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

Inside Drake's New Toronto Mansion

All Images via Jason Schmidt/Architectural Digest

All Images via Jason Schmidt/Architectural Digest

Being in New York City real estate, we often see “wow” properties. Whether its stunning views, over the top amenities, or eye-popping price tags, we have our fair share of being wowed on a regular basis. It takes a lot to wow us, however, when Drake recently let Architectural Digest inside his new Toronto mansion, our immediate reaction was WOW!

Drake’s new home clocks in at an impressive 50,000 square feet, and no detail was sparred across the entire home. From finishes to amenities, this mansion seriously has it all. The Embassy as its dubbed is the work of Canadian Architect and Interior Designer Ferris Rafauli The home makes an impressive statement with its inspiration from traditional Beaux Arts architecture. At its core, the home is an execution of the traditional 19th-century limestone mansion, but Rafauli brought an updated sensibility with clean and minimal lines.

On the interior, Rafauli drew inspiration from modern Art Deco style, with his own touch unique to Drake. Rooms have tremendous proportions with luxurious finishes from the floor to ceiling. Finishes throughout the home include the likes of limestone, bronze, exotic woods, suede, and more.

Architectural Digest Drake Mansion

Upon entering the home, guests are greeted in the entry hall which features towering walls clad in limestone with inserts of Nero Marquina marble. The great room gives a sense of the sheer scale of the home as the ceilings soar to 44 feet tall. The Great Room also contains one of the many prized posessions in the home – a grand chandelier. The chandelier is an interation of the Metropolitan chandelier that was created for the Metropolitan Opera in New York and contains more than 20,000 pieces of hand-cut Swarovski crystals.

Kitchen Drank Toronto Mansion

The master suite is another notable area of the home as it spans nearly 3,200 square feet with an additional 1,100 square feet of covered terraces. The master bath is a “Wow” moment with a nearly 4,000 pound tub carved from a single piece of marble as the centerpiece of the room. A 2-story closet is also located within the master suite.

Drake Mansion Master Bedroom
Drake Master Bath

All of that is just a taste of the 50,000 square foot home. Other notable features include an NBA regulation-size indoor basketball court, a lavish lounge, pool, and world-class recording studio.

Drake Closet

Fun Things to Do at Home During the COVID-19 Quarantine

covid-19 quarantine

With everything closed from museums to concerts and sporting events as a result of the Coronavirus pandemic, many Americans are faced with significant time spent at home and wondering how to pass the time.

With Federal guidelines on Social Distancing extended to at least April 30th, you may be beginning to wonder what you will do over the next month as you spend more time at home. Safety and Social Distancing is the main priority, so you won’t find any recommendations to go hang out at your neighbor’s house here.

 

Workout at Home: So many are struggling with gyms and fitness studios being closed down – we are envious of all those with full at home gyms or Pelotons, however, there are great resources online for those looking to get in a sweat and stay mentally sane. The Fitness industry, like many industries, has adapted quickly to all the changes with many instructors going live on Instagram to host daily workouts for their followers, or gyms posting daily online videos for members and non-members alike.

 Here are some great online workout options:

  • CorePower Yoga: on-demand classes on their website with a 7-day free trial and $19.99/month after

  • Barry’s Bootcamp: Many instructors are hosting workouts on Instagram Live. Find your favorite instructor and check their schedule

  • Peloton App: Peloton offers much more than just the stationary bike many think of. Their app offers many different work outs from floor sets to runs. The app is currently offering a 90-day free trial

  • Orange Theory: on-demand videos being posted to the Orange Theory website daily

  • Bar Method: on-demand videos available on their website. 14-day trial and $19/month after

Start Spring Cleaning and Maintenance: What a better time than now to start those spring tasks around the house to get your home ready for warmer months. Take this time to organize that closet or room you’ve been putting off or get a head start on outdoor work in the flower beds

 Brainstorm Home Improvement Ideas: Have you been thinking about a kitchen reno? A new bathroom, perhaps? Use your downtown to put those dreams into an action plan. Research contractors, price out paints, finishes, etc. When things get back to normal, you will be ready to efficiently move forward with your renovation idea.

Take Walks: Getting out of the house and moving is so important to mental health and helps get some movement in. Go on walks around your neighborhood or on your public trails. Most public trails remain open for fitness, but please be conscious if you are using a public trail or path to adhere to social distancing guidelines.

Support Local Business: Small business in your community need your help now more than ever – many of these are in the hospitality and retail industries which are being hit the hardest. Check in with your favorite local restaurant to see if they are offering curbside pick-up. Your favorite boutique or store more offer online shopping.

Take a Virtual Tour of a Museum Around the World: While Museums around the world are closed, head to Google Arts and Culture to virtual tour an exhibit. More than 500 museums across the globe teamed up with Google to offer a virtual peak inside their doors.

Listen to Podcasts: Netflix binging is a given, but have you considered Podcasts? Play them while you are working from home, cooking, or doing work around the house. Name and topic, and you will likely find a Podcast on it. From comedy, to series, to news, it is a great way to keep your mind occupied during the day.

Foster an Animal: Animal Shelters across the country are facing a crisis as many have been forced to close. Consider using your downtime to help Shelters ease the burden while they are closed and foster an animal…who knows, you may end up falling in love and keeping it!

Brush Up on Skills or Learn New Ones: Use your newly found weekends to brush up on your existing skills – does your profession require continuing educate? Now is a great time to tackle that often dreaded task as many industries are offering these courses online.

Free time is also great for learning a new skill that you have always wanted to learn, but have pushed off because you just didn’t have the time. From TED talks to YouTube videos, and even Ivy League courses, you can find a host of material online for free to learn about that topic you have always wanted to. Check out ClassCentral.com for a list free online courses being taught by top universities around the country.

Should You Buy a Home if a Recession Hits?

Real Estate During Recession

With the United States and Global economies on the brink of Recession, many folks are beginning to wonder - is now a good time to buy a home, or should I sell my home now or weather the storm?

To preface the below, it is important to set the expectation that a Recession is not necessarily a positive for any sector of the market. Yes, some sectors can whether a recession better than others, namely essential goods and services as opposed to those businesses that are reliant on consumer discretionary income. With that said, real estate tends to all into the former - people will always need to buy, sell, or rent their homes. Whether an economic recession or an economic boom, people will always need a place to live.

The Backdrop is Vastly Different than 2008

The current economic environment and fundamentals look much different than they did in 2008. The Great Recession of 2008 was the culmination of many weak spots in the economy that was fueled by the Housing Crisis. Lenders originated mortgages to people that did not qualify, severely driving up home prices across the nations, and which ultimately resulted in many buyers foreclosing on their homes because they did not have any skin in the game. 

Because banking and real estate/construction companies were at the core of those hardest hit, the massive layoffs these companies faced trickled negatively throughout the entire economy. 

Today, the current crisis is not a result of economic weakness, but is rather the result of an external factor on the economy. In fact, after the 2008 crisis, laws were passed that cracked down on Banks' balance sheet requirements as well as lending practices for Mortgage companies. Additionally, consumer sentiment and spending looks quite different - the Great Recession spooked many households, and as a result, household debt has been at historic levels since.

Will Home Prices Drop? 

Timing the market is nearly impossible whether you are talking about stocks or real estate. It is likely that home prices may drop slightly to a "level off" range, but a recession does not always mean a sharp decline in prices. The true impact will depend on the severity and duration of the economic downtown. 

A chart published by the Federal Reserve  Bank of St. Louis shows home price data as provided by S&P Down Jones Indices. Note that prices moderately declined during the 90-91 recession, and then rebounded. During the recession of 2001, home prices did not decline. Remember -- the cause of this downturn was the burst of the dot-com bubble. 

Source: Fed Reserve Bank of St Louis

Source: Fed Reserve Bank of St Louis

We do see a decline that lasted for a moderate timeframe during the Great Recession of 2008-2009, however, housing was a large underlying factor in the breakdown of economic activity during the Great Recession so this does not come as a surprise. Additionally, you see that home prices started to decline before the recession hit during 2008-2009.

Manhattan Luxury home prices have been in a correction phase for ~2 year as the market has been adjusting from lofty asking prices from 2014-2016.

Not All Housing Markets are the Same

The Media often refers to the "US Housing Market", implying that there is just one housing market across the entire nation. We would recommend treating housing markets as micro markets, sometimes, like in the instance of New York City, there are even hyper-local markets. Pricing and activity can vary from neighborhood to neighborhood even within the same city!

It is important to understand the micro locality of housing markets to set expectations that, when thinking about a national media home price, this could be influenced by local markets that are impacted more severely during a recession versus some local markets that may so an increase in prices, although at a much slower pass than would be absent a recession

What Should I Consider for Buying a Home - Especially Now?

1. Employment Stability: Sometimes this can be hard to assess during times of increased uncertainty, but it is important to gauge your gut feeling as it relates to your employment. Do you feel confident that your household is in a situation of income stability as you are considering making one of the largest financial commits that you will make in your life? This is an important question to ask yourself if you are considering purchasing your first home during a recession. 

2. Savings: If you have financial savings in the bank, you are in a very strong position during a recession. Your savings will directly influence your ability to make a down payment - recommended at a minimum of 20% - as well as provide a cushion in a time where job certainty my be slightly less. Savings also brings us to number 2.

3. Mortgage Qualification: Getting pre-approved for a mortgage is a first step no matter the economic condition, but now, it is more important than ever to get pre-approved! If you have substantial savings, this will help you get pre-approved at a favorable rate. Some lenders may impose stricter requirements during a recession, so having sizable savings will only help you. Additionally, pre-approval ensures you know what you can afford and that is the most important piece. Now is now that time to be buying something you cannot afford. It is always a good time to buy a home, unless you cannot afford. 

Ensure you are considering purchases that are within your budget, allowing you additional cashflow outside your monthly mortgage payment for everyday expenses.

4. Time Horizon: Think about your time horizon for this purchase - how long do you plan to stay in the home? This brings us back to the point of timing the market. If you plan to stay in the home for many years, which is often the case, you may actually stand to benefit from buying during a recession. 

There are likely bargains to be had in the market during a recession should prices dip. If you plan on staying put for a longer time horizon, we see that housing tends to fair well over the longterm. 

Tips for Combining Apartments in NYC

3D Model of Construction Project

Combining apartments is something that a lot of people consider while living in New York. Combing apartments can be a viable option for people that are starting a family or need more space, but love their building and location. A lot of people are willing to combine apartments, but are not sure how to go about it properly, we are going to take a closer look at some tips on what to consider when combining apartments.

Before combining apartments in NYC

The most important thing to remember about combining apartments in NYC is that it is all about preparations. If you do your research, prepare properly and find the right people to help you, you are bound to combine your apartments with relative ease. So, trust us when we tell you that there is no such thing as being too prepared for combining apartments.

This holds true for understanding permits and approvals needed by your building, contracts, as well as Brokers - hiring an agent that knows your building in and out is crucial as they are likely familiar with building rules, unit floor plans, and have dealt with a unit combination in the past.

Combining apartments vs getting a larger apartment

Even though we will go over various aspects of combining apartments in NYC, we would still like to remind you that moving into a larger apartment can sometimes be a good idea. As you will soon learn, not all apartments can be properly combined, even if they are adjacent to one another. The structure of your building, the placement of plumbing and electricity and the available space... All of them dictate whether combining apartments is actually a viable option. So, if it is obvious that you need to move out of your old home into a larger one, don't try to combine what cannot be combined, even with top contractors by your side ensure that combining units is best for your individual needs.

Proper planning

If you are sure that combing your apartments is the way to go, you need to sit down and plan. If the apartments you want to combine are on the same level, you shouldn't have much trouble combining them. Simply figure out a way to have easy access between them. The only thing to keep in mind is that NYC law doesn't allow an apartment to have more than one kitchen. So, make sure that you convert a kitchen before you officially combine your apartments.

In order to tackle combining apartments in NYC, you will need to deal with a fair bit of planning.

If, on the other hand, you are combing apartments where one is above the other, you will need to deal with a bit more planning. Keep in mind that staircases require a lot of room. Not to mention the plumbing and the electricity that can run through the floor that you might need to remodel. So, hire someone competent and plan carefully before you vertically combine apartments.

Necessary permits

When it comes to both dealing with and renting apartments, NYC is heavily regulated. This means that if you plan on combining your apartments you will need to take care of copious legal paperwork and abide by numerous codes. Now, even with the help of resources from NYC, you still might struggle with keeping everything in line. This is why it is often a good idea to hire an expediter to make the process more streamlined. All in all, we advise you to start tackling the legal aspect of combining apartments in New York as soon as possible.

The sooner you start tackling legal paperwork, the better.

NYC Permits Combining Apartments


How to go about combing apartments

Now, if you carefully considered your situation, planed out your apartment properly and have acquired the necessary paperwork, you are ready to combine your apartments. As you might guess, there are tips that can make this process easier, even with proper preparations.

Hiring the right people to help you

It is hard to overstate the importance of having the right contractors helping you out with combing apartments. Even if it is a simple project, you really want someone experienced at your side. Subpar contractors can make small mistakes that can end up costing you a lot more to fix later on. So, if you want to ensure that your apartments get combined properly, hire someone whom you can trust. W.e are happy to make recommendations.

Make sure to spend enough time looking before you settle on a contractor.

The best place to look for contractors is through a trusted source - testimonials and referrals. Testimonials from your neighbors are a good way to find contractors. After all, they are bound to work in your area. Plus, you have access to first-hand testimonials, which are always welcome. But, even if you get recommendations, don't neglect to look online. Not only can you check out the recommended contractors, but you can also look for the ones with more experience or better rates. So, do yourself a favor and do plenty of online research before you settle on a contractor.

Preparing your current apartment for combining

Another thing that you will have to tackle is preparing your current apartment for combining. The best course of action is to clear out the entire room where you plan on adding the door. You can either place your items into storage with companies like Movage Moving NYC, or better yet, into your new apartment. But, whatever the case, try to avoid cluttering up your current living space too much. It will not only stress you out, but it can also make combining the apartments needlessly difficult.

Moving to a nearby place

Even though combining apartments in NYC may seem simple, it is often far from so. This is why you should plan so that your contractors have enough time and room to tackle it properly. If necessary, you can temporarily rent a nearby place in order to give your contractors the necessary freedom to tackle combining properly. That way you'll be able to live a normal life and check-up on your apartment regularly to see how the work is going.

Minimalist Design Trends and Tips

Aesthetic restraint is, perhaps, the most suitable minimalistic description of Minimalism. In apartment design, minimalism is a growing trend and it is clear why. We are overstimulated in our daily life and the last thing we need at home is unnecessary ornamentation and clutter. A concept of clean lines is also a concept of simple beauty. While it may seem so, this concept is not easy to materialize. Emptying your home and painting it white will not make it minimalist, but sterile-looking and cold. The following guide should explain how to convey the true essence of minimalism to your living space, or what to look for if you are seeking a Minimalistic aesthetic in your next home.

Open floor plans in apartment design

Minimalism is not a form of asceticism in apartment design; on the contrary. It doesn't remove for the sake of abstinence. It eliminates the excess to bring the architectural features into the spotlight -the same home features buyers will pay extra for.

Open floor plans are not exclusively tied to minimalism but they go hand in hand. However, the key characteristic of minimalism is focusing on every single piece of furniture. Once you pause and take a look at your apartment, you should not see the things you own, but the things you use. In an open floor plan, there's no room to hide. Except that there is plenty, but cleverly fit.

Minimum furniture, maximum functionality

With so few pieces of furniture, it may seem that minimalism neglects storage space. While you should declutter to make your apartment a serene minimalist haven, modern home design will provide quite sufficient storage space that complies with the principals of contemporary minimalism. If you still have too much, you don't need to dispose of your excess belongings; simply store them away. Make sure you're using the right kind of boxes when packing and choose a climate-controlled storage unit. You will need those items sooner or later when you decide to renew the setting.

The key to understanding minimalism in apartment design is that every apartment is, in essence, a functional, smart, and light space. As such, it allows for countless designing possibilities while at the same time ensuring every piece is purposeful, adds values to space, and works in harmony with other items.

Minimalism in apartment design: focus on form, texture, color

You probably already know everything you need to know when renting in NYC including that furnished apartments can be significantly more expensive than unfurnished ones. While such apartments have their benefits, you may not feel in tune with the presented design. If you are seeking a minimalist aesthetic in your home, you should opt for an unfurnished unit that offers an empty canvas that you can turn into a form-focused, stunning minimalist interior. If shopping for New Development, seek at those units that have the bones from which to build - neutral color palettes, sleek kitchens, concealed appliances, etc.

Note that condensing the form brings the best from minimalism out and reveals the true nature of architecture. The composition should be simple, flowing, and harmonious, creating a restful home as a result. Neutral monochromatic but multihued best describes the minimalist color palette. Other colors should be used sparsely and only as accents. The color palette helps to create a warm, inviting and relaxing atmosphere, however, textures help to achieve this as well - materials and fabric you will choose play a vital role.

Make it simple, not boring or depersonalized

Minimalism will profoundly transform your home by adding only a few select items to accentuate the otherwise monochromatic interior. Art is welcome in any form, though its composition should be uncomplicated. A lamp, a vase, a painting, a rug; it is up to you to find what speaks to you and compliments the living space. However, the biggest challenge is to know when is enough. Add one item too many and you will slide back into the cluttered past.

Moreover, with so few things on show, every piece should be a quality item. Resisting the test of time is only one of the reasons. The other lies in the not-so-subtle contest of quality versus quantity in minimalist design. Finally, your apartment shouldn't lack in personal items. Most successfully designed homes reveal the taste of the owner without disorder and excess. Besides, it is your home and it should reflect your way of life. That is the only way it will make you feel comfortable, relaxed, and happy.

Summary

With all this being said, and in the true spirit of minimalism, it feels important to summarize the key points and benefits of minimalist apartment design

  • Visual appeal: the less you show, the more noticeable it becomes. The beauty of minimalism lies in the art of making so little so attractive.

  • Health benefits: Open space allows more light, and where there is light, there is a positive attitude. Without clutter, there is significantly less dust and other allergens. Calm colors and a relaxing atmosphere will improve your sleep.

  • Easy-care home: Regardless of the size, a minimalist apartment, in general, is easy and fast to clean. With chosen pieces of quality furniture and no dust-collecting objects, maintenance is simple.

  • Smart investment: Letting go sometimes means getting more. Substituting disposable and superfluous for experience and life-altering memories is priceless.

In the world of hoarders and mass-production, minimalism in apartment design is a form of silent rebellion. It resonates with people who wish to turn to other people, to items of great personal importance, and art and quality. Moreover, an investment in a simple yet effective home with chosen, high-quality items will never fail. 

The gracious beauty of calming and clean space blends well with uncomplicated shapes, textures, and colors. Just as little black dress is to fashion, minimalism is to apartment design; the timeless aesthetic is magically appealing. It doesn't surprise that minimalism is taking the world by storm; after all, who can resist harmony?

Modern Minimalism in Midtown Manhattan

100 East 53rd Street

Looking for modern, loft-style living in Manhattan? We are please to represent 3 unique residences at Foster + Partner’s 100 East 53rd Street. This new development offers luxury living in the heart of the Midtown Culture district with residences that are characterized by minimalism. Homes feature minimalist design features such as white plank oak flooring, custom kitchens with concealed appliances, and ample wall space for art work that gives a gallery like feeling.

Click Here to Learn More About 100E53

Best Home Upgrades for Your Pets

Victoria Shtainer Real Estate

The number of pet owners in the US is getting larger by the day. We are not only referring to the people living in houses with yards; nowadays many apartment dwellers and renters choose to live with a furry or feathery friend. Since they love them so much, it is natural that they would try and do all that is necessary to make their pets safe and happy. That means that sometimes you need to make some home upgrades for your pets in order to make your living space their living space too. If you are planning to move any time soon, here is your opportunity to make your new home pet-friendly before you move in!

Plan your new home layout with your pet in mind

Just like you would do if you were to move with a baby or a toddler, you should plan your relocation with pet very carefully. The plan should include not only the actual moving but pet-proofing and pet-friendly upgrades that should be done in your new home too. Informing your movers from companies such as dynamicmoversnyc.com that you are a pet owner gives you a chance to get some practical advice for the moving day. Now, let's get back to the upgrades. Here are some of the ideas for you to think about, and we will discuss them later on:

  • Making it easy for your pet to enter your new home;

  • Creating a designated eating area;

  • Making a sleeping nook for your pet;

  • Creating a play area for your pet to enjoy - this will be one of the home upgrades for your pets that they will like the most;

  • Planning a bathing station.

Before you dive into any of these projects, make sure that you set the budget and stick to it. There is nothing that we wouldn't do for our pets, but there is no need to go overboard with the expenses.

Pets tend to be messy, but that is no news. What is new is that manufacturers offer special materials nowadays that are designed to endure longer. If you are upgrading your new home you can choose stain-resistant paint, stain-proof carpets or even scratch-resistant hardwood flooring. On the other hand, if you are buying a place as-is, you might want to make a home inspection before purchasing to check if it is safe for your pet. 

Making it easy for your pet to enter your home

If you would like to adapt your new house to your animal friend's basic needs, you will have to install a pet door. Changing the entire door can be rather expensive and it can be difficult for you to find one that fits your home style and your pet's needs, so maybe you should build in a pet door into your existing one. Most of them are made of unsightly plastic material, but luckily for you, the Internet is flooded by amazing DIY ideas that might cost less and look better than the store-bought ones.

Unfortunately, installing a pet door is not an option for you if you are moving to an apartment downtown. But, if your animal friend has a designated potty area on your deck or patio, maybe you can help them reach the area by making a balcony door pet-friendly. Of course, you should first check whether the policy of your building allows for such adaptations.

Creating a designated eating area can be one of the home upgrades for your pets

Are you one of those pet owners that constantly trip over water and food bowls in your home? Or you have a clumsy pet? There are a few solutions to this problem. You may buy some specially designed bowls that are a bit more difficult to overturn or you can opt for an upgrade that is a permanent solution. We are talking about a pull-out drawer that can act as a feeding station. You can install it in your laundry room, mudroom, hallway or any other place you find suitable for your pet to have its meals at. If your future home is an apartment, then we suggest that you use the bottom drawer in one of your kitchen cabinets for this purpose. The eating stations are one of the home features New Yorkers will pay extra for. So, why wouldn't you make your own?

Making a sleeping nook for your pet

It will probably be difficult for your pet to part with its old home, so your job is to make it as stress-free as possible. You can do that by creating a special area where your friend will relax after a long day of playing, running or waiting for you to come back from work. There are some home upgrades for your pets even the owners living in small apartments can try. And we know that the majority of pet owners in Manhattan have the issue with space. For instance, a cabinet in your living room or anywhere else in the house can serve as a pullout bed for your pet. You can have it custom-made with upholstered cushion. Just like you would call Manhattan professionals if you are planning to relocate to that part of the city, you hire a carpenter and have this bed made for your pet.

Creating a play area for your pet to enjoy

Your pet probably misses its natural environment. We get it that it is very difficult to spend much time outside in nature especially if you live in Manhattan, Bronx or any other urban part of the city. That is why people started opening playrooms where you can take your pet to play and run even if the weather outside is rainy or snowy. So, why wouldn't you make a playing station for your pet in your home just alike? Research the Internet and you will find an abundance of ideas!

Planning a bathing station

A lot of pets do not like taking a bath. Even though you might consider yourself lucky for finding an NYC building with pet amenities, your dog might be terrified to walk by the door of a dog salon. You can alleviate the stress they undergo whenever it is time to get cleaned by making a bathing station at home. One of the best home upgrades for your pets is modifying a shower in a way that you can easily use it to keep them clean. Replace your showerhead with a pet-bathing nozzle or build a separate bathtub with a pet-friendly faucet if you can afford it. Or, you can simply convert your shower into a walk-in.

Don't be surprised if your pet, especially if it is a dog, refuses to enter the station at first. It will resist all that is new and different from their previous home. Just be patient and persistent. The most important thing you can do for your pet is to be by them just like they come to us when they feel that we need their support. 

2020 Outlook: What to Expect for the New York City Real Estate Market

NYC Real Estate Market

A New Year means new trends and predictions for the housing market. We always like to share some of our expectations for the year ahead in New York City real estate to kick off the new year. Looking back on the last year, decade for that fact, we saw the following: the market ended 2019 much stronger than it started the decade. The start of the decade was shortly after the Financial Crisis which rattled luxury housing markets such as New York City. 2019 was characterized by low transaction volume for most of the year, with a renewed sense of life observed as we closed the year. Prices were 15% higher at the lowest point of 2019 than they were a decade ago. Additionally, the Buyer’s Market fully took hold in 2019 in Manhattan, and interest rates continued to descend. 2019 did bring various legislative changes that hit the Luxury market hard including the Federal Tax changes as well as the passage of the Progressive Mansion Tax in New York.

What do we expect for 2020? We expect a continuation of some themes; however, it will be particularly important to follow the market closely in 2020 given it is an election year. It is important to understand how global economic and political events can impact Luxury markets to a greater magnitude than the national average. Housing markets in global hubs are largely tied to global economic growth.

Buyer’s Market:

Given inventory levels and interest rates, we expect the Buyer’s Market to continue throughout 2020. It is important to caveat that, while low rates have spurred some Buyer activity in 2019, there may be an element of caution back in the mix as certain Buyers wait to see how the Election pans out. Savvy Buyers will continue to take the opportunity to enter the Manhattan Luxury Market at a favorable price point.

Mortgage Rates:

Rates are about 1% lower at the end of 2019 than 2018. The decline in rates observed in 2019 spurred a flurry of refinancing activity as well as purchase activity. Buyers that had been on the sidelines were finally motivated to pull the trigger given just how low rates dipped in 2019. We expect that rates will likely remain in a similar range to 2019, so Buyers should continue to be motivated to make a purchase by locking in a rate. Eyes will continue to be on the Federal Reserve throughout 2020 as it relates to rates, but uncertainty over the Trade War’s impact on the Economy may keep the Fed on the sidelines for some of the year.

Pricing:

Prices are likely to remain flat or decline slightly, especially on the high end of the market where asking prices have been lofty since 2014 and demand has not kept up with a glut of luxury new development inventory that came to market. – we have been seeing this in New York as price reductions have been instrumental to deals closing since 2018. Additionally, pricing will likely continue to adjust to the new tax changes that went into effect in 2019. This holds especially true in the $5M+ segment.

Inventory:

We expect Supply to remain overall elevated, however, we do expect some degree of tightening compared to previous years. The New Development pipeline has slowed a bit, and concessions have reduced on rentals with increases in rent prices observed in 2019. New Developments with a large number of units on the market in their projects will likely continue to offer concessions if they are needing to release inventory.

Political/Global Outlook:

Political and Global events will impact New York real estate in 2020. Events both locally and on a macro level will trickle into the market. Significant legislative changes in 2019 including changes in SALT deductions, rent laws, mansion taxes, and transfer taxes will continue to impact market dynamics. On a macro level, the Trade War with China will continue to be top of mind as well as the 2020 Election.

Things to Do in NYC During the Winter Holidays

via

Visiting the Big Apple is an unforgettable experience whatever season you choose. As the winter holidays start approaching, everybody seems to be enchanted by the holiday spirit, beautiful decorations are everywhere, and, finally, people are completely indulged in the festive mood. If New York is your destination this winter, here are the things to do in NYC during the winter holidays. Remember that not seldom do tourists get the idea to call this mesmerizing city home after the visit, so you might want to get creative with savings for the first home purchase once this winter holiday season comes to its end. 

Ice skating at the Rockefeller Center

Whether you are a native or a tourist, ice skating at the Rockefeller Center is definitely one of the things to do in NYC during the winter holidays. It is a quintessential and family-friendly winter activity you can enjoy to the fullest regardless of your age. Visit the world-famous Christmas tree at the Rockefeller Square or try the delicious hot cocoa or coffee at some of the cafes overlooking the rink. And not only that! Explore the Center and warm up. Also, if you want a chance to admire the breathtaking NYC skyline, climb to the top of this magnificent building. The hard-to-control crowds of people prove the popularity and uniqueness of this place worth visiting.

Visit A Museum

Your options in NYC are countless, and you can definitely find something that suits your artistic taste and interests. What a great majority usually choose includes the Statue of Liberty and Ellis Island Immigration Museum, The 9/11 Memorial & Museum, The Museum of Natural History, The Museum of Modern Art, The Metropolitan Museum of Art, Madame Tussauds New York, and many more.  Have these things in mind if you are about to become a New Yorker and do thorough research before your visit this year. Then, once you finally arrive at your NYC address, you can pay frequent visits to these art hubs whenever you want.

Attend Winter Jazzfest

Jazzfest is an exceptional event for all fans of jazz music. In the past, it was a one-day event dedicated to the most prominent names in this field and only the most passionate and committed fans used to attend it. In time, the situation changed dramatically, and now it is one of the most visited and famous winter holiday events. This year, all the attendants will have a chance to enjoy Resident Artist Meshell Ndegeocello and over 100 other jazz performers for several days. If you want to include Jazzfest in your to-do list during the winter holidays this year, gather all the information and book the tickets well in advance.

Attend the Under the Radar Festival

One of the things to do in NYC during the winter holidays for those who desire to experience the NYC theatre culture this year is, by all means, the Under the Radar Festival. The event features troupes from all over the world which can provide you with premium-quality entertainment. You can enjoy numerous comedy shows and attend a Broadway-like cultural event but at a significantly lower price.

Be Brave and opt for Empire State Building Run-up

Those who are fit, love exercising and meeting new challenges on a regular basis can opt for the annual Empire State Building Run-up this winter. Sprinting up to the 86Th floor is a goal only a small number of people succeed in reaching, although the overall distance is only a quarter of a mile. On the other hand, if you are not keen on running, a visit to Empire State Building still deserves a place on the list of the things to do in NYC during the winter holidays because you can explore it at your own pace, admire its Art Deco interiors and rest your eyes on beautiful views from the exterior. 

Radio City Christmas Spectacular is a great attraction for New Yorkers and tourists alike

People never get bored with Radio City Christmas Spectacular since it is slightly different every year. Here you can see everything that will get you in the holiday spirit in no time – dancing animals, nutcrackers, presents, fascinating special effects, and many more. The Rockettes are definitely the greatest attraction people coming from all over the world are always excited to see. Finally, even a simple tour around Radio City Music Hall, where this spectacular takes place, is a genuinely joyous experience.

Schedule your visit to Macy’s Santaland

The story about Santa, his faithful helpers, and the North Pole is an inseparable part of the winter holidays every year. This is why you should head to Herald Square to meet Santa at Macy’s Santaland. The whole family will enjoy immensely during a train ride to the Christmas village. What children like the most is the chance to have a decent chat with Santa’s elves and himself personally. Being one of the most popular and family-friendly things to do in NYC during the winter holidays, a visit to this magical land requires booking well in advance. Otherwise, you risk severe disappointment once you arrive at the site and find out you cannot enter Santaland.

Go window shopping and admire Christmas window displays

Finally, a chance to spend the winter holidays in NYC is a great privilege a lot of people have been dreaming about. Simple window shopping or observing Christmas window displays all over the city can be interesting as well. Should you miss some inspiration to get into the holiday spirit, which we doubt greatly, you can visit some of the NYC winter holiday markets where you can buy some charming souvenirs and holiday-themed knick-knacks.

Enjoying the winter holidays in NYC is guaranteed due to the endless options at your disposal. While NYC has the reputation of one of the most expensive cities in the world, we assure you it is possible to enjoy it to the fullest and yet not harm your budget considerably. What you need is a New York City Explorer pass which provides you with admission to various events and places. Understandably, there are those events that are separately ticketed, but you can decide how much you can and want to spend on these. 

Vanessa Grey is an interior designer and a passionate traveler. She loves meeting new cultures, exploring their customs, and sharing her experiences with other people. Vanessa started writing articles about her travels two years ago, and she loves those about the holiday seasons the most.

https://pixabay.com/illustrations/pretty-girl-winter-red-2039176/

2019 Holiday Tipping Guide - How Much to Tip Building Staff and More

NYC Building Staff Holiday Tipping Guide

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!

NYC Holiday Tipping Guide
 

 

Tipping Guidelines

 

 

Super: $150-200
Doorman/Concierge: $100-150
Package Room: $25-50 per individual*
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

*In the era of online shopping with Amazon Prime Deliveries daily, Prime Now, Seamless, Uber Eats, etc. it is important to remember the people fielding all those orders you are placing. In most buildings it will be the package room employees, however, Doormen/Concierge are likely fielding these requests after hours.

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.

When: Most building staff will prefer to receive their tips in early December so they can plan their own holiday spending accordingly. Tips account for a large part of building staff’s anticipated income at this time of year.

This guide was presented in 2018 and has been re-shared to include updated information

Tips to Create the Perfect Thanksgiving Tablescape

Thanksgiving Tablescape

It is that time of year! The 2019 Holiday Season is officially here with Thanksgiving on Thursday. It is one of our favorite holiday – who doesn’t love to eat? If you are hosting, we have some tips for you to create the perfect tablescape for your Thanksgiving dinner. After all, a beautiful table is just as important as the Turkey and all the sides! 

Start with a Table Runner

Start with runner from which to build the rest of your design. Table runners come in a variety of colors and prints so they are a great way to incorporate design interest while also being functional. The table runner will help ground your centerpiece on the table, especially long ones, so it feels purposeful rather than random.

Use a Center Piece

Put extra thought into this piece of your Thanksgiving Tablescape as all eyes will be on it. Pick a center piece that’s fitting for the season – think fall hues that match the foliage outside, pumpkins, gourds, leaf garland, etc.

Pro Tip: Thanksgiving is all about gathering and conversation so make sure the center piece you select is not too big that is encroaches on guests’ ability to converse across the table.

Natural Elements & Candles

Fall tablescapes are the perfect time to incorporate natural elements as they are fitting for the season! This is when you can get creative and add in additional elements along the length of your table runner to give it a layered look.

Items such as branches, dried eucalyptus, pinecones, gourds, and pumpkins are perfect for a Thanksgiving table. We love placing little pumpkins around the length of the table because what is Thanksgiving without pumpkins?

Pro Tip: If you are adding greenery to your tablescape, use small elements of your selected greenery within each napkin ring to tie the whole look together

Candles are a must – place them along the length of the table at varying height to cast a warm glow over your Thanksgiving meal. Candlesticks are great for adding height to your tablescape while small votives are perfect for mixing in with the natural elements throughout the length of your table.

Place Setting

What better time to go all-out and put in the effort of a full place setting than Thanksgiving? Take advantage of the food-centric holiday to use your best China and create a layered table setting for each guest.

Start with a placemat at each setting, and build out with a charger plate, entrée plate, appetizer plate, and napkin and napkin ring to create a layered look.

Pro Tip: Thanksgiving is the perfect time to use real cloth napkins. Often times, you will be able to find a patter or color that ties directly back to the table runner with which you started.

If you are hosting a large group, make name tags so guests know where they are sitting when they arrive to the table. You can also leverage natural elements to create a name tag such as tying it to a gourd or mini pumpkin.