Kevin Brunnock | NYC Real Estate Professional

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Tag: Predictions

January 20, 2021

Why New York City is Poised for a Real Estate Bounceback in 2021

Throughout 2020, New York City has been hit hard through various lockdowns and preventive measures against the COVID-19 pandemic. Hope has been on the rise though through upcoming vaccines, and some of the project developments that have cropped up in the meantime. Take a look into just some of these projects opening up in New York City from 2021 and beyond.

Residential

More people than ever are coming to New York City to start fresh or take on a new job opportunity. The city is building around these people through various buildings like Sven, a 958-unit skyscraper built in Long Island City, or the easily affordable building opening up at the Astoria waterfront. For those living around the Bronx, many restaurants and shops are planning on opening up at the La Central residential complex in 2021. Make sure that you are always looking more into how New York City is building itself around the people that live in it.

Commercial

While people have been spending 2020 working from home, businesses have been spending time reinventing their office spaces. JP Morgan Chase is choosing to move to 425 Park Avenue for their brand new tower, a home for many employees working out of the city. Developers around New York City understand the need for more restaurants for workers which is why the Manhattan West complex is planned to open up in 2021, a food hall including some of the most famous chefs and food brands around the city. Always look around and see how New York City is constantly becoming a better place for those working there.

Art

New York City isn’t just a great city for those looking for a new job but for those interested in art as well. At the World Trade Center, the Perelman Performing Arts Center will be opening up for black creators looking to make their work known in theater, music, dance, and more. Architect David Adjaye has also been working with The Studio Museum in Harlem to construct a new building to hold all of their collections. Whether you are interested in some of the pre-existing venues or some of the new art establishments being built in New York City, you always have somewhere to visit no matter what art medium you’re interested in.

December 8, 2020

Tips for New York Home Appraisal

If you are looking to buy a new home or just refinance your current mortgage, your lender will want to schedule an appraisal. This objective assessment helps to determine what your home is worth. Something that ranks high to all lenders is the consideration of collateral on their loan. Whether you are buying or selling, it will help you get a feel for how appraisals work. Here’s how you can prepare for your NYC home appraisal. 

What’s Involved? 

So what should you expect if you have someone come to your home to appraise it? An appraiser’s job is very similar to a home inspector’s position, with some tiny differences. Items that range from big to small will be taken into account by your appraiser, so that geometric mural that you did during the lockdown may need to go. 

Things That Go Into a Home Appraisal

While your potential buyer may love your place and decide that they are ok with your asking price, all lenders will require you to have your home appraised to determine its value. To help them arrive at an estimate, they will look at the following:

  • Your home’s exterior: The appraiser will look at just about every part of the construction of your home. From the roof to the foundation, walls, and flooring, these will all be the potential cause for the house’s value to decrease if the appraiser finds something wrong.
  • Size: A big part of determining the home’s value is the slot’s size and square foot of the lot. The more rooms and bathrooms that a house has can help to raise the value of the home. Knowing the floor area or FAR of the property will tell you if space has room for extensions, which can be another factor in the value. 
  • Condition: Just like your exterior, the appraiser will go over the inside of your home with a fine-tooth comb. The flooring, kitchen, plumbing, electrical, and lighting are all components that your appraiser will be assessing.
  • Improvements: Your appraiser can also help you determine what might need to be updated to increase your home’s value. Renovating a bathroom or adding an HVAC system can add years of life to the property, which helps increase the value. 

Who Receives the Appraisal Information?

The final verdict will be gathered by your appraiser and at the disposal of who ordered it; this is usually the lender. It is then up to them how the information is distributed, regardless of who paid for it. If the buyer asks for an appraisal, the lender is obligated by law to release that information. Your appraisal is valid for six months, but market prices can change quickly. Many lenders will only consider an appraisal to be valid for about three months. Any changes to the market or the property can drastically alter the value price. 

October 11, 2018

Top 10 Luxurious Apartments for Rent in NYC

Moving to New York City is an extraordinary opportunity. The possibilities are endless, the neighborhoods are continuously expanding, and the broker fees are almost everywhere. There are even ways to avoid broker fees! Apartment hunting can be a long and draining process. Take a little time to have some fun by looking at some of the most extravagant listings out there. These listings will give you something to strive for. Imagine instead of $2,000/month, think instead  $50,000. Below is a list of the most luxurious apartments for rent in NYC.

 

Soho – 20 Greene St. – $75,000/month

 

This gorgeous two-bedroom mansion lives on the (key-locked) top floor of the building. It is made up of 4,189 glorious square feet. The ceilings stand at a towering 14-feet, dark hickory floors, an oversized fireplace, surround-sound speaker system, central climate control, custom-design casement doors, and windows. The kitchen is freshly renovated with industrially sleek style. Enjoy your very own private outdoor gardens attached to the unit. It gets better (which is hard to believe), there’s also a master suite overlooking a bluestone patio, whose bathroom is finished with stylish black and white marble finishes and deep brass lining. And to top it off, it includes a home office, exercise room, and three other terraces that are on the second floor.

 

Upper East Side – 985 5th Ave. – $25,000/month

 

This apartment complex is 26 stories above Manhattan, each of which holds two residences with breathtaking views of Central Park. Each apartment contains a formal dining room, gourmet granite kitchen, polished hardwood floors, marble bath, and multiple walk-in closets. Here you have access to multiple building terraces, a private entrance to your apartment, and a fitness center.

 

Theater District – 130 W 44th St. – $75,000/month

 

This is a pent-out penthouse and is better known as the Director Suite. Thierry Despont designed the light ochre suede walls, leather-wrapped furniture, and two bedrooms, each containing their own massive granite bathroom. The kitchen is outstanding and fully equipped. It also has an 8+ capacity dining room.

 

NoMad – 121 Madison Ave. – $10,904/month

 

This duplex penthouse apartment provides a stellar view of Manhatten, specifically the Empire State Building. It also includes a glorious wrap-around terrace, and the master bathroom has a marble soaking tub, stall showers, double sinks, and a walk-in closet. The kitchen is freshly redone with premium cabinets and stainless steel appliances.

 

West Village – 165 Charles St. – $60,000/month

 

A fantastic 4 bedrooms, each with its own marble bathroom, walk-in closets, and a wraparound terrace. This is an award-winning duplex and it will surely take your breath away. Between views of the Hudson River, a renovated chef’s kitchen with sleek white cabinetry and a climate-controlled wine cellar, and a beautiful naturally lit frosted staircase, it’s almost impossible to choose which feature is the best. Let’s not forget, the building features a 50-foot indoor lap pool, gym, sauna, movie theater, and resident lounge.

September 6, 2018

Real Estate Market Forecast for NYC in 2018

 

sweet-ice-cream-photography-732946-unsplashThe city that never sleeps has become an even bigger draw for jobs and talent than ever before (if that’s even possible). Especially with Netflix and Spotify opening up new offices in Manhattan drawing even more people to the big apple. Even Amazon is considering a new headquarters location, will it be New York? Growing supply of high paying jobs is bringing in residents attracted to the higher income opportunities and giving them the potential to outbit NYC’s existing residents. If you are watching the market carefully, there are new exciting plot twists helping shape the real estate forecast for 2018.

 

Lack of Affordable Homes

 

Results published by NYSAR show the US housing data for New York and affordable homes have dropped 1%, sales are down 2.5%, and average prices are up 7% from the previous year. There is no lack of conjecture about a possible US housing crash that would take NYC down with it. Many people find high foreclosure rates in the Queens, the Bronx, and Staten Island to be unsettling.

 

 

Evidence of a crash is debatable. New Yorkers, however, will face growing competition for affordable homes. Income averages about $60,000 a year in NYC, making it challenging for many to buy homes averaging $680,000.

 

Highlight on declining luxury homes

 

Out of all of the housing markets in NYC, the high-end Manhattan market is falling the fastest. There is currently a 17-month supply of luxury apartments in Manhattan. This is up 10 months just a year ago and total sales volume fell 12% compared with the fourth quarter of last year. This is the lowest level in six years. Rent in Manhattan dropped 1.0% in November and luxury home sales across the city will hit new lows so it says in the 2018 real estate forecast for NYC.

 

Public transit changes driving new demand

 

The backbone of public transportation is obviously the subway. However, the NYC Ferry service expanded and set its capacity even hire to reach Manhattan’s eastern shore and into the Bronx. The L train is still shut down and expected to reopen in 2019 which will have a huge impact on people’s real estate choices.