As a Lower East Side Resident, and real estate broker, I have observed the shift in the architectural landscape. What once used to be the Matzo Factory, is now a new condominium development. Adorning the corners of the high foot traffic Clinton Street – an array of new boutique shops selling art, good food, and love in a cup of gourmet hot chocolate. It makes sense that developers hedged on the steady growth of the LES. A romantic landscape , with vibrant flavor and history, where a developer could build and make a profit, while not surpassing the average 2k a foot psqf, in surrounding neighborhoods. As a resident, and broker, I do feel that it is positive that our community continues to dynamically move forward, while still keeping aspects of the history that has made the LES what it is. Among the fancy new boutique shops, one can still find the little mom and pop spaces, art, music, galleries, Orchard Street. The architectural design does not take away from the skyline; featuring small walk-ups, and charming buildings. From a buyer’s standpoint, this would be the place to invest at the moment, while prices are relatively low, and the product new, in a wonderful location. GO LES!!!!
I love New York City, because it is a dramatic space with fluid and dynamic energy and an artistic underlying climate. Being a real estate broker, is challenging, but it is also exciting. Throughout the years, open source players and creative programmers have tried to find a way to democratize data in the real estate landscape. After acknowledging that New York City’s real estate data has mostly operated in closed, non cybernetic systems prior to listing aggregators – they realized that it would behoove them, to mostly create tools that brokers can use to facilitate a transaction, or create spaces where brokers and prospective buyers and leasees could try to find real time data to negotiate a transaction based on a macro, contextually relevant comparisons. With aggregators, they welcomed the real estate industry’s willingness to share data and create an overall market place for all. Thus, consumers became locally familiar with the marketplaces, and brokers were able to find direct customers/clients. That is, until every new aggregator, or provider of real estate data, decides, that they are more interested in the classical brokerage model for controlling data and turning profit. Thus, democratizing of information is great, but then, they want to be compensated for the service that they provide, and what better way than to use the content already provided by the real estate players who kept the information in closed systems and by default control the market. A conflict of interest is born, and regardless of how many new tools are used to democratize this particular data, the content providers will pull back because it affects their profits. Data sharing is shrinking because of the push and pull that technocratization of this particular type of information purports, and the landscape is not ready to lose power or control of extremely valuable data with fancy profits. New York City’s real estate landscape is interesting because it contains different types of properties, and for each, a unique process. Furthermore, there are laws dictating how each property can operate within the macro landscape. Brokers are needed; technology is useful – what will the future bring for this complex landscape? will owners accept that an agent would not want to list their property in a given space, because this will mean having to share the commission? Will that owner receive the highest bid? will that owner still be paying the same commission amount if the buyer comes directly to the listing agent vs having to co broke it with a buyer’s agent representing a customer? Do buyers even care who represents them, and rather go directly to the seller’s agent because this will guarantee them getting the property that they want? If a buyer’s agent doesn’t know a property, his/her job is to conduct due diligence, and by default the understanding is that the professional has experience and knowledge in reference to the process, pricing and market movement. Will owners even care or understand how this paradigm shift impacts the bottom line? will the brokerage system change? Only time will tell.
A few years ago listings sold, sure, but there was room for negotiation, and pricing somewhat at a pace reflecting the mood of the economy. This year, if an apartment looks priced under market value, be aware, as this can be basically is a tool to create a bidding war. Cash is king in accepted offers. Should that be fair? As a buyers agent, no, that does not seem fair. I always advise my clients/customers to be aware of the rates psf in the given location, this way they refrain from using emotional logic and overpay. If another prospective purchaser wants to do that – then let them pay, you move on to a fair deal. There is no such thing as a “deal” really – particularly in coveted locations and prestigious buildings. What there is, however, is a “fair deal.” It is important to buy an apartment that has future resale value. Don’t take for granted things like view, light, floor level, how big the bedroom is. Just a thought.
Manhattan is expensive; be prepared to spend. Just don’t empty out your accounts – unless your accounts are bottomless and you really just don’t care.
It looks like some real estate investment is occurring in Colombia. Sam Zell, owner of a Chicago International Investment company, was one of the real estate leaders who took this important step. Colombia is a beautiful country, with glorious vacation locales like Cartagena. The clear beaches, breezy climate, wonderful food and rich history – will continue to develop as a vacation destination for some in some areas of Colombia. Additionally, Bogota, the capital, also continues to foster opportunities for new corporations to establish, and old corporations to expand into and continue to grow and enjoy new and affordable commercial spaces. This is an exciting transaction and business relationship to keep an eye for. As globalization continues to prominently affect our globe, the need to establish cross- cultural relationships in the real estate landscape will be more pronounced and feel less disconnected.
The Lower East Side continues to move forward in development. Within the next ten years, the area adjacent to the Williamsburg Bride – South, North and East will continue at a similar pace as the land lease on the West 30s of the Hudson. While new apartment buildings will be a mixture of affordable and market rate residencies, the air-rights of existing older walk-ups will be bought and built. One example is the corner retail space of Delancey and Clinton in the Lower East Side. Similarly so, the Seward Park area, will see an influx of new retailers, with concessions to match the residential additions.
Here is the link to the open bid to work on this amazing trajectory …
“http://www.nycedc.com/project/seward-park-mixed-use-development-project”>here is the link to the bid