Category: Seller Tips

Design Wednesdays – Why Hardwood Floors Are Worth It

DLY_8788_DLY_8790copy_Tony_Sargent_New_York_Real_EstateHaving sold everything from classic lofts to the most modern of ultra-luxury apartments and townhouses in New York City’s real estate market, one of the most asked questions I get as a listing broker or buyers is this: What kind of floors are these?”

If you are thinking of renovating your home or apartment, new kitchens and baths are definitely high on the list of items to transform, however travel with caution if you don’t replace your floors. In cities which have cold winters hardwood floors provide texture and warmth.

New floors make a huge visual impact on your home. Why? As you know, flooring covers your entire apartment. How it appears affects buyer’s impressions of your apartment and therefor its ultimate sale value. How many people skip spending money on their floors. Do. You’ll get it back multiples.

Over the years I’ve had several listings which had old floors. On one which lingered for 3 months on the market buyers could not get past the aged floors. We recommended the seller install new hard wood floors. She invested $15,000 in them – we received an offer to buy within days after it went back on the market, $120,000 above where the most recent offer had been.

I stage properties for my sellers. On a recent sale (and estate) we removed wall-to-wall carpets that had been down for over thirty years. The floor was dark and old. We sanded them, replaced old tiles and lightened them and used a matte polyurethane finish. Within ten days of listing the apartment went to multiple bids and into contract. The refinishing cost? $3,000.

Last week I listed this luxury 2-bedroom condo in Chelsea at 151 West 17th Street (see photo).

The owner spent money replacing the original maple composite floors installed by the original developer with custom wide-plank (5″) white oak, installed over a cushioning sub-floor. The floors look amazing which makes the apartment desirable and they feel like butter underfoot.

Thinking about selling your home and need some design tips for flooring? Feel free to contact me – or – check out this fantastic article from Elle Decor – “The Complete Guide to Hardwood Flooring Types and Costs“. It really breaks down the wood types, and what qualities they have which may make them more or less desirable for your intended use.

Last Tip: If you can afford it, spend the money for hardwood or top quality composite hardwood floors. In Manhattan at least, stay away from laminates that feel have a plastic look or feel to them. Buyers notice laminates immediately and most don’t respond well to them.

Photo Credit: Dooley Images

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Monday Market Video: Average Manhattan Home Now Costs $2M

Alexis Christophorous Interviews Jonathan Miller on Manhattan’s Luxury Market & Foreign Buyers

Last week major real estate firms in Manhattan issued their Q1 2016 Manhattan Market Reports. According to the reports, the average Manhattan home now costs $2 million. The reports also reveal some interesting insights into foreign buyer trends and the larger real estate market.

When speaking to clients in the last few months, these questions have come up repeatedly Read more…

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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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Luxury Real Estate Report: The Sargent Report – Spring 2015

Luxury Real Estate Report: The Sargent Report – Spring 2015

Tony Sargent has released an e-version of his Luxury Real Estate newsletter The Sargent Report – Spring 2015. The current issue features 2015 New York market predictions and other articles: Luxury New Development Update, International Snapshot, Digital 3.0 – Tech & Real Estate, and more.

As the world’s local agent, Tony Sargent provides his unique perspective and insight on Manhattan’s luxury market, as well as globally connected world-cities. A local expert, Tony has developed a private global network of top brokers with whom he shares clients and market knowledge to his clients’ benefit. Tony is tapped to speak at Industry events such as Inman Connect and RE/MAX’s European Annual Convention as well as many others and was recently invited to be a regular author/contributor to the highly acclaimed real estate industry news-site, Inman News recently.

To read the full four-page issue of The Sargent Report as a PDF, click here or on the Report in the right column. For a mobile-friendly Flip-book version, click here.

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Fox Business Asks Jonathan Miller, Are There Too Many Luxury Apartments in Manhattan?

Last month, Fox Business’ Deirdre Bolton interviewed Manhattan’s #1 go to person for clear and unfiltered real estate data, Jonathan Miller, President and CEO of Miller Samuel, Inc. a top appraisal and consulting firm. The questions on everyone’s lips today: Are developers building too many luxury homes and super-luxury condominiums in New York? Is there enough demand to meet the supply, and why have we not seen any significant new construction that serves the $3,000,000 or under market in Manhattan for years?

Jonathan does a fantastic job of answering these questions in this video. For a high net worth client considering a new development I recently completed a study of same unit re-sales in some of Manhattan’s top buildings built since 2006. Which buildings saw huge equity growth and which saw little, surprised me. I will share more on that in a future post.

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Monday Market Video: Average Manhattan Home Now Costs $2M

Posted on April 4, 2016

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