Inside The New York Real Estate Center Holding Panel With Industry's Leaders

New York Real Estate Center, the leading platform for virtual continuing education courses, featured the industry’s top leaders on March 3, 2021 for a lively discussion on the state of NYC’s new development sales, buyer and project financing, and valuation and real estate technology.

Hosted by Nick Malfitano of Titlevest and moderated by radio personality and real estate professional Vince Rocco, the panel of acclaimed experts included Heather McDonough-Domi, founding partner of the H + H Real Estate Team at Compass, Tara King-Brown, Licensed Associate Real Estate Broker at The Corcoran Group, Michael Vargas, Principal and Co-Founder of Vanderbilt Appraisal, Melissa Cohn, the Executive Mortgage Banker at William Raveis Mortgage, Orest Tomaselli, President and CEO of National Condo Advisors, Kael Goodman, founder of Marketproof, and Scott van der Marck, a Senior Managing Director and Relationship Manager at First Republic Bank.

“While the New York City marketplace is still struggling from the effects of COVID, we’ve seen immense improvement from positive vaccine news and rollout that has increased buyer confidence,” said Mr. Rocco.

The panel discussed increasing inventory since 2017, which has resulted in more than 15,000 new development units in New York City, with over 8,000 of them being in Manhattan alone. The panel pointed out that though demand is picking up rapidly, more than 40 billion dollars worth of unsold property in New York City remains. 

“This is going to be a long road to recovery. We’re on our way, with the market beginning to meet absorption levels and increasing demand,” said Mr. Vargas. “We will see that the road will be different for price points and developments within Manhattan.”

With New Yorkers having resorted to markets like Miami or the Hamptons this past year, expectations were set high for discounted pricing. However, the discounts that people are generally expecting are not there, yet. The Manhattan market is currently seeing about 7-10% discounts. 

“The rest of the country has had a housing boom. New York will not be left out of this, but we are going to see the same phenomenon post-COVID,” said Ms. McDonough-Domi. “It’s going to be a delayed reaction, with the volume and pace continuing throughout the next few years.”

Panelists discussed the current nuances of the Manhattan market. Whereas neighborhoods used to be a main selling point, smaller listing details have taken center stage.

“Transportation has changed how neighborhoods aren’t the driving factor anymore,” said Mr. Malfitano. “Everything is accessible, so it takes more to bring buyers in than just the neighborhood itself now.”

Ms. King-Brown spoke about the difference in value versus price in the current market. She shared that the luxury market is being driven by turn-key, move-in ready listings with buyers prioritizing their value.

“It’s very nuanced in Manhattan right now. Block by block, neighborhood by neighborhood, it is important to look at it in a very nuanced fashion,” said Ms. King-Brown. “My team has seen an incredible demand for big, three-bedrooms with open light because they’re craving the utility out of the apartment they need.”

The panel highlighted that new developments, in particular, struggled this past year with about 40% of the projects remaining unsold. As a result, some lenders have chosen to stay away from new developments until that number rises above 50%.

“Lenders are being incredibly cautious in this market,” said Mr. Tomaselli. “We’re driven by the availability of mortgage finance, which is down right now.”

“With mortgage rates steadily increasing, we will see a big boom to the new condo market in time,” said Ms. Cohn. “We have seen a switch where banks today will now take all bona fide contracts into consideration.”

“Were at a moment in time when valuations are lower than they’ve been in a while. Banks should feel safer about lending in at a higher leverage,” remarked Mr. van der Marck.

The panel also discussed pied-a-terre taxes and the implications it would cause on the city of Manhattan.

“Pied-a-terre tax will be devastating to our city,” shared Mr. Goodman. “Another tax will clearly have a detrimental effect. It will drive necessary and important taxpayers out of the city.”

Agreeing with Mr. Goodman’s comment, Ms. King-Brown added, “The goal is to raise revenue for the city and the state, but it is going to be a net loss for both with this tax. We are driving away the people we need as a tax base.”

New York Real Estate Center is a dynamic platform that serves as a resource for the residential and commercial real estate community. Subscribers have access to a full catalog of courses and information taught by leading real estate professionals, including Michael J. Romer and Pierre E. Debbas, managing partners of Romer Debbas, LLP and principals of New York Real Estate Center. The innovative courses offered through New York Real Estate Center satisfy state real estate agent and broker licensing requirements.

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.

Homes You Need To Make Appointments For 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!

SoHo

WHERE: 33 Greene St. 3E

SIZE: 3 Beds | 4.5 Baths

COST: $6,499,000

About: Redefining the ultra-high end home, This corner loft in the heart of Soho with 3-bedroom, 4.5 bathroom and approximately 3,000Sqft incorporates sophistication and elegance. Sun-drenched through oversized windows looking into the historic cobblestone Greene Street with soaring 11' ceilings, Residence 3E has been meticulously renovated and completely reimagined layout, no expense spared.

A truly romantic south and east-facing living room with windows allowing beautiful natural light and framing the vibrant streets of SoHo. Gather around the open concept kitchen, enjoy custom-built super white cabinetry with hand-picked Italian marble countertops and backsplash, gorgeous waterfall island great for entertaining and is outfitted with top-of-the-line Gaggenau appliances with even a 166 bottle wine fridge!

Enter the primary en-suite with designer finishes, a vestibule outfitted with custom closets, shelves, woodwork, and hardware that features a custom-outfitted dressing room, and a spa-like primary bathroom. The luxurious bathroom also has a large double sink-vanity, separate dressing vanity, glass-enclosed rain shower. All bedrooms are generously proportioned and baths are tastefully designed with marble clad and chevron tile work. Other features include custom recessed lighting, chevron white oak floors throughout, crown & baseboard moldings, separate-zone central air conditioning, and a built-in sound system found throughout this home.

33 Greene Street is an established boutique 9 residence co-op building in a prime SoHo location and offers video-intercom. The cast-iron facade was recently restored to its original 19th century glory. The building features a key-locked elevator and a newly renovated entrance and lobby with a video intercom (integrated into the iDoor system). Located in the historic Soho Cast Iron Historic District, with easy transportation access, the building is moments away from the area's many world-class luxury boutiques, excellent restaurants, and the best amenities that downtown has to offer.

For more information click here

Williamsburg

WHERE: 100 Maspeth Avenue, 2J

SIZE: 1 Beds | 1 Baths

COST: $710,000

About: This gorgeous and luxurious one bedroom home with enormous 300 square foot private terrace and back yard, including a barbecue (!) is in a top luxury building at 100 Maspeth Ave #2J, The Olive Park in Williamsburg. The Olive Park provides its residents the ultimate spa experience with an indoor heated all natural salt-water pool, jacuzzi, sauna, top of the line gym and more. 100 Maspeth Ave #2J is the largest and most spacious one bedroom lay-out in the building and the private back yard is a unique and very special addition making entertaining at home just as easy in 2021.

The large private patio and back yard provide ample space for lounging, barbecuing and dining al fresco. Additionally this gorgeous home comes with an open chef’s kitchen and efficient Lutron Serena Shades, a high tech motorized and very silent system that can be activated and controlled from your smart phone, where you can also use the smart dimmer switches for all the lights. There is also a private storage area that comes with the condo.

For more information click here.

Brooklyn Heights

credit: Travis Mark

WHERE:  50 Hicks Street, TH

SIZE: 5 Bedroom | 4 Bath, 3 Half-Bath

COST: $8,875,000

About:  50 Hicks is a private home with five bedrooms, two home offices, two outdoor spaces and an elevator.  The red brick home is 21-feet wide behind original storefront windows with custom shutters and features a large paved rear patio with fencing and planter boxes. Offering state-of-the-art security and safety, the home’s owner's suite can act as an impenetrable safe room with blast/ballistic-resistant walls and doors!

Rybak Development underwent a thorough renovation after they purchased the site. The firm, with a strong footprint in Brooklyn and NYC, erected a new concrete-reinforced superstructure within a historic façade. The result is taller ceilings (now recessed with designer light fixtures), outstanding stability and unmatched sound attenuation. The elevator is an oversized commercial-grade model with a double sliding-door (versus cumbersome hinged inner and outer doors), a rarity in private residences. 

For more information click here

See Inside Jimmy Fallon NYC home for $15M

The late night host Jimmy Fallon and wife Nancy Juvonen have listed their New York City home with Jeremy Stein and Debbie Korb of Sotheby’s International Realty – Downtown Manhattan Brokerage. Ever wanted to see what Jimmy Fallon’s home looked like? Look no further because we have the photos below, or it can be yours for a cool 15 million. Located at 34 Gramercy Park East, welcome home.

Celebrating the bones and architecture of the famed 34 Gramercy Park East, while transforming the space into a singularly enhancing home, this jewel box is perched atop the southwest corner of the historic landmark.

Features of the approximately 4,950 square-foot home include original, restored window frames and casings throughout, original, restored hardwood floors throughout, and the highest quality fixtures and finishes combined with a curated collection of treasured vintage and antique finds from around the world.

Enter this imaginative space via the seventh floor and into a gracious entry foyer. Off the entry is an elegantly proportioned living room, papered in rare vintage wallpaper from the 1940’s and paneled in skewed wood-planking designed by Bednark. A plush custom sofa and in-ceiling projector make this room the perfect place for casual gatherings.

Move into the west-facing eat-in kitchen, the heart of the home, which has awe-inspiring views over Gramercy Park, featuring state-of-the-heart home appliances, and custom cabinetry with E.R. Butler hardware. The room offers comfortable dining for six and bar-seating for eight beside a gas fireplace with original mantel set with vintage tiles.

A beautifully custom-crafted staircase unites the home’s three floors and is adorned by a whimsical mural. Below the staircase is a children’s dream: a hidden playroom equipped with monkey bars, secret hatch doors, a chalkboard wall, and a “jailhouse intercom” to the upstairs playroom.

Ascending to the ninth floor, the highest floor of the building, you will find the primary suite and the private wing of the home. The primary suite is a zen and peaceful retreat, bathed in light from newly installed skylights. Features of the primary suite include a gas fireplace, wet bar with refrigerator, custom built-in massage bed, and a cozy seating area designed to evoke the inside of a hull of a tree. Two fully outfitted walk-in closets and a bath with his and her vanities, steam shower, and an entirely separate room with soaking tub complete the primary suite. The ninth floor also features two spacious bedrooms, another full bath, a second playroom and second laundry room – completing this unparalleled and unique offering.

34 Gramercy Park East is a white-glove full-service cooperative, built in 1883 as New York City’s “first cooperative.” It has a storied history and has been home to many notable figures, including James Cagney and Margaret Hamilton, the Wicked Witch of the West.

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.

Real Estate Moves: Lydia Sussek Joins Douglas Elliman

Lydia Sussek

 Douglas Elliman, has announced that top producing New York City agent Lydia Sussek has joined the firm. A respected leader in the field with over 35 years of luxury market experience, Sussek oversees more than $500 million in inventory, helping sellers, buyers, investors, renters and developers negotiate winning results on units of all sizes. Sussek and Nasr will be working out of the brokerage’s flagship office located at 575 Madison Avenue in Manhattan, while Stahlke is based in Madrid, Spain.

“Lydia is highly regarded throughout the industry for her in-depth global market knowledge, strong client relations and clever negotiating skills honed from her background in business,” said Howard M. Lorber, Executive Chairman, Douglas Elliman Realty, LLC. “We look forward to her continued success at Douglas Elliman.”

“I am thrilled to join the powerhouse firm Douglas Elliman,” said Sussek. “Douglas Elliman’s exclusive partnership with Knight Frank will allow me to better service my robust international clientele and build an even bigger global property network. This component paired with the firm’s first-class resources in technology, marketing and public relations assures me this is the best next step for my team, and more importantly, ensures fabulous results for my clients.”

Sussek has worked in new development representing properties up to $60 million. Notable transactions include 225 Fifth Avenue, Penthouse S for $7.9 million, 31 West 21st Street, 9th Floor for $7.8 million and 920 Fifth Avenue, 9B for $7.3 million, as well, Sussek is known for securing high end residential rental deals in the $20,000 to $70,000 per month category. Sussek also services top international luxury brands, and has worked with various celebrity clients, including musician Axl Rose, English activist Heather Mills, and Italian soccer player Andrea Pirlo. 

“We are proud to have Lydia and her team join Douglas Elliman,” said Steven James, President and CEO of Douglas Elliman New York City. “Lydia has long been a force in real estate, in New York and beyond. Her experience in branding, design and architecture in addition to her successful track record in high-end sales and rentals makes her a natural fit for our brokerage.”

Prior to real estate, Sussek ran her own luxury branding and design firms in Como, Italy, Los Angeles, CA and New York working with diplomats, celebrities, chefs and international executives in fashion, entertainment and a wide array of industries. She and her husband John Sussek are involved in residential and commercial properties in Manhattan and Nantucket Island, Massachusetts.

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.

International Buyers Coming Back

Joanne Greene

After the swift travel restrictions last year following the onset of COVID, real estate professionals saw the decline of international buyers like no other. But, just as some predicted, these international buyers have been making their way back into the market and returning home to their beloved New York City. How they hunt for their luxury properties has changed, though, with technology and trust being the main pillars they are relying on.

Brown Harris Stevens’ top producing team Joanne Greene and Nada Rizk have recently facilitated two transactions, one for just under $2 million and the second for just over $4 million, with buyers from afar. In both circumstances, the duo relied heavily on Facetime tours to lock in interest and serve their clients with the same hallmark level of expertise and attention that they would receive in person.

Drawing on more than 20 years of experience, Joanne and Nada offer the following tips for those buying sight unseen.

Nada Rizk

Form your opinions: There are a number of perspectives floating around on the current state of affairs in New York City. Check multiple trusted sources and evaluate the information to form your own opinion as to whether it’s the right move. Use the time away from Manhattan to rethink your housing needs and closely evaluate the priorities. You should also plan for the future and post-COVID, will you be wanting a building with a spectacular line-up of shared amenities, or a more reserved and private space? Forward thinking, it’s a great time to plan your return to the office or look for a property with a home office space included.

Lean on the experts: Knowing where to begin can be quite overwhelming. Engage with an experienced, local agent who can sort through available listings efficiently and share on the ground information on the properties, buildings, and neighborhoods. Look for an agent with specific experience working with international buyers, especially during the past year.

Beyond the property: You’re not just buying an apartment, you’re buying a building, a neighborhood, and a community. Don’t disconnect after the Facetime property tour, ask your agent to show you the laundry room, common areas, and even where the trash is taken out; and then ask them to walk you around the immediate area. What you see – and more so what you don’t – might impact your decision and future enjoyment of the space. Some neighborhoods even have local news publications, which provide great insight into the community and neighbors alike.

After the closing: Your due diligence should include a full assessment of building policies, from move-in to deliveries and renovations. Be sure to properly evaluate any work that you might want to have done and ensure that it can be completed within the period that the building allows, taking post-COVID considerations into account.

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.

Take A Look At The Lantern House Penthouses

One of the most exciting new developments in West Chelsea had recently unveiled the newest penthouses just ready to be your new home. The Lantern House, Thomas Heatherwick's first residential project in North America nearing completion along the High Line in West Chelsea, had the most expensive penthouse at the project (with an asking of $18,975,000 million), a collection of penthouses at the striking building have now been listed. Priced from $7,975,000 up to $18,975,000, each of the penthouses features a large private outdoor terrace, providing extraordinary views across New York City. Closings at Lantern House commence this spring with occupancy anticipated later this year.

Below are mages of the $18,975,000 million penthouses that just went into contract, courtesy of Related Companies.

“Since the launch of sales at Lantern House, the response has been outstanding,” said Dan August Cordeiro, Senior Managing Director at Corcoran Sunshine Marketing Group. "Lantern House stands out in the market because this collection of homes was designed from the inside-out, which has resonated strongly with buyers. From the fantastic views to the luxurious amenities overlooking the High Line, Lantern House is an extraordinary opportunity for purchasers, whether they are in the market for a one-bedroom home or a sprawling terraced penthouse."  

The 22-story condominium is joined by a dramatic glass lobby pavilion draped under the famed High Line Park in West Chelsea and are just moments away from some of Manhattan's most interesting neighborhoods and parks including Hudson River Park, Hudson Yards, the Gallery District and more. The pinnacle of enlightened living at Lantern House is epitomized by the exclusive penthouse offerings. The reimagined bay windows are featured in every room, offering charm, character and enhanced light and views keeping residents and their sense of home at the center of its design ethos.

The penthouses are defined by full-height, three-dimensional corner bay windows and private outdoor spaces that offer panoramic views of the majestic Hudson River and stunning open city vistas from sunrise to sunset.

The 22-story condominium is joined by a dramatic glass lobby pavilion draped under the famed High Line Park in West Chelsea and are just moments away from some of Manhattan's most interesting neighborhoods and parks including Hudson River Park, Hudson Yards, the Gallery District and more. The pinnacle of enlightened living at Lantern House is epitomized by the exclusive penthouse offerings. The reimagined bay windows are featured in every room, offering charm, character and enhanced light and views keeping residents and their sense of home at the center of its design ethos.

Penthouse kitchens are designed by March and White Design and include custom bronze finished trim and hardware, Gaggenau appliances and an impressive array of additional features including a seventy-bottle full-height wine cooler, double wall ovens, a custom suspended light fixture of bronze-finished metal and specialty glass, convex fluted oak cabinetry, and Calacatta Venato marble slab countertops and backsplash. The west building penthouses also come equipped with a second dishwasher, double wall ovens, dual warming drawers, and a built-in coffee maker.

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.

Bring Sotheby’s Home At An Affordable Price With It's High-Quality Wines

Ever wanted to have something from Sotheby’s the famous auction house, but can’t even afford to enter the room? . Sotheby’s Wine and they recently launched their Sotheby’s Own Collection, an assortment of high-quality wines at an affordable price. Famous for being one of the world's largest brokers of fine and decorative art, jewelry, real estate, and collectibles so it’s no surprise their wine collection would just as FINE

The retail brand that grew from the storied auction house has tapped into its decades of expertise and a rich network of relationships with respected growers to curate this 12-bottle assortment, with prices ranging from $16.95 to  $39.95. Now available for sale exclusively at the brand’s flagship retail store in New York and on their e-commerce platform, this collection continues the brand’s expansion into the fine wine retail  business.  The selection offers a  Champagne, available in standard bottle and magnum sizes, a Prosecco, a Bourgogne Blanc and  Bourgogne Rouge, both a Sonoma County Chardonnay and a Pinot Noir, a Sancerre Blanc and a  Rosé, a Langhe Nebbiolo and, from Bordeaux, a St. Emilion, a Pessac-Léognan and an Haut Médoc**.

Every detail of the process has been thoughtfully executed by the team at Sotheby’s Wine to live up to the brand’s exceptional standards and the winemakers’ stellar reputations. The label designs have been crafted with care and attention to detail, and each wine has been bestowed a specialized lot number. The lot numbers pay homage to both Sotheby’s auction roots and important pieces of the winemaker’s location or legacy. Prices for the collection range from just $16.95 up to $39.95,  and are intended for immediate consumption. The 12 wines can be purchased as individual full cases of 12 bottles or as a complete, assorted set of 12, offering the collection in its entirety, as well as in six-bottle bottle quantities.  

Sotheby’s Own Label Wine Collection is the brand’s latest venture into the wine retail space: in  2010, Sotheby’s Wine launched their first retail arm, with the opening of their brick and mortar store located inside their York Avenue headquarters in New York. The brand’s wine store, located at  1334 York Avenue, offers an extensive range, from modestly-priced to investment wines that present a diverse range of regions, with each wine being personally selected by the Sotheby’s Wine team.  

Sotheby’s Own Label Wine Collection is now available for purchase at Sotheby’s Wine retail store  on York Avenue and online via SothebysWine.com 

4 Reasons Your Home Needs a Decor Update

Are you considering upgrading your home décor and furniture? At the moment, you may feel as if there are so many more essential needs to invest in. You may have been putting off updating your home for a while.

A refurbishing often takes time and creativity, both of which can seem like a great luxury. The good news is that for anyone willing to put in the time, DIY Home décor is fairly easy to make. With all the available resources at your fingertips, you can find endless inspiration online to create your own personalized home décor.

But if you still need convincing, here are 4 great reasons to plan a home décor update today.

Your personal needs have changed

 Perhaps you have had children, changed location, or even started to work from home during the pandemic. Your personal needs now reflect your décor needs. Every now and then, step back to reassess where you are in your personal journey and ask yourself if your environment supports the needs you have.

 For example, do you now school your children at home, at least sometimes? Have you or your spouse had to switch to working from home? And do you find it harder and harder to stay productive when so many activities happen in the same place? Updating your home décor to reflect the life changes you are going through is one way to deal with the challenges and overcome them.

Your values have shifted

 As we move through life, the different stages will be as varied as your home's special needs. It is important that when you are financially capable of investing, that you do so in a way that reflects your values. For people who want to place higher importance on their living space, investing in beautiful and good quality furniture is key.

 DIY Tip: If you want to invest in DIY options, do something that reflects your personal style. Showcase your signature DIY pieces.

Your family has grown

If you are parenting young ones, then you know how swiftly time changes everything. As your children grow, they will need their own space to thrive as individuals. Personal changes and family growth is a good reason as any to give your home an upgrade and try some DIY décor.

Teenagers are a class all on their own, so if you have one or a couple at home, do take their needs into consideration when planning a home update. If they need more personal space, a simple DIY partition can create that feeling of individuality. Little details like this make your home a happier, more harmonious place for everyone in your family. 

Pure Joy is now Your Priority

 We’ve all heard of Marie Kondo’s method of getting rid of anything that does not spark joy in our lives. If you want more joy and peace to flow through your home, then this is an important point when considering a renovation or upgrade.

Perhaps you have been looking at the walls of your home for so long, that they no longer bring you a sense of peace and calm. Well, it’s up to you to change that, start today with small DIY steps, and see if you don’t get inspired to improve your home in greater ways.

 DIY TIP: Scan your own artwork and upload them to a digital platform that produces home accessories. Add a DIY touch by hand-painting your frames.

Staycations Make You Smile

 Now that we cannot yet travel as freely as before, you may be planning a Staycation. Make it a little more luxurious by upgrading your space. Look at magazine inspiration for cozy bedrooms; turn your bath into a delightful spa you want to come home to; make every room in your house welcoming.

You might spruce up whenever guests arrive, but now is the perfect time to do yourself a favor. Remember that caring for the place where you thrive best is a form of self-care. Change up your beddings if you need to encourage yourself to get sleep more at night. Buy some comfy throw pillows or DIY your own rugs to make your house feel more like home.

Even if you try just one of these tips today, it will make a world of difference in your inner mood, and your sense well-being. Did any of the suggestions above ring a bell for you? Remember that it does not take a lot of budget to make your home feel like a safer, more beautiful space to live in.

For more inspiration to create a calmer, kinder space in your home, have a look at our curated post of beautiful listings.

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.

Four Compromises Homebuyers Should Never Make, Even in a Seller's Market

Ryan Dibble

Buying a home, whether it’s your first or your fifth, is all about compromise. You start with a wishlist that includes every amenity you’ve ever wanted. Then you whittle down that list until you have your “must-haves.” Even then—because no home is perfect—you edit that list down further.

Compromise is the name of the game when it comes to buying a home, but there are certain areas where you should never budge. Here are the four things you should hold sacred while buying your home.

Your (and your partner's) goals

When buying a home, sometimes you’re buying an asset, and sometimes you’re buying a lifestyle. Either way, knowing your goals will help you decide what to invest in and what to avoid. 

If you're buying with a partner, it's crucial to make sure your goals are aligned before starting the homebuying journey. It's a much harder conversation to have at an open house or in front of your mortgage lender. 

Sticking to your goals is all about being intentional. Before you start house hunting, write your goals down, ground yourself, and come back to them regularly. The most successful homebuyers are intentional about what they want.

Budget 

It may be tempting to buy above your budget if you find a home you love, but doing so can lead to long-term problems. Getting in over your head can quickly turn a dream house into a nightmare.

Want to make sure your budget is realistic? Get pre-underwritten, not just pre-approved, by your mortgage lender. With pre-underwriting, the lender carefully reviews your ability to pay back the loan before a property is involved. Put simply, pre-underwriting is the only reliable answer to a big question: “how much can I spend on a home?” It’s a written commitment from a mortgage lender confirming the loan amount and program you’re qualified for.

Location, location, location 

You can change almost anything about a home, but you can’t change a neighborhood. No amenity matters if you're miles from where you want to live – even if it is the perfect house otherwise. 

Yes, it's true that you may not be able to afford the hottest neighborhoods, but that doesn't mean you can't find a more affordable area you love. Identify your favorites, then widen the circle. Before locking in on any location, go one step further and explore each neighborhood you're considering in person to make sure it has what's most important to you, whether it be good schools, walkability, or social life.

Fixer-upper vs. Turnkey. 

Consider your appetite for big renovations, and the costs associated, when buying a home. If you've never swung a hammer or don't have the patience to live in a less-than-desirable home for a lengthy period, you could end up regretting taking on a fixer-upper because of a lower price tag. 

About the author:

Ryan Dibble is Chief Operating Officer of real estate startup, Flyhomes and an early employee of the company. Over the past five years, Ryan has built several core functions at Flyhomes, including both the Mortgage and Title & Escrow divisions, and ushered thousands of customers through the homebuying process. 

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Our Favorite Listings For The Week

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!

35 East 63rd Street

Stephanie Kanner of Fox Residential has just listed the prized duplex Penthouse at 35 East 63rd Street. Asking $45,000 per month, the 6,312 square foot home epitomizes indoor+outdoor living, offering 4,000 square feet of private outdoor space – complete with outdoor kitchen, grill, hot tub and TV.

Enter under a beautiful skylight as you behold 6,312 square feet of this gorgeous, renovated light filled home. Total light, air and outdoor access welcome you in every room. You will find stunning wide plank hardwood floors, extra tall ceilings, four (4) wood-burning fireplaces and private terraces from all sides. A wall of glass doors sits at the end of the 39 foot wide living room with wood-burning fireplace, leading to a long south facing terrace, an environment made for indoor/outdoor entertaining at its best. The eat-in kitchen is stainless steel perfection, with flawless cabinetry, two sinks and professional grade appliances, including a six burner gas range, vented hood and three dishwashers. Off of the kitchen is a formal dining room, also with a wood-burning fireplace. The library is tucked away behind the study which opens to yet another perfect outdoor space. A full bathroom, powder room and plentiful closets make this top floor the total package.

The bedroom quarters are on the lower level for privacy and quiet time. The primary suite is massive and has two oversized marble bathrooms and two enormous walk in closets. There are three more bedrooms, all with en-suite bathrooms and walk-in closets, 2 of which have private terraces. A large family room with a wood-burning fireplace and powder room is the perfect gathering place for family fun. A convenient laundry room with utility sink and two sets of large washer-dryers complete this perfect, luxurious, livable home.

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85 Chichester Rd., Huntington, NY

Courtesy Douglas Elliman

Dating back to 1705, this historic, colonial home on Long Island was built and lived in by the ancestors of famed poet Walt Whitman.

Located in Huntington, his great-grandfather Nehemiah Whitman lived in the house and his grandfather, Jesse Whitman, was born there. Known as “The Whitman-Rome” house, just four families have owned this special home over the course of its storied 300-plus year history. It was last sold to its current owners in 1995.

It is certain that the poet himself visited the site of this early Whitman homestead and trod these rustic paths through West Hills.  On the grounds of the property, towards the back and up a hill, is a private cemetery, where Walt Whitman is said to have visited in July of 1881 and composed a lament on the graves of his ancestors.

Inside the historic house, little has changed on the main floor. The wide old pine-floorboards are original and the mantles on the four fireplaces range from plain (in the summer kitchen) to elaborate (in the living room). Each door on the main floor is different in design.

Monica McMahon is the listing agent.

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150 East 69th Street, 8DE

Yoo Jean Han for Sotheby’s International Realty

4 bedroom/3.5 bath home by renowned designer, Michelle Gerson. Every detail of this glamourous triple mint home was thoughtfully designed to perfection.

The gracious entry has a custom marble floor that opens to a huge sun-filled Kitchen, Dining Room and Living Room expanse with an attached Sunroom. The centerpiece of the Living Room is a wall with antiqued mirror and dark stained cerused oak surrounding the TV.

The top-of-the-line custom chef’s windowed kitchen boasts Neolith stone island counters and backsplash, white gloss shop painted wall cabinets, walnut veneers, Miele dishwasher and pullout range hood, Wolf oven and range cooktop, Franke sink, Dornbracht custom black faucet with matching instant hot/cold dispenser and an LG stacked Washer and Gas Dryer. Completing the entertaining space is a magnificent Sunroom with banquette seating and a custom lacquered green bar with brass inlays and black marble top.

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212 W. 93rd Street Launches Sales

Sales are launching today at 212 W. 93rd Street, a highly anticipated new condo that embodies precisely what people want coming out of the pandemic: a bigger home in a smaller, low-contact building with tons of private outdoor space. 

Developed by national publicly traded homebuilder Landsea Homes (their first NYC development) in partnership with Leyton Properties, 212 W. 93rd Street was envisioned as a vertical collection of individual residences with timeless interiors by GRADE New York. The building was designed from the outside in to maximize outdoor space, natural light and interior volume, creating a unique layout for each home that is flexible to support daily needs and daily life. Oversized beveled windows seamlessly combine indoor and outdoor spaces to create a true indoor/outdoor living experience. 

“We are thrilled to unveil 212 West 93rd Street,” said Jed Lowry, Division Vice President at Landsea Homes. “New Yorkers today want a home that is optimized for their daily needs, they want a flexible layout that integrates with the outdoors and a more intimate, private setting. 212 West 93rd Street embodies this new luxury paradigm.”

The building also includes an outside amenities package, including a rooftop terrace, a children’s playroom, and a futuristic fitness studio with the latest high-tech equipment like The Mirror, which everyone is talking about these days. 

“If I were to describe 212 West 93rd Street in one word it would be: seamless. It was incredibly exciting for me to work on a project that called for so much equilibrium – between new and old, indoors and outdoors, luxury and functionality,” said Eran Chen, founding principal and CEO of ODA. “With the launch of sales, I am excited for New Yorkers to discover this unique property that lends a new perspective on living on the Upper West Side.” 

The Lindsey Stokes Team at Compass Development Marketing Group is the exclusive sales and marketing agent for the project. Construction is well underway with completion anticipated in 2021. Pricing begins at $1.875M.

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.

Douglas Elliman Parent Company Vector Group Launches PropTech Investment Venture

Vector Group Ltd. announced the launch of New Valley Ventures, an investment vehicle seeking opportunities in next-generation technologies in the property technology (PropTech) space. New Valley Ventures will invest in promising PropTech startups committed to supporting rapid transformation of the real estate industry for the benefit of the agent experience.

In connection with the launch, Vector Group also announced New Valley Ventures has acquired an ownership stake in Rechat, a lead-to-close fully-mobile technology dashboard for real estate agents. New Valley Ventures’ affiliate, Douglas Elliman “We are incredibly excited to introduce New Valley Ventures to the PropTech industry,” said Richard J. Lampen, Executive Vice President and Chief Operating Officer of Vector Group.

New Valley Ventures will consider companies of all sizes, supporting their development with in-depth real estate expertise and helping them enter prime domestic real estate markets. New Valley Ventures has also invested in Camber Creek, a venture capital firm whose portfolio includes startups such as Notarize, Curbio, Flex and Darwin Homes, and MetaProp, a venture capital firm with investments in startups such as Milo Credit and Skipp.

“I am thrilled about this initiative and confident it will further enhance agent productivity,” said Scott Durkin, President and COO of Douglas Elliman. “In partnership with New Valley Ventures, our agents will now be at the forefront of emerging technologies that will make them better, faster, more productive and ultimately, more successful.”

New Valley Ventures is being spearheaded by Dan Sachar, who serves as its Managing Director as well as Vice President of Enterprise Innovation for Vector Group. Sachar works in partnership with both Vector Group’s Chief Technology Officer David Ballard and with Douglas Elliman’s Chief Information Officer Connie Mui-Reilly.

“We are witnessing a generational shift in how real estate professionals work, and with that comes a new set of expectations for innovation and experiences that provide ease, mobility and nimbleness. Our objective is to free agents to do what they do best, which is to sell real estate,” said Sachar. Ballard added, “It is not just about us being innovators, it is about being able to identify emerging technologies early and benefit from them. In turn, we provide start-ups with invaluable intelligence from Douglas Elliman’s 7,000 agents across the United States."

“When we identify a service from an early stage business that we believe agents can benefit from, we are willing to  invest in them, aligning our interests with those of our agents, while helping these companies to innovate at start-up speed,” said Ballard. 

“We are grateful for our new partnership with New Valley Ventures and Douglas Elliman and their confidence in our transformational product,” said Shayan Hamidi, Founder and CEO of Rechat. “I look forward to welcoming them to the Rechat family.”

Rechat will revolutionize the way real estate agents and managers work and includes a robust customer relationship management (CRM) system that helps real estate professionals organize their client rosters, manage communications and prioritize responses, syncing with Google Mail and Outlook. It also allows for marketing automation for social media, email blasts and digital and printed collateral materials.

Other important features include a modern open house experience, helping agents save time and effort on scheduling, designing marketing templates, managing listings and capturing leads. Its online and offline registration pages allow attendees to simply flow into a database, maximizing outreach and offering automated responses.

Also important is the real-time MLS search and alerts feature allowing users of Rechat to provide fast, accurate and consistent data to share with clients more efficiently. Additionally, Rechat’s fully-mobile platform allows for easier listing and transaction management operations, streamlining the process of completing forms, managing documents, updating pricing and chasing down signatures.

Rechat will be strategically rolled out to all Douglas Elliman agents during the first half of 2021.

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.

Homes You Need To Make Appointments For 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!

Greenwich Village

WHERE: 67 East 11th Street Apt. 323

SIZE: 1 Beds | 1 Baths

COST: $1,199,000

About: Located on the coveted 3rd floor of the famous Cast Iron Building, unit 323 boasts over 15" foot ceilings on the main floor with 7.5” foot ceilings on the second floor … making this a true 2 floor apartment. No detail was left untouched in this meticulously renovated, formerly 2 bedroom turned duplex lovers dream! Exposed brick, massive windows with morning eastern light, an original detailed Corinthian column and a floating staircase greet you as you enter this beautiful gem. An impeccably designed mint condition kitchen featuring Unique Calcatta countertops, a Thermador Professional sized gas range oven, built-in Wolf microwave, Liebherr refrigerator, Fisher Paykel dishwasher and built in wine fridge maximize the spaces’ perfection. Closets and storage are abundant, as thoughtful built-ins were added throughout the unit in addition to an entry closet on the first floor and a huge walk-in closet on the second floor.

For more information click here

Hamptons Bay

WHERE: 27 Realnautic Court

SIZE: 5 Beds | 5 Baths

COST: $2,850,000

About: Tranquility awaits at this peaceful 2.34-acre estate. Featuring two large parcels at the end of its own exclusive cul-du-sac, the sizable property comprises a spacious 6,000-square-foot contemporary home, complete with sprawling lawns, oversized 25-foot-by-65-foot Gunite pool, spa, outdoor kitchen, Zen water garden and access to nature trails and parkland. Impeccably built, the open and inviting two-story manse features five bedrooms and four-and-a half baths, including an expansive owners suite with marble bath, sitting room, dressing area, study and fireplace; a 2,000-square-foot great room with soaring ceilings, walls of windows, fireplace and a sunken living room; a 550-square-foot family room with nearly 20-foot ceilings and stone fireplace; chefs kitchen; dining room; Finnish sauna; and three-zone heating, cooling and sound. This is an unusual opportunity to own a significant Southampton estate situated in a true country (rather than suburban) setting. Adjacent to and nearby Southampton Town preserved and County parkland, the properties are formally within a Southampton Town country residential zone. *The residential plot is 1.28 acres and the accompanying parcel at 23 Realnautic Court, which is fully separate and buildable, is 1.06 acres.

For more information click here.

Brooklyn Heights

credit: Travis Mark

WHERE:  50 Hicks Street, TH

SIZE: 5 Bedroom | 4 Bath, 3 Half-Bath

COST: $8,875,000

About:  50 Hicks is a private home with five bedrooms, two home offices, two outdoor spaces and an elevator.  The red brick home is 21-feet wide behind original storefront windows with custom shutters and features a large paved rear patio with fencing and planter boxes. Offering state-of-the-art security and safety, the home’s owner's suite can act as an impenetrable safe room with blast/ballistic-resistant walls and doors!

Rybak Development underwent a thorough renovation after they purchased the site. The firm, with a strong footprint in Brooklyn and NYC, erected a new concrete-reinforced superstructure within a historic façade. The result is taller ceilings (now recessed with designer light fixtures), outstanding stability and unmatched sound attenuation. The elevator is an oversized commercial-grade model with a double sliding-door (versus cumbersome hinged inner and outer doors), a rarity in private residences. 

For more information click here

5 Key Features to Check for When Hunting for a New Apartment

When you're looking for a new apartment, it's easy to get overwhelmed by all of your options. Unfortunately, that means you might overlook a few key features during your search for the perfect abode. Whether this is your first apartment or your fifth, here are a few key features you need to look for during your search.

Location

While this feature isn't inside the apartment itself, it's still one of the first things you need to look at when you decide to tour a unit you like. When you're looking at location, you need to consider more than being in an ideal neighborhood. First, consider what's important to you. If you use public transportation every day, check whether or not there's a bus stop within walking distance. Hate driving long distances to get groceries? Make sure there's a supermarket or local grocery store within five minutes of the place you're touring. Location is about more than being in the next up and coming neighborhood!

Storage

Storage space is a crucial feature to look for when you're apartment hunting. The apartment you're touring might have enough space for you and your larger pieces of furniture, but will it have enough space for your kitchen equipment, knick-knacks, plants, bins, and other extraneous belongings? Before you commit to any of the apartments you're looking at, make sure you ask about storage space and make a point to look at it during your tour. Not only can this help you make a better decision for yourself space-wise, but it can save you a lot of trouble in the long run when you need to organize your belongings.

Appliances

Some appliances might not be essential, but if they're important to you then you should absolutely make a point to ask about them. If you, like 62% of millennial homebuyers, care about granite countertops, you'd ask about them. The same goes for appliances like dishwashers and laundry machines. If you hate washing dishes by hand, then ask about whether there are any available units with that appliance. Can't carry laundry to the nearest laundromat? Ask about in-building or in-unit laundry appliances. It might seem forward to ask about these things, but you'll thank yourself later.

Parking

If you own a car, parking should be one of the first features you ask about when you're looking at a new apartment. The last thing you want is to sign a lease and only have metered parking for miles in all directions. Since almost 85% of the nation's homes were built before 1980, it's not far off to imagine the state of some of the nation's apartment complexes. If off-street parking really matters to you, it's possible to ask whether your rent will include fees for garage parking or if there's a parking garage nearby.

Security

Security should be top of mind at all times when you're looking at an apartment. There are a few key things to check for when you want to know about apartment security.

• Are there locks on the windows?

• Is the entrance to your building locked?

• Does your apartment door lock?

• Who has access to your apartment?

Checking on these things can help you make sure that the place you're looking at to live is truly secure and safe from intrusion. In addition, it's a good idea to check the landlord's policy on apartment entry. Will they contact you in advance when they need to come in and check on something or make a repair? That's just as much a matter of security as anything else.

When over 90% of real estate transactions happen via the MLS, finding apartments to look at isn't the problem. Rather, knowing what to look for once you arrive for your tour is the bigger issue. Don't forget to check for these features the next time you move.

Corcoran Sunshine's Norma Jean Callahan Shifts To Residential Sales

Richard Hottinger & Norma Jean Callahan

The Corcoran Group announced that leading real estate professional Norma Jean Callahan is joining veteran Corcoran agent Richard Hottinger - to create the Hottinger-Callahan Team. Norma Jean and Richard are supported by a dedicated team of nine agents and will serve both the New York and Miami markets.

“This powerhouse team will be unstoppable,” said Pamela Liebman, President and CEO of The Corcoran Group.  “N.J. and Richard have exceptional expertise in both existing residential and new development sales.  Together, they have mastered all facets of the market.”

Norma Jean is moving to her new role after 13 years at Corcoran Sunshine Marketing Group, where she most recently held the title of Senior Sales Director.  Among top echelon of New York’s new development brokers, she successfully helped launch and market the luxurious Baccarat Hotel and Residences and the iconic 220 Central Park South, as well as the stunning 3-tower community of Waterline Square on Manhattan’s West Side.  In total, sales at these premier sites have topped $5 billion.

Her industry experience spans more than two decades.  Prior to Joining Corcoran Sunshine, Norma Jean sold single-family homes at Coldwell Banker - and was ranked in the top 98th percentile of agents nationwide after her first year in the business.  Well-versed in working with both domestic and international ultra-luxury buyers, she has the instinctive ability to match individuals and properties.

“We are proud that Norma Jean is staying a part of our Corcoran family,” explained Kelly Kennedy Mack, President of Corcoran Sunshine Marketing Group. “She is a consummate professional and we all look forward to what this next chapter in her real estate career holds.”

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.