Tuesday, February 24, 2009
Barrons: The Manhatan Luxury Market is Rotting
I know, I know, you don't live in a cave. Fair enough, we all know how bad the real estate market is, but the Barron's article by Leslie P. Norton is interesting because we get some anecdotes and details from the front lines of the luxury tier of the condo/ rental business...you know, the luxury tier that we were told would be just fine.
In this particular economy, Barron's makes the case that the wealthy are harder hit than what anyone expected due to the collapses and layoffs on Wall Street as well as the general malaise in many of the important industries that affect New Yorkers, like fashion, real estate, marketing and advertising.
Some of the price cuts, like the one on the late socialite Brook Astor's penthouse are astounding, and they may only be the beginning!
PRICE CUTTING HAS BECOME SAVAGE. The 14-room Park Avenue apartment of the late socialite Brooke Astor -- which Barron's highlighted in that earlier story after its price had been cut from $46 million to $34 million -- is now down to $29 million and probably has to be cut further.
But even with dramatic reductions like that, the inventory of unsold luxury housing is ballooning. Streeteasy.com, a Website that pulls together listings and insights from a variety of brokers and buyers, now shows 795 New York apartments offered for $5 million or more, up from 518 a year ago.
The entire article is worth a read, if only to keep up with the latest on the most luxurious apartments in Manhattan and what they're going for and will go for in the near future.
Check it out: Manhattan On Sale (Barron's)
Labels: Barron's, High End NYC Condos, Manhattan Luxury Apartments, New York Real Estate
Monday, July 21, 2008
Real Estate Staging Guide for New Yorkers Now in the Tips Section
Staged Living Room by Another Look Home StagingWith reports across the local media that New York apartment sales are starting to slow to match the rest of the US, now more than ever, homeowners looking to sell should start to familiarize themselves with the concepts and methodology of home staging.
Hiring a professional stager in addition to a listing broker can help reduce your home's time on the market and can be instrumental in getting you closer to asking price.
There are different techniques for different neighborhoods and areas. Suffice it to say that a Manhattan or Brooklyn real estate stager is probably going to emphasize spaciousness and be concerned with differentiating your unit from the other apartments for sale in the building. On the other hand, a stager helping with a split ranch on Long Island or a colonial in Westchester will spend time working on how your home presents itself from the driveway on up.
If you're considering professional help for your impending sale or are just interested in learning more about stagers in the New York area, check out "I Want to Hire a New York Home Stager...Now What?", which was just posted to the cityhammer "Tips" section.
For a list of local Staging Pro's, click here: Real Estate Stagers in NY
Labels: Long Island Home Staging, New York Real Estate, Real Estate Staging NY, Westchester Home Stagers
Thursday, June 5, 2008
Big News...cityhammer Contractor Directory Now on UrbanDigs!
The Greatest Partnership Since PB&J ... jkBig News! Our favorite NY real estate blog, UrbanDigs.com has just added a Contractor Directory, powered by yours truly, cityhammer.com!
Now homeowners in the New York area can find our member pro's on UrbanDigs as well as on cityhammer itself.
We are proud to announce this content partnership with UrbanDigs, which we consider to be one of the most insightful and value-added blogs on the web. Whether you work or invest in New York real estate, are in the market as a buyer or seller of a home, or you're just casually interested in the subject, the daily postings from superbroker Noah Rosenblatt and contributors Jeff Bernstein and Christine Toes are a can't-miss proposition.
Now UrbanDigs visitors can find some of the best home improvement professionals and information about them updated live on the site. Because the topics of real estate and renovation go hand-in-hand, we believe this partnership will be of great benefit to both UrbanDigs readers and cityhammer members.
OK, so we're still tweaking the look and aesthetics, but here's a link to the new Contractor Directory on UrbanDigs: Contractor Directory
Are you a home improvement company in the New York Metro Area? If so, join cityhammer.com, New York's #1 Remodeling Directory, today!
Express Registration
More about UrbanDigs:
Noah Rosenblatt is the Founder & Publisher of UrbanDigs.com. The single mission of the site is to discuss macro economic trends and interpret them into successful investment strategies for Manhattan real estate. The blog also discusses real-time state of the market reports on New York City real estate and tips for both buyers and sellers to enhance profit potential. Noah currently works as a Vice President with Halstead Property, LLC.
Labels: Apartment Renovation in NY, New York Real Estate, NY Real Estate Blogs, UrbanDigs.com
Tuesday, April 29, 2008
Renovating Advice from a Superbroker
Our fave NYC real estate blogger and broker extraordinaire, Noah at UrbanDigs, just re-posted a great piece on renovating in a not-so-hot real estate market. It's from a couple of years back, but it's probably more relevant today than it was when originally posted in July of 2006, near the peak of the boom.
His thesis is sound; focus on the more conservative renovations that are proven to add value (shiny new wood floors) and consider how long you plan to be there before deciding how much money you want to spend.
"IN A SLOWING HOUSING MARKET YOU WANT TO DO THE LOW RISK HIGH REWARD RENOVATIONS THAT COULD PAYOFF AT RESALE. THESE INCLUDE FLOORS & BATHROOMS, NOT KITCHENS!"
Here at the cityhammer blog, we're of the opinion that if you are planning to sell anyway, save the bulk of your renovation money for your next apartment or home, after all, you should spend the money on the improvements that you will be around to enjoy, even if this means getting a bit less for your place, because you can invest that much more wherever you land.
For the full article, click here: Renovating in a Cooling Market
Great stuff, Noah!
Labels: Apartment Renovation in NY, New Wood Floors, New York Real Estate, NYC Renovating, UrbanDigs.com
