Real Estate Quarterly Review SPRING 2014

Licensed Associate RE Broker IN THIS ISSUE

CURRENT MARKET REVIEW many well qualified buyers has contributed • 150 Charles Street (Witkoff Group). This BIDDING WAR STRATEGY considerably to increased prices in these building sold out in record time. It has the CONTESTING AN APPRAISAL markets. Additionally, new development projects appeal of being on a charming West Village HOMEOWNER’S INSURANCE launched after the downturn that are gorgeously block by the water and across from the STAGING: DO I HAVE TO? LUXURY ON THE MARKET designed and accordingly priced higher are now Richard Meier glass buildings. The marketing TIPS FOR BUYERS & SELLERS beginning to close, and many of these recorded of this building preceded 56 Leonard and 2013 SALES SAMPLING sales prices have helped boost an upward over 30% of the units sold out within the first momentum. month. LAST YEAR’S VIGOR GREETS REAL ESTATES’ In the 4th Quarter, apartment sales of these • Walker Tower (JDS Development and Property new development projects experienced a Markets Group). Located at 212 West STRONGEST SEASON robust 32% increase in median price, to 18th Street, this building began closings $1.68M, from a year ago and a 19% increase in November with 21 units selling for an Most of the brokerage community believes that in average price per square foot to $1,500. For average price of $8.9M. The recent record this will be another exciting year in the world of the luxury new development market, which has sale of a penthouse at approximately $55M Manhattan residential real estate, albeit different performed exceedingly well, the median price of made many heads turn. The location was from this past year. Throughout 2013, there was apartments rose an incredible 72% year-over- not considered prime but the building itself, an incredible amount of excitement, energy and year to $7.85M, while the average price press coverage surrounding record-setting sales per square foot increased 34% to $2,661. prices and volume in several segments of the There are several gold-standard examples market. A significant dynamic that has fueled that have set the trend in luxury new the market is the status enjoys development. These include the projects at: as one of a handful of ‘global ’ viewed as attractive, stable markets in which to invest. • 157 West (Extell). Apartments at are under contract and have In addition, there are other factors which fueled sold exceptionally well. This was the first 2013 and will continue well into 2014: 1) We of the ultra-lux developments to come to are in the midst of an improving economy market since the 2008 market collapse. nationwide with leading the way, Prices for high full floor units are selling 2) This last year also saw new highs in the stock for more than $90M. The lowest priced market which not only drove the 2013 real sponsor-listed apartments currently hover estate market but will continue to stimulate our at around $19M. market in 2014, 3) High demand coupled with record low inventory puts pressure on prices • 432 (Macklowe). The and 4) Low interest rates – which are inching up penthouse at 432 Park is in contract for 60 Riverside Boulevard - Apt. 2101 – have spurred people to borrow more allowing $95M as are two duplex units, each for more artfully marketed, is spectacular in scale them to stretch to greater price highs. than $90M. This spectacular new building and renovation detailing. The craze for new is brilliantly designed with a sales office that development aided the developer in nearly NEW DEVELOPMENT FRENZY: 12% of sales is unmatched. It is no wonder that prices per selling out within a few years after marketing Anxious to buy a piece of New York, foreign square foot are in the $4,000-$5,000 plus began in June 2012. purchasers, investors and pied-à-terre buyers range and that 50% of the building is sold as have flocked to new development and luxury of this writing. Reportedly, 50% of the buyers • 135 East 79th Street (Brodsky Organization). condominiums that have popped up all over the are foreign. Fourteen condos closed for an average city. The public and the brokerage community price of $9.07M beginning in October. This alike have been truly amazed at the high prices • 56 Leonard (Alexcio Group). Four of the is a wonderful building with a façade that and large amounts of money flowing into penthouses listed between $26M-$47M replicates a grand prewar building – totally real estate. A significant percentage of these are in contract and over 90% of the in keeping with the neighborhood. This transactions are all-cash. Tribeca-located building has sold in 9 development sold exceptionally well and months. This project was a total hit in an momentum plus a good market allowed The powerful allure that New York’s new area that is outside of the traditional Gold prices to escalate. development and luxury condos hold for so Coast of Tribeca. Continued on page 2

Deanna Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] 1 market review negotiation strategy Continued from page 1 – sold extremely well and, due to condos’ ease competition from condos that offer buyers more More recently, on the ’s of sale and flexibility, are gaining an increasing flexibility, beautifully finished units, full-services, Riverside Blvd., One Riverside Park (Extell) share of closed sales as compared to co-ops. amenities and larger and more family-friendly HOW TO WIN A BIDDING WAR began marketing units in November that won’t Condos amounted to 44% of all residential sized apartments. be delivered until the Fall of 2015. Sales took property sales in the 4th Quarter. The strength of Staying Competitive in a “Highest and Best” Scenario off immediately and the building was 70% sold the resale condo market is reflected in the 4th Townhouses above $10M by mid-December when the prices were raised. Quarter average price per square foot, which Not so long ago record townhouse sales, In a market where there are more buyers than your offer. Your financial qualifications are part Be flexible with terms This particular building is especially attractive reached an all-time high of $1,382 – a 7% most often on the Upper East Side, occurred there are homes for sale, multiple offers and and parcel of your offer. Be proactive and include Over half the transactions these days are all- as it offers a 20-year tax abatement that is increase from one year ago. The median price with some frequency, but that was prior to bidding wars inevitably erupt. Asking all bidders it with your offer to show the seller that you are cash; if possible, offer cash and then, if desired, rarely seen these days. The area is being further last quarter of $1,152M had a similar increase the most recent wave of new developments. for highest and best offers can be the most motivated and qualified to buy. finance after you’ve closed. If you are financing, developed into a real neighborhood with fine year-over-year. Once developers began building hundreds of efficient way for a seller to be prepared to waive the schools, community facilities, stores and parks. condo units from 3,000-6,000 square feet, select the offer that works best financing contingency. While luxury and new development sales have Co-ops townhouses were no longer the only option for for him. Although stressful and Other terms that can attracted a great deal of attention, it is important Co-ops in general sold well enough at the lower a large space in Manhattan. In 2013 there frustrating, highest and best sweeten the deal for to note that the luxury market is only 10% of and upper ends of the market, but much less so were only a handful of townhouse sales in the scenarios do give all bidders an sellers include putting all transactions, and in the 4th Quarter new in the mid-range of $2M to $5M. Those co-ops ‘eight-digits’. equal opportunity to have their down a large down development accounted for a mere 12% of all that did sell quickly in the mid-range had unique offers considered. payment (if financing), closings, with most of these skewed toward the qualities, were in prime locations, showed nicely Fourth Quarter sales figures reflect this trend offering to close at the higher price category. Let’s review what has and were well priced. Despite a notable lack of away from record prices, as the median sales For now, multiple offers are seller’s convenience, happened in the market as a whole. price on the Upper East Side fell the new normal, especially in and agreeing to sign the 44% year-over-year, from $8.375M the condo market. Buyers who contract within a limited MARKET SEGMENT BREAKDOWN to $4.650M, a decline of 44%. aren’t comfortable with making amount of time. The 2013 market out-paced previous Meanwhile, the Upper West Side saw highest and best offers may be years in both transaction volume and 4th Quarter prices grow by 35%, better off delaying a purchase Don’t be too sales prices. This notable uptick across and outperform the Upper East Side, until the market takes a turn demanding or picky the real estate market was aided by with a median sales price of $5.16M. and competition abates. But if Sellers want a buyer who the unprecedented gains in the new In fact, aside from the Upper East you’re a buyer who wants or is easy to work with. development and luxury condo markets Side, median sales prices increased needs to purchase now, there Making demands or that tilted citywide averages upward. citywide although activity was are several steps you can take coming across as picky predominantly for townhouses priced to improve your chances of will work against you in Market-wide data under $10M. coming out on top. a competitive situation. Market-wide price per square foot, which Limit requests to what averaged $1,197 in the 4th Quarter of A large number of new developments have been added to the market and are selling at Uptown West & East – mid-range a fast pace, however few of these developments have started closings yet. As such, new Assemble your team is absolutely necessary last year, reached a five-year high and developments only account for 12% of sales, which is unmoved since Fourth Quarter Mid-range co-ops on the Upper Work with a real estate broker who knows the Do your homework and listen to your broker if she advises against approached the 2nd Quarter 2008 all- 2012. Market shares of co-ops and condos was also largely unchanged. West and East Sides remained on market well and has had plenty of experience Familiarize yourself with what’s on the market pressing too hard on a point. time high of $1,261. Demand has been the market longer than the other handling highest and best offers. You need a and what’s recently sold. Understanding the aggressive: 10% more contracts were executed inventory, prices for mid-range co-ops were not categories. Some of the reasons for this broker who knows how to best position your offer market will enable you to recognize the right Win over the seller’s broker. The seller is the during the past quarter than at the same time driven up by demand as in other segments of are market-related but others are related to and advocate on your behalf. Line up an attorney property when it comes along and give you who decides which offer to accept but a year ago, a trend of year-over-year double- the market. For co-ops overall the 4th Quarter unrealistic seller expectations. Some sellers in advance who will be available to turn around confidence to move quickly to secure it. he typically looks to his broker for insight digit increases that has been ongoing for eight average price per square foot reached $945 have been inspired by the attention paid to high a contract quickly. Working with a broker and and guidance on how to evaluate the offers. quarters. which is 6% higher than one year ago. The prices and quick sales, believe the value of attorney who are well known and liked by their Be proactive and trust your gut Make a good impression on the seller’s median sales price of $662,500 remained their properties is similar to new condos, and peers can be a big plus. When similar offers are With buyers circling around every new listing broker by taking the time for a friendly chat, This high volume of sales occurred despite the unchanged from the 4th Quarter in 2012. mistakenly overprice them. Overpricing, even in compared, the people who are representing you don’t wait for the first open house. Make the and be sure to convey how much you like fact that Manhattan’s recent chronically low Studios and one-bedrooms had the biggest a seller’s market, can substantially reduce the just might tip the balance in your favor. time to see anything new as soon as possible. If the property. inventory has been falling steadily for the past gains in median sales price, with year-over-year value of an apartment, considerably lengthen you’ve done your homework and see something three years. Inventory in the 4th Quarter was gains of 13% and 6% respectively. the sales process, and ultimately result in a Mortgage preapproval that will work for you, trust your judgment. Don’t Introduce yourself in writing to the seller 54% lower than its peak of 12,336 listings in lower sales price when it does sell. If financing,contact a mortgage broker or loan lose time by second guessing yourself. If you act Almost every seller has an emotional attachment the 1st Quarter of 2009. The year-end buying VULNERABLE MARKET SEGMENTS officer to find out how much you can borrow. quickly and confidently with a strong offer you to his home and hopes his buyer will love his frenzy, during a quarter that is typically the While the media has done a wonderful job of 2014 SPRING MARKET Get a pre-approval letter from a lender and may even pre-empt other buyers and avoid a home as much as he does. Write the seller a weakest for sales, can be attributed to pent up broadcasting the spectacular gains in the new All signs point to one of the strongest spring keep it current. When you are ready to make highest and best scenario. personal letter to let him know how thrilled you buyer demand unleashed by a strengthening development and luxury markets, areas of markets this City has seen since 2007. As we an offer, check with the lender or mortgage are at the prospect of purchasing his home and economy, growing consumer confidence, weakness that do exist tend to be ignored. Along move into the most active season for residential broker to make sure the building is on lenders’ Give it your best shot include the letter with your offer. well-preforming stock market, year end bonus with mid-range co-ops, less robust segments sales, we expect the trends of the past year pre-approved lists. Knowing in advance that the It’s a seller’s market—unrealistic, lowball offers projections and the continued low cost of include apartments that are un-renovated or to continue to fuel the market. These trends building is considered loan worthy is crucial if you will get you nowhere. When it comes to highest Ask to be a back-up borrowing money. properties with ‘fatal’ flaws, units in less prime include: an improving economy, strong stock plan to waive a financing contingency. and best offer, determine your “walk away” An offer accepted in a highest and best situation areas, overpriced properties, and the above market, low interest rates, high demand, low number ­– the number above which you won’t does not always lead to a signed contract. If your Condos $10M sector of the townhouse market. Some of inventory, and the enduring appeal of New York Financial statement feel regretful if a higher bid is accepted. This bid isn’t selected let the seller’s broker know you Condos of all sizes and price categories – the reasons for this softness can be attributed to City as an investment venue. Fill out a statement of financial worth, keep it up may be your only opportunity to bid so don’t remain interested and ask her to keep yours as whether new development, conversion or resale the increased choices in new development and Continued on page 5 to date, and have it ready to submit along with hold back. a back-up offer.

2 Deanna Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] Deanna Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] 3 property values asset protection

Continued from page 2 CONTESTING A The Deanna Kory Team HOMEOWNERS INSURANCE - ARE YOU COVERED? Are we in a bubble? No! Book Series By Jeffrey Bernard Inevitably, the soaring prices and high LOW APPRAISAL Exclusive sales volume of 2013 have raised worries Whether you are already a homeowner, about to with details of the construction as well as for some that we are headed for trouble. Our exclusive “Living on…” photo When a bank appraisal comes in low – more likely close on a property, or just starting the search, evidence of both general liability and workers’ For instance, some question whether book series features life on some of the to happen in the kind of market we are in right securing the proper insurance coverage is a compensation insurance from your general another real estate bubble is building. It’s most historic and enchanting residential now – with price jumps every quarter – buyers critical part of the process. Like everything else, contractor. If a claim occurs and the carrier important to keep in mind that we are not (and their sellers) are at a loss on how to proceed. thoroughfares showcased through stunning in the situation we were in leading up to photography. These images highlight the the dollars are in the details. has not been properly notified, the carrier could The common wisdom is that, no matter how far deny coverage or raise your deductibles. the last bubble period in 2007 through off base, it’s just about impossible to successfully seasonal transformation, glorious open space mid-2008. Now sub-prime loans are a and vivid architectural details that make up challenge a faulty appraisal. As noted in a recent showing that even the potential for an additional Let your home protect you…even when thing of the past, lenders are more tightly New York Times article, buyers are advised that room enhances value. I then corrected the these attractive areas. Having sold countless regulated, and despite a great deal of properties on these iconic avenues, The you’re not home. their only realistic options are to either put more room count for the subject condos and each of energy in some categories, the market Deanna Kory Team celebrates these classic In addition to providing coverage for property money down or turn to another lender. the comparable units in need of revision, and here is not overheated across the board New York neighborhoods through this one-of- damage caused to your home or damage I adjusted the ppsf accordingly. (The number a-kind series. you cause to your neighbor’s home, your as in the past. Successfully challenging a low appraisal isn’t of rooms, or potential rooms, increases ppsf.) insurance policy also provides some level of easy, but it can be done. Recently I persuaded protection for bodily injury that you or your Concerns over rising interest rates an appraiser to revise his appraisal of two condo • Lastly, I commented on each of the 7 sold family members cause to others (e.g. your dog An increase in interest rates is another units (both on high floors, with terraces) that the units the appraiser used to compare with bites a pedestrian or your golf club flies out of area of concern. Yes, rates will likely rise, buyers planned to combine. the subject condos. Unlike the appraiser, your hand and hits a fellow golfer). Talk with but they will remain low relative to double- I had actually viewed the apartments and your broker to make certain that you have the digit rates of decades past. That being Here’s what I did: I reviewed the appraisal and was familiar with their backstories. The room appropriate coverage limits. said, the current policies of the Fed will

quickly saw that the appraiser, who was based count for some units was incorrect. Some keep interest rate increases in check as outside the city and not units were on very low Assess your assets. Many homes, one policy. economic performance overall is carefully completely up-to-speed floors, lacked views and/or Buying or renting a second (or third…) monitored. Signs of any downturn will After reviewing my five- Your home is your castle and your possessions with Manhattan’s market, light, or had inferior layouts may be as valuable to you as the crown jewels. home? There is no need to secure an surely hold rates steady or push them ‘ made several errors: 1) page letter, the appraiser ‘ or locations. I provided But the insurance companies will only reimburse additional insurance policy. Talk with your slightly downward. So in the year ahead he underestimated the agreed to revise his several more appropriate you for the loss of items you can prove you broker about extending coverage from your the likelihood of huge escalations is value of terraces, 2) he ‘‘ comparable sales and owned. Take a photographic inventory of all the primary homeowners policy to the additional extremely low. appraisal, and the lender didn’t properly factor explained why they were residence(s). This will save you money and then increased the rooms in your home, section by section. Store in room count when more supportive of the true these photos off-site, whether in a safety deposit streamline your protections. Low inventory concerns calculating price per amount of the loan. value of the condo units. box, on a cloud-based Internet photo site or with Another concern focuses on the square foot (ppsf), and your insurance broker. You’ve worked hard to create it. Let your progressively low inventory of available 3) he used comparable sales that were, in most After reviewing my five-page letter, the appraiser broker work hard to protect it. apartments and the possibility that it cases, poorly selected. agreed to revise his appraisal, and the lender then While a homeowners policy is a great way The right insurance broker is essential to will adversely affect market momentum increased the amount of the loan. The buyers to protect personal belongings like clothing, helping you evaluate your existing policies in an and sales volume. Inventory in the short Because lenders and their appraisers are so were greatly relieved that they could borrow what furniture and electronics, consider a Valuable effort to identify coverage gaps and potential term will remain low at least until more resistant to revising appraisals, I knew I had they needed for the purchase. Articles policy for your unique or expensive blind spots. Since the majority of the high- new development projects in the pipeline to build a strong case. So, along with writing items, such as jewelry, fine art or other end carriers work exclusively with brokers (not come on the market. On the plus side, low extensively on the above issues, I backed up my Of course, the best strategy when working collectibles. Such specialized policies offer directly with the insured), only a broker can inventory and the resulting price increases rebuttal with information from the Real Estate with an appraiser is to point him in the right itemized coverage and the peace of mind of help guarantee that you’re getting the most may encourage more sellers to stop sitting Board of New York (REBNY) and Jonathan Miller, direction from the start. I always meet the knowing that your expensive possessions are comprehensive coverage at the best price. In on the sidelines and decide to list. president and CEO of the appraisal and consulting appraiser and bring along information on appraised and insured to value. Since most the event that you experience a loss, the right firm Miller Samuel. relevant sales, including photos, floor plans Valuable Articles policies do not include a broker will also be your greatest resource and CONCLUSION and my written comments. I may also provide deductible, you get to recover the full value of advocate. Insure and be sure. Of course it’s not possible to foretell • To address the terrace issue I provided an Information on units with signed contracts the item(s) in the event of a loss. To keep these with any certainty how well the spring Jeff Bernard is a full-service article by Jonathan Miller on how to calculate (especially useful when prices are on the rise) policies current, it is best practice to have your insurance agent with The Rampart selling season will perform. After such the value of outdoor space. I then explained and a list of any renovations or upgrades to the high valued items appraised every three to five Group, located in Lake Success, NY. an extraordinarily strong finish for 2013, how each terrace should be properly valued. property. years to account for market changes. He is an authority when it comes it remains to be seen if that momentum (A terrace off the living room should be valued to complicated, high risk insurance continues full force or abates to some Renovating your home? Renovate your policy. matters for business owners and at 50% of the unit’s ppsf, and a terrace off the My best advice to anyone who wants to refute individuals. He has a primary degree. But even if 2014 does not bedroom – a less desirable location – at 33% a low appraisal is to enlist the help of an Prior to renovating your home, speak to your specialty in real estate and ultimately shatter as many records of the unit’s ppsf.) experienced broker. To succeed it’s critical to have broker to make sure that you have the proper construction. as the previous year, most real estate someone on your side who is familiar with the coverage. Depending on the length and scope professionals anticipate a vigorous and of the construction, some high-end carriers Jeffrey Bernard • For the room count/ppsf issue, I included a appraisal process and has first-hand knowledge Coming soon ... Living on Rampart Insurance exhilarating spring market for New York chart outlining how REBNY calculates room of current market activity, recent sales, and the If you would like a copy of one of our books, please will waive or reduce any surcharges to cover (516) 390-3778 City residential real estate. count, and a chart from millersamuel.com many nuances that affect property values. contact us at deannakory.com/resources-and-links/ex- the work. Be prepared to provide your broker [email protected] clusive-book-series or e-mail us at [email protected]. Tips for Buyers & Sellers, see pages 6 and 7

4 Deanna Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] Deanna Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] 5 preparing to sell sales sampling STAGING ­– DO YOU HAVE TO? On the Market The Deanna Kory Team Staging has become part of the standard drill with years of experience, have a keen sense of A sampling of Deanna Kory Team Exclusives 2013 Sales Sampling in preparing a home to sell. Making a good first how to present a home to its best advantage. Luxury Living on the Market Address Price impression, whether via photos on the internet or But even with staging widely accepted as an 4th Quarter 2013 53 West 88th - Townhouse* $14,390,000 as the buyer walks through the door, has never important element of marketing a property 190 Riverside Drive - 8C $5,125,000 While the overall luxury market pricing dropped year-over-year, been more important when marketing a property. we do meet with resistance from time to time. 172 West 79th - 17AF* $4,925,000 this is covering up extremely large gains in the luxury new de- Brokers typically advise sellers to undertake some Some sellers assume that, in a seller’s market, velopment market. The luxury market dropped in median price such as the one we have right now, with inventory by 4% and in price per foot by 3% since last year. However, lux- in such short supply staging isn’t necessary. Other ury new developments increased by a striking 72% in median sellers attentively listen to brokers’ suggested price up from $4.565M to $7.850M. Price per foot saw a 34% fixes and entertain stagers’ proposals, but at gain, up to $2,661 from $1,989 in Fourth Quarter 2012. The some point begin to feel completely overwhelmed 131 Riverside Drive, Apt 7B overall luxury market sales figures declined due to the resale and question the necessity. Sometimes sellers Elegant 8-Room w/Spectacular River Views market, which fell in median price and in price per foot for both $4.95M Web# 3071381 are resistant to staging because they feel their co-ops and condos versus last year. Quarter-over-quarter every home is perfect as is, or they believe they subset of the luxury market remained stable or increased. have the skills to make changes on their own. 60 Riverside Blvd - 2101 Asking $15.9M

Occasionally a home is ready to list without staging, but even the most pristine home can benefit from some tweaking to ensure the photos 205 East 69th - PHA $3,600,000 stand out on the internet. Most homes profit from 151 West 86th - 12C* $1,900,000 an evaluation by someone with an impartial eye 455 West - 21C $3,300,000 who can identify the strengths and weaknesses 2628 - 35A $3,150,000 as perceived by buyers, and who has the expertise 119 West 82nd - 1 $3,775,000 755 West End Avenue, Apt 11A to enhance the property’s appearance in the most Grand & Gracious Classic 7 50 Riverside Drive - 10EF $3,885,000 efficient and cost-effective manner. And even $2.695M Web# 2652715 151 West 86th - 10C* $2,495,000 though staging may seem like a lot of work, much 246 West End Avenue - 10BC $3,850,000 of it involves de-cluttering, which can be useful 255 West 84th - 12E $2,923,000 as an organizational exercise for moving out. 6 West 77th - 10B $3,650,000 1235 Park Triple Mint Full Floor Penthouse w/2000 SF Wrap Terrace $9.45M 226 West 71st Street Asking $15.9M 100 Riverside Boulevard - 6N $1,875,000 Here is why it’s worth it to stage – in any 375 West End Avenue - 11CD $3,825,000 level of staging, ranging from a thorough cleaning market, and for the majority of properties: It 215 West 78th - 6/7D $2,950,000 and de-cluttering, to rearranging furniture and pays off. Staging typically raises sales prices by 639 West End Avenue - 14D $2,450,000 adding accessories, or in some cases, an interior 2% to 5% (and often many times more), which Opportunities for Buyers 41 Central Park West - 8CH $4,537,000 redesign or renovation, or renting furniture to fill amounts to an additional $20,000 to $50,000 Even though we are headed into one of the 1. An apartment is overpriced by at least 10%. an empty home. The appropriate level of staging for a $1,000,000 sale. As an added bonus, strongest seller’s markets we’ve seen, I (That’s right, even 10% can kill a sale!) depends on the home’s condition and the seller’s properties that are staged also tend to sell faster. 955 Park Avenue, Apt 6E cannot stress enough that there is still strong 2. It “shows” poorly – this holds true for budget, and depending on the level of staging and Yes, staging is an investment of time and money Beautiful & Bright Classic 7 potential opportunity for buyers right now. renovated as well as un-renovated size of the home, can cost $2,000 to $50,000. for the seller, but, as I’ve seen countless times, $3.45M Web# 2861987 That opportunity comes in the form of “stale” apartments. Ideally sellers trust the process and take to heart it’s an investment that pays off handsomely in If you would like to view one of our exclusive listings, listings. When a property sits on the market, 3. The apartment is not being marketed properly please contact us at [email protected]. the suggestions of real estate professionals who, multiples of the money spent. a perception is created that something is – either the broker is not showing the unit in wrong with it. Most of the time this is not its best light on paper or in person. true. Properties must be perceived as a value 4. There was a recent low sale that was truly proposition to sell and more often than not, the an outlier and it affects the other sales in the Strategies for Sellers owner of a “stale” apartment simply overpriced building. For sellers there are many ways to maximize the 3. Make sure your apartment is available 5. Have a good attorney lined up to send out the apartment in the beginning and turned off Often, an apartment that doesn’t “show” chances of selling quickly, and at a great price. to be shown when people want to see it. a contract as soon as possible. Maintaining most prospective buyers. This is a predictable well is perceived as an apartment in need Provide access for everyone, especially in the the momentum of a deal can be critical in outcome. All of the apartments currently on the of a renovation. These properties are the 161 West 75th - 2/3D $6,000,000 1. First and foremost, do not overprice your first two weeks. any market. market that have been listed since the fall will opportunities that many buyers might not see. 140 East 63rd - 5E $2,925,000 home. Be realistic and don’t be seduced by likely sell sometime this spring so the window of With properties that have flaws that cannot be 139 East 94th - 11B $1,475,000 If you are fortunate enough to have There are plenty of buyers in the market right now 150 East 77th - 10AB* $3,335,000 agents who toss out a high price. Overpricing 4. opportunity for buyers is fairly immediate. Many changed, such as units with low light or bad multiple offers, seize the best offer and and that number will likely increase throughout 1158 Fifth - 5D $3,300,000 will work against you in the long run. of the perceived ‘flaws’ can be mitigated by a views, a high maintenance or an inconvenient do not push the bidders to go higher. the spring. This is an amazing opportunity for 140 East 83rd - 10/11AB* $3,460,000 creative buyer. location, these apartments have usually been 2. Make sure your apartment shows the I have seen many sellers go through this owners contemplating the sale of their properties. 400 East 85th - 11L $2,250,000 unrealistically priced and can be a great 140 East 72nd - 21st Flr $3,750,000 best it can. Get a great stager if necessary. I process and actually come out with a much If you are considering selling, I am happy to meet There are several reasons why properties turn opportunity for a buyer willing to overlook flaws 535 West End Avenue - 20th Fl* $18,200,000 cannot stress this enough. An apartment that lower price than they would have if they had with you to discuss value and strategy specific to stale, in the following order of importance: at the right price. 860 UN Plaza - 33/34F* $4,125,000 shows well, sells well. acted on the best offer. your property. *represented the purchaser 6 Deanna Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] Deanna Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] 7 THE DEANNA KORY TEAM Deanna Kory | Licensed Associate Real Estate Broker

With nearly thirty years of experience in the real estate industry, Deanna Kory has built a reputation as a hardworking broker with the intellect, knowledge, sensitivity, and expertise to assist all of her clients in realizing their real estate goals. She has a predominantly referral-based clientele which is a testament to these attributes. Along with her team, Deanna Kory consistently ranks within the top 3 at Corcoran in sales volume and has sold well over $1.5 billion of residential real estate in Manhattan in the last decade alone.

Ileana López-Balboa Stacey Pashcow Jane Martin Deanna Kory Christine Morgan Lynn Nguyen Carlin Wright Cindy Kitch

Meet the Team The Deanna Kory Team is comprised of seasoned professionals who are highly skilled in the many facets of buying and selling real estate in New York. Together we focus on your needs, tailor an individual strategy to achieve your goals, and provide you with unsurpassed expertise in real estate marketing and negotiation. Unique to most any team in the city, Deanna offers a full marketing team that will facilitate a customized plan of action for you while staying ahead of the industry in its innovation. deannakory.com Facebook.com/DeannaKoryTeam Twitter.com/DeannaKory

Our Exclusive Newsletter Series is back in 2014! In order to provide you with all of the market segment newsletters we have in the past while remaining environmentally responsible, these special reports will now be featured online*.

Our EXCLUSIVE newsletters include: Our EXCLUSIVE content will comprise: • The Riverside Drive-West End Avenue Report • Intelligent Analysis on the Market • The Townhouse Edge • Pertinent Trends & Historical Study • The Central Park West Perspective • Average Price Per Square Foot & Sales Prices • Uptown Luxury Newsletter • Tips and Strategy for Buying & Selling • The Condo Report • Forecasting Future Trends

*You will always be able to contact us for a printed copy if you desire.

the corcoran group real estate 660 , New York, NY 10065 corcoran [email protected] corcoran group real estate The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.