August 2017: Feeling Hot, Hot, Hot!
With just a few short weeks left until Labor Day, you may find yourself cramming in as much summer fun as you possibly can! Or maybe you’re trying to find a place to hang your hat before the school year gets underway. Whatever’s on your summer to-do list, we’ve got you covered! Read on for the latest news in real estate and the inside scoop (literally!) on how to make the most of these last few days of summer.
The Story: Back to School — Put on Your Real Estate Thinking Caps
The Jump Off
Your address matters. A detail as trivial as what side of the street you live on can determine which elementary school your child (or imagined offspring) will attend. And while school zones have always been at the forefront of the decision making process for NYC buyers, the spottiness in the current market drives home this point now more than ever.
It’s basic math. A home located in an in-demand school zone will sell for approximately 15% more than the same house across the street (but in a different zone). And although your lender (and its appraiser) may not acknowledge the distinction, repeated bidding wars on well-priced properties in good school zones speak for themselves. And well-zoned properties are good investments too, even if you don’t have kids. Whether you’re looking to buy a rental property or sell sometime in the future, a good school is a premium you can cash in on.
The Wrap Up
Don’t be tardy! Kindergarten applications are due in February, and usually proof of address is required to register for zoned schools. By April, registration is well underway, and parents are looking to provide a utility bill or proprietary lease to show schools they’re really local. So buy (or sell) now! And if you find yourself tangled in a bidding war, make sure to factor in the $25K+ of private school tuition you’ll be saving each year when you make your best and final offer.
Seems daunting? No worries! We’ve been through it all and can guide you through the school researching process to help you make an informed decision and buy a place that’s right for you.
The Conversation Cheat Sheet
Speaking of rentals, have you heard about what’s happening to StreetEasy?
If you know me, you know that I work tirelessly for my clients and customers, and I always have their best interests at heart. That is why I am concerned about StreetEasy’s deceptive turn in business practices. The new rental listing fee StreetEasy imposed on brokers (pay up or else fall into oblivion) sets up a false reality for the consumer. Buyers, sellers, landlords and tenants alike should be aware that StreetEasy has gone from an all-inclusive listing model to a pay-for-play structure that leaves out nearly half the rental market. On ethical grounds, I just can’t get on board.
Wait, there is more! REBNY (stands for The Real Estate Board of New York and is our governing body) just created the RLS as NYC’s first central listing data syndication much like MLS in the rest of the country. The RLS is sending REBNY member’s listings to over 200 domestic and international websites, including StreetEasy. What does this mean for the consumer? Super accurate, current listing data across all platforms — except on StreetEasy’s website because StreetEasy rejected the RLS feed resulting in approximately 40% less rental inventory and approximately 20% less sales inventory on their site compared to a month ago.
If you’re feeling nostalgic for the good ol’ days…
Check out the NYC Volkswagen Traffic Jam on Governors Island. Still feeling like a throwback? Dust off your spats and break out your best Charleston moves at the Jazz Age Lawn Party. And for some timeless fun in the sun, indulge in some of the city’s best ice cream.
What to say to that guy at the pool wearing a teeny tiny speedo…
Just cover it up. Co-op buyers (and renters!) should also beware that many buildings require 80% rug coverage of each apartment. Don’t know where to start? Check this out.
Speaking of starts, summer is nearly at its end! Make the most of beach season with a little picnic by the seashore. And while you’ll likely get covered in sand (though isn’t that the point?), check out this and this for doing it in style and go here for some yummy and healthy beach eats.
The Gabriele Moment
Here’s what I’ve been up to these past few weeks as I walk, bike and race between the bridges and the parks.
Life is all about making connections. Kayaking down the Charles River at the launch event for Compass’s new Boston office was not just about fun (though it was that too!). It gave the different branches of the Compass family an opportunity to connect, to get to know each other so that we can advise our clients about which local agent will handle other equally exhilarating (sometimes stressful) real estate transactions. We appreciate you referring us to your extended network of family and friends and we’d like to return the favor. If you are leaving the Big Apple, our ever-expanding Compass family can help you in your next chapter of life. Just ask us. Chances are we can connect you with a Compass agent in your new neighborhood.
They Said It
“Gabriele was willing to be as involved in the process as I needed her to be — very reassuring for a first-time buyer! I felt like she was my advocate right from the beginning, all the way to the closing — and beyond.” ~L.V., Buyer
Don’t take my word for it! Read more independent reviews of my services from members of Park Slope Parents.
In Case You Missed It
How will StreetEasy’s new broker fees affect New York renters? | CurbedNY
How to Research Schools Before Making Your Real Estate Decision | Brownstoner
StreetEasy’s rental listings plummet as agents push back against fee | The Real Deal