Tag: Kevin Brunnock real estate

Moving Tips If You’re Coming to NYC from Out of Town

Moving itself is a hassle, but moving to New York City presents a set of unique challenges, especially if you and your moving company are unfamiliar with the, ahem, quirks of the city. To ease your transition, be sure to brief your movers on the conditions they might experience, such as the lack of parking, tight spaces, and other issues that might arise. Prepared movers are better movers, and if your mind is drawing a blank, here are a few tips on what to discuss with your mover if you are coming from out of town. What you (and your movers) don’t know can end up costing you extra. 

 

Big Trucks Won’t Fit

Most of the time, you won’t be able to bring an 18-wheeler into the city. Some companies will drive a truck to the outskirts of the city before transferring to a smaller truck to shuttle into the five boroughs. Be aware though: you’ll be charged what’s known as a “shuttle fee” and should be sure to have that included in your quote. 

 

Certifications and Insurance

Most elevator buildings in Manhattan require proof of insurance from the hired moving company prior to authorization to work in the building. As such, out-of-state moving companies will likely be blocked from doing the drop off at the building. If your moving company is from out of state, you may need to look for an additional moving company that has the needed requirements. 

 

Tight Spaces

New York City moves are notorious for their narrow hallways and tight stairways. As Lior Rachmany, CEO and founder of Dumbo Moving + Storage, puts it, “Only the best of movers can move in New York.” Make sure that your movers have experience with these kinds of spaces. More often than not, it will be necessary to disassemble furniture prior to moving. Be sure to discuss what happens to the furniture before it gets loaded on the truck.  

Whisper Listings in New York

If you haven’t heard about whisper listings, that’s exactly what the marketing genius who came up with the idea wanted. They’re properties that are shrouded in mystery on purpose. Curious house-hunters are drawn to the intrigue around them. They’re becoming the new gateways to some of the best-kept secrets in California and New York real estate. Buyers enjoy the privilege of being able to see penthouses, lofts, and estates that are on the market discreetly.

Sellers enjoy the enhanced desirability that being whisper listed creates. It’s not an entirely strategic tactic. Not everyone who has a multi-million dollar home for sale wants that information to go public. Being able to sell the property of higher than average value out of the eye of the press and public is attractive to affluent public figures who don’t want to fall prey to a new rise in negative perceptions about being wealthy. Others simply seek privacy from gossip tabloids and cameras.

The real estate sector is always looking for new ways to build drama around listings. Observers have noticed that properties handled this way don’t sell if they don’t live up to the hype, however. Buyers expect to discover something they wouldn’t find otherwise. Whisper listings do add intrigue but not to the extent that they’re automatically fast sales.

The concept of keeping information private on a specific property, as opposed to aggressively advertising it, is such a winning strategy that a new portal has recently launched. This portal was built and dedicated to promoting the latest whisper listings  One important tip is to understand that the luxury real estate featured on the site will be exclusive. This means that its target market will be high net-worth individuals. While the site idea may seem like a new gimmick to boost the sales of real estate that has slowed down in recent years and can be difficult to sell, Parish Pradhan, the former Keller Williams agent behind it believes that having access to a portal of off-market listings is going to help those shopping for property to sidestep the bidding process and ultimately spend less.

 

Top 5 Neighborhoods to Raise a Family in NYC

New York City is one of the best locations for raising a family. NYC is diverse, exciting, and full of unique activities for both you and your kids.The city is composed of a wide selection of neighborhoods, including the family-friendly options listed below.

Astoria, Queens

Astoria is one of many great options! The neighborhood offers some of the best schools in the city that are both progressive and affordable. You’ll have access to a wide variety of public parks and playgrounds, as well as a great library system. One of the other great perks of living in Astoria is the Astoria Park, which includes a public pool.

Bay Ridge, Brooklyn

Bay Ridge is a historical neighborhood that’s a cornerstone of Brooklyn. The area is family friendly, and inclusive of people of all ages and cultures. Renting or purchasing property in Bay Ridge is almost half the cost of renting or buying property in the rest of the borough. The neighborhood also includes great schools, and plenty of parks so your children can play in green spaces.

Harlem

One of the best advantages of living in Harlem is larger apartment options for inexpensive prices. Not only does the area offer an easy downtown commute for parents, but it offers plenty of activities for children. The nearby Riverbank State Park hosts classes in art, music, sports, and dance. The  Apollo Theater and the Sugar Hill Children’s Museum of Art and Storytelling are two other great kid-friendly entertainment options.

Upper West Side, Manhattan

The Upper West Side is home to some of the best schools in the city, and is conveniently located near Central Park so your children will have plenty of room to roam! They’ll also have access to some of the best museums in the world, such as the American Museum of Natural History. The Riverside Park is another attraction that includes playgrounds and historical monuments.

Battery Park City

Located near the financial district, Battery Park City is a sleek yet bustling community and the location of two of NYC’s best schools, PS 276 and Stuyvesant High School. The Battery Park Esplanade, a beautiful road along the river, is a great place to take your kids for a walk or bike ride. There are also a variety of parks, many of which are also dog-friendly, and baseball fields.

Any of these neighborhoods is a great option for you and your family. New York City is one of the most unique and famous cities in the world. Your children will be lucky to grow up there!

The Price of Being a Millennial in NYC

It’s a well-known fact that the cost of living in New York City is one of the highests in the nation. Over the past decade, the cost of living and rent prices have gone up significantly in the city. Although a costly place to live, NYC offers an abundance of career opportunities and metropolitan advantages–which is most appealing to millennials.

Creating a life for themselves in NYC has millennials spending much more than what they can afford. A recent report by StreetEasy, which survey 1,000 renters in NYC, confirms that millennials are much more likely to live outside of their means when it comes to housing in the city. The housing market in NYC is expensive and according to Grant Long, “…despite facing rising housing costs and budgeting constraints, aspirations of owning a home remain high in the city, particularly among millennials.”

All five boroughs–Manhattan, Bronx, Brooklyn, Queens and Staten Island–reported that housing in the city is more than often unaffordable. According to the stats collected by StreetEasy, each generation approaches the situation differently. The New York Business Journal states, “45% [of millennials] say they chose a more expensive home than they’d planned, compared to 30% of ‘Generation Xers’ — those born from the early 1960s to late 1970s — and 19% of baby boomers.” The majority of the older generation seem to know how to realistically budget their cost of living more effectively than millennials.

Although the housing prices of the city continue to rise, about 34% of millennials are hoping to purchase a home sooner rather than later. According to the report, the majority of renters living in NYC find housing to be very unaffordable. Perhaps owning a home is more appealing since 39% of homeowners find housing more affordable, having more freedom to buy and sell. But even owning a home does not shield residents against the struggle of rising housing prices in the city.

Other stats from StreetEasy report that “New Yorkers pay 1.3 times more for housing than average Americans”. In order to stay in the city and find decent housing, about one third of those surveyed reported spending more than their initial budget. To no surprise, 46% say that housing in the city is unaffordable–which one third say the high cost of living is their biggest reason to move.

Even with the cost of living so high, generation after generation come to New York City, hoping to capture the life and opportunities only the five boroughs can offer–no matter what the price.

Large-Scale Real Estate Projects Underway in New York City

city-road-street-buildingsNew York City has a number of large-scale real estate projects in the works, headed by numerous Manhattan developers, including Joseph Chetrit’s Chetrit Group, L+M Development, Sumaida + Khurana, and Kenneth Horn’s Alchemy Properties.

Half of permits filed during the month of April were for projects greater than 100,000 square feet, according to PropertyShark. The other half consisted of filings for residential projects, as well as a Brooklyn office, school expansions, and hotels. These projects,whether launched by larger or smaller firms, are important constructional developments, offering New Yorkers housing and schooling options, as well as a closer proximity to retail outlets.

One of New York City’s more prolific affordable developers L+M Development Partners filed a permit application for a 59-story, 266,000-square-foot residential tower, which will be located in the Financial District (23 Park Row). Joe and Rachelle Friedman, the founders of J&R Music and Computer World, partnered with L+M Development Partners to construct the apartment complex, which will hold 108 apartments. Also, COOKFOX Architects have been slated to design the property.

A 19-story,174,000-square-foot Downtown Brooklyn office building may be erected at 540 Fulton Street if the Dushey family’s Jenel Management has anything to say about it. The future office building will have three levels of retail space, and it will be replacing the  two-story, 26,000-square-foot retail establishment that stood there one year ago prior to demolition.

The Tel Aviv, Israel-based property management firm Sumaida + Khurana and the Chelsea-based firm LENY are planning an 80-unit, 34-story, 123,000-square-foot condo tower in Hell’s Kitchen (609 West 56th Street). Also, on the base floor, there will be retail outlets available. In addition to the Hell’s Kitchen property, they 823 11th Avenue.

In partnership with Shifra Hager’s Cornell Realty Management, Joseph Chetrit’s Chetrit Group acquired a number of retail properties near Penn Station in a deal with investor Charles D. Cohen. After parting ways, the Chetrit Group filed a permit for a 122,000-square-foot hotel, which will have approximately 33 floors and 300 rooms. The proposed hotel is expected to be located at 249-263 West 34th Street.

Another hotel is planned for Long Island City, where investment firm Brooklyn North Capital filed a permit for a 198-key Red Lion Hotel. Expected to open in 2019, the building will stand 14 floors and will have 61,000 square feet of space. The investment firm purchased the site, located at 38-15 9th Street, for $4.7 million in March.

iStar, which is a real estate finance firm and developer, is planning to construct a 135-unit, 107,000-square-foot supportive housing project just minutes from Coney Island’s boardwalk. They leased the promising space from the city’s Economic Development Corporation last year. In months and years to come, iStar plans to build 1 million square feet of housing in the area.

The New York City School Construction Authority is planning a five-story, 96,000-square-foot expansion of P.S. 19 in North Corona, Queens (40-10 99th Street) and they’re planning to add a  five-story, 67,000-square-foot building at P.S. 46 Edgar Allen Poe branch in Fordham, Bronx (2760 Briggs Avenue). These changes will bring forth more space for cafeterias, classrooms, auditoriums, offices, and an outdoor playground.

 

The Manhattan Luxury Real Estate Market Outperforms Other Markets Even as it Fluctuates

17178926219_ccbab87595_oAccording to reports, the NYC real estate market, particularly the luxury condo developments in Manhattan, are stalling. In fact, properties are apparently sitting on the market longer, while banks reevaluate their approach to construction lending and industry experts question the health of the high-end market, as well as its impact on the greater real estate market of New York City. However, no matter how many challenges there are, the Manhattan real estate market outperforms other markets.

Ari Harkov, a writer for NY Daily News, recently sat down with David Amirian, CEO of the Amirian Group and a prolific young developer, to inquire about the state of New York City real estate. Amirian communicated that there are more people looking to sell development sites today than any other point in recent history. Nonetheless, developers and sponsors are experiencing difficulty when it comes to raising debt and equity financing. This ultimately impacts the market.

I believe there will be a slow growth in new ground-up development and conversions because of the financing market and the velocity in which new development apartments are being sold,” said Amirian. “Lending for new, luxury condominium projects has either slowed tremendously or stopped completely in some areas of the city. It does not exist. Period. End of story.”

Development costs have increased by nearly 20 percent annually, which has put a strain on the market. This has impacted contracts and operations, which means that lenders and investors are more able to dismiss a developer if budgets and deadlines aren’t met. Brisk real estate growth has begun to taper off and is the lowest that it’s been in three years, according to a StreetEasy Market Report. With that said, New York’s investment prospects, particularly long-term investments, continue to outshine other markets.

“The Manhattan market is highly influenced by what happens in global markets,” said Alan Lightfeldt, a data scientist at StreetEasy. “Manhattan is seen as a safe real estate investment, so when there is heightened volatility in other markets, we typically see demand for New York luxury properties increase. Recent turmoil in China’s stock market, for example, caused an increase in Chinese demand for US-properties.”

Manhattan has seen 3.8 percent growth over the past 12 months, which is the lowest on record since September 2012. Because of a slowing market, offers tended to be closer to asking prices, and price cuts were smaller and far less common than in the past. In Q1 2015, 31.2 percent of Manhattan listings had a price cut, compared to just 27.6 percent of Manhattan in 2016.

We’re reminded by data that the overall Manhattan market may be faltering, but subsets of the market continue to boom. Upper Manhattan surged 9.7 percent, with much of that success occurring on the Upper West Side (5.7 percent). East Brooklyn, South Brooklyn and Prospect Park in Brooklyn also experience success. While Downtown Manhattan, the Upper East Side, and Midtown had rates below the average. Also, real estate throughout the nation has been experiencing fluctuations, it isn’t just Manhattan. Regardless, wealth projections show that a long-term interest in real estate is a safe one.

 

5 Ways to Improve Your Social Media Reach as a Real Estate Agent in 2016

Social media has won, and it’s about time the blissfully ignorant fall in line, follow suit and learn how to get ‘followed’.

While some make the mistake of believing social media is simply a playground for selfies and other forms of self-indulgence, others recognize social media platforms as an arena for industries to communicate with those they service. Social media has become a vital marketing tool for steering business on and offscreen. This particularly true for real estate agents or brokers, who deal in interpersonal relations in addition to acting as an intermediary between buyers and sellers of homes. Learn a few pointers that will help you to improve your social media reach in the new year.

Tweet @ Specific Groups

It isn’t enough to simply tweet, you have to tweet effectively. One of the best ways to do this is to tweet at others. By inserting the ‘@’ and the beginning of your messages, you can your message at the intended audience. If you’re planning to educate an intended client about a beautiful new property, direct that message toward them and anyone else who might be interested.

Hashtags

Another helpful tip is to use hashtags. This is so very important because the use of hashtags encourages information to be accessed by individuals looking to learn about whatever you’re posting about. If you’re planning to tweet about New York Time’s article “The Appraisal: Where the Sidewalk Ends, Abruptly: Delivery Ramp Vexes Condo’s Residents in Lower Manhattan,” it should read “@nytimes The #Appraisal: Where the Sidewalk Ends, Abruptly: Delivery Ramp Vexes #Condo’s Residents in #Lower #Manhattan” when it reaches the world. That way the message is optimized and has the greatest reach.

Consider Your Social Media Choices

Choose the right social media platforms when sharing particular media. While some platform are for socializing and sharing information, others are simply designated for networking. Instagram is ideal for sharing the exteriors of beautiful homes and Facebook is a great place to showcase new properties. Also, Twitter is an incredible place to communicate and share industry news, which speaks to the housing market. However, if you venture sites such as Quora and Crunchbase and crowd it with with your own listings, others will view it as tacky.

Hyperlocal News

Cater to your local market and speak to those you service. Those in your area are more likely to follow and show interest than individuals who live several states away. Be sure to share information that relates to the your city and neighboring areas. Doing this shows your audience that you know about more than selling houses, you know about the area and the establishments within that area. Communicate your thoughts on nearby restaurants, places to purchase affordable antiques or changes in the community. Also, share localized data about low-cost rent, prime real estate and new developments.

 

Follow the Leads

Social media can be a great place for finding incredible leads. For real estates agent, living in New York City, watch for tweets from New Yorkers requesting recommendations for housing options. Turning your eye to this long list of potential clients is a bad decision. When possible, direct them to your website and communicate a relevant property.

For the real estate industry, social media is an incredible place. Today, real estate agents who are “plugged in” and know how to use these platforms as a vital tool outperform those who fail to.  I named five ways to improve your social media reach as a real estate agent in 2016, but there are other ways. also.

 

Pro Tips : Real Estate Investing for Beginners

Kevin Brunnock Real Estate

Nowadays people from various industries are looking to expand their portfolios by investing in properties. Real estate investing is a great opportunity to do just that, and I recommend it to those ready and willing to make the commitment. However, before purchasing any properties, consider the following 5 ways to prepare.

Make a Plan

Never forget that this is a business. This means you should treat it accordingly. Make sure that you do your research and come up with a solid business plan that outlines your goals over the next 10 years in 2 to 3 year phases. Your business plan should not only identify the short and long-term goals, but should share how you intend to accomplish these.

Know Your Credit

At the outset of this exciting new venture, make sure that you are armed with as much information as possible. In this case, make sure that you look up your own credit report to determine your eligibility and ability to finance a property. Lenders usually demand a score of 700 or higher FICO scores from those looking to purchase investment property. In addition to procuring your FICO score, calculate your debt vs monthly income ratio . If it is currently too high, you may want to reconsider your budget, and start to pay down any outstanding debts or loans.

Do Your Research

No need to stay too close to home when considering properties to invest in. Of course there are advantages to living near your potential investment, but try not to limit your options with this mindset.

Connect with the experts

Talk to an accredited mortgage broker in your area. Ask a certified realtor for recommendations. Join a real estate club, take your friends that work in real estate out to lunch, join online forums. However you choose to engage with the real estate community, find a way to get involved. It’s critical that you speak with people currently in the industry, so that you can get a better sense of what it is you are committing too.

Diversify your sources of purchase:

Consider mixing up the means through which you purchase properties. Instead of launching your search through just one venue, look into multiple avenues. Real estate auctions, word of mouth and more traditional multi-listing sites are a great place to start. Use your network and some creativity!