The Brooklyn Market Report: Q3 2017

Fresh off the press we have our most recent market report for Brooklyn Q3 2017. Are you looking to buy or sell a home this year? Be informed. Listen to our most recent episode and read the full report by clicking the button below and subscribe in itunes. Enjoy!

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Key Highlights

  • Closed sales up 31%
  • Inventory down -13%
  • Median PPSF up 10%
  • Brooklyn's median price $733K

Episode #17 with @Brooklyn_Blocks

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We are joined this episode by founder and principal broker at Brooklyn Blocks Real Estate. This boutique firm is located at 231 Rogers Avenue in the Crown Heights area of Brooklyn. We talk about starting your own Brokerage firm and tips for new agents, owners, and renters. Tune in, subscribe in itunes and share. 

http://bbre.nyc/bb-agents/menachem-werde

@Brooklyn_Blocks 

Episode #16 - The Importance of Proper Pricing

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This week we talk about proper pricing. Understanding pricing is essential to doing business. It is the first communication of value to a prospective buyer. Do you price at the top of the market? Do you want to communicate a deal? Knowing your goal and your market are essential to closing a smooth deal. Tune in to our podcast to learn more. Rate, subscribe, comment :)

Learn More about Beekeeping in Mexico

This week we explore a bee farm in the Yucatan in Mexico. This location is nestled on the out skirts of Valladolid where a family has raised bees for generations. We were lucky enough to get a tour and learn more about the history of the area plus all about Bee Keeping.

Link for the Bee Farm. 

https://www.tripadvisor.com/Attraction_Review-g499453-d10253919-Reviews-Xkopek_Parque_Apicola-Valladolid_Yucatan_Peninsula.html 

 

8 Tips from a Broker to Find Your Next Rental

This entry is for prospective renters and real estate agents alike. Use these tips to maybe avoid paying a full broker fee or if you're an agent to find some new listings in your area. 

1) Start with the End in Mind

Like anything in life, when you know what you want it will be much easier to find what you want. Have you ever heard a new age guru talk about visualizing and it will manifest. I don't necessarily believe in all of that, but there is some truth to it. When you are preparing to move make sure you can identify the goal when it comes across your path. Is it a 2 bedroom in Soho? Or is it a loft in Brooklyn? When you narrow your efforts and specify what you hope to find, you will SAVE TIME and avoid heart ache. Make a list of your wants vs. needs and prioritize this list. Execute and act when the most important boxes are checked. 

2) Make a "google alert" 

This is a very simple way to get notified about a good apartment first. I specifically use this to find new listings for my clients or prospecting owners who might need a listing broker. This service isn't always perfect but it works pretty well. Use terms that would match your search like neighborhoods or features of the apartment. Google searches the internet for you and sends updates daily to your mail box. Most importantly it combs the dreaded craigslist for the best matches. The key is to be one of the first to respond. 

3) Post to your Network

Check with your friends and family on facebook. You would be surprised how many people you may know are moving, but didn't post about it. Maybe your friend is moving out of their rent stabilized place. Maybe someone is breaking a lease and they are responsible for filling the home. It is fairly common that landlords would prefer a tenant that is connected to a current tenant that didn't give them any problems. In my experience most owners prefer not to have turn over and have a good tenant vs. a slight rent increase with a brand new tenant. 

4) Talk to Connector People

I like connector people. In many neighborhoods people like bar tenders, coffee shop owners, waitresses, barbers and deli owners know EVERYONE in the neighborhood. It is often that landlords with good deals will let a few key people know about up coming rentals before a broker or the management company. When you take a little bit of time and talk to your neighbors, good things happen. Remember to patron your local businesses and tip well ;)

5) The Listings Project

This is a cool list that I like by Stephanie Diamond who curates a sublet list with no third parties. That means no management companies, no brokers, no buffer. Its free but they are usually sublets. Originally it was designed for creative times for temporary amounts of time.

6) Look for a Physical Flyer or No Photo Ad. 

This can be very hit or miss. Worst comes to worst, you wasted a morning or afternoon of your time to see a dungeon. Best case scenario you find an under priced listing where the owner just wants to rent quick or locally with our publishing too many details. I have personally found great spaces by looking at an ad with no pictures.  

7) Walk The Streets

This is an old school way to find listings. In the day and age of the internet, this is becoming a lost art. Let me tell you, this is one of the best ways to find a home. It works better in areas that are primarily 1-6 family homes as you can see work being done from the street. In Manhattan it is a bit harder as most buildings are managed by companies and third party contractors due work for the owner. If you see someone working, ask them in person at that moment because most people are happy to take a break from working to help you. You can also find owners of buildings by using the ACRIS system which is public record for all properties in New York City. 

8) Sublets Can Turn into a Permanent Residence. 

As a renter, some of the best places I have found have been by moving in with friends or friends of friends on a temporary basis that eventually turned into a permanent home. Specifically I moved into a  room one summer when my sisters friend went on her honey moon. They ended up coming back for one month or so and then found their own place and I moved back in. This was a rent stabilized apartment and I ended up living in that building for many years. 

I hope you found this blog helpful and you should share it with any friends that might be on the hunt. As always, if you want to use my professional help I am happy to be your rental broker. The advice is free, the value is priceless.  

#9 Around New York - De Blasio's budget, Rent hike, Rikers island, Obama's home and Domino Sugar

Today we take a brief look at what is going down in Real Estate around NYC. The mayor increases his budget amid threats of federal funding cuts from Trump. It looks like the Rent Stabilization board will pass a rent increase after 2 years of a freeze. Central Islip gets help with MS13. The city gets ready to close Rikers island by changing some of its practices and finally we take a brief look at the Domino Sugar factory project. Enjoy, comment, subscribe :)

Trump's Tax Plan, Mark to Market, and an Interview with Nathan

Trump's Tax Plan, Mark to Market, and an Interview with Nathan

We take a look at Trump's new tax plan and speak with Nathan Slote who is a seasoned accountant. US tax code is notoriously complticated and it is often exploited. We go into mark to market accounting and how you can be more informed about our current system. 

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Colorado Ski Life + Real Estate and Ad tech ft. @trevorm88

We are back with our newest episode of The Housed Podcast and we have a special one for you here. There have been many adventures happening since we last spoke in February. We went skiing in Beaver Creek Colorado and while we were there checked out some local slope side real estate. If you want to get your last licks in before ski season is over, you gotta get out there! We will also cover some local market news in NYC to get you ready for the spring market. Also it was my birthday! Plus spring break. 

Topics for this episode 

  • Colorado Ski vacation and real estate 
  • Local New York Real Estate Market Snap Shots
  • Birthday Shout Outs
  • Closings and In Contract -  Up coming Listings Sales and Rentals
  • Interview with Trevor Mengle 
  • Sponsors (Brooklyn Lacrosse, Blue Apron, Airbnb)
  • Next weeks episode we will talk about Mexico and staying on a bee farm. 

Greenwood's Construction Boom is Taking Shape

Sleepy old Greenwood has been seeing a boom of construction over the last 9-12 months. It seems to be "rising from the dead"... that is just a bad joke as the area is famous for their historical cemetery. Take a scheduled tour you will not be rolling in your grave (more terrible jokes), now on to real estate.

 

If you take a look up and down 19th or along 6th avenue you can't go a block with out some form of new construction going on. From new condos on 20th, luxury rentals on 19th or renovated town homes on 6th ave - the boom work is all around you. Greenwood was rezoned in 2005 which gave any home owner there a nice little bump in air rights to their pre existing home. 

What is coming to the market? CONDOS, but many lack a much needed tax abatement for end users. Can the market find a balance between homeowners cashing out, new condo buyers, and developers delivering an affordable product? 

Most notably 696 6th avenue is approaching completion with facades up and construction workers hustling to finish up for the prime spring season. There is a bit of controversy with this site as reported by YIMBY, a website profiling new development around New York.

"The state Attorney General banned Shiraz Sanjana from selling condominiums for 16 months in 2014, but that didn’t stop the embattled developer from buying a development site at 695 6th Avenue in Greenwood Heights once the ban expired. Today, YIMBY has a look at the three-story apartment building rising at the corner of 21st Street." - YIMBY Dec 2016

Atlas developers purchased two properties in the last 2 years which are changing the face of 5th avenue for the better. A former lot at the corner of 17th and 5th ave is chugging along and nearing completion. The design is on par with many condos in South Slope along 5th avenue with floor to ceiling windows and a modern exterior teasing some classic Brooklyn brownstone colors. One block away on 18th and 5th ave, demo continues on the former neighborhood stable Eagle Provisions. Here is a look at the renderings we pulled up. 

Another project that has had plans filed, but no construction has started. It seems that the 2 building lot has been shopped around with plans with no takers as of yet. I am sure they will find a homes soon. Take a look at the picture below which is right across from the newly renovated magnet school on 5th. 

 

Aside from these few we profiled here, there are currently 3 developments on the market now with units left to sell. (288 19th Street, 324 20th and 323 20th) As these projects retained broker representation, I will keep my comments limited. The main issue I see with these projects are the taxes. If you take a look at any New Development condo in Greenwood on the market right now, the first thing you will see is the taxes seem high. Most of these projects are very lovely and I personally thought they were thoughtfully designed, but at the end of the day the taxes are giving some hesitation. 

So where does that put the demand? New townhouse conversions and condo resales. 

Greenwood townhouses are seeing a bump from the traditional South Slope townhouse and condo buyers moving south. The rezoning of schools a few years back reshaped the boundaries for some of Brooklyn's most desired public schools. Now that the market is seeing townhouse prices in South Slope fetching 2-3M dollars for a two family, Greenwood is right behind. A few notable closed sales happened in the last 12 months to validate new pricing for the area. 

228 17th Street sold for $2,025,000 Price

634 6th Avenue sold for $2,075,000

626 6th Avenue selling for close to $3 million

and most recently 439 36th Street selling for a whopping $2,250,000

We will post more on other new Greenwood rental buildings, condos and townhouses as there are too many for one single blog post. 

If you are interested in learning more about Greenwood Brooklyn, buying or selling your home leave me a line I would love to hear from you!