Ian Slater’s 2020 Q3 and Q4 Predictions: “Winners and Losers”

I will begin this post by saying that all of my predictions and thoughts below are just that, thoughts, and educated guesses based on my expertise in residential real estate. 

Slater Team’s business is split between helping sellers, developers, renters, landlords, and investors. Looking back at 2019 sales numbers, our business was 61% on the purchase side and 39% on the sell side. Thus, I frequently am advising clients on what to purchase, where to look, and am looked at to make predictions and help make investment decisions. This has become an increasingly difficult thing to do in the time of COVID, but for today’s guest post I want to speak to OFFTHEMRKT’s readership as if they were on of my own buyer clients-- and predict neighborhoods, building types, and price points that will be winners and losers this year. 

The market is definitely going to be ripe with opportunities for buyers-- we are going to have sellers more motivated to sell than they have been in a very long time and interest rates held near zero (keep in mind, this does not always translate to mortgage rates) for the foreseeable future. But as buyers we must be careful what deals we choose, and not just be motivated by discounts.

What will win and what will lose?

Stability wins; volatility loses

When buying in an environment like this, always seek stability. Buying into a building that has established value is crucial, so focus on sales history, quality of developers and reputation, owners in the building, and for new developments, percentage that is in contract and/or closed already.

If you are seeking a huge discount and have an appetite for risk, you can look at new developments that are lightly sold-- but there is a big question at the moment where the values of the buildings will go, and as an early buyer this can be hard to predict. A not-so-sold building can be exposed to a pressuring lender pushing prices down for more transactions, for instance. For the most part, a strong broker will know the amount in contract in a building, and this can be very helpful. 

Landmarking wins, fringe neighborhoods lose

Longtime recognizable addresses and streets will win out: buyers will rush to quality and not be as willing to take a risk on a less established building or area. The best performing locations are those that are limited for building: “landmarked” neighborhoods in New York, for instance, or “listed” buildings in Europe. A zoning-imposed limit on construction and style always makes it more difficult for more product to be added to a neighborhood, so focus on those neighborhoods that have historic charm and will be that way forever. While it may be more difficult to get a brand new building, or views, it has proven to be a great investment long-term. 

Size and home type win, micro-apartments lose

With everyone cooped up for this time, I think that the desire for larger apartments will come back into style and many will be looking to size up-- whether sizing up in square footage, light, outdoor space, view, or amenities. The concept of a “microapartment” being enough in New York City likely will become a very challenged notion. New York may for a time, not be thought of as “everyone’s living room”-- buyers will want their own living room! 

So for a purchaser, if you can, think instead of buying a one bedroom, a two bedroom or larger may end up being a better investment for you. Not only can you have a home office or additional space, but long term the apartment will be more desirable, too. 

Boutique wins, enormous loses

As is always my opinion when consulting with buyers, as long as a building offers the amenities that you want and enough to satisfy the future resale buyer pool, a boutique building is normally better than a very large building. In the times of post-COVID, I feel this will be magnified: buyers are going to want to know that their building doesn’t have thousands of neighbors and they want to have a hold on who is on their floor. 

Large buildings come with inherent investment risks: it is very difficult to control the value of your apartment with so many potential sellers in the building, often, you have a lot of competition on the market at the same time, and if you are purchasing into a new development, it many times means the developer has a lot of product to sell! Smaller buildings usually offer more unique floor plans (or even one-offs) and when you resell you may face little or no competition. Thus I encourage buyers to look into these types of buildings as stronger investments.

Ian Slater is the Founder of the Slater Team at Compass and can be reached at slater@compass.com or 646.645.8192

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.

Monthly Home Maintenance Tips You Need to Know

Whether you’re looking to sell your home or stay in it for a little while longer, it’s crucial that you’re properly caring for it. If left unattended, many essential areas of a property can begin to decay and stop working entirely—making a home impossible to live in for you or a new family. These are a few monthly home maintenance tasks that you need to know to keep everything working as it should.

Change HVAC Filters and Inspect Air Quality

The air filters in our ventilation systems quickly gather dust, dander, and other airborne spores that can pollute our lungs and make us sick. As such, failing to replace them every month can prevent them from working as effectively, thereby putting us at risk. Even once these HVAC filters are changed or cleaned, you should also be monitoring the air quality in your home to see if any other toxins are floating around. In many older homes, this might include lead particles from lead paint, mold, and mildew.

Another thing to look out for is radon gas. This is a naturally occurring gas that can get trapped indoors and accumulate in the home, especially if the building has a poor ventilation system. Over time, large amounts of radon gas can cause lung cancer. Radon gas exposure is among the most common causes of lung cancer, second only to smoking. You should therefore regularly test for radon levels, either by hiring a professional or using a home test kit. If radon problems are detected, it’s important to hire a certified radon service professional to fix the issue.

Maintain Your Plumbing and Septic Tank

It’s also important to check your plumbing for any leaks, drips, and clogs to reduce your chances of having a larger problem later. This process includes running each sink in the home while also watching how long it takes for each drain to go down. If you suspect that you might have a clog, you might also need to consider looking for signs that your septic system needs repair as well.

Test Smoke and Carbon Monoxide Detectors

Safety is key in any home layout and design. As such, making sure you follow each security protocol is essential to keeping everyone in it protected from unexpected hazards. This is why homes come standard with both a smoke and carbon monoxide detector—to alert you when something isn’t quite right. To keep them functioning and reliable, be sure that you’re testing them each month and changing out their batteries.

Take Note of Any Outdoor Maintenance Issues

In case you do not want to check home inspection quite frequently, you can use appliances that do not need to be checked once a month. For example, you can ignore using heating oil by purchasing electric radiators. For example, BestElectricRadiators are one of the choices to go for as they do not waste energy and do not need to be checked frequently as well. In other words, you can purchase it and do not think about checking it for a very long period of time.

Cat Greenleaf Places Her 'Talk Stoop' Townhouse On the Market

Brooklyn's most iconic stoop, home of TV's Talk Stoop with Cat Greenleaf, the original host of NBC’s Talk Stoop, has listed her iconic Cobble Hill home where the show was filmed, with Douglas Elliman. The home is listed for $2,995,000 by Kurt Vikki at Douglas Elliman.

The brick row townhouse is located at 12 Wyckoff Street and is riddled with unique details and designed with love by Cat herself. 12 Wyckoff Street is a legal 3 family presently configured as a 3 bedroom / 2 full bath upper duplex with private deck, over a two bedroom / 1 full bath garden unit. Both have their own laundry and access to the deep backyard and finished basement. Garden apartment can be delivered vacant or with solid tenant.

From the drawers and cabinets, which are decorated with customized vignettes, to the Harry Potter closet under the staircase, the life size chess board outside, the magnet wall and everything in between, this townhouse is one-of-a-kind. 

Smack in the middle of Cobble Hill, even friends from Manhattan think it's convenient! This 1899 Federal Brick townhome has been stylishly updated with a keen focus on bright rooms, clean lines, and a smooth integration of interior & exterior living spaces.

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.

Virtual Home Tours to Inspire

Briana Gonzalez

As we practice social distancing and have veered towards video conferencing with apps like Zoom or Google Hangouts, we have been able to get some glimpses into the homes of our friends, clients, bosses and coworkers alike. As strange as this peek into their intimate spaces may seem, it can often inspire us to re-look how we organize and decorate our own spaces. Below are a few homes that can help to create a satisfying backdrop not only for the frequent video conferences, but it gives you the opportunity to create something new- a breath of fresh air.

200 East 59th Street 

The condominium residences really focus on natural and open lighting, the lighter seating facing the windows capturing the light (and the city/Central Park view), the rounded curvature of the furniture, and the mixture of deep-toned accents and wood elements come together to establish a sleek yet comfortable look. The two-model homes at 200 East 59th Street all feature interiors designed by Cyril Vergniol, the eclectic French designer of Paris’ luxe Hotel de Crillion. Cyril takes inspiration from artists like Salvador Dali and Joan Miro, infusing surrealist art into his designs.    

Quay Tower 

The Quay Tower condominium residences overlook Brooklyn’s waterfront and the Brooklyn Bridge Park. The space is almost reflective of the sunset, the color schematics taken from the combinations of blues and rich reds and oranges providing a fun pop of color.  

While you can still draw inspiration from the following homes, these listings below are also offering virtual sales tours and one-on-one appointments for viewings- ensuring safety as key.  

Avora 

The Avora, LEED-certified full-service condominium, is located on the Weehawken waterfront in New Jersey with a focus on the integration between luxury and sustainability practices. Avora was developed by acclaimed national homebuilder Landsea Homes, contemporary architecture is mixed with elegant and luxe interiors. The onsite team has launched a new virtual tour feature which is comprised of video tours and an immersive model look-book. Current availability ranges from a 933-square-foot one-bedroom for $815,000 to a three-bedroom, two-bathroom with a private balcony for $2.8 million. 

One United Nations Park 

Located along First Avenue, One United Nations Park offers a luxe global lifestyle for residents. 460 feet above the East River, it features a collection of elegant residences with views of the East River and Manhattan skyline. The interior designs of the building are contrasted with the layered black glass exterior design, offering floor-to-ceiling windows. Developed by the legendary Solow Building Company and designed by Richard Meier & Partners Architects, One United Nations Park features Manhattan’s first fully automated and integrated custom ‘smart home’ system that regulates temperature, lighting and motorized window shades. Pricing for current availability starts at $1.25 million.  

Greenwich West 

Greenwich West is Hudson Square’s newest residential tower, aiming to reinterpret New York City’s loft aesthetic through an acclaimed Parisian design team Loci-Anima, marking Greenwich West as the first tower in NYC designed by French female architect- Francoise Raynaud. 30 stories high, it is one of the tallest buildings in the Soho area, featuring panoramic views of the Hudson River, New York Harbor, Statue of Liberty and the city skyline. The interiors of Greenwich West have a bohemian flair to them, the interiors designed by Sebastian Segers, most notable for his work with clients such as Giorgio Armani and Christian Dior and his collaborations with designer Marc Newson and Patrick Blanc. Virtual tours are available through an immersive and exclusive online experience, even sharing glimpses of the rooftop terrace views.  

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.

5 Reasons for Investors to Embrace Sustainable Apartments

Green building is one of the fastest-growing industries in the United States. From consumer demands for more energy-efficient options to the increasing availability of eco-friendly alternatives, sustainability is a critical factor in the future of building.

Sustainable properties tend to have a higher appraisal value than standard buildings. In Austin, Texas, for example, a home built to LEED standards can add up to $25,000 to its resale price — an increase of 8% compared to traditional construction. Plus, some states offer incentives, such as tax rebates, for living in a green dwelling.

This trend is more than a shift in the consumer mindset. While green buildings come with a certain aesthetic, such as light-filled spaces and eco-friendly materials, the impetus for a new kind of construction is more significant. The built environment, including a structure's lifecycle — from development to demolition — accounts for 39% of CO2 emissions across the globe. 

Considering the current market, the best time to invest in sustainable design is right now. Eco-conscious apartments will save you money, increase the future value of your property and boost your brand reputation. 

1. Reduce Construction Costs

Green buildings can reduce the cost of construction by requiring fewer materials and producing less waste. One case of sustainable design includes zero-net-energy buildings, those that consume the same amount of renewable power as they generate on-site. 

Other examples include passive design, water conservation and the use of alternative building materials. One global survey found that 63% of construction firms have green commercial project plans in place. Integrated design from the ground up will save you money in the future by creating highly efficient spaces. 

2. Boost Resale Value

Sustainable features in apartments increase resale value. Renters seek out properties that offer components such as smart thermostats, renewable energy sources, water harvesting systems, daylighting options, occupancy sensors and more. 

From an investment standpoint, green initiatives increase new building values by 10.9% and existing structure worth by 6.8%. Especially in areas with tax incentives for sustainable construction, green assets pay off substantially in the long run. 

3. Save Money on Utilities

Green buildings not only save you money, but they also assist tenants in cutting costs. Utilizing Energy Star-approved fixtures and appliances, integrating renewable energy for electricity and reducing water consumption make a substantial impact on overall utility fees and lowers infrastructure costs. 

For example, green roofs can reduce the power required to cool a one-story building, though taller buildings can also see efficiency impacts. Green design creates long-term gains for investors and tenants alike, helping you monitor their energy spending and market the apartments as a smart rental option.

4. Improve Brand Reputation

Millennials and Generation Z hold the largest share of the target audience for apartments and other multifamily buildings. The majority of this demographic — nearly 75% of Millennials and 72% of Gen Zers — take sustainability into account when making a purchase, and are even willing to pay more. By utilizing green practices, you can advertise your building as a more eco-friendly option than your competition.

5. Raise Your Rates

Sustainable buildings are a step above the standard. Higher quality living space costs more, making it easy to charge higher rates for green apartments. People who live in eco-friendly buildings experience fewer health problems and a higher quality of life — including increased productivity, decreased absenteeism and fewer healthcare claims — making the higher cost worth the investment.  

According to one survey of green home dwellers, 42% choose their property for the health benefits, even above economic and environmental reasons. With sustainable apartments that meet buyer expectations, you can ensure you're ahead of the curve in offering the best value.

Investing in Sustainable Apartments 

When it comes to multifamily residential development, the building industry is looking for more sustainable alternatives. Apartment complexes, both old and new, can easily adapt to reduce their carbon footprint. Making simple changes, like installing energy-efficient appliances, using sustainable building materials and taking advantage of natural lighting, all make a difference. 

With population growth and the rising cost of housing, urban areas are seeing rampant expansion. Apartment construction has experienced a 34% growth rate in the past decade. Whether you are hoping to reduce construction costs or boost resale value, implementing sustainable practices is worth the investment. 

A look toward an eco-friendly future can also enhance your relationship with consumers. By taking an interest in infrastructures that benefit the environment, you seek to maintain the wellbeing of your tenants. 

Holly Welles is a real estate blogger covering design, finance and market trends for apartment dwellers. You can find more of her work on her blog, The Estate Update.

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.

What Landlords Should Know About COVID-19

Most investors who entered the real estate business never imagined having to deal with a pandemic. While leases may contain provisions that address responsibilities in the face of a “force majeure” or “act of God” over which neither party has control, practical adjustments are immediate. These are few things landlords should know about COVID-19:

The Fourth “C”

The three “C’s,” meaning “clean, cover, contain,” are currently the best measures to help slow the spread of COVID-19. Landlords should add a fourth “C”—“communicate.” Property owners and managers should assure tenants about the steps they are taking to sanitize frequently touched surfaces. Inform tenants about expert recommendations on containment. Encourage tenants to work from home, if they can, and to stay in as much as possible, especially if they aren’t feeling well or are experiencing symptoms. Stay in touch with local public health officials, and provide updates from them about the most current recommendations and requirements. Provide sources for the information offered, including phone numbers and websites of public health information agencies.

Share with tenants what you are doing to address risks to and from visitors, and provide daily general updates. Landlords and property management companies should facilitate online rent payments, emergency work requests, and general lines of electronic communication to minimize the necessity of personal contact.

Facilitate Cleaning

While tenants are responsible for keeping their homes clean and sanitized, landlords and property owners are usually responsible for all public areas. Install hand-sanitizing stations, and wipe down common areas and frequently touched surfaces often. Provide helpful suggestions to tenants about how to keep surfaces in their homes sanitized. Train staff in proper cleaning techniques and how to protect themselves when cleaning surfaces. This doesn’t mean hoarding the masks that medical personnel so desperately need, but take common-sense measures like using cleaning gloves and frequent hand-washing breaks.

Containment and Privacy

Many cities have already instituted moratoriums on evictions. Tossing tenants out of their homes where they could contract and spread the virus serves no one in times like these. Landlords should work with their tenants to come up with payment plans that acknowledge the reality of job losses and economic uncertainty.

Property owners should also establish and communicate procedures for delivery and retrieval of packages and mail that minimize in-person contact. Inform visitors, contractors, and delivery persons about what is necessary and how to adjust to new procedures. Postpone non-essential maintenance and repairs. Cancel upcoming social or public events that would bring large groups together, and encourage hosts of even small events to reconsider.

It is extremely important to avoid stigmatizing any individual tenant or organization. If a landlord receives information that a tenant has tested positive for COVID-19, or a visitor or user of shared facilities has contracted the virus, alert tenants in a way that protects the affected individual or organization’s privacy. Reiterate public health officials’ suggestions for taking precautions, including staying home and contacting a doctor before visiting any healthcare facility if they feel ill. Fortunately, with the successful vaccine rollout for adults and the pediatric covid vaccine, numbers have begun to ease off and we are beginning to see the light at the end of the tunnel. There is still some way to go, and precautions must be taken, but the end is in sight.

Landlords should learn about COVID-19 and consult their attorneys about legal obligations and risks. Property owners should also contact their insurance companies to find out what sort of losses are covered under these extraordinary circumstances.

Our Favorite Listing: Triplex Commercial Condo in Midtown South

Our favorite listing this week is a $35.68M triplex commercial condo at 20 West 33rd Street in Midtown Manhattan. The Penthouse unit features access to 5,114 rentable square feet of unutilized outdoor space on a two-level roof deck. This gives the owners the option to create an incredible tenant amenity with unmatched views of the Empire State Building, Midtown South and Downtown Manhattan.

Located just steps off Fifth Avenue, the three uppermost floors at 20 West 33rd Street represent a potential triplex penthouse opportunity with extensive outdoor space on a two-level roof deck, located on 33rd Street between Fifth Avenue and Broadway in the heart of Midtown. These first-class office condominiums offer investors and end-users the opportunity to purchase nearly 34,000 square feet of prime office space with a potential four years of committed cash flow in addition to over 5,000 SF of usable outdoor space.

The building was built in 1912 and renovated in 2016. The floors last changed ownership in 2015; Q4, a garment company, has a lease in place until 2024. Other businesses in the building include the Glocap Search, National Postal Mail Handlers Union, DK Cosmetics and Xincon Home Health Care Services. The property is being listed by Kelly Killoren Bensimon of the Holly Parker Team at Douglas Elliman, Marc Roman of Douglas Elliman Commercial and Trystan Polsinelli of 60 Guilders.

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.

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New York City Listings with the Best Green Space

Briana Gonzalez

Any interactions we get with nature has an impact on not only our health but the sustainability of our environment. The more green spaces we have access to, spaces that connect us with nature and the outdoors, lead us closer to healthy living. Being able to come home and enjoy an alluring outdoor space all year round or waking up to peaceful skylines can, by no miracle, work to release stress and improve concentration. These listings offer a fusion of indoor luxury and outdoor green spaces, from terraces to proximity to some of New York’s best parks, that bring you closer to a healthier home.

Vandewater  

Image credits: thevandewater.com

As the first luxury condominium on Manhattan’s West Side, the Vandewater is located at 543 West 122nd Street in Morningside Heights. This 33-story building, designed by INC Architecture & Design, engages in a more holistic approach in the inclusion of its amenities. The condo comes with a remarkable outdoor terrace with landscaping constructed by Michael Van Valkenburgh Associates. The seamless connection of luxury and natural elements of the terrace makes it a perfect outdoor space to enjoy with family or have an outdoor party with friends using the outdoor grilling stations. The terrace stars dogwoods and lush grasses landscaped to consider all seasons and provided an outdoor green space you can enjoy all year.  

200 East 59th Street

Image credits: https://200east59.com

Similarly to its predecessor at 432 Park Avenue, the high-design residential tower at 200 East 59th Street is located at the intersection of Midtown East and the Upper East Side. The building features 35 floors of wraparound terraces and an indoor-outdoor lounge. Creating new elements of classic modernism, the design includes floor-to-ceiling glass walls and a full-height central marble fireplace. The landscaped deck attached to each floor grants you breathtaking views of the city and furnishings for warmer spring and summer days. The fitness center also makes sure to include green spaces by giving you a view of the terrace through more floor-to-ceiling glass walls.

Greenwich West 

Image credits: https://greenwichwest.com/

Incorporating green spaces with fine art, the 290 feet tall Greenwich West commissioned the artist Aaron Zulpo to create five oil paintings that represent and depict life throughout the residential tower. The building draws its inspiration from 20th century French designs conceived by Parisian design teams. Located at 110 Charlton Street, the residences come with views of the Hudson River, New York Harbor, and the Statue of Liberty. The Greenwich West incorporates green spaces into its lobby though the vertical viewing garden by Patrick Blanc, father of the green wall, as a symbol of health and well-being showcasing 99 planted species. Although there is a private landscaped terrace, the Greenwich West stimulates a sense of community through lounges and seating areas around landscaped scenery.  

111 West 57th Street - Central Park  

Image credit: Courtesy of 111 West 57th Street

This residential tower perfectly centered over Central Park in Midtown Manhattan, is the second tallest residential building in the Western Hemisphere. Designed by SHoP Architects with interior architecture by Studio Sofield, 111 West 57th Street is close enough to New York’s most famed park, giving you access to not only beautiful landscaped views, but green spaces just a walk away.   

25 Park Row - City Hall Park 

Image credit: Alyssa Maltese (Optimist Consulting)

Designed by Cookfox Architects, 25 Park Row is a new 50-story condominium building located on the former J&R Music & Computer World site overlooking City Hall Park. Featuring over 110 residences, each residence has its own unique view of the park and access to outdoor green spaces through the Juliet balconies, terraces, and loggias. Cookfox Architects focused on biophilic design, meaning there is a deep incorporation of not only natural materials, but natural light and nature views.  

111 Montgomery- Prospect Park 

Image credit: https://111montgomery.nyc/

111 Montgomery, developed by LIVWRK and CIM, is the first full service, newly built condominium in Crown Heights. Located near both the Brooklyn Botanical Gardens and Prospect Park, the building offers studio and three-bedroom homes. The interiors are designed by Brooklyn-based architecture and interior design firm Mesarch Studio. The open layouts accompanied with the oak wide-plank flooring, includes various amenities from a resident lounge to a rooftop terrace and community garden. Prices range at the 111 Montgomery from $500,000 to $1,800,000.  

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.

How to Choose the Perfect Home

Purchasing a home is one of the largest financial decisions most people make in their lifetimes. As such, it’s important to choose carefully and consider several different factors before making a purchase. Aside from obvious considerations such as your ideal home size and appearance, there are many other noteworthy aspects to think about when you’re purchasing your dream home. For tips on how to choose the perfect home, continue reading.

Determine your budget

A home that costs more than you can afford and causes you significant financial stress is far from perfect. As such, you must first determine your budget before searching for your perfect home. After determining the amount of money you’re comfortable spending on a house, make sure you don’t purchase a home that exceeds that price. You may be tempted to go a little outside your budget if you fall in love with a more expensive home, but this isn’t worth the financial strain such a purchase would cause.

Don’t judge a book by its cover

You may fall in love with the look of a home, but it’s important not to purchase a house based on its appearance alone. Homes that look beautiful may still have some pesky issues lurking beneath the surface. You should be especially careful if you’re thinking of purchasing an older home. Old homes may have elegant architecture, but they often come with a fair share of problems you should watch out for. If an old home hasn’t been updated recently, it may have poor insulation, mold damage, or electrical issues, or it may have been built or painted with materials that contain toxic chemicals. You should account for such potential issues before purchasing a home just for its outer appearance.

To make sure you don’t uncover any unforeseen issues after purchasing your home, you should always do a home inspection. By doing an inspection, you can rest easy knowing your home is perfect on the inside as well as on the outside.

Prioritize location

Choosing the perfect home isn’t just about the structure of the house or its appearance—it’s also about where the home is located. For instance, people looking to settle down in an area that is eco-conscious and friendly often check out these houses for sale in Eugene, Oregon to see their picks for the best homes in the area. The location of your home will greatly affect your everyday life. It will affect how far you must drive to work, what schools are in the area, what shops or activities are around you, how safe you are, and several other noteworthy factors. To choose a home that fits perfectly with your lifestyle, it’s essential to prioritize location during the decision-making process.

How To Put Your Property’s Best Foot Forward

While in-person showings have temporarily turned to virtual ones, there are still certain steps one can take to ensure their property is in order for presenting to potential buyers. The following are five tips on how to put your property’s best foot forward as you only have one chance to make a good first impression.

Declutter

As people tend to move for space, it’s important to remove as much extra stuff as you can. From personal photos to travel mementos and certain books, they can be distracting to a potential buyer. The goal is to depersonalize the space so someone can envision themselves in it and not be distracted. Seeing large items such as suitcases and golf clubs make people wonder where they would put their own. One trick is to utilize under bed storage but if you are very short on space, there are services that will come and pick up your storage to temporarily store. 

Storage

In regard to storing items, this isn’t a time you can throw it all in the closet as those will be closely examined. Within closets, remove anything off the floors to show extra space making it look larger. Have similar hangers all in the same direction, with nothing falling off. You’ve got that one second when someone opens the door. For toys, gym equipment and the laundry room, ensure everything is displayed in an organized way such as color coordination for towels and consistent toy bins. It’s always better to have dedicated rooms for these things. 

Freshen up

Adding a fresh coat of paint to an apartment can help reinvigorate the space. We always advise a neutral color and using it throughout to present a clean, continuous feel that really opens the space. Decorating in the same neutral color palette helps to not distract from the space. While staging doesn’t always make sense from a price point, it is a nice touch if the apartment is empty as it will help highlight the space and its potential. If you have decorated in a specific style, staging can help depersonalize the space to appeal to a greater audience. As a buyer, it can be hard to see past someone else’s taste and this is where staging is helpful. 

Touch-up cracks and grouting

In New York City, most bathrooms are windowless causing them to seem dimmer and drabber. Regrouting and touching up cracks is a small investment that goes a long way to brighten up a space and seem infinitely cleaner. If there is a crack or leak from years ago that was never repaired, it will raise questions for a buyer. Be thorough in identifying spots that need a touch up from the bathroom to kitchen backsplash. Installing new vents if yours are rusted is also a nice touch. 

Check all electrical

Are all your lights working? It’s a small thing that you aren’t aware of except when they aren’t working. There is no particular lighting that will help you sale the home faster but it should be consistent and there is a thing as too much lighting. If you have electric blinds ensure these work and make sure all appliances are clean and running. If the AC or refrigerator have dirty vents and filters, they tend to cause a noisy distraction. 

Brown Harris Stevens’ top producing team of Nada Rizk and Joanne Greene boast more than 40 years of experience of helping sellers and buyers alike successfully navigate the sales 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.

Compass Hires Top Keller Williams Team and Expands in New Jersey

Compass has announced the arrival of The Oldendorp Group, the top-ranked team in Morris County, New Jersey. Led by Susan and Zander Oldendorp, the team closed over $116 million in sales in 2019.

Susan Oldendorp

"We're excited to be the first Compass real estate team in northern New Jersey," said Susan Oldendorp. "We look forward to combining Compass's industry-leading technology with our extensive real estate expertise to provide the ultimate client experience." 

The sixteen-person team is comprised of regional and industry experts who specialize in navigating city-dwellers move to suburban communities near the New Jersey/New York Direct Trai Line including Madison, Chatham, Harding, Summit, Morris Township, Morristown, Florham Park, Berkeley Heights and New Providence.

Zander Oldendorp

The Oldendorp Group will be onboarded virtually through Enboarder, a virtual onboarding solution, and will be the first team to join the Short Hills office. For the time being, the team will be working from home.

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.

Ideal Properties Group Launches Virtual and Remote Listing Viewing Option: “Showings on Demand”

Ideal Properties Group, a leading real estate firm with offices in Brooklyn and Manhattan, today announced its new “Showings on Demand” system. The virtual and remote listing viewing option is available to all Ideal clients for all of the company’s sales and rental listings

“As we launch our ‘Showings on Demand’ virtual listing viewing capability, we are strongly encouraged by the opportunities it affords to everyone involved in the home showing process,” stated Aleksandra Scepanovic, Managing Director of Ideal. “Our engineers have been working on developing a full-cycle digital alternative to rental and sales transactions. The fluid and rapidly evolving situation surrounding the coronavirus outbreak in and around New York City has seen our team quickly ramp up the effort. On the apartment rental front, for instance, from client registration to lease signing, our procedure will offer clients an experience comparable to in-person showings, while affording them the luxury of seeing their selection of homes on their mobile or desktop devices, remotely and in the safety of their own environments. In a city of renters, we believe this digital procedure is going to be extremely valuable to everyone involved.”

“The health and safety of our sales and support staff, as well as the health and safety of the communities we serve – are of the utmost importance. We are focused on using our technological knowhow to provide our customers with the best possible service, one cognizant of the times we live in,” said Erik Serras, Principal Broker at Ideal.

“Showings on Demand” allows for uninterrupted flow of showings and minimizes rescheduling. It also provides agents the opportunity to conduct all aspects of a rental transaction digitally, from client registration to showings, application process and lease signing.

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What Is a Broker's Fee and Why Should NYC Apartment Hunters Be Concerned?

Living in New York City can be an expensive endeavor. The cost of living is among the highest in the nation. With an average of $3,000 a month on rent, this is far from cheap. For apartment seekers, finding an affordable yet nice apartment can seem like a fool’s errand.

Recently the Department of State issued a new guidance to help renters. For years, apartment seekers accepted the outrageous fees that come with living in this city. This new ruling has banned the ridiculously high fees incurred on searchers. The joy of this ruling was short-lived, however. Due to a legal challenge by the Real Estate Board of New York, the rule is in limbo. This now puts the apartment lookers in an awkward position. They may choose to hold off while the court case plays itself off, hoping that the rule is upheld.

The broker’s fee

A broker’s fee is a commission or finder’s fee for the real estate agent. Typically, this fee equates to 12 to 15% of the rent. Many residents have voiced displeasure with this added cost since it is unique to New York City. Few other cities have similar ordinances. This fee, along with the first month’s rent and a security deposit, can add up and place large financial burdens on the new tenant. The ruling, should it remain, would take the burden off the resident and onto the landlords themselves. For now, however, the potential tenants will have to pay the fee until the injunction is lifted.

Gray area

Renters may choose to bypass the middleman and look for the apartment themselves or search online. This can be a bit tricky as agents are not clearly defined, leaving some gray area. During a survey, Curb.com some renters claimed that they were pressured by landlords to sign an agreement naming a broker. For many renters, there is not much that they can do.

How will this new ruling work?

Many New Yorkers are optimistic that the court cases can work out in their favor. Even if it does, some express caution regarding it. If landlords are required to cover the broker’s fee, they could offset the cost by raising your rent.

There are numerous factors that go into apartment hunting such as, proximity to work, neighborhood, size, and more. If you have an apartment that checks most of the boxes, it might be difficult to abandon this apartment because of the raised rent prices. This is a very real possibility for apartments that aren’t rent-regulated. Many landlords already practice this by including it in their monthly rent. If the new rule takes effect, many fear that landlords could lobby the Rent Guidelines Board could raise the rent capacity.

Improving your apartment’s value

For renters looking to move, they can do a lot to help the next tenant and the landlord. Even simple home repairs and new amenities can increase your apartment’s value. Many homeowners invest in renovations. For example, a home’s value can jump up 150% by investing just a little on the property landscape.

The bathroom is another room that often needs renovations. Over 80% of homeowners admit to replacing bathroom features during the renovation process. These ideas can also apply to renters. Investing in your apartment will go a long way to secure that you receive your security deposit back. For landlords, it can help make the apartment look more appealing and attract more interest.

Communication

The tenant and landlord relationship can be a mixed bag. Some tenants complain about landlords who are nowhere to be found while others complain about those who are unnecessarily strict. Landlords often lament about tenants who cause problems or are back on their rent.

Open and honest communication between each other is essential. This is especially true before they move in. When a client is interested in an apartment, they should exchange phone numbers for quick and easy communication. Text messaging is extremely effective since they are opened and read at a 98% rate. People do not read their email nearly as often and sometimes they do not have the time to commit to a minutes-long phone call. Text messaging is a quick and easy form of communication and establishes a quality landlord-tenant relationship.

Alternative options

There are also movements and policies looking to help out renters. In a Slate.com interview, a broker mentioned an idea that had been circulating. Putting a cap on broker fees could be a win-win for all involved. The cap could be no more than one month’s rent. This way the renter could avoid a large financial burden, the landlord can easier fill an empty apartment and the broker will still get paid.

Whether the restraining order is lifted, or a new broker’s fee cap is implemented, apartment hunters face a lot of questions. There may be not much they can do, but research is definitely important. They should do their due diligence and decide what apartment may be best.

Howard Morrel and Leslie Hirsch Join Compass

Last week Compass, announced that nationally renowned agent team led by Howard Morrel and Leslie Hirsch. The team has sold over $2 billion in New York City real estate and was ranked as #11 in resale volume by The Wall Street Journal's Real Trends.

Howard Morrel

"We analyzed how we could increase efficiency and expand market share and Compass was the perfect fit," said Howard Morrel. "We are excited to work among our peers in an atmosphere that promotes growth with integrity. Here at Compass, we'll integrate world-class marketing, industry-disrupting technologies, and a human touch to optimize how we assist our clients." 

The long-term business partners, Morrel and Hirsch specialize in luxury condominiums, townhouses, and multi-family sales and have represented many notable figures in business, music, entertainment, and sports. They have also developed a specialty practice serving the real estate needs of family offices, trusts, estates, and guardianships. Morrel is an attorney, registered under Part 36 as a fiduciary real estate agent for court-appointed guardians. 

Leslie Hirsch

As founding members and lead brokers, Morrel and Hirsch paved the way for Engel and Völkers’ success in New York City. Joining Morrel and Hirsch on their move from Engel and Völkers to Compass are Alina Pogoroleva, Farbod Yarahmadi, Tanya Tang, Shawna Tamayose, Leda Gorgone, Minni Chalana and Morella Navarro. The multi-lingual team is composed of industry veterans who service a large client base with roots in New York, Miami, Los Angeles, China, Washington D.C., South America, Russia, and Western Europe.

"Our team is distinctively able to service a broad scope of buyer and seller clients by offering the most extensive network of in-house and external experts who have expansive international market knowledge, and who are equipped to navigate sensitive family issues," said Leslie Hirsch. "Our commitment to high-level bespoke service sets our team apart."  Among Howard and Leslie's most notable recent transactions is the sale of 101 E 63 Street for $18 million to buyer Tom Ford. The Upper East Side townhouse was designed by famed architect Paul Rudolph, the former Dean of the Yale School of Architecture and was the former residence of the designer to the stars Halston. Their current portfolio includes multiple million-dollar homes in Manhattan and Brooklyn.

Morrel is known industry-wide as an acclaimed "brokers' broker" and mentor to many. Morrel, Hirsch and their team will work out of Compass’ 10 E 53rd Street office.

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.