Edry Edge

[Press] Mann Report: An In-Depth Knowledge of Real Estate

Sandy Edry — Fri, 13 Apr 2012 23:57:56 +0000

April 2012 issue:

Click on the image to open a pdf of the article.

[Press] Edry Keeps Making All the Write Moves

Sandy Edry — Thu, 12 Apr 2012 19:27:29 +0000

March 15, 2012

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[Press] Leftover lowballing: Brokers counsel against too-low offers

Sandy Edry — Thu, 12 Apr 2012 16:29:13 +0000

By Leigh Kamping-Carder

With the spring selling season kicking into high gear, brokers are up against an unwelcome obstacle: uninformed buyers who insist on submitting lowball offers.

Last month, brokers said they struggled to educate buyers accustomed to controlling the market — some of whom made bargain bids on reasonably priced properties — that the spring season is a different beast. New apartment hunters are in the mix, and inventory is still down in most parts of Manhattan.

“Buyers still think they have the power going back to when the market crashed —more if they have all cash,” said Jennifer Zucher, a senior vice president at Plaza Real Estate Group, who added that dealing with buyers who continue to offer 20 percent below asking price was the biggest impediment to closing a sale last month.

“In reality,” she said, “the owners are getting back more power, especially if they are in desirable locations.”

The numbers reflect some — but not all — of that sentiment. In the first quarter of 2012, the number of Manhattan co-op and condo sales increased 14.9 percent compared to the previous quarter, rising to 2,311 sales from 2,011, according to Prudential Douglas Elliman data compiled by appraisal firm Miller Samuel. But year-over-year sales have dropped 3.5 percent.

On the whole, average and median sale prices have budged less than 1 percent compared to the same time last year. Last quarter, the average sale price was $1.34 million, a 7.2 percent drop over the previous quarter. The median sale price was $775,000, a 9.4 percent quarterly drop.

…..Still, not everyone encountered uneducated buyers. Sandy Edry, a senior vice president with Keller Williams NYC, said he has encountered buyers who are adjusting to the current market, even if they are still on the lookout for deals.

He said that the biggest challenge of the past month has been dealing with renters who were considering buying, but then reevaluated.

“In other words,” he said, “they are tempted to make the leap into homeownership and they even go as far as putting in offers, but then the nerves set in and I get the call that they’ve decided to rent for another year. Oh, well.”

For the complete article, click here…

Give Where You Live: RED Day (5/10)and Lemonade Day (6/3)!

Sandy Edry — Tue, 10 Apr 2012 19:07:14 +0000

We have two wonderful community service programs coming up in the next couple of months that I want to share with you. The first is Keller Williams’s annual RED Day, done locally in collaboration with the Food Bank of NYC on May 10th. The following month, on June 3rd, is great financial education program involving kids called Lemonade Day.

RED Day:

RED Day (Renew, Energize and Donate) is an initiative dedicated to celebrating Keller Williams Realty’s year-round commitment to improving our local communities. Each year, on the second Thursday in May, tens of thousands of associates from across the United States and Canada participate in a wide range of projects, devoting their time to renewing and energizing aspects of the neighborhoods in which they serve.

RED Day initiatives run the gamut: From rebuilding homes, refurbishing local parks, giving to local food shelters, hosting blood drives, beautifying beaches and so much more. Projects are chosen by each individual market center based on a need they see within its community

In our area, KWNYC has teamed up with The Food Bank of NYC to help feed hungry New Yorkers. Scores of our agents (myself included!) will be spending May 10th in the Hunts Point warehouse breaking down, assessing the quality of and repackaging food and nonfood products into sizes suitable for distribution to the city’s soup kitchens and food pantries. And if you’d like to contribute as well, we’re holding a virtual food drive to help support the Food Bank’s efforts.

We have accepted the challenge to hold a Virtual Food Drive in support of this fantastic organization. Help us reach our goal to donate a minimum of $2,000 to Food Bank NYC. The Virtual Food Drive is active NOW and will continue until Thursday, May 10th. Please visit our Virtual Food Drive and make a gift today! http://help.foodbanknyc.org/site/TR?fr_id=1300&pg=personal&px=1326641

Just like a traditional food drive, our Virtual Food Drive lets you shop from aisles of produce, meat, dairy and more. But thanks to the Food Bank’s wholesale purchasing power and efficient distribution system, your online gift can help provide more food – doubling or even tripling what your dollar can provide at the grocery store. Beginning today through May 10th, when you make a donation through our Virtual Food Drive, Peapod by Stop & Shop will provide you with a special offer to save on your next grocery delivery order. So donate now!

Lemonade Day:

Lemonade Day is a free, fun, experiential learning program that teaches youth how to start, own and operate their own business – a lemonade stand. It began in Houston, Texas in 2007. Since then it has grown from 2,700 kids to 120,000 kids in 31 cities across America and Canada in 2011 – including ours!

The foremost objective of Lemonade Day is to empower youth to take ownership of their lives and become productive members of society – the business leaders, social advocates, volunteers, and forward thinking citizens of tomorrow.

Each child that registers receives a backpack with an Entrepreneur Workbook that teaches them the 14 lessons of Lemonade Day like creating budgets, setting profit-making goals, serving customers, repaying investors, and giving back to the community. Along the way, they acquire skills in goal-setting, problem solving, and gain self-esteem critical for future success. They keep all the money they make and are encouraged to spend some, save some and share some.

If you know any kids that want to participate, email me at sedry@kwynyc.com or go to nyc.lemonadeday.org.

Northern Manhattan Housing Update

Sandy Edry — Fri, 06 Apr 2012 21:13:27 +0000

Many of you have asked me about the progress of sales in the various Riverside Drive Condominiums and, I am happy to say that in recent months, it has been going like gangbusters. Just since the beginning of this year we have sold or contracted nine of the 15 available units and we have accepted offers on two of those last six apartments. Moreover, while we are not yet approaching the pre-mortgage crisis prices, we are seeing significant price appreciation that, combined with several all-cash offers, seem to indicate the market is heading in the right direction.

Overall, in Northern Manhattan, we’re seeing this trend echoed as well. According to the well-regarded web site, UrbanDigs.com, the number of signed contracts in Washington Heights and Inwood are up 84.6% over the same time last year. While the mild temperatures this winter certainly helped spawn an early sales season, it doesn’t tell the whole story: the number of units in contracts now are almost identical to what we had at the HIGH point of last year in June/July (see chart below).

And across the city, StreetEasy.com has reported the average time an apartment is on the market has dropped five percent from where it was a year ago; inventory is also down by five percent.

That being said, we have a few great apartments currently available. Check out the next post to see them and make sure you tell your friends. Who better would you want to live near you than them?

An affordable 2-bedroom in Chelsea — Only $2800 in an elevator building!

Sandy Edry — Fri, 27 Jan 2012 22:14:03 +0000

[Video] Gracious and huge Classic 6/Convertible 4-bedroom with two full baths

Sandy Edry — Tue, 13 Dec 2011 00:15:54 +0000

This is the perfect example of what happens when a listing goes “stale.” This apartment, Unit 4H at 835 Riverside Drive, is a true gem, but sat on the market for a long, long, LONG time when it wasn’t priced properly. Now that it has been reduced to what amounts to a steal AND we’ve added a couple of great incentives, hopefully it will get snapped up soon. Will you be the lucky purchaser?

PRICE DROP *plus* SPONSOR WILL PAY FIRST 6 MONTHS COMMON CHARGES & TRANSFER TAXES for contract signed by January 15th.

Gracious and huge Classic 6/Convertible 4-bedroom with two full bathrooms and NOW with a Washer/Dryer hookup. Gut-renovated with all new hardwood floors, granite kitchen counters, stainless steel appliances, upgraded wiring, recessed lighting and much more. Formal dining room (that can be converted into a 3rd or 4th Bedroom). Low common charges ($808/mo).

It’s crazy that this apartment has been on the market this long, but at the new price, it won’t last long.

So don’t compromise on Manhattan living… Go north to see the beautiful and spacious Riverside Drive Condominiums, where you can still own a piece of Manhattan – without mortgaging your future. Steps to the 157th St. subway. The complete offering terms are in an offering plan available from the sponsor.

Property Details

Building Details

Web ID:	461982
Bedroom:	Classic Six
Bath:	2
Sq.Ft.:	1,380 (aprx)
Features:	Dining Room Washer/Dryer

Type:	Condo
Maint/CC:	$808/month
Taxes:	$248/month
Financing:	90% allowed
Style:	Low Rise
Amenities:	Elevator Pets Allowed Laundry Room

Play around with our interactive and 3-D floorplan:

Or click here to open it in a new window: http://pl.an/835RSD-hline

Click the photos below to enlarge:

[Show as slideshow]

To set up a showing or if you need additional information, call The Edry Group at 646-770-EDRY (3379) or email sedry@citi-habitats.com.

[Video] An “Irresistable” Two-Bedroom at 700 Riverside Drive

Sandy Edry — Mon, 12 Dec 2011 23:19:48 +0000

The renovations on this lovely two-bedroom apartment that faces Riverside Park and the Hudson were finished last week… and I am thrilled with the way it came out. What do you think?

Property Details

Building Details

Web ID:	513230
Bedroom:	Two Bedroom
Bath:	1
Sq.Ft.:	941 (aprx)

Type:	Condo
Maint/CC:	$712/month
Taxes:	$171/month
Financing:	90% allowed
Style:	Low Rise
Amenities:	Elevator Pets Allowed

Wake up every morning and look out at views of Riverside Park and the Hudson River, as well as a peek of the George Washington Bridge from this lovely two bedroom gem. Gut-renovated with all-new oak floors, recessed lighting, new wiring and a granite countertop kitchen with stainless steel appliances. Entry foyer has room for a dining area.

New laundry room in building. FANNIE MAE APPROVED! Close to both the #1 train and the A/B/C/D express stop.

Don’t compromise on Manhattan living… go north to see the beautiful and spacious Riverside Drive Condominiums, where you can still own a piece of Manhattan – without mortgaging your future.

Click here for more details.

Click photos to enlarge:

[Show as slideshow]

To set up a showing or if you need additional information, call The Edry Group at 646-770-EDRY (3379) or email sedry@citi-habitats.com.

Search vs Reality — Renters are looking for apartments that are 10% less than market value

Sandy Edry — Fri, 12 Aug 2011 22:02:52 +0000

The cold, hard facts of the current rental market were highlighted in the last post (“July Rental Prices Continue to Sizzle”), but that doesn’t mean people want to accept it! I ran a search of all the rental inquiries made in the last week on the Citi Habitats web site, which, as the #1 rental site in Manhattan should be a pretty solid barometer of what people want.

This first chart is a simple breakdown of the type of apartments people are hoping to find. As you can see, it’s the 1-bedroom and 2-bedroom apartments that are in most demand with 27.6% percent of the total searches each. Studios are not too far behind, but the demand for 3-bedroom units has seen a significant drop in the last couple of weeks. We can likely attribute that to the fact that most of the big roommate/share clients, as well as the larger families, have already ensconced themselves in new places before the start of the new school year.

In the second chart, I compare the average search price versus the actual average rental prices from this past month. Across the board, people seem to be searching for apartments that are significantly less than the market dictates. Which means, that more often than not, a customer who comes in our door will end up having to stretch their budget by around 10% more than they initially wanted to spend.

Believe it or not, that’s actually good news as the 10% figure is pretty typical (most people, whether buyers or renters, usually give themselves around 10% of wiggle room when they start their searches). When I did a quick check of similar figures last month, the spread between “want” and “can have” ranged from 15-20%.

While we’d all like to believe that means pricing pressure has let up a bit, it probably means that, as the summer market has progressed, people have gotten more realistic about the bucks they’ll have to spend.

And them’s the cold, hard facts…

PS. Decided to add one more chart: A look at which are the most searched for neighborhoods. Enjoy.

July Rental Prices Continue to Sizzle

Sandy Edry — Fri, 12 Aug 2011 21:06:23 +0000

Citi Habitats released our monthly rental market analysis today, which is chock full of good info as always. You’ll find it below, but before you go digging into it, let me highlight a few nuggets:

The average Manhattan apartment rented for $3358 during July 2011. This is slightly less than June’s average of $3372. Note: City rents peaked at an all time high of $3394 during May 2007. Rents remain only a few dollars away from the market’s peak.

The Manhattan vacancy rate during July 2011 was 0.86%. This is up from June’s vacancy rate of 0.69% but is still teeny weeny. It means for every 1000 apartments in Manhattan, there are only 8 that are available for you to rent.
Soho/Tribeca has the tightest rental market with less than half a percent vacancy; you’ll have a (slightly) easier time finding a place on the Upper West Side and Midtown where the vacancy rate is (a still miniscule) 1%.

In July 2011, landlords in a mere 7% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants (mainly in new developments). In June 2011, the percentage was slightly higher at 8%. A year ago, however, the percentage of leases that included a concession was a substantial 25%.

In a separate post this weekend, I’ll detail the type of apartments renters are currently looking for and compare the average rental price search versus the average July price for each type of apartment.

Feel free to write me at sedry@citi-habitats.com or put any questions you might have into the comment section below.

Have a great weekend.

Click here for a pdf version of the file