New York City Real Estate | Kevin Brunnock | NYC Real Estate Professional

Tag: New York City Real Estate

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.

May 14, 2020

Making the Most of a NYC Studio Apartment

New York City is known for a lot of things, one of them being its real estate. While many people dream of someday living in a spacious New York City apartment, a lot of those living in a city are confined to small one-bedroom or studio apartments. It can feel a bit cramped, but with these tips, you can make the most of your NYC studio apartment.

Clever Storage

The best way to ruin the layout of a tiny apartment is by having all your belongings out in the open. To give the apartment a clean and open appearance, find ways to store your belongings away. Every piece of furniture is a storage opportunity such as a bedside bureau, a side table with shelves or a drawer, or a lidded ottoman.

The Mirror Trick

Making tiny apartments feel bigger can be tough, but there is a super easy trick you can try. Especially is your space is lacking natural light, decorate your apartment with mirrors. Setting up a mirror helps bounce light around, creates depth, and makes the room look bigger than it really is.

A Stylish Dresser

To add style and sophistication to your small space, invest in a good dresser. In a studio, the dresser can be utilized in many different ways. The top of the dresser can be used as a dressing table, a makeshift kitchen table, of a place to add some decoration. A dresser can easily become the focal part of your studio, so make it count!

Furniture to the Wall

Another great way to keep the space open is by keeping furniture against the wall. Furniture in a small space can easily block out the natural light and make it appear to be even smaller. Pieces such as couches, dressers, bookshelves, nightstands, and other pieces should also be kept partially open to create expansiveness in your studio by leaving room for white space.

December 17, 2019

How to Adjust Living in a Big City

Many people dream of moving to a big city. Much of the time, when they finally achieve their dream of moving to New York City, there is a bit of a culture shock. When living in NYC, there is a lot to get used to. There is much more hustle and bustle, and a lot less space. Here are a few tips on how to adjusting moving to the big city:

Join a Club

This one may seem a little silly, but it’s very effective in making the big city your home. When moving from a small town to NYC, it’s important to find something you love to do by joining a club, If your hobby is gardening, join a community garden. If you love music, find a favorite local band to see a show. One of the best ways to make a city as big as New York feel more like home is by finding something that you love to do through the club, team, or community.

Never Fear Public Transportation

Driving a car might fly in a small town, but it’s a whole other story in a big city. Most of the time, taking the subway, train, or bus is much faster, easier, and cheaper. It’s important to get a feel of the land and learn about the city by public transit. It helps whenever you get lost and adjusts you to the routes you need to take.

Say Hi to Your Neighbor

One of the best ways to make a big city feel like home is by getting to know your neighbors. In a bigger city, some people like to keep to themselves. You don’t have to sit and play Scrabble with them every other Friday, but simply saying hello and introducing yourself to them is a great first step. This might not lead to you making best friends, but it’s always nice to be friendly with your neighbors to build a stronger sense of community.

Take Time to Explore

The big city will seem big and scary at first, and it will be easy to stick to the places you know right away. Try not to get in the habit of only going to the places you know. The city is big enough to find a new adventure every day. Find new favorite spots and you will fall even more in love with the grand New Your City.

July 15, 2019

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.

April 10, 2019

Tips for Millennials When Saving for a Home in NYC

The cost of housing may be going up, but millennials could account for 43 percent of property buyers in the United States over the next several months. If you are a part of this demographic and you plan to buy a home in New York City soon, here are some tips that will help you save for your big purchase.

Keep an Open Mind

New York is one of the most expensive places to live, so you might not have as many options as you think you do. Instead of accepting nothing less than a posh Manhattan apartment, be prepared to look at other places that might be more affordable. It’s a great way to keep your options open, even if you ultimately don’t end up where you originally planned to live.

Consult a Mortgage Expert

Before you start shopping around for homes, speak to a mortgage expert to determine what you can afford for a down payment and your future mortgage payments. That will give you a better idea of what you should be looking for.

Stay in One Place or Downsize

Since it costs so much to live in even a small New York apartment, you might need to spend a couple of years saving money. To make this easier, either remain in the home you are in now or downsize. If you won’t have to spend the extra money you make on living expenses, you can set that aside for the kind of home you really want.

Be Patient

Even though we did say that you should keep an open mind and be prepared to look at homes outside of where you originally planned to live, there’s nothing wrong with being patient and waiting for something you love to open up. Buying a home is a long process, especially when you want to live in a place as expensive as New York City. It will take time to save up enough money and be approved for a loan anyway. You can wait a little bit longer for the perfect home to become available.

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

The 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.