The New York real estate market has not gone anywhere

Nada Rizk

New Yorkers are known to be forward thinking and resilient –– and this applies to the city's real estate. While we are definitely in a current market pause, and will probably continue to be in one until the situation calms, the Covid-19 outbreak hasn't fully stopped purchases that were already underway from being completed and we continue to market some available properties. As everyone adjusts to this global pandemic, we do not know what the new norm will be once the Coronavirus settles, however, there is a strong indication for market activity. We have been communicating with clients––from investors, to local residents––and it seems that so far, people remain committed to buying properties in New York. None of our buyers and sellers have expressed an interest in changing their plans.

There is a strong foundation for a market recovery

We expect to see a delay in our usual real estate Spring peak seasons due to the city's lockdown and global restriction of travel, but there is every indication that the city will still have an active real estate season. Transactions that were in progress have remained on track and the market report (for the months of Jan-March) which came out in the midst of New York's quarantine, pointed to many more deals being made, with sellers willing to adjust their prices and buyers interested in seizing these opportunities. Interest rates will remain historically low. Traditionally, the success of the stock market and low unemployment rates tend to favor sellers. This past year, these were at opposing ends prompting some buyers to seize this unusual occurrence of a robust stock market coexisting with a strong buyer's real estate market.

It will remain a buyer’s market

We feel that when we return to business it will remain a buyer’s market. Buyers who have been on pause with their search will be eager to move forward and sellers who have had a property sitting on the market will be just as eager to sell. Everyone will be anxious to move forward.  Buyers will be motivated and looking to take advantage of opportunities in a market that continues to offer low interest rates, high inventory and realistic pricing.

Joanne Green

We anticipate a lot of activity due to pent-up demand, but we don’t think that will translate to higher prices, just more accurate pricing and deals being consummated. There may be opportunities in new development as developers continue to offer incentives.

What the market will look like

While buyers looking for a primary residence are unlikely to buy their new home sight unseen, they are reevaluating their new home needs given the current situation and preparing a list of properties to view as soon as possible. There will always be real estate needs – relocation, expansion, downsizing, etc. We expect there to be a lot of activity and deals being made.

New Yorkers are resilient - they like to move forward as we’ve seen after other setbacks we’ve experienced. We have adapted quickly to a new way of working despite everything changing. We have managed to continue our lives, work, school in a different way but know everyone misses their old lives and are eager to regain a sense of normalcy and move forward.

Nada Rizk and Joanne Greene are a top producing team at Brown Harris Stevens.

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Considerations When Planning a Driveway Paving Project

Assessing the state of your home’s overall appearance and deciding what to spruce up, pare down, eliminate, or add is part of the equation before listing residence for sale. The parking and garage area are among the first things prospective buyers will see. Here are considerations when planning a driveway paving project.

Budget and Materials

Driveways can be paved with gravel, stained concrete, asphalt, stone, or brick. Each has benefits and drawbacks, but cost will probably be your main determining factor. Each has benefits and drawbacks, but cost will probably be your main determining factor. Gravel is the cheapest, while brick and stone are costly. Professionals should install concrete, asphalt, and stone or brick pavers. However, some experienced DIYers may get away with creating a concrete drive on their own. Nowadays, you can find a wide range of concrete tools including the big blue easy float online so if you are thinking about taking on your driveway paving project yourself, doing some research can help you to plan your next steps.

Maintenance

Different materials need various types of maintenance. For instance, tarmac often develops potholes and other damage over time, so having a reliable tarmac contractors available for upkeep can be very useful.

Think about the climate in your location. While gravel is cheap and relatively easy to install, it’s a headache for snowplows. It can also develop potholes. Concrete is easier to plow, but can develop cracks after repeated rounds of freezing and thawing. Asphalt can survive snowplowing but must be re-sealed every few years. Asphalt, concrete, brick, and stone all could stain, while gravel kicks around and you’ll have to sweep it back into place and replenish it from time to time. Think about how much time and effort you are willing to invest in keeping a new driveway looking nice while you think about listing your home.

Style, Design, and Fit

It’s usually not a good idea to make your house look way out of range of the other houses in your neighborhood. An expensive brick or stone drive looks odd when surrounded by gravel and concrete drives on either side and across the street. A gravel drive looks a bit, shall we say, rustic next door to stone pavers. You can add a little personality to your driveway—a brick or stone edging adds a little interest—without looking like you intend to overprice your house. Additionally, blacktop driveway paving is often an affordable option that complements various architectural styles, providing a polished look that integrates well with neighboring properties.

If your driveway is in front of your house, it should integrate nicely with your gardens and walks. Think about the practical matter of pulling in and out of the driveway. A lazy lane is easier to back onto than a busy, four-lane, divided street. If you have the space, your driveway design might accommodate a t-shaped area as a way to turn around. If you have a one-car garage but two cars, one of those cars will need a pad to the side of the drive to keep out of the way of the car that lives in the garage. Limited space limits your design options, but if you have the room, curves are more interesting than straight lines.

Drainage and Sustainability

Many newer paving materials are permeable to allow rainwater to soak through. Some types of paver installations allow decorative, low-growing herbs, grass, or moss to populate the spaces between blocks. If permeable materials won’t work for your installation, or even if they will but you get a lot of rain, you must consider proper drainage. The drive should pitch gently away from the house to allow runoff into a trench drain, slot drain, catch basin, or swale, and from there into a storm sewer or other acceptable drainage area. Some newer or expanded homes have garages on the lower level and driveways that slope down. Proper drainage is critical in such installations.

Upping your home’s curb appeal may not require planning an entirely new driveway paving project. Concrete might get a fresh look with a good power washing, and a professional paving company can re-seal asphalt and make it look new.

Must Read Luxury Stories in Douglas Elliman’s Spring/Summer 2020 Elliman Magazine

Briana Gonzalez

Annually, Douglas Elliman releases Elliman magazine across the country for the spring season. This year due to the current climate, in effort to maintain the same accessibility, the latest issue of Elliman is free digitally. As we continue to social distance within our homes, the Spring/Summer 2020 issue revitalizes the spirit, through the focus on creative lifestyle ideas reflecting the outdoors and the summer sun.

image source: https://www.elliman.com/elliman-magazine

Able to turn the pages like a print copy, the magazine engages the reader in captivating images and stories of Douglas Elliman’s portfolio of resale, new developments and rental properties. Fill your home with the feeling of spring through tips of recreating lush floral arrangements (Flower Power, pg.5) or get inspired to add Pantone’s color of the year -Classic Blue- throughout your home (Rhapsody in Blue, pg. 13). Follow the quest of becoming a Master Sommelier (Grape Expectations, pg. 8) or get captivated by the cover story on a chic La Jolla estate on the sea (Curves Ahead, p.14).

For Elliman markets nationwide, the Elliman magazine incorporates a representative column entitled: My Neighborhood, written by a long-time resident. This issue features guides to NYC’s East Village; The Pines (Fire Island) and East Hampton on Long Island; Rye, New York; Carbondale, Colorado; Montrose, Houston, Texas; South Beach, Florida; and Venice Beach, California- with an international My Neighborhood column from Pienza, Italy. 

The print edition will be available in May, however you can read through the pages of the official digital copy here.

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 Navigate In The Current Market

Barbara Fox

After 30+ years as a residential real estate professional, I thought I’d experienced it all – but then along came this unprecedented pandemic. Nevertheless, while we are certainly in unchartered waters now, there are some relevant takeaways from what I’ve learned navigating other uncertain markets such as the post 9/11 period and several business recessions. Throughout it all, I’ve witnessed the strength and resiliency of New York City, and its residential market invariably bounces back.  Please keep that in mind, buyers and sellers, along with the following points during these difficult current times.

Buyer Demand 

Prior to the March order to shelter in place, our spring sales market was showing an uptick in activity for the first time in over a year.  There were abundant buyers in need of new homes and poised to purchase at that time, and sellers had become more realistic in their asking prices. Then, of course, activity came to a screeching halt in March.

I believe that once the city is back up and running, the pent up buyers’ need or desire to purchase will resurface. Those buyers who were poised to purchase before the pandemic will have had sufficient time to browse listings online and set their wish list during this period.  Having spent an inordinate amount of time hunkered down in their current homes, buyers will have acquired more insight into exactly what their home needs should be going forward. Once restrictions ease, I envision them picking up the hunt for the right property in earnest.  

Sellers Keep Calm 

First and foremost, I don’t believe there is any benefit to sellers removing a property from the market during this period. With “days on the market” having been suspended since March on listing websites, there is no real downside to keeping a listing in the public eye for interested browsers. Once showings are activated again, I advise sellers against rushing to lower their asking prices. In the negotiations that ensue, anxious sellers who need immediate deals will have to be willing to take what they can get.  But as activity ramps back up, we should see a surge of pent-up buying needs and as more buyers are looking for properties, and as demand increases, prices will begin to firm up.  So, don’t panic, this business standstill will end.  Our market has endured many downturns, but eventually life resumes.

As far as listing new properties, my advice is that now is not the optimal time.  It will definitely be better to hold off until restrictions ease and properties are again available for showings.  Take this time now to prepare your property – clean it up, declutter closets and cabinets, etc. – so that when the market resumes, you can put your property’s best foot forward. 

About Barbara Fox

Barbara Fox founded Fox Residential, a boutique real estate firm specializing in the sale of Manhattan’s most upscale residential properties, in 1989. Fox Residential Group currently has 30 agents skillfully assisting buyers and sellers in all boroughs of New York City. 

Barbara provides expert guidance to clients based on her unrivaled knowledge of Manhattan’s housing inventory, in-depth understanding of shifting market conditions, and savvy negotiating prowess. She is an active member of the Real Estate Board of New York (REBNY), serving on its Residential Board of Directors and as co-head of its annual fund-raising gala event.

A North Carolina native, Barbara resides on the Upper East Side of Manhattan with her husband and a menagerie of dogs and cats. She is the founder of WOOF Dog Rescue, a nonprofit organization which rescues and rehabilitates homeless dogs and cats from the New York City shelters and then finds them permanent, loving new homes.

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.

First-Time Home Buyer? Don't Start Your Search Without These 3 Tips

Preparing to purchase your very first home can be an exciting time, and for good reason. This is a step toward putting down roots, toward more financial stability, and maybe even a more serious phase in your current relationship. But before you get too ahead of yourself, make sure you're equipped with the right knowledge to make your first home purchase go off without a hitch. Here's what you need to know.

Know Your Market

It's easy to brush this off as part of your real estate agent's job. But truthfully, it's just as important for you to understand the market you're trying to make a purchase in. Say you lived in Hawaii and wanted a house in Maui. If you aren't aware that almost 45% of homes sold in Maui go to out-of-state buyers, you might go into your housing search unprepared for that complication. Even in markets that typically don't cater to vacation home buyers, there may be certain trends that could make or break your home buying experience. Looking at factors like the market demographics, past housing trends, and local institutions can give you a better idea of what kind of challenges you might face looking for homes in any particular area. If you're not sure where to begin, working with your real estate agent can help you get a better idea of what kind of market you're getting into.

Determine Your Budget

There's almost nothing more exciting than looking at beautiful homes. But before you get attached to the prettiest house on the block, you need to determine just how much house you can actually afford. This means determining how much you're willing to put forward as a down payment, as well as what your monthly budget will look like after you've made your purchase. And before you settle on an ideal monthly mortgage payment and move on, make sure you're leaving extra room in your monthly budget for things like HOA fees, taxes, insurance, and the like. Even security system services need to be factored in. When you consider that police respond to upwards of 38 million alarm activations annually, it might be something worth setting money aside for. Ideally, you want these things to take up no more than 25% of your monthly budget.

Ask the Right Questions

When you're touring different homes, asking questions is a must. But more than that, asking the right questions is a must. It's easy to ask about when the building was constructed and what the neighborhood is like, but that information won't tell you what kind of issues you could be inheriting with your purchase. As an example, almost 50% of homes in the DC area didn't sell the first time they were listed. Don't you think it would be beneficial to know why? Make sure to come in with a keen eye. Look for stains on the ceilings and floors, make note of any strange smells, and check different items for signs of disrepair. And if you're at a loss for questions, make sure you include the following:

• How long has this house been on the market?

• When was the roof last replaced?

• What is the reason for selling?

• What's the condition of the flooring under the carpets?

• How often has this property been sold?

When in doubt, make sure you're asking these questions during any house tour. They can give you some excellent insight into the condition of the house you're looking at. In addition, the answers might alert you to a hidden issue the previous owners didn't describe in the listing.

When you're purchasing your first home, it's important that you don't leave anything up to chance. Good research, great planning, and a willingness to ask some tough questions can help you make buying your first home a good experience.

Real Estate Transitions to Virtual Showings Amid Covid-19

Briana Gonzalez

Social distancing practices, along with the interim shutdown of businesses to ensure public safety, is molding the way Real Estate agents are showcasing homes. Adjusting to more virtual-based tools, Mansion Global claims FaceTime tours, Instagram Live Q&As and 3-D virtual tours are slowly becoming the new option in order to still cater and draw in potential buyers at home.

200 E 21st St, New York, NY, 10010, USA.

Although this isn’t a particularly new conception, agents can personalize the videos and calls from buyers. In an interview with Mansion Global, Houston-based Compass agent Marnie Greenwood said:

“I have builders' homes that are specs and are vacant, I’ll get on WhatsApp with a family, so I’m going around and showing them the house and they can ask in real time, ‘go back to the master closet.’ Or if one of the family members isn’t there, I save the video and send it so they can watch and follow up with questions later.”

Even in an interview with the Real Deal, Douglas Elliman’s John Gomes says,

“to cut down on initial visits that prove pointless, a first, in-person showing may be replaced by a virtual one. We’re scratching the surface with these videos we’re trying to put together at the last minute. When we come out of this, we’re going to be doing a lot of digital, virtual-type showings.

Health and the safety for ourselves and others outweighs all else, but even so, accessibility is vital as some sellers and buyers are unable to wait for the pandemic to ease to find a new home. PropTech Consulting, for example, is offering a virtual tour of 200 East 21st Street, Residence 17B. You can look through the 3-bedroom, 3.5 bathroom contemporary-designed space, with open windows for tons of natural lighting and get a glimpse of the view- all while social distancing at home.

image source: streeteasy.com

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111 West 57th Street - Commence First Closings

JDS Development Group, Property Markets Group and Spruce Capital Partners today herald a new chapter for the historic Steinway Hall by receiving TCO and commencing closings for the Landmark Residences at 111 West 57th Street. Steinway Hall, originally designed by Warren & Wetmore -- the famed architects behind New York landmarks such as Grand Central Station -- has been comprehensively reimagined as sprawling light-filled residences with breathtaking amenity spaces by Studio Sofield and SHoP Architects.  The Landmark Residences at 111 West 57th Street comprise a limited collection of 14 unique homes featuring sophisticated interior architecture by Studio Sofield, with those currently on the market ranging from a beautifully proportioned two-bedroom residence with private outdoor space to a sprawling duplex penthouse with dramatic architectural flourishes. 
 
The cherished pre-war landmark building is connected to 111 West 57th Street’s graceful new-construction tower via a central lobby featuring original end grain wood flooring from Steinway Hall and luxurious accents of limestone and marble. The façade and historic rotunda of Steinway Hall are currently being restored in collaboration with the Landmarks Preservation Commission of New York. Closings in the 1,428-foot tower, the second tallest residential building in the Western Hemisphere, are anticipated to begin later this year.  The tower features 46 full floor and duplex residences, with soaring ceiling heights and perfectly centered views of Central Park.   
 
Michael Stern, Founder and CEO of JDS Development Group, states, “Our goal with Steinway Hall was to create gracious residences that honor the spirit and integrity of architects Warren & Wetmore’s original 1925 design. We achieved this through a thoughtful restoration that maintains the elegance of the building’s pre-war proportions and architecture, while creating modern layouts that reflect the way people live today.” The team entrusted Studio Sofield to create residences that reflect the best in contemporary craftsmanship and materiality, with timeless design details such as formal dining rooms with coved walls, stepped panel doors, and intricately patterned solid oak floors. Select landmark residences feature generous private terraces with original design details, including decorative cast stone urns, grand balusters, and gold leaf embellishments. Stern added, “This was an enormous enterprise by the hands of many talented people. I could not be prouder of the dedicated work of JDS Construction and of the quality of the finished work.”
 
Kevin Maloney, Founder and Managing Partner of Property Markets Group, notes, “The Landmark Residences represent an incredible opportunity to reside in a storied Manhattan landmark. Some of these first closings reflect the demand we have seen from Tower purchasers for additional homes intended to be utilized as ancillary or guest suites for visiting friends, family, or staff. Additional residences within Steinway Hall include a dramatic four-bedroom duplex with double-height ceilings as well as the spectacular terraced Landmark Penthouse that is truly one of the most extraordinary pre-war residences ever to come to market in New York City.”
 
Studio Sofield, led by William ‘Bill’ Sofield, is known for its work designing for Tom Ford, Salvatore Ferragamo, Sotheby’s Diamonds and Harry Winston. As interior architect, Studio Sofield took inspiration from the original architecture of the Warren & Wetmore-designed building as well as the landmarked rotunda to design the new amenities, lobby spaces, and interiors of 111 West 57th Street. In designing the block-long lobby sequence, Sofield called upon distinguished New York artisans such as John Opella and Nancy Lorenz, to create, what he calls, “a series of emotional experiences,” reminiscent of the beloved public spaces of New York’s classic skyscrapers.
 
Residents at 111 West 57th Street also have access to an array of amenities and services. This includes an 82-foot, two-lane swimming pool with private cabanas, separate sauna and treatment rooms, a double-height fitness center with mezzanine terrace, a private dining room and a chef’s catering kitchen, a residents’ lounge with expansive terrace, meeting rooms and a study, 24-hour attended entrances and a dedicated concierge service. A private porte-cochère on 58th Street provides residents a gracious and secure entry experience. The lobby features opulent accents in limestone, marble, blackened steel and velvet, and meticulously restored, original end-grain wood flooring from Steinway Hall. 
 
Available Landmark Residences range from $8,750,000 for a two-bedroom, two-and-a-half-bathroom residence, to $21,000,000 for the Landmark Penthouse. Tower residences are available from $16 million to more than $57 million. Douglas Elliman is the exclusive sales and marketing representative for 111 West 57th Street. You can find more information at http://111w57.com/. Prices and availability are subject to change without notice. 

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.

Jules Haimovitz Puts Beverly Hills Estate on Market for $21.32M

Jules Haimovitz, an entertainment industry leader who has served as the president of the MGM, Viacom, and more has listed his Beverly Hills Estate for $21.32M, located at 14035 Aubrey Road in Beverly Hills.

Settled above the city lights, this elegant Tennis Court Estate features approximately 16,000 square feet of luxury living all within the coveted 24 hour guard-gated community, Mulholland Estates. Featuring 7 bedrooms, 10 full bathrooms, a formal entry, dining room, expansive sous-chef style kitchen & oversized living/entertaining areas which are rich in character and full of volume. As you walk thru the home, you are greeted with floor to ceiling doors/windows that lead out to the resort-style backyard with an infinity edged pool, tennis court & outdoor dining areas which offer an unparalleled lifestyle of seclusion, luxurious comfort & lavish entertaining.

Additional features include a library/office, gym, 10-car garage and an entertainment floor encompassing a home theater, game room & wine area. The classic yet sophisticated home awaits the next buyer to fully experience the Southern California lifestyle at its best.

Fredrik Eklund and Andreas Elsenhans of Douglas Elliman are the listing agents.

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.

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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