Douglas Heddings
Founder of The Heddings Property Group, LLC at Charles Rutenberg Realty, and formerly a top producing Senior Vice President of Prudential Douglas Elliman for 11 years, Doug is among the top 1% of real estate brokers nationwide.
With 17 years of Manhattan real estate market experience, Doug’s work is distinguished by an unwavering commitment to the best interests of his clients–even when it departs from his own short-term interests–which has earned him a steady stream of repeat and referral business.
A Manhattan resident since 1989, Doug prides himself on his knowledge of the marketplace, his negotiating skills, his meticulous research, and innovative marketing techniques.
Doug spends almost all of his free time with his wife Kate and their two children. Kate is the senior editor of Food and Wine, so much of that time is spent eating incredible food.
Jennifer Breu
Jennifer is involved in virtually every aspect of the transaction process, including property showings, direct client contact, marketing, package preparation, and more. Jennifer’s versatility makes here a key part of The Heddings Property Group, LLC team.
Born in Manhattan, Jen spent eight years on the West coast before moving back to New York. An avid distance runner Jennifer also has great passion for photography and live jazz.
Henry Abbott
Henry is a full-time blogger and cofounder of Gekko Blogs, LLC. Henry has won awards for his work as a radio and magazine reporter, and his basketball blog was named Best of the Web. He graduated from NYU with a B.A. cum laude in broadcast journalism. Henry spends most of his free time with either a child or a basketball in his hands.
Jessica Abbott
A professional writer, blogger, and mother, Jessica co-founded Gekko Blogs. Her writing was featured on dozens of print advertisements, websites, and in magazines. Jessica also has experience managing public relations and marketing for publishing companies. Jessica is a graduate of New York University with a B.A. in English.
Cynthia Barrett
Cynthia is among the top brokers in the East End of the Hamptons and nationwide. She prides herself on professionalism, personalized service, expertise, knowledge of the marketplace, and customized marketing of waterfronts, land, and high-end rentals.
She and her family have lived in Sagaponack as full time residents since 1999 after living in New York City for 19 years. She is an active member of the Sag Harbor School District and the community. She has both a BS in Advertising/Marketing and an MBA in International Marketing and Finance with passion for photography. Her office is based in Bridgehampton, NY.
Daniel Shlufman
Dan is the President of FCMC Mortgage Corp. One of the co-founders of FCMC in 1995, he has been originating mortgage loans and structuring residential financing for over ten (10) years. At FCMC, Dan is in charge of operations and all regulatory and legal matters.
In addition to the mortgage business, he has been a practicing real estate attorney concentrating in residential and commercial real estate transactions since 1989. Prior to his work with FCMC and the formation of his law practice, he was associated with Martin A. Shlufman (11/94-12/98), Hahn & Hessen (7/91-10/94) and Schulte Roth & Zabel (11/89-5/91). He is a member of the New York State Bar Association, the Real Property Law Section of the NYSBA and the Cooperative and Condominium Committee.
Dan has also lectured on cooperative and mortgage financing and chaired Continuing Legal Education programs on these subjects, including Basics of the Mortgage and Coop Loan Process (2003), Residential Mortgages (2004) and The Attorney and the Mortgage Loan (2005). In addition to his professional activities, he is the Co-Chairman of the Financial, Legal and Real Estate Division of the UJA of Northern New Jersey and a member of their Board of Trustees.
Dan graduated from New York University School of Law with a J.D. degree in 1989 and was awarded the American Jurisprudence Award in Professional Responsibility and Regulation of Lawyers. He graduated from The State University of New York at Binghamton in 1986 with a B.A. degree. He graduated with Outstanding Academic Performance and inducted into the Phi Beta Kappa honor society.
As real estate brokers, we fight the used car salesman stigma every single day. I believe the stereotypes don’t come from space. There is some validity to these things, and I would like to see the bar raised higher.
This is dangerous, there could be repercussions. There in fact were repercussions from my previous company which had a great deal to do with my departure. Most in the industry give me accolades while a very small minority spew hatred.
But I think it’s a necessity to at least make an effort to change the perception of an industry for which many have such disdain.
I think it’s important people feel comfortable and confident with whatever broker they’re working with, and I would like to see some of the distrust that people have, and the disdain that people have for real estate brokers dissipate. I’d like to see that go away. And I think if they see the inner workings of the real estate industry from a broker and his team who are full of integrity, with the utmost honesty, they’ll see things that enable them to make the right choices and decisions when it comes time to buy or sell.
–DOUGLAS HEDDINGS
For more information: Listen to a podcast about why this blog was started.
There’s a little spat brewing at 275 Water Street. It started with this news from Curbed in January:
The views from the South Street Seaport-area apartments at 275 Water Street are pretty sweet… sweet enough to price this two-bedroom loft at $1.2 million. But as a Curbed reader points out, it’s caveat emptor:
What none of the brokers will tell you is that these apartments won’t have views for long.
Now at Felix Salmon there’s news of some people who are pretty pissed off at one broker in particular for not warning them about new developements that could destroy the water view. The post ends like this:
So maybe the first thing you should do if you’re worried about a vanishing view isn’t look at Property Shark: it’s look at the broker. If it’s Jon Phillips of Halstead, run away.
I must say that I’m not surpirised at the “alleged” dishonesty of a broker to line his pockets with cash. I am greatly surprised, however, and disturbed that the accused is Jon Philips. I have worked with Jon who I believe to be one of the more knowledgeable brokers in the industry. He and his wife were a pleasure to work with and incredibly forthcoming with information during our transaction together where I represented the buyer; also on Water Street.
That said, my standard response when a client asks about development possibilities surrounding a property that I’m representing is that there are no guarantees that zoning won’t change, and that a building can be built anywhere in the city.
Of course, I would always let a client know if I was privy to information regarding a project in the pipeline.
The unfortunate part of this story to me is that many sellers specifically seek out brokers who will withold information and sell their property for the highest price at any cost, even if it means compromising integrity. When it’s cash vs. integrity, all too often cash seems to win.
Dan Shaw reports in The New York Times about single mom Denise Spatafora, who wanted to live in the big apple but doesn’t really like… concrete.
Welcome, friends, to outdoorsy Battery Park City.
With its 32 acres of parks and gardens, Battery Park City has turned out to be a very child-friendly place. The Battery Park City Parks Conservancy, a private, nonprofit group that offers a variety of programs for children, made the transition to city life easy. “The people who run the parks are amazing,” she said. “My kids played soccer and did art projects last summer. I think they have more access to nature here than they had on our land in Vermont, which was mostly woods and you had to worry about deer ticks. Here they can walk out the door and roll around on the grass or go to one of the playgrounds.”
Spatafora, who lived in TriBeCa until she moved to Vermont in August 2001, says that the revitalized neighborhood has changed in other ways too.
“It’s much more vibrant and lively than it was before 9/11,” she said. “People used to rush more. It feels easier and slower now. You go to Bouley Bakery, and strangers say hello. It feels like a European community.”
Douglas Heddings
The Heddings Property Group, LLC
515 West End Avenue
New York NY 10024
646-726-4860
Questions about this blog? E-mail TrueGotham.
Between the flashing lights, scantily clad women, and Donald Trump speeches, SFGate.com’s Carol Lloyd found some meaning at a recent Real Estate Wealth Expo in San Francisco.
…as I wandered the halls, visiting workshops on tax evasion (er, I mean, avoidance) and the wonders of pre-foreclosure fortunes and flipping luxury homes — and while listening to the pitches of exhibitors selling everything from Boise, Idaho (the next great boomtown) to West African island resorts (they’re pristine, that’s why you’ve never heard of them) to Florida condos (some are still available, get them while hot (not!)) — one question kept nagging at me:
Why now?
Real estate has always been a national obsession. Individually, as the saying goes, it’s the American dream. Collectively in the six years since the Nasdaq imploded, it’s been floating the American economy.
But why now in a moment when even the most maniacally optimistic of real estate agents is admitting that the market may be showing signs of decline? Why now that interest rates are rising and homeownership rates are at an all-time high and savings at an all-time low? Why would over 61,000 people in one of the most overpriced housing markets in the world spend good money to learn about real estate investing?
Lloyd wonders if perhaps 61,500 paid from $49 to $499 to attend the seminar simply because real estate is the drug of choice, and we are all addicted. Good sense be damned! A little more digging, though, reveals a little more of an answer:
So when I was milling around backstage I approached [“Rich Dad” author Robert] Kiyosaki to ask if it wasn’t a terribly bad sign that so many people had shown up to a conference like this one.
Kiyosaki admitted that some people would probably lose money in the current market but that the popularity of the conference was actually a sign of people becoming more realistic about their financial futures, not less.
“I think people are concerned about the state of the economy, about Social Security,” he told me. “They don’t trust the stock market. They’re looking for answers. They’re trying to educate themselves.”
Seen from this angle, the crowds were not so much a sign of madness but a rational response to uncertain economic times. People aren’t stupid: Pensions are going the way of the dodo. Social Security can’t be counted on. People are increasingly aware of having to be more responsible for their futures, and real estate seems a good hedge against Enron and the national debt.
I always assume New York will be on every list of “ten most expensive places to…” But when it comes to insuring your residence, the Empire State didn’t make this Forbes list at all.
Take that, Texas.
The cover story on residential real estate makes clear that in uncertain markets, a “herd” mentality can get you in plenty of trouble. For instance, hoping to match the recent real estate gains of their friends neighbors, sellers tend to set prices high. Then, as the market softens, they cut prices in increments, a little at a time, doing what is called “following the market down.” In that scenario, the seller might never find a reasonable buyer.
But there’s real estate profit to be had in soft markets if your thinking is in tune with reality. Peter Coy (with Toddi Gutner, Timothy J. Mullaney, and Christopher Palmeri) writes:
Richard X. Bove, a financial services analyst at boutique investment bank Punk, Ziegel & Co., put on his green eyeshade and concluded that Florida real estate was overpriced. So earlier this year he bailed out. Bove sold his 5,600-square-foot St. Petersburg (Fla.) home for $1.2 million, twice what he paid for it a decade ago. The plan was to rent while he waited out a housing decline. But Bove couldn’t find a suitable rental, so he lowballed a four-bedroom house in Tampa and got it for $740,000 — 30% below the asking price.
(Check our Mr. Bove–all smiles poolside.)
You need to find somebody who has experience.
Somebody could be in the business for 25 years if they do maybe one or two transactions a year, that isn’t the kind of experience you may be looking for.
I would suggest looking for someone in Manhattan who does 25 transactions a year. Two or more transactions a month.
Chemistry
You also want to find someone you have chemistry with. Someone you can work with. Because you’re going to work intimately with this person to sell what might be your biggest asset, and need to have chemistry with this person.
References
You also want to get references. It’s always a great idea to ask them “can you get me some names and numbers of some sellers that you’ve represented in the past?” Or buyers that you’ve represented in the past? You need testimonials from other people that this person is gonna deliver what they say.
Sellers: Get a Marketing Plan in Writing
Get a broker who will commit in writing to a marketing plan. There are very few peopleóthere are very few brokers in the industry who will actually commit to what they say they’re going to do. You know, if they say they’re gonna mail this, or e-mail thatÖor advertise this many times or hold this many open houses. As soon as they get you to sign on the dotted line, that usually goes out the window. So you get somebody who will type out a full marketing strategy specific to your apartment.
And make them sign it.
Make them commit. You’re committing to pay them six percent. Make them commit to deliver what they’re getting paid six percent for, ’cause it’s a lot of money.
Henry Abbott: Now this thing here, True Gotham, this a crazy thing to do for someone in your positionÖbecause you’re essentially in sales, but you’re dishing some dirt here and telling people the truth about how real estate works around these parts. Why are you doing this?
Douglas Heddings: Because as real estate brokers, we fight the used car salesman stigma every single dayÖ and as I said before, I believe the stereotypes don’t come from space. There is some validity to these things, and I would like to see bar raised even higher.
This is dangerous, there could be repercussions. There could be repercussions from my own company. I don’t know how its going to be perceived by the rest of the industry.
But I think it’s a necessity.
I think it’s important people feel comfortable and confident with whatever broker they’re working with, and I would like to see some of the distrust that people have, and the disdain that people have for real estate brokers dissipate. I’d like to see that go away. And I think if they see the inner workings of the real estate industry from a broker and his team who are full of integrity, with the utmost honesty, they’ll see things that enable them to make the right choices and decisions when it comes to buy or sell.
Listen to more of this interview.
