Darryl Strawberry is BACK

Back in the 80's I was really into two things....Disco and The METS....Talk of Darryl Strawberry consumed much of mine and my friends time. He was amazing...so strong with such an amazing swing. Some of the home runs he hit seemed to fly for days.

That was the Good Darryl....the troubles that followed Strawberry for years after the glory days are well documented and will not be discussed in this blog.

What will be discussed is that "The Straw Man" is opening a new restaurant fittingly called Strawberry's Sports Grill located in Douglaston, NY. The Restaurant will serve Baseball-themed food items, including the "Grand Slam Appetizers". All of this is just in time as Strawberry will be inducted into the Met's Hall of Fame this weekend.

1986 was a very good year...thank you Darryl and good luck on your new venture. I'll see you there!

Bond Continues to Grow

Today's Crains New York Magazine talks about a residential real estate brokerage in NYC that continues to grow and expand.....that firm...Bond New York!!!

Congratulations to all of my friends and associates at Bond whose hard work and tireless efforts have contributed to Bond's ability to grow while most other firms in the city either close up or downsize.

If you dont already know, you can read in the Crains NY report that Bond has taken over the second floor at 1776 Broadway which will add an additional 85 agents. Bond continues to be the fastest growing residential brokerage in the city.

How is your career going? Ready for a change? Why not join a leader? Call me......

The Uptown Girl sells East End Home

Christie Brinkley, every one's favorite "Uptown Girl" is selling her home in Sag Harbor. Its a 5500 sq ft colonial with 327 feet of private beach front on 4.5 acres. Asking price is $15,600,000.

Brinkley bought the home in 2004 and according to tax records paid $7.6M for it. Turns out that Miss Brinkley is an avid investor of Hampton real estate and according the WSJ she owns several other high priced homes in Sag Harbor and Bridgehampton. Seems that The Uptown Girl understands the importance of sound investments. As any financial analyst will tell you, Real Estate will always out do the stock market over the long haul.

So, anyone looking for a little beach front property?

Rentals or Sales?

At Bond New York we are constantly hiring new agents. Not because we are losing agents and need to replace them, rather, its because we are growing and opening new offices that need to be staffed. As we interview potential new agents the question of whether they should begin their careers as rental agents or sales agents always comes up.

At Bond we encourage our agents not to think of themselves as "rental agents" or "sales agents" but rather as "real estate professionals" capable of handling any sort of real estate transaction.
That being said, new recruits need to start someplace, rentals and sales are much different and so we ask agents to choose one to start, learn it completely and then learn the other.

Most "newbies" choose to start in rentals. Rental agents do not necessarily make better sales agents but they begin making money faster. And, at Bond, our rental teams get the beginners on the street from day one and usually do their first deal in a week. Sales deals pay significantly more commission than do rental deals but they take months to consummate. So, a balance is best for most.

If you or someone you know is thinking about a career in real estate or if you are already in the business but not happy at your present firm please give me a call and join my team at Bond.

Who Determines the Price of an Apartment?

I am willing to bet that most of you will agree that its the seller or the seller's broker that determines the price of an apartment. Well, if you did answer that way, you were wrong. Its actually "The Market" that determines the price of an apartment. A seller can ask any price they want but if they actually want to sell they will have to listen to what the buyers are saying.

In the 4th Quarter of 2009 the average apartment in NYC sold in 204 days. Fast forward to the 2nd Quarter of 2010 and apartments are selling in only 105 days, just about twice as fast. There are a lot of factors that explain this but the biggest one is price. Sellers have brought the price of their apartments down to a level at which buyers now feel there is value.

During the recession and the months of slow recovery that followed, buyers were hesitant to buy. They tested the waters, they stuck their toes in but few actually jumped in. Now its different, now they see value, now they see competition and realize that if they find a property that meets their needs and is priced properly that they can not hesitate, they need to buy.

The real estate market, just like any other financial market, is cyclical and right now we are in a very healthy place. Sellers are allowing "The Market" to determine the price.

Summer Camp for Adults

I am going to Maine this weekend to see my daughter. She is at summer camp and this is Parents Weekend. We get to watch her swim, ride a horse, play tennis, and volleyball. We get to meet her bunk mates and her counselors and share stories with the other parents about the letters we have or have not been getting from our kids so far this summer. The ride there is seven hours and it goes quickly as you are filled with excitement of seeing your child. The ride home...not so quick.

I have been writing this blog for a couple of months now, primarily talking about the NYC Real Estate Market. Every now and then its good to step back and put work and responsibility aside and be a kid. And, what better place to do it than at summer camp in Maine?

So, for the next few days there wont be any blogging, no tweeting and no new info on Facebook. For the next few days I am going to be a kid...or at least act like one with my daughter. Who knows, maybe I will even get a s'mores.

Have a nice weekend everyone

Supply and Demand

Its the oldest economic theory on the books. If people want something bad enough the price goes up and if no one wants it then it makes no difference how cheap it is.

The Real Estate Market adheres to this economic theory about as well as any industry. Just take a look at the rental market here in the city. Over the winter, prices were down 20% off the high, landlords were offering all sorts of incentives....a free months rent, no brokerage fees, free membership to the building gym, no security deposit and so on and yet....landlords reported vacancy rates of over 5% (a huge number here in the city).

Ok, fast forward six months and you get a completely different picture. The incentives are gone, the prices are up, vacancy rates are around 1% and the landords? They are smiling again.

Why the huge difference? Well, for one thing the summer months are always the busiest time of the year for rentals. But, add to the equation that the job market is growing again and with every new job created a need for an apartment comes along with it.

Supply and Demand....I wonder if any of the economists of long ago were looking for an apartment when they developed their theory

Finding Property through Social Networking

Social networking isn't new by any means, Facebook and Twitter have been dominating our day to day lives for a few years now. While it started out as "social" networking, meaning a new and fun way to socialize with friends far and near, businesses quickly realized how valuable a tool it was to reach the masses.

In the world of residential real estate we were a little slow on the draw. It took the successes of others for us to realize that Social Networking was a brilliant way to increase Name Recognition, and promote our properties. Personally, I spend time every day discussing something real estate related on Twitter and Facebook. I do this to make more people aware of Bond New York and to cultivate new clients and leads.

Now, we are finding that the opposite is happening. There are now so many real estate brokers that are promoting their listings on the various social networking sites that buyers are now using these sites as a means by which to search for property. Talk about life coming full circle.

So, next time you want to move, to rent or buy a new home, don't worry about the multiple listing services in your neighborhood. All you need to do is to make Facebook Your Friend.

First Time Buyers Flood The Market

For the past few years as the real estate market here in New York (and around the country) has been in a state of flux, the rental market has flourished. With so many people losing their jobs at the end of 2008 and start of 2009 inventory of available rental properties sky rocketed causing the average price of rent to drop. Deals were out there and the landlords were adding all sorts of incentives to get people to rent in their buildings.

Those incentives have now dried up as inventory has dwindled causing prices to begin inching up. At the same time, interest rates of mortgages are at historically low numbers, prices of Coop and Condo apartments are lower than they were at the height of boom and many people are not comfortable with all of their money being tied up in a turbulent stock market.

So, what does this mean? It means that first time buyers are flocking to the Coop and Condo market in droves and the huge spike we are seeing in the number of contracts being signed is in great part due to these first time buyers.

Are you thinking about renting? Maybe you should re-think and talk to a real estate broker and a mortgage professional. Now may be the perfect time for you to become a first time buyer.

More About Jobs....

Last week I wrote that both the local economy and corresponding housing market depend on the creation of new jobs here in the city.

Well, almost on cue the NY Times reported this weekend that Employment is up on Wall Street spurring optimism that the overall NYC economy could be on the rebound. An increase in hiring is expected in both banks and some of the city's biggest real estate brokerages, analysts say, leading a potential nationwide recovery.

According to Carl Weisbrod, the former president of local business development organization The Alliance for Downtown New York "These are jobs that bring a lot of money into the city and have an impact that is out of proportion to their number".

Its still all about jobs and new job creation, today we have positive news, people are hiring and the result is that people with paychecks spend money.

Its All About Jobs

Manhattan is a small island with millions of people crowded on it living on top of each other. We love this lifestyle and most wouldn't trade it for anything. The housing market is cyclical, prices go up or down based primarily on demand which in turn is based primarily on the number of new jobs being created or, as we saw in Sept 2008, the elimination of existing jobs.

We have all read the reports that the economy is coming back and that the housing market, in particular in NYC is active too. But, the creation of new jobs has been slow in coming and as a result any real surge in the housing market hasnt yet happened.

This is why Mayor Bloomberg's new initiative to bring more tech based jobs to NYC in an attempt to create Silicon Alley is so exciting. The Mayor recently created a $22 million venture capital fund to invest in promising New York based tech firms. The Mayor obviously understands that its all about jobs and I for one am excited that he does.

Too Hot In The City? Just Jump In Your Pool

There are plenty of outdoor pools here in the city that are open to the public. Many parks have sprinklers set up with children of all ages running through the water. Of course, you can still find an open fire hydrant of two as you travel around the city.

Some people are a bit more fortunate, some buildings have pools for the residents. The Upper East Side has several condo buildings such as The Channel Club on East 86th, Evans Tower on East 84th and The Hampton House on East 79th that have roof top pools that are glass enclosed and open 12 months a year. Downtown, 300 Mercer has a beautiful outdoor roof top pool 40 stories high with spectacular views, lounge chairs and a list of restaurants that deliver to the roof...its really cool.

But, if you dont like to share and you happen to be in that very elite class of the super wealthy you can own your own private pool in your own private apartment. New York Magazine just did a spread about ten apartments with their own pools. Click on this link and dream about living in this manner...not too shabby. http://nymag.com/realestate/features/67104/

High Rise or Home with a Yard?

The New York Times recently did a study and found, much to my surprise, that its actually less expensive to live in Manhattan than it is to live in the suburbs surrounding the city such as Long Island, Westchester and New Jersey.

Of course there are trade offs...nothing can compare with the convenience of walking to work, being able to order in virtually anything you might want and of course, NYC is the cultural hub of the world. On the other hand....living in the burbs generally means lots more space, a yard for the kids to play in and usually the bus stop for the kids to get to a top notch school is only a few houses away.

Coops and Condominiums are much more expensive per square foot than a house outside of the city but when you live in a house you need a car (or two) gas, insurance and repairs chew up a lot of the monthly budget. Its expensive to heat a large home and maintaining the house and the grounds can add up too.

So, its not as much of a financial decision as most of us would have thought. Its more of a life style decision. Personally, I've lived in the city, the suburbs and in very rural parts of the state. I am now back in NYC and cant imagine ever leaving again. No two ways about it....there is only one Big Apple.

At the Half-Way Mark

Well, believe it or not we are half way through 2010. I know, I know, it feels like we were celebrating New Years Eve just a couple of weeks ago. So far, 2010 has been a very active year in the NYC real estate market. Interest rates have remained historically low, during the winter months just prior to the market turning around sellers began to lower their prices and most importantly, banks went back into the business of lending money. All of this has added to the increase in activity.

Typically, New York City is either in a very strong buyer's market (as it was after the banking collapse in 2008) or in a very strong seller's market (as it had been from 2002 to the beginning of 2008). However, right now we find ourselves someplace in the middle and that is a very healthy place to be. Lots of activity, not frantic but busy, buyers have inventory to look at, prices have leveled off and in some case just begun to rise. Its a good time to buy and a good time to sell and that scenario rarely happens.

So, while you lay on the beach this weekend or work the hot dogs on the grill be thankful that the worst if over. Be thankful that you live in a great country and a great city and enjoy every minute of the holiday weekend. We work hard, we deserve the rest and as we head into the second half of the year lets do so with the optimism that things will continue to get better.

Happy July 4th to everyone.....