Real estate is a long game, sometimes renovations need to be, too

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By Louise Phillips Forbes, Brown Harris Stevens

In today’s real estate market, the perfect property isn’t always move-in ready. 

Buyers who are able to recognize short-term opportunities and long-term potential will understand that the true value of a property often lies beneath its current condition. The key is to look beyond immediate challenges and focus on the long-term rewards. 

When taking on a renovation, it is important to differentiate between and then prioritize the must-dos and the would-be-nice-to-dos. Deciding this early on—and sticking with the plan—helps ensure that work is done efficiently and within budget, while still keeping an eye on the bigger picture. 

I experienced this firsthand in 1993 when I toured an apartment with a client. The property needed, well, everything, and the project was much more than my clients would consider taking on. But I saw a diamond in the rough. At the time, I was relatively new to New York City, single, and eager to establish roots in the city that I had quickly fallen in love with. 

Purchasing the apartment was the greatest gift I could have ever given myself—it was a testament to my independence and tangible recognition of my own self-worth. I staged the renovation over the course of several years, with each item checked off the list reinforcing the rewards of patience, perseverance, and sweat equity. The apartment not only became my home, but it also became the foundation for my future. Years later, I met my husband, and as our family grew, we were fortunate enough to purchase the apartment upstairs, allowing us to expand and reimagine our space.

Whether you’re planning to complete the work all at once or tackle it in stages, it’s important to carefully select the right professionals—an architect, a general contractor, or a real estate agent—who share your vision and can help make sense of the moving pieces. 

It is also important to consider the cause and effect of factors like the cost of labor and materials that can change over time and how shifting construction codes, building policies, and governmental actions can impact the overall scope. For example, in 2019, I helped a client renovate a 2,700 square foot investment property for a cost of $430,000. Fast forward to this fall, the client completed the same exact renovation for $815,000.

Renovating a home can be incredibly rewarding, but it requires careful planning, strategic decision-making, and the ability to adapt to an ever-changing market. With the right mindset and the right team of professionals, a property that may appear to be a fixer-upper today can evolve into the home of your dreams tomorrow.

Louise Phillips Forbes is a top producing agent at Brown Harris Stevens and a 34-year industry leader with nearly $6 billion in sales and a list of awards to her credit.

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Eileen Foy Joins Compass from Douglas Elliman

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Eileen Foy

Compass, Inc. (NYSE: COMP) ("Compass" or "the Company"), a leading tech-enabled real estate services company that includes the largest residential real estate brokerage in the United States by sales volume, announces that Eileen Foy, formerly from Douglas Elliman, joined Compass with her team of three. Throughout Eileen’s 30 years of sales experience where she amassed an estimated $1B in lifetime sales volume, she has been the recipient of numerous awards such as the Pinnacle Award at Douglas Elliman from 2014-2023, the Legend Award at Douglas Elliman, and recognized as amongst Wall Street Journal’s Top 250 Agents in America.

“I am grateful for the experience I’ve had at Douglas Elliman and the support I received during my time there,” said Foy. “However, after recognizing how intuitive and innovative Compass’ technology is, I felt that in order to serve our clients best, it was time to make the switch. This decision is all about ensuring we continue to provide the best possible service for both our clients and myself.”

The Eileen Foy Team, made up of two additional members alongside Eileen, will continue to serve a diverse range of clients, focusing on the Upper East Side, Midtown, Chelsea, the West Village, and the Upper West Side. The team prides itself on its versatility, comfortably assisting everyone from first-time buyers to those seeking pied-á-terres or purchasing a prized townhouse or penthouse.

“Eileen's dedication to her clients is unparalleled, and she understands how emotional the home-buying process can be,” said Tristate Vice President Gordon Golub. “With Compass' technology and specifically with Compass One, we're excited that she’ll be able to spend even more time focusing on what matters most to her clients."

Before Foy became the award-winning Manhattan broker she is, achieving accolades such as one of Real Trends’ Best Real Estate Agents in America from 2014-2023, she established her real estate career in Southampton. Notably, Foy repped the purchaser for the sale of the Zaha Hadid penthouse at 520 West 28th Street for $20.2M and a record breaking sale at 50 Charles Street 14A at $15M.

Currently, Foy has 20 active listings available through Compass, spanning from the Upper East Side to the Upper West side. 

Foy joins on the heels of Compass recently announcing Compass One, the only platform designed to connect the client and agent through every phase of their real estate journey and experience, 24/7 transparency before, during, and after the transaction

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The Rise of Boutique Luxury: South Florida’s Exclusive Condo Developments Redefining Waterfront Living

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South Florida’s luxury real estate market is undergoing a transformation. While high-rise branded towers have long defined the region’s skyline, today’s buyers are gravitating toward boutique developments that offer a more exclusive, private, and highly curated residential experience. This movement is reshaping Miami and Palm Beach, with intimate, design-forward properties that blend the best of waterfront living with personalized luxury and seamless indoor-outdoor spaces.

Alba Palm Beach is redefining waterfront luxury on the shores of West Palm Beach’s serene Intracoastal Waterway. With just 55 residences, Alba offers a boutique retreat with private boat slips, floor-to-ceiling windows that frame unobstructed water views, and amenities designed for effortless living. Italian-designed kitchens by Italkraft, premium SubZero and Wolf appliances, and turnkey furniture packages by Artefacto set a new standard for design. The development’s lifestyle offerings include sunrise and sunset pools, a state-of-the-art wellness center, a multi-sport simulator, and a spa with steam and sauna rooms. Exclusive memberships to the Palm Beach Yacht Club and Mount Sinai’s Concierge Medicine program add an extra layer of refinement.

The Lincoln in Coconut Grove brings a boutique collection of 48 residences to one of Miami’s most historic and walkable neighborhoods. Designed to reflect the charm of Coconut Grove while offering a contemporary take on luxury living, the property features one- to four-bedroom residences ranging from 1,227 to 2,983 square feet. Interiors are outfitted with Italian kitchens by Snaidero, Miele appliances, and sleek Brizo plumbing fixtures, with select residences boasting soaring double-height ceilings. The development’s penthouses offer expansive views of Biscayne Bay, Coral Gables, and Brickell. A curated suite of amenities includes a rooftop pool deck with private cabanas, a wellness center with steam and sauna rooms, a yoga pavilion, and a sophisticated residents’ lounge.

Surf Row Residences in Surfside offers an intimate enclave of 25 luxury condominium homes just steps from the ocean. Designed to capture the essence of coastal living, the residences are a blend of sophisticated architecture and laid-back elegance. Each home is crafted for seamless indoor-outdoor living, with high-end kitchens, spa-inspired bathrooms, and private rooftop terraces featuring plunge pools and summer kitchens. With more than 6,400 square feet of resort-style amenities, Surf Row delivers a tranquil escape while remaining minutes from the energy of Miami’s cultural and business districts. A collaboration with Restoration Hardware further enhances the interiors, while buyers have the option of fully furnished residence packages curated by RH.

As South Florida continues to attract discerning buyers, these boutique developments represent the future of high-end living. The shift toward intimate-scale residences that prioritize design, exclusivity, and an authentic connection to their surroundings is redefining what it means to own a luxury home in one of the world’s most coveted destinations.

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Ellis Bachman Joins Brown Harris Stevens, Expanding His Luxury Real Estate Reach in Miami and New York

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Ellis Bachman - Off The MRKT

Ellis Bachman Photo Credit: Brown Harris Stevens

Ellis Bachman, a powerhouse in luxury real estate with more than $500 million in sales, has joined Brown Harris Stevens, further cementing his influence in both the Miami and New York markets. With an extensive track record in resales and new development, Bachman has consistently delivered record-breaking results, making him a natural fit for the premier brokerage. Previously with Douglas Elliman, where he earned the title of 2023 Rising Star, Bachman has led the sales of high-profile developments, including 64 University Place and 250 East 21st Street, both of which achieved full asking price despite challenging market conditions.

Brown Harris Stevens, renowned for holding the highest average sales price per agent in the country, welcomed Bachman as a key addition to its elite team. CEO Bess Freedman praised his expertise, creativity, and deep market knowledge, noting that his dual licensure in New York and Florida makes him an invaluable asset. With a career built on strategic marketing, innovative sales techniques, and an ability to navigate competitive landscapes, Bachman’s transition to Brown Harris Stevens represents an exciting new chapter for both him and the firm’s luxury clientele.

Reflecting on his move, Bachman emphasized his commitment to providing exceptional service while working with a brokerage known for its legacy of excellence. Splitting his time between New York’s Greenwich Village and Fire Island Pines and his new home in Miami Beach, he brings a unique perspective to both markets, understanding the needs of buyers and sellers across two of the country’s most sought-after locations. As he embarks on this next stage, his presence at Brown Harris Stevens is poised to further elevate the firm’s stronghold in the world of high-end real estate.

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Barbara Fox Recognized as One of New York City’s Most Influential Real Estate Brokers

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Barbara Fox

Barbara Fox, founder and president of Fox Residential Group, has been honored among New York City’s most distinguished real estate professionals with the 2025 Inman New York Power Brokers Award. This recognition celebrates her decades-long commitment to excellence in luxury residential real estate, where she has built a reputation as a leader in Manhattan’s competitive market. Known for her unparalleled negotiating skills, deep industry expertise, and mastery of the city’s intricate co-op and condo board processes, Fox has successfully represented buyers and sellers across the Upper East Side, Upper West Side, and beyond.

Since launching Fox Residential Group in 1989, she has transformed it into one of Manhattan’s premier boutique real estate firms, specializing in the sale of high-end cooperative, condominium, and townhouse properties. Her influence extends beyond transactions; she has been a pivotal figure in the Real Estate Board of New York, serving on its Residential Board of Directors and spearheading its annual Residential Deal of the Year Charity and Awards Celebration for over a decade. Her dedication to the industry has earned her prestigious accolades, including the Henry Forster Lifetime Achievement Award and the Kenneth R. Gerrety Humanitarian Award.

Beyond real estate, Fox’s impact reaches into philanthropy. She is the founder of WOOF Dog Rescue, a nonprofit dedicated to rehabilitating and rehoming animals from New York City shelters. Whether in the world of luxury real estate or animal rescue, Fox’s commitment to service, expertise, and leadership continues to set her apart in the industry.

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