By Sarah Williams
My name is Sarah Williams and I am a co-founder of the Alexander Team operating at Douglas Elliman Real Estate, the largest real estate brokerage in New York City. My dynamic team specializes in selling luxury properties in New York City and Miami. My specific niche is representing buyers and investors from the Far East in New York City. Most of my clients are based out of Hong Kong, Singapore, Indonesia, and China.
Today, I am writing for residencyNY about local buyers and the pitfalls associated with their faulty thinking. I plan to enlighten the local buyer by offering lessons that I have based on observations formulated throughout my career. With these lessons and insights on the structure of deals and the barriers to buying, residencyNY readers should be better equipped to handle the buying process in an educated and efficient manner.
Approximately…one year ago, around the same time that rental rates climbed to historic highs, renters began jumping into the sales market in order to build equity. I have serviced about two dozen local buyers since then. Concurrently, the real estate market shifted into a market where conditions favored the seller, flipping within a matter of weeks. This was partly due to the drop in mortgage rates and growing consumer confidence in the New York economy, leading to strengthened residential real estate prices. As prices increased, my team began to represent many more local sellers, and have set several new price standards. Namely, records were set in well-known trophy buildings, including: Time Warner Center (approximately $6,600/psf) Trump Fifth Avenue ($4,459/psf) and the sale of an Upper East Side townhouse (approximately $100 Million). Nearly all of our sales over the past year had previously been deemed “unachievable”, making both the price standard and the short turnaround time very significant. I note this to show that not only have prices have risen and times have changed, but additionally that I have closed deals representing all possible sides of the transaction and that I understand the current market.
If you would like to ponder these questions further, contact me at: Sarah.firstname.lastname@example.org