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New York’s River to River Fest

Time seems to be flying by so quickly, I almost forgot about all the events of the River to River festival. It was founded following September 11th with the idea to use the arts to help revitalize lower Manhattan.

What it is, is an amazing festival of arts and culture that runs from June through August. In locations all around the lower tip of Manhattan and literally river to river, events are held throughout the summer including culinary events, music and dance. The range from the traditional to the avant garde and include names you will know and some you’ll be happy to learn.

You can view the events brochure here, or better yet visit the website and register for the email blast so you won’t miss a thing.

Posted By: Sharon Michnay

Manhattan Shoe Guidelines

Last evening over dinner with a friend who was recently transplanted to Manhattan, a topic of discussion was shoes. More closely, it was a discussion about expensive shoes destroyed on subway grates, brick streets and sidewalk cracks.

Next to Milan, New Yorkers have probably the best shoe options around. The shoe department at Saks even has its own zip code! The frequent mishaps for a pair of heels has led to a saturation of repair shops that makes the spacing of Starbucks locations seem spread out. The problem has even sparked entrepreneurs to create inventive solutions such as the “Smart Heel” device.

While the danger is real, the solution doesn’t resemble the commuting scenes in the movie Working Girl. Instead if Nikes, Manhattanites will don more comfortable, yet stylish shoes while riding the subway and carrying heavy laptops. Flip flops are a summer seasonal favorite. You’ll find the real shoes stored in filing cabinets and under desks.

Posted By: Sharon Michnay

Above Chelsea and Points Further North

Chelsea has just become a bit more green. After what seems like an eternity, the first phase of the High Line has finally opened to the public as a park.

Originally built in the 1930s to safely transport goods throughout Manhattan’s then industrial West Side, the tracks have sat empty since the last train rolled through in the 1980s.

Phase one, which runs from Gansevoort in the Meat Packing district to West 20th Street is open daily from 7 – 10pm. Phase two will extend the park up through 30th Street.

To learn more about the High Line, its struggle to survive and the reconstruction visit TheHighLine.org.

Posted By: Sharon Michnay

Staged!

The buyers are hip to it and sellers should be. It’s easy to poke fun at a couch positioned on the diagonal, the cornered bed or obvious furniture arrangements to make rooms look larger but stats prove staged properties sell faster at a higher value. A professionally staged home is cleaner, fresher and clutter-free so that even a property which needs renovation will appear welcoming. Buyers may resent tricks of the trade used to loosen their purse strings but they are now so accustomed to viewing polished presentations that most feel dissatisfied when the “wow” factor is missing from that all important first impression.

As seen on the reality TV series, staging can get very involved. Short of reconfiguring layouts, landscaping the garden and renovating a kitchen, some basic steps are essential. Homes should be deep cleaned by professionals who do windows and have no fear of dangers lurking behind the refrigerator. Out go curtains that block light and up go window treatments that block unsightly views. Bold colors cry out for calming hues as dark corners long for lamps. Clear surfaces and store personal belongings off site, not in the closets or on the shelves. For breathing room, visible storage areas should be less than 2/3 full.

Stagers take de-cluttering to extremes but there is logic in their madness. Hiding the toaster does not just clear the kitchen counter, since toasters are crumb magnets it keeps the counter clean. Packing away the baby portraits seems cruel but necessary to neutralize the space. Brokers can testify to the fact that people are curious and will waste precious time speculating on the site of the owner’s vacation in Tahiti then leave with absolutely no recollection of the apartment. Stagers also work magic with sight lines and flow so that buyers drawn to a window do not have to weave through an obstacle course to get there.

Brokers price according to comparable sales, location, condition, view, building caliber and think of marketing in terms of hits on a website and generating open house turnout. A stager brings a folksy wisdom to the process of selling, like hiring the eyes, nose and common sense of a grandmother. If the chotchka is too cute they remove it. They supply an arsenal of products to kill smells. They cover tattered sofas and hang sheer curtains.

Along with mastering the art of transformation, stagers practice tact and can often remedy situations that a broker would be too professional or polite to broach. They are trained diplomats, sensitized to owners who cherish belongings and take pride in their home, but have radar detectors for intangibles that affect how a buyer will perceive the space. Their manual describes harsh realities with phrases like “curry is the kiss of death” or “no surface should have more than three items” and the famous “if you can smell it, you can’t sell it” but stagers have the sense to coat their medicine with a spoonful of sugar.

A broker’s duty to the seller is to maximize the value of the property and staging is an indispensable tool. On a recent exclusive pitch, the owner resisted the idea of staging, insisting that buyers would appreciate how much she loved the apartment with all her things on display and that the stuff made it feel “homey.” Packing and storing is part of a move, refusing to take that first step says that the owner may not be ready to sell. The common misconception is that the intent of staging is to hide flaws when the purpose is to expose the features that best enhance the buyer’s experience in the space.

Staging is almost the opposite of decorating; the buyers should admire the space not the upholstery. Depersonalizing a property allows the public to visualize themselves in the home instead of becoming fascinated by the lives of the current owners. To some extent it requires the seller to remove themselves and the effort involved in staging signals their intent to move. When viewing a staged property buyers don’t need to worry about being “milked” because the property shows so well, they have evidence that they will be negotiating with a realistic seller committed to making a deal.

Posted By: Madeleine Dale

Manhattan Real Estate Market Trends – historical

Halstead Property recently published a five year analysis of Manhattan home prices from 2004 – 2008. Similar to our quarterly reports, our Five Year Market Report statistics are reported for Manhattan co-ops and condos overall and then by each major section of the city including East Side, West Side, Upper Manhattan, Midtown and Downtown.

The report shows an incredible increase in prices during this timeframe. The average apartment sales price rose 79% and the median price experienced a 70% increase.

Also included in the report are summaries of some of the economic factors that affect the market such as employment data, Wall Street, building permits and interest rates.

Whether you are a real estate enthusiast or in the market to buy or sell a home, this report gives insight. Try comparing it to our First Quarter Market Report for extra information.

Posted By: Sharon Michnay

Paris in NYC

Tennis anyone? The French Open is in full swing, the first of grand slam tournaments famous for the red clay court surface. New Yorkers don’t have to go to Paris for red clay, there are ten courts in Riverside Park on the Esplanade that runs along the water. The courts are free with a city permit ($100 for adults, obtainable from the Parks department at the Central Park Zoo office or Paragon on 18th street) or $7 for a single play permit. Though the courts are public, this extremely rare surface is maintained by the Riverside Clay Tennis Association. The organization was founded in the mid-1980s when the surface was more dirt than clay and the City threatened to pave the weed-infested facility with asphalt. A group of ardent tennis players petitioned, lobbied and raised funds to preserve the unique public amenity. Over the years, the RCTA restored all ten courts, replaced lines, installed drainage and irrigation systems, hung new nets and windscreens. The volunteers also undertook extensive landscaping of the surrounding lawns and gardens to create a lovely area cherished by neighborhood residents. The $50 membership fee, private donations, sponsor contributions, tournament revenues and hours of hard work from volunteers has turned the high quality courts into a neighborhood treasure. For members, the Association also offers lo-cost lessons and group classes along with children’s programs. Players can sign up for tournaments, speed tennis and ladder matches. Social activities include a picnic and a Saturday evening concert series (featuring Gotham Winds Ensemble, Pe de Boi, Effendi).

The courts are open April to December (weather permitting) from dawn to dark (hours vary according to the length of daylight). Assigned for one hour on a first-come/first-serve (no pun intended) basis, during peak hours on weekends or evenings expect a bit of a wait but the company is great and the location couldn’t be more pleasant. Though watching sailboats on the Hudson is relaxing, the main attraction is the red clay, real red clay that turns your shoes pink. Very few exist in the United States because of the high level of up-keep. Tennis players swear by (or against) it. Some of the world’s greatest have been foiled in the quest for the grand slam title by the red clay at Roland Garros. Roger Federer, Pete Sampras, Mario Sharapova, Jimmy Connors, Martina Hingis and John McEnroe are some of the legends who have been denied by clay. Where some fail, others thrive: Andre Agassi, Chrissie Evert, Monica Seles, Martina Navratilova, Bjon Borg, Steffi Graf and Raffael Nadal. As compared to grass, hard courts or hard tru, balls on the clay have a higher bounce and slower speed. This renders big serves returnable but heavy top spins fly out of reach. Players find the surface forgiving but advantage works both ways with longer points testing endurance and the soft dust that allows a slide into a sliced drop shot also reduces traction. Find out what it takes to be great on clay; watch the stars in Paris and visit the courts in Riverside Park.

Posted By: Madeleine Dale

Manhattan: The land of instant gratification

I was listening to the XM satellite radio and an Allison Moyet song came on. If you haven’t heard of her, you may remember this song:

http://www.youtube.com/watch?v=yPOZ-YmE9C4

Knowing the artist or song is irrelevant to this post. The song reminded me of when I was a young hipster (or so I believed) working in a music store way back when. I recalled that a customer had wanted the entire Allison Moyet collection. It was unfortunately not in stock and I had to “special order” it from the catalogue we kept under the counter. Within about 2 1/2 weeks, my customer happily took home all the Allison Moyet that was available.

Two items from this memory made me laugh: 1) Walking into a retail store to buy music and 2) Waiting that long to buy a recording.

At the time, even I was frustrated at the length of time it took for those CDs to arrive. I have always been a bit on the impatient side, which is maybe why Manhattan was so attractive to me.

I know that iTunes is not location specific and that anyone can download the music they want almost instantly these days. However, can everyone have a cup of coffee delivered in 10 minutes or less at almost anytime of day? Does everyone have a nail salon, hair salon, 24-hour deli, electronic store and two excellent restaurants across the street? How about having 4 Starbucks within a 3 block radius? Probably not.

None of those things ensures eternal happiness, but access is something that Manhattan does extremely well and to those impatient people drawn to live here, it is embraced and enjoyed to the fullest.

Posted By: Sharon Michnay

Across West 106th Street

106th street could very well be one of the most astonishing streets in Manhattan. It's wide, like an Avenue; yet peaceful, like a cul de sac. Buffered bicycle lanes run along both sides as part of a plan to "calm" traffic, though traffic has always been light because 106th Street doesn't cross town or connect to Riverside Drive. The "complete street" design makes the cyclists more comfortable, pedestrians safer, slows vehicles and adds a European flavor. Stretching from Park to Park, West 106th is basically a scenic treasure; stand anywhere and trees are visible.

Duke Ellington lived here and since 1977 Duke Ellington Boulevard bears his name. Technically Ellington and family members owned on the Riverside block between 105th and 106th street, a distinctive group of 1880s townhouses ending at 337 Riverside Drive - River Mansion on the corner of 106th. The New York Buddhist Church is now part of the landscape and a 15 foot bronze statue presides mid-block at 331-332 Riverside. For fascinating details, this article. gives a house by house history complete with a bank heist, a corpse and the description of the fountain in Marion Davies' bedroom.

There is a statue at the end of the block overlooking the Hudson and a staircase that leads into Riverside Park. The monument adds a stately crown to the block's pre-war doorman buildings and assorted townhouses. To view an example of a residential property, the listing (click here for info) at 310 W. 106th Street is an appealing, affordable family-sized apartment.

One block east, Strauss Park separates West End Ave from Broadway. The little triangle of trees and benches has a big story. Dedicated to Isidor and Ida Strauss in 1915, the sculpture "Memory" commemorates their tragic death on the Titanic. The reclining female bronze gazing into water bears the inscription "In their death they were not divided" because Ida refused to leave her husband when the live boats boarded. Survivors remember her standing with him arm in arm at the railing. A New York Times article by Christopher Gray fills in the blanks but to cut to the chase Isador is remembered as the owner of Macy's and lived with Ida in a house on West End Ave and 105th for 28 years. A month after their death in 1912, the property was sold to Harry Schiff, the developer of the Clebourne apartments. The Clebourne still sits at the helm of WEA with its hitching posts and unique port cochere.

Apartment buildings line the stretch of 106th Street from Broadway to Amsterdam and the Jewish Home and Hospital for the elderly fills a large swath of the Amsterdam - Columbus block. The next block, Manhattan Ave has a pocket of Victorian houses built in the 1880s known as doctor's row. Built in the same era, but on a smaller scale than the Riverside mansions, the cozy houses were intended for the modestly successful; and yet, each and every one has striking ornamentation for the most part lovingly cherished.

For years this architectural preserve lived in the shadow of a majestic ruin, the New York Cancer Hospital that dominated Central Park West and 106th Street. Built in 1885, abandoned in 1976, converted to Condos in 2001, the 455 Central Park West project developed the French Renaissance style "chateau" preserving the land marked circular turrets, slate roof, loggia and wrought iron enclosed courts while adding a 26-story tower. Phil Collins bought there, perhaps the Central Park West address attracted him or maybe he wanted to live on Duke Ellington Boulevard.

West 106th Street meets Central Park at Strangers' Gate. A far cry from the imperial plaza of Merchant's Gate opposite the Time Warner Center at Columbus Circle, Strangers' Gate exists as a simple inscription on the sandstone wall. Central Park has 20 gates; Warriors' Gate, Scholars' Gate, Explorers' Gate named in the mid-18th century. In such illustrious company Strangers' Gate has an odd ring but the steps and drive lead up to the Great Hill and some of the most striking "natural" landscapes in the park. In parts South, the NYC skyline is always visible (and wondrous), but not from these winding paths and valleys. This area of the park most closely resembles the Olmsted and Vaux vision - a "wilderness of forests and streams" symbolizing the new democracy as opposed to the imperial-style manicured grounds and fountains of European monarchies.

And so it's a democratic block, a street with history and celebrity, framed by Parks. What a great place to live!

Posted By: Madeleine Dale

Park Avenue in Manhattan

We had a brief glimpse of sun the other day during which I captured this quick shot of some of the beautiful pre-war buildings on Park Avenue being reflected off the modern one across the street. While the boulevard plays host to some modern headquarters of several major corporations (primarily just north of Grand Central), most of the apartment buildings on this street were built in the 1920s.

For those non-U.S. readers, the term “Pre-War” refers to apartments which were built prior to World War II. These buildings typically had stately foyers, thick walls and high ceilings – attributes that remain highly desirable to today’s luxury home buyer and renter.

They exist all over the city, but many of the most famous ones, such as 740 Park line the Avenue. A word of caution, however if you are looking to rent or purchase in a pre-war apartment. Be sure to check the year the building was built; the term has in recent years been co-opted by some as a marketing term instead of a definition.

Posted By: Sharon Michnay

What's New in Katmandu?

Originating in the 8th Century, this city is filled with artifacts, many listed by UNESCO as World Heritage sites: the pagoda roof-tops of Durbar Square, Syambhunath Stupa known as the monkey temple for the tribes of primates who roam the hillside, Bouddhanath Stupa (pictured) which resembles an enormous confection and the gold-domed Pashupatinath. But with riverside cremations, sacred cows and even a live virgin goddess, it’s more than a museum. The sites are still in use and full of living color.

In the original parts of the city, crooked streets are lined with little shops that have doorways so short my 11 year-old had to duck his head to enter. And since some of these structures may or may not have running water or electricity, life spills out of them until it seems like everything happens on the street; butchering, washing hair, laundry, vegetable markets that the cars somehow manage to avoid. And even the streets can barely contain all the activity. Largely unchanged since medieval times; times are now changing fast.

In the last decade, the country has gone through two kings, multiple governments and, in the aftermath of the civil war/insurgency, still has 2 standing armies. Katmandu also just saw the opening of its first Kohler dealership.

Foreign currency earned by workers sending wages home from abroad has fueled a real estate boom. A wave of construction has devoured the valley and pushed the sprawl right up to the foothills of the Himalayas. Made with poured concrete and steel rods the dwellings go up in the blink of an eye, though the finishing touches like windows, wiring and the Kohler fixtures may or may not ever arrive. Since owners often build and occupy the ground floor pending the arrival of funds for completion, its quite common to see concrete pillars sticking out of roof tops like candles decorating birthday cakes.

New York State of Mind

This morning I traveled to a meeting in Tarrytown, NY. Sometimes while standing in the middle of Manhattan, you forget that you’re surrounded by water. It’s an island thing.

I know the ocean is beautiful, but I can’t help but feel a sense of awe when faced with the Hudson River. Manhattan has a park all the way down the west side so one can easily walk, bike, or Rollerblade the length of the island and take some time to appreciate the Hudson.

Today I took the Hudson River line. It was the Metro North train I caught at Grand Central instead of the Greyhound referred to in the Billy Joel song. The mood created is the same.

Posted By: Sharon Michnay

April 20, 2009 – Kathmandu, Nepal

Filing from Kathmandu is not easy. Internet access requires really good Karma and even more importantly, electricity. Imagine living in a city with 4 – 6 hours of power a day.

A drought has not only restricted water but also power. The city copes with a rotating schedule, some mornings, some evenings, some afternoons. Residents and tourists organize their lives around the lights. Tourists here tend to take things in stride – all part of the Himalayan adventure - but load shedding is hell on business. Though many hotels, shops and restaurants have off-grid power sources, these are mostly generators, are somewhat unpredictable and are used sparingly because of the expense. The generators also wreak havoc with the air quality. Not good in the best of times (dusty unpaved roads, diesel engines and wood burning fire), the additional carbon being dumped makes the air as opaque as the light in the candle lit shops.

If the situation worsens, the Kathmandu Post reported at the beginning of the month “the Nepal Electrocuted Authoritarians will surprise us by turning off the power anytime they like.” (The “Electrocuted Authoritarians” is a direct quote and I can not confirm that this attempt at humor is not just a spelling mistake so reporting in the English language daily should be taken with a grain of salt.) Thankfully mid-month rains have improved the hydroelectrics so that the authorities have generously increased the light by two hours, though it’s a bit of a problem to figure out what those hours are. Our hotel posts the weekly schedule in the lobby, a timetable which defies logic except that it breaks the hours of power into morning and evening sessions. Sometimes the electricity appears bright and early and then returns late evening, sometimes it comes towards mid-day and disappears until after midnight, sometimes its on at the crack of dawn and off until after dinner, etc., and so on.

It’s not just light. The bakeries can’t bake toast for breakfast, the kids can’t watch movies after dinner and the city has no traffic lights (not that anyone ever stops at intersections -crossing a street has always been something done at your own risk). Forget about conveniences the citizens of G-8 countries take for granted; appliances, elevators, internet access. Well actually, cell phones and laptops are way ahead of refrigerators and elevators on the top ten lists of gadgets which causes a bit of a rush to the outlets when the juice comes on…which explains the heavy congestion when the current flows and why the broadband connections are like mud.

The electricity is just one of Kathmandu’s headaches but there are much more fascinating topics and with luck I will fight my way back online later in the week for another installment.

Posted By: Madeleine Dale

Pricing to Sell

Is your home priced to sell, or is it currently serving as confirmation to buyers that they should buy someone else’s? If you are priced above other homes for sale in your area, chances are you’re only making a buyer feel good about purchasing the apartment down the street or on another floor in your same building.

On the flip side, the overpricing of other sellers gives a smart seller a competitive advantage. If your one bedroom apartment in Tribeca is $575,000 and most other people with comparable properties are marketing at $600,000 then yours will stand out from the crowd and buyers will more easily see its value.

Putting a price tag on a home is never easy, but deciding what to take into consideration when doing so is.

Considerations in Pricing:

• Previous closings of comparable homes
• Take into consideration the closing date – markets change!
• Other comparable homes competing with yours
• Buyers will be viewing all of them – how many are there? –how are they priced?

Ultimately, the closer you price to current market value the faster your home will sell. Market value is not how much you paid for improvements, what your home was worth last year and it doesn’t include the amount of money you need to get in order to make a profit from the sale.

Market Value = The price at which buyers and sellers trade the item in an open marketplace.

Regardless of whether the market is labeled a “buyers” or “sellers” market, this holds true. Real Estate agents don’t establish market value, but they can provide you with the data to consider when pricing, and will make recommendations for the best price to market your home.

If you need to sell a home now, look at the newest section of our homepage called the Value Factor. To participate, a property must meet several parameters and represent a true value in today’s market. Value isn’t just a price point, however. It can be found at every level of the marketplace from starter apartments to luxury homes. And value is what today’s buyer wants.

Posted By: Sharon Michnay

Has New York City Hit Bottom?

That’s a question that seems to be on many people’s minds – real estate buyers and investors trying to time the market and residents waiting to feel secure alike.

The good news is, well, that there is good news. Amidst the layoffs, the latest twist on Madoff and foreclosures is an increasing number of positive news stories.

The Wall Street Journal
Bernanke ‘Fundamentally Optimistic’ About Economy

The Wall Street Journal
Economists See a Rebound in September

The New York Times
Outlook on Economy is Brightening, New Polls Find

Recently, Crains published a story about the New York City economy. Some highlights include:

• Staffing Firms reporting increased hiring by client companies
• NYC consumer confidence rises to 1st quarter 2008 levels
• Real Estate firms are seeing an increase in signed contracts

Even Halstead Property’s chief economist is smiling. Yesterday’s post on his economics blog told of a 20,000 reduction in job loss claims last week. Get more facts from Mr. Heym on Halstead Behind the Numbers:

Posted By: Sharon Michnay

Taking Another Look at FHA Insured Loans

FHA insured loans were once only considered as solutions for those with low down-payments or troubled credit histories. Now with the rising costs of conventional mortgages, FHA loans are getting a second look.

In general, FHA loan benefits include:
   Down payments as low as 3.5%
   Lower credit score requirements
   Fewer extra fees than conventional loans

We’re not alone in having noticed the increase in FHA activity. The New York Times recently ran this article discussing the increasing use of FHA loans.

In Manhattan, use of FHA loans has been minimal and almost nonexistent. Even now, they can be used only on a small percentage of available properties. Cooperative properties are ineligible for the program, as are Condos whose bylaws include a ‘right of first refusal’ (See: New York City Real Estate Breakdown post for more information regarding the composition of the Manhattan market).

Most Condos are new developments and unless they applied for FHA approval prior to beginning construction, they cannot receive approval until they receive their temporary certificate of occupancy.

Steve Kliegerman, Executive Director of Halstead Development Marketing states, “Every Halstead Development is in the process of obtaining FHA approval.”

Posted By: Sharon Michnay