Warburg Blog

Selling a prewar loft in SoHo has become problematic of late because of renewed attention to AIR—artist in residence—zoning requirements. Though the law has been in effect since the early 70’s, it’s been virtually ignored—until now.  Although the reasons behind the new focus are sketchy, it’s clear that if the zoning rules currently on the books for SoHo were enforced strictly, real estate values would be undermined.  It’s time to amend the outdated ruling and acknowledge that SoHo is a different place today than 40 years ago.

Originally zoned for light industrial and commercial use, the masonry and cast iron buildings of SoHo were populated by artists in the 1960’s illegally.  During the next decade, the city enacted rules permitting artists to live and work in converted lofts in the M1-5A and M1-5B districts if one member of the family was certified by the Department of Cultural Affairs. 

From the beginning, the zoning requirement in co-ops (and later condos) was a veritable Catch 22:  only a certified artist could purchase, but certified artists rarely had the financial wherewithal with which to buy.  Loopholes were found and restrictions were passed over as mainly corporate professionals, bankers, traders, celebrities, entrepreneurs and foreign investors purchased SoHo loft spaces.  The neighborhood changed dramatically from the 80’s to the present, and property values rose steadily and substantially.  The attorneys I surveyed who all preferred to remain anonymous were in agreement:  “We didn’t worry about it,” said one.  “Everyone knew the law, but everyone including city inspectors looked away.”

The application from the Department of Cultural Affairs, available online, defines an artist as someone who on a regular and ongoing basis “is engaged in the fine arts, not the commercial arts, including but not limited to painting, sculpture, choreography and filmmaking, and the composition of music.”  There is no fee to apply and reference letters are required as well as copies of the body of work.  On the application, the Artist Certification Committee states that their purpose is not to judge the applicant’s work aesthetically, but “to evaluate the applicant’s degree of commitment” and determine whether there is “need for a large space in which to carry out such work.”

Over the years, when not all apartments in a building housed a certified artist, the city would issue temporary certificates of occupancy instead of permanent certificates.  For their part, co-op boards would ask buyers to sign a “SoHo letter” which was an affidavit acknowledging zoning requirements. 

A variety of reasons have been offered for the recent crackdown.  Certainly tighter lending guidelines is one explanation since traditional lenders will not lend in a building where the C of O is in jeopardy.  One attorney suggested that inspectors may be under pressure because of potential scandals.  Another speculated that the city may be looking for ways to raise revenue.

None of the attorneys that I spoke to believed that the city would ever evict loft dwellers because they could not produce proof of artist certification.  However, they agreed that city inspectors could make life difficult and expensive by issuing multiple property violations if the building came up short of certified artists.  Another lawyer suggested that under the terms of a co-op’s proprietary lease, a shareholder could be held in default.

Brokers and attorneys are divided on how they are advising buyers.  Until there is more clarity from the city, some are recommending that purchasers wait.  After advising about future repercussions, others described sophisticated investors who have negotiated significant price discounts and bought.

It’s unclear why the city is not prepared to change a zoning law whose intent no longer applies.  Certainly there is an element who wants to preserve the artistic character of SoHo’s neighborhood.  But doesn’t attaching a specific occupation to city zoning border on being discriminatory?  In 2009, housing law added “lawful source of income” and “lawful occupation” to the list of what landlords can not discriminate against.  

Though deals are being made in SoHo today, a good many buyers are turning away from quality loft resales because of uncertainty.  While you can negotiate a better price when there is risk, to maintain property values, fair trading should not be restrained by a very outdated and irrelevant AIR requirement. 

Last month Warburg Realty President Frederick Peters wrote two wonderfully informative pieces on New York co-ops: “Why Co-ops Work” http://www.warburgrealty.com/blog/?p=600, which discusses the merits of co-op living and “Fit For the Board” http://www.warburgrealty.com/blog/?p=603, a helpful primer on navigating the co-op board package process. As a broker who works with both buyers and sellers, I thought I might add to the conversation with some tips to think about as you embark on the search for the co-op of your dreams.

1.                  Use one broker. While it may seem at times that every other person one meets in the city is a real estate broker, the truth of the matter is, the community of the better Manhattan brokers is actually quite small and very tightly knit. Most of us know each other and contrary to the competitive, cutthroat and catty stereotype, we’re actually a pretty collegial group, loyal to one another, respectful of each other’s clients and careful not to step on toes.  Talk to friends and colleagues, do your homework to find a reputable broker you feel comfortable with, and stay loyal.  News about clients using multiple brokers spreads quickly and causes (i) embarrassment to brokers who make appointments for clients who may have already seen the property with another broker and (ii)  confusion, awkwardness and ill-will if you submit an offer on an apartment you first saw with another broker.  In 2007, to make sure WE are as highly trained as possible,  the Real Estate Board of New York—REBNY— created the New York Residential Specialist designation which recognizes leading residential real estate brokers in New York City.  It’s REBNY’s highest professional credential in residential sales and identifies those qualified Associate Brokers who have successfully completed an advanced graduate program designed specifically for the nuances of the New York City market.  I am proud to be an NYRS broker. For more information about this program, see https://members.rebny.com/nyrs_home.jsp

2.                  Make a good first impression. You should treat your viewing appointment like an interview.  However gracious and lovely the listing broker is, make no mistake, he or she is observing you, what you wear, your manners and reporting back to the seller. Listing brokers often root for certain prospective buyers they like and the more they like you — and your broker — the better your chances.  Arrive on time. Don’t wear athletic clothing, don’t bring your Starbucks latte or Diet Coke, don’t show up on the phone and make everyone a hostage to your phone call in the lobby and, if humanly possible, try not to take a call during the showing and, if you do, be apologetic and make it short. And remember it’s not only the broker you’re trying to impress. That person in the lobby or in the elevator for all you know is on the board. Finally, even if the apartment is an absolute hideosity, don’t walk in, take two steps, say “No” and just turn around. Find something nice to comment on and just say something to the effect of “I’m afraid it just doesn’t work for us.”  You never know, that same broker’s next listing may be for the apartment you do bid on and you want her to remember you favorably.

3.                  Admit you like the apartment. There’s a widely-held belief that one should never appear to like an apartment because somehow if the sellers know you want it, they will think you will pay up for it. In my experience, nothing could be further from the truth! Sellers want to sell their apartment to people who love the apartment as much as they do. It is their home and holds an enormous sentimental attachment for them.  I’ve had clients willing to entertain a lower offer because they knew the prospective buyers really loved their apartment and they just wanted to sell it to them for purely emotional reasons (over the person who comes across as purely focused on the price per square foot valuation). If you’re walking around finding fault with the apartment, you will come across as someone who’s difficult to deal with and possibly an undesirable neighbor. Particularly in a multiple bid situation, being perceived as rude, negative or difficult will really put you at an enormous disadvantage. Likability counts. It’s not called a “co-operative” for nothing.

4.                  Be discreet. Do not talk about the apartment until you get outside the building and are out of earshot of the doorman. Better still, walk to the next corner before you enter into a discussion about it.

5.                  Be nice to the doorman and building staff. Doormen and building staff will frequently speak to residents and brokers about prospective buyers, particularly if their impression is a negative one. 

6.                  Be prepared. I make every effort to have my clients have all their ducks in a row before we submit an offer. It shows you have your act together, are ready to go, are represented by a competent broker and conveys the message to the sellers that you will be easy to do a deal with.  If you can, complete and sign the REBNY Financial Statement required by nearly all co-ops and get a mortgage pre-approval letter so that you can submit them with your offer.  Oh, and that irksome form that your broker is asking you to sign? She’s not pulling a fast one on you. Effective January 1, 2011, all sellers and buyers must sign the ”NYS Disclosure Form for Both Buyers and Sellers” which simply states the terms of the fiduciary responsibilities your agent has to you.  The NYS Disclosure form is not a contract.  Its only objective is to ensure the buyer and seller know their rights in real estate transactions.  (See link http://www.dos.state.ny.us/forms/licensing/1736-a.pdf).  The NYS Disclosure Form needs to be signed in conjunction with sales exclusive signings, at the latest after the first day of showing property for a buyer, and anytime that relationship may change.  Don’t let it scare you.  It doesn’t obligate you to only use that agent, has nothing to do with who pays commission, and is simply a disclosure that must be acknowledged by your signature.    

7.                  Take the board package seriously. You need to treat the board package with the same level of seriousness as you would your child’s college application.  Ask for more reference letters than you need – more than likely someone will let you down. Impress upon your reference writers the importance of a well- written, anecdotal letter which should be about a page in length. The ideal writer is someone who knows you well and lives in a co-op in a similar building in the neighborhood.  If they serve on their board, even better. The letter should be addressed to the board, make mention of where they live, whether they serve or served on their board and include a phone number. Importantly, writers should also be reminded NOT to send the letters to the board but to deliver them to the applicant or their broker.

8.      Google yourself.  You can be certain the coop board will, as will the other broker. Make sure your Facebook page does not contain anything inappropriate, politically charged or incendiary.  And while you’re at it you would be wise to Google your children too and have a talk with them about the importance of creating a good impression.                           

9.         Get a pedicure. You laugh but you will be surprised by the number of times you will be asked to take off your shoes before entering apartments and you don’t want to be taken off guard. So put your best foot forward and head to the nail salon or at least invest in a good pair of socks!   

10.      Don’t be presumptuous.  I always tell my clients to tell as few people as  possible (and preferably  no one) about an accepted offer. Don’t ask to visit the apartment multiple times with your  decorator and family members. Don’t even think of calling the managing agent to inquire about the status of the package. And, whatever you do, definitely don’t act like board approval is a foregone conclusion.  If you hired a great broker and submitted the best board package you could, more than  likely things will work out. But anything can happen. This is New York. 

         Like most worth things worth doing, buying a co-op in Manhattan takes some effort.  It’s your broker’s job to guide you through the process and make it as painless as possible. In addition to the obvious tax and appreciation benefits, the psychic benefits of owning one’s home are inestimable. And someday soon, you will be congratulating yourself as you enjoy your new home in the world’s most exciting city.

I have always considered myself to be a broker that sells to persons with downtown sensibilities (though price and need for more space has dictated that buyer either purchase above 14th Street or to Brooklyn). That being said, I realized this weekend that it is really about selling to people who are invested in living in a community.

I went out with new buyers last Sunday. This couple lives in the East Village currently and are considering all sorts of options in their ‘hood: a straight up apartment, a live/work, an investment property, commercial space…so needless to say I had to serve quite the pu-pu platter of properties. We were fairly exhausted and as we were winding down on Avenue C around 9th Street–we saw a “for sale” sign for a building–which was a sort of garage-like space with an apartment (occupied–someone waved at us as he was smoking a cig). I took a picture of the address and the number of the broker who represented it.  I thought–okay, I will call this broker and get more information.

Right next to the building was a delightful cheeseshop called Barnyard Cheese. The proprietors were a lovely couple chock full of neighborhood gossip and limitless cheese samples. They quickly told us that the building has been on the market for over a year and the broker has paraded all sorts of potential buyers in there.  And yes, the man who waved at us while smoking was a gentleman named Vito who owned the bar next door, Speakeasy.

After thanking Barnyard Cheese for their information with a smile and a purchase of rosemary infused manchego (yum!)–I went around the corner to pair it with a bottle of wine at Brick Wine Shop. My buyers left me at that point and said this is where we want to live and do business–”these are our kinds of people.”

Back at the wine store, the shop girl/sommelier schooled me on wine in juice boxes (it is a thing people, who knew?) and reinforced that the building on Avenue C has seen all sorts of buyers without any luck, mostly due to price she thought. She asked me for my card and the owner called me the next day thanking me for my business. I let her know that I enjoyed doing business in the East Village so to call if she knew of anything.

Now don’t get me wrong, I love the virtual communities that I am connected to via Facebook and Twitter, but it was refreshing to engage face to face rather than by status update or tweet both personally and professionally.  It was a good reminder to me that I don’t have to log into a computer to figure things out.

As I attended two concerts over the week-end at the 67th Street Armory, directly across the street from the building in which I grew up, I was inspired to think about how much the city has changed, in every way, during my lifetime. As a sheltered kid attending private school and living  on 66th Street and Park Avenue during the 1950s and ‘60s, the Upper East Side was my village. It contained clean, small grocery stores, antique stores, a few restaurants along Lex, and fancy clothing and jewelry stores on Madison (which, like Fifth, was a two-way thoroughfare.)While I had a couple of friends who lived on 96th or 97th and Fifth, mostly I went no farther north than my piano lesson, on 91st and Lexington, which seemed like the upper edge of the known universe. The lower edge was, of course, Grand Central, from which we occasionally took the train to the country.  My father’s apartment, in Stuy Town ,on 20th Street by the East River, was an alien place in an alien world, populated by scary looking kids roaming in packs.  Except for visiting one friend at the Majestic, I never crossed Central Park to the Upper West Side.

When I graduated from college I moved to 92nd and Broadway, a completely new world of small shops and middle class residents. It felt like life in a new city. And then, after a brief detour to Brooklyn Heights, in the late 70s my wife and I bought the apartment at 86th and Central Park West where we live to this day. When we moved here, crime was rampant on many of the side streets near our home. Columbus Avenue held small local merchants: bakeries, bodegas, dry cleaners, drug stores.  Amsterdam was littered with crack vials. And Broadway was a paradise of Old World cooking, smoked fish, linoleum, and independent bookstores.

Over the years, our neighborhood has changed, for both better and worse. The small shops where we knew the owners and they knew us are mostly (though not all) gone. The melting pot flavor is gone, and there are many more upscale bars, restaurants, and high rises. There is very little crime, and it is hard to remember the time when we put signs in our car window saying “No Radio!” (and the windows got broken anyway.)  There are no crack vials on Amsterdam Avenue gathered around the pay phones where the dealers plied their trade.

The same thing has happened all over Manhattan. As crime has receded, and chain stores have proliferated, shopping in our neighborhood, or on the Upper East Side, or in Union Square, has grown more similar. So it is little surprise that real estate buyers who would once live ONLY between 59th and 86th Streets, between Fifth and Third, now look in Tribeca, and that those who wanted only the Upper West Side now look in Harlem. As for Central Park West, it has become a literal extension of Fifth and Park Avenues. As Manhattan has become safer, it has also lost much of the indigenous character which distinguished one area so strongly from another. Today the island is one large neighborhood with regional characteristics. You can walk around or ride the train at any hour of the day or night without fear.

I don’t miss the little village of my childhood, and I certainly don’t miss the crime ridden streets of my young adulthood. My kids grew up feeling at home all over New York. Cities evolve or die. For much of America, the last fifty years have left urban areas like donuts, their downtowns emptied or ghetto-ized while life retreated to malls and suburbs. Not here: Manhattan remains as vibrant and busy as ever, because the city is always changing. I love the wide open New York of today, where everyone lives everywhere (if only they can afford it!) Selling the city is my job and I am proud of it.

Whistle while you work. Well, in my case this is generally true, and on a gorgeous morning such as today, I can feel spring in the air!

I am not a coffee drinker, but I do enjoy having a cup of tea or hot cocoa most mornings. Recently, it  seems like I have a plethora of options, both old and new and coming soon – I stopped at one today. I can not resist things with chocolate in their name, so for the second time (at least) since they opened I went to Little Brown Chocolate Bakery & Coffee, which opened within the last month on 85^th and Lexington.  (For Nutella lovers-make sure to have that added to your cocoa).

Some of my other Upper East Side favorites include M. Rohr’s, Viand, Le Pain Quotidien (I love that there are three locations on the Upper East Side that are very local to either my home or the Warburg office on 76^th and Madison). Great places to meet for a power breakfast before I head to the office to tackle a busy day are Café Bouloud, Three Guys or Saint Ambreous. If I’ve been in midtown early in the morning, on my way north, there’s Nespresso Boutique Bar and the two other Le Pain Quotidien locations to stop in at.

Oh, and coming soon, “Untitled”, a new Danny Meyer restaurant opening at the Whitney – can’t wait to go!

So, if you live or work on the Upper East Side, what are your favorites? Or, if you want to live near any of these fantastic places, let’s chat, perhaps over a coffee sometime.

via yournycrealestateresource.com

What an exciting week in the news, bookended with two huge stories. It started with the Huffington Post and AOL mashup (darn you Glee–you seem to creep into everything) and ended with Hosni Mubarak stepping down as President of Egypt. While the latter may affect Beverly Hills real estate–the former is about to change NYC real estate.

AOL’s purchase of HuffPo gave Arianna Huffington a 315 million dollar payday-most of which was in cash (she is a smart cookie–cash has never been more king than now). It also clinched a permanent move to NYC. Celebrity real estate watchers have been eagerly noting that her ex-husband has been checking out West Village townhouses for about a year now.

It made me think–where would I direct Arianna if I were advising her? If she didn’t go for townhouse living–which buildings would make sense for her? After all, out of the many things Arianna represents it is community–so it seems she could so easily embrace community living in a NYC building.

In many ways, this new home will marry many opposing forces in her life–old (new)media (AOL) and new media (HuffPo); east coast (think Empire State of Mind) and west coast (Brentwood baby–think swimming pools, movie stars); old money (thanks to ex-hubby) and new money (thanks to the visionary thinking of AOL CEO Tim Armstrong). Yes while Arianna is a citizen of the world, she is about to become a New Yorker.

It is reported that when Arianna is in NYC she uses a driver. I urge her to ditch that driver and start walking, subwaying or busing her way around–that is how we roll in NYC. In that vein-while celebrity buildings like 15 Central Park West, the Plaza and of course the AOL/TW building may be the usual suspects–a downtown building near the AOL/HuffPo offices of 770 Broadway makes a lot more sense–she could roll out of bed and man her battlestations. May I recommend the low key but beautiful architecture in the trio of coop buildings on 9th Street between University and Broadway, 29-35-45 East 9th Street that houses bold faced names from all walks of life–art, finance, politics, law, design and real estate. It does represent NYC at its best–we are not a company town like Los Angeles but instead a city of many disciplines and industries.

Lower Fifth may be a good place to hang her hat as well for both their style and proximity to work–1 Fifth and 40 Fifth are the two buildings that come to mind immediately. Also the penthouse at One Jackson Square could be a great fit too.

But of course privacy is key too–so  I understand why a townhouse in the Village–East OR West–could be the avenue she pursues to the end. But I do hope she at least considers a building. I would remiss if I didn’t urge her to consider Tribeca. An open renovated loft in an old warehouse building could be a great marriage of modernity and history on perhaps N. Moore or Harrison would also provide her with privacy. After all, these are the streets of JFK Jr, Robert Deniro, Jay-Z, Jon Stewart, Edward Albee. Need I say more?

Maybe she is already in contract but I can’t wait to see where Arianna ends up negotiating the tricky politics of a finding a home in New York City.

Here is what my agents are telling me about their experiences in the market at the moment:

* Throughout the marketplace, well priced apartments in good condition create buzz when they are first on the market.  Open houses are crowded, and frequently there are offers in the first few weeks, sometimes multiple offers. But traffic tends to fall off substantially after two or three weeks on the market, open house attendance dwindles, and the doldrums can set in.

* There is still ample inventory in the postwar studio, one bedroom, and junior 4 markets in most parts of town. Buyers looking at these listings are taking their time and still feel in control.

* Prewar one bedrooms, especially on the Upper West Side and the West Village, are still in demand. There is far less supply than in the postwar marketplace and these tend to get absorbed more quickly.

* As the properties get larger their numbers contract. Very few larger apartments are available on the Upper East and West Sides, in Tribeca and the Village, in Chelsea or in midtown.  The 6, 7 and 8 room apartments on either side of Central Park, if priced right, sell in a matter of days or weeks, often with multiple bids. Buyers are shocked by the lack of inventory.

* Very large apartments in the best locations are scarce and highly sought after. That said, ALL buyers are still price sensitive.  Even the best apartments will sit if they are incorrectly priced.

* The townhouse market, more than any other in Manhattan, has been resistant to price capitulation. Many of these properties are still perceived by buyers as too expensive and are therefore lingering on the market.

* The condo markets, downtown, midtown and uptown, are also very active. Many of the buyers are non-Americans.

* The rental market has slowed. There are a lot of tire kickers and inventory is not moving as quickly as it was a few months ago.

My agents also tell me that both buyers and sellers can be reluctant to sign the new Agency Disclosure forms which are now mandated by New York State. Buyers frequently believe they are being asked to sign an exclusive, whereas this is simply state mandated language clarifying whom we represent in a given situation. It takes time before people become comfortable with new requirements.

Overall the market is highly segmented, with high inventory and lower demand in the smaller more cookie cutter properties and low inventory and high demand for the larger properties, especially the properly priced prewars in top locations. While this scarcity has not yet produced a big uptick in prices, that certainly is a possibility as we move into the second quarter. Gradually, segment by segment, we seem to be seeing a seller’s market re-emerge.

I came across the popular World War II British slogan  “Keep Calm and Carry On” serendipitously this week on a friend’s Facebook status. I thought what a timely saying to meditate on. These are not easy times, globally, nationally and locally–and some days it seems like all of our glasses are half-empty, not half-full.

If you are a buyer in NYC, particularly downtown, you are probably frustrated by the lack of inventory and want to throw in the towel. Keep calm and carry on buyers because while as much as we want to will that perfect apartment onto the market, prices are mostly holding from 6 months ago in the mid-luxury sector ($1M-$5M) with some incremental upward price pressure.

Buyers, the search process, no matter what market we are in, is an interesting hybrid of a marathon and a sprint. Initially, think like a long distance runner and don’t burn out–work closely with your buyer’s broker to discern if an appointment is necessary to see the home and yes, I know it is hard but don’t refresh Streeteasy every 5 minutes. A few reasons for this–1. there isn’t so much new property hitting the market in the next six months and 2. your sanity. Check 2-3 times a day–once in the morning, once at lunch and once after the close of business. Yes, the market is moving fast for good properties, but these are homes, not stocks. Seller’s brokers want to expose the property to the market–so as a buyer, you won’t lose out on a property because you didn’t request an appointment within an hour of it hitting the market.

That being said, given that there is a lack of inventory, it is very possible you will find the apartment you want in the first day of open houses or appointments. Now the sprint mentality has to kick in–but do keep calm and carry on buyers–and kick it into high gear to pull the trigger if that happens to you.

The market of two years ago, in which buyers and tenants could write their own tickets, is  behind us. The rental market remains tight, and owners are not paying commissions any more. And the sales market is brisk and undersupplied. However, some buyers still have not fully accepted that they are no longer in control of the process.. Prices have adjusted to fit the new realities, and one of those realities is that high quality property in ANY size is scarce. So prices have firmed up and time on the market ratios are dropping.

I spoke this morning on the phone to the owner of a top London agency with whom we are considering an affiliation. She informed me that in London prices have mostly returned to their pre-Lehman highs, although volume is down. The situation in our market skews differently. Prices, especially towards the top of the market, are down considerably from their astronomical levels of three and four years ago. But elsewhere in the marketplace we are seeing price records set, mainly because of scarcity. The prewar buyer has little inventory to choose from. Buyers think our agents are kidding when they plan a tour of properties to show them and there are only three or four things to see.  But there actually ARE only three or four things to see. And they are likely to be bought promptly if they are priced right. For us, there are buyers aplenty. Our ability to make deals depends on listings.

Today does NOT resemble 2006. Prices are not escalating madly (in most cases not escalating much at all.) No one is bidding 15 or 20% above an asking price. But as our sales volume increases, upward price pressure is reappearing in most parts of the market for 5 rooms and above, where inventory is limited.

So this is my message to buyers: don’t wait. For one thing, it may take a while to find what you want given the lack of high quality inventory. For another, the property you like may appeal to others as well and you may lose it if you are not ready to act. But most importantly, the sales market has returned to health.  Now is the time to make you decision and move on with your life. There will most likely not be more for sale in six months. It will almost certainly not be cheaper. Carpe diem!

This week a customer I have been working with since the Fall–she is pregnant and due in April and has a toddler in tow–said she just couldn’t physically go out and see the same old apartments anymore and to only alert of the “unique” ones.

So it really made me think of what a “unique” apartment meant for her–I mean just like beauty is in the eye of the beholder, so is uniqueness.

From the start they were looking for an aparment they could make their home comfortably for the next 10 years, either in Tribeca or Chelsea, modern fixtures and feel, ideally a 3 bedroom but more realistically a 2 bedroom with a home office due to price–and condo or coop with reasonable monthlies below $2.5M with doorman optional. Not a particularly unusual request–in fact at first blush it is fairly status quo request.

So I have really been thinking about what she really is asking me in the context of our market. We are in a marketplace where terms like “the homeless wealthy” are being bandied about because of the repeated complaint of no inventory–it reminds me of that scene where Julia Roberts in Pretty Woman returns from the Beverly Hills boutique with a clump of money and cries, “I have all this money and no dress!” I feel like I have a few buyers having that Julia Roberts moment.  So there aren’t many options, there are a lot of buyers circling out there, and downtown is, as always, really competitive.  Buying an apartment is much like the NYC dating scene!

And it led me to think–a unique property is like a good mate–it doesn’t necessarily look good on paper, but it makes so much sense once you meet him or her. Truthfully the unique property for most people is the one that they didnt even know they wanted (just like the perfect mate!)–it may check off  most of their boxes of price, neighborhood, etc–but something is just a little “off” on paper–it is our jobs as buyers’ brokers to figure out what that is. Clearly I have my work cut out for me.