Real estate | Kevin Brunnock | NYC Real Estate Professional

Tag: Real estate (page 4 of 4)

March 17, 2016

4 Up-&-Coming, Hot NYC Neighborhoods

New York City is a paradise for those in search of trendy, hot neighborhoods. It’s up to the real estate industry to predict which neighborhood will be hot before it has even begun to warm.

The next “it” neighborhood can be determined by gauging local access to public transportation and attractive architecture, and clues that developers have identified a particular neighborhood as the next hot neighborhood is when rezoning, new supermarkets, restaurants and cold-brew coffee shops begin to sprout up, which invites new arrivals who are in search of low-cost housing, often to the dismay of longtime residents. There are four neighborhoods that have been identified as the next ‘hot’ neighborhood, based on indicators, such as commercial developments.

Sunset Park West, Brooklyn: Considered to be one of Brooklyn’s “most heterogeneous neighborhoods,” Sunset Park is a rising star, attracting countless individuals to its brownstone blocks and pre-war co-ops. From Bush Terminal Park to the soon-to-be-updated Industry City (a 16-building waterfront industrial complex) to the Design Within Reach warehouse, there is definite growth in Sunset Park. Additionally, Brooklyn Flea & Smorgasburg is located here, the startup MakerBot, the new Brooklyn Nets center, and warehouses, which beckon the partygoer crowd.

The Rockaways, Queens: The Rockaways have long been a go-to for surfers and beachgoers. However, the area is becoming more attractive to families and professionals year-round. Co-ops and starter apartments are available are available at a fraction of the cost of other NYC apartments. Also, there are developments on the horizon. This includes the development of a series of 18 duplexes across nine detached houses. As well as other vast oceanfront constructions, restaurants and more.

Flatbush, Brooklyn: Flatbush, with its stunning Victorians and retail corridors, s attractive to those who enjoy Caribbean restaurants and historic churches. The restored 1929 Kings Theater stands in the heart of the area and the neighborhood offers stand-alone homes and attached house, convenient public transportation and it’s extremely diverse.

East Harlem: East Harlem is a culturally-rich district, which runs from 96th street to the mid-140s. It remains one of the only neighborhoods in Manhattan, proper, that can offer valuable housing. The neighborhood is a lovely one, also known as Spanish Harlem or El Barrio, and it has beautiful cultural centers, many local small businesses, and robust commercial developments in progress.

March 9, 2016

5 Exciting Real Estate Projects in NYC

NYC is an incredible bustling city, and it always has some amazing projects in the works. With that said, some are far more exciting than others. Below, you’ll read about five exciting real estate projects taking place in NYC.

Hudson Yards is NYC’s largest project since Rockefeller Center and it’s the biggest private real estate development in the nation. It’s an incredible 17 million square feet with multiple office towers and 5,000 apartments, and it will house NYC’s first Neiman Marcus.

New York Wheel: NYC has endeavored to create the world’s largest Ferris wheel in Staten Island. The must-see tourist attraction will likely cost $35 a ride, and construction is slated to cost more than $500 million.

Central Park Tower: The residential project previously known as Nordstrom Tower is a 1,500-foot-high luxury condo, and it’s projected to sell out at $4.4 billion.

Essex Crossing: Formerly known as Seward Park Urban Renewal Area, the lower east side-located tenement housing development will hold 1,000 apartments and 850,000 feet of commercial space. The project will also introduce a park, a movie theater, and a bowling alley to the community. They’re also expanding the Essex Street Market.

Brooklyn Navy Yard: The industrial park is located near Clinton Hill, South Williamsburg, and Downtown Brooklyn, and it will be home to a number of tech-driven manufacturing projects. Traditional and new manufacturing companies will be housed in the massive complex.

January 14, 2016

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.

July 20, 2015

$62M Surge in NYC Real Estate Tech Platforms

Kevin Brunnock New York It’s no surprise really that tech startups and the real estate sector have started to combine forces through a variety of emerging management platforms. The current market-place and expansive set of data regarding buildings is finally becoming available through digital platforms, and software developers and young CEOs are looking to streamline in demand processes using the tools currently at their disposal and those in development.

Over the past few years, the real estate and tech sectors have continued to generate even more synergy, and real estate is becoming increasingly dependent on technology throughout all aspects of operation in the industry. Recent estimates reveal that investors in New York’s real estate industry pledged $62 million to digital platforms concerned with residential or commercial real estate in the first half of 2015 alone.

By the Numbers: First Quarter 2015 Funding

According to a recent report published by tech advisory company RE:Tech, New York City based tech companies commanded $28 million in the first quarter of 2015. This capital went to seven companies, and by the conclusion of the second quarter, these NYC-based real estate tech companies had inked deals worth $34 million.

Howard Milstein, chairman and chief executive officer of Milstein Properties and Emigrant Bank explained the overwhelming investor support in these types of technology services and new platforms in a press release in June that announced his company’s funding of management platform, “Honest Buildings”. Milstein claimed;

“ With trillions of dollars spent on construction and building improvements annually, we see an untapped opportunity to realize significant savings and efficiencies by harnessing the power of data and information to enable better decision-making…”

Although many of the investments described in this report highlight large sums from individuals or companies, crowdfunding platforms that rely on smaller investments from a larger collective of investors have become a popular form of funding in recent years. Since January of 2015 the crowdfunding marketplace “Sharestates” raised a whopping $30 million in funding. In that same period of time, online investment platform Cadre raised an impressive 18.3 million.

Real Estate Tech: Global Growth

On a global scale, real estate-based tech companies are responsible for approximately $322.5 million in investments this year alone and most of those resources go to supporting commercial real estate enterprises. However, there is still approximately $100.7 million dollars that accounts for investments made towards residential real estate.

In addition to gathering estimates of how much money was invested in these real-estate tech companies, this report polled 500 real estate professionals- from both the residential and commercial areas of the industry and elicited their opinions regarding the role of technology in the industry.

Although the report didn’t necessarily speculate about how this market is poised to grow in coming years using exact numbers, one can imagine that the continued development of programs and platforms that cull and analyze data gathered by different companies is only going to become more and more popular. Finding ways to use and understand such a vast amount of data that can ultimately save these larger companies significant amounts of capital expenditure is more than enough reason to look at this as a true growth industry.

May 11, 2015

Small Changes, Significant Improvements

In my line of work I have witnessed and participated in nearly every aspect of the real estate market. One thing that I see all too often, is owners pouring a lot of capital into remodeling their homes in an effort to boost the potential market value of their property. While renovating a property may eventually bolster the sale price, there is always the chance that the homeowners will not recoup these spending losses.

Recently, the National Association of Realtors as well as the the Appraisal Institute have suggested that homeowners forgo major remodeling projects prior to selling and instead encourage an allocation of their resources to making smaller improvements. Relatively small enhancements like refinishing hardwood floors, repainting the walls or replacing cabinet doors and fronts may up the sales price, for a relatively low upfront cost to the homeowners. According to this statement from the National Association of Realtors, these kinds of small improvements yield greater value than larger projects. Essentially, this method looks to upgrade different elements in the home instead of completely remodeling the space.

When considering what kind of improvements to make on a space with the short-term intention of selling, there is a real reason behind focusing on these subtle superficial upgrades. Prospective buyers that have a short time to be exposed to a space tend to respond more immediately to those tangible upgrades that they can see. If there are obvious visual cues for things that need to be upgraded, potential buyers may spend more time scrutinizing the space in search of anything and everything wrong with the space, instead of seeing all of the advantages that come with the place. Buyers often want a home that is move-in ready, instead of places that clearly need some work.

Furthermore, when considering what kinds of upgrades or small home improvements are worth investing in, one should assess whether or not this is a universally desirable improvement. For example, space comes at a premium in New York. Manhattan is the most densely populated borough in New York City, and therefore, it’s no surprise that well-designed, multi-functional storage space is desirable to virtually all New Yorkers.

And although many of these indicators suggest that homeowners should not pour excessive amounts of money into remodeling, there are of course the exceptions. Depending on the location, value and general desirability of a property, it is worth evaluating the benefit of larger scale remodeling projects. Some apartments or homes require a major overhaul in order to fetch a larger sum. In this case, factoring in the cost of a skilled designer and his or her proposed changes may ultimately be worth it. If a space is in a state of disrepair, but is desirable for location or other reasons, the owner may consider remodeling the space so that the potential home buyer doesn’t need to solicit these services and can readily move in.

All of this is to say that property owners looking to sell should focus modest budgets on smaller superficial projects as opposed to sinking more money into a full on renovation, unless they feel that the risk is worth the reward.

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