5 Tips for Building a Home in Miami With a High ROI

Your home should be your haven, meaning that you must invest in it significantly. Building an appealing house that offers excellent returns on investment can be challenging. Yet, in-depth insights into how to achieve this will help substantially. One such solution could be to consider steel buildings. They are cheap, durable, energy-efficient, and generally better for the environment. They offer great resale value too. It is also best to consider the following elements.

1. Focus on The Flooring

The floor of your house determines how attractive your home can be. Investing in an excellent flooring option will help improve the home's appeal and property value. You'll need a flooring option that can withstand the subtropical climate in this region. Top considerations include laminate, vinyl, engineered hardwood, and ceramic or porcelain.

Engineered hardwood is likely to offer you enhanced value for your money. This option assures you of enhanced durability, appeal, and sturdiness. Perhaps, this is why research by Grand View indicates that engineered wood accounted for more than half of 2019's market share.

2. Which Roof Is Suitable?

Everyone looks forward to enhanced return on investment when choosing roofs. Various types of roofs are at your disposal, from asphalt shingles and green roofs to metal roofing. Yet, the best options to consider in Miami are metal roofing and asphalt shingles. You can attribute this to their ability to withstand the subtropical climate in the region.

Metal roofing is a trendy option you will want to consider. Its surging popularity is thanks to unmatched energy efficiency, fire resistance, weather resistance, and sustainability. Statistics by Verified Market show that the metal roofing market is projected to increase to $20.39 billion in 2026 from $4.21 billion in 2018.

On the other hand, asphalt shingles offer an excellent alternative to metal roofing. This option is suitable for anyone on a tight budget. In addition, it provides unmatched appeal, rust resistance, style and color variety, and a traditional look.

3. Choose the Right Location

Undoubtedly, location is king when choosing a property. Whether or not in Miami, you must focus on an appealing, secure, and serene neighborhood. An excellent location will likely yield a better return on your investment in the long run. Focus on a location that offers potential buyers the social amenities, security, safety, and serenity they desire.

To break it down, you will need to focus on the quality of the schools and hospitals around you. You will also pay attention to easy access to transport systems, recreation facilities, and entertainment joints. The idea is to ensure that the potential homebuyer has a pretty easy life in the long run.

4. What Features Does Your Home Have?

Various advanced features will make your home more secure and appealing. Investing in these technologies will help improve the resale value and return on your investment in the property. One of the best options you'll want to consider is intelligent home automation, which is essential in boosting energy efficiency, convenience, and flexibility.

You might also add a swimming pool to your home. This element will increase the value of your home by up to 7%. Various water features, including fountains and small ponds, will also come in handy. Perhaps, hardscaping will make the home more attractive and with a higher resale value in the long run.

5. Advertise and Insure

Suppose you have a rental property. In that case, extensive marketing and advertising should suffice. It will help attract multiple tenants, ensuring that your property has enough clients to offer you sufficient monthly returns. You can use different marketing approaches to achieve your goal. Yet, you must be factual.

At the same time, tenants will be more confident with a comprehensively insured property. They want to feel safe and comfortable. Studies show that about 22% of slip and fall accidents happen at home, mainly if you are away from work for about 31 days. If tenants and even family spend a lot of time at home, they want to feel protected. An insurance policy does this.

Your home should be the source of your peace. With the right investments, you can achieve this. The insights above show the best ways to get an unrivaled ROI from your property.

8 Hallmark Traits of High-Quality Miami AirBnB Rentals

Airbnb offers rental homes to those who travel in every part of the world, and clients usually flock to the platform and vacation rental sites due to the variety based on locations, budget options, styles, and more. Prepare your rentals for hosting guests by purchasing amenities and supplies and tailoring the property management processes to enhance the guest experience and become an efficient host.

1. Airbnb Host Checklist: Getting Started

People venturing into Airbnb hosting for the first time need to know the required supplies and what tasks are highlighted in the to-do list. Below is a step-by-step guide to avoid missing out on essential details.

2. Write A Compelling Description And Take High-Quality Photos

Millions of vacation rental listings pop out while booking Airbnb sites. Showcasing what makes your rentals stand out in your listings is necessary. Whether the rental is unique due to its style, location, a luxury amenity including a hot tub, or simply the value for money, ensure it is clear at a glance. Below is a list that makes a good listing:

• A catchy title highlighting the rental's biggest strengths

• A compelling description addressing specific guest personas you are targeting

• High-quality photos depicting your rentals in the best light

• Airbnb house rules summary

• The complete list of all the amenities

3. Add Extra Amenities For A Nice Touch

Purchase the essential items first before thinking of adding extra items. Wow, the guests, by picking additional amenities to show you have gone above and beyond, consider not advertising some of the amenities on your listing page. An element of surprise is essential to enhance your guests' stay. It allows the owner to provide clients with a 5-star experience that helps earn the rentals good reviews. Below is a list of extra amenities to consider:

• Bluetooth speakers

• Board games, toys, or coloring books for kids

• Smart home devices, including smart locks and smart thermostats

• Slippers and bathrobes

• Complimentary bottle of champagne or wine

• Complimentary bowl of fruits

Consider using aluminum blinds for window treatments as they are low maintenance, last longer, and are available for windows of all sizes.

4. Airbnb Host Checklist: Becoming An Efficient Airbnb Host

Throwing a couple of extra amenities, providing essential supplies, and creating a compelling listing are some of the best practices to ensure the success of the rentals. Become a pro-Airbnb host by working on the processes to ensure everything runs smoothly. It is always a good idea to start streamlining the workflow and automating various aspects of your business. Below is a list of processes you may consider automating to establish a high-quality Airbnb rental:

5. Automate Your Guest Communication

One of the most time-consuming aspects of Airbnb rental management is guest communication. Use tools that enable you to send Airbnb automated messages with fast responses to ensure the guests feel cared for.

6. Automate Your Check-Ins

Automate your check-in with the help of an Airbnb keyless entry solution, including smart locks, rather than arranging a meeting and greeting with the guests.

Such tools enable the Airbnb rental owner to automate smart locks by generating unique access codes for each guest and sending them in an automated message. The owner gets notified when the guest unlocks the door with the code and allows for sending of automated welcome messages.

7. Streamline Your Cleaning

Manage your cleaners' schedules to ensure the rental is spotless each time new guests travel to check-in. Ensure you stay on top of check-outs and check-ins and apply host tools that allow you to send automated messages to your cleaners and guests. Airbnb rental owners have to ensure safety concerns due to coronavirus are handled well when a home improvement professional enters their home. According to recent data, 79% of home improvement professionals say they are more cautious when entering a home because of COVID. Set up events, including check-out or booking confirmation, to trigger the sending of messages.

8. Attributes Of High-Quality Miami Airbnb Rentals

Airbnb rentals must be of high standards as guests expect the best experience in customer service, amenities, and cleanliness. Below is a list of qualities to look for before seeking an Airbnb rental in Miami:

Exceptional Cleanliness

Hygiene expectations are high, and guests want the rentals to be immaculate. The clients also expect hosts to provide hand sanitizer and disposable face masks.

Basic And Extra Amenities

Think of towels and toiletries for the bathroom, coffee and tableware for the kitchen, and pillows and bed linens for the bedroom. Include extra amenities to add a nice touch, such as installing a smart lock and subscribing to Netflix.

Stellar Customer Service

Providing excellent customer service becomes necessary if the Miami Airbnb rental owner wants to have loyal guests and get good reviews. Consider automating guest communication to save time in the long run. Ensure air conditioners are functioning optimally, especially during summer or winter. Regular HVAC maintenance by a professional means that they will give you service up to 40 years longer.

The constant growth of the vacation rental market allows hosts to constantly look for ways to remain competitive and profitable. Airbnb rental companies may consider implementing their plans proactively and acting preventively to deliver the required outcomes.

Property Management Powerhouse - AKAM - Adds Seasoned Exec, Marc Kaplan, to team as SVP & Head of Management

Marc Kaplan

AKAM, a leading property management company serving New York and South Florida for nearly four decades, named Marc Kaplan as Senior Vice President, Head of Management. An accomplished executive within the industry, Kaplan brings over twenty years of operations and management experience to the firm.

“We are thrilled to welcome Marc to the AKAM team,” said Michael Rogoff, President of AKAM. “We are continuously pushing the envelope when it comes to property management. Marc’s unique perspective will further enhance our hospitality-driven approach.”

With attention to every detail, AKAM brings a rare combination of expertise and innovation to every property. Their entire portfolio consists of over 60,000 residential units spanning 300+ premier buildings in the crucial real estate markets including condominiums, co-ops, HOAs, rentals, condo-hotel hybrids, and new developments of all sizes. In his new role, Kaplan will oversee the strategic operations and management of AKAM’s growing portfolio. His responsibilities include developing and implementing various initiatives to refine operational efficiencies, ensure compliance, effectively manage financial services and more.

“I am honored to be joining this prestigious firm,” said Kaplan. “AKAM keeps raising the bar for service innovation, and is an industry-leader in the markets they serve. I am excited to be stepping into this role and collaborating with the incredible people on the team.”

Prior to joining AKAM, Kaplan held high-level positions at previous property management firms on a national scale, where he oversaw the management and multifamily divisions. He also directly managed national operations teams, new business development and marketing  efforts, and was instrumental in rapid expansion and portfolio growth.

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Lex 47th Closes $156M Construction Loan For Luxury Manhattan Condominium

Lex 47th Property Owner LLC has secured financing for its luxury condominium development at 131-141 East 47th Street in Manhattan.  Affiliates of Fortress Investment Group provided the $156 million loan, which closed on May 16, 2022, on the heels of the project’s recent topping off milestone.  The construction loan retired a $50 million acquisition loan from Emerald Creek Capital.  

“We are pleased to finalize this transaction with Fortress, marking another important milestone in the development of 131 East 47th Street,” said Mr. Patrick Zhu, General Manager with the developer.  “We are also excited with the recent progress of this project and thankful to all who have helped us progress along the way. We continue to lean forward and expect to come to market this coming Fall.”

“The development and financial environments have been challenging lately, but we believe in New York City and we believe in this project.  Both are well worthy of the effort”, said Scott Shea, Chief Legal Officer for the developer.

JLL Capital Markets’ New York office facilitated the loan, led by Senior Managing Director Max Herzog and Senior Managing Director Scott Aiese.

We are pleased to complete the financing for this luxury property as the momentum in the city’s residential market continues,” Herzog said. Aiese added “This is a stand-out development with superior amenities and finishes from a dynamic development team.”

The project is designed by Ismael Levya Architects and Neri & Hu.  Its elegant design tells a story about the neighborhood’s architectural legacy and significance as Manhattan’s center of culture and commerce.  The building’s distinctive crown honors the surrounding Beaux Arts and Art Deco landmarks while its clean vertical lines and floor-to-ceiling windows speak to the next era of luxury living in the heart of Manhattan.

The 191 homes range from studios to two-bedrooms.  In addition to top-tier private amenities, residents will enjoy cultivated, hospitality-inspired, concierge services designed by a white-glove service team behind some of the world’s finest hotels. The base of the building will incorporate placemaking retail designed as an extension of the resident amenities.  The developer has enlisted the assistance of the RAL Development Services LLC as an owner’s representative assisting in the management of all aspects of the project.

Title and escrow services were provided by Chicago Title Insurance Company. The developer was represented by Akerman LLP. Fortress was represented by King and Spalding LLP.

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Why People Are Ditching Their Homes for Full-Time AirBnB's

What comes to mind when you think of Airbnbs? For most people, they are convenient short-term rentals that have some advantages over hotels. From beach houses to RVs to ski vacation homes and anything else, Airbnb has all types of accommodation a traveler would need. But that aside, this type of accommodation also seems to offer a solution to people looking for long-term housing. Unlike in the past, where people would book Airbnbs for shorter stays, you can now enjoy longer-term stays. People are ditching the traditional homes where they have to pay rent in place of Airbnbs as they are cheaper. Besides the cost, several benefits come with this choice. Read on to find why people are choosing Airbnbs over the traditional lease.

Cost Saving

When you calculate the amount and factor in costs like furniture and utilities, you will notice that living in an Airbnb might actually save you money. Take an instance where you are moving to a 2-bedroom, 2-bath apartment. A modern building in an ideal neighborhood will cost you about $2,400 to 3,100 per month.

But while this is just the rent, you factor in expenses like broker fees, application fees, utilities, etc. As much as Airbnbs usually charge a service fee, this will already be factored into the total cost. So, even if an Airbnb charges you about $2,800 for a long-term stay, as long as that money has covered utilities as well, it is cheaper. In addition, an Airbnb has been fully furnished, and you do not need to commit to it for 12 months.

You also do not have to worry about home repairs or renovations, which are usually costly. For instance, roof replacements dominate the North American market. Currently, the roofing market is more than 90% in both value (91%) and volume (94%). And as existing buildings continue aging, the need to replace roofs also continues growing. Keep in mind that this is just one of the costs of having a home. You are likely to incur other costs, which ultimately make staying in an Airbnb cheaper.

Lead a Flexible Life

There is so much flexibility that comes with staying in an Airbnb. For starters, you are not tied down to property that will give you a hard time when you want to move. There are many reasons why people move. As a matter of fact, since the start of Covid-19 in 2020, more than 8.93 million people all over the US have moved homes. This could be attributed to many things, including a change in lifestyles such as remote work or schooling. Airbnb supports a lifestyle like that. You can work or study from anywhere without having to worry about transport.

With Airbnbs, you get to live freely. There is no signing of any lease, and you can move to whichever city you find appealing with ease. In addition, if you want to cancel your stay at an Airbnb, you can get a refund. For traditional homes, you will have to give a 30-day notice.

Constant Support

As a guest, you will get 24-hour support from either the host or Airbnb customer care support. If anything goes wrong during your stay, you will have someone to help. On top of that, if anything happens and you are unable to complete your stay, you can get a refund or be rebooked to another place. This convenience is another motivation for people to stay on Airbnbs.

Landlords Too Are Converting Their Units Into Airbnbs

It is not just tenants who are opting for Airbnbs. Landlords, too, have realized that converting their homes to Airbnbs can be a lucrative business. Seeing as most renters do not want to be tied down by leases, landlords would rather rent to Airbnb travelers rather than deal with empty units. That is not to say that the need for housing is not there. In fact, every year, about 300,000 to 400,000 uninhabitable houses get demolished, causing the demand for housing to rise. But still, most renters would rather not be tied down to leases, and so they choose Airbnbs over the traditional homes.

These are just some of the reasons why people are ditching their homes and opting for Airbnbs. While this may not be a lifestyle for everyone, it certainly offers some conveniences.

Our Favorite Listing For The Week: This Jaw-Dropping, $17.995M UES Penthouse May Be Manhattan’s Most Unbelievable Listing

Looking for a new place to live or just curious about what's on the market? Check out our favorite homes you should make an appointment for this week. 

Have a listing you think should be featured? Submit your open house or contact us to tell us more! And be sure to view our new Listings Calendar

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120 E 87th Street Apartment P22 | $17,995,00 | Agent: Victoria G. Hersh Coldwell Banker Warburg (co-exclusive with Cathy Taub of Sotheby's)

The penthouse condo may be best described as an expansive, sophisticated oasis. For starters, it has six bedrooms and six-and-a-half bathrooms, and owners will love the views from each and every direction. To achieve it, architect Steven Harris combined three apartments, while giving it some signature style. Owners enter through a private elevator landing, complete with decorative doors, which connect to the massive living room. To the east, there’s a den, a large study (with bookcases), and two bedrooms, including the primary suite, which has a huge walk-in closet, a dressing room, and an en-suite bathroom.

Back through the living room, to the west, the unit expands into the large dining room, and past that, the eat-in kitchen, four more bedrooms, and the great room. There are too many details to list — including a hidden, designer wet bar, 12-foot soaring ceilings, refined hardwood floors, built-ins throughout, with desks, cabinets, drawers, and more. Also, much of the home is connected by the sprawling wrap-around terrace, which flanks the northern and western sides of the home, side to side. The terrace is simply a marvel, with a custom-designed fence, an outdoor shower, beautiful landscaping, grills, and custom lighting and irrigation systems.

If all of that isn’t enough, the home is perched atop Park Avenue Court, one of the city’s premier residential buildings, which offers an indoor swimming pool, a gym, a private lobby-level terrace, concierge, support staff, and additional storage. Plus, owners will be near schools, restaurants, markets, high-end shops, and just a few blocks away from Central Park.

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From Door to Destination with Ease - Porte Cocheres at NYC Condos Make Travel Season a Breeze

With "getaway season" fast approaching, I want to propose a timely round-up of luxurious porte cocheres that help make travel more seamless for residents of NYC's top condos.

Now's the time when New Yorkers are finalizing their vacation plans and anticipating last-minute weekend trips. The process of leaving the city to venture out East or to other destinations within driving distance is made significantly less daunting when you have a dedicated place to load your car and get situated before hitting the road. Often as beautiful as they are functional, porte cocheres are the ultimate convenience for anyone on the go. Residents with access to this amenity can skip the stress and hassle that comes along with fetching the car from a nearby garage, attempting to double park on a busy city street and trying not to break a sweat while schlepping luggage to and from their apartment.

200 East 83rd

200 East 83rd, a condo tower designed by Robert A.M. Stern Architects, celebrates the architectural romance of Manhattan’s Upper East Side. The nearly sold out 35-story residential tower offers its residents expansive views of Central Park and the Midtown skyline as well as access to several coveted amenities, including a vaulted porte cochere. Residents are welcomed by a gated porte cochere with cobblestone paving and custom wall lanterns that open into a private courtyard. Behind the gates of the porte cochere is a car elevator to a fully automated and concealed underground parking system allowing for total privacy.

 (Credit: DBOX)

Front & York

Designed inside and out by celebrated architect Morris Adjmi, Front & York is pioneering an unprecedented amenity-driven lifestyle in DUMBO, Brooklyn's most coveted waterfront neighborhood. A striking porte cochere sets the tone for residents' arrival to this one-of-a-kind residential experience and complements the building's generous 30-foot-wide, tree-lined sidewalks. Front & York is also home to the largest residential garage in DUMBO, complete with secured indoor parking, charging stations for electric cars and bicycle storage with a repair station. 

 (Credit: Williams New York)

Waterline Square

Located along the Hudson River where Midtown meets the Upper West Side of Manhattan, Waterline Square represents an unprecedented approach to urban living. The three-building luxury residential development features beautifully designed homes and an unmatched suite of amenities. Each building sports an elegant porte cochere and valet parking garages that offer residents privacy and convenience — the ultimate luxury. 

(Credit: Evan Joseph)

The Cortland

The Cortland is a new residential project located at 555 West 22nd Street across from the Hudson River Park in West Chelsea. A celebration of American craftsmanship, The Cortland represents a unique collaboration between two of the world’s leading architecture practices, Robert A.M. Stern Architects and Olson Kundig. The Cortland reflects the synergy of the firm’s two unique styles, and their shared dedication to craftsmanship, natural materials and deep understanding about how people want to live. Upon arriving, residents will drive into the private motor court— adorned with a bronze canopy and set off by lush landscaping and a limestone archway— and reap the benefits of the secure and convenient space.

(Courtesy of Related Companies) 

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Our Favorite Open Houses This Weekend

Looking for a new place to live or just curious about what's on the market? Check out our favorite homes you should make an appointment for this weekend. 

Have a listing you think should be featured? Submit your open house or contact us to tell us more!

Gramercy

WHERE: 39 GRAMERCY PARK NORTH 7A

COST: $785,000

WHEN: Open House by Appointment, 5/21/22 from 12-1:30pm

Description: Beautiful, spacious and move-in ready, plus access to a key to the only private park in Manhattan, Apartment 7A checks all the boxes! A gracious entry foyer, with two generous closets, opens to the   living room/dining area, perfect for dining, entertaining and just relaxing. The windowed galley kitchen, with North exposure, has beautiful new white cabinetry, granite counters, abundant storage and more than enough room for a table and chairs. Cook to your heart’s delight and entertain in style!

Spacious, quiet and private, with North and West exposures, the bedroom is an oasis of calm. A king size bed, night tables, dressers and more can easily fit; additionally, there is a walk- in closet! The pristine bathroom just outside the bedroom is perfectly situated to function as a guest bathroom as well. Hardwood floors throughout, through-wall air-conditioning, and a total of four closets (one walk-in)  make this apartment a great place to call home.

Bedroom : 1

Bathroom: 1

Upper East Side

WHERE: 1150 Fifth Avenue, Apt. 5A

COST: $4,095,000

WHEN: Sunday, May 22, 2022, 10:30 - 11:30 & Monday, May 23, 2022, 4:30 - 6:00

Description: No Board Approval. Elegant and Stylish three bedroom, three marble bathroom residence with four rooms directly facing Fifth Avenue with wonderful Central Park views and exceptional light! The grand and glorious central gallery leads to an inviting and oversized living room that features a fireplace and serene tree views over Fifth Avenue. The formal dining room can easily seat eight, and the adjacent large sitting area could easily be set up as a den or media room with sliding pocket doors.

The windowed chef's kitchen includes top-of-the-line stainless steel appliances with granite countertops, custom cabinetry, wine refrigerator and a tucked away washer/dryer. The primary bedroom enjoys an en suite windowed bath, a large deep closet and views over Central Park. The second bedroom is generous in size and enjoys Central Park views. The third bedroom is currently set up as an office and has Eastern exposure. This magnificent home is enormous, perfect for entertaining and displaying lots of artwork. All of this is awaiting you! Asking $4,095,000. Represented by Louise Phillips Forbes, Brown Harris Stevens.

Bedroom : 3

Bathroom: 3

Upper West Side

WHERE: 498 West End Avenue, Apartment #4B

COST: $1,295,000

WHEN: Sunday, May 22, 2022, 3:00 - 4:00

Description: This sexy, sophisticated, one-of-a-kind jewel box in the sky features two bedrooms, two marble bathrooms, and a 2,100 square feet wraparound terrace with 360-degree views and four exposures! Curating this secret garden terrace was a labor of love filled with mature trees, flower beds for annual planting of herbs and flowers, full irrigation and outdoor lighting systems, along with several seating areas of custom teak furniture! You can have coffee as the sun rises and a glass of wine at sun set. Represented by Louise Phillips Forbes, Brown Harris Stevens. Asking $4,250,000.

Bedroom : 3

Bathroom: 3

5 NYC Homes with Private Outdoor Space

New York City homes with private outdoor space continue to be in high demand amongst buyers. As the weather continues to warm up in the city, the below five NYC homes offer beautiful private outdoor space for buyers to soak up the sun and enjoy some fresh air.

21 West 20th Street PH4

Extraordinary one-of-a-kind duplex condo in the sky. No expense was spared in the meticulous renovation to customize this 3-bedroom 2,710 square foot penthouse with an additional 950 square feet of exceptional outdoor space. A spectacular wrap around terrace awaits just outside the living room offering unparalleled views of the Freedom Tower to the Empire State Building. Seamlessly designed by world-renowned landscape architect Edmund Hollander, this terrace is truly a masterpiece to behold. This outdoor oasis boasts a six-person hot tub, private outdoor shower, gas fireplace, full outdoor sound system, a weather resistant 4K television, full outdoor kitchen and dining area with gas BBQ, and a retractable canopy.

The Westly, #15A

Welcome to this exquisite 5-bedroom, 4.5-bathroom home at The Westly, where residents can enjoy contemporary luxury and timeless New York City style. With three terraces and triple exposures, this one-of-a king corner condo is a paragon of urban luxury and design.

145 Central Park North, #PHB

Introducing 145 Central Park North, a luxury-defining condominium where residents enjoy the city’s most famous park as it unfurls before them. Boasting high-end finishes and tantalizing views of Central Park, this 4-bedroom, 3-bathroom penthouse is a portrait of contemporary city grandeur. Features of this 1,757 sq. ft. apartment include beautiful white oak floors, floor-to-ceiling windows with white oak frames and motorized shades, a fireplace, an HVAC VRF system, a Wi-Fi enabled thermostat, a vented Electrolux washer/dryer, a spacious balcony and terrace, and a private rooftop terrace with decadent park views with an outdoor utility sink and jacuzzi.

67 Franklin, #PHE

Introducing this majestic duplex penthouse perched atop a 19th century cast iron landmark. Award winning Shigeru Ban-designed this 4-bedroom (plus den or convertible 5th bedroom), 3.5-bathroom home with sliding curtain wall windows that open onto a 1,510 sq. ft. terrace and allow for seamless indoor-outdoor living. Northern and eastern light spills onto gorgeous white oak floors.

Iris Tribeca at 19 Park Place, #12A

Welcome to this gleaming floor-through loft at TriBeCa’s newest luxury tower, a stunning 2-bedroom, 2-bathroom home suffused with Lower Manhattan views and northern and southern light. A pair of private frameless balconies offer fresh air and stylish settings for sunset drinks, urban gardening, and easy warm-weather lounging.

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4 Tips for Homebuyers in a Rising Interest Rate Environment

By Stan Ponte

Stan Ponte

Rising mortgage rates are causing uncertainty for many homebuyers in today’s market. The average rate for a 30-year fixed-rate home loan rose to 5.27%, according to Freddie Mac on May 5th. In comparison, the average rate on America’s most popular home loan was 3.22% in early January and 2.96% a year ago.

While the rising interest rate environment might seem daunting for some buyers, there are still ways for consumers to purchase their dream home even though rates are higher. Here are four tips for homebuyers to consider when looking to purchase a home in a rising rate environment.

1. Cash is king

If buyers have the ability to pay all-cash for a home today, they will have a significant purchasing advantage and be seen as more likely to transact in the eyes of the seller. 

2. Be prepared

Buyers need to be extra prepared as time is likely not on their side. In today’s environment, interest rates can move quickly, either up or down. Buyers must be prepared to either buy interest rate locks or lose out because they are not ready to transact when they find a home. It’s important for buyers to work closely with a mortgage banker to ensure their current financial documents are updated and ready so that they can transact the moment they find a home. Buyers should triple check that all of their bank documents are updated with their mortgage banker especially if a home search is taking longer than expected. If a home search takes more than a month, buyers should provide new bank records so they can transact quickly when they are ready. If you are looking at potentially buying a co-op, where you own shares in the building rather than own the property itself, you may wish to do some research into what you need to do in order to get approved by the co-op board who are in charge of deciding whether your application will be accepted so that you give yourself the best chance of being able to secure somewhere to live.

3. Be creative 

Buyers should work closely with their mortgage banker to understand the different loan products and get creative with their financing options. Now is the time for buyers to lean into the competitive process for mortgage providers to determine what products are available today, at what rate, and at what cost. Adjustable-rate mortgages have returned as a way to straddle today’s rising rate environment, but buyers should understand all of the risks and the benefits associated with these types of mortgages to determine if they are a viable option for them.

4. Be careful 

While demand is coming back for adjustable-rate mortgages today, buyers should carefully read the fine print and fully understand the mortgage product that are taking. When signing a five, seven, or even 10-year adjustable rate mortgage, there are potential negatives and buyers must be careful as these are considered slightly risker than a 30-year fixed. Not only do these mortgages adjust to the current market rate once the term is up, but some contain balloon payments and/or the inability to refinance at will.

Rising interest rates and other economic headwinds are causing concern for many homebuyers today, but with this uncertainty comes great opportunities in the current market. There are some great deals out there and now is the moment for buyers to act if they can. Rates can still be attained, but the mortgage product might look different today.

Stan Ponte is a Senior Global Real Estate Advisor and Associate Broker with Sotheby’s International Realty - East Side Manhattan Brokerage. He was named the #2 agent across all firms in Manhattan by individual sales volume in 2020 according to “The Thousand” list, an annual national ranking by The Wall Street Journal and REAL Trends. As a realtor in New York City for the past 23 years, Stan’s client list ranges from first-time home buyers to CEOs, philanthropists, hedge fund managers, entertainers and technology thought leaders.

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Our Favorite Listing For The Week: 2,200 Square-Foot Park Ave Palace is Available Now For $4.5M

Looking for a new place to live or just curious about what's on the market? Check out our favorite homes you should make an appointment for this week. 

Have a listing you think should be featured? Submit your open house or contact us to tell us more! And be sure to view our new Listings Calendar

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45 Park Avenue, Unit 1702 | $4,500,000 | Agent: Michael J. Franco of Compass

Nestled in one of Park Avenue’s only new construction condo buildings, this home has a semi-private landing, sharing its floor with one other unit. Owners walk into a large foyer, which leads to the dining area and living room to the right. The living room is adjacent to the private, landscaped terrace, which has views that will capture the heart of any New Yorker! There’s an open kitchen, with custom cabinets and new Caesarstone counters, along with high-end, stainless steel appliances. Oak floors, central air conditioning, laundry facilities, and more can be found in and throughout the home, too.

Living at 45 Park Avenue has numerous perks: full-time door staff and concierge service, a fitness center, a residents’ lounge, a sundeck, and beautiful touches from renowned architect Costas Kondylis. It’s in the center of the city, too, at the crossroads of Murray Hill, the Flatiron, Midtown, and the Upper East Side — putting the best of NYC at your doorstep!

The primary bedroom has two huge walk-in closets, a planting terrace, and a spa-like ensuite bathroom, with double vanity, a rain shower, and a soaking tub. The second bedroom also has a large closet and en-suite bathroom, along with eastern city views. The third bedroom is situated in a corner, with exposures to the south and east, and wood paneling and ornate hand carvings. It also has a fireplace — making it ideal to double as a library or den.

Buyer beware! You’ll fall in love with watching the sunset behind the towering Empire State Building and the rest of Midtown from this home’s gorgeous terrace! Located at 45 Park Avenue Unit 1702, this three-bedroom, three-bathroom home is listed for $4,500,000 by broker Michael J. Franco of Compass

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Our Favorite Open Houses This Weekend

Looking for a new place to live or just curious about what's on the market? Check out our favorite homes you should make an appointment for this weekend. 

Have a listing you think should be featured? Submit your open house or contact us to tell us more!

Central Park West

WHERE: 300 Central Park West, Apartment #16B

COST: $7,500,000

WHEN: By Appointment Only

Description: Beyond beautiful, this exquisite custom designed home is like an Hermes jacket with hidden suede-lined pockets -- the epitome of luxury. Sumptuous furnishings overlay environmentally friendly materials making this true triple mint terraced gem a rare opportunity at the Eldorado, one of the preeminent trophy buildings on Central Park.

Represented by Lisa Lippman of Brown Harris Stevens. Asking $7,500,000.

Bedroom : 2

Bathroom: 2.5

Soho

WHERE: 104 Wooster Street, Apartment #4N

COST: $7,250,000

WHEN: By Appointment Only

Description: A private key-locked elevator opens directly into this fully renovated, Cara Woodhouse designed loft where you are greeted by a sprawling living room complete with 13' beamed ceilings and columns and a gas fireplace. Oversized west facing windows flood this quintessential loft with warmth and natural light. The large dining area sits adjacent to the open chef's kitchen with top-of-the-line appliances including Sub-Zero refrigerator, Viking range and Bosch dishwasher providing the space with a lovely flow and an ideal atmosphere for entertaining, while the center island provides a casual seating area, extra storage and a wine refrigerator. The pin-drop quiet primary bedroom suite features soaring ceiling heights with a four fixture en-suite bathroom, and is complete with three oversized closets. The second and third bedrooms are adjacent to one full bathroom, with an additional full bath in the hallway.

Represented by Matthew Cohen, Brown Harris Stevens. Asking $7,250,000.

Bedroom : 3

Bathroom: 3

Fort Greene

WHERE: 230 Ashland Place, Apartment #10C, Fort Greene

COST: $1,295,000

WHEN: By Appointment Only

Description: Enjoy breathtaking sunrises and wide-open views from The Forte at 230 Ashland Place. 10C is a 2 bedroom/2-bathroom corner condominium unit that has thoughtfully been refreshed by its only owner. This apartment has refinished hardwood floors throughout, new kitchen backsplash, granite countertops, brand-new, full-sized washer and vented dryer, as well as a new programmable wi-fi enabled oven/range. The open concept living area makes it ideal for entertaining, all while surrounded in wall-to-wall windows overlooking the landmarked Fort Greene Historic District. The Forte at 230 Ashland Place is a full-service building with 24 hour doorman, fitness center, common roof deck with sweeping city views and cold storage/package room. Represented by Chris Poore, Brown Harris Stevens. Asking $1,295,000.

Bedroom : 2

Bathroom: 2

Inside The MOST EXPENSIVE Penthouse in Battery Park New York City

This week Youtuber Erik Conover takes a look inside the MOST EXPENSIVE penthouse in Battery Park NYC - The Penthouse at the Ritz Carlton. Comment what type of luxury apartments, townhouses or unique new york real estate you want to see in the next nyc apartment tour!

Listing Description With its palatial proportions, panoramic views and perfect location in the heart of Battery Park City, The Penthouse at 10 West Street balances grandeur with intimacy in NYC’s “city within a city”. This five-bedroom, five-and-a-half-bath duplex condominium encompasses the 39th and 40th floors of the tower exceeding 7,500 square feet of interior space and approximately 1,350 square feet of private outdoor space. The floor plan features a dramatic entry gallery, expansive living areas, a home gym, an oversized home office and a master suite luxuriously equipped with a separate dressing room, a spacious master bath and separate his and hers walk-in closets. With terraces on the north and south sides of the residence, the Penthouse reaches rare heights with its majestic views and refined opulence. Wrapped in nearly 400 square feet of floor-to-ceiling windows, this spectacular home affords sweeping river-to-river views of New York’s most iconic landmarks from the Statue of Liberty and One World Trade to the Empire State and Chrysler Buildings and enjoys an abundance of natural light that accentuates the Venetian stucco and silver leaf detailing, exquisite millwork and state-of-the-art appliances. In addition to a fitness center, the building’s amenities include concierge, bellman and valet parking services. Set in the peaceful oasis of Battery Park City, by the banks of the Hudson River, the building is surrounded by more than 30 acres of manicured green space, including ball fields, playgrounds, dog runs and a riverside promenade. Also close to the new and private club “Casa Cipriani” located on the water in the iconic Maritime Beaux Arts building, area residents can enjoy private amenities and exclusive entertainment just minutes from home.

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Our Favorite Listings For The Week : Live Among the Clouds in the Tallest Penthouses in Manhattan Neighborhoods

Looking for a new place to live or just curious about what's on the market? Check out our favorite homes you should make an appointment for this week. 

Have a listing you think should be featured? Submit your open house or contact us to tell us more! And be sure to view our new Listings Calendar

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180 East 88th Street #PH

Listed with an asking price of $33 million, the penthouse at 180 East 88th Street is at the highest elevation north of 72nd Street on the Upper East Side and offers thrilling panoramic views in all directions. The duplex penthouse spans 5,508 square feet, with an additional 3,500 total square feet of exterior terrace space across all levels — including an expansive private rooftop terrace overlooking Central Park at an elevation of 467 feet. The impressive home features two living room spaces — including one with a gas fireplace and wet-bar — a large dining area, eat-in kitchen, five bedrooms plus den, four full and two half baths and a gorgeous sculptural spiral staircase leading to the upper-floor bedrooms and third-level roof terrace. Images available here (Credit: March Made for DDG).

Designed by Joe McMillan’s DDG and inspired by the boom in high-rise masonry construction in New York in the early 20th century, 180 East 88th Street pays homage to the lost art of traditional craftsmanship while maintaining a modern aesthetic. The intricate exterior features a striking hand-laid brick façade made of nearly 600,000 handmade bricks by Denmark’s master brickworks Petersen Tegl, as well as signature arches. The intimate building is home to only 47 full- and half-floor homes.

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Madison House 15 East 30th Street #PH60A

The 5,151 square foot duplex penthouse at Madison House is the tallest home in the NoMad neighborhood of Manhattan and offers unsurpassed panoramic views of the New York City skyline including the Empire State Building. Currently listed for $25 million, PH 60A features four-bedrooms and four and a half-bathrooms and has an elegant entry foyer that leads to an oversized great room that features a fireplace and 23-foot double height ceilings. A staircase leads to the second level that has an additional bedroom and the primary bedroom suite equipped with a wet bar and two walk-in closets. The ensuite dual baths offer honed Bianco Dolomiti marble on the walls as well as floors, which are heated, with a custom Gachot-designed vanity and mirror. Platinum matte Dornbracht fixtures accentuate the vanity, Kaldewei tubs and Durivit toilet. White oak 5-inch plank floors and 9-foot solid walnut doors are featured throughout the residence. Gachot-designed custom rift-cut cabinetry accentuates the kitchen, with a honed Calacatta Borghini marble waterfall island and backsplash. Gaggenau appliances including a cooktop, combi-steam oven, convection double oven, refrigerator, and wine refrigerator outfit the kitchen. A striking powder room with honed Calacatta Nuevo and Absolute black marble walls complemented by a Gachot-designed custom vanity with Dornbracht fixtures is situated thoughtfully off the entry foyer. PH 60A also has a 222 square foot outdoor terrace. Images here (credit: Courtesy of Madison House).

Madison House offers a double height attended lobby and 30,000 square feet of amenities. These include a spa with a 75-foot lap pool, cold plunge, hot tub, steam room, sauna, and treatment room. A 2nd floor 2,800 square foot roof garden. 5th floor double height Gachot-designed private lounge and bar, 14-seat private dining room with a demonstration and catering kitchen, conference room, card room and reading room. State-of-the-art exercise room, separate yoga room, and 6th floor sports lounge with a golf simulator, billiards table and children’s playroom.

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Vandewater 543 West 122nd Street #PH31A

Asking $4,300,000, Penthouse 31A at Vandewater, the 33-story luxury tower designed inside and out by the celebrated INC Architecture & Design, is the tallest available residence in Morningside Heights. Boasting over 2,000 square feet of space, this gracious penthouse features breathtaking eastern and southern views of Central Park as well as wide-open northern views of the George Washington Bridge and Hudson River. The home also features a generous foyer leading to a large elegant living and dining area and chef’s kitchen with a beautiful Quartzite island. The primary bedroom includes its own southern and eastern exposures. Every residence at Vandewater features oversized casement windows, stained white oak hardwood floors, and state-of-the-art kitchens and baths. In addition to its stunning residences, the building boasts 24,000 square feet of programmed indoor and outdoor space, including a stunning outdoor terrace and intimate private gardens by Michael Van Valkenburgh Associates.

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