Gea Elika's Blog, page 132

Cage Fight: Manhattan vs. Brooklyn

In the battle of the boroughs, no matchup is more contentious than a head to head fight between Manhattan and Brooklyn. If you want to inflame the passions of your fellow bar dwellers or coffee swillers, asking which is better can cause a fiery debate, at best, or even an all-out brawl. To ask the question of which borough bests the other is also to ask a deeply personal question. Who am I and what is important to me? So keep an open mind as we ring the bell for the cage fight of the decade to figure out which borough owns New York.

 

 

Brokers or Baristas

The population of Brooklyn has been out-pacing Manhattan for years and now tops it by over 1 million people. In a Braveheart-style, head-to-head battlefield matchup, Brooklyn would overwhelm Manhattan in sheer size by almost 2 to 3. Over the last two decades, Brooklyn has also grown at a faster pace than Manhattan. Fueled by more affordable housing and larger land mass, moving to Brooklyn has historically meant a bigger bang for your buck in the housing market. That gap, however, is shrinking as housing prices in both boroughs continue to rise.

Thinking of the boroughs in a purely stereotypical view gives way to images of Wall Street yuppies of Manhattan and bearded baristas in Brooklyn. The numbers though, don’t really reflect that. The population of 25 to 34-year-olds in Manhattan is a whopping 22.6% while Brooklyn comes in at 17.8% within the same demographic. The idea that Brooklyn is both younger and hipper is largely untrue. Manhattan is, at least, younger. The population of Manhattan is also more educated, with nearly twice as many college graduates as Brooklyn. Plus, the per capita income is over twice as much.

Edge:  Manhattan

Crime and Punishment

In a head-to-head matchup, when it comes to crime, you’d be forgiven if you immediately declare Manhattan the winner with the lowest crime rate. I mean, half of Goodfellas takes place on the mean streets of Brooklyn, right? Well, if you do think that Brooklyn has more crime than Manhattan, you would be flat out wrong.

Crime rates have fallen drastically in New York since the 1990s, but you still have a 20% higher chance of being the victim of a crime if you are in Manhattan. While Brooklyn has a slightly higher violent crime rate, property crime such as burglary, theft and motor vehicle theft is significantly higher in Manhattan. Frankly, we blame all the tourists staring up at the Empire State Building or staring down at Google Maps instead of paying attention to their surroundings or who they’re about to walk into–but I’ll let you come to your own conclusions.

Edge:  Brooklyn

Beyond the Numbers

Numbers don’t mean everything and demographics can only tell part of the story. To live in Brooklyn or in Manhattan is largely a personal choice. Where you work, what you can afford and how you like to spend your time is largely going to dictate who wins in your mind. Our diplomatic side will tell you that you can’t go wrong either way. Both places are cool. Both places are fun. It’s even possible to love both Brooklyn and Manhattan.

So who wins in the battle of Brooklyn and Manhattan?

Edge…You decide.

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New York is Dead – Long Live New York

New York is dead! Long live New York! Catchy title, right? People have been predicting and declaring the death of New York for decades, whether decrying the loss of old New York or complaining about carbon copy, uppity types looking down on the rest of the city. There is a long lineage of New Yorkers who will say with heart and passion that New York isn’t nearly as cool, fun or inclusive as it used to be. Their complaints all vary, but at the heart of it they are all saying the same thing: the place I love has changed. And they’re right.

 

Image by Storkholm Photography / Flickr

 

Whether New York has changed for worse or for better in your mind will largely be determined by how long you’ve lived here, where you are in life and where you see yourself going. New York has always been a place that can make or break people. If you can make it in New York, you can make it anywhere, as the song goes. New York may not be dead, but what has it become, who are its people and where is it going?

Even with some substantial changes, there’s still something for everyone in the city that never sleeps.

Out With the Old, In With the New

The Carnegie Deli opened on 7th Avenue in Manhattan in 1937. They served piled-high pastrami and corned beef sandwiches to New Yorkers for decades. If you’ve never heard of the Carnegie Deli, you are not a New Yorker, or you know, even a human being who exists on this planet. Despite being an honorary landmark of the city, the Carnegie Deli, after nearly 80 years, served its last sandwich on New Year’s Eve 2016. New York is dead.

David Chang opened Momofuku Noodle Bar in the East Village in 2004 with a minimalist aesthetic and off-the-hook food. To call it fusion would be an embarrassment. Elevating the humble Chinese noodle, Chang launched a restaurant empire that today stretches across New York and beyond. Noodle Bar is now expanding with a new 4,000 square foot restaurant at the Time Warner Center in Columbus Circle. Momofuku has its own cookbook and people across the world stand in line to taste some crack pie at the Milk Bar. Innovation is still happening. Long live New York.

Diversity and Immigration Still Growing

The city is growing and changing as it always has. It’s becoming more expensive and more inclusive. People are moving to new neighborhoods while others are being priced out of their old ones. But it’s a city that’s becoming more diverse — not less. Immigrants are still moving to New York in larger numbers than ever before. And there are people committed to keeping the history of old New York alive. New York is a living, breathing animal kept alive by the millions who call it home.

And if Chinese noodles aren’t your thing and all you want is an awesome pastrami sandwich, head over to Katz’s or try someplace new.

New York is dead, long live New York.

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Top Home Design Trends to Watch out for in 2018

New York apartments are always being redesigned and the new year is usually the most popular time for it. Last year saw some new design trends pick up speed which can be only expected to continue. The changes aren’t just in aesthetics, 2018 is expected to be the year when Smart Houses really start to go mainstream. They’ve already proven their incredible functionality and ease of use, now it’s time for them to move into the mass market as well.

Having combed through all the opinions and predictions people have for the coming year in home design here is our list.

 

Image by Cool Ideas 4U / Flickr

 

1. Rich colors throughout the home

it’s expected that richer more vibrant colors will replace the cooler neutral ones of last year. Think rust, brown-blacks and earthy reds. These types of colors don’t date quickly and give the home a warmer feeling.

2. Smart Technology

Smart technology is fast becoming mainstream in many homes. New innovations now allow you to take your home into the 21st century in a way that seemed like science fiction just a few years ago. Smart lighting allows you to automate your lighting to save energy and dim lights automatically as natural light in the home shifts throughout the day. Voice assistants like the Amazon Alexa and Google Home allow you to control every part of your home such as lighting, heating, and security to give you every assistance possible. Expect to see a lot more of this in the coming year with new innovations just around the corner.

3. No more white or stainless steel sinks

The standard metal or stone white sink has been slowly going out of fashion for the last year and that can be expected to only increase. This more rustic look adds a bit of personality to your home making it more unique. Expect to see more stone, copper or granite sinks in darker hues of gray, bronze and black.

4. Concrete Accents

A more affordable option is now starting to replace marble. This versatile material is now being used in more imaginative ways than just the flooring or countertops such as pendant lighting and furniture.

 

Image by Дмитрий Кругляк / Flickr

 

5. Simple shapes and metal furniture

Simplicity in itself is becoming a hot trend with more homeowners looking for ways to create a cleaner and more elegant interior design. High-tech styles and retro-modern designs are becoming more common with metal furniture taking center stage. When combined with wood and soft upholstery fabrics it adds a sense of modernity and luxury to a home.

6. Custom carpentry and wood crafts

Unique wood designs allow you to personalize your home in any way you desire. This can go from large projects like custom room designs to simple home accessories. It’s more eco-friendly and can be a fun pet project to work on. How and what you do is limited only by your imagination.

 

Image by Дмитрий Кругляк / Flickr

 

7. Vintage lighting

Not everyone is into the modern home design. Vintage lighting fixtures such as lanterns, pendants, and chandlers are making a comeback in many new homes, often incorporated with smart technology. They offer a one-of-a-kind quality that you won’t find with any new fixtures and add a sense of style to a room.

8. Millwork feature walls

Previously, if you wanted millwork or reclaimed wood you really had to find someone who knew how to work with it. Nowadays you can easily DIY it against a drywall with minimum experience. The ease and availability of millwork has led to increased demand and popularity over the year with that set to continue.

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Top 5 Contractor Scams and how you can avoid them

Almost every year you’ll see a news article about a shady contractor that scammed people out of thousands of dollars. The vast majority of contractors are honest, hardworking people who take great pride in their work but it only takes a few bad apples to spoil it for everyone. Back in 2010, one homeowner in Waterbury LaSalle was fleeced out of $5000 by an unlicensed contractor who didn’t complete the job. In 2014 another contractor scammed the Department of Education for more than $1 million in overpriced work.

 

 

Most of the tactics these scammers use are tried and tested methods. Here are the five most common and how you can avoid them.

1. Bait and Switch

This is perhaps the easiest and most common of them all. Usually, it starts with a newspaper ad or flyer that advertises a service you need at a ridiculously low price. The customer gets it and believes they’ve got a great price but then the switch comes in. The contractor informs you that your roof, air ducts or whatever it is are in far worse condition than the average. He then quotes you a price that’s hundreds or even thousands of dollars over the advertised price.

Protect yourself by having a contract written which states the scope of the work. if something is too good to be true it probably is.

2. Upfront payment

The next most common ruse is when a contractor asks for an upfront payment, either partial or full before work has even begun. One of two things then happen, he either disappears with your deposit or does a half-effort job because he knows you can’t fire him since he’s sitting on a large chunk of your money.

A small upfront payment is perfectly normal but this should never exceed 10%. All other payments can be done according to milestones that you’ve agreed upon in a written contract.

3. Extra Materials

This type of scam usually starts with the phrase “I was in the neighborhood and noticed your roof shingles are in need of repairs” – or some variant. They offer to do the job with ‘extra materials’ from another job which are often either fake or inadequate.

Never hire contractors on the spot or without any references, no matter how good the deal seems. If problems do arise after they’ve left you can be pretty sure you won’t find them again.

4. Taking someone at their word

On first meeting the contractor he’s very agreeable and polite with understanding what you need. He even suggests some changes of his own that will improve the final design. But then these suggestions don’t make it into the final contract and you brush it off because you had such a cordial understanding. Later you notice that these suggestions have not been built. On confronting the contractor, he informs you that these extras were not included in the final price so you’ll need to pay more to redo them.

Unfortunately, there is little you can do about this from a legal standpoint since you signed a contract that didn’t include these extras. Always ensure that everything is included in the contract and any changes are added before work starts.

5. Limited-Time Offers

Be wary of any contractor that tries to use high-pressure tactics to make you sign a contract or hand over a check immediately. This can be used in conjunction with the other scams to get you to sign before you can research prices and check references. Fortunately, under state and federal law there is a mandatory three-day ‘cooling-off’ period that allows contracts to be canceled even after they’ve been signed.

In New York, the cooling-off period does not begin until the customer has received a “Notice of Cancelation” form. Until this form is received the customer can cancel the sale by notifying the contractor in any manner at any time.

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Top 10 Most Expensive Neighborhoods in New York for 2017

As construction continues to boom in Manhattan and Brooklyn despite the luxury market cooling off housing prices have continued to soar. As they do for every quarter, the real estate site PropertyShark has finished compiling its Q4 rankings of the most expensive neighborhoods to live in New York City.

Median prices were compared for all closed residential properties sales between July and September 2017, with a few new faces making it to the top ten. Dumbo scored the eighth spot as Brooklyn’s most expensive neighborhood while the top spot when to, surprise, surprise – Tribeca!

 

Image by Douglas Roya / Flickr

 

Below are the top 10 most expensive neighborhoods in New York City as of this fall.

1. TriBeCa, Manhattan – $4,683,950

This prized neighborhood once again holds the top spot despite narrowly falling behind Flatiron in Q3. This year saw 417 transactions carried out, slightly less than it’s 482 the previous year. Regardless, it saw a median price increase of 12% making it the most expansive neighborhood in New York City.

2. SoHo, Manhattan – $2,997,500

SoHo comes second with a median sales price of $2,997,500, making for a contraction of 13% compared to the last year. The number of transactions also dropped from 180 to 150

3. Hudson Square, Manhattan – $2,305,245

Hudson Square moved up to third place thanks largely to stagnating price growth in Little Italy and Dumbo. The neighborhood has kept a stable price over the year, winning out against Flatiron by just $5,245.

4. Flatiron District, Manhattan – $2,300,000

Despite scoring the top spot in the third quarter of 2017 Flatiron fell down again to fourth place. This is still an impressive climb from 6th place in the last quarter of 2016, an increase of 19% with 460 transactions carried out.

5. Little Italy, Manhattan – $2,282,031

A median price drop of 6% meant this lovable district fell from its third spot on the list in 2016 with only 26 transactions carried out over the year

6. Dumbo, Brooklyn – $1,980,496

Despite holding a steady median price the neighborhood still maintains its position as Brooklyn’s most expensive neighborhood, losing just one place to the financial district’s impressive 19% price growth.

7. Garment District, Manhattan – $1,657,500

The fashion district experienced a drop of 4% in median prices over the year with only 26 transactions carried out. Nonetheless, this still put it one place above its 2016 spot

8. Boerum Hill, Brooklyn – $1,629, 200

Brooklyn showed impressive performance this year, providing 22 of the city’s most expensive neighborhood’s, just 2 less than Manhattan. Boerum improved its position thanks to increased sales and the launch of new luxury developments making for an impressive increase of 52% in median price.

8. Red Hook, Brooklyn – $1,625,000

Climbing from 16th place last year, Red Hook made a big jump into the top ten with a price increase of 34%, making it Brooklyn’s third most expensive neighborhood. Of its 21 transactions, more than a third took place at a new townhouse development at 74-84 Sullivan Street and 109-125 King Street.

10. Central Midtown, Manhattan – $1,580,00

With a 22% increase on last year, Central midtown raised two spots to put it at number 10 in New York’s most expensive neighborhoods. This increase was largely due to some high-priced properties on 252 East 57 Street which had a median price of $5.4 million.

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How to Scope Out an NYC Neighborhood Before You Make the Move

Moving to a new neighborhood can feel like relocating to another state. Buyers can find themselves so obsessed with square footage and amenities that they forget to check out the quality of life in the neighborhood. Safety, access to the things you need, and the ability to get around are major concerns before moving. Properly check out what’s available, and you won’t make the mistake of buying a wonderful home in a terrible neighborhood.

 

 

Parks and Rec

If you have children, you can learn a lot by visiting the local playground. Watching how parents interact with their kids, and the general atmosphere can tell you whether an area is safe or not. New York City has laws against those without children visiting a playground, but your local park can offer the same kind of sightseeing with a purpose for those without children. We sometimes overlook the importance of liking our neighbors, and parks offer neutral ground to get to know them.

Market and Food

Supermarkets carry different qualities and varieties of foods, so you can get a dose of local flavor by visiting one. Local options for quick food often come down to convenience, but do you really want to take a train or taxi to get a burrito at midnight when you’re hungry? Checking out the restaurants and bars also help give you some idea of local nightlife. Will you need to travel to find a good time?

Visit the Bodega

The bodega can tell you a lot about the neighborhood and offer some conveniences and comforts. Things to look for include:

Beer selection: craft beers suggest a younger crowd.
Ethnic foods: if you want to know what cultures you might encounter, check out the foods on offer.
Perks: bodegas generally offer a quick stop for coffee or a newspaper, but some are experimenting with higher quality coffee or special snacks to attract new faces.

Nearby Train Stations

The local stops can tell you a lot about foot traffic in your area and when it gets most hectic. NYC is a busy city, so you should never expect complete calm, but you can tell when rush hour hits and plan your schedule accordingly.

Take a Night Stroll

One of the best ways to tell whether your neighborhood is safe is taking an evening stroll. The later the better, with midnight being a good cutoff point. Are streets well lit, and is there enough activity among residents or incoming traffic? Do you feel safe walking alone? How much you’ll tolerate is up to you, but you’ll be thankful you took the time to ensure safety the next time you have to make a midnight run for something.

Find Important Landmarks

Important landmarks act as more than just guides, and libraries are a good example. Lots of events that help get you acquainted with your neighborhood tend to be held at libraries. Other important places to look for include schools, firehouses, and police stations.

Choosing the ideal neighborhood in New York City can seem like a daunting task, but you can learn a lot by simply scoping out the area beforehand.

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3 Things Tourists Do That Drive New Yorkers Crazy

Hi! Welcome to New York. We really do hope you enjoy your stay. While you’re here, we suggest you try out all our great restaurants, and maybe even a show on Broadway. And make sure you at least check out Brooklyn, not just Manhattan–there are, you know, five boroughs in this city. You know what you shouldn’t do? A lot of things.

So take your iPlugs or whatever out of your ears and focus for a second. Honestly, we’re happy to have you, but as sure as your tone-deaf uncle is going to ruin Thanksgiving, you’re probably going to do something to get on our nerves. We get it, you’re new here. So here are a few tips from us to you on how not to piss of a New Yorker.

 

Image by Andreas 05 / Flickr

 

Don’t Be a Menace on the Subway

The New York subway system is how almost every New Yorker gets from point A to point B. You’re new to it, so we can expect a bit of a learning curve. There are rules, however. Break them and you might find yourself in the middle of a light show while dancing on the third rail. Have your MetroCard ready before you reach the turnstile! Nobody wants to wait for you while you shuffle through your purse searching for the darn thing.

Do not board a subway car until everyone else has gotten off! We know you’re eager to get to where you’re going, but the train’s not moving and you’re causing a traffic jam. Also, take off your damn backpack! Do you realize how many people you’ve already whacked with that thing? We know you need a place to hold your water bottle, miniature Empire State Building statue and all those postcards you’re never going to mail, but you’re going to hurt someone.

Look Where You’re Walking

New York is, well, new to you. It’s totally understandable that you want to take in all the sights. The buildings are tall and majestic and you want to see everything. But when you’re walking down a crowded New York street, look straight ahead! Walking in New York is an art form. When you’re focused on where you’re going, it not only alerts you to things in your way, it also telegraphs to other people where you’re going.

Stop walking the streets like you’re praying to the almighty that you don’t get mugged. If you’re texting, taking a picture or playing Angry Birds on your phone, step out of the flow of traffic. And do not stop! Do not stop in the middle of a busy sidewalk for anything. Unless you’re bleeding, keep moving or get the hell out of our way.

Do Not Compare New York to Anything

Yes, your apartment is probably bigger. You may think your city is cleaner. No, we don’t have alleys. Yes, we put our trash out front. No, your local bread shop does not make a better bagel. Your team may have won the World Series. Your hometown may be warmer. Wherever you come from may be cool, fun or unique…

But it is not New York!

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Foreclosure Investing – Is it right for you?

At first glance foreclosure investing can look like a great deal. You pick up a property for a rock-bottom price, fix it up and then sell it for a huge profit. But Like many things in real estate investing a closer look reveals that things are not as simple as they appear. To succeed in foreclosure investing you’ll need a good understanding of the market, the risks involved and good business sense. It’s definitely not a market for beginners in real estate.

 

 

What is Foreclosure Investing

When a homeowner fails to meet their mortgage obligations the lender, usually a bank, will confiscate the property as a way to recuperate the losses. Banks generally want to get such a property off their hands as soon as possible. For an investor, this can present a prime opportunity to scoop up a property for well below the market value.

However, the process is rarely a smooth one. Most transactions like this are done with no warranty and if done at an auction present the buyer no opportunity to inspect the house first. Down payments of 10-20% are often required to secure a loan which also tends to come with a high interest.

If you’re willing to brave the risks there are three different options for acquiring foreclosures, each with their own pros and cons. The first step is to decide which stage of the process you’re interested in. Then decide on a strategy to successfully purchase at that stage.

Pre-foreclosure Stage

This is where the whole process begins. If a homeowner is late on a mortgage payment they will begin receiving phone calls and letters from the lender. If after 120 days no payment has been received the lender can initiate foreclosure. You can find pre-foreclosure deals in the 30, 60 and 90 days’ lists on various listing resources.

Knowing the exact reasons for why the owner failed to make their payments is critical when dealing with foreclosure investing. if it’s a short-term problem the owner may hold out until they can arrange a loan modification with the lender. If it’s due to a wider problem with the market then it can affect your chance of reselling.

The main benefit to this is that you can inspect the property first before deciding to buy. A downside though is that the owner could be desperate to sell and ‘forget’ to mention any liens on the property, large utility bills or unpaid property taxes will become the buyer’s responsibility on the purchase.

Auction

If the loan is not reinstated by the end of the pre-foreclosure stage the property is put on public auction. Acquiring at auction is the riskiest choice as an investor cannot inspect the property firsthand. You have no warranty on the condition of the property, no assurance that there are no other liens or loans on the property and no idea as to the condition of the utilities. The upside though is that you can walk away with terrific bargains if you play your cards right.

Most auctions are all-cash sales and in some states, you may only have a week to a month to come up with the full purchase price. If you fail to raise the money in time you lose your deposit.

If you do get a good deal at auction the former owner may even file a lawsuit to overturn the sale so be prepared to hire an attorney if needed.

REO Properties

The safest option but the one with the least profit is acquiring an REO (real estate owned) property. In this case, the property failed to sell at auction and is now owned by the bank or mortgage company. Since they now own it they must deal with the removal of tax liens and eviction of occupants if necessary.

Be aware that some REO’s might be exempt from standard disclosure agreements, a document requiring sellers to disclose any defects they know of. Ensure that you have such an agreement before finalizing anything. Most REO’s are listed on the market and sold through a local agency. Because of this, there is more competition so the profits can be less than the other options.

Before buying any REO property research comparable prices in the same neighborhood and take into account any costs for repairs or remodeling needed before preparing for resale. Many mortgage companies have staff dedicated to REO properties and will usually advertise through a listing agent.

Foreclosure investing has to be approached with caution and an understanding of both the risks and state laws. If done right you can scoop up a property for a bargain and sell for a tidy profit. Make poor choices though and you could be stuck with a money sucking property that you can’t get rid of.

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Things You Need To Know About Moving To The Bronx

If you think you’re ready to call yourself a Bronxite, don’t. People don’t really refer to themselves that way in the Bronx. And if you do, it’ll be obvious that you’re new around here. But if moving to the Bronx is in your future, we’ve come up with a list of 6 helpful things you need to know before making this historic neighborhood your home.

It’s one of the most affordable boroughs

Outer boroughs like Queens and Brooklyn are constantly seeing new developments and rising real estate prices. But the Bronx is one area where many New Yorkers are finding the perfect blend of affordable living and the nitty-gritty NYC feel.  In The Grand Concourse area, you’ll find classic Art Deco style apartments averaging about $204,000. Stunning brick condo buildings in Highbridge offer residences for under $100,000.  In Mott Haven, real estate prices get closer to the $1M range, but it’s a popular place for renters.

 

 

You won’t find a better plate of spaghetti anywhere else

Or eggplant parm. Or cannolis. Or a meat covered 16” pie. When it comes to Italian food, it doesn’t get better than Little Italy. There are nooks throughout NYC that try to compare to Little Italy, but there’s only one original. From homemade pasta at Roberto’s to mouth-watering penne ala vodka at Patsy’s Pizzeria (technically in Morris Park) Italians, and those of us who eat like Italians, love this historic and delicious part of the Bronx.

 

Image courtesy of Roberto’s

 

It’s Easy To Get Around

While some people keep their cars when they move to NYC, many give up their rides and rely on public transportation on a daily basis. It’s simple to jump on the subway for a quick ride to midtown, and traffic isn’t crazy like in Manhattan. Check out this map for trains that run in and out of the city. For newbies to the area, the subway map for Manhattan can look like a crazy kid colored on the walls with crayon. Thankfully in the Bronx, there’s pretty much the 5 and 6 that’ll get you where you need to get and back home again. The close proximity to La Guardia makes it easy to fly in and out of New York, and a bus can take you anywhere in the Bronx you want to go. This pedestrian-friendly borough allows residents to run, walk, skate, or bike from point A to point B with ease.

There’s Real Estate For Everyone

The Bronx is the farthest thing from “one-size-fits-all” that you can get. From the arts and entertainment to the local attractions and the diverse mix of people who call it home, there’s something for everyone in the home of hip-hop, including real estate. Neighborhoods like Riverdale and Fieldstone offer stunning single-family homes and townhomes ranging from $875,000- $6M. Areas like Soundview and Morris Park offer an eclectic mix of recently upgraded townhomes and fixer-uppers. Regardless of whether you are buying or renting, looking for a single-family home or high-rise, and what kind of budget you’re working with, you can find something that meets your lifestyle preferences in the Bronx.

 

 

It’s Yankee Territory

Before you cross into Bronx territory, you need to make sure you own at least five pieces of Yankee apparel. Whether it’s a crisp snapback, an old-school Yankees Jersey or just a well-loved Yankees tee, people from the Bronx are serious about their baseball. Being a Yankees fan is a requirement here, and fans in the Bronx are unlike anywhere else in NYC. If you’re not a baseball fan, pretend to be one. It’s serious business. 

Bronx Has A Beach

When you picture the Bronx, you probably don’t think about digging your toes in the sand and enjoying a fruity cocktail. But Orchard Beach is a refreshing getaway from the edgy-ness of the city. During the summer, the beach is full of New Yorkers defrosting from the colder months and enjoying picnics, basketball games and working on their tan. (And Lord knows we need all the help we can get)

It’s The Home Of Hip Hop

We’re not saying Hip Hop is the only type of music people like around here, but since it’s hip-hop was born here, it’s safe to say that the upbeat musical style is near and dear to many. Can you walk down the streets in your cowboy hat singing about your tractor and your dog? Sure. Will people throw stuff at you? Probably. The Bronx plays a huge rule in the history of Hip-Hop, and you can feel the love for the music in the streets. (And Jennifer Lopez is from here. So there’s that.)

 

Image courtesy of Complex

 

The Bronx has a reputation for not being as elegant or fancy as Manhattan, and Broxites (don’t do it) like it that way. The Bronx isn’t trying to be like Manhattan because it’s already doing a kick-ass job being the Bronx. It’s edgy and fresh while holding onto the charm and history that it is known for. If there’s a move to the Bronx in your future, consider yourself in for a treat. From impressive (but affordable) real estate, a multitude of arts and cultural attractions, incredible eateries and gorgeous parks and public spaces, living in the Bronx is not just a lifestyle; it’s an experience.

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Discounts in the Luxury Market

It is hard to believe, but there is a pocket of weakness in the New York City real estate market. It pays to dig dipper, and you may find yourself in a better bargaining position than you thought if you are in the market for a luxury apartment, which we define as at least $5 million.

The market

The Real Estate Board of New York (REBNY) released its third-quarter report, noting the average Manhattan sales price fell 8% versus a year ago, to $1.84 million, while rising in the other boroughs. Breaking it down, it was a similar story in condos, with Manhattan’s average price falling 14% to $1.92 million while rising in the other boroughs, including reaching a record high in Queens. It was only different in the co-op market, where the average price rose, and it was strong in Manhattan.

 

 

Averages are influenced by extreme values, and weakness at the high end held the figure down.

Other sources also note the weakness in the luxury market. After a flurry of activity in new luxury developments such as 432 Park Avenue that drove prices higher, experts are indicating this is dissipating. Jonathan Miller notes the luxury median sales price was down nearly 5% to $6.42 million, and a shift to smaller new developments rather than $10 million+ units. Corcoran’s third-quarter report also noted the oversupply, and 52% of the market sold at an average discount of 8%, which excludes other concessions. Still another report stated the number of $10 million+ sales fell to 25 from 43 a year ago.

Neighborhood watch

We know all neighborhoods are not affected the same way. Therefore, we delve deeper to see where the luxury sales are occurring.

Corcoran breaks the luxury sales into Downtown (54% of sales), East Side (24%), West Side (15%), Midtown (7%), Uptown and Financial District (FIDI)/Battery Park City (BPD) (no sales).

Additional help

Elika Real Estate is here to help. While the luxury market may be weaker, it is not uniformly true across neighborhoods and buildings. Through our years of experience, we have developed a more comprehensive approach for homebuyers. It is our Elika Micro Market Formula that goes beyond the simple method of merely looking at location.

We look at a variety of factors, ranging from the city’s economic fundamentals to the neighborhood, street, curb appeal, unit mix, services, and the individual apartment’s amenities. For new development, we have additional considerations, such as the developer, architect, percentage of end users versus investors, and apartment flow.

Final thoughts

It is difficult to assess the entire market based on weakening in the luxury segment, given its different dynamics. Meanwhile, the other parts of Manhattan’s real estate market appear stable, with higher unit volume and prices.

If you are one of those shopping in real estate’s high end, you may find yourself in a better position than a year ago. Not only may you receive a discount on the list price, but you may also be able to get other items, such as an upgrade or part of your closing costs paid. It’s a buyer’s market at the top end.

 

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