2020 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?”

While some traditions will be put on hold, other traditions synonymous with the Holiday Season will continue, one of which is Holiday Tipping. 

One could argue that Tipping is even more important this year than ever before - it has been a challenging year for all, and for those that are fortunate and have the ability to tip those that have helped throughout the Pandemic, this is the year to do so.

Building staff in Residential New York City buildings have been essential to all residents through the COVID-19 pandemic. Building Staff have been responsible for increased cleaning protocols, receiving and managing an exponential increase in deliveries, and checking in on vacant apartments for residents that have escaped to second homes.

We’ve adjusted our annual tipping guide to account for 2020 - some of the individuals that are key in a typical year such as your Manicurist may not have played a role in 2020 because of the Pandemic. Additionally, if you are considering giving more this year to your valued Building Staff and are concerned they will expect this amount in future years, consider stating in your note with the tip how grateful you are for all they’ve done during this challenging year to set expectations. 

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!

Many buildings have organized drop off locations for your tips so you can safely give to your Building Staff rather than direct contact due to public health guidelines.

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Tipping Guidelines

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Super: $150-$200
Doorman/Concierge: $100-$150
Package Room: $50-$75 per individual*
Housekeeper: 1 Week Salary
Dog Walker: 1 Week Salary
Garage Attendant: $50-$100
Personal Trainer: $100*
Personal Assistant: 1 Week Salary
Hairdresser: $75-100*

*In the era of Coronavirus, it is important to remember the people fielding all those orders you are placing and the sheer volume of orders they are now receiving, just for you alone. We recommend tipping Package Room staff more than previous years. In most buildings it will be the package room employees, however, Doormen/Concierge are likely fielding these requests after hours.

Additionally, if someone such as a Trainer has moved to a Virtual Model and you continued to use their service, we recommend continuing to tip these individuals.

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

Green Living Tips You Can Practice at Home

If you have decided to shift toward an environmentally friendly lifestyle, you are on the right path to improving your health and overall quality of life. Green living protects our environment and ecosystem, and it's also a significant boost to the world around you. Now it's the right time to not only incorporate fall décor in your home but also to start thinking green in the long run. You can apply the following green living tips anywhere in the world. They're easily achievable and don't break the bank.

Save Energy

One of the first steps you may take to reduce your lifestyle's impact on the planet is to reduce the amount of energy usage in your home. Besides making your home greener, saving energy has real and tangible benefits in your life, and it can save you a lot of money. Whether you own or rent your home, these improvements are cost-effective and wise to make.

Follow these energy-saving green living tips

Energy-saving home improvements you should consider will include the following:

• Use only low energy light bulbs- they use ¼ electricity compared to traditional bulbs while they last approximately ten times longer.

• Turn off your appliances when they are not in use (computers, audio, and video equipment, and kitchen appliances use electricity even on standby mode, so better switch them off completely).

• Unplug your charger when your phone, tablet, or laptop is fully charged to conserve power (and extend your battery life!).

• Lower your thermostats- reduce the temperature on your heating systems thermostats by a few degrees to reduce the amount of energy and money spent on heating.

• Wash your clothes at low temperatures- most of the energy used in laundry washing is used to heat the water, so opt for lower temperatures whenever possible.

• Air dry your laundry instead of tumble dry. Dry them naturally on the washing line or drying rack to avoid using a large amount of electricity.

Save Water

Fresh and clean water doesn't miraculously appear out of your faucet when you turn on the tap. It takes infrastructure and electricity to get to you, meaning it's a resource you should consume carefully. You can reduce your water consumption in myriad ways, such as:

• Use short cycles for washing clothes - choose the "eco wash" option on modern washing machines.

• Ensure there are no leaks in your plumbing system - it prevents unnecessary water wastage.

• Take shorter showers - don't take long hot showers because they are a real luxury.

• When brushing your teeth, don't leave the eater running - it's a habit that can save gallons of water.

Reducing the amount of water usage in your home is one of the main green living tips

Avoid bottled water

Avoid bottled water when possible. It's not only expensive and inefficient, but it also produces large amounts of plastic waste. Use a refillable water bottle and tap water instead. You can use a water filter to purify tap water.

Ditch plastic

Plastic bags are harmful to the environment. A vast amount of plastic waste ends up outside of landfills - in our fields, forests, rivers, and oceans. One of the most critical green living tips is to use eco-friendly bags, such as paper bags. Recycle any old plastic bags that you find at your home.

Don't stop at bags. Bring your coffee mug to your favorite coffee place, bring a reusable metal straw instead of plastic ones, store your food in glass containers instead of plastic ones, etc.When you start paying attention, you'll begin to see how dependent we've become on plastic, but also in what ways we can get rid of it.

Eco-friendly solution to declutter your home

There is an eco-friendly solution for almost everything in your home and your life. If you are moving to another place or just want to get rid of the clutter that minimizes your free space, this can easily be done in an eco-friendly way - consider green storage solutions. Act smart and invest in recyclable moving boxes and reuse your cardboard boxes. There are many ways to pack your items in a green way. One of the new ones is using seaweed packaging. Ask your green storage provider about them.

Grow your food and herbs

There are so many reasons to grow plants in your home. Some indoor plants can improve your air quality. Other plants have decorative and aesthetic value, but why stop there? You can also grow food in your kitchen or garden. It will save you money, give you a great understanding of food production, and put you in touch with nature. If you have a garden, you have the opportunity to plant and nurture a whole vegetable patch.

If you don't have a lot of time or a backyard, try something simpler, such as potted herbs. Transform your outdoor space into a green oasis with a little bit of imagination and creativity.

Try to grow potted herbs in your home; it doesn't take a lot of time.

Homemade cleaning products

Many modern household cleaning products are expensive, and they are very often harmful to the environment. As a great green alternative - try making some yourself. Homemade cleaning products are environmentally friendly and safe. You’ll need ingredients such as baking soda, lemon, vinegar, soap flakes, and cornstarch to make them. You can find a bunch of tutorials online.

If you don't have spare time to make cleaning products, switch to environmentally friendly options instead. Find products that are natural and sustainable with plant-based ingredients. They will not leave chemical residue behind, and they are biodegradable.

Educate others about green living

If you live with a roommate, you can easily apply all of the techniques mentioned above together, with a little time, effort, and not too many costs. It's important to live with someone who shares the same values. If your roommate doesn't know enough about green living, try to educate them, help them recycle, and live an environmentally conscious life. Help them start with small steps and then increase the inclusion of green tips in their lifestyle.

Every small step matters

There are many more ways to incorporate green living tips into your everyday life. For example, remember to cut down on fuel whenever you can. Instead of driving a car, be active- walk or ride a bicycle (or use public transport for further travel) when possible. Whenever you can choose organic products, use second-hand clothes, use recycled paper, share and borrow things instead of compulsive buying. Try to repurpose your household items, collect rainwater, and use it to water your plants. Reuse things, donate them… the list is endless. Every small step counts. If we all make a small change for a better, healthier, and greener planet today, it adds up and makes a massive difference on our way forward to a better future.

5 Easy Ways to Incorporate Fall in Your Home Decor

Transitioning your home from season to season and adding decorative touches that pay homage to the season throughout your home does not have to be hard. We’re sharing 5 easy tips to add hints of Fall throughout your home.

The Fall season is all about warmth and natural elements. The best part about the latter is it does not have to be expensive! Adding fall to your home is easier than you may think.

Use Seasonal Flowers

Just because Spring is gone does not mean you cannot have fresh flowers in the home for the season. In fact, gorgeous arrangements can be made for your home as you decorate this fall.

Consider antique hydrangeas - their neutral and warm colors are the perfect compliment to your fall tables capes and decor. 

If you are a fan of some brighter tones, the unofficial flower of the fall season is the Mum! They come in a variety of colors from white to bright orange, and are the perfect compliment next to pumpkins and gourds.

Seasonal Fruits and Vegetables

An easy way to give your home a touch of fall is to use seasonal fruits and vegetables you will likely have in your kitchen any way. Place seasonal items like apples, gourds, and figs in a decorative serving bowl on your table or credenza. It is an inexpensive way to bring the Fall season inside.

Natural Elements are Key

Via

The Fall season is about rustic, warm elements, most of which pay homage to nature. Similar to incorporating seasonal fruits and vegetables into your decor, add in natural elements such as branches and leaves to your decor. These are great items to mix into to a fall tablescape. If the real thing is not for you, consider using faux branches and leaf decor to add the must-have fall touch.

Scatter Pumpkins Throughout the Home

Via

Nothing says Fall quite like pumpkins! Pumpkins come in a variety of sizes and hues and will add a fall touch to nearly any room in your home. For a more luxe, monochromatic look, considering using white and pale pumpkins in your fall decorating. Place pumpkins in your tables cape, on your mantel, countertops, and end tables…they are so versatile!

Decorative Throws in Fall Hues

Via

When of the most refreshing things about the Fall season in the chill in the air that begins to creep in by late October and November. Who does not love curling up by the fire place and binge watching your favorite show? Throws are the perfect decorative accessory to add in your living room, den, and places of relaxation! Look for seasonal color palettes such as burnt oranges, red, and maroons, Patterns such as Plaid and Tartan are perfect to transition into the winter season.

Moving in the Era of Coronavirus - Tips for a Stress-free Move

Coronavirus is arguably the most significant health hazard humanity has faced since the first half of the 20th century. Having that in mind, it is easy to understand why many people have been postponing or even cancelling any engagements that require social interactions. As we all have learned how to adapt to the New Normal, we have seen success in doing many activities that were previously thought to be unsafe at the beginning of the pandemic being accomplished safely.

Moving is consistently ranked as one of the most stressful life events, let alone with the backdrop of Coronavirus. However, moving house in the era of Coronavirus safely and stress-free is possible with some tweaks and changes to the already well-known moving process.

Is Moving in the era of Coronavirus even possible?

The answer is yes. Most moving services and companies are operating under modified rules and regulations. This in itself should be stress-relieving, but make sure to hire a reliable mover that takes you and your loved ones' wellbeing seriously. Do not shy away from asking questions, and make sure you and your moving company are on the same page at all times! Feeling like you are in the safe hands of a responsible moving company will put your mind at ease.

Are in-person showings happening at this time?

The first step of any move is finding your new home. This, however, might seem intimidating during the pandemic, since it requires close contact with a real estate agent, and in some cases, even other potential buyers. It is good to know that open houses are happening – New York City resumed in-person real estate activity in late June, with safety procedures and recommendations in place for safe showings.

A meeting with a real estate agent doesn't have to pose a threat if you follow the Coronavirus health regulations.

Is it possible to rent a moving truck?

Moving truck rentals are considered essential businesses, just like any other transportation service. Most, if not all, larger rental businesses are still operating, so there are many options at your disposal. Be prepared for some changes as to how the business operates, such as over-the-phone or online reservations. Once again, don't be afraid to ask whatever interests you, and make sure you choose a company you feel most comfortable with.

What about the storage services?

Most notable storage companies still provide services at this time. Storage services are an essential part of the moving process. Often, there are too many items to move, and you cannot do it all at once. That's where storage services come in handy. However, moving costs can run pretty high, not even including unplanned expenses. Luckily, storage is not one of the things where you necessarily have to break the bank. There are even ways you can have your storage needs taken care of free of charge!

Is moving during Covid-19 pandemic advisable?

With the property safety procedures and adherence to CDC guidelines followed by all parties involved, moving can be accomplished. Additionally, some moves cannot be postponed, whether for professional, economic, or personal reasons, some moves must take place for individuals. To avoid stress, only hire responsible companies with which you feel comfortable.

Remember do always do what makes you feel most comfortable and safe – your agent should not be pressuring you to make any rapid decisions. We are here to advise you and ensure your real estate transaction is as successful as possible to meet your goals.

Staying healthy during a move

The biggest concern during the Covid-19 pandemic is staying healthy. Continually thinking about the rampaging virus presents can be extremely stressful in itself. The not-so-small moving stress can quickly add up on top of that, and then the stress levels can become overwhelming. Fortunately, many moving companies have employed a safer way to operate during the pandemic. Even so, there are things you can do to ensure your health and wellbeing when relocating during the Coronavirus pandemic.

Social distancing

Minimizing the amount of direct social contact is arguably the best way to stay safe during a move. Moving companies are now offering virtual surveys to provide estimates, instead of in-home ones. This means that your move doesn't have to start with the stress of people visiting your home during these trying times.

Another way to make sure you stay healthy during your move is by keeping a safe distance when in contact with people. The recommended safe distance you should maintain at all times is at least 6 feet.

Wear a mask

This is where unity and mutual care come into play. Standard surgical masks are designed to keep things in, and not out. Since there are many symptomless people, wearing a mask will ensure that you don't infect other people if you are infected. So wearing a mask is not only for yourself but for others too. Being mindful and empathetic during hard times is of great importance.

Wearing a mask not only protects you, but others too.

 Thorough cleaning

So far, non-living surfaces do not seem to play as big of a role in Coronavirus transmission as thought at the beginning of the pandemic. However, sanitizing the surfaces that many people come in contact is a recommended best practice and precaution. Using alcohol or any other cleaning product will ensure all possible transmission risks from a particular surface are eliminated. Make sure to use all cleaning products as instructed on the product itself.

Additionally, washing and sanitizing your hands is extremely important. The WHO advises washing your hands thoroughly with soap whenever possible. Also, always make sure to have a hand sanitizer with at least 70% alcohol on you. Lower alcohol content hand sanitizers don't appear to be as effective. So wash your hands whenever possible, and sanitize your hands whenever you feel it is necessary.

No touching

The virus reaching your mucous membranes is how you get infected by Covid-19. That's why one of the best ways to ensure you remain healthy is to avoid touching your eyes, mouth, or face in general. If you need to, make sure to wash your hands well with warm water and soap beforehand. Wearing latex gloves and removing them beforehand can also be helpful.

Take care of yourself

Moving can be stressful and draining, especially during already stressful times. Lack of proper sleep, nutrition, and high anxiety can take a toll on your immune system, making you susceptible to illness. While it is essential to have your moving budget decided in advance and find a home before taking the leap, make sure you take proper care of yourself and occasionally take time off to relax and have fun.

It does not have to be anything outrageous; there are many fun things to do at home during the pandemic. This might mean planning in advance, starting early, or switching things around occasionally. However, health is the most important thing, and as such, should be preserved. Make sure to eat both enough and well, get at least 6 to 8 hours of sleep, get some light exercise, and make time to de-stress and indulge.

Taking care of your mind, as well as your body, is crucial. If you're feeling optimistic and content, everything seems like smooth sailing, no matter what is happening in reality. Thinking about the upsides of the move or simply getting yourself excited over your new living space can help you feel happier and more optimistic. Research color trends for 2021, patterns that are in style for your new living room, or maybe even technological advancements you could implement in your new home.

Keep your mind occupied by planning your new home.

So should I be moving house during the era of Coronavirus?

We’ve been battling the virus for slightly less than a year. Since the beginning, we have all learned a great deal about the virus. And even though there's still so much to learn, we know enough so that we can protect ourselves effectively against the virus. Proactively working on staying healthy, making well-thought-out choices, in combination with positivity and active de-stressing, will make moving house in the are of Coronavirus that much more bearable.

What Do Low Interest Rates Through 2023 Mean for Real Estate?

The Fed signaled in its September policy meeting that it will the federal fund rate in the 0-0.25 percent rage, with the expectation that rates will remain near zero until 2023.

This decision by the Fed did not come as a surprise as some decisions in the recent past given the impact of the Pandemic and the need to sustain liquidity in financial markets. The language from the Fed indicating a direction until at least 2023 does give investors expectations for the next few years, and was a welcome relief for the real estate industry. 

The Fed will continue to buy mortgage-backed securities

The Fed has vowed it will continue to purchase mortgage-backed securities in an effort to ensure that banks keep lending during the downturn. 

This additional liquidity has allowed Mortgage companies to continue to lend money during the pandemic, at what has been a record pace for both refinancing and originations. 

Mortgage Rates Likely to Remain at Historic Lows 

The Fed’s Bond Buying has been instrumental to low mortgage rates. Because of their commitment to continued buying of mortgage-backed securities (number 1), it is likely that mortgage rates will remain at historic lows for the near term. While it not a guarantee, the Fed’s influence on the Bond market has been instrumental, and mortgage rates are most influenced by the bond market.

Existing Homeowners have Low Rates for Home Equity Lines of Credit (HELOC)

Equity has been on the rise thanks to increasing home prices. With increased equity, and the desire for access to affordable financing, many have turned to HELOCs.

The cost of HELOCs are currently affordable and will likely remain low as they tend to adjust fairly quickly to changes in the federal funds rate. Those that have balances on their HELOC will continue to enjoy low interest expenses.

Overall, low rates are a positive for the real estate market. We have already seen the impact of pent up demand from Buyers during the market with record mortgage origination numbers, and reduced time on market coupled with multiple offer scenarios.

Paint Color Trends for 2021 from Sherwin-Williams

We have all spent increased time in our homes since March. In that time spent at home, some have been making updates and improvements. In the spirit of home improvement, we’ve been following design trends. Sherwin-Williams is expected to announce their Color of the Year for 2021 this month. 

Whether you are looking to update a room or give your home a facelift to bring it to market, a fresh coat of paint can do wonders to your home. Ahead of the official announcement, Sherwin-Williams has selected 4 color palettes for its ColorMix Forecast. Sherwin-Williams selected these palettes as an expansion upon their 2020 selections with 2021 being a continuation of “what the future holds” as we adapt to the New Normal. 

What are the colors you can likely expect to see in 2021?

Palette: Sanctuary

Sanctuary is about Nature’s ability to cultivate wellness and calm, now more than ever. We have all been trying to spend time outdoors, and the sanctuary palette brings that indoors. This palette is defined by warm neutrals and natural tones.

Colors include moss greens, clay, grey, and beige

Palette: Continuum

The inspiration for the Continuum palette was drawn from how technology and smart living blends into our daily lives since the pandemic started. With many working from home, the impact of technology is more important than ever.

Hues in Continuum include Cyberspace, Crushed Ice, Lemon Fresco, and Novel Lilac

Palette: Encounter

The Encounter palette is about the storied heirlooms many of us have throughout our homes. It is a modern boho aesthetic characterized by rich earthy tones.

Hues in the Encounter palette include Java, Reddened Earth, Tarnished Trumpet, and Naval Blue.

Palette: Tapestry

Tapestry is a palette for those looking to brighten their home beyond neutrals. Tapestry is about creative expression and joy. This palette is filled with vibrant and bold hues such as Jaipur Pink, Cape Verde, Enjoyable Yellow, and Perfect Periwinkle

Images via Sherwin-Williams

What is a Co-Op and Why are They in Demand?

If you follow our newsletter, blog, and other content, you’ve likely seen us mention condos leading the board for demand over the past few years…what about co-ops? 

Many are unfamiliar with the different property types in New York City, most notably condos and co-ops. There is a seemingly endless debate of pros and cons of both, but there is a new interest in co-ops emerging as a result of the pandemic. 

To set the stage what is a Co-Op?

A Co-Op, short for Cooperative, is an ownership interest in shares of a corporation that own the cooperative. The number of shares owned is directly correlated to the size of the apartment in the building. These shares entitle the shareholder to a proprietary lease on the unit.

To contrast, a Condo represents ownership in real property so there is a big distinction in ownership interest between the property types. 

As a Co-Op owner, you are responsible for monthly maintenance fees which typically includes property taxes as well as items such as the building’s mortgage and interest, insurance, management fees, building employee salaries, and common area upkeep.

Co-Op Appeal Increases During Uncertainty

With Condos being the leading star for many years, what is making Co-Ops appeal to more Buyers than usual? The pandemic has actually positioned aspects of Co-Ops that previously put Buyers off as a positive amidst uncertainty. 

Co-Ops are notorious for their strict vetting process and Boards. In times of uncertainty, this becomes attractive to Buyers. Co-Ops typically examine a Buyers credentials and finances with a fine tooth comb, ensuring they have enough liquidity to continue to pay their mortgage and maintenance charges despite and unforeseen circumstance. 

In hard times, you are less likely to find a Co-Op owner that passed the Buildings Board vetting to be defaulting on a mortgage. In turn, that means less risk of assessments and hits to the building’s financials. 

Some Co-Ops are loosen their once very strict rules as Buyer demographics are shifting. This includes some allowing pied-a-terre purchases as well as increased financing limits.  

This trend is not new, in fact, we saw a similar attraction to Co-Ops during the Great Recessions of 2008. It is important to note that there are Co-Op buildings that have survived the Great Depression, World Wars, and 9/11 - some of the toughest times economically.

Upper East Side Co-Op On the Market

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315 East 72nd Street, 10C

Located in the heart of the Upper East Side, this rarely available oversized one bedroom 1 bathroom co-op apartment is your chance to live on beautiful East 72nd Street. This fully renovated, bright and airy apartment is a great value in a full-service co-op building.

Learn More About This List

Manhattan's Luxury Market Shows Signs of Life: Best Week Since March 2020

The Manhattan luxury market continues to see positive signs of increased activity. Most recently, the week ending July 26th marked the best week for Manhattan’s luxury market since March. This also coincided with New York City entering the final phase of the New York Forward plan, Phase 4.

15 properties priced $4M and up went into contract during the week ending July 26th. Digging in, deals were characterized by discounts which comes as no surprise, however, many Buyers are likely unaware of the magnitude of the deals that can be had. On average, properties going into contract had a discount of 18%. A Buyer’s market coupled with historic low interest rates create opportunities that could reward serious Buyers handsomely over the longterm.

During the same week last year, 14 homes priced above $4M went into contract, so 2020 actually represented a slight YoY increase in contract volume. Additionally, a report on new developments showed the highest number of sponsor contracts in the city since the beginning of April. 40 sponsor contracts were signed the week ending July 26th, an increase of 17 since the prior week. 

A mix of property types including 9 Condos, 4 Co-Ops, and 2 townhouses

Understanding the Headlines

It is important to understand what is happening in the New York City housing market before falling victim to the peril of headlines such as “Real Estate Prices Fall Sharply in New York”. It is important to remember that, particularly within the luxury sector, discount from asking has been a common theme to deals for nearly 2 years - if you subscribe to our monthly newsletter, you are familiar that this has been a persistent theme. 

Additionally, Q2 2020 data should be taken with a grain of salt as drawing out longterm trends is difficult. Showings were legally not allowed during Q2 as a result of the Pandemic, so activity inherently came to a near halt. With less homes being bought and sold there is less data, and with less data it is important to remember that baselines can be easily skewed. This year’s Q2 data is based on a much smaller sample size which can skew the median price.

We expect Q2 2020 data to show a decrease in price YoY. This comes as no surprise knowing that activity was not allowed, however, because of the lack of data coupled with the inability to show, the viability of this data for longterm trend analysis is not ideal.

Furthermore, the comparison point to a year ago, namely Q2 2019 was characterized by unique activity itself. Q2 2019 had elevated activity because of the rush to close before the start of the new progressive Mansion Tax. Thus, a period of low activity (2020) compared to a period of high activity (2019) both from unexpected outside factors, creates a comparison with flawed data points.

Should You Invest in Smart Home Technology?

Thinking of putting your home on the market or looking to make improvements and wondering what area of your home you are likely to see a return on your investment? Investing in Smart Home Technology should be placed near the top of the list. 

A smart house is equipped with any number of devices that can automate tasks normally actioned on by a resident. The Smart Home market has exploded in recent years and includes devices across many different areas of the home such as:

• Lighting

• Appliances

• Speakers

• Doorbells/Locks

• Security

• Cleaning Systems

The Smart Home Industry is projected to reach 135.3 billion globally by 2025, up from 78.3 billion in 2020.t

How valuable is Smart Home Technology? According to a recent survey from Z-Wave Alliance, a consortium of 700 companies that make smart home devices, 91% of real estate agents polled said their Buyers would be willing to pay more for a home outfitted with Smart Home devices and 92% of real estate investor said they are putting money into smart devices to make homes more connected.

With such a variety of smart devices available, what categories are most desirable? 

Security:

Security devices are one of the leading categories within the smart home space. They make people feel safe and allow them to monitor their home from anywhere via a smartphone. In fact, approximately 1/3 of people that bought smart devices said they did so to make their home feel safer.

SMART LOCKS + DOORBELLS 

Rather than hiding your spare key in a fake plastic rock, take ease in knowing your home can only be accessed by those you trust. Both you and future buyers will appreciate this smart feature

SAFETY FIRST

“Owning a safe and secure home is appealing to every home buyer, from frequent travelers to families,” according to Realty Times. Investing in an alarm system, smoke detectors, and cameras can be big selling points. 

Energy Efficiency:

Devices to help manage energy efficiency are preferred by Buyers. From lighting and shades to managing the thermostat, the devices help owners run their homes in a more eco-friendly and efficient fashion. Plus, automation allows users to set lights to automatically come on or turn off and run heating/cooling systems on automated schedules.

INVEST IN NEST

A Nest thermostat can help reduce electric bills, which can be a great perk for a “green” and frugal buyer. Plus, lower energy bills will help you save up for that dream home you've been eyeing.

Market Update: Manhattan Q2 2020 Market Report

We are halfway through 2020 - hard to believe. With all that is going on in the world, time has seemed to move at a relatively quick pace. Q2 2020 was one for the record books. The new year started off on a positive note for the Manhattan real estate market - strength had been carried over from 2019 across multiple tiers of the market. As we approached the start of Q2, no one was anticipating the magnitude of impact the market was going to experience. 

The final two weeks of the first quarter brought never before seen conditions to the Manhattan Real Estate market. 

While we hope that Q2 2020 is an outlier when we look back on historical quarters, it is important not to write off the entire quarter, but rather acknowledge the data and understand the impact of the pandemic during the observed time period.

Coronavirus Impact on Manhattan Market Evident in Q2 Data

Understanding the sweeping restrictions that were put into place in New York City that included the suspension of real estate showings, it comes without shock the YoY data is significantly lower when comparing 2020 to 2019. During Q2, the real estate market was essentially put on hold, the first time in history. 

• Contract Activity was down 73% YoY

• Sales were down 65%

There are a few key thoughts worth noting on the data above:

1. The Contract Activity number actually could have been lower, however, the industry nimbly adapted to digital tools including virtual open houses, enhanced 3-D staging, and virtual closings.

The use of digital technologies will only continue to increase as consumers implement tech oriented solutions throughout all aspects of their lives to make it efficient and safe.

2. This data is important to be aware of, but it likely does not have long term predictive value knowing the restrictions that were placed on the industry with physical showings halted. In that sense it is expected, and we hope this quarter to be a Black Swan event

Sales Statistics

• Co-ops sold 26% faster than condos with 1 bed Co-Ops moving the fasting - 47% sold within 60 days

• Condos purchased in Q2 were more affordable than previous quarters because of property variations, not discounts or undervaluations

• Downtown captured 28% of sales, the highest of any submarket

• Properties in the $5-$10M range were priced 7% higher on average YoY although property size was also 8% larger, resulting in a 2% decline in average price per square foot

Looking Ahead

Monitoring data points in Q3 and beyond will be critically important to understand long term potential. In-person real estate activity resumed in late June, and the news came as contract activity was beginning to pick up.

The Pandemic will certainly leave lasting impacts on the market, and as of now, we see that in the form of consumers looking to leverage technology as much as possible to ensure safe and efficient business transactions as well as shifting preferences. 

We expect increased interest in private outdoor space, home offices, layouts with defined spaces, and in the city, a renewed interest in townhouses and boutique buildings.

We will continue to monitor the pent up demand that has begin to re-enter the market.