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Thanksgiving Tradition: Macy's Parade & A Favorite Recipe

Thanksgiving 2017

Thanksgiving: a time to gather around the table and forget about the gifts while enjoying the company of friends, family, and relatives. Thanksgiving is a time where many come together and reflect upon all the things to be thankful for - family, careers, a home. A common theme weaves its way throughout the Thanksgiving holiday, namely traditions. Traditions are a big part of Thanksgiving from that favorite recipe to all gathering around to watch the Macy's Thanksgiving Day Parade. 

Read below for some of our favorite Thanksgiving traditions including the Macy's Thanksgiving Day Parade and a favorite recipe that is sure to be a crowd pleaser.

Macy's Thanksgiving Day Parade

Macys Thanksgiving Day Parade

The parade is a city tradition dating back to 1924, making it the second oldest Thanksgiving parade in the country, which attracts more than 3.5 million to the streets and an even larger audience via television. This year marks the 91st parade, and Macy's has set up a special interactive website to browse through the parade over the decades and get a look at this year's lineup. The parade is, perhaps, best known for its large balloon class which has featured many cultural icons over the decades. This year, the lineup is slated to include the likes of the Pillsbury Dougboy, Ice Age's Scrat and his Acorn, and Angry Birds to name a few. The parade route is 2.65 miles long, starting at 77th street and Central Park West.

Route: 77th at Central Park West south to 59th Street.
East on 59th Street to 6th Avenue.
South on 6th Avenue to 34th Street.
West on 34th Street to 7th Avenue.

The admission is free to the Parade. The best place to view it is between 72nd and 61st Street and Central Park West.

The viewing areas along the route gets incredibly crowded. It is recommended that you arrive no later than 6:30am if you plan to scout out a good viewing spot along the route.

Sour Cream and Chive Mashed Potatoes 

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The perfect compliment to the Thanksgiving turkey? Mashed potatoes. This recipe takes traditional mashed potatoes to a new level with sour cream and chive. They are sure to be a crowd pleaser and will have guests coming back for seconds!

Ingredients:

  • 2 pounds Yukon Gold potatoes 
  • 8 tablespoons unsalted butter, melted  
  • 1/2 cup half-and-half  
  • 1/2 cup sour cream 
  • 1/4 cup chopped chives  
  • Salt & Pepper to Taste

Bring potatoes to a boil, then reduce to a simmer and cook until the potatoes are fork tender, about 20 minutes. In a small pot over low heat combine half-and-half and butter. Heat until hot but not simmering. Drain the potatoes in a colander. Wipe the saucepan dry. Add the potatoes back to the saucepan and mash. Give it a quick mix with a hand mixer to incorporate some air and ensure a smooth texture. Fold in the melted butter and half-and-half mixture until just incorporated. Fold in sour cream and 1/4 cup chives and season with salt and pepper.

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Of course, it is important to remember what we are grateful for and share that with others. We are so grateful for good health and loyal clients that allow us to do what we love, in one of the best cities in the world!

Happy Thanksgiving!

-The Victoria Shtainer Team

The Best of Park Place

In the game of Monopoly, Park Place has one of the highest mortgage rates and rent rates in the game, and is also one of the hardest spots to land on. It is thus coveted to be on Park Place. In Lower Manhattan, we have our own Park Place that is making a name for itself as a destination for some of downtown’s best luxury living. Famous architects from Robert A.M. Stern to Jean Nouvel are putting their mark on Park Place. Here is the best of Park Place:

 Woolworth Tower Residences – 2 Park Place          

 Situated at the gateway to Tribeca by City Hall Park, the Woolworth Tower has been an icon of the downtown skyline since its completion in 1913. The building was originally commissioned by retail titan Frank Woolworth, and has had a storied history. French architect Thierry Despont, known for his restoration skills, is transforming the top 30 floors into a boutique collection of 33 luxury residences. Additionally, the top of the tower will feature a crown jewel of all of the city – a 7 story penthouse that is rumored to be asking $100M+. In his transformation, Despont is paying great attention to detail and homage to the building's landmark status and heritage as well as its Beaux-Arts design, visible from the small "W" detailing in the kitchen to the intricate residential lobby entrance.

Via Curbed

Via Curbed

The homes feature gracious layouts with high ceilings as well as features such as eat-in kitchens and luxurious master baths sheathed in Calacatta Prima marble. Views from the residences of the skyline and beautiful terra cotta ornamentation are stunning!

Via Curbed

Via Curbed

The building also offers an impressive collection of amenities, starting with the beautifully restored lobby with coffered ceilings on 2 Park Place. Amenity offerings include a 50-foot lap pool, fitness center with sweeping North and East views, wine storage, wine-tasting room, and a private residents’ lounge.

Current availability starts with a 1 bed/1.5 bath asking $4.575M.

Four Seasons Private Residences Downtown – 30 Park Place

 30 Park Place, the first private residences by the Four Seasons in New York, has had an overwhelmingly positive reception since its launch. The building is positioned conveniently in the heart of downtown Manhattan, moments from The Oculus, TriBeCa, and SoHo. 

30 Park Place is a Silverstein Property designed by Robert A.M. Stern architects and is currently the tallest residential tower in lower Manhattan standing at 937 feet. The building is home to 157 luxury residences.

Via 30 Park Place

Via 30 Park Place

Residences feature a warm feel, a recognizable feature of many of Stern’s homes. Because residences start on high floors, many offer multiple exposures with wonderful views of downtown. Finishes include solid white oak cabinetry, Colorado White Marble, and Bianco Dolomite marble in master baths.

Via 30 Park Place

Via 30 Park Place

Because this is the Four Seasons Private Residences, residents of 30 Park Place enjoy a suite of amenities and offerings that offer an unparalleled luxury living experience. Residents can enjoy access to hotel amenities such as the indoor lap pool, in-residence dining from Wolfgang Puck's CUT, and car service. 

It is also rumored that big names are calling the building home including Yolanda Hadid.

Current availability starts with a 1 bed/1.5 bath offered at $2.995M

45 Park Place

Developer Sharif El-Gama has assembled a world class team to establish 45 Park Place as an internationally recognized addition to lower Manhattan’s skyline. Pierre Lissoni, Michel Abboud, and Jean Nouvel have partnered to each lend their unique perspective to various elements of this new modern masterpiece.

45 Park Place will be home to an exclusive collection of 50 homes with the base of the tower dedicated to loft-like homes while upper floors have full-floor residences with stunning 360-degree city views. 2 duplex penthouses will be the crown of the building that will feature custom sculptural staircases, an iconic touch from Lissoni.

Via 45 Park Place

Via 45 Park Place

Luxurious finishes, selected by Lissoni, can be found throughout the residences. These include things like integrated Gaggeneau appliances, full height lacquered cabinetry, and Italian limestone. Kitchens are designed by Italian custom manufacturer, Boffi, while master baths and powder rooms feature custom pieces from MOMA Design.

Via 45 Park Place

Via 45 Park Place

Amenities have also been designed and curated by Pierre Lissoni and encompass 3 levels. Amenities will include a pool, spa, gym, yoga studio, as well as a residents’ lounge and children’s playspace.

Current availability starting with 2 Bed/2.5 bath offered at $3,800,000.

Interested in experiencing the Best of Park Place? Contact us to arrange your property tours.

Must See: Volez Voguez Voyagez Exhibition by Louis Vuitton

Louis Vuitton Volez Voguez Voyagez

Heritage – something that defines iconic brands around the world. Whether in fashion, automotive, beauty, or architecture, heritage is common among the best brands and the most well-known brands. Volez Voguez Voyagez by Louis Vuitton is an exhibition that explores that heritage of the Louis Vuitton brand, sharing their unique story and the impact that have made across centuries in travel and luxury.

Louis Vuitton Luggage

The exhibition has completely transformed the old American Stock Exchange building on Trinity Place into a complete world of Louis Vuitton. Visitors step into the story of Vuitton from the beginning as they are told the story of a 14-year-old Louis Vuitton who left Anchay on the eastern border of France in 1835 to head to Paris by foot, reaching the city of lights 2 years later. From there, visitors walk through a visual representation of milestones and iconic pieces from the maison until the modern era.

Louis Vuitton Exhibition New York

The exhibition focuses on 10 aspects that have contributed to the success of the House of Louis Vuitton:

  • The Trunk of 1906
  • Wood
  • Classic Trunks
  • The Invention of Travel
  • Writing
  • The Painting Trunk
  • Curio Trunks
  • The Beauty of Fashion
  • Music
  • Louis Vuitton Loves America

From some of the first trunks created in 1892 to pieces owned by famous stars and one-of-kind collaboration pieces, the exhibit has unique and rare pieces that you will not be able to view anywhere else. The end of the exhibition features artisan showcasing how certain aspects of the bags are made where visitors can also feel the various types of leathers. There is also a small boutique at the end featuring a variety of coffee table books, small leather goods, and the newest range of perfumes.

Exhibition Hours:

From 10.27.2017 until 1.07.2018

Monday to Saturday 10:00am until 8:00pm

Sunday 11:00am until 7:00pm

Tickets are FREE – book in advance here

Ways to Save: Buying vs. Renting a Home

Saving via Buying a Home

Buying vs. Renting is a debate that takes place often in the real estate world. The debate is influenced by many factors: location, affordability, proximity to public transportation, carrying costs, school district zoning, and proximity to nearest park.  Additionally, other factors such as how long you plan on staying, mortgage rates, inflation, and other economic factors can impact the cost to own versus the cost to rent a home. There has even been studies as to what the “breakeven” point may be in NYC neighborhoods!  

While saving for a down payment has become challenging for many of today’s Millennials given high student loans and low wages that barely cover costs of monthly rent plus expenses, the equations frame the decision on whether to buy or rent.

How to Use Your Home as a Vehicle to Save

It is important to understand that owning a home is one of the biggest vehicles to wealth accumulation over the long-term. In fact, for many middle-class Americans that have built equity into a property, their home is the single biggest asset! This is a proven fact.

If you are feeling hopeless and not able to save for a home, here are some helpful tips to save for a downpayment for your new home:

Consider the following:

  • You decide to purchase a home with a price of $1,500,000. With the standard 20% down payment, $300,000 is required to purchase the home with a mortgage.
  • A conservative approach to estimating the future value of the home could be to link it to the Fed mandated target of 2% inflation. Exclude any neighborhood or real estate market increase. After 30 years, this property would have a value of $2.71M when tracked to 2% annual inflation.
  • In this scenario, the buyer has paid mortgage payments, taxes, etc. instead of paying monthly rent. His or her payments have gone to building equity in the home to the tune of $2.4M

Consider the same $300,000 down payment “saved” in a traditional sense- in a brokerage account investment in a stock index. Assuming a 7% average annual return for the next 30 years, that $300,000 would become 2.2M while being subject to all the risks of equity markets. Put that in a traditional bank savings account with the current interest rates at virtually 0, and the needle barely moves on the $300,000.

At time of retirement, the above home could be sold for $2.71M with the owner opting to downsize into a smaller home, with an anticipated, smaller price tag. The incremental price increase could be captured as “savings” for this home owner used in retirement.

Renting a Home and Saving in a Traditional Sense

Buying a home can be intimidating and seem too expensive in the minds of many. Those that feel like home ownership is out of reach continue to rent. When renting a home, saving must take place in the traditional sense – a savings account, brokerage account, etc.

Consider the follow:

  • A Median rent in Manhattan for a 2-bedroom apartment of $5,400. Assume no change in rent for 30 years (we will know this is not the case) this renter would spend $162,00 over 30 years, of which none is going towards any ownership.
  • The renter in this scenario has $300,000, the amount required in the above scenario to buy a home.
  • The renter decides to save this $300,000 traditionally and invests the $300,000 in the stock market in hopes of growth and outpacing inflation. Assuming a 7% average annual return for 30 years, the $300,000 becomes $2.2M.

In this scenario, the renter has paid $162,000 to owner nothing after 30 years while traditionally saving $2.2M. While these examples are simplistic at best, they demonstrate the way in which owning a home can be a vehicle to accumulate wealth and part of a larger financial plan.

Fun Ways to Save

1. If you love going out for a drink with friends consider going during Happy Hour, when drinks are usually half-price.

2. Do you love Starbucks in the office? Consider buying a coffee machine for the office. You save $4/day, 5 days a week, for 52 weeks per year, and that equals $1040 per year!

3. Want to try a new restaurant? Try going during "Restaurant Week", where the menu is pre-fixed, and less expensive, but just as good.

4. Automatic withdrawals from your paycheck to a high interest savings account

Do you have questions on whether now is the smart time to buy a home and stop renting? We are happy to discuss the current state of the market and review options for financing. Contact us to set up a confidential conversation.

Game Changer: Waterline Square Coming to the Upper West Side

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Slightly north of Hudson Yards, along the West Side of Manhattan, a new community is being built adjacent to the Hudson River called Waterline Square. This new mega-project by GID Development will be located between 59th and 60th Streets on the cusp of the Upper West Side, and will be home to, among other things, three Starchitect-designed residential towers. We have written about the importance of Starchitects before, and with 3 iconic architects designing a project together, we anticipate Waterline Square to be a big game changer in the area! Waterline Square will be a complete waterfront community complete with residential living, amenities, and retail.

The 3 residential towers will be positioned around a new 2.6-acre park. This lush park will feature cascading water features, a flowering meadow, and a fully equipped children’s playground. This new outdoor space will really be the anchor of the overall project. Residences of the towers will begin on floor 20 above, and all buildings will have access to The Waterline Club, a state of the art facility that will contain over 100,000 square feet of amenities.

One Waterline Square

One Waterline Square is designed by Pritzker Prize winner Richard Meier and will take up an entire city block with a coveted waterfront location. Residences of One Waterline Square will be graced with high ceilings, large banks of window offering homes amble light, and handpicked materials throughout.

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Champalimaud Design has been tasked with designing the interiors of One Waterline. The design studio has concepted some of the most luxurious interiors around the world from private residences to hotels. Kitchens will be done in the finest materials while master baths will feature book-matched marble slabs.

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In addition to the Waterline Club, residents will have access to a private suite of amenities for the tower also designed by Champalimaud.

Two Waterline Square

With a design accentuated by a series of ascending, set-back terraces atop the building, Two Waterline makes a striking statement at Waterline Square. Designed by John Pedersen Fox, who is known for glass towers that punctuate skyline, this building makes no exception to this rule. The base of the building will be home to a porte-cochere to welcome residents home.

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Yabu Pushelberg will be spearheading interior design at Two Waterline Square. The firm has over 35 years of experience designing interiors throughout the world. For this project, homes are designed around the floor-to-ceiling windows that allow the homes to take advantage of the building’s waterfront setting. Yabu Pushelberg has selected natural materials to use throughout such as kitchens done in chic and modern white marble with warm wood accents and white lacquer cabinets.

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Three Waterline Square

The architect behind 432 Park Avenue, a building that captivated the world, is bring a design to Waterline Square. His building, Three Waterline, will be characterized by a diamond crown design atop the building. Residences are characterized by corners and gently sloping exterior walls that aim to capitalize on views in every direction.

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The building will face directly onto the newly built park at the base, offering residents a Park arrival into the stunning lobby.

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Groves & Co. will be leading interior design at Three Waterline, bringing a sleek and timeless sophistication to the homes. Residences will feature open kitchens with warm wood selections and elegant stone, with that elegant stone carried throughout bathrooms.

The building will also have a suite of private amenities designed by Groves & Co.

Amenities – The Waterline Square

Amenities have been a big differentiator among luxury properties in New York, especially in a competitive New Development market. The offering at Waterline Square will take amenities to a level we have not seen before. In fact, the list is much too lengthy to even list everything out!

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The Waterline Club will be the home to amenities, a 100,000 square foot facilities with a grand hall at the center, and specific spaces for sports, fitness, social, swim, spa, creative, children’s, and pets. Waterline Square will also be home to the first ever combined food hall, market, restaurant, and bar experience by Cipriani.

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Some of the Club amenities will include:

·      Full court basketball

·      25 meter, 3 lane lap pool

·      steam rooms

·      First indoor tennis court appended to a condo

·      Bowling Alley

·      Art Studio

·      Indoor Gardening room

·      Dog Washing Station

·      Children’s playroom & party room

 

Prices start around $2M with a 20-year tax abatement anticipated. If you are interested in this project or other new developments, contact us for more info and your private tour.

 

 

 

Images Via: Waterline Square

 

Raphael Viñoly Designed Tower Rises in NoMad

277 5th Avenue

In the middle of 5th Avenue, between the historic and classic upper 5th avenue and vibrant downtown, is a vibrant neighborhood of its own – NoMad. This area, “North of Madison Square Park, or NoMad, has become home to some of the newest shops, luxury hotels, and restaurants. Some regard NoMad as the intersection of the East and West Sides as well as of Uptown and Downtown.

At this crossroads, a new residential tower by world acclaimed architect Raphael Vinoly is rising to a height of 55 stories. Vinoly captured New York and the world’s attention with his slender Midtown tower, 432 Park Avenue.

His NoMad tower, 277 5th Avenue, will be one of the most notable residential buildings to come to the vibrant neighborhood. Vinoly his bringing his signature design to the tower which will have a sleek and tailored exterior with the façade composed of custom reinforced cast concrete panels and a glazed curtain wall system. The modern tower will rise 55 stories above 5thAvenue.

About the Building

277 5th Avenue is designed to take advantage of the wonderful views of the iconic New York skyline as well as make a lasting impression through both its exterior and interior designs. The building will be composed of 130 residences of which every unit will be a corner unit, something very unique and coveted. Residences range in size from 1 bedroom to 4 bedroom penthouses. Every home will feature either a living room or master bedroom with corner exposures.

Residences are immediately greeted upon entering the building with an impressive double-height lobby. The sense of space and light are carried into the residences which feature 10-11 ft ceilings in the living spaces as well as floor-to-ceiling glass walls. There is a small collection of very unique “Loggia Residences”, 4 to be exact, which feature ceiling heights up to 20 feet and private, double-height, outdoor loggias.

277 5th Penthouse Terrace

 

Residences

The interior of the shared spaces as well as the private residences are designed by Jeffrey Beers International. Born and raised in New York, Beers has designed some of the interiors for the best restaurants in the city such as Porter House as well as boutique hotels. When thinking about the interiors for 277 5th, he wanted something that complimented and worked off of Vinoly’s sleek, tailored exterior, something that reminded him of home.

To bring is vision to life, Beers selected a warm color palette opting for materials such as travertine, oak, walnut, and onyx. These materials create a palette throughout that is filled with warm, earth tones.

Kitchens feature pale oak cabinets and white Italian marble countertops with integrated Miele appliances. Natural colors are continued throughout the bathrooms with master bathroom featuring Bianco Dolomiti marble tile flooring, custom walnut vanity, and a steel enamel tub. Secondary bathrooms and power rooms have similar finishes.

277 5th Kitchen

In addition to the selection of finishes, all residences are designed for views, taking in the vistas of the skyline. Kitchens and baths are centered around views thanks to floor-to-ceiling window walls.

Amenities

·      Fitness club with separate yoga studio and training rooms

·      Men’s and Women’s spa with sauna and steam room

·      Entertaining Suite

·      Fifth Avenue Terrace

·      Private Dining Room

·      Kid’s Play Room

Sample Availability

One Bedroom: Starting at $1.905M with Estimate Common Charges of $1,223 and Estimate Real Estate Taxes $1,331.

Two Bedroom: Starting at $2.88M with Estimate Common Charges of $1,936 and Estimate Real Estate Taxes $2,108.

Three Bedroom: Starting at $5.58M with Estimate Common Charges of $2,572 and Estimate Real Estate Taxes $2,800.

 

 

Images Via 277 Fifth

What is BRRR? Everything you Need to Know

BRRR Real Estate Investing

We recently wrote about the most common questions we get surrounding real estate transactions. Along those lines, many clients ask us about investing in real estate as way to create a portfolio that generates passive income. There is one strategy that is particularly popular among real estate investors known as “Buy, Rent, Refinance, Repeat”, or BRRR. Owning a home is one of the biggest escalators to wealth and the BRRR strategy is a way to invest in real estate and increase the scope of an overall investment portfolio.

Why has this become such a popular strategy?

This strategy has become very popular, especially in the low rate environment we have seen. Lower rates translate to a lower monthly mortgage payment. Given that rents remain the same or increase year over year, a lower monthly mortgage payment means the owner if profiting more the tenant’s rent than with a mortgage with higher monthly payments.

The BRRR strategy is based on leverage, and thus not suitable for all. It is important to access your risk profile and determine your ability to take on additional debt in the form of mortgages is sustainable and wise. Because a mortgage is viewed as “good debt”, there can be tax benefits in having on. It is important to speak with a qualified tax adviser as to what you may be able to deduct in mortgage interest and how your property will be viewed by the IRS – investment or vacation properties can fall into different categories. We discuss that in more detail here.

What is this strategy based upon?

The premise of this strategy is to purchase a property (ideally at a discount to fair value to capture more equity), finance it, and find a tenant to secure cashflow on this property. Once a tenant is in place and the property is producing positive cashflow, the owner refinances the property which essentially takes the payment back out. Refinancing allows the owner to then roll these funds to facilitate the purchase of another property. The cycle continues from here.

By getting a mortgage at historically low rates, rental profits increase as your tenants' rent covers the cost of a (lower) mortgage payment, and you, as the owner, keep the difference. Income + price appreciation overtime can lead to nice profits.

What Implications Should I Be Aware Of?

It is important to understand that what works for one buyer or investor may not be ideal for you and your personal situation. It is easy to fall in the typical investment trap of “my neighbor told me that X is a good area to buy in so I bought there as well.” Arm yourself with a qualified team from a tax adviser to a real estate broker to you can ensure you are getting the best advice and insights in each area of the process.

Additionally, when it comes to financing and the products available, there are many options. Getting a mortgage product that is suitable for you is an important aspect of this strategy. Most investors hone in on a 15 or 30-year option, but explore all the products your lender of choice offers. Tradeoffs exist with both options such as speed of building equity, interest paid on life of loan, and interest rates. Your broker and knowledgeable Mortgage Broker will be able to help decide what option may be best for you and you real estate investment goals.

It is also important to recognize that there may be times where the rental market, and thus your ability to rent the property, may be challenging. Ensure that you can continue to hold the property in the face of it sitting empty until you can find a new tenant.

Interested in hearing professional stories on this strategy? Victoria was included in an insightful article published by The Real Deal where many top brokers talk about their successful real estate investment. Read the full article here: Brokers Place Their Bet .

5 Common Questions About Investing in a Home

5 Things to Know When Investing in a Home

Buying a home is one of the largest decisions and financial transactions in many people’s lives. Because of the scale of this transaction, stress and anxiety level can go through the roof with the question – Is this the right decision for me? Is this the home I should be investing in?

Whether a first-time home buyer, or a seasoned real estate investor adding to your portfolio, questions arise during every transaction. In our experience working with buyers, sellers, renters, and investors across all experience ranges, here is a list of the most common questions we get asked when it comes to investing in a home. 

Was housing crisis during the financial crisis just a black swan event to be put behind us, or did it show that homes are not the safe and profitable holdings?

Not all those that purchased homes during the crisis of ‘08 were negatively impacted, however, the ripple effect did bring down the overall market. Those that were hit hardest were buyers that stepped up to buy properties they could not afford, largely amplified by mortgage lenders who had much more relaxed lending guidelines and approved individuals for mortgages they could not truly afford. The latter was largely responsible for the subprime mortgage crisis during this time period.

The crisis revealed the dangers of over leveraging. While a mortgage can be a great thing, taking on too much debt can lead to many issues, especially in a home purchase. A large majority of those severely wiped out by the housing crisis mortgaged the purchase of the home with minimal equity down, thus they had no skin in the game so to speak and we were willing to just walk away from their payments as a result. This is why so many homes went into foreclosure.

Any market, financial or otherwise, is subject to a crisis, however, the housing crisis has resulted in more restrictions imposed on lenders, and is certainly more prevalent in the back of buyers’ minds as they asses what they can afford.

Now that home values have recovered, what's the smartest home owning strategy going forward? Is it safe to assume a home will steadily appreciate?

Plain and simple – buy what you can afford! Consult with a mortgage advisor to receive a pre-approval letter if you are financing your home purchase. The pre-approval letter will reveal in what price range you should be shopping.

Time horizon is certainly a contributing factor to price appreciation. Because of the additional costs of a real estate transaction, a timeline of at least 5 years is usually a standard outlook to outweigh the costs of buying versus renting. This, of course, varies from market to market, and even neighborhood to neighborhood. If you envision yourself staying put for quite a while, we tend to see real estate prices appreciate over a long time horizon.

Is it safe to assume the home will be a substantial asset for funding retirement through a downsizing or reverse mortgage?

Owning a home is credited as one of the largest contributions or “escalator” to wealth. With that being said, substantial price appreciation can be observed on homes owned for multiple decades. Upon retirement, some individuals do not need the large family home they used to raise their families, and downsize. Downsizing generally results in additional gains pocketed from the price appreciation of the original home versus the price paid for the new, smaller home. Again, this is very market dependent as a smaller home in a different market may not equate to a smaller price tag all the time.

As to whether the additional “income” from a home sale can fund retirement, that is something the client should consult their certified financial advisor in regards to as everyone’s financial situation and needs in retirement vary.

As a young investor, what do I have to do to ensure I will be able to successfully purchase a home?

For many young couples looking to purchase their first home, the largest obstacle in achieving that is coming up with the down payment. There has been a definite shift towards this being a large struggle over the last decade as more and more young couples are burdened with large amounts of student debt given the increased costs of education. They are then forced to rent, which can be costly, and have minimal bandwidth to save for a down payment with all their various financial obligations.

A minimum 5-year timeline is reasonable in most markets in order to cover the costs of the transaction on both the buy side and the sell side if moving down the road versus price appreciation over that timeframe. Of course, the longer one stays in the home, the more the transaction costs are spread out over time which is coupled with additional time opportunity for price appreciation.

It does not necessarily always make sense to reach for the most expensive home. If buying the most expensive home they can afford means tapping out their budget and being on the line with meeting monthly expenses, this is probably not the wisest decision. Instead, buyers should look to purchase something in their price range that they love yet still allows them to live their daily lives while meeting financial obligations.

What kinds of misconceptions and fears are you seeing in the market among all your clients?

Working with buyers in the current NYC market, we would identify a lack of urgency as the biggest commonality across different price points. Buyers have an advantage over sellers in the current market as well as a large selection of inventory including both resale and new construction. This can lead buyers to stretch out a search as they feel what they are looking for will “still” be there.

In regards to young people taking on debt – as referenced in some responses above, we think the young buyer’s mentality towards debt has definitely changed living through the financial crisis as well as coupled with the increasing amount of student debt. As a result, some can be apprehensive to take on additional debt with a mortgage. However, talking through some of the advantages of mortgages, such as tax benefits, as well as reviewing the myriad of products available with a mortgage broker can alleviate some of these upfront concerns. We are seeing younger people having to rent longer than their predecessors given the inability to save for a down payment rather than aversion to taking on debt in the form of a mortgage.

 

42nd Year of The Hampton Classic Coming This Sunday

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End your summer on a high note with the 42nd Hampton Classic Horseshow returning to Bridgehampton this Sunday. The Hampton Classic is one of the "it" events on the Hamptons circuit. The show, well into its third decade, is well respected from locals and equestrian-lovers alike. This year's show will be help from August 27 - September 3.

The Classic is often regarded as one of the most prestigious outdoor equestrian events held in the country. This year's show marks the 42nd edition of the Classic. The show features competition from every level, from young children in leadline classes to Olympic, World, and World Cup Champions.

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The Classic became highly distinguished in 2009 when it became only the second horse show ever to receive the designation of Heritage Competition by the United States Equestrian Federation. Only those competitions that have been around for 25 or more years are eligible to receive this designation.

While the competition in the show can certainly be stiff as some of the best in the world come to compete, there is fun to be had on the grounds as well. The 60-acre Hampton Classic show grounds is also a destination for dining and shopping as the event is known for its celebrity sightings and high-end boutiques that host pop-up shops on the lawn. This year’s Boutique Garden is expected to have more than 80 vendors.

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Also returning for the second year will be "Jump for Charity" where 10 rider captains will be paired with 10 selected charities. Custom hats have been generated for each charity. If all hats sell, $30,000 will be raised which will be allocated to the top three charities in terms of performance of their captains!

Opening Day, August 27th, will feature competition in six rings beginning at 8am. The highlight of the day will be the $30,000 Boar’s Head Jumper Challenge in the famed arena. This will be an arena of 1.40 meter jumps against the clock.

If you are in the East End this weekend, attending the Hampton Classic is a must! Limited tables for purchase were available under the tent at last check. Additionally, General Admission is $10/person with children under 6 free.

Victoria Shtainer Hampton Classic

Summer at the Seaport District

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In the heart of Downtown Manhattan, the Seaport District has been undergoing a large revitalization and transformation. We previously wrote about all the exciting things happening in the Seaport. This summer, however, the heat has been kicked up another notch at the waterside neighborhood with the “Summer at the Seaport” sponsored by Chase Sapphire.

Have you explored any seasonal spots this summer in the city? With many looking to get in a last vacation day or Summer Friday before Labor, the Seaport is the perfect spot to enjoy a summer afternoon or evening downtown. For Summer 2017, the Seaport is serving as a destination for highly curated culinary, music, retail, and cultural experiences.

There may only be a few weeks of summer left, but there is still a lot happening at the Seaport District to checkout.

Not convinced? Check out this wonderful video from our friends at South Street Seaport:

The Garden Bar

Perhaps the main focal point of the Summer at the Seaport installation is the Garden Bar sponsored by Chase Sapphire with special VIP access for card members. The bar is situated in the middle of the iconic cobblestone streets of the neighborhood, stretching 78 feet long and draped with greenery and palms. The setting feels like a garden oasis in the middle of the bustling city. The Garden Bar will be serving up selection of rare beers, rosé, and cocktails.

Additionally, The Garden Bar is located directly adjacent to a lush stage where live performances have been happening all summer long. Outdoor drink + live music…what is better? The lineup for the rest of the summer is as follows:

Thursday August 10th at 6pm: Breanna Barbara

Saturday August 12th at 6pm: Gedeon Luke and the People

Thursday August 17 at 6pm: Southern Avenue

Saturday August 19 at 6pm: Behold the Brave

Thursday August 24th at 6pm: Annie Hart

Saturday August 26th at 6pm: Showtime Goma

Thursday August 31st at 6pm: Calvin Love

Thursday September 7th at 6pm: The Alpaca Gnomes

The Chase Sapphire Lounge is reserved exclusively for Chase Sapphire members and offers a special menu of beverages and food.

Food Lab

Speaking of Chase Sapphire, members will also be able to get exclusive access to tickets at the Food Lab which has been hosting some of the most renowned chefs all season long. Each cehf will take up a 2-week residency at the Seaport, offering guests a taste of their signature culinary dishes. With guest chef’s coming in through early fall, you are sure to catch a unique experience before the summer ends.

Alon Shaya is currently in the Seaport until August 12 with Jessica Koslow, of Sqirl fame in Los Angeles, arriving on August 20th.  A partnership with Sixpoint Brewery has allowed each guest chef to create a custom beer for their time in residency. The remaining schedule for The Food Lab is as follows:

Jessica Koslow – August 20th – September 2nd

Dale Talde – September 20 – 23rd

Wylie Dufresne – September 29th – October 11th

 

Other Attractions

The Seaport is home to other attractions to enjoy a summer day or evening. Check out these popular spots to grab a cold drink or a good bite:

  • Clinton Hall: The popular pub has opened a location right on the heart of the Seaport. Clinton Hall is known for its 20 rotating draft beers alongside 20 burgers. There are also table games
  • Front Row Food Trucks: Various food trucks are rotating into front street, parking in a Smorgasburg-style street food display.
  • Mr Cannon: There is not much description provided on this new Speakeasy, aside from its inspiration. The address is not published on the website, but rumor has it it is located at 206 Front Street.