Category: Buying, Selling, and Renting

Manhattan Market: What Does a $2.5M Condo Really Cost Foreign Buyers Today?

Manhattan Market: What Does a $2.5M Condo Really Cost Foreign Buyers Today? Rise in local currency cost to a foreign buyer for $2.5M NY property, from 2014 to 2016 based solely on currency value fluctuation

Much has been written about Chinese and Russians dropping $30+ million on Manhattan luxury condominiums since 2012. As a result, even sellers of condos priced between $1-4 million ask: “Where are the foreign buyers for my home? What will you do to attract them?”

While huge amounts of foreign currency is being spent on US real estate, not every property type is benefiting from it or is appealing to an international buyer. Generally, foreign buyers who Read more…

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5 Questions to Ask Your Listing Broker: Why High Listing Prices Can Be Deceptive

5 Questions to Ask Your Listing Broker: Why High Listing Prices Can Be Deceptive 66 Ninth Avenue, The Porterhouse Condo - Photo: Rich Caplan

In the face Manhattan’s rapidly evolving real estate micro markets, deciding on a listing price for your Chelsea or West Village luxury home requires careful consideration.

Deciding on Listing Price: Considerations for Your Listing Broker

When interviewing a listing broker, nearly every conversation boils down to this question: “What price should I list my property at?”

If your potential broker follows up with a record listing suggestion, dig deeper into the reasoning behind this suggested listing price and the broker’s track record. I recommend asking the following five questions: Read more…

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Monday Market | For Sellers: Are Prices Dropping Downtown?

Monday Market | For Sellers: Are Prices Dropping Downtown? West Chelsea's High Line District and Cary Tamarkin's 456 West 19th Street | Photo: Tony Sargent

Has ultra-luxury development gone too far? Cary Tamarkin’s 10 Sullivan development announced that it is splitting its 8,000 Square foot Soho Penthouse, following CIM Group and Macklowe Properties late 2015 decision to do the same to some larger unsold units at the ultra-luxury 432 Park Avenue. Brokers have begun to quietly wonder if we’ve hit the peak of luxury in price point and market saturation.

Starting in 2013, strong demand for downtown luxury new developments combined with extremely low re-sale inventory caused re-sale values to skyrocket. The price-per-square-foot ceiling rose on all sales as local, domestic and international buyers snapped up properties at a frenetic pace.

Lately though, I’ve been noticing Read more…

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Monday Market: Co-op Sales Hit New Low Due to Scarce Inventory

Monday Market: Co-op Sales Hit New Low Due to Scarce Inventory 891 Park Avenue, 3rd Floor sold for a record price in 2015, however, downtown condos sell for more per Square Foot. Photo: Rich Caplan

In 2015, a confluence of micro-market trends led to one of Manhattan’s most successful – and competitive – real estate years on record. My team and I have been digging through the numbers to better understand how 2015’s trends will impact sales in 2016.

Average Sales Prices Up 12% in 2015, Re-Sale Up 15%, Lofts Up 13%

Overall, average sales prices increased by 12 percent. New developments and re-sale prices increased 8 and 15 percent respectively, according to Jonathan Miller’s quarterly report. Average price-per-square-foot skyrocketed 28 percent over 2014. Median prices rose a strong 15 percent, thanks to multiple new luxury development units closing during Q4 2015 that went to contract during 2013 and 2014.

Co-op sales volume Read more…

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Toasting to Success: What’s Next for 2016

Toasting to Success: What’s Next for 2016

Our team enjoyed seeing each and every one of our wonderful clients at our 2015 holiday party as we toasted to our best year yet! Thanks to bespoke staging and an in-depth understanding of micro-market dynamics, our team helped sellers land top dollar for their properties. Cheers to the New Year! We look forward to creating even more success for our clients! – Tony Sargent & The Tony Sargent Team (To view our gallery click on Read More)
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New York Luxury Real Estate Update | From “Versailles” to Jeff Koons’ New Studio

New York Luxury Real Estate Update |  From “Versailles” to Jeff Koons’ New Studio The High Line District has transformed in 1 year | Photo from Sept 28, 2014 by Tony Sargent

As all New Yorkers know, if you’re not moving forward, you’re behind, and real estate is no exception. Summer saw some of the island’s most influential denizens make real estate moves and news in keeping with the city’s exhilarating pace.

Some noted developments:

Alert to all aspiring Upper East Side trophy property holders and investors: there was a drop in the asking price for the “Versailles in Manhattan” and the listing moved over to Compass. Kenneth D. Laub’s spectacular East 64th Street townhome, dubbed “Versailles in Manhattan” for its rococo Louis XIV layout and interiors can now be yours for a cool $25 million. Over on Fifth Avenue Read more…

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Say Goodbye to Summer with 5 New York Must-Dos

Say Goodbye to Summer with 5 New York Must-Dos

August may be over, but my team and I are hanging onto summer a little bit longer with these New York warm-weather favorites. Which are on your must-do list?

1. Rooftop yoga at the James: The rooftop of the James hotel in Soho may serve as a hyper-trendy bar by night, but come morning, the roof deck (and its jaw-dropping city-scape views) plays host to some of the city’s top yoga instructors. These pros can be booked for private lessons, and help aspiring yogis perfect their downward dogs and handstands on Thursday morning group classes.

2. US Open: Whether it’s Federer vs. Nadal or Wiliams vs. Williams, tennis devotees like Anna Wintour, Heidi Klum, and Mary-Kate Olson flock to the famed Flushing courts to see the crème de la crème of matches up close in person at the annual US Open.

3. Drinks in the clouds: The city offers an astonishing array of drop-dead gorgeous rooftop bars, each with its own enchanting ambiance. The Press Lounge serves top-notch cocktails to a lively and fashionable crowd; the roof bar of Gramercy Park Hotel is famously secluded and sophisticated; and the Metropolitan Museum of Art installs a blockbuster exhibition on its roof each summer, which visitors can enjoy all the more with a glass of champagne.

4. Lobster roll at Mary’s Fish Camp: The best lobster roll this side of Nantucket can be found at Mary’s Fish Camp in the charming West Village. In a room reminiscent of its yacht clubs, Mary’s also serves oysters fresh from Cape Cod, and is the next best thing to sitting on the dock and the watching the catch come in for the day.

5. Picnics in the Park: No matter how stressful life gets, nothing a quiet walk through Central Park’s North Woods can’t fix. Skip the crowds flocking Sheep Meadow, and take a quite stroll through this peaceful escape. Make it a picnic with baguette, fruit, and cheese snapped up from famed Upper East Side eatery Zabars.

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Quick Market Update – NYC Luxury Real Estate

Posted on March 15, 2018

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