2024 Predictions for New York City Luxury Real Estate

The dust has settled on the turbulent waves of 2023, and 2024 emerges with a distinct undercurrent – optimism. Consumer confidence is rising, whispers of rate cuts echo through the market, and a sense of cautious optimism prevails. This shift sets the stage for a potentially transformative year in New York City's luxury real estate landscape, one ripe with opportunities for both buyers and sellers.

As we navigate the year ahead, here are some key trends to keep your eyes on:

Interest Rate Cuts: Fueling the Fire

The market anticipates upwards of three interest rate cuts throughout 2024, a potential game-changer for buyer sentiment. Lower mortgage rates could reignite activity, creating a more favorable environment for those looking to make their move. This renewed optimism, coupled with easing financial constraints, could lead to a surge in buyer interest, particularly in the higher price brackets. The prospect of reduced borrowing costs is expected to significantly influence the decision-making process for both first-time homebuyers and seasoned investors.

Renter Relief: A Glimmer of Hope

For renters, 2024 may bring a welcome respite from the record highs of 2023. With a projected increase in listings, particularly in apartments under $4,000, rents are expected to stabilize, potentially even dip slightly. This shift in the rental landscape could empower renters with greater negotiating power and provide them with better bargaining opportunities. Additionally, the traditional seasonality of the rental market is likely to hold true, offering prime deals for those willing to brave the winter months.

Inventory Easing: A Gradual Shift

While inventory challenges may linger in specific price points, particularly at the ultra-luxury end, a gradual improvement is anticipated in 2024. Lower interest rates could entice more sellers to list their properties, confident in their ability to move onto their next home without the burden of high mortgage payments. However, it's important to remember that a significant portion of homeowners still enjoy historically low rates, making a mass influx of listings unlikely. Still, a modest increase in inventory is expected, providing buyers with a wider selection and potentially more negotiating leverage.

Price Right to Sell: The Golden Rule

In this evolving market, accurate pricing will be paramount. Properties priced competitively, or even slightly under market value, are likely to attract a flurry of buyers and potentially spark bidding wars. Conversely, overpriced listings may languish on the market, requiring iterative price reductions to attract interest. Sellers who collaborate with experienced real estate professionals to determine the optimal pricing strategy will be well-positioned to navigate this dynamic market and achieve their desired outcome.

2024 promises to be a year of adaptation and opportunity in NYC's luxury real estate market. By staying informed of these key trends, both buyers and sellers can make informed decisions, optimize their strategies, and navigate the turn of the tide with confidence. Whether you're looking to capitalize on the potential of lower rates, find your dream home in a more balanced market, or negotiate a favorable deal as a renter, the year ahead holds exciting possibilities, and The Victoria Shtainer Team is here to be your trusted NYC Real Estate Experts.

We pride ourselves on being at the forefront of this dynamic and competitive industry, offering our clients an unmatched level of service, market knowledge, and access to exclusive listings. Whether you're buying, selling, or investing in luxury real estate, partnering with our team means gaining a strategic advantage that will elevate your experience and ensure a seamless transaction. Trust in our expertise and dedication to exceed your expectations, and let us guide you through the unparalleled world of Manhattan luxury real estate.

Concessions Returning to New York City Real Estate in Both Sales and Rental New Development

New York City is one of the most dynamic real estate markets in the world. With an everchanging market, we keep our pulse on what trends are emerging, and one of the most recent trends of 2023 is the return of concessions on new development sales and rentals. Concessions are financial incentives that developers offer to buyers and renters in order to make their units more attractive. Coming out of the Pandemic, concessions had seemingly vanished from the market, as developers were able to sell and rent their units quickly and often times at full price.

However, with the market normalization that has been occurring, developers are bringing back concessions in order to move inventory.

What Are Common Concessions?

There are a variety of concessions that developers may offer, both for buyers and renters. Some common concessions include:

• Free or reduced closing costs

• Free or reduced transfer taxes

• Free sponsor’s attorney fee

• Preferred mortgage rates if the developer has or is associated with a lending company

• Free or reduced common charges for a specified timeframe

• Free or reduced parking fees or deeded storage units

• Free or upgraded finishes

• Free rent – typically varies based on duration of the lease

If you are considering buying or renting a new development unit in New York City, be sure to reach out to us to discuss what Buildings are offering concessions. Typically, Developers do not make this information public, but as your Real Estate experts, we have access to industry information to help you secure the best deal. With negotiation, we can help you secure the best deal on your new home purchase or rental.

Buying or Renting a New Development Apartment in NYC

When buying an apartment in NYC, it is important to consider all of your options. One option is to buy a new development unit. New development units often offer a variety of amenities and features that are not available in older buildings. Additionally, new development units may be eligible for concessions, which can save you money on your purchase.

New Development buildings in the Hudson Yards neighborhood of Manhattan

NYC new development apartments offer a variety of advantages over older buildings. New development apartments are often built with the latest energy-efficient features and have state of the art amenity collections that enhance your everyday life such as fitness centers, swimming pools, spas, and rooftop terraces.

As you consider purchasing or renting new development in NYC, be sure to consult a local Real Estate professional. Our team of NYC real estate experts have helped multiple clients secure incredible deals on both sales and rentals in new development in this challenging market. You do not know want to be the prospect walking into a developer’s sales gallery or leasing office without an advisor on your side!

Advantages of Working with a Real Estate Agent

• We have access to a wide range of properties that are not listed on the public market.

• We help you evaluate the value of a property and make a competitive offer.

• We negotiate with the Sponsor on your behalf to get you the best possible deal.

• We help you to navigate the complex process of buying or renting a property in NYC.

The return of concessions in the New York City real estate market is a great opportunity for both buyers and renters. With the advice from and negotiation help of a real estate agent, you may be able to get a great deal on your new home that you would have otherwise not been aware of!

If you are interested in exploring New York City New Development currently on the market, get in touch with our team today.

Japandi Design Ideas for Your NYC Apartment

The Scandinavian interior design style started in northern Europe but quickly spread worldwide. It's famous for its neutral colors and simplicity. On the other side of the globe, the Japanese also developed their distinct interior design style. Minimalism and practicality are the main ideas it tries to convey. The similarities between the two inspired a unique fusion of styles that focuses on functionality, purposefulness, and appreciation of natural materials. And thus, Japandi was born. The clean, soothing aesthetic and the mindful usage of space make it very popular in NYC apartments. Take a look at this list of Japandi design ideas to see if this style is the right fit for you.

Warm Neutral Color Palette

Both Scandinavian and Japanese interior design styles use a neutral palette of colors. However, they often differ in shade and tone. Light colors such as white and grey and typical for nordic houses. On the contrary, Japanese color palettes are typically darker and warmer, leaning more toward earth tones. The perfect fusion of those two is the main palette of Japandi: light warm neutrals. You can never go wrong with combining warm off-white walls with light browns and beiges in the furniture. If you're looking to make your place pet-friendly, try leaning towards darker but still neutral, earthy tones. It will still look just as nice and won't get dirty as quickly.

Wall Texture

A concept that comes up in many Japandi design ideas is using some sort of texture on the walls. This idea stems from Japanese interior design, where wood and bamboo paneling are very common. A good way to include this in a Japandi-themed apartment is by using thin wooden strips laid vertically on the wall. It gives the space more dimension, and it can also be used to visually separate different areas. If wooden strips are not something you like, consider shoji screens. These are screens made from wooden frames with paper panels. They're an exciting addition to any room and completely fit the overall style.

Wall panels are one of the most common Japandi design ideas via

Minimalistic approach

One of the main characteristics of Japandi is the clean and streamlined space. In order to achieve that, getting rid of all unnecessary things in your home is an absolute must. There's simply no place for furniture and pieces of decor that serve no purpose. While minimalism isn't for everyone, getting rid of some things can feel quite refreshing. If you're not ready to part with your belongings completely, you can move them to another location. Experts from consumeropinion.org suggest taking a look into a variety of services that can help you with that. Doing this will create a serene and grounded atmosphere in your Japandi home.

Natural materials

Craftsmanship appreciation is one of the key values of both Scandinavian and Japanese design styles. One of the best ways to honor this profession is by using natural materials. When looking at Japandi design ideas, you'll notice that absolutely all of them include wood in some form. Hand-crafted wooden furniture is an absolute must in a Japandi home. There are many woodwork shops in NYC and the surrounding area. Whether it's a bed or furniture for your home office, you'll almost certainly find what you're looking for. If you want to go a step further, you can get some of your wooden furniture custom-made to your liking.

Even though it's the most popular, wood is not the only natural material there is. Any other are also more than welcome in a Japandi-themed room. You can have fun with different combinations of paper, bamboo, and rattan, including natural fabrics such as linen or wool, which is also a great idea.

Wooden furniture is both good-looking and durable

Plants

Establishing a connection with nature in interior design can be tricky. However, it should be pretty straightforward if you're going for the Japandi design style. Going one step further from using natural materials is incorporating plants into your living space. If there's a balcony in your NYC home, this will be very easy for you. Even if you don't have a balcony, don't worry - you can still create your zen garden inside. The key here is to not overdo it. It's easy to get carried away when buying plants. While there is nothing inherently wrong with that, it doesn't go well with the Japandi philosophy. Instead of 10 different plants, try getting a few that make an impression. This works so much better with the ideas of simplicity and elegance you want to convey.

Well-incorporated plants can bring life to any room

Multifunctional furniture

As we already mentioned, less is more when it comes to Japandi. When you don't have many pieces of furniture, you want to ensure that the ones you own are multifunctional. This complements one of the main ideas of Japandi: everything needs to have a purpose. Of course, this doesn't work with everything: a dining chair can hardly double as storage space. Still, working around this idea is worth it, especially if you're new to more minimalistic styles. It will give you more room to adapt while maintaining the desired aesthetic.

Open-space plan

Having separate spaces for different activities can be convenient at times. However, you may want to avoid that in order to convey a true Japandi vibe in your home. Sharp walls and separations go against the free-flowing concept that is crucial to Japandi. Instead, an open space concept for the living room-dining room-kitchen area is a much better option. If you have a possibility do to so, removing structural obstacles would significantly open up the space. This will make your space seem much more luxurious and will allow a free flow of natural light and air all throughout.

Overcrowded living spaces are becoming a thing of the past. Instead, a mindful approach with an appreciation of free-flowing space and natural materials is taking over NYC. Taking the best of both Scandinavian and Japanese interior design styles and combining them offers exactly that. While there are many Japandi design ideas to choose from, they are all based on the same principles. If simplicity and functionality are something you appreciate, consider giving Japandi a shot. 

Mortgage Rates 2022: How High are Mortgage Rates? [INFOGRAPHIC]

The housing market in 2022 has certainly been characterized by higher mortgage rates as the Fed continues to increase its benchmark Federal Funds rate in an effort to combat inflation. With the Fed making its third 75 basis-point increase at its recent September policy meeting, what does that mean for mortgage rates?

It is important to note that the Fed does not control or set mortgage rates, however, it greatly influences them via monetary policy. Mortgage Rates typically tend to track the 10-year Treasury yield, so when yields rise, mortgage rates tend to go up as well.

 Are Mortgage Rates High Today?

While mortgage rates are currently the highest they have been since approximately 2008, the average rate for 30-year fixed mortgage according to Freddie Mac’s historical data shows that rates have been much higher than they currently are as well. Rates were in excess of 10% for most of the 1980s.

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 Today’s Average 30-year Fixed Rate: 6.43%

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While nobody wants to pay higher rates as it can erode home purchasing power, it is not all bad news. Interest Rates are still relatively low compared to historical standards. There are always benefits to homeownership and the predictability in monthly costs that a fixed-rate mortgage provides compared to renting.

Additionally, higher rates have impacted demanded which means there is less competition at certain price points and property types compared to the height of the busy 2021 market. This means that serious Buyers can still find opportunity and value in the market as the regain some of their negotiating power.

Features to Look for in Luxury Homes for Families

What is a luxury home? Or, in other words, what makes a home feel luxurious? Is it a home with facilities that make the owner feel pampered or indulged? When the word luxury is mentioned, large pools, indoor gyms, game rooms, backyard tennis courts, and home theaters come to mind. But what are the most desired features to look for in luxury homes for families?

An Open Floor Plan

The open floor plan concept has become so popular in luxury homes because it emphasizes the size of the home and is a compliment to the modern lifestyle many luxury buyers lead today. Instead of many smaller, copped-up rooms with an open floor concept, you get a huge living area that feels rich. Furthermore, having larger, open spaces in your home will make entertaining groups of people much more effortless. Having the right amount of space, whether in your kitchen, dining room, living room, or outdoor space, provides a more comfortable party or get-together. Plus, it gives you increased flexibility when it comes to designing your spaces. You can create a quiet corner in your living room, just for your indoor plants, that feels more like an indoor garden.

Plenty of Outdoor Space

When considering features to look for in luxury homes for families, the second thing that comes to mind is outdoor space. If you are a family with kids, you probably want your kids to have more than enough space to run around and enjoy their time outside. Since the pandemic, outdoor space has become an incredibly desired amenity. A large yard with enough space for a pool, a garden, an outdoor kitchen with a grill, and a shady relaxation spot is a must. Moreover, if your kids are still little, consider leaving space in the backyard for a jungle gym or swing set.

When looking at luxury houses, the amount of outdoor space is very important.

Smart Technology

Technology has advanced to levels that most of us cannot even comprehend in the last several years. As a result, it is no surprise that smart houses are becoming more popular. Smart homes were one of the top luxury home trends last year, and it does not appear that things have changed much since then. As technology advances, smart appliances are becoming an increasingly crucial feature for luxury home buyers. Smart home technology may be integrated into any home, starting with a smart thermostat, fridge, home security system, doorbell, and even an electronic home personal assistant.

Extensive Storage Space is a Must in Luxury Homes for Families

For some people, a walk-in closet is a true sign of wealth, for families, having thoughtful and functional storage throughout the entire home is also a must. According to experts at benhur.com, huge storing options such as walk-in closets have always been a popular sign of wealth among the general public. In part, this could be due to the number of reality shows that feature huge walk-in closets filled with expensive things.

We have never heard a Buyer say they regret having a large walk-in closet in their primary suite….sometimes even two!

A walk-in closet is an excellent way to both store and showcase your luxury belongings.

If the Kardashian-style “boutique” closet in the master bedroom is not for you, you will never regret having large closets in all bedrooms and common high-traffic areas such as the foyer and off the garage.
Game & Theater Rooms

When it comes to opulent living for the entire family, gaming and movie rooms have been popular for decades. For years now, an in-home theater and game room have become standard features in most million-dollar homes. Moreover, wealthy property owners are attempting to push this trend even further by installing amenities like indoor basketball courts and expensive sports bar setups with televisions and indoor bars. The main objective is to create an environment where a homeowner of this luxury property never needs to leave the comforts of their own home because everything they need is within their reach.

A Home Gym

Having to drive to go to the gym filled with other people? The focus on home gyms has skyrocket since the pandemic for a number of reasons including convenience and privacy. Home gyms at their pinnacle would have plenty of space for equipment, machines, and weights, as well as additional amenities like built-in wireless speakers and TVs. Like a cherry on top, luxury homes should also have a private sauna and an indoor pool as places to relax after a hard workout.

Home Office

In the years since the pandemic started, millennial homeowners popularized home offices among the general population, not just the wealthy. However, a beautifully decorated and well–organized home office is another feature you should look for in a luxury home for your family.

In recent years, home offices have become an essential part of luxury homes.

Final Thoughts

When it comes to luxury homes, everyone has their own preferences, however, we covered some of the most popular and requested features that luxury buyers look for in family homes.

In a competitive market, it is important to partner with professionals across the entire home buying process from purchase to moving. That starts with working with real estate agents that are knowledgeable about the neighborhoods in which you are interested. When it is time to move into your new home, we highly recommend higher professionals to help take some of the burden off of this typically stressful process. If you are moving within the NYC area, get all the help you need and hire reputable local movers to take care of and transport your belongings.

How Millennials are Changing the Luxury Real Estate Market

Some people associate Millennials with incompetency and inertia, imagining that most people born between 1985-1996 are not business-savvy enough to impact the economy significantly. The reality is, the stigma that culture placed around Millennials could not be further from the truth, and Millennials have become one of the most influential and important demographic segments within the housing market.

Millennials are far from being superficial, naive real estate buyers hunting for the most Instagrammable Manhattan view out there. In actuality, the Millennials' purchasing habits and real estate preferences greatly impact the industry, and have been becoming more and more a key influence is more of this generation looks to become homeowners. Millennials are changing the luxury real estate market as we speak.

Naturally, if you want to sell or buy a luxury property, you want to know which home features people pay extra for. It is always better to introduce home updates that will appeal to serious buyers if you decide to move out. And Millennials have positioned themselves as buyers who are willing to invest in real estate. So much so they are de facto dictating the luxury real estate market trends. In fact, 38% of home buyers belong to this demographic group.

Millennials prefer their starter home to be a luxury property

The dominant rhetoric in recent years has labelled Millennials as hesitant to leave their parent’s homes. However, it is not the case that Millennials do not want or cannot afford their own homes. The latter has especially been bolstered by COVID as many Millennials were able to temporarily live with their parents, saving significant money for down payments. Because of the impact of witnessing the Great Financial Crisis, Millennials have taken, perhaps, a more cautious approach to buying, waiting longer to invest in their first property. This demographic group has strong buying power thanks to high incomes from salaries in industries such as Tech and Finance, particularly in the large, coastal metro areas around the country.

As a result, Millennials do not shy away from having their first purchase be a luxury home. This tendency makes them a true force of nature in the world of luxury real estate. The slight delay of their dominance in real estate has enabled them to invest in properties or rent luxury homes in some of the best areas of metropolises, such as New York. Of course, some NYC neighbourhoods are more welcoming to the Millennial's lifestyles and living preferences.

Millennials’ backgrounds and attitudes are changing the luxury real estate market

It is not just the choice of neighborhoods that affects the change in the luxury real estate market. As a generation, Millennials tend to be better educated, have better earnings, and inherit more than people in the past. All of this makes for a demographic group that has strong buyer power, and is investing its assets into luxury homes that are more functional and more energy-efficient.

Furthermore, Millennials grew up amid the technological revolution that has changed how the world works. As a result, the technical savviness of Millennials also dictates how luxury homes will be furnished, making the concept of smart homes synonymous with luxury homes.

Today, smart home features are a must in luxury homes.

Millennials increasingly work from their homes

The Covid-19 pandemic has influenced luxury real estate trends and predictions in upscale locations such as New York and the way most Millennials do business. So, a recent switch to remote working allows many Millennials to work from their home office. And what's better than basing your home office in a luxury home that is your “vision board” in real life - in a fantastic location at that.

Millennial homebuyers prefer to buy luxury homes with home offices.

Given this trend, luxury homes in sunnier, suburban, and remote locations surrounded by nature and other stimulating perks are in demand. In addition, Millennials are moving to luxury estates in more affordable cities as they no longer have to commute to work. However, it is not just luxury real estate that is catching up to these changes. According to  Tik Tok Moving and Storage, moving companies are also enhancing their range of offers and services, thus enabling their clients to prepare and execute a long-distance move in the shortest amount of time possible. 

Sustainability is becoming the norm in the world of luxury real estate

Another significant milestone in the world of luxury homes has to be the recent turn to sustainable and environmentally-friendly home features. Sustainable living has finally become a priority for eco-conscious homebuyers who want to reduce their carbon footprint by turning to green energy. And it is no coincidence this is happening right now. As they become older, people born in the Millennial generation tend to be more aware, outspoken, and fervent regarding these noble agendas.

Hence, experts in the luxury real estate market respond to these consumer preferences. As a result, energy-efficient HVAC systems, solar panels, green roofs, Tesla chargers, and other such sustainable home features are becoming a necessity rather than an exception in the world of luxury real estate. Since such technological advances in luxury real estate have the potential to set the bar for other real estate markets, soon enough, we are likely to see similar developments sweeping the industry.

Millennials are changing the luxury real estate market for the better

In sum, Millennials are changing the luxury real estate market mainly toward a more self-conscious, environmentally friendly, and data driven industry. Given the strong purchasing power and cultural impact of this demographic, it is likely that they will continue to shape market trends and dynamics in the near future.

Top Luxury Real Estate Trends to expect in 2022

The US luxury real estate markets are in a state of perpetual change. That is why keeping an eye out for dominant trends can be a genuine make-it-or-break-it factor that will make selling or buying a home so much easier. These changes frequently result from global shifts and events that influence spending behavior. In that sense, the year 2021 was a surprisingly lucrative year for all stakeholders for several reasons. Consequently, there are many top luxury real estate trends to expect in 2022. 

Trends from 2021 that will influence luxury real estate in 2022

In 2021, the Covid-19 pandemic affected the global economy in that many people sought ways to invest capital in foolproof equity. Namely, luxury real estate saw significant buying activity since the appearance of the virus in 2020. This resulted in a widespread reduction of luxury real estate inventory in the US, given the increased demand for properties that provide space for work, play, and relaxation all at once. In addition to this, big-time wealth growth stemming from cryptocurrency gave way to increases in stock markets, housing prices, and widespread investments all across the board. 

Demand for large and comfortable luxury real estate has been on the rise since 2020. The trend is likely to continue into 2022.

 Interestingly, the heightened purchasing activity that started in 2020 did not subside in 2021, but the areas of interest changed. In 2020, buyers moved to rural and suburban areas due to restrictive lockdowns and other preventive measures. In contrast, 2021 marked a comeback to urban real estate markets and major commuter towns. 

Based on this, it is highly likely that 2022 will also be a big year for luxury real estate in New York City and other centers of major economic activity and trade. On the other hand, luxury real estate in the countryside should also retain its appeal in 2022. Let’s take a closer look at the luxury real estate trends we can expect in 2022.

Low inventory

In September 2021, 36% more luxury homes were sold than listed for sale. Only one month later, this figure jumped to a staggering 55%. This indicates that luxury properties are in high demand. Industry experts predict this trend is unlikely to change in 2022. As a result, the coming year will be a year of very competitive, high stakes, and high priced luxury properties. 

A more competitive luxury real estate market

As we mentioned, the inventory of luxury real estate properties has diminished due to growing demand. As a result, interest in luxury real estate has never been more pronounced. Interestingly, this is seen even in real estate markets dealing with ‘specialty’ properties such as properties in private communities, spacious and well-preserved historical properties, properties outside city centers, and even second properties. 

Low inventory due to high demand equals lots of competition in the world of luxury properties.

Furthermore, the pandemic has also influenced building activity, thus impacting the luxury property supply chain. Mandatory lockdowns and infections have slowed down construction due to the unavailability of skilled workers and comprehensive hygienic regulations. What’s more, this has affected the time and costs of constructing new luxury homes. With postponed construction timelines, soaring cost estimates, and pronounced competition, it will be much more challenging to acquire a luxury home in 2022.

As a solution to these problems, some homebuyers interested in buying luxury real estate decide to remodel their current homes while they’re searching for their new luxury home. Aside from increasing the market value of their old home, this decision allows them to prepare for moving into their new home. So, until you close the sale, you can take care of your designer furniture by renting a storage unit that will help you manage the remodel and relocation.

Relocations across the country will continue well into 2022

As the government urged people to stay at home whenever possible, many families began to see the benefits of owning larger properties offering a range of features. However, finding spacious properties in larger cities has always been formidable. 

In light of this, most homebuyers express interest in luxury properties in up-and-coming areas far from urban centers. In fact, the majority of purchases of luxury real estate are likely to come from residents of major US cities such as LA, Miami, and New York City as they are willing to pay extra for luxury home features. Not to mention that buying in less saturated real estate markets allows the buyer to get more square footage in addition to luxurious features. 
The migration from large cities to the country subsided in 2021, but in terms of large luxury properties, it is likely to continue well into 2022. Of course, until you manage to score the luxury property of adequate size and price, there are ways to compensate for the lack of space. Renting a storage unit and other storage solutions offered by the likes of nycministorage.com can help you solve your problems before and after you relocate.

The pricing of luxury real estate is likely to increase in 2022

The price thresholds should skyrocket in 2022 as current luxury inventory cannot satisfy demand. Median prices at which luxury properties were being sold in October 2021 increased by 23% for single-family homes and 14% for attached homes compared to 2020.

Although this may not seem like a significant change, consider that the statistics for homes sold in the price range from $1-5 million showed a 68.9% increase in the first ten months of 2021 in comparison to 2019. As a result, the pricing thresholds for luxury real estate increased all across the country.

Accordingly, it is not unreasonable to expect the continuation of this trend in 2022 precisely because of factors such as low inventory of luxury homes and other luxury real estate trends to expect in 2022.

Best Luxury Building Amenities in NYC

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Real estate agencies and home sellers are constantly upping their game, given the almost insatiable interest for New York City properties. As a result, developers use various luxury amenities and home features to raise the value of NYC’s luxury residential properties. And since luxury building amenities in NYC are becoming almost a precondition to enter the market in the face of increased demand, we share some of the most wanted luxury amenities in NYC residential buildings.  In fact, a recent survey has shown that as much as 87% of renters belonging to NYC high-end communities decide to extend their lease solely based on the amenities in the luxury building complex.

Pet-friendly

Given the hectic NYC streets and sparse green areas, many people are drawn to the idea of having access to a private dog park close to their homes. And let’s face it. Most NYC homeowners think of their dogs as members of their family. 

Hence, having an area where your furry friends can roam free is more than alluring. In light of this, living in a pet-friendly building is a must for any dog owners. And in many cases, the pet facilities can be both indoor and outdoor. There are even pet spas and grooming salons on-site for maximum convenience. Nowadays, advances in luxury living no longer focus solely on the particular needs and preferences of the homeowners, as many New Yorkers conflate the needs of their pets with their own needs.  

Room Service and Resident-only Restaurants

If you aim to live in a luxury building that focuses on exclusivity, you should consider purchasing a home in a building access that offers hotel-style services. Third-party food delivery has changed the way people order food. This makes collaborations with these services one of the high-class perks currently in vogue in NYC. 

 In addition, some luxury apartment complexes even have resident-only restaurants on offer. Let’s face it - it is hard to get more luxurious than this? If you opt for living in an ‘all needs satisfied at all times’ type of building, then fine dining should be one of the services you have access to any time of the day. 

 Aside from being able to order food round-the-clock, many luxury buildings extend this motto to anything else the residents might need. For instance, moving into your NYC luxury home should be quick and convenient with the help of professional third-party moving services recommended by the luxury building staff. An experienced moving company will cover everything you might need to ensure the relocation goes smoothly. 

Electric Vehicle Charging

Electric vehicles are the future, even though it will take a couple of years until people switch to them entirely. Some estimates predict that by 2030, the number of electric cars will grow from 3 million to 125 million. Many NYC apartment managers and homebuyers are seeing the potential of aligning with this trend.

 Consequently, one of the best luxury building amenities in NYC is electric vehicle charging stations. In fact, the installation of one charging station is relatively inexpensive as the costs range from $450 to $1000. Comparatively, this is a small price to pay for the benefits it provides in the long run. Hence, purchasing a home in a luxury building that contributes to the cause in this way allows you to give your contribution to the green living movement as well.

Co-working Space

The world of work is changing rapidly. And with it, going to an office to work is slowly becoming a thing of the past. What’s more, tech industry experts are becoming the nouveau riche. And where does an IT whizz or a CEO like to work from and socialize? If you aim to do work from home, why not do it alongside other successful and highly-competent individuals? Hence, having an outstandingly stimulating co-working space with high-speed internet in your building is greatly appreciated in NYC. 

NYC homebuyers are generally inclined to pay more for smart home technology features. In comparison, a co-working space where the residents can do business is definitely a step up. Since co-working spaces are akin to smaller eclectic offices, it makes sense to consult an interior designer or moving company to help you furnish the area with everything that you need to manage your business smoothly. A moving crew such as Clean Cut Moving can help with anything from packing, transportation, and assembling to the placement of desks, devices, and other equipment that makes up a state-of-the-art co-working space. 

Luxury Rooftop Areas

Rooftop areas are a real attention-grabber if done right. Rooftops can be transformed into fantastic community areas. The residents can drink their morning coffee, sunbathe, or throw parties, making the rooftop area a highly sought-after luxury amenity. What’s more, some NYC rooftops even have a pool to top it all off. Also, since winters in NYC can get quite cold, some even have built-in gas heaters that allow you to spend time on the rooftop throughout the year.

A gym is one of the most wanted luxury building amenities in NYC

As much as going to the gym is essential for your health and well-being, making the trip is sometimes too demanding. That is why many NYC luxury buildings owners choose to include state-of-the-art workout areas. These gyms offer both cardio and weight-lifting zones as well as spaces for the latest workout trends such as bouldering, calisthenics, etc. Be sure to consult a knowledgeable fitness instructor on how to use the space you have in the most efficient way possible. Note that you have to pay extra attention to your safety while using the gym equipment.

7 Smart Home Features Luxury Buyers Want

Today’s luxury buyers are more and more interested in smart homes. And it’s no surprise when you think of the comfort and security such a home can offer. But with the expanding possibilities of technology, it might be hard to choose what features are worth investing in when you want to put a home on the market. As a result, we conducted some research to determine which smart home features luxury buyers want in their houses.

1.   A smart security system

Safety is something that we would all invest in without blinking. That is why installing a security system in your home has become a must. While older systems include simple functions such as burglary and fire alarms, today’s systems have more upgraded features. Not only do they have better-performing cameras with motion sensors, but they are also easy to control from your mobile phone. You can fully customize and personalize its features with just a few clicks, from the comfort of your home or from a distance. In addition, you can install smart locks, better smoke and carbon dioxide detectors, and a doorbell with a camera. The safer the house is, the higher the chances of selling it on the luxury market.

2.   Energy-efficient lighting

Besides using LED lightbulbs in your home, you can upgrade the whole lighting system and make it more energy-efficient. You can, for example, install light sources that can be controlled from a distance. These lights can detect whether or not you are at home and turn on or off. Moreover, you can even set the lighting according to your mood. Also, you can install lights with motion sensors in areas of the home that are not highly used, such as hallways. For the exterior, you can set up self-charging torches with integrated solar panels. Place them around the pool or along the pathways to transform your outdoor space into an oasis.

Modern lighting is energy efficient, and it doesn’t require switches. You can control the color, brightness, and intensity of the light in a room from your phone. via

3.   Energy-efficient heating

Another one of the smart home features luxury buyers want is an energy-efficient heating system. Besides being useful for energy saving, you can program such a system to your liking. It can heat the entire house or just one room, and the thermostats can detect when the temperature is just right. You can even program the time when the heating should turn on so that the temperature in your home is perfect when you arrive from work. Furthermore, such a heating system is safer than a traditional one. For example, if there is a gas leak, the built-in sensors will detect it and sound the alarm.

4.   A modern kitchen

The kitchen is the only room in your home that can sell the house by itself. So, if you want to impress luxury buyers, upgrade the kitchen with some smart appliances. It will help you sell your home faster and for a higher price. For example, you can get an oven that can be operated from anywhere, making it simple to preheat it or select the ideal cooking temperature without having to be present. Or a clever cooking robot that can prepare your meal in record time by pushing a single button. That is, after all, why smart appliances are so popular. They are simple to use and make your life easier. And if you need to move the appliances from one location to another, Teddy Moving and Storage specialists can provide valuable advice on safe packing and transporting.

5.   A spa-like bathroom

If you upgrade the kitchen, you should also pay attention to the bathroom. After all, it is the second most important space in your home. It’s the place where you get ready in the morning or relax with a hot bath in the evening. Therefore, making some upgrades to the bathroom is highly recommended if you want to delight your luxury home buyers. For instance, you can install a modern shower cabin with multiple functions. Controllable water pressure, a built-in thermostat that adjusts the temperature of the water, and even an internet connection so you can listen to music while showering, for example. Also, if you have the space and resources, you can install a sauna and a bathtub, where the future owners can take a load off and relax. To take it one step further, install floor heating and adjustable lights.

6.   Smart storage space

A home that has enough storage space is not just smart but is more efficient. Also, it’s a luxury to own one. So, if you have enough room in the house you want to sell, use it to your advantage. Make some walk-in dressing rooms with built-in closets. You can also add adjustable lighting and mirrors to make them more appealing. If the bedroom is large enough, make it worthy of a king and queen. Besides a wide bed with drawers or extra storage space beneath, you can bring in some large closets. In addition, you can place a chest at the end of the bed for storing blankets. And if you need help to move other luxury furniture, you can call in the experts. Professional movers can handle high-level requests with ease. Your valuables will be carefully packed and transported safely to any location.

A walk-in dressing room is one of the best home features you can invest in.

7.   Pet-friendly gadgets

Sometimes, smart home features luxury buyers want in their homes are related to their pets. Therefore, making some upgrades for pets in your home will make your potential buyers happy. You could, for example, have food and water dispensers that could be programmed to discharge their contents at specific times. Or, make a designated play area where they can spend their energy when it’s rainy outside. You can even place some toys that will pick their brain and keep them entertained for hours. A mechanical ball thrower for dogs is a great example. Furthermore, you can install self-cleaning litter boxes that are easy to use and maintain the house’s hygiene.

We all have different perspectives regarding what is considered a luxury and what is not. When it comes to house buyers, however, they must feel like their money was well spent. As a result, investing in smart home features can help you get ahead in the luxury real estate market. So, to have an easy and quick home sale, keep up with the latest luxury house trends.

Real Estate Market Braces for Return of Foreign Buyers

Key Luxury Markets around the Country including New York City are expected to benefit from boost in demand from Oversees Buyers

For key luxury markets around the country, especially New York, Foreign Buyers have been a key part of the Buyer pool. For the past nearly 3 years, this Buyer has been virtually absent from the New York Luxury Market.

The pandemic and associated travel restrictions prevented foreigners from physically coming to the United States. While some deals did occur virtually by foreign Buyers, that has been small compared to deal volume when travel bans were not in place.

We expect that dynamic to change and the foreign Buyer to return with strength now that the United States has lifted the travel ban on approximately 33 countries for fully vaccinated visitors. With the travel ban lifted, foreign buyers can once again enter the country and physically see and buy properties. We expect this to have a positive impact on the New York luxury market as many want to invest their dollars here.

For a luxury market that has continued to set records throughout 2021, we anticipate the return of the foreign buyer to be an additional boost of demand as we end 2021 and enter 2022. 

This could add tens of billions of dollars in transactions to the market.According to the National Association of Realtors, foreign Buyers spent $267 Billion on American Real Estate in 2018 and in 2019 they spent $183 billion. 

Wealthy Foreign Buyers are interested in high-end homes and New Construction

What We Expect from the Return of Foreign Buyers to the United States

• New demand in key luxury markets across the country such as New York, Miami, and Los Angeles

• New Construction will likely be the main beneficiary of this new demand as foreign Buyers prefer new product

• Thanks to increased asset prices across both real estate and equity markets since prior to the pandemic, many foreign buyers have elevated wealth

• The economic impact of travel resuming should be a positive for multiple sectors of the market - tourism, retail, and ultimately real estate.