I’m frustrated! And I know exactly what needs to be done. I’m seeking a savvy, connected, and aggressive PR person to help me take True Gotham into the forefront of New York City real estate. This blog has been around for just over one year and although feedback has been incredible, readership continues to grow, and their has been no shortage of content to keep things interesting, it’s time to take another leap.
This morning I was perusing noteable news stories when I noticed that Curbed linked to my Friday post on the calm summer Manhattan real estate market. Cool. Then I noticed this story: The Hoy Era: Broker Videos Get Their Moment. Now I can’t help but wonder how the fact that I’ve been doing streaming, high quality video tours of property for months before my competitors has been overlooked. In fact, every single one of my properties is featured with a professionally video recorded and edited tour that has taken transparency of property information to an entirely new level. I just closed on a property Friday that was overbid by someone who was able to send her family in Italy the video tour of the property. Once they saw it and gave their OK, the buyer felt confident bidding what was necessary to make the place hers.
For those out there relying on YouTube type quality video, STOP THE MADNESS! WellcomeMat is the best player out there by far and incredibly user friendly.
And here’s a sample of my latest video for a Georgian facade townhouse:
Basically, my videographer shoots me touring through the house, edits with music and delivers finished the product to me. I can then easily add the "bookmarks" to the player and descriptions of each as I see fit. And it’s simple to embed too.
This is also the player that we will be using in the coming weeks to unveil weekly episodes of TGTV which are sure to stir things up industry wide! I need a PR person!!!
I have just finished perusing the RSS feeds and news stories today and nothing really grabbed my attention.
My anecdotal opinion on the current Manhattan real estate market: It’s quiet. This time of year traditionally sees a bit of a lull and I sit back and watch as many of my colleagues begin biting their nails (even after 15 years, I can sometimes be seen chewing a finger or two).
Last June was the "beginning of a slowdown" which in reality lasted through October when Wall Street bonuses were announced. Those who bought last summer actually picked up property for "reasonable" prices related to post bonus announcement prices. Once that bonus news hit, the market gained steam again and we all made "hay" this past winter. It appears that Wall Street is going to have another good year which will likely fuel another late Fall through Winter buying period.
Having said that, buying in the summer months often provides less inventory, but also fewer buyers to compete for that inventory. Summer buying can indeed be a much more relaxing experience than the multiple bid environment often seen from January through May. And for the buyer with no sense of urgency, the lack of competition in the market allows for a more patient approach to buying your home.
Sellers who wish to sell over the summer need to exercise a bit more patience than those who sell in a more active market but pricing your property appropriately will bring you a qualified buyer and likely a smooth, pain free transaction.
As a real estate professional, I’m a big fan of the summer months for both buying and selling as everyone has time to think before making a commitment. It’s a more traditional market mentality where offers are made, negotiations take place, and a meeting of the minds results in people moving to and from their homes. I’m not suggesting for one moment that there aren’t competitive bids for property in the summer months but I am suggesting it’s not as common place as it is in the winter months. In my experience, the lazy days of summer make for more relaxing transactions.
Breaking news from The New York Sun that Manhattan Borough President Scott Stringer has submitted a recommendation to cap buildings at 14 stories between 97th and 110th street along Broadway:
Stringer waived his review period and submitted a recommendation in favor of rezoning a swath of the Upper West Side yesterday, a day after Community Board 7 unanimously approved the plan. The rezoning, which will likely be passed by the City Planning Commission and the City Council, would limit the height of new buildings in the area, as well as provide incentives for affordable housing. Developers along Broadway could build up to 145 feet, or 14 stories, if they built affordable housing units. Buildings on side streets would be subject to lower height limits. Many in the neighborhood rallied around the need to limit heights in response to two high-rise towers built by the developer Extell at Broadway and 100th Street. Many noted that the rezoning would be insufficient to preserve the character of the neighborhood, but nonetheless backed the plan. "It’s the best we could get," the vice president of West Siders for Responsible Development, Bill Crane, said. "The longer we wait the longer developers will have to put up these gigantic high-rises."
Congrats to Gary Barnett of Extell. Your Ariel Condominiums will seemingly accentuate that Broadway corridor for years to come.
And more…via Curbed…Upper West Side Downzone Update: Hong Kong Cometh
For all of those out their who have such incredible disdain for my industry, my colleagues, and perhaps even me (is that possible?), here is a positive piece (via The Real Deal) on what my colleagues here in the New York City real estate market are doing to give back to the community. In an effort to raise $1M for Habitat for Humanity in the month of June, top producers in my industry have come together to play nice and seek 100% participation form the brokerage community to make BrokersBuild a smashing success. Vickey Barron from Prudential Douglas Elliman, Jeffrey Appel from Preferred Empire Mortgage and and Louise Phillp Forbes from The Halstead Property Group presented their ambitious fund raising endeavor to my office yesterday. It was even suggested, brilliantly I might add, that all of us in the industry donate a piece of each of our commissions that close in June to the cause.
It’s an awesome project and for a $500 donation you can actually don a tool belt and help with the construction this fall.
Sorry for the delay but one of my favorite things about the Real Deal (and there are many) is their monthly New Residential Development Report. Here’s their latest for May 2007.
From Peter Coy of BusinessWeek.com comes ‘Don’t Watch, Read, or Listen to the News If You Can’t Handle the News’.
Coy shares this: Here’s an excerpt from the promo for a new podcast by the co-founders of GetMyHomesValue.com, Rory Wilfong, Steve Young, and Dave Conklin:
There are a lot of stories in both trade and consumer publications that seem geared toward sparking debate and nothing else. They will create fear and doubt if you let them. As Rory says, “Don’t watch, read or listen to the news if you can’t handle the news.”
…and Peter also suggests…(I guess the same goes if you’re a Yankees fan this season.)
I would go one major step further here and suggest that if you can’t handle the news, you’re probably not reading enough of it. On any given day, I’m bombarded with RSS feeds, emails, and news stories that touch every single perspective and every single angle of the housing market from booming local markets to "the sky is falling" national market mentality. It can make a anyone a bit schizophrenic (me too, yeah, me too) particularly someone making a living selling property. Having said that, it has never been more important for the real estate community to be completely abreast of events that are changing the dynamics of our marketplace: transparency of information, advances in technology, forward thinking marketing and strategic planning concepts, consumer sentiment, industry sentiment, and of course the overwhelming mumbo jumbo of statistics and economic indicators that claim to be forecasting our futures.
To my savvy colleagues, and there are many, who continue to raise the bar in our industry by making sense of all the information out there available to the public, thank you. There is great power in having all of this information at your fingertips so that our clients feel confident with your interpretation of it.
For those who remain frightened with their heads in the sand, good luck with that. I can’t remember the last time I or anyone I know selected someone to provide a profesional service who was paralyzed by fear.
It’s here!!!! The past 4 years of sales data including co-ops (yes co-ops!!!) is available to the public to peruse. Thanks to Ethan Wilensky-Lanford of The New York Times for the tip off on real estate sales data searches. Check out the search engine at www.nyc.gov/html/dof/html/property/property.shtml.
No square footage…of course not…because it’s not accurate. Nor is a room count available…they vary too depending on whom you ask. But this is a valuable tool for owners to gauge value of their homes and take a little bit more of the mystery out of the process. Has to be refreshing too for all those who are sick of feeling like the real estate industry has been holding information hostage for so long.
Well the season winds down with the last game next weekend after a dismal defeat yesterday. The Dragons were down 24-5 (this is indeed baseball folks) and scored 8 runs in the last inning for a more respectable 24-13 loss. But I have been lax on the updates and must mention that 2 weeks ago, WE WON!!! I think I remember the score being 12-5 or something close to that but I do remember that my nephew (the lefty here at bat) went 4-4 and I believe was the MVP of the game AGAIN.
Maybe we can squeak out another victory this weekend. GO DRAGONS!
No surprise that Casey Serin, poster child for the housing bust, finally had to get a job (via Consumerist). If you’ve followed his laughable antics as an unsuccessful flipper on his blog IAMFACINGFORECLOSURE.com, then you will likely be as thrilled as I am to hear that it’s done! No more BS from this criminal.
Surprise surprise surprise, his next venture is rumored to be that of a real estate agent. From criminal to Realtor. Perfect! Just what we need in a profession that struggles daily to dispel the used car salesman stereotype. I just don’t understand why the barrier to entry remains so incredibly low in a profession responsible for handling most people’s largest asset?
Unfortunately, those who choose to work with Casey won’t likely be privy to his lying, cheating, and scheming ways that should land him in jail. How many more are out there just like him who lack any sense of integrity? Unfortunately, still too many and as evidenced by Casey’s jump to real estate, the ranks of the dishonest continue to grow.
My advice: GOOGLE!!! Check out your agent before you even meet them you may be quite surprised at what you find.
No time to blog today because I’ve been insanely busy with clients and Triathlon training (and thank all of you so much who have taken the time to generously donate to this cause!!!). Mostly the former! The market continues to buck national housing market trends as the ultra luxury market finds buyers who have money to burn:
- Stories are swirling of Charles Schwab paying $27M for a property at 834 Fifth Avenue that was listed at $16M ($11 million OVER THE ASK!!!!)
- Also hearing scuttlebutt about an $11M property at 1125 Fifth that has gone to contract at $17M.
- And of course there were my buyers who were gazumped last week by a buyer offering $18M or $1.3M over our contract price.
I’m also witnessing first hand buyer frustration at the inability to find the "right" home in price ranges from $1M to $5M. The market below $1M seems a little bit quieter but not much.
My professional observation…
Aside from the fact that those purchasing homes in the $10M and up range have considerably more cash than most (that’s all relative of course with some having "more" than others), I see the higher end buyer psychology as being significantly different than the rest of the market. The ultra lux buyer sees a home purchase as a roof over their head and a place to call home and is less inclined to view the purchase as an "investment" per se. That said, regardless of someone’s wealth, no one I have met in my 15 years wants to lose money. Whatever it is, the ultra lux buyers are snapping property up like hot cakes in Manhattan showing that those with big money either have great faith in the strength of our local economy and real estate market, or they just don’t care. Again, I think it’s the former.
