Personalizing a Space for Academic Success

By Tracy Wu, Manager, Avenue Studio

Research suggests that where a student studies is a key to their academic success. But in cities and suburbs alike where space is a cherished commodity, creating a functional, personalized, designated space for homework and studying can prove challenging. 

High-quality millwork and truly personalized concepts do not need to be financially out-of-reach. Both homeowners and urban dwellers should enlist the services of professional designers, fabricators and installers to turn any thought into a reality. 

Tracy Wu is the manager of Avenue Studio, New York’s leading custom interior design and home organization solution provider. She and her team have a deep understanding of the nuances required to create highly individualized solutions that enhance client’s homes and apartments in the country’s busiest metropolitan area.  

Together, they offer the following advice on how to craft a personalized homework area that will both maximize space and set students up for success this upcoming school year: 

• Create a separation between workspace and living space. Student’s designated study space should be just that: a place to study. No matter the size, having a space that is solely dedicated to homework and doesn’t share functions, such as a kitchen table or couch, can increase motivation and limit distraction. 

• Use the right lighting. Studies have shown that studying in dim lighting can increase eye strain and make it harder to retain information. Finding just the right amount of light through both overhead fixtures and lamps can create a calming atmosphere and encourage productivity. 

• Organization is key. The less time and energy spent looking for something at their desk, the more time and energy a student spends on their work. Research proves that having an accessible system, no matter how simple, to store everything and reduce clutter will make homework time a lot easier, less frustrating, and more productive. 

• Limit distraction. Workspaces should be clear and free of anything that could capture attention, especially electronics. The use of neutral colors, a removed spot to store phones or electronics, and white noise machines are all proven to help  keep students on track and make deadlines.

Tracy Wu is the manager of Avenue Studio, a one-stop luxury home brand offering custom interior design and home organization systems. With a keen understanding of the importance of space and the challenges of our modern lifestyle, Avenue Studio works directly with clients to design bespoke closets, pantries, kitchens, home offices, and furniture that enhances the home and elevates daily experiences. The team embraces a holistic approach, offering on-site measuring, collaborative design, custom millwork and production, professional installation, and after-sales services to ensure each distinctive need is met. Avenue Studio hosts over 50 product lines with a variety of classic, luxury, and modern design styles that amplify personal flair and deliver an optimal home furnishing experience. 

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You Only Have One Chance to Make a First Impression

By Lisa K. Lippman, Brown Harris Stevens

The goal when preparing a property for sale is to make sure that it looks as good as it possibly can. Each room should appear as a fresh and bright clean slate in an effort to help buyers imagine themselves living in the space. Whether it is an overlooked collection of products on the bathroom counter or a fuzzy film on the window that muddies the views, it is the little things that make all the difference.

Here, top Manhattan real estate agent Lisa K. Lippman shares four proven tips that will help your home make a great first impression.

Consider staging with fresh furniture.

If you are planning on moving, the furniture will likely need to be removed anyway. Declutter each room as much as possible, pack away collections and picture frames, and keep surfaces curated. Remember, less is always more.

Don’t miss a detail.

Make sure all light bulbs are working, do any needed paint touch-ups, clean rugs and replace dark colors with a lighter option, wash the windows, and regrout bathrooms and kitchens.

You’re best-off pricing close to where you think something’s going to sell.

When you price your home, forget aspirational pricing and everything you knew from a year ago. What is really important is to talk to your broker about where properties are trading now. You want to be the most attractive property, both in your product type and in your price point (5-7% of your price). If you make something very compelling in every way, you may not have to negotiate.

Account for renovations when pricing.

It can cost $700 per square foot and up to renovate these days, and it takes longer than it used to. You will also need to factor the cost of the buyer having to live someplace else while renovating. Those numbers add up and should all be kept in mind when pricing. 

Lisa K. Lippman

Lisa has been the number one agent at Brown Harris Stevens for the past eight consecutive years and was most recently named number six in New York City for seller represented sales, preceded only by large teams and actual companies. With over 25 years of leading industry experience, Lisa’s depth of expertise, marketing savvy, and personal attention to every detail is sought out by buyers and sellers of high-end cooperatives, condominiums, and townhomes throughout Manhattan.

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After a period of stagnation, the real estate market will see a comeback this Spring

Manhattan is arguably one of the most competitive real estate markets, and it has earned the right to be. From stately prewar to shiny postwar buildings brimming with a thoughtful mix of classic and trendsetting design, there is a property that speaks to everyone. 

This Spring season will bring a renewed energy, marked by a wave of interested buyers, competition, and a return to financing. The following proven tips will help buyers prepare for success. 

• Confident, not cocky. Buyers will approach the Spring market thinking they have the upper hand, however, they will quickly realize that they in fact, do not. 

• Pressure is building. The pace of the market has quickened in-step with increased competition. To break away from the crowd, buyers will need to ensure that they have their ducks in a row at the onset of their search, and be prepared to react with smarter, more efficient offers.

• Appropriate is the new aggressive. Financing is creeping back into the market, high negotiability is a thing of the past and both sides will need to work a little bit harder. This season, buyers should be prepared to make offers closer to 5% within the asking price for the best chance of an accepted offer.

• Location, location, location. We’re seeing the perennially popular Soho, West Village, and prime Tribeca maintain rank among the city’s desired areas. Additionally, buyers continue to crave the Upper West Side and Upper East Side’s properties along the Park. 

• Bonus tip to all sellers. Sellers often do not act quickly enough when a market softens, and much too quickly when it seems the market has a positive outlook. Due to this, we will continue to have a price sensitive market. Sellers need to know the market and take the condition of their property into account. The cost of taking on renovations in New York City is high and the property must be priced rather attractively, otherwise people just won’t act on it. 

Lisa K. Lippman

Lisa K. Lippman has been the number one agent at Brown Harris Stevens for the past seven consecutive years. With over 25 years of proven industry experience, her depth of expertise, marketing savvy, and personal attention to every detail is sought out by buyers and sellers of high-end cooperatives, condominiums, and townhomes throughout Manhattan.

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The Value of Buyer Agents? Much More Than Zero

We have been told that the three most important things in real estate are location, location, and location. But there are two other axioms which arguably supersede, one of which Burnett v National Association of Realtors (NAR), a federal class-action lawsuit of home buyers in Missouri, is presently testing in the courtroom.

What is not under dispute is that sellers want to maximize the financial return on their home. To do so, many home sellers do, in fact, try to market their homes by themselves. However, according to 2022 NAR data, more than 90% of all home sellers ultimately engage a Realtor to represent them.

The tactics of this association are currently under scrutiny when it comes to buyer representation, and how those tactics violate the other axiom: That every buyer wants to save money on their purchase.

Critics of NAR believe that it holds a de facto monopoly through its multiple listing service, and that were this “cartel” to be broken up, buyers could save more than $120 billion in fees per year. They argue that the sales commission commonly paid to a buy-side agent should remain in a buyer’s pocket.

The facts say something quite different: Buyers affirmatively choose to hire Real Estate agents to represent them because of the value they add to each transaction.

To the untrained eye, an agent might not appear necessary. After all, more than sixty million people per month visit Zillow.com, the most trafficked US Real Estate website. Despite the ample information freely available, 94% of buyers aged 25-44 years old still hire an agent to represent them. While that number decreases to 80% for buyers over 55, recent consumer studies show that this number has only increased for both groups over the last two decades.

Why would this be? Because nowhere does caveat emptor carry more weight than in a home purchase. First-time buyers comprise between 25-40% of annual home purchases. Those other home buyers have been out of the market for an average of nine years. Buyers have realized they are in over their head without the guidance of a real estate professional who can manage the morass of the transaction. But more than that, they have decided en masse to hire representatives who have a fiduciary responsibility to negotiate the best price, help them conduct due diligence, and put together a team of professionals to navigate the inevitable issues that arise.

Buyer agents add value at every step of the transaction. It does not begin with the negotiation on price, either. In a low inventory environment, agents are relied upon as market makers. But often, they are only tour guides. According to NAR, the median gross income of its members was $54,330 in 2021, almost twenty-three percent lower than the median gross household income in the United States.

The best agents earn more and deserve it. They are advocates, advisors, and people who care deeply about their clients, today, and long after the transaction is completed. To label them as unnecessary is an insult, not just to them, but to the buyers at all price points who choose to hire them.

Scott Harris

Scott Harris is a 20-year industry veteran and top producing agent at Brown Harris Stevens who has been involved in the marketing and sales of nearly $1 billion of New York City residential property, representing both buyers and sellers.

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Ready, Set, Spring!

Temperatures are warming and thoughts of Holiday Markets, ice skating in Central Park, and cozy hot chocolates are quickly turning to al fresco dining, baseball, and lazy neighborhood strolls. 

Spring is about renewal and marks the unofficial season of real estate. This year in particular, Spring will also be defined by a welcomed infusion of listings and eager buyers looking for their new home. 

Scott Harris, a top-producing residential real estate agent with Brown Harris Stevens, breaks down the tell-tale signs of what is sure to be an active market. 

Buyers are enthusiastic. 

Reports about decreasing sales volume and price softening, coupled with predictions of lower interest rates within the upcoming 6-9 months are boosting confidence and taking many off the sidelines.

Sellers are getting ready to sell. 

After a prolonged market defined by limited inventory, proper pricing and preparation will generate attention.

Condition matters. 

Turn-key properties will outperform comparable listings. With high costs and undefined timelines, most buyers simply do not have an appetite for extensive renovation projects. 

Employees are facing a moment of reckoning. 

Across markets and industries, the unlimited flexibility of remote work is coming to an end. Returning city dwellers in particular are re-evaluating their living spaces, commutes, and evolving needs. And with new inventory to choose from, a ripple effect of transactions is likely to occur.

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New Year, New Real Estate Outlook

If 2021 was a crazy year, 2022 was downright schizophrenic.  We started the year at an unprecedented rate – each well-priced and properly-positioned property garnered market interest and enthusiasm and contracts were signed as quickly as they could be written. Third quarter brought the juxtaposition of real estate headlines warning of instability, a looming recession and increasing interest rates. Through it all, demand met limited supply, albeit at a slowing pace.  

Buyers are adjusting to the new norm of interest rates by seeking creative financing options and value in their purchases. Sellers are beginning to adjust as well with pricing that is more in-line with buyer expectations. 

Looking ahead to 2023, I anticipate continued stabilization to emerge from this transitional time.  I offer the following tips for buyers and sellers. 

Buyers

• Get excited! Nearly every listing still on the market is owned by a real seller; there are great deals to be had.  

• Start now and see properties and even make offers.  There is far less competition and many buyers still waiting on the sideline.  

Sellers

• Price your property to the market, and you'll get interest and offers. There is less uncertainty than there was a few months ago.  

• Buyers' excitement is directly correlated to their comfort with mortgage rates.  With a rate environment that appears to be softening right now -- and low levels of inventory -- buyers seems to be adjusting.  Therefore, there's no point in waiting for housing prices to recover to 2021 pricing.  Take advantage of buyer interest now.  

• Pay close attention to rate drops -- and stock market upward moves -- as a cue to "catch the wave" of buyers.  Go to market on the heels of one, or both, and you'll see more buyer interest.

Scott Harris

Scott Harris is a top-producing residential real estate agent with Brown Harris Stevens who can claim transactions totaling more than $1 billion to his credit.

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4 Tips for Homebuyers in a Rising Interest Rate Environment

By Stan Ponte

Stan Ponte

Rising mortgage rates are causing uncertainty for many homebuyers in today’s market. The average rate for a 30-year fixed-rate home loan rose to 5.27%, according to Freddie Mac on May 5th. In comparison, the average rate on America’s most popular home loan was 3.22% in early January and 2.96% a year ago.

While the rising interest rate environment might seem daunting for some buyers, there are still ways for consumers to purchase their dream home even though rates are higher. Here are four tips for homebuyers to consider when looking to purchase a home in a rising rate environment.

1. Cash is king

If buyers have the ability to pay all-cash for a home today, they will have a significant purchasing advantage and be seen as more likely to transact in the eyes of the seller. 

2. Be prepared

Buyers need to be extra prepared as time is likely not on their side. In today’s environment, interest rates can move quickly, either up or down. Buyers must be prepared to either buy interest rate locks or lose out because they are not ready to transact when they find a home. It’s important for buyers to work closely with a mortgage banker to ensure their current financial documents are updated and ready so that they can transact the moment they find a home. Buyers should triple check that all of their bank documents are updated with their mortgage banker especially if a home search is taking longer than expected. If a home search takes more than a month, buyers should provide new bank records so they can transact quickly when they are ready. If you are looking at potentially buying a co-op, where you own shares in the building rather than own the property itself, you may wish to do some research into what you need to do in order to get approved by the co-op board who are in charge of deciding whether your application will be accepted so that you give yourself the best chance of being able to secure somewhere to live.

3. Be creative 

Buyers should work closely with their mortgage banker to understand the different loan products and get creative with their financing options. Now is the time for buyers to lean into the competitive process for mortgage providers to determine what products are available today, at what rate, and at what cost. Adjustable-rate mortgages have returned as a way to straddle today’s rising rate environment, but buyers should understand all of the risks and the benefits associated with these types of mortgages to determine if they are a viable option for them.

4. Be careful 

While demand is coming back for adjustable-rate mortgages today, buyers should carefully read the fine print and fully understand the mortgage product that are taking. When signing a five, seven, or even 10-year adjustable rate mortgage, there are potential negatives and buyers must be careful as these are considered slightly risker than a 30-year fixed. Not only do these mortgages adjust to the current market rate once the term is up, but some contain balloon payments and/or the inability to refinance at will.

Rising interest rates and other economic headwinds are causing concern for many homebuyers today, but with this uncertainty comes great opportunities in the current market. There are some great deals out there and now is the moment for buyers to act if they can. Rates can still be attained, but the mortgage product might look different today.

Stan Ponte is a Senior Global Real Estate Advisor and Associate Broker with Sotheby’s International Realty - East Side Manhattan Brokerage. He was named the #2 agent across all firms in Manhattan by individual sales volume in 2020 according to “The Thousand” list, an annual national ranking by The Wall Street Journal and REAL Trends. As a realtor in New York City for the past 23 years, Stan’s client list ranges from first-time home buyers to CEOs, philanthropists, hedge fund managers, entertainers and technology thought leaders.

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You Only Have One Chance to Make a Perfect Financial Impression: 5 Tips Every Buyer Must Know

The strength of the real estate market is dominating headlines. Recent reports reveal that nearly 400 Manhattan homes priced at $4 million and over went into contract during the first 12 weeks of 2022, breaking the record-high benchmark set just last year. Low inventory, frenzied scheduling, and bidding wars at all price points have become a hallmark of today’s real estate market. 

To help buyers put their best financial foot forward, industry veteran and top producing agent Scott Harris of Brown Harris Stevens offers the following tips:

On your mark, get set, go!

Scott Harris

To ensure that you are ready for action at the onset, have your down payment funds identified, know how long it might take to liquidate, and have your up-to-date financial statements at your fingertips. 

Scott and his team recently represented the seller of a prime listing that a buyer set their sights on. The buyer, however, had money tied up overseas and the timeframe for the government to approve the release of funds was over six weeks. The delay created an opening for another buyer to swoop in and win the deal. 

Don’t wait until the deadline. 

Scott is seeing very competitive bidding situations, and strong buyers are winning.  Your 2021 Federal and State Tax Returns will undoubtedly be required for financing and Board review as applicable – do not wait until April 18 to file. 

The team recently worked with a buyer who just moved from overseas and did not have a 2021 tax return. As a result, the buyer was on the losing end of three 3 bidding wars. The fourth time was a charm, Scott was able to call on a personal relationship with a member of the Board and appeal for special dispensation.  

With proper preparation, the higher bid does not always win. 

Rising interest rates are creating an even greater sense of urgency in an already frenetic market. A successful buyer will have a pre-approval in hand and a mortgage relationship just a phone call away. 

Case in point: Two buyers were vying for the team’s listing Downtown. One buyer had a preapproval, was outbid, and had to obtain a new preapproval. Simultaneously, a second buyer came in with an even higher bid.  Luckily, the first buyer demonstrated their financial qualifications, and the seller decided to stay with them. 

The clearer, the better. 

When communicating your offer, your agent will paint a picture of your financial standing with the seller’s agent. Make sure they have a clear understanding of your compensation package, stock options and bonus structure, as well as portfolio accounts and ancillary sources of income. 

Scott recently worked with a buyer with approximately $20 million in assets. The individual is retired, and income is derived by continually selling-off and buying new investments as part of their real estate investment portfolio. The activity can be confusing, and success is found in Scott’s ability to help the listing agent understand. 

Reputation matters. 

Your broker’s reputation can add or subtract from your bottom line. In a competitive market, you need to work with an agent that has strong relationships and an equally strong reputation within the brokerage community to avoid any overarching feeling of mistrust.

Although every bidding war will not be won, buyers find comfort in understanding why. In a recent competitive situation, Scott’s relationship with the listing agent allowed him to know that his buyer was the third highest offer and still lost by over $100,000! In another situation, his client won the bidding, and this was purely because of his relationship with the listing agent whom he happened to be working on another simultaneous deal with. Through those interactions, she knew that time was not being wasted and that the buyers were as qualified as they were serious about the property.   

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Fall is for Fireplaces: four things buyers and renters should consider before cozying up

By Louise Phillips Forbes Brown Harris Stevens

180 West 58th Street Apartment #9D

 For many residing outside of the city, the crisp fall air is synonymous with wool sweaters, hearty soups, and crackling wood-burning fireplaces. However, in New York City, before we can cozy up by the fire - there is an array of qualifications we must check off before committing to a property. A coveted amenity with a dwindling supply, a wood-burning fireplace can command a premium from $25,000 to as much as $100,000 on Fifth Avenue and Central Park according to most appraisers. 

Before committing, it’s imperative to understand the pros, cons, and cautions for buyers and renters seeking a warm fire on a cold Gotham night. To be prepared we hope this overview on the dos and don’ts is helpful before committing to your preferred home with accommodating reclaimed fireplaces.

Do not assume that the wood-burning fireplace is in working condition

In New York City, it is not uncommon for a building to seal off the chimneys during renovations and repairs and offer the mantle as an aesthetic contribution rather than a source of warmth. Before closing on any property, make sure you are getting what you are looking for! In recent years, approximately less than 10% of fireplaces in apartments listed on Streeteasy are in working order. If you are graced with the privilege of having a New York City fireplace, it is recommended that chimneys and fireplaces are professionally painted and cleaned bi-annually or periodically depending on usage.

Responsibility for maintenance costs should be discussed in advance

Because of the added maintenance that comes with having a fireplace in the city, it is important to assess the upkeep costs that you might be assuming responsibility for. As part of pre-purchase diligence, be sure to have a conversation (and document it!) with your landlord and discuss what falls under your building’s jurisdiction and maintenance, and what falls under yours.

Wood-burning fireplaces can lead to higher insurance rates

Usually, standard homeowner’s insurance covers fire and smoke damages; however, depending on the insurer, you may have additional charges to cover. Most recently, you can anticipate an increase of 2% and higher depending on your insurance carrier.

Implement precautions for fireplace safety

If you are new to fireplaces, you may not yet know the safety risk behind these added amenities. To ensure an efficient and safe fireplace for you and your loved ones, there are some precautions you must take. The top priority is knowing the signs of poor ventilation. An example of this would be a blockage, in which smoke may be blown back into your living space. Never put anything flammable near the entrance of the fireplace, and more conveniently, leave the space surrounding a fireplace empty.  To avoid a fire, never leave a fire unattended, and be cautious of what you chose to burn. And, in case of an emergency, always have a working carbon monoxide and smoke alarm and a ready-to-use fire extinguisher.

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How to Navigate the Post-Pandemic Market

By Briggs Elwell, CEO and Co-Founder of RLTY Capital

Being a real estate agent in New York City is hard work but arguably one of the most exciting careers the city has to offer. Unlike desk jobs, real estate agents can experience something new every day, traverse the greatest city in the world and build networks that will benefit them for a lifetime. This career path takes hustle and grit - if you can make it in NYC, you can make it anywhere. 

Briggs Elwellcontact

Between new developments, resales, conversions, lofts, brownstones and skyscrapers, clients of all backgrounds can find a housing option that suits their needs, surpasses their lifestyle expectations and is uniquely New York. It’s a real estate market renowned for its value worldwide. For agents, the thrill of the hunt - and guiding clients along the way - is an eternal source of motivation with incredible rewards. 

As we emerge from the pandemic, real estate agents have a newfound appreciation for financial literacy, understanding operating costs and keeping workflow in balance. The challenges of last year showcased the need to think long-term and reaffirm your commitment to whatever it is that you do. For agents, that means doubling down and reinvesting into your real estate business to achieve growth and regularity for your team. And, despite the rebound of the New York real estate market, agents continue to experience fluctuations in deal flow and a lag time in commission delivery for a variety of reasons. 

Closing date push backs, construction delays, timing to sign a lease, and inspections are items that have always been challenging for agents as it relates to pay day. As independent contractors, agents fund much of the staging and marketing costs themselves and the uncertainty of commission timing makes financial planning all the more difficult. It takes a real commitment to the numbers and lean operating costs to sustainably grow a real estate business in New York - and even then, without the ability to definitely plan pay days, finances can be overwhelming for even the most astute agent. Adding the post-pandemic effects of uncertainty in terms of remote work and school, delays are more common as people plan for the future in neighborhoods and housing types that may not have considered pre-pandemic. 

My co-founder, Daniel Kennedy, and I launched RLTY Capital - a REtech platform and speciality finance firm for the real estate community to have more certainty and confidently approach the post-pandemic market. We carefully analyzed current market dynamics alongside an advisory counsel of real estate veterans like Ryan Serhant, CEO and Founder of SERHANT., and studied the day to day operational tools that are needed to succeed right now.  

RLTY is a new service that enables real estate agents, brokerages and developers to secure earned commissions upfront with no hidden fees or extraneous costs. We provide an efficient, seamless application process and complete confidentiality. Our underwriting is powered by a proprietary AI-enabled platform, deep relationships within the real estate community, and the ability to secure data from NYC listings services in real-time.  

We are committed to serving real estate professionals who have a proven track record of success and are looking to grow their businesses, hire and boost performance. Partnering with Ryan via SERHANT. Ventures, we are pioneering a new category of technology products and resources dubbed REtech. This pipeline includes tools for agents, brokerages and developers to enhance their performance, rapidly transact and accelerate investments in the New York real estate industry. 

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Maintaining Luxury Apartments For Wealthy Investors

Dylan Pichulik

Dylan Pichulik began XL Real Property Management with one goal in mind- provide an unparalleled level of service and attention in a world dominated by companies that seem to have forgotten the basic principles of property management. Companies should be up to date with the latest property statistics and aim to gain customers from this. For example, Dylan has kept up to date with the latest lease accounting standards (learn more about IFRS 16 here) and many other elements of the property business to keep his company ahead of the game. As the chief executive officer of XL Real Property Management, and with a decade of experience, Dylan is responsible for overseeing the company’s operations and business development objectives.

• What type of offerings do you provide to clients?

• XL goes beyond just the laundry list of offerings for clients. Our services are designed so the role as the owner is only to sit back and relax – we take the stress out of owning investment properties in New York City and ensure we’re available 24/7 for our clients. Services include: rent Invoicing, rent collection; expense payment; insurance procurement; tenant requests; repair and maintenance issues; lease and lease renewal preparation; board application assistance for new tenants/renewals; apartment turnover services; emergency repair assistance; renovation oversight; unit owner meeting attendance; monthly and annual accounting statement preparation; state and federal tax filing preparation; furnishing procurement and inventory services; legal services; routine property inspections; mortgage escrow reviews; boiler, elevator and life safety equipment inspection; and monitoring and regulatory filings and compliance.

• How much of an increase have you seen in business since the pandemic? How much of it is people who have left NYC, but plan on coming back?

• We’ve seen about a 20% increase of business across the board and 50% of it is people who have left NYC but are planning on returning. 

• What do you predict the real estate market is going to see in 2021? 

  • Presently, I think there’s going to continue to be a very active sales market – especially because people are specifically worried they’re going to miss the “covid discount”. It’s similar to those who kicked themselves for not investing in the stock market. While it’s still too soon to tell, by summer we should see more activity and recovery in NYC. I also predict you can count on seeing an increase in bulk buying – going back to the covid discount, we’re having a lot of conversations with our clients about taking advantage of the market and rates for long term investments.  

• Can you give us an example of a client who you worked with during the pandemic? 

  • Of course – we worked with a gentleman who owns a condo in Midtown East but moved to Costa Rica to ride out the pandemic. He has an expensive art collection and engaged XL to do the following:  

    • Perform weekly inspections to ensure no leaking of the apartment

    • Work closely with HVAC company to ensure equipment working properly so that climate is well-maintained in the apartment

    • Coordinate and oversee weekly cleanings of the apartment

    • Clear drains on terrace to prevent clogging

    • Clear snow from building up around drains to ensure proper drainage

    • Check mail weekly

    • Pay and review all operating expenses

• Is there one example/instance you can share about an ill-intended renter taking advantage of the Tenant Safe Harbor Act?

  • I think the Tenant Safe Harbor Act protected a lot of New Yorkers but with anything, of course there were people who took advantage of it. For example, we had a tenant that didn’t think it was fair he had to pay full rent because he was quarantining in Bora Bora.

• How do you help investors enhance their profitability? What are the benefits to using XL?

  • New York City is a complex market – hiring a property manager to represent your individual apartment or small building is vital to having a prosperous investment experience. With all of the challenges that real estate investors face, XL Real Property Management maximizes the income potential of assets to help enhance profitability with services such as lease renewal negotiations, volume pricing on operational expenses, trustworthy vendors, and insurance policy audits

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International Buyers Coming Back

Joanne Greene

After the swift travel restrictions last year following the onset of COVID, real estate professionals saw the decline of international buyers like no other. But, just as some predicted, these international buyers have been making their way back into the market and returning home to their beloved New York City. How they hunt for their luxury properties has changed, though, with technology and trust being the main pillars they are relying on.

Brown Harris Stevens’ top producing team Joanne Greene and Nada Rizk have recently facilitated two transactions, one for just under $2 million and the second for just over $4 million, with buyers from afar. In both circumstances, the duo relied heavily on Facetime tours to lock in interest and serve their clients with the same hallmark level of expertise and attention that they would receive in person.

Drawing on more than 20 years of experience, Joanne and Nada offer the following tips for those buying sight unseen.

Nada Rizk

Form your opinions: There are a number of perspectives floating around on the current state of affairs in New York City. Check multiple trusted sources and evaluate the information to form your own opinion as to whether it’s the right move. Use the time away from Manhattan to rethink your housing needs and closely evaluate the priorities. You should also plan for the future and post-COVID, will you be wanting a building with a spectacular line-up of shared amenities, or a more reserved and private space? Forward thinking, it’s a great time to plan your return to the office or look for a property with a home office space included.

Lean on the experts: Knowing where to begin can be quite overwhelming. Engage with an experienced, local agent who can sort through available listings efficiently and share on the ground information on the properties, buildings, and neighborhoods. Look for an agent with specific experience working with international buyers, especially during the past year.

Beyond the property: You’re not just buying an apartment, you’re buying a building, a neighborhood, and a community. Don’t disconnect after the Facetime property tour, ask your agent to show you the laundry room, common areas, and even where the trash is taken out; and then ask them to walk you around the immediate area. What you see – and more so what you don’t – might impact your decision and future enjoyment of the space. Some neighborhoods even have local news publications, which provide great insight into the community and neighbors alike.

After the closing: Your due diligence should include a full assessment of building policies, from move-in to deliveries and renovations. Be sure to properly evaluate any work that you might want to have done and ensure that it can be completed within the period that the building allows, taking post-COVID considerations into account.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Four Compromises Homebuyers Should Never Make, Even in a Seller's Market

Ryan Dibble

Buying a home, whether it’s your first or your fifth, is all about compromise. You start with a wishlist that includes every amenity you’ve ever wanted. Then you whittle down that list until you have your “must-haves.” Even then—because no home is perfect—you edit that list down further.

Compromise is the name of the game when it comes to buying a home, but there are certain areas where you should never budge. Here are the four things you should hold sacred while buying your home.

Your (and your partner's) goals

When buying a home, sometimes you’re buying an asset, and sometimes you’re buying a lifestyle. Either way, knowing your goals will help you decide what to invest in and what to avoid. 

If you're buying with a partner, it's crucial to make sure your goals are aligned before starting the homebuying journey. It's a much harder conversation to have at an open house or in front of your mortgage lender. 

Sticking to your goals is all about being intentional. Before you start house hunting, write your goals down, ground yourself, and come back to them regularly. The most successful homebuyers are intentional about what they want.

Budget 

It may be tempting to buy above your budget if you find a home you love, but doing so can lead to long-term problems. Getting in over your head can quickly turn a dream house into a nightmare.

Want to make sure your budget is realistic? Get pre-underwritten, not just pre-approved, by your mortgage lender. With pre-underwriting, the lender carefully reviews your ability to pay back the loan before a property is involved. Put simply, pre-underwriting is the only reliable answer to a big question: “how much can I spend on a home?” It’s a written commitment from a mortgage lender confirming the loan amount and program you’re qualified for.

Location, location, location 

You can change almost anything about a home, but you can’t change a neighborhood. No amenity matters if you're miles from where you want to live – even if it is the perfect house otherwise. 

Yes, it's true that you may not be able to afford the hottest neighborhoods, but that doesn't mean you can't find a more affordable area you love. Identify your favorites, then widen the circle. Before locking in on any location, go one step further and explore each neighborhood you're considering in person to make sure it has what's most important to you, whether it be good schools, walkability, or social life.

Fixer-upper vs. Turnkey. 

Consider your appetite for big renovations, and the costs associated, when buying a home. If you've never swung a hammer or don't have the patience to live in a less-than-desirable home for a lengthy period, you could end up regretting taking on a fixer-upper because of a lower price tag. 

About the author:

Ryan Dibble is Chief Operating Officer of real estate startup, Flyhomes and an early employee of the company. Over the past five years, Ryan has built several core functions at Flyhomes, including both the Mortgage and Title & Escrow divisions, and ushered thousands of customers through the homebuying process. 

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Schools and their impact on the real estate market

What will back to school look like this September? The question is dominating casual conversations, back to work plans, and influencing real estate decisions. 

The flexibility of rentals

Scott Harris, a top agent at Brown Harris Stevens

Schools, jobs, childcare, and schedule coordination are just a few of the things that a family has to juggle on a regular basis, and all are currently amplified. For owners looking to transition from their current home, many are gravitating towards rentals as an intermediate step. And on the flip side, sellers are opting to list their homes for both sale and rent in an effort to expedite the process and take something off their plate, even if just for a year. Anytime a family is considering, “what do we do right now,” flexibility is always an attractive option in the absence of real information.

A change in search parameters

With a combination of in-person and virtual learning a probability, people may opt for a property closer to their child’s school in an effort to simplify the commute. Unless full isolation measures go into effect again and parents are continuing to pay New York City private tuition are caught elsewhere, it’s not sustainable to put down roots in another market and place children in those schools. 

Shifting needs of childcare

Childcare can put pressure on a dual family household in the best of times. When school begins, families generally transition to part time babysitters to full time nannies given the adjusted time needs with class occupying the afternoons. However, with an uncertain school schedule as the new year approaches, families question the best path forward. Many households may opt for one parent to remain in home indefinitely, which could impact both home needs and budgets. 

Let’s get to flat ground

From optimizing the space to learning the ins and outs of a new building, there are always a number of unknowns when moving. When due diligence is rushed, details can be overlooked and people might find themselves in a suboptimal position. Marathon runners are taught not to make strategic decisions while running up or down a hill. With that in mind, people may opt to stay put until there is a clearer view of the path ahead.

Scott Harris, a top agent at Brown Harris Stevens, has successfully transacted more than $750 million of New York City residential properties.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.