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“For Sale By Owner”

For Sale By Owner, tempting, but is it really a wise move for a seller? Last week the Wall Street Journal has an article on this topic again, “How to Sell Your Home Without a Real-Estate Agent,” it sounds like a “how-to” guide. They open with, “why not save 6% commission fee? Here are some websites where you can pay to directly list your house as an owner, and here are some things to watch out for.” But even this piece acknowledges that 70% of homeowners who try selling by themselves end up using a broker.

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News Brief Luxury Market NYC

In the middle of February, Manhattan saw 37 contracts signed in one week at $4 million or above. That’s the most active week in the luxury market we’ve seen since May 2017. Things are looking up after January, which was an all time low.

I’m hoping the market is coming back. Maybe it has corrected itself, settled in sales above the $10 to $15 million mark. Sellers have adjusted expectations. As developers unload their inventory the market picks up.

What’s interesting is that in the past few weeks we have also seen the stock market rocky, going down, while interest rates are headed up. Most would take these as bad signs for the sales market. But the crowd purchasing luxury apartments in New York City seems not to be affected by these markers. Some buyers are just waiting, and no one wants to overpay. But where does waiting end? If a price has dropped from $14 million to $11.2 million are you waiting for $11.1 million? People lose deals over 1 percent but the deal is not in walking away with that final dirt cheap bargain. That’s not what it’s about. If you are looking for a home for you and your family, there has to be a line. People will linger for the final buyers’ market pricing and lose out.

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$1.2 Million Apartments: Market in NYC

For a buyer with a budget, maybe you’ve been hearing that 2017 was a buyer’s market in NYC, has that continued to present day? Let me start by saying how I see a buyer’s market. It begins like a virus, deals start looking mysterious, no one really knows what’s going on. Some sell, some don’t, it’s hard to catch on. Then 6-8 months later you realize comparables are selling for less. Offers that had seemed low you’d be lucky to get. All of a sudden you are in a completely different market. The “virus” is deeply embedded. Everything has changed in favor of buyers and they get to pick and choose.

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Advice For Young Brokers (Podcast)

A must listen for anybody starting out in the real estate industry. Make sure to Subscribe to our podcast !!!

In this Podcast we dive into several topics that can help young brokers or anybody that has just gotten into the NYC real estate industry. We pick Mete’s brain on common mistakes, areas of improvement, strategic advice and general knowledge on how to navigate through the difficult beginning of a career in real estate. How to land exclusive, contact clients and close deals!

CMB REALTY IS HIRING: If you just got into the industry and want get 1-1 training on how to close deals. Please e-mail us your resume to info@cmbrealty.com

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Chelsea then and Now: A Brief History

Chelsea has changed in astronomical ways since the mid 1990s. Back then, it was a desolate dark neighborhood. I know many people who got robbed walking down the street at night, heading to Florent after going to the clubs, Jackie 60, Hogs & Heifers, Sound Factory, etc. you couldn’t even find a cab. In the daytime it was all meat markets around 14th street.

In the late 90s things shifted. 1995 the sporting complex at Chelsea Piers opened on the West Side Highway, great quality but empty, few would travel that far for a gym. In 1997 Chelsea Market opened, it had been bought by developers out of foreclosure for $10 million. They had retail space, bakeries, vegetable, food, and fish stores, but it was not a hit right away. It was the middle of nowhere. A lot of storefronts were empty. The office space went for nothing.

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NYC Bicycle Life

I love New York. I am also a bicycle lover. I have ridden and raced over 200,000 miles over the past twenty years, brushed elbows with many pros, Olympic riders, amateur riders, people touring, Boston, Vermont, the Hamptons. Twenty years ago there were no bike lanes in the city. The paths along the West Side Highway are new to the city. Before they were built, there was no complete way to ride the length of Manhattan. To have a full smooth ride to the George Washington Bridge is heaven.

This city takes action, I respect that. They heard the call from bicyclists for alternative transportation routes and they built them. In fact, they are still building them. The newest improvement was just announced, protected bike lanes crosstown on 26th and 29th Streets. Protected lanes are far safer for bicyclists, pedestrians and drivers than painted lanes. Looking to the L train shutdown in April 2019, the city will add a two-way protected bike lane on 13th Street. More crosstown protected bike lanes are proposed for Midtown.

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Foreclosures in New York City at 8-year High

Housing foreclosures in the five boroughs spiked to an eight year high in 2017, a level not seen since the 2008-9 recession. Citywide scheduled auctions increased an average of 58% between 2016 and 2017.

Manhattan was the only borough that didn’t show a dramatic increase in foreclosures, levels remained flat at nearly zero. Over the last 25 years, that has been the case. Manhattan property owners who get in a jam can always find a buyer or a tenant if need be. The movement in the market is constant, which guarantees that you can get out.

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Common Mistakes Brokers Make #1 (Podcast)

Common Mistakes brokers make #1 (Podcast)

#1 because we will have more to follow! The biggest enemy of any sales salesperson is “Verbal Diarrhea” Blah Blah Blah – overstating things that don’t need to be stated and draw attention toward something that derails an imminent sale. We discuss tactics when speaking to new clients over the phone, dealing with foreigners, how to handle listings and how to approach open houses. Truly some valuable information that can be useful for brokers in any stage of their career. Enjoy !

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Art Deco Conversion at 100 Barclay Street: The Good, The Bad, and The Ugly

This 1927 Art Deco office building was recently converted to condominiums and turned out truly fantastic with extensive amenities and incredible craftsmanship. In my opinion it is the best building in the Financial District.

I represented clients who purchased two apartments on the 29th floor. Their contracts were signed in Spring 2015. The building started closings in early 2016 from the top floors, and construction continued as new owners moved in. Elevators were never easy to catch, early residents often had long waits. Many of the amenities took a while to be completed, another pain for residents. Several hallways had ongoing work with dust and noise while people were living in the apartments. These early problems made it difficult to rent apartments. Other top buildings uptown have had similar problems with residents needing to be patient while final renovation is finished. Developers want to close ASAP but lobbies, amenities, hallways, are often not complete.

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  • Manhattan and Brooklyn Sale Prices Rise Going Into Home Shopping Season

    Home sale prices in both Manhattan and Brooklyn are on the rise going into the home shopping season, up about 5 percent in Brooklyn and just over 1 percent in Manhattan, according to the February 2017 StreetEasy Market Reports[i]. In both boroughs, the lower-priced submarkets experienced the most price growth. The median resale price in East Brooklyn rose 11 percent since last February and almost 8 percent in Upper Manhattan.

    This year’s home shopping season will be made up of rising prices, low inventory and fewer price cuts than a year ago, painting a competitive picture for buyers this spring.

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