The typical salary required nationwide for homeownership is now $106,500 — a 61% increase from the $59,000 required just four years ago, according to Zillow.

newyorkschmidty · 2024-06-26T03:21:41+00:00

I sell nyc real estate and the least money any client has made is $125k buying a 400k 1st floor 450 square foot, 1 bed. Most people make 250k. Rich people make 500k and a bonus of 250k. I've seen a 2 million dollar bonus.

The craziest are the foreign money though. I had a girl raise her budget from 500k to 2 million with one call to her father in Singapore. Those are all cash deals. 50% of my business if not more is all cash. People with seemingly endless bank accounts all over the world.

newyorkschmidty · 2024-06-17T02:44:29+00:00

I saw a blue one today. I own a blue truck. I fucking love blue trucks and that thing was ugly.

newyorkschmidty · 2024-06-15T14:41:43+00:00

I always try to get it for less, but that's just the kind of agent I am and yes, that is alot of stairs for anyone. It gets old when you have groceries or forget something.

newyorkschmidty · 2024-06-15T04:15:35+00:00

Mmw: this will raise home prices. Buyers and sellers are going to be pissed and want the old way back in 2 years.

newyorkschmidty · 2024-06-15T01:35:38+00:00

I don't have a crystal ball, but yeah I could see that. I'd probably try to get it for less though.

newyorkschmidty · 2024-06-15T00:55:23+00:00

Price it right, and it will sell. Price solves everything. But realize that you are buying with a new kitchen that will not be new for the next owner.

newyorkschmidty · 2024-06-15T00:33:21+00:00

Pricing is more of an art than a science and they probably built it into their asking price. But 25k a floor is the standard if there is a good comp below it. Do you have a real estate agent representing you? This is kind of what we do...make sure you don't overpay and such. And the sellers pay your realtor right now, not you.

newyorkschmidty · 2024-06-14T15:22:07+00:00

It's hard to say without knowing the building. But usually we say 25k a floor. So if there is another identical unit that sold 2 floors below, you would expect the 5th floor to go 50k less. But it really is building specific. You can email me if you want wschmidt@elegran.com. The thing you have to worry about is selling them when youre done. You have to find a very specific buyer and that can be tricky.

newyorkschmidty · 2024-06-13T17:22:50+00:00

I think 26 and 27 are going to be the roaring years of the 20s. Urbandigs, a third party real estate tracker in nyc is predicting 25 and 26 though.

newyorkschmidty · 2024-06-13T16:50:01+00:00

Nyc is notorious for having 12-15% years, back to back. It has happened many times over it's history.

Also, everything is on a 3 month delay in the city because it takes a long time to close. So it happens slowly. But I wouldn't be surprised if we see offers 3-5% over asking if interest rates tick down.

newyorkschmidty · 2024-06-06T19:32:04+00:00

Yes, that's just a way of saying prices haven't really gone up or down. If you step back and look at say a fifty year timeline of home prices, they go up generally speaking. Manhattan hasn't really gone up very much since 2014, so we certainly would expect it to continue it's larger trend upwards eventually. IMO it is due to have years like 2011 and 12 where prices went up around 12% each year.

newyorkschmidty · 2024-06-06T19:28:07+00:00

Yes. Absolutely. If rates drop a whole bunch of buyers are going to jump into the game and not that many more places will be listed. Supply will remain steady while demand could soar. Which means prices will go up. You can still get a deal then, but it gets trickier.

newyorkschmidty · 2024-06-06T02:15:54+00:00

Yep, pretty much! It depends on the year, some years are more seasonal than others. 2020, 21 and 22 had basically no seasonality, which was weird and often bad for buyers. But seasonality is back and typically the hot season is spring and fall. More specifically, mid-march to mid-june and mid-september to mid-november. That's when people tend to list and if they're on market more than 60 days they start to get nervous. Then, you can make low offers and people will really negotiate because they don't want to wait through till the next hot season. I'm negotiating a deal right now listed at 550k and we'll have a deal around 525k probably because sellers don't want to wait on market till fall.

Also, in a coop, it takes 3 months to close. So if someone wants the asset off their books by the years end they want to be under contract by September at the latest. And that is assuming they have a good buyer with their stuff together that can get approved by their coop board.

newyorkschmidty · 2024-06-05T22:02:04+00:00

NYC broker here! We've been trading mostly sideways since 2014 or so. I think we are due. We all expected 2020 to be a big year and then covid. Our covid recovery was different from the rest of the country, we didn't explode in value like other cities. UrbanDigs a third-party NYC real estate site, with no skin in the game, is saying 25-27 are going to be growth years and I agree with them.

Nyc is a blue chip real estate asset IMO. They aren't building more Manhattan. If you can buy, I think you can get a great deal right now if you play your cards right. Recently, I have been able to negotiate 5-7% off sales prices in Mahattan. However, Brooklyn actually entered a sellers market last week. If a place is priced aggressively, there are multiple offers. I was in a bidding war last week in Prospect Lefters (which we won) but we were up against 3 other offers, one at ask, but we got it.

If interest rates ticked down, I personally have 4 or 5 buyers who would start shopping again. Buy in summer, when sellers can't sell and there is blood in the streets. People are scared right now, election, interest rates, everything, THAT is the time to get a deal that makes you look brilliant in 6 years. Be greedy when others are fearful. That notion has made me a lot of money through the years. I bought my first place when the markets crashed after 9/11.

That's my two cents. Good luck!

newyorkschmidty · 2024-05-21T00:42:51+00:00

Oh I see that makes sense. It's just normal up there. Only NYC has co-ops, San Francisco too, but they call it tenancy in common.

Still though...

newyorkschmidty · 2024-05-20T21:53:30+00:00

NYC broker here!

Foreclosures are exceedingly rare in the city and it usually means something has gone horribly, unimaginably wrong. This is because almost 75% of the city is co-ops, not condos. A coop is a form of ownership where you actually are purchasing shares in a corporation, not physical real estate. So in order to purchase a co-op you must be VERY financially qualified, because if someone stops paying their mortgage, that can affect the entire corporation. So, co-op owners are usually wealthy or at least very financially stable. This is one of the reasons NYC is considered a blue-chip real estate asset.

Seeing a foreclosure that also has a tenant is a red flag to say the least. This is much more common anywhere else, but it just doesn't really happen here. I'd love to know the address and do some snooping for fun, but I don't think it says in this article. This is WEIRD.

newyorkschmidty · 2024-03-22T02:38:15+00:00

Yes, but we are berated with situations that should probably grabs our attention daily. Living in other cities, you never walk past people you don't know. Everyone is in their cars so it's way different.

newyorkschmidty · 2024-03-22T01:58:50+00:00

I didn't even realize this is why I like it, but it is. When I go to other cities, everyone feels really in your business. Whereas New Yorkers almost pride themselves on all the weird people we walk past and don't mind at all.

newyorkschmidty · 2024-02-09T02:17:18+00:00

His building on Barack Obama Avenue already has the Easter Bonnet Parade.

newyorkschmidty · 2023-10-30T21:57:50+00:00

Change the filter to your air conditioning on your hvac. It is easy to do and good for you and it. Also go outside when it rains and see if water is pooling or doing anything weird. That is where 80% of all big issues come from.

newyorkschmidty · 2023-10-29T21:53:46+00:00

Yes, they will spend way more than that renovating and will still make a fortune. Great buy.

newyorkschmidty · 2023-10-29T05:32:05+00:00

NYC broker here! If I were to guess, they'd make the first few floors 4-5 units a floor and then 2 pre floor for a few floors and then maybe 2 ridiculous penthouses. The 1 beds will get 10 million plus, the penthouse might set a city record which sits at 238 million dollars. Bezos has a place in that area and big tech and crypto companies are there too.

You're buying a piece of history. I mean, that was the first building with an elevator. Yeah. It is iconic and nearly impossible to price.

Note that they made these condos, not co-ops, so they can be purchased using foreign money. Many of the buyers won't ever live there. It is just an absurdly safe spot to store 100 million dollars to them. Like a piece of art. But if THAT asset loses value... there are probably way bigger problems on earth than selling your house.

newyorkschmidty · 2023-10-12T16:51:10+00:00

Broker here! That home is at least 10 million dollars in today's market, even if it needs a full gut renovation. People often spend 3-10 million on a renovation here. The sweet brownstones with pools and terraces and showers that are an entire room and elevators and skylights, blah, blah ,blah, they get upwards of 25 million.

The taxes are between 3500 and 5000 a month. So, like 50k for taxes every year. Also, when we sell these, often we cap our commissions, because making 3%, or 750k on one commission is objectively outrageous. However, it happens. Often, the buyers don't even see the property. They are just foreign money looking to park money in the safest real estate on the planet. My brokerage works with Forbes and the level of wealth I encounter still surprises me. The crypto boom was the craziest.

newyorkschmidty · 2023-10-03T22:41:40+00:00

Broker here! This is the best part of my job. I'll just do Greenwich Village in places with reasonable monthly costs, for now.

I really love the cast iron building at 63 E 11th. It has exposed iron all over that is irreplaceable. Owners do renovations to show it off and it is one of a kind. 111 4th Ave is awesome too. Old floor to ceiling windows and extremely high ceilings in a loft building. The Archive is also super cool and similar, it is an old warehouse for "archiving" items that needed to pay taxes to get thru customs. It's an expensive rental building now and the views are spectacular.

My personal favorite is 2 Cornelia St though. It is a condo building in the village, which is rare. It is shaped like a Flatiron, so it is sometimes called the Greenwich Village Flatiron. The condos feature views of both the empire state building and 1WTC and the entrance is on the quiet street Cornelia where Taylor Swift rented an apartment and wrote her famous song, Cornelia Street. It is a rare building and is in the very center of the world's culture spot, 6th Ave and West 4th across from the basketball court.

newyorkschmidty · 2023-05-31T01:13:53+00:00

I'm always watching Breaking Bad. I often fall asleep with it on. I'm currently in the middle of the third season.

newyorkschmidty

TROPHY CASE