Contact Us at 917-860-2782 or vshtainer@compass.com

2019 Outlook: What to Expect for the New York City Real Estate Market

New York City Skline

As we enter a new year, we welcome new expectations for the housing market as we think about the year ahead. Briefly looking back at 2018, the year started off on a different note than it ended, namely rates rose to their highest levels in decades by year’s end, and the market fully transitioned to a Buyer’s Market. How do we expect 2019 to pan out?

The year ahead is likely to be a bit tougher than 2018 and remain soft overall as a result of the Fed. Prices remaining at minimum stable would be a positive, and a small rate of price appreciation would be even better. When people see their home rise in value, they feel wealthier whereas declining home values can spark a feeling of an impending recession. Thinking about 2019, we identified 4 areas of focus 1) Interest Rates, 2) Millennials, 3) Inventory, and 4) Rentals.

Interest Rates

We anticipate that interest rates will continue to rise in 2019 given the strong economic fundamentals and low unemployment rate in the US economy. Rates may begin to approach levels that finally squeeze some folks out of the market and into a smaller home than originally planned. Rising rates may also encourage some would be “Trade Ups” to stay put. Increasing rates is likely to impact first-time buyers most heavily as increased rates means less buying power. From a larger, national housing market perspective, this could also contribute to slowing sales as Buyers grapples with higher mortgage rates and recent rapid price increases over the past few years. 

Millennials

Millennials may be more at the forefront of the 2019 market than they were in 2018. This group could be a large driving force on the buy side of the market, especially for entry-level priced properties in New York City. The largest portion of Millennials will be ages 29-30 in 2019, a prime age for first-time homeownership. In a market such as New York, Millennials tend to be more affluent and savvy consumers, understanding the value in buying a property versus paying New York rent prices over the long term. Successful Millennials who have worked in industries such as Finance and Tech are likely armed with enough cash for a down payment.  Studio-1-bedroom properties priced below $2M are appealing to this group of Buyers. 

Inventory

Inventory is likely to remain elevated in NYC in 2019. New Developments continue to come to market and close, projects remain in the pipeline, and resale inventory will continue to come to market as well. This will be especially evident in the luxury sector of the market ($4M+) which has been experiencing a glut of inventory versus demand, a factor resulting in the shift to a Buyer’s Market. Average asking prices were inflated approximately 10% throughout 2018, and we expect the same to hold true throughout 2019. This means that Sellers had to take a significant reduction from Ask in order to get deals done. It is important to remember that deals get done when the price is right!

Rentals

Rent prices could likely see an uptick in 2019, attributed to the arrival of Amazon and increased demand. Amazon will bring with it a large number of high paying jobs, and thus increased demand from their employees as well as peripheral interest generated when a company such as Amazon picks a city as their home base. Google has also been discussing bringing a large number of net new jobs to NYC. Whether we see an increase in rent asking prices with concessions available or the dropping of concessions with asking prices remaining consistent resulting in a net effective increase in rent remains to be seen. We feel the latter is a probable scenario as landlords tend to drop concessions with demands increases as there is more competition for units. Additional rental inventory is something to watch in 2019 as it relates to pricing as this could be a factor that keeps a lid on rising rental prices.

6 New Year's Eve Parties You'll Actually Want to Attend

It is time to ring in 2019, and finding a good party in New York can be a challenge - will there is a lot of opportunity for a memorable night, there can also be more opportunities for a disappointment of the party description when you purchased tickets online versus reality.

Standing in Times Square for hours with millions of other people is not everyone’s idea of fun, so we’ve rounded up 6 great parties across the city that you will actually want to attend. Raise a glass to 2018 and say hello to 2019 in style!

Cipriani Wall Street

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Cipriani Wall Street, located in the former home of the New York Stock Exchange, is hosting a New Year’s Eve soiree in true Cipriani fashion – black-tie attire. The iconic venue will offer Bellini’s upon arrival and a 4 course Italian dinner at the Club 55 restaurant. Dinner will be followed by dancing and Prosecco on tap. For those not looking for sit down dinner, last we checked they were offering general admission after 10pm for $60 per person.

Midnight Millions New Year’s Eve

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Head to the Financial District to Trading Post to participate in a murder mystery. Trading Post, whose interiors remind us of prohibition, will be giving guests fake money to participate and deal their way to solving a murder mystery while sipping cocktails before the clock strikes midnight. By making a “deal” with other guests, you get to ask them a question to help you solve the mystery. You’ll feel like a million bucks if you crack the case!

Tickets

Tao Downtown

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One of our favorites – the swanky Tao Downtown – is hosting a New Year’s Eve party that is sure to be a good time. From the large Geisha on the wall to the plush seats and chandeliers, the inside of the Tao Downtown nightclub exudes luxury. Tickets, starting at $200, include hors d’oeuvres, access to a four-hour open bar, and a glass of champagne at midnight.

Tickets

Coupette at Public Hotel

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The Public Hotel quickly became one of the “it” spots of New York nightlife when it opened last fall. Ian Schrager has teamed up with Coupette, which will be taking over Diego inside Public from December 29th-31st. Coupette is one of London’s most popular cocktail bars, and bartenders from the London hotspot will be serving 5 of their favorite cocktails for just 3 days. Jean-Georges will be leading the culinary offerings throughout the evening.

Reservations

Plaza Hotel Masquerade Ball

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Palm Court at The Plaza Hotel is a New York icon synonymous with glamour and old-world New York City grandeur. They will be hosting a black-tie Masquerade Ball New Year’s Eve that is sure to not disappoint as Krug Champagne will be flowing. There will also be aerialists, dancers, a live DJ, and special menu. If you are looking to end 2018 with a bang, this may be an option for you as tickets start around $850 per person.

Contact Palm Court for details and reservations

Mr. Purple

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Located within the Hotel Indigo on the Lower East Side, Mr. Purple is a popular destination for a sophisticated rooftop with great Skyline views. They will be putting on a Burlesque party for New Year’s Eve so find your best fishnets and feather boas to ring in 2019.

Tickets

4 Holiday Markets to Visit In NYC to Get Into the Holiday Spirit

Looking to get into the Holiday Spirit in New York City? From Brooklyn to Manhattan, Holiday Markets pop-up all over the city. Most of them are put on by the food hall/market experts -UrbanSpace. They are a great place to find unique gifts and enjoy festive food and drink. We’ve included 4 of our favorites and most popular.

Bryant Park Winter Village

The Lodge   via

The Lodge via

Each year during the Holiday Season, Bryant Park is transformed into a winter village that is the perfect destination to get into the spirit. The park becomes home to a bunch of shops and food pop-ups as well as an ice skating rink and Christmas tree. Shops include artisanal creations from both local and global vendors.

UrbanSpace has created the shops to resemble an open-air style market that you would find throughout Europe. This year, the Lodge by UrbanSpace opened. This pop-up food hall offers breakfast, lunch, and dinner as well as an indoor cocktail bar and outdoor biergarten.

Union Square Holiday Market

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Perhaps one of the best known and most popular annual holiday markets is in Union Square. Each year, a portion of Union Square Park is transformed into an open-air market with more than 100 vendors. Whether shopping for unique gifts or looking for a winter treat such as Max Brenner hot chocolate, this market has a variety for everyone.

Grand Central Holiday Fair

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If you are looking to stay out of the cold, head to Grand Central Station. During the Holiday Season, Vanderbilt Hall is transformed into a holiday bazaar that features over 40 booths offering everything from artisanal ornaments to dog gifts. If you are looking for gifts, this is a great place to go as the booths are focused on gifts rather than food vendors. Did we mention, it is indoors?

Columbus Circle Holiday Market

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The Columbus Circle Holiday Market is in its 15th year with more than 150 vendors. If you are spending the day in Midtown, Central Park, or the Theater District, this is a great option to check out. New this year is a Citi-sponsored holiday lounge with a photo booth and phone charging stations. The market also has a large selection of food and drinks in addition to crafts and gifts.

25 Park Row Coming to Heart of New Downtown

25 Park Row NYC

The New Downtown continues to attract attention and become one of the “it” spots in the city. The most recent new development to debut in the neighborhood is 25 Park Row, situated adjacent to City Hall Park. The unique location puts it right on the cusp with easy access to the Financial District, Tribeca, and SoHo. 25 Park Row is joined by famous neighbors on multiple sides including The Beekman, The Woolworth Tower, and 30 Park Place.

25 Park Row NYC

 The 50-story art deco-inspired tower will be comprised of 110 residences with views of City Hall Park. The building is expected to achieve LEED status. 25 Park Row is designed by Cookfox Architects with architectural details throughout the building inclusive of loggias, Juliet balconies, and large, casement-style windows.

25 Park Row Views

Residences features classic details yet done in a modern way that brings the perfect sensibility to what living downtown today is all about. Residences feature finishes such as wide-plank European white oak flooring. Kitchens are done with white lacquer millwork cabinetry, cantilevered walnut islands, and are outfitted with a Miele appliance package. Master Baths are modern and luxurious, with calacatta gold marble countertops, flooring, and wainscotting with European white oak vanities. Penthouse residence master baths feature freestanding Kallista tubs.

25 Park Row Interiors
Park Row Penthouse
25 Park Row Interiors

 The building will have a suite of amenities dubbed The Park Row Club which have been curated and designed by Studio Mellone. It will offer a variety of leisure spaces that overlook City Hall Park including a living room, library with fireplace, private dining room, and billiards. A Garden and Dining Terrace provide outdoor space which will include a lounge area with space for grilling. A 65-foot swimming pool, spa treatment rooms, park-facing gym, and private yoga studio round out the curated amenity offering.

Currently availability starts with 1 Bed // 1.5 Bath offered at $1,695,000 with CC: $1,105/MO and RE Taxes: $1,105/MO.

Interested in 25 Park Row and Experiencing the New Downtown? Contact Us today!

2018 Holiday Tipping Guide - How Much to Tip Building Staff and More

NYC Holiday Tipping Guide.jpeg

The Holiday Season has officially kicked off. With Black Friday and Thanksgiving over, holiday decorations are going up across town. With the arrival of the Holiday Season comes the question on the mind of many - “How Much Should I Tip?”

The holiday season is always a time to give back to those that had a positive impact on our lives over the past year. One question that always comes up, especially in New York City, is how much to tip the building staff and those that are intimately involved in day-to-day life? Tipping is a major part of the Holiday Season in New York, and is a way to show appreciation to your building staff. Thus, it is important to say that it is highly encouraged, but not required. As December rolls around, many begin to get anxiety about who to tip, how much to tip, and if he or she should even tip at all. 

Our friends at Brick Underground publish a go-to holiday tipping guide, which has been circulating since 2013. We condensed it, and put our take on what is appropriate as you budget for your holiday tipping. Remember, these are simply guidelines. There are many factors that can influence the tipping decision such as the size of the building (a larger staff equates to smaller individual tips), level of service, seniority, and time in building. Additionally, owning versus renting in a building can play a big factor as well.

Of course, if you live in a building with a part-time doorman, virtual doorman, or no staff at all, the below levels could be adjusted downward.

Renters: Tips do not have to equate to the dollar amount you are paying each month for rent. If you receive a lot of packages, have a stroller that is carried in and out of the building, etc., factor this into your tip. 

It is recommended that you tip in cash. Doorman, Concierge, Supers, etc. all of bills to pay like you and I- they are not looking for fruit cakes, cookies, or homemade gifts at the holidays!

 

 

Tipping Guidelines

 

 

Super: $150-200
Doorman/Concierge: $100-150
Nanny: 1 Week Salary
Housekeeper: 1 Week Salary
Dog Walker: 1 Week Salary
Driver: 1 Week Salary
Garage Attendant: $50-$100
Personal Trainer: $100
Chef: $300-500
Personal Assistant: 1 Week Salary
Hairdresser: $50-75
Manicurist: $25

 

Something to Consider: If you have been tipping throughout the year utilizing a "pay as you go" method, it is customary to tip on the lighter side during the holiday season.

What Does Amazon's New Headquarters Mean for NYC Real Estate

Amazon Long Island City

Amazon made a big announcement this week, officially stating they New York City would be one of two locations for their HQ2, naming Long Island City as the location. When headlines broke, everyone in the real estate industry began thinking – how will this impact NYC real estate, particularly Long Island City?

The arrival of Amazon will continue the development of Long Island City and should encourage the city to invest dollars into infrastructure such as the subway system which is in dire need and buses. With the arrival of the new Amazon headquarters comes and anticipated 25,000 new, high earning employees.

Prices Likely to Rise

Long Island City has had a housing development boom in recent years with the neighborhood continually becoming more residential and less industrial. We continue to expect new units to come to market in the neighborhood in the near term. Prices have been on the up, and in fact, LIC is the priciest neighborhood within Queens.

Amazon’s announcement means there will be inherent increased interest in the neighborhood which could push prices slightly higher rather quickly, especially in terms of rent demand. It is important to note that rents in LIC luxury brands somewhat mirror that of Manhattan rents, so prices may not skyrocket in the short term, however, increased demand may motivate landlords to remove concessions that are being found on many luxury rentals. There has been an absorption issue in Long Island City given the sheer amount of inventory that has come on the market in the neighborhood in recent years.  

Impact Not Confined to Long Island City 

Anticipate price impacts to be felt in other neighborhoods as well. The influx of employees may look to other neighborhoods that still allow for easy access to LIC such as Midtown East and the Upper East Side where they may find more bang for their buck.

Being priced out of the market is still a very large issue for the NYC housing market as wages cannot keep up with cost of living for many. Because of that, we expect that the largest increase in pricing may be seen in peripheral neighborhoods that are still up and coming such as Greenpoint, Brooklyn. A new influx of residents in neighborhoods such as this could push pricing higher.

 

More Players than Just Amazon

While Amazon is garnering much press and attention about the location of their second US headquarters, it is important to remember that there are other plays that can contribute to this as well. Google has stated they expect to nearly double their workforce in coming years. The arrival of Amazon could further establish New York as a tech center and attract everything from Amazon competitors to start ups. What does that mean? The influx of people as a result of high paying jobs could be greater than what will be from Amazon on its own.

Inside Holiday House NYC 2018

Holiday House has returned to New York City, and the 2018 rendition has transformed a townhouse on the Upper East Side. Located at 118 East 76th Street, this year’s Holiday House features the work of more than 20 interior designers including Interior Market Group, Melanie Roy, Timothy Brown Studio, and The Studio at One King’s Lane to name a few.

Holiday House was started in 2008 by interior designer and breast cancer survivor Iris Dankner. Holiday House has been raising money for the Breast Cancer Research Foundation for over a decade, allowing visitors to get inspiration from top interior designers and experiencing products first-hand from leading brands.

The project has expanded to The Hamptons, and even globally with Holiday House London. We are happy to see the return to NYC, and we went inside. Talk about serious inspiration!

Step Inside…

Holiday House NYC 2018

Kitchen - Designed by Melanie Roy

After 15 years in the television industry, Melanie Roy pivoted and began her career in interior design. She focusing on designing family-friendly residences.

Melanie Roy Kitchen Holiday House
Melanie Roy Kitchen
Holiday House NYC
Holiday House NYC 2018
New York Holiday House Showhouse

Master Bedroom - Designed by Natalie Kraiem Interiors

Natalie Kraiem Interiors is a Brooklyn based interior design firm that places emphasis on strategically incorporating different styles. She aims to create sophisticated, glamorous, and timeless spaces. For her Master Bedroom at the 2018 Holiday House, she transforms visitors to a “Getaway in Paris”

Holiday House Master Bedroom
Holiday House 2018 NYC Details
Holiday House Master Bath


This is simply a glimpse into the inside of the 2018 Holiday House. We highly encourage you pay a visit, and take in the myriad rooms and inspiration sources. The house is open to visitors through December 2nd, 2018. All ticket proceeds benefit the Breast Cancer Research Foundation.

Hours:

Tuesday-Sunday: 11:00am – 5:00pm

Until 8:00pm on Thursdays

Tickets can be purchased online.

Greenwich West Launches in SoHo

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SoHo, historically known for its converted luxury lofts and lack of amenity filled buildings is experiencing a new wave of development, bringing luxury condos outfitted with full amenities to the neighborhood. One particular area, Hudson Square, has become an enclave for luxury developments in SoHo. Greenwich West is the latest luxury development to bring a full-service building to SoHo. 

Located at 110 Charlton Street, Greenwich West will rise 290 feet tall and be comprised of 170 condos. The development just launched sales, and we were among the first to get an inside look during their launch event.

Sebastien Segers Interiors

 Greenwich West is designed by a collaboration between two Parisian Firms – Loci Anima and Sebastien Segers. Adamson Associates is the architect of record for the project. The design team was inspired by the iconic industrial architecture of West SoHo but applied an infusion of classical French inspiration. This is especially evident in the interiors which are warm and inviting, yet do not lose their “downtown” feel and modernism.

Greenwich West Interior.jpg
Greenwich West 110 Charlton.jpg
Greenwich West Interiors.jpg

Residences will range in size from Studios to 3 bedrooms with prices starting at just under $1M. Construction is currently underway and is expected to wrap up in 202.

Greenwich West will offer a suite of amenities to residents including fitness center, lounge, rooftop terrace, bicycle storage, automated parking, and a children’s playroom. Additionally, given the buildings location, we expect the views of the Hudson to be beautiful from high floor units.

Questions about Greenwich West and luxury living in SoHo? Contact us for more information and pricing!

Rendering via Familiar Control

What Do Rising Interest Rate Mean for the Housing Market?

rising mortgage rates

Mortgage rates of been on the rise lately, with the most recent tear higher garnering quite a bit of attention. The 30-year fixed rate is approaching 5%, a number that hasn’t been seen since around 2011. Remember, while rates are high relatively speaking, rates are still lower than what was observed in the 70s, 80s, and 90s.

The expectation is that rates will continue to rise with economists forecasting we will see 5% by the end of 2018 and could possibly see 6% by the end of 2019. Why are rates rising so rapidly? The most recent jobs report was indicative a strong economy with unemployment the lowest it has been in decades. A strong job market translates to a strong economy, and a strong economy means rising interest rates. 

So, what do rising rates mean for home buyers and the housing market? Remember the following

You Have Mortgage Options 

When headlines and the press speak to mortgage “rates” they are referring to the 30-year fixed rate. This is the most expensive mortgage product as it has the longest built in protection period. But what if you do not plan to be in the home for that long…why pay a premium for time protection that you may not need?

Many buyers are shocked to see all the various mortgage products that exist when they sit down and discuss their needs and options with a Mortgage Broker. A qualified Mortgage Broker will be able to advise on which product makes the most sense given your qualifications and time horizon. 

Control What You Can 

There are aspects that you can control when it comes to financing your home and getting the best rate possible. Two of the biggest influencing factors are 1) down payment and 2) credit score. 

Down payment:

The amount of money you put down on a home is one of the biggest tools you can use to lower your monthly payment because the more you put down, the less money you are borrowing. We understand getting a substantial down payment can be challenging, especially for first-time homebuyers who may be younger and faced with high student debt.

It is also important to remember that any down payment 20% or greater will remove the need for Private Mortgage Insurance (PMI) which can be a substantial savings on your monthly payment.

Credit Score:

If you have ever borrowed money, you know the importance of a strong credit score as it relates to getting the most favorable rates. Yes, you do not need the best credit score out there to qualify for a mortgage, however, the better your score the better the rate you will receive which means the lower your monthly payment will be. Turning a credit score around can take some time, so if purchasing a home with financing is in your future and your credit is damaged, start working hard now to get it on the rebound.

Tax Benefits

There are tax benefits to having a mortgage which are something to consider. While many do not know exactly where they stand in terms of tax liability given the new changes to tax code, we expect to get more clarity after filing 2018 returns.  

With that said, interest paid on a mortgage is generally tax deductible. Under the new tax laws, if you take out a new mortgage, you can deduct up to $750,000 in mortgage interest from your taxes.  In a sense, this makes your effective mortgage payment lower as you are getting benefits when you file your taxes…something to keep in mind.

Questions about taxes? We are not tax advisors and would defer you to your qualified tax advisor who has a full picture of your tax liabilities.

If You Are a Seller

Rising mortgage rates may not only impact buyers, those actually taking on a mortgage, but could also have an impact if you are a seller, so it is important to say abreast of market trends. 

Sellers – enlist the advice of your broker in regard to pricing. Your broker will be attuned to trends in the neighborhood and know if impacts are being felt as a result of rising rates. This is especially important for sellers who are selling property that is more likely to appeal to first-time home buyers who are more pressed for cash and concerned with monthly payments. Will a reduction in price make your property more attainable for them?

It is important for sellers to understand the buyer’s perspective given we are currently in a Buyer’s Market. Buyers are faced with a one-two punch of rising rates plus increased home prices over the past few years. Price your property according to what the market is dictating if you want to sell.

What does it all mean? We feel rising rates will certainly have impact on some home buyers that are on the cusp of affordability, however, we do not feel that rates are at a point where it could completely stall the market and put large downward pressure on pricing. In fact, some pent-up demand may be spurred to “jump” in to the market as affordability (of monthly payments) becomes a concern. People see the pace at which rates are rising and do not want to be priced out because of higher rates in a few months.

What You Need to Consider When Investing in Manhattan Real Estate

Have you been considering investing in real estate? Headlines and news stories may have some home owners concerned about their property purchase, or investors second guessing a decision to invest in Manhattan real estate. Like any investing, it is important to take a disciplined approach to investing in real estate guided by the advice of an expert. Analysis of over a decade of Manhattan housing data exhibited the strength of the borough to remain a sound investment compared to many of the global markets out there.

So, is all of Manhattan the same? Considering the following things when approaching Manhattan Real Estate from an investment standpoint.

Manhattan is a Resilient Market

Manhattan is somewhat a world of its own when it comes to the market and its driving factors in comparison to the larger macroeconomic landscape. The Manhattan market moves at its own pace during economic downturns as a result. We, of course, observed a large anomaly to this during the Global Financial Crisis of 2008. The crisis took down the entire global economy and impacted Manhattan housing. However, recovery in Manhattan was much quicker than that of other global centers.

During this crisis time, Entry-level luxury bounced back most rapidly. UBS Wealth Management publishes a Global Real Estate Bubble Index annually, and New York City was rated “fair value,” especially in comparison to hot markets such as San Francisco, Hong Kong, and Toronto.

Entry-Level Luxury

We have talked about entry-level price points as being key in the current market throughout many issues of Victoria’s View. In the case of Manhattan, some could argue that entry-level pricing could stretch as far as $5-6M. These are the properties that have shown exceptional price resilience over recent years in a market that some argue is slow.

Sub $3M has been especially busy the last few years. Open houses are getting a lot of foot traffic at this price point, and some properties are even experiencing bidding wars, especially those priced in the $1M range.

Why has entry level luxury faired so well? Demand is strongest at this price point in Manhattan. At this price, demand is fueled by working urbanites that are looking for their first-time home purchase, or are, perhaps, upgrading from a 1 bedroom to a 2 or 3 bedroom as they start a family.

Compared to ultra-luxury, or properties priced $10M+, entry-level luxury in Manhattan has remained more stable, largely a result of this demand from working professionals who need a place to live that we just discussed. Entry-level luxury likely has a higher buyer based composed of individuals seeking their primary residences rather than a second or third home which is often the case with buyers at ultra-luxury price points.

Volatility Factors

When you invest in stocks, you assess funds/companies/ETFs that match your identified risk profile. Risk may be assessed on things such as sector – Utilities may be considered more risk averse and less prone to price swings than a sector such as Biotech.

So, when thinking about real estate, what factors should you use to assess risk and volatility when considering your investment? Bedroom count plays a big part of real estate price movement. As a result, bedroom count can be a contributing factor to price volatility of real estate assets. One and Two-bedroom apartments are more common while 4+ bedroom apartments and large townhomes are more unique and rare, thus there is an inherent pricing question when it comes to large apartments as there is simply less historical data and comparables to which to defer.

While more bedrooms may mean more risk, more risk is often associated with the possibility of more reward. Prices of large apartments have risen dramatically since the 1980s and 1990s, however, in similar fashion, they were largely impacted during the great recession with pricing on large properties still under pressure.

via     Price swings in YoY rents by bedroom count. Notice the swings in 3 bedroom rents compared to Studios and 1 Bedrooms

via Price swings in YoY rents by bedroom count. Notice the swings in 3 bedroom rents compared to Studios and 1 Bedrooms

Pricing on one-bedroom properties have recovered from recession lows, largely fueled by the consistent demand in this space.

Intrinsic Value

Just as a company or stock has intrinsic value, so, too, does real estate. When considering investing in real estate, partner with your broker so you can identify properties that have more intrinsic value than others.

Contributing Factors

  • Natural Light

  • Neighborhood Stature – are there good schools nearby? Is the area established, up-and-coming, or on a decline?

  • Quality Construction and Materials – your broker knows new development and construction better than you. Lean on them to advise which buildings are constructed from the best materials and workmanship

If your investment is for the purchase of generating income, we have you covered! Check out our article on What to Expect When Investing in Real Estate. If you are purchasing real estate as investment with the goal of renting out, discuss what rents look like in the builder with your broker, and how that estimated figure would stack up against anticipated mortgage and carrying costs. There are ways to extract additional value out of your investment:

Ways to Extract Additional Value out of Your Investment:

There are additional ways to squeeze a bit more rent out of your unit and also have an increased likelihood to win over a prospective tenant as they are shopping around. While some of them are an expense upfront, they are some of the most common requests we see from prospective renters. Thus, you will most likely recoup the cost of these investments into your property.

  • Consider building out the closets to maximize storage with systems such as California Closets

  • Install Electric Shades/Window Treatments

  • Ensure the washer/dryer are good machines. It may be worth it to upgrade the machines from the base units that came with the apartment

Hiring a broker will be crucial to maximize the rent received. They are able to position your apartment on the market to appeal to the right audience and spend the time to understand the intricacies of the board package and fees.

  • Price correctly! Rely on your broker’s expertise to price correctly so you can rent sooner rather than later.

  • Get the condo leasing application to review the fees. That way, your broker can speak to prospective tenants about all fees associated with the unit. Additionally, this is important to understand in case you need to offer concessions to remain competitive

  • Good photos matter!

  • Get a floorplan of the unit to place online with the listing