CITY LIVING with The Stein Team, April 2015

 

APRIL 2015
From The Stein Team
 
 
COMING SOON: 66 Leonard Street, TriBeCa, Offered at $5,750,000
 

CITY LIVING with The Stein Team

The first quarter of 2015 has been notable.  We have seen record sales in both the Condo market ($100,471,452 for a penthouse at 157 West 57th Street) and Cooperative markets ($77,500,000 at 834 Fifth Avenue).  At the same time, we have seen median prices in the new condo market drop by over 22% compared to the first quarter of 2014.  Given there is a varying lag time (often up to years) between contract signs and actual closings, the new condo market is a more complicated one to study even year over year – we caution people to use these numbers as bellwethers. 

Looking to the more stable and predicable areas of the market, the median price for a resale condo increased by 9.8%and the median price of a resale coop increased by 4%  (over the same period last year). 

Our general sense is that the market remains strong with resale values continuing to rise. An expected uptick in mortgage rates later this year or as late as 2016 is expected to keep current demand elevated, only to be hampered by lack of resale inventory. 

 
Townhouse Hunting

 
 

 Are Townhouses today's best buy?

We are often asked if there are any “good deals” left out there. Is it possible that there is an area of the market that is undervalued?

For the ultra-luxury buyer looking to get the maximum "bang" for their buck, townhouses are becoming an increasingly attractive "wallet-friendly" option. Thanks to the explosion of new ultra-luxury condos in Manhattan, the price spread between townhouses and condos is widening – and currently stands at about 15%. On average, townhouses ask $2,500/square foot - nowhere near the offering price for newer condos - which range between $3700- $4,500/square foot.

With the number of houses essentially fixed, we expect there will come a day when prices soar to $5000/sf. After all, these are actual homes with private land in one of the most reliable real estate markets on the planet.

 

 
High-Tech Gadgets


Petcube
Offered at $199 

Playing with your Pup

Ever feel guilty about leaving your pet at home? Petcube is a video-camera system that allows you to remotely check-in on man's best friend. Using a mobile app, you can connect to the camera and watch them or capture pictures, but it's not just a one-way connection. You can also turn on a microphone to talk to them or — more importantly — touch the screen to flash a laser pointer around the room to entertain your furry friend anytime anywhere!

 
Kitchen Innovation

Waterworks Kitchen Showroom
979 3rd Avenue, Suite 134
New York , NY 10022

 
 

 A Natural Transition

For more than 30 years, Waterworks has been a leader in the bath industry and now the brand is transitioning with the launch of Waterworks Kitchen and a new flagship kitchen showroom in Manhattan. The full line includes made-to-order cabinetry, wall and floor tiles, sinks, faucets, lighting, ceramics, and even soap and dish towels providing a one-stop design experience with everything you’d need to outfit a stylish kitchen.

 
Trendy yet Timeless

 

 

Spotlight on Eames

The 1940s and 1950s saw a widespread shift in American design. It was a revolution of form that signaled a new age – and two of its prime contributors were husband and wife team, Charles Eames, Jr (1907–1978) and Bernice "Ray" Eames (1912–1988).

Their pioneering use of new materials and technologies, primarily plywood and plastics, transformed the way Americans furnished their homes introducing functional, affordable and sculptural objects to many middle class Americans.

Charles and Ray Eames created some of the most influential expressions of 20th century design – furniture that amazingly remains stylish, fresh and functional today. See how Eames' pieces seamlessly fit into a variety of spaces and homes.

 
 
CITY LIVING Solutions
 

Tips on How to Choose A Contractor

What are the first steps when choosing a contractor? Performing thorough due diligence will be critical to your project's success - here are our top 5 tips:

1. Define the Scope of the Project
The very first step is deciding what you need and what your project entails. Are you only doing a cosmetic overhaul of the kitchen & baths or are you taking your home down to the studs and starting fresh? Find a contractor who has experience specific to your project scope.

2. Get Multiple References
Did prior clients have positive experiences with your prospective contractor? Do your homework -  Request that your contractor provide a list of references, and ask for at least 1 onsite visit to see their quality of work in person. This will allow you to better understand if he will have the skills and resources to do the project to your standards.

 
 

3. Don’t Choose the Cheapest Option
Prospective contractors will have varying price estimates for the same project. Don't simply select the cheapest option – remember, you get what you pay for! Take the time to choose someone who will deliver results you’ll be happy with for years to come.

 4. Be Realistic with Your Timeline
Projects often take longer than predicted for many legitimate reasons so be realistic with your timeline and expect delays! It is helpful to make decisions about finishes and materials upfront. This way items can be sourced, ordered and available onsite early - allowing work to continue seamlessly without interruption.

5. Protect Yourself with a Proper a Contract
You can adjust a remodeling contract before you sign, so review it carefully to make sure it contains licensing information, insurance, payment schedules, duration of work, end dates, change orders, detailed project specs, and warranties.

 

 
Sotheby's New Magazine
 

 
 

Explore ART & HOME

It is our pleasure to introduce you to ART & HOME, a new magazine jointly published by Sotheby's and Sotheby's International Realty. This literary collaboration showcases all the elements of an extraordinary life. Launched in January, it presents sophisticated content and beautiful images related to the art and real estate worlds eight times per year.

Enjoy the April issue!

 

 

 
The Stein Team’s Property Highlights

196 Sixth Avenue
More Information >>

141 Wooster Street
More Information >>

419 West 22nd Street
More Information >>

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© 2014 Sotheby’s International Realty, Inc. All rights reserved. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. This offering is subject to errors, omissions, changes including price or withdrawal without notice. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractors and are not employees of Sotheby’s International Realty, Inc.