Category: Seller Tips

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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6 Reasons Manhattan Real Estate Prices Aren’t Going Down Any Time Soon

6 Reasons Manhattan Real Estate Prices Aren’t Going Down Any Time Soon Sailing in New York Harbor | Photo by Tony Sargent (C) 2013

While 2013 has seen Manhattan luxury real estate flying off the market the larger story is that every great 1 to 3-bedroom apartment has 3+ buyers desiring to buy it. Here are 6 reasons why this trend is sustainable:

  1. Manhattan apartment stock is approximately 70% rental. With only 30% of apartments for sale there is already a built in potential for inventory shortage as society becomes increasingly affluent and established. Also while only 25% of apartments are condominiums/new developments, they accounted for approximately 50+% of all sales in the boom years, foreshadowing today’s re-sale inventory shortage.  Additionally, co-op owners stay in their units longer than condo owners putting enormous pressure on existing re-sale inventory.
  2. New development construction dried up for five years starting in 2008.  Today most new developments are aimed at the high-end market and priced at $2,000+ per square foot leaving overall mid-level re-sale inventory at 12-15 year lows.
  3. As newly minted Social Media and Internet entrepreneurs join the growing ranks of the global “1%” and baby boomers buying in New York, while Wall Street performance continues to be a barometer of the strength of Manhattan’s market, in 2013 the market has become less dependent on Wall Street’s middle level employee bonuses to remain strong.
  4. Lifestyle & Safety = people-friendly, family-friendly and senior-friendly. The safety of Manhattan and New York (look at Brooklyn) has grown exponentially with computer-modeled policing and development of areas once seen as off-limits.  Long-time residents mingle with baby-strollers as families decide to remain in New York. The great cultural lifestyle offered in Manhattan is drawing back wealthy baby-boomers to Manhattan from the suburbs while keeping those who would have left 20 years ago, in the city longer.
  5. High Rents and low mortgage rates continue to drive buyers of all price points back to the sales market.
  6. TV, Innovation & Tech: Entertainment filmed in New York adds to the city’s appeal to people, globally.

A beacon for leading creative or financial professionals, as well as global entrepreneurs desiring to make a splash, all arrows are pointing up again in New York.

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Luxury Real Estate – New York to Malibu | Connecting the Dots for a Cherished Client

Luxury Real Estate – New York to Malibu | Connecting the Dots for a Cherished Client 28 Laight Street Loft (In-Contract) - Photo by Rich Caplan (C) 2013

In 2012 I sold a Tribeca loft to my client after we won a five-way multiple bid. Staying in touch as I do with most of my clients, I was surprised to hear in April that my client was transferring to California for work and needed to sell. With high transaction costs it was hard to predict the final outcome but 2013 has been a record-breaking year for large luxury homes in Tribeca and this unit was not an exception.

As a luxury real estate expert with an international upbringing, my view is global. Since 2006 I’ve attended and spoken at some of the top real estate seminars in California and thus know many of the southern California’s top brokers by name and have a clear sense of each of their knowledge base and area of expertise.

After connecting my client with one of my top West-LA brokers with a similar design aesthetic and film background as my clients, I flew to LA and we toured nine houses from Malibu to Silver Lake in one day, having prepped my West Coast broker with insight about my my clients’ aesthetic and needs. Last week, my clients moved to California super happy to move into their new Malibu home, which we toured together in May – Thrilling also because I negotiated an over-ask offer for their Manhattan loft sale in one day after helping them finalize staging it.

Today’s market calls for Read more…

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Tony Sargent of CORE is Featured on Tonight’s Episode | HGTV’s Selling New York – Thurs Feb 28th – 6:30PM EST/PST

Tony Sargent of CORE is Featured on Tonight’s Episode | HGTV’s Selling New York – Thurs Feb 28th – 6:30PM EST/PST Selling New York Logo courtesy of HGTV

I’m delighted to share that today, Thursday, February 28th at 6:30pm EST, HGTV’s Selling New York will air a new episode featuring my clients, an international couple, facing a true New York real estate challenge. The couple and their 3-year old daughter welcome twin boys into the family. Sarah and her husband quickly realize their 2-bedroom Bowery condo is too small. Prices on 3-bedroom lofts are rising fast, but they must sell their current home to be able to buy. Read more…

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Wall Street Journal: Multiple Bids Stunning Homebuyers in New York, Miami and Nationwide

Wall Street Journal: Multiple Bids Stunning Homebuyers in New York, Miami and Nationwide Puck Building, New York - Tony Sargent (C) 2012

The Wall Street Journal reported that multiple bids are stunning condo apartment buyers from New York to Miami and homebuyers in California. A lack of inventory compared to demand has been especially evident in New York luxury real estate for over a year. Now multiple bids are occurring on entry-level properties both in Manhattan and in other areas of the country. 3 years ago Miami’s condo market was languishing and its huge inventory remained unsold. Today, between local and foreign investors (namely Brazilian) there is only a 4.1 month supply (34% decline in inventory – see chart below).

In Manhattan while demand for the super-luxury market ($5+ million) has slowed slightly compared to a year ago, fast-increasing rents and low interest rates have lead to the highest level of Read more…

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Pros and Cons of Each Apartment – Vivian S. Toy’s Take

Pros and Cons of Each Apartment – Vivian S. Toy’s Take Graphic (adjusted to fit this page) courtesy of The New York Times - Published Dec 2, 2011 accompanying "The Apartment Critic" article by Vivian S. Toy

I really liked Vivian S. Toy’s recent article “The Apartment Critic” in the New York Times, and wanted to share it with you. Vivian has visited over 600 Manhattan apartments in the last five years for her “On The Market” page in the NYT’s Real Estate Section. Being required her to narrow down each apartment she’s viewed to highlight the Pro’s and Con’s has provided her with a unique perspective on Manhattan real estate. She makes some key takeaways: 1) Be upfront about both the pros and the cons about an apartment with a client – that builds trust between a broker and buyer. 2) Design choices can minimize a con, but sometimes too customized a design choice can become a con and lead to lowered value and longer time on the market 3) and the important acceptance of “To live in New York is to embrace compromise, how else could we live as we do, cheek by jowl and in such limited spaces?”

I think that’s one of the hardest mental hurdles first-time Manhattan buyers need to embrace – Read more…

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Lofts: How Many Real Bedrooms?

Lofts: How Many Real Bedrooms? Tribeca Loft Photo: Tony Sargent

How many true bedrooms does a Loft really have?  Am I the only one who’s been noticing that in the last few years the definition of a “bedroom” has been stretched to include internal rooms with no windows, when it comes to real estate marketing materials for loft spaces?  Whether I’ve been searching for 2 Bedrooms or 3, I keep finding the descriptions for both including rooms without any windows or with ‘lot-line’ windows, which perhaps are open currently but could be bricked in later, should a neighboring building expand.

Read more…

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Quick Market Update – NYC Luxury Real Estate

Posted on March 15, 2018

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