Everything seems brighter in New York City today; the sun is bursting over the fabulous skyscrapers populating the radiant and inviting blue sky. Aside from the warm climate, the sales market is leading with a healthy uptick in movement and pricing. While there are factors that can contribute to the shift in pricing each quarter, in 2014 there seems to be a trend – inventory is low and prices are in the upswing. There are factors that contribute the market conditions, and there is an underlying cycle to the degree that eventually prices will reach a stasis. Subsequently, there is still technically a window of “opportunity” for real estate players. Cash is king, and that is true for buyers who do not need financing. What may be “too expensive” for some, can be an opportunity for others in our global economic landscape. Additionally, in Manhattan, the complexity of zoning and air rights, price for the land, as well as historic landmark allocation in some areas will continue to generate demand for land where development can occur. There is a nice segment of new construction, but in the high-end market, because the incentives to build “affordable” housing have diminished. Companies spend millions trying to crunch numbers and data to hedge identify the exact time, space and mobility of an asset– not even for a solid rock of gold do we know the trajectory, or do we?. The NYC real estate market is fascinating, dynamic, and the exact future of its peak or lack there of, somewhat evasive, but while in the moment – just a slice of the macro dynamics here in NYC.
There is a tremendous dynamic movement in the innovation of digital spaces for communication and information. One of the biggest industries moving forward, it seems, is the technoscape. What this means, of course, is that there will be more possibilities for individuals looking to lease or purchase an apartment – to explore listings and options. New York City is a very particular market, somewhat contextual, and because of the process involved in purchasing either a cooperative, or a condominium, or even leasing a retail space, or office space, there is indeed a need for real estate brokers. Who will be the leaders of tomorrow in this arena? the personnel, adapting to that shift. Real estate investments, for example, are not just about finding a “foreclosure,” but understanding various approaches to buying an asset that will continue to produce, even in an uncertain economic cycle. In other words, the local knowledge that a broker brings, by being involved with the market first hand, with the process, the valuation, the socio structural understanding, will be an added value to the continuation of digital implementations to distribute listings. When a prospective buyer, renter, business owner develops a trusting partnership with a real estate professional, they can add value for a better transaction. It is not as useful to see them as one entity replacing another. I always look forward to working with my customers/clients, and to understand their priorities, and to share the information that is available via the various innovative informative mediums. Team work; the leadership of today, and tomorrow, is many, not one isolated incident with an app after dark looking for ways to get around the broker.
This is the time of the year when people travel, and like the summer, there is a lot of activity in short-term sublets. While there are laws in place to try to curtail short term illegal sublets – it is still happening, particularly in small rental buildings, where the super is not present, and management companies are not familiar with the foot traffic in and out of the buildings that they manage. Having a video camera that does not work and no one reviews is pointless.
While the “rent stabilized” properties continue to diminish in our pool of housing, there are still however a few small-walk up buildings that are rent stabilized. In such properties, the “owner” can only increase the rent within the city guidelines. http://www.housingnyc.com/html/resources/faq/rentstab.html
Due to operating costs, and the restriction(s) on how much an owner can increase the rents on lease renewals in these types of properties, there is a lack of additional revenue for building improvements. Technically, the available apartments should be given to persons who qualify for them financially. The prospective tenants, are applying because cannot afford a more expensive apartments!
There are cases when people who have substantial wealth are able to obtain leases in their names in such apartments, often because they have invested their liquid assets in foreign investments, including but not limited to income producing properties, or investments in which their actual financials can’t be traced. No taxes, no records.
Is this fair? The unfairness comes when these individuals start to lease out short-term the very small rent stabilized apartments that are meant for people who can’t afford more, low income to some degree – yet these individuals with higher means – are doubling rents and pocketing every penny. More money for those who already have money off the backs of the ones who do not.
Instead of the rightful owner. So, next time you think about subletting your apartment illegally short-term, think about the ramifications that it has on your neighbors, and in our community, as well as the city itself. It is not cool. It lacks ethics.
We are all busy it seems. New York City is a very fast-paced city. Recently, I have noticed, that people are constantly so distracted, they do not listen, they do not take time to respond properly. We are heading towards a speech style that is going to sound more like text. That is, short chopped up sentences that leaves us confused as to the intended meaning of the message. Imagine what would it be like if people paused in the first contact of interaction to say: “hello, how are you today?” pause, and then go on. It is something to think about…..
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