Lower Manhattan Continues to Thrive

In the Manhattan Residential Real Estate market, the buzz is all about downtown. It seems like almost everyone wants to be downtown, close to some of the best cultural, shopping, and dining options, situated in the most desired neighborhoods of the borough.

The economic expansion, and quite frankly, revitalization of lower Manhattan since 9/11 is astounding, and has had an enormous impact on the city as a whole, especially in recent years with hallmark projects finally coming to fruition. Today, lower Manhattan continues to thrive with brand new destinations for world-class shopping, dining, and, of course, living. The Financial District was one of the hardest hit by 9/11, but also has seen the greatest revival in the post 9/11 era.

Why People Are Attracted to Financial District

The Financial District attracts a mix of residents from Wall Street professionals that work close by, to students of city universities and people that love the convenience of the neighborhood. The neighborhood has virtually every subway line to connect you to any area of the city and is positioned for easy access to both the West Side Highway and FDR Drive as well as Holland and Brooklyn-Battery tunnels for those with cars.

Not only is FiDi convenient from a transportation standpoint, it is also located near some of the best and hottest neighborhoods of the city including TriBeCa, SoHo, and the Seaport District. TriBeCa is seeing new development including the popular 70 Vestry and 443 Greenwich Street while the Seaport District is seeing a revitalization spearheaded by the Howard Hughes Corporation’s development of the area, bringing the arrival of notable venues such as iPic Luxury Theaters and a Jean-Georges food hall. The area is also home to the much talked-about 1 Seaport development.

The Financial District, however, has been at the heart of the revitalized downtown and the center of what many are calling the “New Downtown.” The arrival of The Oculus, Brookfield Place, and the continued completion of the World Trade Center site are attracting people to the neighborhood. Even large corporations such as Conde Nast and Spotify are calling the neighborhood home. Additionally, this week restauranteur Danny Meyer announced that he will be launching a $30M restaurant, bar, and event space atop 28 Liberty Place.

While the area is certainly more crowded during business hours with working people, the area has a neighborhood feel. Financial District has great public schools, and is close to many parks. You will find runners out in Battery Park and Hudson River Park year-round, and people enjoying the sun and biking in warmer months. Additionally, the Seaport is only moments away which offers many spaces to relax outdoors, shop, and dine. 

Living in the Financial District

 The Financial District offers a mix of new construction as well as conversions. Additionally, the neighborhood has both rental buildings as well as condos and co-ops. Notable new development occurring in the area includes Macklowe’s conversion of 1 Wall Street which has already signed Whole Foods as a tenant, the ongoing conversion of 101 Wall Street to luxury condos, and the recently constructed 50 West.

50 West Street

Standing over 780 feet tall, the glass tower located at 50 West Street has changed the lower Manhattan skyline. The 64-story structure is visible in all downtown skyline photography and is visible driving into the city from New Jersey or coming in on the ferry. The tower, designed by acclaimed architect Helmut Jahn, features unique floor-to-ceiling, curved glass and offers spectacular views of the harbor and New York City skyline.

Residences range in size from 1 to 5 bedrooms and feature interiors that have been elegantly designed by Thomas Juul Hansen. Throughout the building there is a unique collection of duplex units as well as units offering stunning double-height spaces.

50 West offers residences an array of amenities spread across 4 dedicated floors. Amenities include an expansive fitness center, Water Club, unique children’s space, office space available for purchase, and an observatory located on the 64th floor. The views from the observatory are jaw dropping to say the least!

Views from the Observation Deck of 50 West Street

50 West is ready for immediate occupancy.

Currently Available at 50 West:

50 West Street, 20B: The Victoria Shtainer Team is pleased to offer one of the unique double-height residences available for rent. Be the first to live in the stunning new building and experience the New Downtown in luxury with residence 20B, available immediately.

 

Interested in living at 50 West Street or Experiencing the New Downtown?

Simply fill out the form below to get in touch!

What Makes Townhomes Unique in New York City

When thinking about or discussing the New York City residential real estate market, condos and co-ops are what often comes to mind. It is easy to forget that a third type of property exists in the market because condos and co-ops, or apartment-style living, is what many think of when they think of city living. However, the third type of property that exists, townhomes, are quite unique and special. 

So what attracts people to townhouse properties in New York City?

Privacy

Townhouse living offers and elevated sense of privacy for some buyers because the home is entirely yours. People will not see you in the common lobby, elevators, or any shared space that exists in a condo or co-op. Similarly, there are no doormen or concierge at a front desk that see you coming in and out of your home. 

Additional privacy comes from the fact that there are no neighbors above or below you to make noise or complain about noise that you may be making. Private outdoor space such as terraces and backyards is solely for the use of the owner, unlike common outdoor space in condos and co-ops which is an amenity for the entire building. 

Compass Listing at 357 W. 17th Street

Vertical Living

Most people are attracted to townhomes for the simple fact that they are houses in the middle of the city. With that being said, townhomes offer traditional vertical living. While this is not for everyone, some buyers like the feeling of a traditional home. This aspect can change one's mindset because when one enters a townhouse, one feels an escape from the bustle of the city...perhaps forgetting it is situated in one of the most bustling metropolitan areas in the world. 

Ownership

Owning a townhome is different in many facets than owning a condo or a co-op. It is similar to a condo in that the owner has a title to real property, unlike share ownership in a co-op, but it differs in that a townhouse is "free standing" with no common areas shared by other owners. Townhouse owners only pay real estate taxes- there are no monthly common or maintenance charges.

This biggest aspect of townhouse ownership is the freedom that comes along with it. Freedom takes on many forms such as no board approval for moving in, tenants, or renovations, and no financing restrictions that one might see on a co-op property. 

Compass Listing at 73 Washington Place

It must be noted that the freedom of townhouse ownership also comes with increased responsibility, namely all burdens of upkeep and daily operations fall on the owner. Things like inspections, taking out the garbage, cleaning sidewalks in the winter, and handling all repairs become solely the owner's responsibility. There are no live-in supers or porters like a condo or co-op would have. 

Value & Selection

The value of townhomes varies depending on myriad factors, most notably, however, width and location. The standard width of a townhouse in New York City is between 18-20 feet. Anything above 25 feet wide is considered a mansion, and is rare, thus making it much more valuable. 

Additional items that can increase a townhouse's value amenities such as elevators and garages. An elevator can reduce the impact of vertical living for those buyers that are accustomed to condo or co-op living. An on-premise garage is highly coveted, allowing the owner to keep their car on the property, for use at their convenience, without additional garage expenses. 

The most coveted townhomes are usually found on the Upper East and Upper West Sides as well as the Village. When shopping for townhomes, there are various choices to match different buyer taste profiles. Selection spans the gamut of gut renovation ready to triple-mint renovated homes with all the conveniences for today's modern lifestyle. It is worth noting that some homes are considered historic, and thus certain details such as the facade cannot be altered. If you are buyer looking to make renovations, it is important to obtain this information.

The Victoria Shtainer Team Previews a Greenwich Village Townhouse

 

Intrigued by Townhouse Living in New York City?

Submit any questions about townhouses or contact us to schedule your townhouse tour in New York City.

6 Reasons Why Condos are More Expensive Than Co-Ops

If you have been considering home ownership in New York City, you have probably stumbled across the terms condo and co-op in your various stages of research. You may be wondering what is best for you, or simply wondering what the difference between these two types of properties is?

In its most simple form, condo ownership represents true ownership in real property while co-op ownership represents ownership of shares in a corporation. Condos have become widely popular in the New York City market, with transactions on condos far exceeding those of co-ops.

So the question begs, why are condos more expensive than co-ops?

1. Supply & Demand

The story of condo and co-op pricing is one of pure economics. Many are surprised to know that co-ops make up 75% of the New York residential market because many properties that were built or converted prior to 1980 are co-ops, thus the supply of co-ops exceeds that of condos. Additionally, the demand for condos has rapidly increased compared to demand for co-ops. Thus we have an excess of co-op supply with less demand for them while we have less condo inventory and more demand for condos. 

2. Investor Interest

For investors looking to buy a property and rent out, whether these be foreign or domestic buyers, co-ops can be quite challenging. Co-ops often impose strict rules about owners renting their units outs, making it difficult for an investor to generate positive cashflow on the property. If they do allow owners to rent their units, restricting rules are still often enforced regarding length of lease, how often you can rent out the unit in a certain time period, and eligibility for renting out your unit. Based on this aspect of co-ops, it virtually eliminates foreign buyer interest in co-ops as they often purchase New York real estate as an investment. 

3. New Development

The overwhelming majority of new development projects in the city are condos. Buyers have shown that they are willing to pay a premium for these new projects that are luxurious and filled with an array of amenities. It is important to note that, yes, co-ops prices have increased, but not to the extent of condo prices.

4. Estate Planning

If you are accumulating wealth in real estate that you plan to pass along to beneficiaries, ownership type is something to consider. Condo ownership, being real property ownership, transfers to the beneficiary as any piece of real property would upon death or divorce. Co-ops, on the other hand, can be much more complicated as ownership is in shares of the cooperative corporation with a lease for your specific unit. With that being said, the board is responsible for the transfer of share ownership to a new individual as outlined in the co-op's proprietary lease.  This means that the beneficiary may be subjected to the same stringent board approval process to which any buyer in the co-op would be subjected. Remember, the co-op board is not required to disclose why it makes an approval or denial decision. When it comes to questions of estate planning, it is always important to speak with a qualified estate attorney.

5. Financing Policies

For all-cash buyers, financing policies are not a concern. However, for buyers financing their purchase, financing policies are very important, and can vary substantially from condo to co-op. Most condos in New York require 10-25% down on a purchase, with the remainder of the purchase price eligible to be financed. Co-ops can be very strict in regards to buyers financing the purchase. Some co-ops may allow no financing, while others may impose high down payment requirements in excess of 50%. As a result, these strict policies can price out buyers financing their purchase from co-op units that are priced the same as a condo unit because of the down payment (cash) requirement. This further amplifies demand for condos. 

6. Board Policies

Co-ops are renowned for having strict board policies, and for some co-ops strict is even an understatement! Condos, compared to co-ops, generally have less strict board policies from everything to board approval to rules that govern the building. These rules can be a very important part of a buyers decision, especially when it comes to things like pets. Many co-ops boards to do not allow pets, so buyers with pets will not even consider co-op properties. Additionally, some co-op boards have created a "club" in which they only accept certain individual that meets their criteria, which they are not required to disclose. Frankly, this type of atmosphere does not appeal to all buyers, and for those that find this unappealing, they are attracted to condos.

Ideas to Make Your Valentine's Day Special

Valentine's Day is rapidly approaching on February 14th- have you made plans to make the day special for your loved one? We have curated some ideas to celebrate Valentine's Day from gifts to dining. If you are single, why not grab a friend and head to a great restaurant or enjoy a good bottle of champagne? 

Chocolate

What says Happy Valentine's Day or I Love You more than a luxurious box of chocolates? We love the Belgian Chocolatier, Neuhaus. The company has an interesting past, getting its start when Jean Neuhaus opened a pharmacy in Belgium in 1857, covering his pills with a chocolate coating to make them more palatable. Over the brand's history they have crafted chocolate creations for Belgian royals, and are regarded as the leading luxury Belgian chocolatier today. They have a festive selection of chocolate gift boxes with Valentine's Day themes, including this special edition where the box itself is made of edible chocolate as well. 

Pair with a bottle of your favorite champagne!

A photo posted by Neuhaus Official (@neuhauschocolates) on Feb 5, 2017 at 6:03am PST

Neuhaus: 500 Madison Avenue

Flowers

Elevate your flower giving with a luxurious box of roses from Landeau. The company has been making waves in the industry, having been featured in prominent press such as Elle and Architectural Digest, dubbing its box of 25 roses as "25 is the new dozen." From traditional red, to unique pink and orange, Landeau offers an array of color choices to ensure your gift stands out. 

A photo posted by L A N D E A U (@givelandeau) on Oct 17, 2016 at 7:57am PDT

Shop Online at Give Landeau

Fragrance

For Her: Back to Black by Kilian- The brand describes this fragrance as a "head-turning love potion." Notes of Honey, Tobacco and Vanilla combine for an enticing velvet-smooth scent. The bottle comes in an intricate lockable display case, making it a great gift. Available at Net-a-Porter

For Him: Tom Ford Neroli Portofino Forte- Tom Ford takes his infamous Neroli Portofino blend and kicks it up a notch with the "Forte" version. In this version, the floral core is double concentrated, giving it a rich base while the introduction of coastal Italian woods give it a bold touch. Available at Neiman Marcus 

Dinner

Perhaps the most popular Valentine's Day activity is a date night out. We could write an entire post on great restaurant choices in New York City, however, we recommend heading to Le CouCou at the sleek 11 Howard Hotel. Le CouCou is star restauranteur Stephan Starr's (Buddakan & Morimoto) latest outpost in collaboration with chef Daniel Rose. Le CouCou serves modern French fare in an intimate setting with brick walls, chandeliers, and candles on the table. In fact, it was rated one of the 100 best restaurants in America in 2016!

A photo posted by Le Coucou (@lecoucou_nyc) on Dec 1, 2016 at 9:10am PST

Le CouCou 138 Lafayette Street- 212.271.4252

And of course, if you are looking to fall in love with New York City, we can certainly help you do that! 

Happy Valentine's Day!

5 of the Best Kitchens On the Market Now

Everyone likes to joke that New Yorkers do not use their kitchens at all, but we beg to differ. Even if you are a Seamless fanatic, don't you want to enjoy it in a beautiful space? From the avid cooker to the complete novice, these kitchens will certainly make you want to have more meals at home!

What's trending in the best kitchens in 2017? Interior designers have weighed in and identified a few trends that they are calling the big kitchen trends of 2017, which are identifiable in our 5 best kitchen picks on the market.

• Tuxedo Cabinets: Two-tone cabinets will be right on trend. Whether its a complimentary color on the top vs. the bottom, or contrasting stone inlays, look for cabinets that vary throughout the kitchen.
• Mixed Hardware Finishes: Gone are the days of simple, silver finishes throughout the kitchen. Mix of the materials of your finishes to create interest. Perhaps its a gold faucet with brass hardware pulls, or pewter fixtures with a complimentary finish on the stove hood as a focal piece. 
• Lighter Color Palettes: People are gravitating towards lighter finishes in their kitchens, trading dark wood for lighter woods and white. In fact, all-white kitchens are becoming quite popular.
• Hidden Appliances: Where's the fridge? What about the dishwasher? Hidden appliances are right on trend as they make the kitchen appear more streamlined. Refrigerators are being covered with the same finish as the cabinets so it blends in seamlessly. 

 

5 of the Best Kitchens on the Market

 

1 Seaport:

1 Seaport's kitchen are designed around an open concept to integrate with the living space. Kitchens are outfitted with custom walnut cabinetry, upper door Calacatta Gold inlays, and illuminated Calacatta gold marble backsplashes. The appliance package is by Gaggenau. Notice the tuxedo cabinet concept with the upper marble inlays and the concealed refrigerator. 

45 East 22nd Street:

A photo posted by Madison Square Park Tower (@madisonsquareparktower) on Nov 22, 2016 at 4:00pm PST

The upper residences of Madison Square Park tower have kitchens that are stunning, especially with the backdrop of incredible city views. Finishes in the kitchens include custom Molenti cabinets, marble countertops, Waterworks fixtures, and Nanz fittings. Appliances are by Sub-Zero and Miele. Imagine making dinner with those views of the World Trade Center!

180 East 88th Street:

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Apr 6, 2016 at 2:53pm PDT

Kitchens at this Upper East Side development are custom designed by Molteni&C Dada. They feature honed Italian Statuario marble slab countertops, integrated Gaggenau appliances, and brass details throughout. How beautiful are these custom hoods? The brass brings a warm feeling to the space.

One Manhattan Square:

Kitchens at One Manhattan Square by Extell Development come in two color schemes. Residents are able to choose from a dark or light scheme. Shown, is the light scheme in all-white...right on trend! Kitchens are outfitted with custom cabinetry, Miele appliances, Dornbracht fittings, stainless steel mosaic backsplashes, and stone bar tops. The views at One Manhattan Square don't hurt either!

200 East 59th Street:

Keeping with the overall design of the building, kitchens at the new 200 E 59th Street have a classic modernist aesthetic, many adjacent to full floor-to-ceiling glass walls. Finishes throughout the kitchens include Italian white glass and aluminum cabinets, honed Calcutta marble slab countertops, natural white oak wood islands, and integrated Miele Brilliant White appliances. 

Ready to live in the best kitchens in Manhattan? Contact us for more information and to schedule your appointment.

Why Visit and Buy in Aspen?

The storied Colorado ski resort has become synonymous with a jet-set crowd and as a destination for the world’s billionaires, but what attracts this crowd to the tiny town and keeps them coming back for years?

Today, Aspen’s success and reputation is largely due in part because of its world-class skiing, dining, shopping, and real estate. However, the former silver mining town was not always the destination for the world’s elite as it is today.

Aspen has a storied history, including the name of “richest silver mining town in the world” in the 1880s. Celebrities began being attracted to Aspen as early as the 50s, falling in love and calling the Colorado town their second home, and staying for decades to come. Aspen also saw a wave of interest from urbanites from cities across the country that became fed up with urban life and all its perils, seeking that “calling out west.” Many say that once you go to Aspen, you either stay or always come back.

This sense of allure that Aspen has on its visitors attracted key celebrities and entrepreneurs that began the transformation of the town into a world-class destination. Efforts of entrepreneurs led to the building of, what many regard as one of the best hotels in the world, The Little Nell, the Silver Queen Gondola at Aspen mountain to elevate the lift experience, and the arrival of luxury shops. Entrepreneur Harley Baldwin secured Dior as a tenant in his building which led to the arrival of Gucci, Louis Vuitton, and other renowned designers. Today, you can buy almost any luxury brand you desire in Aspen.

 In addition to the arrival of prominent individuals, luxury shopping, and hotels, Aspen also saw the arrival of elite membership clubs that added to this seemingly new clientele of the town. The Caribou Club and Aspen Mountain Club remain some of the most prestigious members only clubs today.

You are probably thinking, the arrival of a few celebrities and hotels can not be the only thing that transformed Aspen into the town it is today, which is correct. Much of Aspen’s “success” is also a real estate story. Since the 70’s or so through the present, real estate prices in the Roaring Fork Valley have skyrocketed. There are countless stories of those that fell in love with Aspen decades ago, purchasing property for $200,000 that could now be worth in excess of $2 million. Increasing property values also leads to homeowners “trading up” to their next home.

Today, there is not much land left that can be built on, and restrictions have been put into place regarding the size of new homes that can be built. The real estate boom of Aspen has created the simple story of “money is attracted to money.” For those that can get into the Aspen real estate market, they do, however, a report stated that for Q3 2016 the average sale price was $3.1 million in Aspen, so its all about being able to get into this exclusive market.

Why do people love Aspen so much?  It offers a sense of allure that other U.S. ski resorts simply do not. Those that call Aspen their second, third, or fourth home come back year after year, and many residents get to know each other, creating a sense of community. Aspen offers a sense of peace and quiet- an escape from the busy corporate world of many homeowners. Of course there is the obvious, skiing. There is world-class skiing in and around Aspen. Snowmass alone is 3,300 acres of skiing terrain, and if it were stand alone, it would be the second largest ski resort in the U.S. Aspen is equally as popular in the summer as it is in the winter, offering hiking, biking, fishing, picnics, festivals, and concerts in the beautiful mountain setting.

 

Did you Know?

Compass is present in Aspen! If you are interested in viewing and purchasing property in the Aspen area, we can connect with the best agents on the ground.

Here is a taste of Aspen real estate- a selection of a few current listings offered exclusively by Compass Agents. Interested? Contact Us!

Getting to Aspen:

Aspen has a small airport that services both commercial airlines and a large population of private jets. It is said that on major holidays, a private jet is either taking off or landing every 6 minutes from Aspen.

Because the airport is small, and at high altitude, only certain aircraft are permitted to land. As a result, many east coast cities cannot offer a direct flight, as you need to switch to a smaller plane in a nearby city. West Coast cities as well as hubs such as Chicago, Houston, Dallas, and Denver offer nonstop service to Aspen. 

Another option is flying to Denver, and driving to Aspen. The approximately 4 hour drive on Independence Pass can be quite treacherous in the winter, but offers beautiful scenery in the summer. 

Where to Stay:

The Little Nell

If you are visiting Aspen on vacation, there are an array of options for accommodations in Aspen as well as neighboring Snowmass. Here are some topic picks:

• The Limelight- 355 S Monarch Street
• The Little Nell- 675 E Durant
• The St. Regis- 315 E Dean Street
• Hotel Jerome-  330 E Monarch Street
• The Viceroy- 130 Wood Road, Snowmass Village

Skiing:

Buttermilk Mountain

Aspen offers multiple different mountains, each with varying terrain. They are all interconnected with one, easy lift pass.

• Buttermilk: Buttermilk is regarded as one of the best beginner mountains in the world, and one of the best places to learn how to ski. They offer a mix of beginner terrain and a great ski and snowboard school.
• Highlands: A favorite among locals and avid skiers, Highlands offers some beginner terrain but is more suited for advance skiers. It is also home to the famous Cloud 9 Bistro- a great ski party scene.
• Ajax: Also referred to as Aspen Mountain, Ajax is the go-to mountain for advanced skiers. The mountain utilizes the famous Silver Queen Gondola. It does not have any beginner green runs. 
• Snowmass: Snowmass is the furthest from Aspen town, however it is like its own little resort town with places to stay as well. Snowmass is huge, offering various terrain for beginners all the way to advanced skiers.

Shop:

Ralph Lauren

Taking a break from the mountains? Aspen offers a variety of world class shopping from fashion and jewelry to fine art.

• Kith- 430 E Cooper Avenue
• Gorsuch- 419 E Cooper Avenue
• Moncler- 432 E Hyman Avenue
• Incline Ski Shop- 555 E Durant Avenue
• Ralph Lauren- 501 E Cooper Avenue

Where to Eat:

Casa Tua via

From Italian to American, and some of the best Japanese, Aspen appeals to foodies. It is home to the Aspen Food & Wine Festival after all!

• Casa Tua- 403 S Galena Street
• Wild Fig- 315 E Hyman Avenue
• Aspen Kitchen- 515 E Hopkins Avenue
• Matsuhisa- 303 E Main Street
• Element 47- 675 E Durant Avenue

7 Mistakes First-Time Homebuyers Make

7 Mistakes First-Time Buyers Make

We know how stressful it can be buying a home, let alone your first home. As a first-time buyer, you feel pressured to have everything go exactly as planned, ultimately ending up in your dream palace in the sky. Throughout the purchase process, we see first-time buyers make mistakes that affect his or her ability to land the property of his or her dreams.

Below is a list of 7 mistakes frequently made by first-time buyers. Partner yourself with an educated broker, and you will soon be on the way to calling your dream house home!

1. Not Hiring a Broker:

First-time buyers, especially those that are unfamiliar with transacting in real estate, have a large misconception that if they hire a broker, they are going to have to pay. This is not the case. When it comes to buying, unlike renting, the seller’s agent splits the commission with the buyer’s (your) agent. With that being said, you only stand to gain with partnering with a reputable broker when conducting your home search.

2. Lack of Pre-Approval:

If you are planning to finance the purchase of your home, it is imperative that you get a pre-approval letter from your mortgage company. This will help you in two ways: 1) you know that you will even get approved and 2) what amount the bank is willing to lend to you. For the latter, some are pleasantly surprised that they are approved for more than they originally thought, while sometimes, the approval may come in lower than expected. This is important, however, so you know at what price point you can shop. Many first-time buyers feel that this is not urgent and say “I will get it later!” The sooner you have your pre-approval in hand, the sooner you will be a competitive buyer in the marketplace. Mortgage pre-approvals are generally valid for 3 months, so even if you don’t find an apartment immediately, you are better prepared for the search by getting the letter from the start.

3. Broker Access to Listing:

This relates to mistake #1 in that, often, first-time buyers believe that they have to go direct (without a broker) to a listing that they are interested in because it is that listing agent’s listing. All brokers have access to all listings. So no matter what broker you partner with as a buyer, they can take you to any listing throughout the city. You will not get a better deal by going alone!

4. Indecisiveness:

Buying your first home will probably be one of the most stressful purchases of your life. First-time buyers can suffer from indecisiveness, especially in the Manhattan market which offers so many options. If you find what feels to be the perfect home, bid on it and focus on that apartment. Too often, first-time buyers cannot commit to a property and miss out on a deal that meets their criteria. 

5. Education:

Hiring a reputable broker is 90% of the equation while the other 10% is on you as the buyer. Be sure to do your homework regarding all the components that go into purchasing a home. How much will insurance be? Utilities? The more you understand what expenses are involved and what the state of the market is, you will know what you can realistically afford and focus your search accordingly. 

6. Buying Direct with the Seller’s Agent:

This, too, related to mistake #1- notice a theme? Too often, first-time buyers buy direct (without a buyer’s broker), which can hurt them in the end. It is important to understand that while the seller’s agent is thrilled with a double commission, throughout the entire purchase process they are legally obligated to the seller, not you. the buyer. This means that the seller’s interests are prioritized before yours. Make sure you are represented by a broker that has your best interests at heart so you can feel confident that you received the best deal.

7. Underestimate the Complexity of the Process:

Often when dealing with something we have never done, we have expectations or assumptions of how to approach it and handle it. We see many first-time buyers that underestimate the complexity of the real estate transaction process. The steps of going from offer submission to the closing table is like navigating a minefield. There is a myriad of things that can popup between contract signing and closing that may complicate the deal or threaten it, often things you would not anticipate as a non real estate professional. Your broker will seamlessly guide you throughout the process. 

12 Most Instagrammable Views from Manhattan Real Estate

12 Most Instagrammable Views from Manhattan Real Estate

Good views and good real estate combined...who doesn't love that? When it comes to Manhattan real estate, views are a key selling point and always a desire of buyers. We have curated a list of some of the most Instagrammable views around town. From the Upper East Side to TriBeCa, these stunning vantage points are sure to have your followers double tapping their screens. 

Want to see great views and luxury real estate like this daily? Don't forget to follow us on Instagram at @TheVictoriaShtainerTeam for your daily dose of luxury real estate and more!

1. 151 East 58th Street

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Nov 10, 2016 at 6:23am PST

Situated in the center of Midtown East, One Beacon Court is one of the most desired buildings in Manhattan boasting incredible views of Central Park, the East River and Midtown. In fact, our exclusive listing, 151 E. 58th Street, 47A, has unrivaled Central Park and skyline views featuring its famous neighbors such as 432 Park Avenue and One57.

2. 432 Park Avenue

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Jul 15, 2016 at 9:49am PDT

As the tallest residential building in the Northern Hemisphere, 432 Park Avenue has some of the most jaw dropping views of the Manhattan area, from Yankee Stadium to lower Manhattan, all the way to New Jersey and Long Island. Can you say #bathtubGoals?!

3. 50 United Nations Plaza

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Jun 7, 2016 at 4:42pm PDT

Situated in Turtle Bay, 50 United Nations Plaza has breath taking views of the East River, the Chrysler Building and Empire State Building with floor to ceiling windows. The penthouse even has a one of a kind infinity pool overlooking midtown.

4. 15 Hudson Yards

A photo posted by HudsonYardsNYC (@_hudsonyardsnyc) on Sep 2, 2016 at 12:28pm PDT

15 Hudson Yards is one of the newest downtown developments with unobstructed views of the Hudson River and lower Manhattan, not to mention the pool and gym that make you feel like you’re on top of the world.

5. 30 Park Place

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Oct 19, 2016 at 10:37am PDT

The new The Four Seasons Downtown, 30 Park Place, boasts incredible Hudson River and City views; it also practically neighbors The World Trade Center. Most residences offer wonderful views, however, the penthouses at the top of the tower off stunning panoramic views for as far as the eye can see.

6. 70 Vestry St

A photo posted by @corcoransunshine on Aug 2, 2016 at 4:41pm PDT

70 Vestry Street is officially the last waterfront parcel that will be developed in Tribeca with spectacular views of Lower Manhattan and the Hudson, there may even be an occasional run in with Tom Brady, who just bought here. Whats not to love about sunset views over the Hudson River?

7. 53 West 53rd St   

A photo posted by 53W53 (@53w53) on Nov 4, 2016 at 2:42pm PDT

While 53 West 53rd St is still an incomplete development, the views of virtually all of Manhattan are comparable to those of 432 Park Avenue, except from the west side. Dubbed "MoMa Tower" it will be a new icon in the Midtown Manhattan Skyline

8. 25 & 80 Columbus Circle  

A photo posted by BRYAN (@bryan_coffeeholic) on Jan 24, 2016 at 1:43pm PST

Two of the most notorious addresses in all of Manhattan, 25 and 80 Columbus Circle have corner views of Central Park that will never be blocked by another building, but if that is not enough the west side of the buildings have views of the Hudson River too.

9. 212 5th Avenue

via

This converted building sits in the center of Chelsea overlooking Madison Square Park with even slight views of The World Trade Center, perfectly mixing park views with the downtown atmosphere.

10. 50 West Street

A photo posted by 50 West NYC (@50westnyc) on Sep 16, 2016 at 6:54am PDT

One of the newest downtown developments, 50 West Street, has phenomenal views of lower Manhattan, The World Trade Center in particular, and the Hudson river all the way out to the Long Island Sound.

11. 45 East 22nd Street

A photo posted by The Victoria Shtainer Team (@thevictoriashtainerteam) on Oct 31, 2016 at 4:15pm PDT

The latest addition to Madison Square Park, 45 East 22nd Street, has earned the title of Madison Square Park Tower because it is quite literally going to be the tallest building in the area upon completion. The building has promising views of most of Manhattan all the way to both the East and Hudson Rivers.

12. 212 W 18th Street

A photo posted by JDS Development Group (@jdsdevelopmentgroup) on Dec 28, 2016 at 1:03pm PST

Overlooking all of Lower and Midtown Manhattan, 212 W 18th St offers some of the most priceless views of the concrete jungle.  

This is a guest blog by Teddy Bulajic

Why 2017 May Be the Year to Buy Real Estate

The New Year brings with it the feeling of a chance to start fresh, new opportunities, and excitement about what the coming months ahead may bring. Coming off of 2016 which was a tumultuous year to say the least, the sentiments of optimism for 2017 seem stronger than ever. 

2016 was a strong year for real estate, and industry experts are looking for another favorable year in 2017. Home prices rose in 2016 and have since recovered from the lows of 2012 that resulted from the collapse of the housing market. For the majority of 2016, mortgage rates were suppressed to historic lows until crossing 4% after the November election. Builders were not building at a fast enough pace to keep up with demand at the lower end of the market while the ultra-luxury segment remained saturated. 

With this backdrop of the 2016 market as we enter 2017- the question on many peoples' minds is: "what can we expect for the 2017 market? Is it going to be positive?"

Here are some considerations and thoughts as to why 2017 may be the year to buy real estate, keeping the luxury market in mind.

Rising Rates

We have already seen rates rise from their historic 2016 lows. The sharp rise in mortgage rates, largely corollated to the spike in 10-year Treasury yields, since the election has been dubbed "The Trump Effect". Rates have been hovering around the 4% mark on a 30-year mortgage, and many anticipate this to continue to rise throughout the year and into the future as the Fed has placed expectations on continued rate hikes in 2017 to its Fed Funds rate and the expectation that inflation will increase in 2017.

If you have been considering the purchase of a property with mortgage financing, now may be the time to act on your willingness to purchase and lock in a favorable rate. 

Build Wealth

Buying a home and building equity in it is one of the greatest ways to accumulate wealth for yourself, and wealth that can eventually be passed to your children or heirs. This is most profoundly seen for Millennials as they have a long time horizon for their investment, and generally speaking, the value of property increases over the long term. In fact, a self-made millionaire has stated that buying a home is the single most important factor for accumulating wealth.

Millennials are expected to increase their representation in the buyers pool as we enter 2017. If you are in the position to buy (not drowning in student debt, etc.) consider purchasing a property to start accumulating that wealth now instead of flushing money down the toilet each month with rent. Close to saving for your down payment or looking for some ideas of how to get on track? Check out our creative ways to save for a down payment. 

Negotiability

Realistic sellers that are looking to get out of their properties for whatever the reason may be are willing to negotiate. This means the cards are in the hands of the buyer and with a keen broker to negotiate for you, deals can be had on great properties. In fact, one published research statistics showed that the average difference between listing price and contract price for the luxury market in 2016 was 6%. For a luxury property, that is a handsome discount! 

Less Regulations

The Trump Administration has outlined policy plans that include an array of deregulation in both the financial services and housing sectors. One of the most notable is related to the Dodd-Frank Act, a cumbersome 2,300 page piece of legislation that has largely been critiqued by many. The legislation essentially tied banks' hands after the financial crisis as a means to (hopefully) avoid another by imposing rules regarding what investment banks can hold on their balance sheets and who banks can lend to among other things. 

By reducing regulations related to Dodd-Frank, we could see access to credit expand. Will banks be rushing to lend every person a mortgage? Doubtful as they have learned their lessons regarding due diligence, however, expanded credit certainly stands to benefit many as they will hopefully have access to a mortgage for which they would have previously not qualified. 

The Wealth Effect

Buyers in the luxury market seem ready to benefit from "The Wealth Effect," or the feeling of increased wealth from various economic factors. Trump's proposed policy, specifically taxes, will benefit wealthy buyers, hypothetically returning more money to their pockets if enacted. 

Additionally, financial markets have reached record highs since the elections and the consensus among financial experts seems to be another march higher in 2017 thanks to Trump's proposed infrastructure spending and corporate profits. Increased markets means increased stock portfolio values...have you checked your statement recently?

All of this combined with increased consumer confidence and sentiment leads wealthier buyers to feel even wealthier!

Normalized Pricing

Pricing in the luxury and especially ultra-luxury segments of the market have began to normalize or "cool-off." Sellers can no longer demand the outlandish prices that we saw on some properties in 2014. This has been a harsh reality for some sellers to accept, however, a normal market is certainly a more healthy market for all. Given normalized pricing, buyers have a more realistic picture as to what properties are in their price range and where they can negotiate to score a deal. 

Less Building Permits

Have you noticed less cranes dotting the skyline of New York City? The last three years saw a boom in new construction across the city; however, significantly less building permits have been approved recently. There has never been a better selection of new development inventory on the market as there is now, and many developers are offering concessions to lure buyers to their projects given current inventory. 

This makes it a great time to be a buyer! You have a vast selection of luxury product in the city from Battery Park to the Upper East Side, offering beautiful finishes and unparalleled amenities. With the pipeline of new development uncertain given building permits, now may be the ideal time to shop!

---

---

Questions About Buying Property?

In addition to our various resources, we are happy to answer any question you may have about buying or transacting in real estate. Please complete the below form to pose your question and we will promptly answer!

How to Celebrate New Year's Eve in NYC

It is almost time to say goodbye to 2016 and hello to 2017. Everyone certainly has their preference when it comes to New Year's Eve activities, from staying home on the couch and watching the ball drop to popping champagne in clubs, we all welcome the new year in different ways. 

Deciding what to do for the celebratory occasion can be quite stressful, as there always seems to be pressure to do something amazing. Don't stress so much! If you are looking to get out of your apartment for a bit on New Year's Eve, we have selected a few happenings going on around the city. This, of course, is just the beginning as there are events are virtually every club, restaurant, and bar in NYC. These are just a few ideas of how you can ring in 2017 in NYC!

Prohibition Party at Rain's Law Room

Step back into time as you ring in the New Year at this year's prohibition party at Raine's Law Room. The luxurious evening will include and open bar and eats, live music, and entertainers. Era clothing is encouraged! The event begins at 9pm. Tickets start at $185.

Central Park Fireworks

Looking for a more laid back option this New Year's Eve? Check out the fireworks display that will go off at Midnight in the park. The fireworks will be launched from the Naumburg Bandshell. The show should be visible from almost any vantage point in the park. Admission is free.

Central Park

Rainbow Room

The views from the 65th floor of Rockefeller Center are sure to be as pleasing as the unlimited Osetra Caviar. Enjoy a four-course dinner, open bar, and dancing from 8pm until 3am. Music will consist of a live orchestra until midnight and then transform into a disco. Tickets to this black-tie event are $1,500 per person.

The Rainbow Room: 30 Rockefeller Plaza, 65th Floor.

The NoMad

If you are looking for a nice New Year's Eve dinner, consider The NoMad. Restaurant chefs Daniel Humm and James Kent will be serving a four-course tasting menu. There will be two seatings available: an early seating (prior to 8:30pm) and a late seating (9pm and after). Pricing for the early seating is $165 per person will the late seating is priced at $225 per person. 

The NoMad: 1170 Broadway

Afrojack at Marquee

World renowned DJ, Afrojack, will be taking over Marquee on New Year's Eve. If you are looking for a sleek setting and good party, this is the event for you. Afrojack's set will be from 1:30am-3 am. Marquee features multiple levels and its famous vanity-bulb-encased disco ball. Tickets start at $250

Marquee: 289 10th Avenue

Beautique

The posh midtown spot will be hosting a New Year's Eve party this is sure to impress. Boutique, frequented by the likes of Leonardo DiCaprio and Dylan McDermott will be having a premium open bar from 9pm-2am with music by Leekalt and Jen Stone. A champagne toast will be held at midnight. Tickets start at $99 for general admission.

eautique: 8 West 58th Street

The Bowery Hotel

Going with a group of friends that have slightly different tastes? The Bowery Hotel New Year's Eve party may be the event for you as it will feature different "stations" throughout. The event, from 9:30pm- 2am, will include complimentary cocktails the duration, DJ performances, and light bites. Stations throughout include the Woodford Reserve Whiskey Bar, Herradura Mexican Hacienda Lounge, the Barrel Room (scotch), and Finlandia Vodka cocktails. Tickets start at $249.

The Bowery Hotel: 335 Bowery