We have been hearing bits of information about this “wonderful new process” that will take the time, hassle, and frustration out of selling your home. It is called iBuyer. I want to give you a brief introduction to this concept and plan to go into detail in a future newsletter.Read More
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I just returned from one of my favorite conferences of the year - Milken Global Conference. Changemakers and innovators gave inspiring talks on topics from finance to wellness. It is invigorating to hear how we can use financial innovation to drive the kind of outcomes that inspire us.
My favorite panel is " Investing Advice from Unlikely Investors" hosted by Michael Milken.
A few takeaways pertaining to real estate:
What you buy is more important than what you pay
A good contract does not make a lousy investment successful
There is no such thing as a "Must-Do" deal
Hope is not an investment strategy but real estate investment is. Investments are commitments that compare to relationships. Some investments, like the stock market, compare to dating while real estate investment compares to marriage. With any commitment, diligence is essential.
As an advistor, I work diligently to insure my clients have successful marriages. Are you looking for your next successful courtship? Call me today.
The close of the 3rd. Quarter of 2018 has many in the New York City luxury real estate market crying the blues. Buyers have more wealth today than any other time in history and yet market results are less than stellar. The activity is slower, prices are declining and there are fewer sales.
In my opinion, markets are about buyers. I have identified FIVE BUYER PROFILES which may explain why some areas are experiencing a pull back in sales and pricing.
THE EXHAUSTED BUYER: It takes a lot of time, money and effort to move. Many love where they live and are focused on careers; enjoying travel, their families, or their second home. Some are taking the renovation route. The exhausted buyer is shifting their energies to other areas in their life.
THE LOW-INTEREST-RATE-ADDICTED BUYER: Paying more per dollar borrowed is a difficult decision for a buyer and a fact they confront as rates rise and normalize. Giving up a super-low interest rate can be painful making them hesitant to buy now.
THE FEARFUL BUYER: Fear can paralyze. What if prices keep declining? What impact will local tax policies have on my monthly costs? How much will they increase? What is the full impact of the revised tax laws? What if I buy now and cannot sell my existing home? The fear of these unknown answers is causing buyer paralysis.
THE INVESTOR BUYER: They are cycle wary: are we at the tail end of a 10 year economic cycle? Astute investors recognize there is ALWAYS opportunity, even in a market that appears to be in decline. Now is no exception with some incredible opportunities to be had. Investors are getting super-strong returns from equities. Cash investments yield profitable returns as interest rates rise. The softening of home prices in some markets may spark the interest of the investor buyer.
THE INTERNATIONAL BUYER: Many international buyers are in 'wait-and-see' mode as the U.S. defines its trade, immigration and visa policies. Coupled with a strong dollar the international buyer will sit it out even longer.
Activity in the luxury real estate market is slower. Buyers are snapping up exceptional properties at pricing not seen in years. The five profiles described here help explain the softening we experience as we enter the final quarter of 2018. As always, some properties will sell for large premiums and some will adjust to the market demands of their neighborhood. The fact remains; buyers will buy, it just may take a little longer today..
One of our 2017 resolutions is to understand the fundamentals of Blockchain Technology. Blockchains consist of a distributed ledger and cryptocurrency. This has the potential to transform real estate in numerous ways; fraud prevention and smart contracts are among the top reforms. In our opinion, the industry to be impacted the most by Blockchain is the Title industry, read why here.
Below is also a great video that explains the process of Blockchain using the example of the diamond trade. The same process could easily be transferred over to both sales and rentals in the real estate industry.
Many of you may now know that the famed Waldorf-Astoria Hotel was purchased in 2015 by Chinese holdings company Anbang Insurance Group Co. for a record breaking $1.95 Billion. Three quarters of the building will be converted into luxury condos and the renovation will cost another 1 Billion and is expected to take 3 years. What many people do not know is that there has been a big push for the interiors of the Art Deco building to receive landmark status.
On Tuesday, the LPC calendared interior spaces for designation, mostly on the first and third floors. Also calendared are the fixtures and interior components of these spaces, which “may include but [are] not limited to the wall surfaces, ceiling surfaces and floor surfaces, murals, mirrors, chandeliers, lighting fixtures, attached furnishings, doors, exterior elevator doors and grilles, railings and balustrades, decorative metalwork, and attached decorative elements.”
With a unanimous vote to calendar the designations, the next step is a public hearing, followed by a vote. No date was announced for that public hearing, but it (and a vote) will have to take place within one year’s time. We are happy to hear that the new owners are completely in agreement with the LPC "“Anbang knows the Waldorf’s history is a large part of what makes this hotel so special. That’s why we fully support the LPC’s recommendation for what would be one of the most extensive interior landmark designations of any privately owned building in New York,” the developer said in a statement.
Continue reading HERE
In a city with many sparkling skyscrapers (of variable aesthetic interest) and a wealth of standard architectural forms from the past (the brownstone, the townhouse, the converted loft, the rapid-expansion tenement buildings, etc), it is a pleasure to come across a particular piece of real estate that does not fit into any typical category… a piece of architecture with an idiosyncratic personality… a building with its own distinct character… something like the Pumpkin House in Washington Heights. If you have not seen it before, then let me welcome you to come face to face with a truly strange cliff-side dwelling unlike anything else in the City.