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 …
I often think about this, specially while operating in a very competitive business environment. It seems that to some degree, while machines have facilitated some tasks, the actual services being provided by industries appears to be more transparent, but in a heartless kind of way. I recently had a service provider send me an invoice before the actual work was even completed, or I was informed that the service for which I was being billed was completed. It is interesting that with industrialization has come the manufacturing of a cold heart. Put in your credit card, write out the check, and that is the most important part. I want to continue to strive to provide the human aspect to the real estate transaction – the qualitative nature of a heart – I want to look back on my life and be glad that I was not just a cog in a wheel, but someone who was paid not only for the quantitative aspect of the transaction, but also for having a heart, and yes, even in a capitalist society – you mean something to me, not just a check.
I was watching a video by Danny Hillis, discussing what would happen if the Internet crashed. He talked about the origins of the infrastructures, and systems, and basically the fact that the Internet as a communications system can be attacked, disrupted – in essence crash. We have found ways to protect information on machines, and structures, but we are still in essence over dependent and vulnerable.
How this relates to real estate? Well, it can relate to anything, I have however noticed a tremendous continuation of dependence on everything on the web to do a transaction. From the databases with listings, to the exchange of documents, to electronic signatures, to the most basic dependence of looking for properties on various websites. I think it is helpful to have a back up system – perhaps not note cards stashed with addresses and prices, but something where if the Internet goes down, we can still manage
I realize that the real estate landscape will continue to change, because of tech innovation, communication, mediums, and choices that people currently have. Most buyers and renters, start their process, with an online-search, and there are a variety of sources, that allows him or her to search for their apartment of their dreams. Part of our philosophy, includes being able to be open to new ways to service our prospective consumers. Manhattan Life Real Estate, is able to provide that prospective renter, seller, or buyer, choices. If you are a seller, and want to just utilize part of our services, that we, as licensed real estate brokers, can provide, then, he or she can pay a monthly fee, a consultation fee, or a percentage of a broker’s fee at closing, that will be contextually relevant to that deal. We do not believe in “general” rules, as they apply, we believe in being able to respond to the budgets, and needs of each person in a real estate transaction. We are looking forward to being part of an innovative solution to the high brokerage prices, being able to respond to the change in the landscape. Feel free to inquire about our real estate menu.