We are starting to see VR tools move into the real estate industry beginning with new developments and then filtering their way down the pipeline to your average listing. It’s interesting with all of the technology that we have at our fingertips that the average listing does not even have a video tour and the majority of the rental listing photos are taken with an smartphone. This delay in embracing new technology by the majority of the Manhattan real estate brokers is nothing new.
With international buyers searching Manhattan properties from all over the world and in many different time zones, having a video tour or 3D tour that can be navigated by the buyer (similar to Google maps) is an ideal 24 hour sales tool. Having only professional quality photos plus a 2D floor plan is akin to putting an ad in NYT and holding open houses. It might have been the tools that worked 15 years ago but times have changed.
Take a look at the video tour that was done for 189 Edgecombe avenue, a Harlem townhouse that is in contract. Video tours are an ideal way for buyers to get to know a property before they see it in person as well.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Sometimes, clients ask me why the taxes on one townhouse are much higher than others or vice versa. The City tax system is a very difficult one to understand and few do. The City has appointed Vicki Been and Marc Shaw to co-chair this new commission. 10 public hearings will be held to solicit input from the public.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Since the current market conditions are heavily in favor of buyers in Manhattan’s residential market, now is the time that you can negotiate more on a potential purchase. According to the latest market reports, in Manhattan’s luxury market, the average discount from asking price to sale price is somewhere around 8-9% percent. With new development, this number can be tougher to gauge because developers are loathe to discount the sale price but instead offer incentives from the mundane like paying transfer and mansion taxes to offering a free parking space. Generally, though now is the time when you can do a bit of negotiating but you really need to understand how motivated the seller is, how long the property has been in the market and how long the competing listings are staying on the market. In this market, some buyers might even make multiple bids and play one against another to see who will cut the best deal.
Patience is the key in today’s market as I have told a couple of buyers. Depending on the segment, you may need to let the market come to you as the seller’s expectations become more in line with the current conditions.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
According to the latest reports and anecdotes from top brokers, proximity to subway access is beginning to lose it’s importance to affluent Manhattan property buyers. This is due directly to the emergence of Uber and Lyft. Riding in the car, you can continue to be productive so it’s not as important to be 3 blocks away from the subway.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
If you are looking at a Manhattan property which just listed and the first open house is set up for Sunday, I would say that it makes little sense to make an offer prior to the open house. At the open house, the agent can potential shop this offer to all other interested parties. I would recommend instead to have your offer submitted Monday morning. Recently, an interested client asked what would have to be done to have an open house cancelled. The answer the seller agent gave, was that it would be nearly impossible to have that happen.
The exception being if that the property is listed on Monday or maybe Tuesday and the open house is 5-6 days away, you might be able to submit an offer and have the contract fully executed prior to the open house but that will be unlikely due to the amount of time needed for due diligence.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
There were 26 contracts signed last week at $4 million and up according to the Olshan Realty’s weekly report. The most expensive was a co-op on Fifth avenue that was asking $20 million. This is an especially good week considering the recent snowstorms and that it was Easter week.
Virtual reality and augmented reality are very slowly starting to enter the real estate brokerage business. In some new developments you can take a VR tour when a building is in the pre-construction phase. More often than not, a model apartment is created so that the buyer can see, and feel the touches of a new luxury apartment in Manhattan. Real estate brokerages and agents tend to be slow adopters of new technology however and as a result, very few listings even ones in the luxury and super luxury market have a VR tour which does not require technology like a viewer. You can tour the property just like you use google maps navigating through in the way that you would like. Very few listings even have a video tour. I would estimate 5-10% of all listings. Take a look at an example below of a VR tour and a video tour. One photographer said he felt that VR was a fad. I am not sure I agree as I think it is a tool that allows property to be truly showcased 24/7 and the buyer can zoom in on the details that they want to see.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
