New Developments in Manhattan

I recently attended the Luxury Living Exhibit: New York Condo Showcase at The Puck Building. It was great to see so many projects in one viewing!  Below are my top picks at the event. Just click on the address for the details.

Enjoy!  

DOWNTOWN

99 John Street

55 Battery Place: The Visionaire

60 Beach Street

45 John Street

15 Madison Square North

34 Leonard Street

MIDTOWN

211 Madison Avenue: Morgan Court

11 East 29th Street: The Sky House

505 West 47th Street: The 505 HK

247 West 46th Street: The Platinum

UPPER EASTSIDE

400 East 67th Street: The Laurel

205 East 85th Street: The Brompton

255 East 74th Street

995 Fifth Avenue

151 East 85th Street: The Lucinda

UPPER WEST SIDE

205 West 76th Street: The Harrison

101 West 87th Street: Park Columbus

219 West 81st Street: Avonova

80 Riverside Boulevard: The Rushmore

Big Brokerage Companies and the Small Giant

Many people question why I am with my current Firm.  I usually smile, and say “it’s a good fit for me”. However, a few (recently) do not think that is a good enough answer and want to know more than that quick answer.  And this week, a potential seller mentioned: “I am also looking at the larger companies in town”. 

So, here is the real story:I have been obsessed with Manhattan real estate long before I moved here from Cleveland. For fun, I used to read the NY Times real estate section daily, look at was on the market for rentals and sales, read every book I could get my hands on regarding architecture ….and of course the juicy ones that my ex-husband would pick-up for me such as “The Sky’s the Limit”.    

One day, I decided enough is enough, I am moving to NYC to be a real estate agent.  Even though I did not have the savings to do it right away, I was given an opportunity at the largest Firm in NYC as the Broker Referral Manager.  Before this position was offered to me (during the informal interview), I was very upfront with them and said I was going to be an agent in NYC and my long-term goal was not to be a staff member.   All understood and I accepted the position. I was so appreciative to all of them (and I still am today).  

When I arrived that 7^th day of August of that exciting year to start my life in NYC – I was thrilled. I was actually, making a step closer to my goal!  I was here and now I needed to make a difference.  I loved my duties at this Firm and truly enjoyed mentoring the agents on my team. So many of them used to say to me “well, it doesn’t matter Heather I will get the exclusive because I am with XYZ (Firm) and they will pick me to list their property over everyone else”.  My response:  “ I am glad you have such a passion for XYZ, but the Firm should not define you; You should define the Firm – the ingredient that is going to set you apart is -You”.  

Where am I going with this? Well, when my tenure as a staff member came to an end, I felt that I needed to “walk the talk”. I was offered a spot as an agent with this Firm. Actually, I was offered many spots on some of the highest grossing sales teams there.  My income today would have been so much greater than where it is currently.   

I strongly believe that an individual can make a difference and be successful regardless of their orientation with a company or group. It just takes longer!

Sidebar: my previous position was under the Relocation Division. Relocation is something I am an expert at (I am one of two agents in NYC with this certification). I did not want the agents or anyone at that Firm to think I was given business because of it. 

Furthermore, I never take the easy way – but I do take the “right-way”.  Yes, I know the “right-way” takes so much longer. But, it feels so much better on your way to great things in life and in work. 

I have always believed that it is better to be “the best” instead of being the “biggest”.  The quality versus quantity  philosophy…

So, in walking the talk: I joined DJK Residential (one of the smaller brokerages in NYC). My values fit nicely with theirs. There are no politics and some really great agents (floating under the radar) resulting in a really good business practice. 

Additionally, I am given the freedom to execute creatively and market properties well beyond what a larger company could offer their individual agents. Most importantly, they truly believe in my mission, values and goals.  This was KEY for me – to this day, they have not let me down on what they promised me. 

So, I am with a “small giant” and it is a good fit. 

Finding Your Way in NYC

Ever get lost in NYC when you are in the areas that do not have numbers for streets?  Streets like: Albany, Water, Sullivan, Jane, etc?   The best tool for me when I first came to NYC was HopStop!  

I still use it today – whether it is by foot, Taxi or subway. Many of my clients are foreigners and do not know the city well.  The first thing I tell them, “Use HopStop – you will love it!”

 Check it out: 

HOPSTOP!

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Church to Condo

The Novare: 135 West 4^th Street

  

In Latin, Novare is defined as: to change, to renew, to transform. 

Well, as you stroll down West 4th in the Village (MacDougal Street and Sixth Avenue) you will definitely see the shell of Washington Square Methodist Church. But, inside this Romanesque Revival piece of Architecture gives shelter to eight lofts.

Only one unit is left, Garden – E

List Price: $2,795,000

Original list:  $2,995,000

Common Charges:  $939

Taxes: $1,063

Rooms:  5/2/2

SQFT:  1778  T

The other units that have sold (price is actual list price – not sales price):  

  

GARDEN – W

5/2/2 1877 SQFT  $2,411,945 

2-EAST

5/2/2 1884SQFT $2,469,924 

3-EAST

5/2/2  2037SQFT  $2,495,000 

2-WEST

5/2/2  1797SQFT  $2,497,000 

3-WEST

5/2/2   2033SQFT  $3,050,000  

PH-WEST

7/3/3  3498SQFT   $5,960,000 

PH-EAST

7/3/3   3494SQFT    $5,995,000 

Another interesting condo conversion in NYC! I would say, the village has been blessed again…

The Salon and NYC Real Estate

I was at the Salon recently… as Alma was cutting away (actually, this time it was just a trim), I was thinking about the real estate market.  This past week New Yorkers have seen the articles in The New York Times, 

The Real Deal , Blogs, etc. on NYC real estate. Everyone has a different take! 

HBise short-take (no pun intended):  

I have acted via third party (tax protection) in almost every state in the US.  I witnessed Michigan and Ohio thrive for years and then…tank.  I have seen similar appreciation shapes in Florida and California. However, the sunny states are on their way back.   

How does this effect NYC? Well, I have been through trends. This being said, I do think we are in for a little bit of a healthy “trim”. Even though sale prices were high, inventory was down for the last quarter of 2007.  Inventory influences appraisal values. If you do not have recent comparables (solds), an adjustment will need to be made on the report.  Now, as of March we have seen an increase in inventory—it will be interesting to see how this shapes the stats for 3rd QTR of 2008. Interesting because the appraiser is going to blend part of ’07 and ’08 when determining the subject’s value (even though one should use 3 comps that has closed within the last 6 months);add this to stricter lending laws and things are not going to be so easy.   

Another factor to keep an eye on here in NYC – Rentals: I have never seen so many owners offer so many incentives on rentals in a market that is driven by renters.  Recently, I was able to negotiate a 2 bedroom (in a full service luxury condo building) from $3500 to $2500! I would like you to think that I am a Master Negotiator – but, honestly the market deemed the $2500… 

Finally, let’s clear- up something:  I hear so many brokers saying “Did you hear the Fed cut rates – this is great for you!” to their buyers.  And I am always thinking “What?”!!!!! So, let’s try to keep this simple and how it concerns financing in real estate.The Fed determines the fate of short-term interest rates (like credit cards, auto loans), they do not directly call the shots on long-term interest rates (what you might pay on a 30-year fixed loan). When the Fed cuts rates it really has little affect on a 30 year fixed mortgage. However, this is better news for  a 5-1 ARM and a HELOC.  

In summary, the New York Real Estate Market is in for a very healthy “trim” over the next few months with market time being lengthier and prices stabilizing.

Image and Real Estate Brokers

I am so tired of those in my business talking about their “image”! I need this suit; I need this watch, etc. for my image. The dressing part is just an add on…For me, image is how I live my life, what and whom I socialize with, how I treat everyone, and most importantly – impeccable with my word. Brokers in general have such an awful reputation in NYC. Slowly, I have been trying to set the record straight. So, fellow brokers, this sonata of words is for you…

That word: IMAGE…what does it mean to you now? Really think about it before you read on…

I have heard so many people in sales talk about their image and I cannot help but tune them out. If I am doing this, I am sure others are as well!

So many times people think it is all about the way they look. Quite honestly, “the look” is the easiest part of the concept and is only about 10% of what “image” really is.

John T. Molloy’s Dress for Success is a great book. However, I think people got a bit lost and confused that this was IMAGE.

Think about this: without the clothes, without the fabulous watch, without the jewelry, without the body that you work so hard to mold – how would you appear to others?

That is the real foundation to IMAGE.

I am not saying that it is not important to look your best. But, image is the way you live your life and how others see you.

Conversely your outwardly physical appearance – should just enhance who you really are.

Physical appearance is just an accessory – a bonus.

Image is how you live your life:

1. How one speaks.
2. How one interacts with colleagues.
3. How one interacts with clients.
4. How one interacts with the Barista at Starbucks, cab drivers, the cleaning person at the office, etc.
5. How one interacts with their family.
6. How one displays confidence.
7. How one displays compassion
8. How one takes a compliment.
9. How one treats those that have cast misfortune on them.
10. How one leaves their baggage for yesterdays garbage.
11. How one can admit they made a mistake.

Do you want to be the wrapping on the package? Or do you want to be the gift to others?

I always want to be the complete package with the gift being the greatest asset. What about you?

Yes, people call me naive.  But, I know from personal experience that being impeccable with thoughts, words and actions are the true ingredients to success.  This is what my “image” is everyday.  Remember:

IMAGE is the way we live.