Working with a Buyer’s Broker

New Yorkers are some of the most keen and savvy shoppers around. We are exposed to a multitude of ad stuff including billboards, flyers, the “two dweebs” standing in the middle of the sidewalk trying to sucker you into donating to their latest cause, signs, subway ads, free morning papers, etc…nearly everywhere you turn there is more ad stuff. As a result, we have developed a keen sense of what’s real and what’s not!

There’s typically a jaw dropping reaction when it is revealed to a buyer of a co-op or condo in NYC that “working with a buyer’s broker is FREE.” That’s right, when you’re ready to apartment shop in NYC it costs you nothing to team up with an experienced broker who can provide you guidance and perspective. In fact, they will very likely save you time energy and money – if you choose a good one!

What’s the catch? In New York, broker’s commissions are pre-determined prior to the listing going live and are paid for by the seller. This means the listing agent, or agent to the party selling an apartment, will split their commission (usually 50/50) with the buyer’s agent because ultimately they want to make a deal happen for their client.  This “co-brokering” strategy/philosophy is beneficial to all parties – for the seller because they are engaging with many buyers’ brokers and their client who feels more comfortable working with a trusted advisor, and lastly the buyer too because they have more options to choose from and are fully represented in the transaction.

Essentially the seller pays the commission for both the seller’s agent and the buyer’s agent. Typically the commission equals roughly 5-6% of the home’s sales price, which is split evenly between both agents (on a $1,000,000 home that would be $25,000-$30,000 apiece). In today’s market, the typical time needed to find and close on an apartment is anywhere between 4-6 months There is a fine balance between the time committed to the buyer and earning a commission at the closing table. A good buyer’s agent will strive to prove their dedication and loyalty and will ask for your loyalty in return as you proceed in your search to make sure you find the best possible fit at the right price.  

It’s important to note the difference between buying agent and listing (sales) agent. As a home buyer, you should be aware and forewarned that when attending an open house alone with no buyer’s agent representation (either present or working from the sidelines) that when you engage the listing agent you will be unrepresented. A listing broker pledges his/her fiduciary responsibility to the seller and the seller only, therefore legally may not reveal information that could be relevant to the purchase or in your best interest.

Attending open houses is an informative experience, but remember the broker greeting you at the door is not your agent or friend. They’re simply taking the appropriate actions to sell their clients property for top dollar, leaving no room to consider your interests.  As best explained:

“Let’s say, for instance, you walked up to the listing agent at an open house and gushed about how you love the home and want to buy it, but you will need to move soon because you’re expecting your second child and need to decorate the nursery pronto, or the lease on your rental is up in a couple of months. A seller’s agent can use this information against you by informing the seller that your clock is ticking, so they shouldn’t budge too much on their asking price—or at all.

Yet make this same confession to the buyer’s agent you’re working with, and it’s all fine—this professional would know to keep this information private from sellers (and their agents) so it can’t be used against you.” - Realtor.com

There are main things you want to consider when choosing a Buyer’s Agent:

What areas do they specialize in – live and work?

What is their level of experience in real estate?

Do they have testimonials and recommendations from previous buyers and sellers online?

Are they friendly, capable, knowledgeable, patient – remember you are going to work with them for months.

What is their availability to work with you?

Take the time to interview a few brokers and ask pertinent questions about how they work, their process and their team of professionals that will help get you to the closing table with comfort and ease and without compromise or fail.

Jeff Nolan specializes in both the sale and leasing of Manhattan and Brooklyn residential real estate properties (condos, coops and townhouses), having over 10+ years in transnational real estate experience with The Corcoran Group and 20+ years as a landlord/real estate investor. He is dedicated to bringing the right listings to your fingertips and ready to accommodate you on showings at any time.  Don’t take our word for it, check him out online – just Google Jeff Nolan and Corcoran. We invite you to share your search criteria with us and schedule some time to work with him today.

Sources:

[1] http://www.realtor.com/advice/buy/what-is-a-buyers-agent-used-for/

The Value of Outdoor Space

Private outdoor space in New York City is a luxury to say the least. Whether you're peering over from your balcony to buzz up the delivery man, sipping the morning coffee on your terrace, watching the sunset from your roof top cabana or grilling "shrimps on the barbie" in the garden with your friends – a balcony, terrace, cabana, or garden space is just about as "outdoorsy" as it gets in NYC. This week we are featuring a look at the value of this precious outdoor space that we love so dearly.  

Q: How do you put a price on outdoor space?

A: Pricing outdoor space is determined by a number of factors. First, one must consider the use of the space, design, size, views, private or shared, and its proximity to the kitchen.  For example, private terraces are obviously priced higher than shared terraces. Being able to walk out to terrace from your bedroom is convenient, but having a balcony or terrace with an entrance from your living room is more desirable for entertaining guests and more valuable. Who wants to have theirs guests traipse through their bedroom to get to the outdoor space. Size clearly matters too, but there is a sense of utility placed on every space.  For example, 500 square feet (SF) is perfect for a table, lounge area and grill area, but perhaps a 1,000 SF is just not necessary. In this case, many buyers may not want to purchase an expensive space like this so the buyer pool is narrow and hence base on supply and demand, the value will typically be less per square foot if the space is too large. 

See below for different multiples to be applied to outdoor space in order to arrive at the fair market value. These multiples are applied to the interior price per square foot of the given building. 

Garden space: ~25%

Outdoor space with views: ~50%

Outdoor space without views: ~33%

Additional characteristics affecting the valuation of outdoor space include but are not limited to direct light, shade, views, layout, planted, noise level, quality, ability to grill, the building itself, location, privacy, etc. All of these factors will help to determine how the multiplier scale of ~25% to ~50% of the interior square footage of the building will be applied. 

What about BBQing in NYC?
Summer in the city is a season for entertaining, enjoying the outdoors, and of course barbecuing! Did you know that propane grills are not allowed in New York City? The NYC Fuel Gas Code states that you can't store standard backyard propane on a balcony, roof deck, backyard, or in a courtyard [1]

In FAQ’s for Those Lucky to Have Outdoor Space, The Brick Underground also shares that, “You can use a propane tank that’s smaller than 16.4 ounces in some cases. Remember, you can be slapped with fines of up to $10,000 or more if you don’t comply, although the law is mostly unenforced.”  Fines this serious are simply necessary because the fire department doesn’t have enough manpower or time to check every terrace, therefore if you’re caught violating the law and using propane gas to BBQ you will be fined.

On a brighter note, according to New York City’s Department of Buildings, “Cooking with a charcoal barbecue is legal on a terrace or in a backyard — but not on a balcony or roof. There must be a 10-foot clearance between the grill and the building.” If you get really lucky some buildings like 125 North 10th Street, actually have induvial gas line connections installed, so yes BBQing is legal, safe, and a favorite pass time for residents who own cabanas.

It could be a conversation piece, an additional extension for entertaining, or even your private escape from four walls - it's really not classified as traditional "living space", but regardless it's coveted space and adds value to your property. 

Sources:

[1] Https://www.brickunderground.com/blog/2013/05/outdoor_in_nyc_faqs_from_those_lucky_enough_to_have_patio_roofdecks_and_gardens

[2]

http://streeteasy.com/talk/discussion/2247-how-to-price-outdoor-space-deck-balcony-garden-and-basements

Interior Designers

Michala Monroe

Interior Designer

M | Monroe Design LLC

T - 518.330.3655

m@mmonroedesign.com

Website

8 FAQ Buyers Ask Agents

Buying New York City real estate with a broker: 8 frequently asked questions

1. How does working with a broker benefit you?

1)    It saves you time.

2)   It makes you a more informed buyer.

3)   It makes you more competitive in a tough sellers’ market.

4)   It helps you navigate through the complicated process of acquiring a home in New York.

2. Should you have one broker from each real estate company so that you don't miss any properties?

The Corcoran Group cooperates (co-brokes) with most of the other agencies, sponsors, and often directly with the owners. One call to your broker can get you the information you need on all the properties in which you are interested.

3. But what about other companies' exclusives? How can I see them through you if they are not your exclusives? 

Corcoran is a full service company. We believe in giving nothing less than complete service.

An exclusive listing means that the seller of the property is represented exclusively by his or her selling broker. You as a buyer, represented by your Corcoran buyer’s broker, can see that property. Your broker makes the arrangements to view it. Since exclusive listings are co-broked, you will not be missing out.

4.   What about Sunday Open Houses?

A great way to see many properties in one day is by going to Sunday open houses. (The downside is that they are often crowded.) If you like looking on Sundays, and your broker is unable to go with you, ask him or her to register you for the open houses you wish to attend. When you sign in at each place, be sure to put down your name, your broker’s name and your broker’s phone number. This way you will be represented if you want to make an offer on any of the properties you have seen.

5.   How do I know my broker isn’t going to miss any properties?

Corcoran has one of the largest data bases in New York, which is updated daily and includes properties from many different realty firms. If you would like to be a part of the searching process, tell your broker. He or she will be happy to work with you as a team. You can go online to the various web sites, look in the newspaper and in the real estate magazines, and compare notes with him or her. Call or email your broker all of the listings you find online so he or she can research them further and make appointments for you.

6.   If I am going to do the work, why do I need a broker?

Your Corcoran broker has a much more extensive and up-to-date data base than the public will find on the You don’t have to. Sales commissions are paid by the seller, not the buyer. When a property is co-brokered, the commission is shared between the selling broker’s company and the buying broker’s company. There is no additional out-of-pocket expense to you.

7.  Buying a home is expensive; do I have to pay a broker fee?

You don’t have to. Sales commissions are paid by the seller, not the buyer. When a property is co-brokered, the commission is shared between the selling broker’s company and the buying broker’s company. There is no additional out-of-pocket expense to you.

8.   Once I find the perfect apartment, what do I do?

Finding your dream home is the easy part. Once you are ready to make an offer, you will really begin to depend on your broker.  Your broker will be there to advise you every step of the way to:

- Find the right mortgage broker to arrange the necessary financing.

- Put together a strong offer package to be competitive in the market.

- Negotiate the price and terms of the sale.

- Find the right attorney to represent you.

- Assemble the best possible board package to qualify you for acceptance.

- Coach you for the Board interview.

- Prepare you for your closing.

In return, we ask you to communicate with your broker to create a loyal, trusting relationship.

For this loyalty, you can expect your broker to be:

Knowledgeable . . . . . . . . always abreast of the New York City Real Estate scene.

Accessible . . . . . . . . . . . . just a phone call away.

Available . . . . . . . . . . . . . ready to arrange showings around your schedule.

Accountable . . . . . . . . . . prompt and honest in all transactions.

Hard-working . . . . . . . . . eager to search for properties until the right one is found

Buy with Jeff Nolan... it will be the best move you make!

The Road to a Successful Closing - No Detours!

Dropbox Link to a PDF Version

Purchasing property in Manhattan can seem like a maze at times, but our helpful info-graphic above and our three critical "next steps" below will illuminate the proper path to a successful closing! Preparing financially is the most important aspect to purchasing an apartment and it is commonly left to the last moment by the majority of buyers. Below is designed to initially explain the three key components of every co-op purchase and what everyone will need to proceed:

Ø  Financial Statement – Full disclosure of your finances is required with every offer. Please note: When working as a buyer’s broker, I have a fiduciary responsibility to my customers through reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and duty to account. An accurate assessment of the following is required:

Liquid Assets (cash, money market and brokerage accounts)

Retirement Assets (or any other long term assets)

Income (salary, bonus, interest, dividends and any of miscellaneous income)

Liabilities (any debts)

Generally, co-op's will require supporting documentation once we have a fully executed contract of sale. Below are important ratios used by co-ops as a standard to qualify buyers. 

Debt to income ratio (typically needs to 28% or less) this is all of your monthly debt plus the new mortgage and maintenance/taxes divided by your total gross monthly income including any bonuses. 

Cash reserves – Most co-ops require 2 years of mortgage maintenance and taxes to be in “liquid” reserves after closing.  They do not consider IRAs, 401Ks Keoghs, TIA CREFFs, or Real Estate assets to be liquid, unless you are over the age of 65.

Ø  Pre-Approval Letter – It is important to know your borrowing potential, especially now with lender’s tightening credit standards. A mortgage banker will qualify you and indicate what documents are required and ask to pull your credit. This will offer you piece of mind, determine your purchasing power, define the current mortgage rates and help us determine your monthly expenses. This letter is also required with every offer.

Ø  Attorney – Once we have an accepted offer, they will offer important advice throughout the process and conduct due-diligence. This is a must expense for even the most savvy investors and it is highly recommended to use a Manhattan based real estate attorney who knows the business. They will look over the co-op’s minutes, budget, tax statements/returns, contract, and prospectus/offering plan. They will review all of the closing papers, walk you through the closing and will also advise you of potential risks.

What You'll Get Across NYC for $650,000

Many thanks to BrickUnderground for featuring us in yesterday's article about affordability and $650,000 price points across NYC. 242 South 1st Street is just a block away from the Grand Street Shopping District (home of the upcoming Whole Foods and Apple store), and several more blocks from the Bedford Avenue strip and L train. The Marcy Avenue J, M, Z is also just short walk away. Truly a superb opportunity to explore and experience Williamsburg's hottest venues, restaurants, bars, shopping and nightlife at your fingertips! 

Check out our listing and the rest of the article in the following link! 

Read more here: http://goo.gl/lJrmle

Manhattan Insight - Holidays Begin in the Kitchen

Thanksgiving is frequently associated with traveling, feasting, four day weekends, football games, parades, movie classics, and turkey trots. These are fond memories and memories in waiting. It is a time to reflect, to teach the young, gather in unity and appreciate all the gifts (family, friends and health) that enrich our lives. Thank you for your support and your business. Wishing you every happiness this Thanksgiving Season!

Link to Manhattan Insight: Holidays Begin in the Kitchen

Partner with Other Businesses to Generate Referrals

Many thanks to Daniel for the opportunity to speak about BNI. Referral marketing could truly benefit any professional's business and help diversify across industries. Below is an excerpt from our Q&A session and underneath that is the link to the MadPipe podcast. 

"Your marketing is too important to take on alone. One important step is getting a digital strategist like MadPipe. Generating referrals is about collaboration, trust, and commitment to a process. Jeff Nolan, residential real estate agent with Corcoran founded BNI 45 in Manhattan, a referral marketing group made up of other professionals in a diversity of industries. As president of that BNI chapter, “The Breakfast of Champions”, he has a vision for how to grow companies and increase the clientele of individual professionals. Daniel DiGriz, Director Strategy at MadPipe, asks Jeff how effective referral marketing works, what kinds of businesses can benefit, and how to navigate the commitments it requires. If you’re wanting more clientele with better return on your marketing investment and less competition to wrestle with, you owe it to yourself to listen to this podcast." ~Daniel DiGriz

Read more here: http://madpipe.com/madcast/partner-with-other-businesses-to-generate-referrals/

New Williamsburg Listing!

125 North 10th Street, S3I

This bright, beautiful, mint condition, southern facing 1-bedroom, 1-bathroom residence offers 823 interior square feet and 82 exterior square feet. Features include ceilings over 10-feet high, beautiful walnut floors, a Living/Dining room large enough for a full-sized dining table and a state-of-the-art kitchen with custom cabinetry, recycled glass counter-tops and stainless appliances. The bathroom features a large soaking tub, custom vanity and over-sized Italian porcelain tiles. The master bathroom is spacious with two walk-in closets and large enough for a King-sized bed and much more. There is a stackable LG washer/dryer in the apartment, as well as central A/C and ample storage space.

125 North 10th is the premier full-service condo building on the prime North side of Williamsburg. Perfectly triangulated, it is located just three blocks from the first Brooklyn stop on the L train, two blocks from McCarren Park and the waterfront East River State Park, and just 10 minutes from Union Square. Amenities include a 24-hour concierge, two common roof decks, sculpture garden/courtyard, wellness floor with a gym and body-work studio, play room, multi-media room and billiard lounge. Pets are allowed. 

For more details, click Here

The history of keys goes back for thousands of years, reaching the very first moments when modern human civilization established their reign and started developing sciences and technologies enabling the birth and growth of our present way of life. Even in those ancient times, people wanted the ability to safeguard their possessions and store them in places where nobody else could have access to them. 

For that purpose , engineers, designers and scientists created the first example of keys. Keys represent possession and when speaking about residential real estate, possession is 9/10ths of the law. You provide the keys to the buyer when selling and hopefully obtain a fair value in exchange, A more memorable experience is when you obtain the keys to your new home. We strive to be present in these joyful moments and ensure you maximize your investment. Call us today for a complimentary market evaluation. 

Listings in Manhattan:

269 West 72nd Street, 6CD
http://www.corcoran.com/nyc/Listings/Display/3482238

1991 Broadway, 3C
http://www.corcoran.com/nyc/Listings/Display/3497266

Imagine the Possibilities...

You moved to Williamsburg some time ago and for whatever reason, you are now considering other options. In fact, this is the perfect time to consider your options! In real estate, a practical and emotional approach are both important, however, you may not be comfortable crunching numbers to help determine your next steps. Whether you're selling or moving up from a rental, there is no need for concern. The experience should be positive and the steps should be laid out clearly so you can focus on considering and comparing your opportunities.

If you have questions about the critical elements of selling and buying (price, rates, terms and market timing) or want to know how to make your real estate transaction seamless, we have the answers. As a fellow Williamsburg homeowner, I am constantly monitoring market activity, and can offer specialized insight in a way that can only be done by a Brooklyn neighbor.

New Listings in Brooklyn:

125 North 10th Street, SGARDENE

http://www.corcoran.com/nyc/Listings/Display/3514007

15A Berkeley Place, 3B

http://www.corcoran.com/nyc/Listings/Display/3484257

The Accidental Skyline Tool

Ever wonder why that skyscraper popped up next to your building and took away your lot line windows? Or why SoHo and the East Village do not have the same building heights as the rest of the city? Well, you're in luck! Above is a great tool to research, visualize and understand how real estate development and FAR works in New York City. Whether you are a beginner to real estate or an expert, this is a very handy tool to bookmark and look into. Click the photo above to check out the interactive map.

Too often, New Yorkers are caught off guard by new development in their neighborhoods. The Accidental Skyline offers tools to help demystify the city planning process and bring the public into the conversation.

The maps above show where new development could occur across New York City – allowing New Yorkers to assess how their neighborhoods could be impacted. These maps add to a body of work available on this site, including The Accidental Skyline, presentations and media coverage. Additional reports will highlight how other cities are responding to these challenges.
~via MASNYC

Tips on using the maps

How transferable air rights work
Data sources

Draw Where You Think Your Neighborhood Borders

"New York is a city of neighborhoods, and debating where those neighborhoods begin and end is a time-honored tradition. Longtime Lower East Siders reject its subdivision into the East Village. Uptown Manhattan residents feud over whether Thayer Street is part of Inwood or Washington Heights. Some Brooklynites insist 4th Avenue is in Park Slope, while others insist it's Gowanus.

"You could take two people who live side by side and ask them 'what are the boundaries of the neighborhood in which you live?' and you'll get two answers," Bronx historian Lloyd Ultan said.

It turns out there's a good reason those debates haven't been settled: the city doesn't have official neighborhood boundaries. According to Department of City Planning spokeswoman Rachaele Raynoff, officials have a general idea of where neighborhoods are and even has a map of the city's neighborhoods, but lines are a different story.

"We've never put down boundaries," Raynoff said. "Community districts are what are in the City Charter." City Planning does have something called a "Neighborhood Tabulation Area," but Raynoff stressed that these lines are only approximations of neighborhoods created purely for statistical purposes. So with no official answer coming, we're leaving it to you, dear readers: use the map to draw where you think your neighborhood's borders are.

When you finish you can compare your boundaries to those of other residents in your neighborhood — and once we've collected enough results we'll share the consensus and see if we can finally settle this feud once and for all."

~ Nigel Chiwaya | August 11, 2015

The Person You Need By Your Side

Buying or selling a home is an emotional and financial obstacle course. Doing it in New York City means every obstacle is higher and wider. In order to come out on the other side happy and confident in the decision you’ve made, you'll need an expert by your side. Not someone who has a real estate license because of Groupon. Not a part-time actor. Not someone who always lets your calls go to voicemail. You need a dedicated partner who:

• Can predict every step.
• Is sensitive to your needs.
• Understands what you want.
• Knows the terrain intimately.
• Will not let you make a mistake. 
• Has a tested network of real estate professionals.

Jeff Nolan is that partner. A natural advocate for his clients, he is ranked in the Top 1% of 45,000 Sales Associates in North America for the largest Real Estate holding companies in the country NRT or more commonly known as Realogy (RLGY). Since 2011, he has been a Multi-Million Dollar Club Member in one of the most prestigious agency in New York City, The Corcoran Group.

An Advocate

Jeff has a simple sales philosophy: he gets you the Highest Amount of money in the Shortest Amount of time possible. He believes in doing the research and applying his real estate knowledge to make sure your property is priced correctly. Why waste your time waiting for an unreasonable selling price at some vague, future time, when you can get the amount you deserve right now?

As an investor in Real Estate in upstate New York, Jeff knows the longer a property stays on the market, the more money the owner loses. When he began analyzing New York City Real Estate 11 years ago, he was shocked to see so many people losing money by leaving a property on the market for too long. Reasons ranged from: overly high asking prices to rundown kitchens, the #1 feature buyers care about. Jeff quickly realized many real estate agents either didn’t know why the property wasn’t selling, were unfamiliar with its true value, or they were afraid to tell the seller the truth.

Over time, Jeff used these observations, along with over a decade of market analysis and first-hand experience, to perfect his system for selling properties. To get you the highest amount of money in the shortest amount of time. The plan hinges on four principles that work in concert:

• Create a targeted marketing plan.
• Leverage his knowledge of the market, the brand identity of Corcoran, and the many tools Corcoran provides to create maximum exposure.
• Create a sense of urgency in the market.
• Capitalize with his excellent negotiation skills, first honed in the luxury automotive business.

It is a plan that gets results. Jeff consistently provides his clients with the highest price per square footage in the building. He sells apartments other agents can’t sell – even at the same price, and he always gets his clients the highest amount of money in the shortest possible time.

A Stealth Negotiator

Almost 80% of homes in New York go to a bidding war. You may have experienced a situation like this in the past. At this level of negotiations, you want a partner on your side that has done it hundreds of times. Before becoming a real estate agent, Jeff worked for Ford Motor Company for 13 years. His job was to negotiate directly with the owners of luxury automotive dealerships. He learned how to win a negotiation from some of the most savvy business people in the automotive industry. The most important lesson: the negotiation is won before it even starts.

Jeff has taken this key principle with him into the world of Residential Real Estate. When you’re out with Jeff, you’ll find he’s always asking the right questions at the right time – of the listing agent, managing agent or the seller. Some of his questions may not seem relevant to the purchase of the property, but while you’re looking at kitchens and closets, Jeff is already preparing for the negotiations, uncovering valuable information:

• What motivates the seller and the broker? Is it the asking price, emotional ties to the apartment, the fairness of the process, a non-contingent deal? 
• How savvy are the seller and broker about New York City real estate? 
• How will other bidders and their agents act? What motivates them? 
• What is the true value of the property, regardless of the asking price?

All of these questions are asked with one goal in mind: to save you time, energy and money. He’ll also go the extra mile to protect you from a poor investment by uncovering undisclosed information, discovering costly aspects of the property and evaluating recently sold comparables to determine whether a building is the right fit for your needs. 

Always a good listener, Jeff asks many questions of his buyers as well, making sure he fully understands what you’re looking for. Your needs, your wants, your financial picture and what you are willing to do to get your dream home.When the fit is right and you have to have a particular condo, co-op, or townhouse, regardless of the terms and conditions, he’ll figure out a way to achieve your goal.

You’ll Want to Have Him Over for Dinner

Working with Jeff Nolan is great, because he manages to reduce the stress and increase the excitement of finding your home. One of his recent clients described it this way: "Jeff negates every cliché you hear about NYC brokers. He is smart, savvy, incredibly concerned with his client’s financial well-being as well as their happiness. He is tough negotiator and runs his business as if every client was family.”

Laid back and funny, Jeff is originally from Detroit. He spent his childhood in London and graduated from the American School in London. He later moved to Denver, Philadelphia and Syracuse, NY, where he met his wife. Originally from Lima Peru, Lorena was most recently a Creative Director of a Manhattan based brand/strategy/packaging design firm.

Jeff and his wife share a love of travel, and after visiting over 40 countries, he plans to keep on going. Jeff is also a runner, who completed the NYC half marathon and is an avid cyclist, riding in the DALMAC quad-century with his father and brother four times. Next he’s working on completing his first triathlon. Jeff currently lives in Williamsburg, Brooklyn, with his wife and daughter, Valentina.

We were recently recognized as one of NRT's Top 1% of 45,000 Sales Associates Nationwide - 1st Quarter 2015! This will be our third quarter in a row. To all of our customers, friends, colleagues and followers: Thank You! We could not have done it without your business and constant support. We look forward to another successful year with The Corcoran Group and wish everyone the best.

What's Trending Now: A Real Estate Guide for Real New Yorkers

Been sitting on the sidelines, waiting for your year? 2015 could be it! Whether buying, selling renting or investing this is a wonderfully comprehensive guide to what the New York Real Estate Market has in store for us all in 2015. Some trends to stay on top of: skyhigh prices are staying around, but may have plateaued for the time being, mortgage rates will continued to stay low, it will remain a seller's market, but with a more reasonable 4% year over year growth expected, while rents will remain as high as ever, rental buildings will continue to be bought and converted to even more lucrative condos, a widening price gap between co-ops and condos may persuade *some* co-ops to loosen restrictive purchasing rules, and landlords and management companies are expected to tighten up on airbnb, even in Condos. Full Article  

Luxury Sales Pushing Prices in both Manhattan and Brooklyn

Winter is traditionally the slowest time for Residential Real Estate in Manhattan and this January was no different. Contracts were down 12% compared to last January, mainly die to a lack of affordable inventory, as there are 12% fewer listings under $1MM than last January. On a positive note, more high end inventory means both Co-ops and Condos saw significant price increases year over year, 13% and 23% respectively, although price per square foot was down in Co-ops due to a decline in sales of three+ bedroom units, which are often priced higher per square foot than smaller units.

2015 is off to a strong start in Brooklyn, where contracts were up 32% over last January and 68% of all sales were at or above asking price. In addition, the average sales price was up 21% from January of last year, and price per square foot was up as well. Just like, Manhattan, it is is important to note that numbers were skewed by several high end sales this month, most notably at the new luxury development, The Boreum, on Atlantic Avenue.

Corcoran's Monthly Market Snapshot: Manhattan

Corcoran's Monthly Market Snapshot: Brooklyn

Corcoran's 2014 Year End Review

For the LOVE of Fashion: Real Estate as the Ultimate Accessory

If, as Coco Chanel once said, "Fashion is architecture," then architecture, by way of residential real estate, has become fashion. Apartments make as much of a statement about their owners as a bespoke Savile Row suit about its wearer. A person who buys in 165 Charles is visionary and exacting, uncompromising on details. Fifty Gramercy Park North: refined. The Urban Glass House: bold. Donald Trump's Riverside South: arriviste. We cloak ourselves in these spaces the way we do in designer clothes. If you live for Prada, chances are you'd like the Richard Meier towers in the West Village. (It could become a parlor game: Does Frank Gehry link to Giorgio Armani or Tom Ford?) Real estate has become another luxury good. "In a way, it's the ultimate luxury good," says public-relations guru Harriet Weintraub, whose client roster used to include Christian Dior and Burberry, and who now also reps high-profile buildings. Full Article  

Romance and Real Estate...Is Your Housing Situation Affecting Your Love Life?

Where you live affects who you date-and who will absolutely refuse to date you. In honor of Valentine's Day, the real estate website Trulia commissioned Harris Interactive to conduct a survey looking at the intersection of attitudes about housing and romance. Are homeowners regarded as "marriage material" more so than noncommital renters? Are people more interested in potential mates if they live alone? Just how bad is your love life impacted if you live with your parents? When it comes to dating and housing, what's hot and what's not? How does co-habitation to save on rent stack up for men vs. women, and more, importantly what do each of the sexes fall in love with (in real estate terms) once they DO decide to shack up together? Find the answers in this fun and illuminating article from Time Magazine. Full Article

New Building Round Up: For Sale in 2015

For many 3 years is imply too long to wait! If you looking for new construction available right now, we have included this round up of new buildings expected to be completed in 2015. While there are plenty of one to three bedrooms, a new proliferation of duplex and townhouse residences built into new development projects offer the space of a traditional single family with the amenities of a full service building - who could ask for anything more! All new developments on this list are already accepting offers, so if you are interested now is the time to move forward. The list covers some of the larger new builds in Manhattan and Brooklyn; for a complete search specific to your needs be sure to give us a call as we have access to all new construction in the city and are excited to get to work on your search! View List