely one of the more important ones you are likely to make in the next three to four years. To do this and not choose wisely the target of attack is like throwing dice against a wall. Is that really how to choose a home?

There are over 27,000 licensed real estate salesperson in this city. Each year there are about 10,000 transactions. The amount of new agents that actually last in this business is less than 10%. This brings to mind an interesting question.

Would you buy a car from a pizza-maker? Get a haircut from your bank teller?

That’s the likely result when you put your trust in an inexperienced agent. He/She will likely be in another industry when you are looking to purchase in two or three years IF that agent can even find you and secure the right place.

If that’s what you want to spend your time doing, then you can do that without a broker and save the fee if you are able to find a place. This is not the time of year to risk losing the perfect place because someone wants to show you what they want you to see and not take you to what you are telling them you want.

A broker earns the fee for much more than just how many places they show you. A good broker earns the fee for showing you fewer places that are ALL viable options based off of your needs. There is no way that a rookie can do this without the proper inventory knowledge. There are many managements, co-op/condo owners and developers to choose from. Too many apartments to list that turn over before they can even be listed during this time of year.

The essential functions when using a broker for a rental are to save you time in the initial search, securing the apartment by having the necessary documentation, saving money over the course of the initial year or two by finding that gem that is NOT available to the public and PERHAPS a below market rent. This is among the many other hats (pun not intended if you know me) we wear. (Board package and interview preparation, relationships with owners/landlords/supers/porters, knowledge of areas for those relocating and other networking possibilities).

Take time to really think about your search for a home and remain open-minded about the possibilities. This city is a cornucopia of experiences for you to delve into. Make sure that you are not being led by someone with no sense of the realities in this marketplace.

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