The Future of Manhattan Real Estate

February 19, 2018 | By Evan Paliotta

I must preface this piece with a disclaimer. I am no Nostradamus, or soothsayer. What follows is an educated guess grounded in the current information at hand. Outcomes will vary based on neighborhood and price range. My predictions will probably not happen…but it very well could. Manhattan real estate is like gold; a stable long-term store of value. Even in the aftermath of the 2008 financial crisis, the aggregate Manhattan real estate market briefly dipped and subsequently recovered at a rapid pace. Today prices supersede their pre-recession highs. But why is this the case? The short answer is that monetary policy acts with a lag. When the Federal Reserve attemp...

Continue reading

Board Packages: The Resumes of Real Estate

February 15, 2018 | By Amelina Castillo

It is no secret that the property buying experiance in NYC is usually very extensive! From the moment you begin your search to the moment you close, something is always brewing- offers, contracts, bank paperwork, and of course, BOARD PACKAGES! When clients hear about and see the board package, they tend to freak out… and rightfully so! Some can be over 400 pages long and require 4 collated copies. Sorry Amazon forest! However, they are a major component to the co-op purchase experience! Here are five important things buyers need to know about the board package: They are your resume: Think of the board package as a very detailed resume. It gives the bui

Continue reading

The Ideal Buying Experience

February 12, 2018 | By Evan Paliotta

You decide you’d like to take the plunge into purchasing a new home for yourself or your family so you log into Streeteasy. You love Uptown Manhattan so the neighborhood doesn’t matter so much however you do need a 3-bedroom coop in an elevator building with Southern exposures, at least 1,000 sq. ft., an open kitchen, and washer/dryer in unit, all for under $900K. Also you make too much money so you do not qualify for HDFC (income restricted) properties…quite a tall order You click search and get about 15 hits. Not too much to get decision fatigue, and not too few to get discouraged. You notice a property was listed today for $899K with all your needs being met, AND i...

Continue reading

Top 5 Fixer-Uppers Uptown

February 8, 2018 | By Amelina Castillo

Although renovations may be costly and time consuming, they give owners the opportunity to make their apartments their own and, of course, increase resale value when it is time to sell. It is truly amazing to see how much a little love and care can change a space. Here are 5 Uptown gems with a ton of potential. 825 West 179th Street Apt. 2G This 3-bedroom apartment is currently listed at $499,000, and for good reason-

Continue reading

Why Do I Need a Buyer’s Agent When I Use StreetEasy?

February 5, 2018 | By Evan Paliotta

The island of Manhattan is the only place in the United States that does not have an MLS. For those unfamiliar, the MLS (multiple listing service) is an exclusive platform for realtors to post their listings and search for properties to send to their buyers. Since sites like StreetEasy, Zillow, and Trulia function as the de facto MLS for NYC, it begs the question: “Why do I need a realtor to purchase a home when I have access to the same services they have?” I’m of the philosophy that, whether good, bad or ugly, the more information one has at their disposal, the better decisions they will make. When realtors created this syste

Continue reading

The Mathematics of Buying in NYC

February 1, 2018 | By Thomas Rainey

It may seem obvious, but New York City is expensive. Buying your first home in New York can be prohibitive for most unless you are prepared and plan several years in advance. Even the most successful 20 and 30 somethings can find that their first apartment will be out of reach without significant help from their parents/family member or a lump sum payment from a year end bonus.

Continue reading

What $500,000 gets you Uptown vs. Downtown NYC

January 30, 2018 | By Evan Paliotta

We all know the almighty dollar ain’t what it used to be. In the 1940’s the average single-family home in New York sold for $4,389 (just $45,700 measured in 2000 dollars)*. One quick look at Streeteasy or Zillow and you’ll know those days are long gone. So for all the first-time homebuyers obsessively scanning for that amazing deal, may I impart some New York wisdom…Fuggedaboutit! That being said, scoring a deal is not completely unreasonable. Investing in an apartment bordering an ‘up and coming’ neighborhood paired with a little foresight and patience can yield respectable gains on one’s real estate portfolio. Excluding the potential app...

Continue reading