Blog | Luxury Real Estate & Lifestyle — Manhattan Luxury Real Estate | The Victoria Shtainer Team at Compass
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Why Visit and Buy in Aspen?

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Visit 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

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

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

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

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

first time home buyer mistakes

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

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

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

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

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

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

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

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

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

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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

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

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

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

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Why 2017 May Be the Year to Buy Real Estate

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2017 Real Estate Market

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!