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Park Avenue’s New Development Market: What’s on the Horizon

Park Avenue’s New Development Market: What’s on the Horizon

The new development and conversion market on Park Avenue is primarily centered on just a few buildings. Some of the new development is comprised of older rental buildings which have been converted to condominiums, and the others (now four) are notable new buildings. Park Avenue is seeing reasonably strong buying activity in new development: in the last six months there were 7 closed sales at 737 Park Avenue, 10 sales at 530 Park Avenue and sales are in process at 432 and 1010 Park Avenue. Below is a review of what is currently on the market, as well as what...

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Inside the Renovation: Top 5 Things to Consider Before Beginning the Process

Inside the Renovation: Top 5 Things to Consider Before Beginning the Process

One reason many buyers are willing to pay the premium prices commanded by new construction is for the convenience of moving into a freshly minted home built with top-of-the-line materials and systems.

Yet there is another category of buyer–a rare, determined and fearless type looking to create a unique space that speaks to his own sensibilities and needs. This is the buyer in search of a renovation project. If you are such a buyer you will come across many properties in need of work, requiring anything from a mild makeover to a full blown gut renovation. With 25 years of experience, I feel strongly that knowing...

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Renovating to Increase Value

Renovating to Increase Value

A question that I am often asked is, “Should I undergo renovations or make kitchen, bathroom or system upgrades before I list my home?” The answer to this question is not the same for everyone and depends on many factors including the condition of the property and the current market as well as personal dynamics.

There are typically three types of buyers in the market: 1) those who want a completely renovated property, 2) those who are willing to make limited stylistic changes to personalize the home and, 3) those who are open to a partial or full renovation to accommodate...

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The Importance of the Broker’s Negotiating Skills

The Importance of the Broker’s Negotiating Skills

One of the most important qualifications of a real estate broker is his/her ability to negotiate effectively. Buyers and sellers ought to seek out brokers who have high level negotiating skills and use them to buy or sell their property. What makes a broker a skillful negotiator is not only understanding the negotiating process and navigating through the multiple issues that a real estate transactions entails. The broker’s effectiveness as a negotiator rests on a number of other critical areas of expertise, without which the broker cannot effectively negotiate and conclude a deal successfully.

Knowledge of the Market
Comprehensive knowledge of...

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Proper Pricing is Still Key to a Successful Sale

Proper Pricing is Still Key to a Successful Sale

In a market that is generally perceived as strong and favorable to sellers, why do some properties continue to sit on the market? The press loves to highlight spectacular sales and market trends because it makes exciting reading. While it is true that we have seen one of the most active markets to date with considerable price gains in many categories, I want to examine some realities of the market and pricing that are not commonly discussed by the real estate media.

Some sellers believe that because there is high demand and limited inventory, their properties will sell quickly and at...

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