Real estate operates on one of the most basic of all economic principles, supply and demand

Ian Slater

Typically when looking at New York City, throughout recent history, demand has remained relatively unchanged (save for blips of more international demand, demand for different types of product, or shifts in taste) whereas SUPPLY has been the most major issue. Countless articles have been written about the “oversupply” of luxury residences in Manhattan and Brooklyn, with speculators saying that we will have a dropoff in pricing because so many developers will be holding so much luxury product as we charge into the 2020’s. 

What we are seeing now is a very interesting shock to the system, where demand has essentially halted for a very short period of time. We don’t know precisely when or how it will pick back up. 

There are stories out of China and the Far East that buyers are “revenge shopping” and demand for apartments and homes is now exceeding pre-crisis levels for a short time, and supply can’t keep up. And there are arguments made in NY, by myself included, that supply will likely face a shock within the next couple of years because of a lack of more development (banks likely won’t finance it, developers will not be able to finish projects, etc.). But now there is also the glaring issue that demand for apartments and homes, particularly in cities, may be adversely affected for the short term. 

Regarding pricing, we know that New York is resilient and will stabilize and grow over the long term. Plain and simple. What we care about is the short term and how this will affect pricing over the upcoming quarters. I want to share some data and stories from my own work right now.

SUPPLY:

• Number of apartments on the market in Manhattan alone right now is down about 31% from typical levels this time of the year. That is crazy. Sellers have removed their product from the market and brokers are holding back their typical spring listings. 

• Developers might not introduce product for a while, or not be able to build it, causing a larger supply crunch.

DEMAND:

• Demand at this exact moment is down very low, because of the basic difficulties to transacting. Even WHEN somebody is ready to transact, many buildings are not allowing showings, and the city has still deemed real estate showings non-essential. San Francisco just extended their lockdown until June 1; I would be surprised if NYC didn’t follow suit.

• Online traffic on the WHOLE is down just over 10%. For my own listings though, it has been stable. Inquiries for virtual tours has climbed, and international interest in NYC has grown (because of people sniffing deals). 

• People who were not buyers before have become them. I am 28. Most of my immediate peers are not buyers or hadn’t thought about it. But they are not planning to leave New York, most of them have not lost their jobs, and with interest rates low and a perception of prices dropping, more attention has turned to buying.

So what will this likely cause? It has the potential to be a whole big nothing. According to studies run by Zillow, national prices are expected to drop 3% due to coronavirus. To put this in perspective, from 2008-2012, prices dropped 30%. In New York, they dropped only 11%-- so take ⅓ of the drop in ‘08, and can we expect only a 1% drop? But, I do expect because of sheer fear and shakiness, prices for buyers will drop more than this in the extremely short term (Q2). 

The other thing to think about in the short term is opportunity on the SELL side to be noticed. A WSJ article today points that many high-end sellers are choosing to put their homes on the market because there are simply less of them. Think about how much easier it is to get noticed when over 30% of the competition is gone. Will you field low offers? Yes. Will you face some hurdles in showings? Yes. But do you have a better opportunity to “stand out” if your property is special? Probably!

Nobody has to have completed Econ 101 to understand simple supply and demand. But digging into it and understanding the short term and long term effects takes a bit more thinking. 

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

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Compass: Continues Accelerated Agent Growth, Hires Christopher Covert

Compass,has announcedthat Christopher Covert has joined the firm. Covert is known for his aptitude in interpreting market data, providing his clients with sound counsel to secure the best deals - from modern and historic homes to waterfront properties. 

Christopher Covert

"Chris is a forward-thinking entrepreneur who we are so excited to have in the Compass family," said Rory Golod, President, New York Region. "We believe he will continue to do amazing things here with access to our technology platform and suite of services."

Covert joins Compass on the heels of the best month for organic agent growth in the company's history. Other recent big hires in the New York region include Mark Leventhal, Maria Lanzisero, Donna Spinoso-Gelb, Shelley Scotto, Angela Dooley, and Nick Colombos.

All agents joining Compass at this time are welcomed with a seamless and personalized virtual onboarding experience that comprises the use of innovative tools such as the Enboarder platform. 

In recent weeks, Compass has launched new digital tools to enhance the way agents operate including an exclusive marketing suite, Virtual Agent Services. It includes enhanced 3-D staging, virtual open houses, and live postcards - each enables agents to optimize how they engage with their target audiences in highly customizable ways. 

"The real estate business has been changing, and the COVID-19 outbreak has only accelerated the transformation in how we live and conduct business," said Covert. "I feel that Compass is distinctively positioned to pivot into the future of the industry, and the future is now."

Prior to Compass, Covert was a top-performing agent at Saunders & Associates, and before he entered real estate, he had a 20-year career as a Creative Executive in Film, Television, and Music. 

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.

Luxury Condo's With Insta-worthy Libraries

Alexandra Reconco

Amenities of all kinds exist in all of the newest luxury condos around New York City but most of them do not have the luxury of having a library. A library actually enhances the sophisticated feel of these luxury condos by offering residents a chic space to study with classical and interesting books to read. Now you won’t need to go study or read in a public library but now you can do all that at the luxury of your own building.

The Chatsworth

The Chatsworth, one of the most iconic and prestigious buildings on the Upper West Side, offers residences a sophisticated library and business center. Designed by Pembrooke and Ives this space creates an intimate atmosphere for lounging and relaxing and perfectly captivates the historical and luxurious legacy of The Chatsworth. There are also double sliding doors which can be used to divide the room and duplicate the space into two areas.

The Shephard

The Shephard, located at 275 West 10th Street, has been thoughtfully redesigned, reengineered, and totally renovated to become one of the finest and most special residential buildings in Manhattan. Residents can enjoy the beautiful paneled library which comes with a carefully curated book selection by publisher Assouline. The library space also opens up to a beautiful garden with outside seating, perfect for a mid-day read.

One57

This luxurious condo rises to over one thousand feet above midtown Manhattan with South-to-North views of Central Park. Along with an extensive list of amenities, One57 offers an exclusive Resident’s Lounge, designed by Thomas Juul-Hansen. This incredible space has a curated library, an upholstered billiards table, and a 24-foot aquarium. Residents can utilize this space to quietly read or study in the comfort of their own 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.

NYAA & 108 Leonard Launch Unique AIR Program

As we all know, residential real estate and new developments in Manhattan have shifted gears - focusing on how to offer their residents comfort and entertainment while remaining safe and within the social distancing guidelines.

A new initiative at 108 Leonard - their Artist in Residency Program (A.I.R), which is part of a larger initiative with the New York Art Academy (NYAA). The A.I.R. program was in development long before the pandemic hit. 108 Leonard, an original McKim, Mead & White architectural conversion in Tribeca, launched an exclusive partnership last year with the NYAA - a natural alignment that emphasized both partners' foundation in history, art and design. Through this partnership, residents receive exclusive access to NYAA exhibitions, private tours, celebrity events, private panels and talks, and more. 

Tabitha Whitley

One of the most exciting aspects of the partnership is the Artist in Residency Program, is that artists in New York have a very difficult time finding appropriate studio spaces at reasonable costs. Therefore 108 Leonard decided to offer, at no cost, large, light-filled studio space to students and alumni at NYAA. Artists are given coveted space to” said Shalaiwah Alveranga, Senior Manager, Marketing and Design at Elad Group. 

Artists are given coveted space to work on their art. Selected artwork from the Artist will also be curated to hung within the common spaces of 108 Leonard and residents and the public alike (through select events) will be able to purchase these works of art. Artwork and artists will be in rotation. The current Artist in Residence is the tremendously talented, Tabitha Whitley.

In response to the recent pandemic, 108 Leonard and NYAA have been working together to come up with alternative solutions to continue to provide art benefits and access through the A.I.R program.  Residents will be able to have first-access to NYAA's digital offerings. Additionally, Tabitha hosts regular livestream drawing classes not just residents, but for the public alike. After the classes, participants are encouraged to share their drawings with the audience. 

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.

Our Favorite Listing: A Williamsburg Home With Lots Of Private Space

Our favorite listing this week is 33 Frost Street #2B, a 2 bedroom, 2 bathroom home currently on the market for $1,699,000. Ari Harkov, Warner Lewis, Marc Schaeffer, The Harkov Lewis Team are the listing agents.

33 Frost is tucked away on a charming tree-lined street in chic North Williamsburg, where homeowners will enjoy a quiet oasis at the epicenter of one of the most desirable neighborhoods in the world.. A central elevator opens into the 2, 3, and 4 bedroom homes, allowing for secure, individual access to the apartment - including a private outdoor space - and a virtual doorman provides modern convenience. A single private garage with ample storage space and four rooftop cabanas are available for separate purchase.

Residence 2B is a half floor unit with two bedrooms and a home office, 2 bathrooms, and a private backyard. Direct keyed elevator access opens up to an open great room. The expansive deep kitchen showcases a gracious display of tilework from the floor inlay to the herringbone backsplash, all accented by under cabinet lighting. Chefs will love the top tier appliances by Wolf, Bosch, Bertazzoni, and Fisher & Paykel, as well as the spacious quartz countertop and breakfast bar that look out onto the living room. The enormous window in the living room overlooks the backyards and gardens of the block and brings in an abundance of fresh air and natural light.

A convenient guest bedroom is located off the living space and features sliding doors to a Juliet balcony and a large walk in closet. The guest bathroom showcases a spa-like soaking tub with rain shower fixtures and a stunning marble vanity. The adjacent windowed home office provides the space for an additional guest room, nursery, or home office. The master suite is bright and spacious with oversized windows and access to a gracious private balcony. The en-suite master bath features stunning tile, marble dual sink, and a glass-enclosed shower.

33 Frost Street #2B also has access to the unit’s own private outdoor space. World-class restaurants such as Lilia and Llama Inn bookend 33 Frost, which conveniently lies between both the L and G train at the corner of Metropolitan and Lorimer and Bedford Avenue. McCarren Park is also only a couple of blocks away. The park has a weekend farmer's market, a brand new running track and soccer field, a playground, an expansive outdoor pool complex, state-of-the-art tennis courts, and dog runs.

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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Balcony and Terrace Decor Ideas for Your NYC Apartment

When you are an urban dweller, it’s challenging to get enough of the great outdoors. You know that you need to get your sunshine vitamins, but sitting on a stoop gets uncomfortable after a while. Why don’t you transform your balcony or terrace into a fresh air oasis where you can unwind and dream? This space will soon become your favorite room in the house. 

1. Add a Small Outdoor Kitchen 

You probably don’t have sufficient space to put in a deluxe outdoor kitchen, but you can do a lot with a small space. For example, if your kitchen window opens to the area, can you add an extended shelf to make a countertop? This arrangement gives you a spot to place condiments and buns when you fire up the grill. You can also install a counter along the inside of your railing and add some barstools to make an alfresco dining spot. 

2. Protect Your Privacy 

Even if you adore your neighbors, you don’t necessarily need spectators when you lie in savasana after a fresh-air yoga session. Why not install some fencing to create a private oasis from the world. You can go for natural designs, like bamboo fencing that features warm shades that complement nearly any decor. You can even plant the rapidly growing stuff to make a jungle-like privacy screen. 

3. Make Your Garden Grow 

If you don’t have a garden yet, why are you still waiting? You don’t need to spend much money at all to get a little harvest going at home. Learn how to save your seeds from the organic produce you buy from the grocery. Tomatoes, peppers and beans make superb choices for the novice gardener. 

4. Light It Up 

If all you use to illuminate your space is a bare bulb, you’re doing yourself a disservice — and attracting moths. Get strings of globe or fairy lights at your local discount store to make your balcony resemble a wonderland. Draw inspiration from the way cafés create similar effects. You can also get a constellation globe and enjoy views of the Big Dipper on your ceiling even when light pollution makes the real thing invisible to the naked eye. 

5. Cozy Seating 

Folding metal chairs gripe your back something awful after only minutes. Invest in quality patio furniture that you can sink into and relax. A hammock always makes nap time a miniature vacation — just imagine you’re sunning yourself in Tahiti. If you find that the collection you want is out of your price range, you can reupholster old outdoor furnishings you find at a thrift store. As natural fabrics tend to fade with the weather, stick to synthetic blends for longevity.  

6. A Little Entertainment 

Finally, while you can’t crank up your stereo without raising complaints from the neighbors, some background music sets the tone for meditating or kicking back with a cold one. Invest in a pair of wireless Bluetooth speakers to bring your playlist outside. If you have a wall that’s protected from the elements, you can hang an outdoor TV so that you don’t miss game day while you take in the fresh air. 

Make Your NYC Balcony or Terrace Into a Retreat 

You don’t have to head to the park to enjoy some fresh air and sunshine in the city. Transform your NYC balcony or terrace into an oasis and enjoy the best of outdoor urban living. 

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.

The Most Popular Paint Colors for NYC Apartments Right Now

Every year, different color trends take over apartments around the world. We've embraced bold accent walls and pops of color, but what's popular right now? If you're ready to spruce up your place, take a look at these tried and true paint shades. They're a mix of trendy tones and cult favorites – perfect for a New York City space.

Here are the most popular paint colors for city dwellers.

1. Soft Whites

For the most part, apartments tend to stick to neutral hues. That's no surprise because renters don't often stay put for too long. As a result, soft whites, like Benjamin Moore's China White and Snow Leopard by Portola Paints, remain excellent choices. When tenants move to a new apartment, bright neutrals allow them to style their new space as they wish. Plus, natural woods and metals work well with muted colors – and those elements are huge.

2. Dark Blues and Greens

Many higher-end apartments turn to bold shades to stand out from other residences. For example, designers love Club Navy by Ralph Lauren Paints because it exudes luxury and style. Everyone knows that affordable New York City apartments aren't humongous – and stark, deep shades can make those areas feel a lot larger than they appear on paper.

3. Fun Oranges

When companies remodel an apartment, several choose to emphasize the home's entryway. If you move to one of these newly renovated buildings, it's not unusual to see brightly painted front doors. A lot of people love orange, as it's a lively shade that complements contemporary features and makes dull areas pop. Apartment dwellers who prefer walk-up properties could add bursts of orange to their interiors instead.

Benjamin Moore's Orange Sky mixes orange and yellow to produce a gorgeous tone. Blood Orange by Sydney Harbour Paints would be a vibrant alternative.

4. Earthy Reds and Browns

A lot of apartments stay away from bold tones – but if you're a New Yorker, you know that brick accent walls aren't hard to find. As a result, red tends to be a trendy color. You could add removable wallpaper to mimic those rustic bricks, but red cabinets and other small touches work as well. Chocolate brown and red wine shades seem to be more on-trend than not this year.

These hues emphasize warmth and energy, which couldn't be more perfect for a cozy New York City apartment.

5. Bold Grays

Like dark blues and greens, plenty of apartment dwellers love bold gray accent walls. They're not overly obnoxious – which could be a turn-off for potential renters. Instead, they provide enough character and style for everyone. If you don't want to commit to navy blue, for example, Magnolia's Prairie Smoke leans toward blacks and browns. Therefore, it matches any aesthetic!

Plus, different shades of gray work together perfectly. One room can feature a dark accent wall, while another could use a lighter shade throughout. Like a soft white, gray remains popular for NYC apartments. When you choose to move out, your landlord may not even mind that you painted!

These Are the Best Shades for Any NYC Apartment

Everyone has their own specific style. That said, you can count on these shades to remain popular throughout 2020 and beyond.

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.

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.

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.

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. 

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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.

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