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In 2008, before the housing bubble burst, inflation in the New York housing was similar to the current market. In fact, some argue that the market is worse today.

Due to regulations put in place in 2009, it is more difficult to purchase a house. The buyer has to have good credit and be able to make the mortgage payment. In the words of housing analyst Mark Hanson, the “…buyers have to fundamentally ‘qualify’ for the mortgage for which they apply” (2). The Mortgage Disclosure Improvement Act states that there must be transparency between the lender and the homebuyer. More specifically, that requires “…creditors to give consumers transaction-specific cost disclosures shortly after application for closed-end loans secured by a consumer’s principal dwelling” (4).

Photo via Tim Cook, New York Times

Rising mortgage rates are a concern in the current market, even though real estate consultant John Burns of CNBC believes that “90% of the nation’s markets are ‘affordable’ when home prices are weighted against income” (2). In fact, Robert J. Shiller of the New York Times states that “exuberant investors do not dominate the domestic housing market” and that prices will not spike, but increase slowly by 3.7% annually over the next decade (3).
However, instead of prices being driven up by the demand for housing (since buyers in 2006 easily qualified for a house), the gains in price housing are driven “…by a lack on construction, artificially low interest rates, and institutional and foreign all-cash buyers” (2). First time homebuyers are having trouble competing in a market when they are up against investors that make all-cash offers.

Instead of the problem of the marketing being mortgage back securities and synthetic CDO’s (collateralized debt obligations), the core of the 2015 “bubble” appears in the form of what the 2015 film The Big Short refers to as “bespoke opportunity tranches,” or more commonly coined Bespoke CDOs (1). Under these terms, the investors and the banks work closely together to achieve a certain level of financial “stability”.

John Bruns continues to say “you cannot compare affordability today to the heady days of the housing market where anyone could get a loan with no money down and artificial now illegal teaser rates” (2). If the down payment and mortgage rates are affordable in the eyes of a consumer, then a lender will ultimately decide if the buyer is qualified in the given market. If a homebuyer finds a property to his or her liking, then steps to perusing that investment is wise.

Written By Kylie Keller

(1) The Big Short, 2015 Film
(2) CNBC
(3) New York Times
(4) Federal Reserve

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Although the market is cooling down, New York City sales prices are at an all time high (1). 2015 brought New York City residential rental prices to all time high, and 2016 looks to be no different.

The rise in rental prices in New York City, and the ever- increasing mortgages rates as seen throughout 2015, buying is looking like an attractive option to many investors and prospective buyers. The suggestion is to “purchase sooner rather than later,” as rising rates could slow the buying process midway through 2016 (2).

The Manhattan luxury housing market is slowing down, with prices dropping since February through October of last year. That being said, with the price fall there is an increase in demand for homes “with fierce competition for home buyers” (2).

Photo via StreetEasy

With the rise of buyers’ interests in Upper Manhattan also calls for a rising demand of neighborhoods in outer boroughs. Areas such as Jamaica, Queens and Pelham Parkway in the Bronx are predicted to be a couple of the highest neighborhoods in demand this upcoming year (1). This is partially due to “…a population growth since 2011, more access to public transportation, and an increase in buyers” (3).

Alan Lighteldt of StreetEasy believes that 2016 will decrease growth in the market due to the “extremely low rental vacancy rates and a cooling in the sales market…” (1). Despite the decline in the housing market, the prices in Upper Manhattan in areas that are undergoing gentrification like Harlem and Inwood will increase to a predicted total of 10.2%, “…which is close to five times the city’s overall growth rate’ (3).

Between the cooling rates and the increase in demand for properties in up and coming neighborhoods, 2016 should make for an exciting year (and competitive) year in New York City Real Estate.

Written By Kylie Keller

(1) StreetEasy
(2) Home Buying Institute
(3) NY Curbed

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Photo via gothamist

We at Watson International are fond of the phrase, “New York City is the land of amenities,” and it’s true, all of it. After you’ve settled into your new home, the adventure begins in gaining familiarity with your neighborhood.

We acknowledge that for most, getting lost trying to track down the five star dry cleaners you found on Yelp is par for course. And on one damp night, watching the rain sweep the debris from the gutter, you’ll feel that desire to find a sanctuary to warm your throat, belly, and your bones. In this city of amenities, there is always a fresh crop of new bars and restaurants in any given neighborhood.

We thought we’d pique your curiosity to what’s debuted around the 2015/2016 helm. Led solely by the menus, décor, and press, we’ve gone ahead curated a list for your indulgences the next time you find yourself wishing you had a regular spot.

So start your trains, planes, automobiles, and Citi bikes: these picks have already received massive praise by Guest of a Guest, Zagat, and gothamist.

Photo via Guest of a Guest

The Bennett
134 Broadway, TriBeCa

Retro chic comes to TriBeCa from the makers of Dear Irving (Union Square) and Raines Law Room (Chelsea). Best-in-Cocktails goes to this establishment for its Meaghan Dorman curated “Audience Awards” liquor creations.

Destination: Bring your date, or just a few really chic friends.

Photo via Zagat

La Chine
540 Lexington Avenue, Midtown East

Glamour in spades at this newly debuted establishment. Located in midtown’s famed Waldorf Astoria Hotel, guests are welcomed to taste dishes from an array of Chinese provinces, not just one.

Destination: High-stakes date, or a client you wish to please.

Photo via gothamist

El Cortez
17 Ingraham Street, Bushwick

The owners from Williamsburg’s Commodore, beloved for its retro drinks and vibe, has created a duplex tiki-inspired bar for those in need of city escape. DJs tickle your musical fancy six days per week, Mondays excluded.

Special note: their taco salad (seasoned beef, beans, black olives, cheddar cheese, green onion, sour cream, etc) is a particular jewel amongst the menu, humbly priced at $11.

Destination: Boys and girls who want to make a night of it, letting their hair down and twirling free style.

Photo via New York Times

Combina
330 W Broadway, Soho

Adventurous foodies, here is your next mission. Chef and owner Einat Admony infuses Israeli and Spanish cuisines together; tasty, and of course, adventurous, tapas served on a long marble bar has plenty coming back. This place has been busy since it opened back in November.

Destination: A casual meal with anything but casual delicacies. Come early.

Photo via Zagat

Llama Inn
50 Withers Street, Williamsburg

A handsome door leads the way into this authentic Peruvian corner eaterie. This hot spot has your ceviche in check!

“Had dinner on a rainy Monday, so the vibe was laid back and neighborly,” said a pleased OpenTable critic. “Had a great meal starting with El Chapo, a wonderful mix of tequila, pisco, dry vermouth, and orange bitters.” Immediately following her drink of choice, the fluke ceviche and pork belly made their appearances and received rave reviews.

Destination: When a craving for home-cooked meals and a low-key, yet social, atmosphere is in order.

Written by Alexandra Gámez Carlyle New York

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Ralph Walker Tribeca lobby. Photo via Curbed NY

Since its inception fifty years ago, the New York City landmarks law has continued to protect the aesthetic character and fame of buildings and neighborhoods in Manhattan and the outer boroughs. In an environment of mass city development, Greenwich Village and a portion of the Upper East Side (East 59th to East 79th Street; Fifth Avenue to Third Avenue) wouldn’t retain near the historic authenticity they currently claim without this law.

Designated protector, the Landmarks Preservation Commission has claimed four historic districts and six single landmarks in 2015 alone.

Arguably considered an alternative preservation method, conversion of an individual building from one purpose for another (usually commercial to residential) was a favorite feature in industry news this year.

Here are a few of our 2015 favorites as noted in YIMBY New York and Curbed NY.

Photo via YIMBY

581 Stone Avenue, Brooklyn Public Library, Stone Avenue branch

Andrew Carnegie was the original proprietor, bequeathing funds for construction that took place between 1913 and 1914. The building was designed by William B. Tubby and called the Brownsville Children’s Library. Today, the library is simply known as the Brooklyn Public Library and its recently landmarked branch, Stone Avenue.

Photo via Curbed NY

Hudson Yards 7-Train Extension

Hudson Yards is quickly building upwards and outwards. Debuting the neighborhood’s new 7 train stop, known as 34th Street Hudson Yards on 11th avenue, will connect it to 42nd Street, Grand Central to the east.

Photo via YIMBY

70 to 84 Hancock Street, Brooklyn

Just last month, Brooklyn’s Bedford-Stuyvesant neighborhood gained a landmarked district, running from 70 to 84 Hancock Street.

The Bedford Historic District encompasses 824 buildings constructed around the turn of the 20th century. Noted for residents’ particular advocacy to preserve the buildings’ interior details post-Second World War, the area maintains a regard of historic authenticity.

Photo via Ralph Walker Tribeca

Ralph Walker Tribeca

Ralph Walker’s art deco buildings are being converted to luxury condos throughout New York City. Ralph Walker Tribeca, neighbors with One World Trade Center, offers über chic residences with calacatta gold stone kitchen countertops and vanilla cream marble floors. The “individually programmed terrace experiences,” four to be exact, are individually furnished and landscaped for a lush ambiance.

Written by Alexandra Gámez Carlyle New York

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Around this time last year, DNAinfo released a set of predictions for New York City’s 2015 real estate market. Over a two year period, the city has experienced a housing boom, launching large-scale luxury condominiums and rental buildings in waves, expanding into Upper Manhattan, Long Island City, Brooklyn, and the Bronx.

We’ve taken a moment to provide some insight into what has been happening in the market. Get ready: you might be surprised.

No. 1: Price Growth Cools in Manhattan…

StreetEasy’s hallmark data scientist Alan Lightfeldt predicted a price slowdown on the island. Oh, the prices would still rise, he said, but they would do so at a “healthy” 4 percent rate.

In actual fact, resale prices rose 6.3 percent. Keep in mind, however, that the rate of price rise over the past 18 consecutive months has been moving on a downward slope. Prices aren’t rising as fast as they have been two or three years prior. Watson International has its own explanations as to why this is, including new development supply across the five boroughs, satiated international demand, and limited American income growth.

No. 2: …But Brooklyn (plus Queens) is Immune
Noted in DNA’s list, Lightfeldt predicted that prices would continue their uninterrupted march upward, and with that, their combined year over year growth rate. Into Q3 2015, he used the Brooklyn Price Index to discover that Brooklyn’s market has slowed down to less than half of what it was at 2014’s half-point (July)— 5.3 percent.

This news has grey in it: the Corcoran Group’s own Q3 Brooklyn market report congratulated the quarter’s listings for breaking price barriers. The average price topped $1M for the first time since 2008. Median price per square foot took a giant step forward, increasing 31 percent/surpassing $1,000 dollars since last year.

No. 3 Amenities Get ‘Cool’

As of late, this has been a theme in our In the Neighborhood blog series whereby we detail the latest developments in the five boroughs. Developers are increasingly adding “Wow-factor” amenities to win over buyers with many options, whether in Manhattan or Brooklyn.

New development buildings tend to be luxurious, on and off the island. And since, to New Yorkers, luxury tends to be synonymous with exclusivity, developers have been hard at work creating private concrete avenues and elevators that will accommodate their VIP buyers. Boutique buildings with a handful of floors and residences are especially noted for their privacy features.

Outdoor garden terraces and fire pits, shown in renderings for buildings like 303 East 44th Street and 505 HighLine, are increasingly becoming standard fare among new development.

Brooklyn’s Prospect Heights is experiencing its own amenity glory with a series of Pacific Park buildings. Among them, 550 Vanderbilt will feature dedicated amenity space in excess of 10,000 sq ft. Currently in soft sale phase, the luxury residential building will offer its residents a ground-floor library, living room lounge, private entertaining rooms, and alfresco seating, according to its Curbed feature.

Written by Alexandra Gámez Carlyle New York

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Watson International has been busy this year. We’ve gone from Top Listing Broker at Keller Williams to Top Listing Broker for three consecutive months at the Corcoran Group. This has been a stellar year with a brand new and stellar team. Stay tuned; we have much more to share with you in the coming year.

Watson International’s Deals: Closed & Contracts Signed through December 2015!

Written by Alexandra Gámez Carlyle New York

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Photo via Curbed NY

As of late, a trend has arisen in the residential development world. In a city of 8 million people, there’s little room for privacy. Instead, privacy is a bit like a commodity—there’s demand for it and very little supply. Residential buyers who come with high and/or public profiles—your Domenico Dolces and Gigi Hadids—are seeking out newly developed buildings with only a handful of apartments (roughly 10-20 units) and comparable amenities found in any high rise coming up around Central Park.

Jeffrey Schleider, CEO of Miron Properties, explained to the Observer the source of buyer need to seek out buildings like these. Small talk, Schleider raises, is a burden that, when repeated on a day in and day out basis, is worth the specificity when scouting potential homes with a real estate agent.

Bill Kowalczuk, a Town Residential broker, illustrated the efficacy of certain amenities designed for little (unwanted) interaction. “I have seen [boutique 176 Perry residents] Hugh Jackman and Calvin Klein get out of their car, the door is already open for them and the elevator is pushed from behind the front desk so they can walk right onto the elevator, and then it opens right onto their apartment.” Bumping into unwanted attention, then, is largely precluded by the building’s features.

An enticing feature for developers, zoning limitations typically favor the shorter condo conversions. Financially, developers have less units to sell through, making their investment in a boutique safer than, say, one year for 200 plus units in a premium tower.

Photo via Trulia

Boutique residences are relatively affordable for the city. The average price per square foot is currently trading for $1,877 for boutique apartments. Compare that number with $1,440, the city’s average sale price per square foot for a resale apartment, according to Trulia’s latest market reports.

Written by Alexandra Gámez New York

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Photo via DDG of 180 E. 88th Street

Dec. 9

180 East 88th Street

From East 72nd and onward, DDG development is currently building the tallest tower on the Upper East Side at 180 East 88th Street. The site’s sales office will launch all 48 condos, built with impressive 16-foot ceilings, in the coming months. Prices have yet to be released.

Although DDG is keeping mum on the actual apartment interiors, the firm has released several mock-ups, building models, and material swatches for its online visitors.

Image Via 180 E. 88th Street

118 East 60th Street, 29G

The Watson International team at Corcoran is pleased to present this exquisitely appointed Plaza Tower two bedroom, two bathroom corner unit residence with unobstructed and protected views.

Ideally situated off iconic Park Avenue in the prime Bloomingdale’s neighborhood of the Upper East Side, this home boasts the ultimate in location.

Expertly renovated throughout, no detail has been overlooked in the design and customization of this striking 29th floor residence. This state-of-the-art apartment features hardwood floors, custom closets and built-ins, a surround sound system, pocket doors throughout, and a spacious south-facing private balcony.

Excellent for entertaining, this home features a formal dining room with elegant archway entry into the spacious living room and access to the granite and stainless steel galley kitchen. The sun-flooded living room features southern and western exposures with a built-in entertainment system and book shelves.

The king sized master bedroom provides an en-suite marble bathroom and walk-in closet. The large second bedroom, currently used as an office, features custom built-ins sure to satisfy all of your executive needs.

The matching furniture and artwork throughout this exceptional home, which make it feel like a page out of Architectural Digest, may be purchased in addition to the apartment. Plaza Tower is a premier white glove cooperative with a full time doorman, concierge, roof deck, impressive marble lobby and picturesque semi-circular driveway with a statement fountain at the entrance.

Priced at $1,759,000.

For enquiries, please contact Antonia Watson of Watson International at the Corcoran Group.

Photo via Guest of a Guest

Table for One: Sushi of Gari

402 East 78th Street

New York City’s Guest of a Guest, a site meant to provide recommendations to the city’s seekers of elegant entertainment and dining experiences, has named Sushi of Gari among its top ten prime options to dine solo.

When you’re hungry and prepping between appointments, this is the place to go for your futomaki.

Sushi of Gari offers a signature Omakase sequenced meal, in addition to an a la carte menu.

Written by Alexandra Gámez New York

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Photo via Crain’s New York Business

Dec. 2

Pier 57

Chelsea’s 12th Avenue and pier is currently undergoing massive retail, commercial, and cultural expansion with the Pier 57/SuperPier project.

Developer Youngwoo & Associates has partnered with RXR Realty to manage SuperPier’s commercial building process.

Responding to a 98% occupancy rate with the area’s Starrett-Lehigh Building, RXR chief executive Scott Rechler is foreseeing like demand for commercial and retail space with waterfront views and open layouts.

In addition to office space, a ground floor retail space, Youngwoo is working toward bringing in a spa and beach club with hotelier Andre Balazs, indoor-rock climbing Brooklyn Boulders, and the Tribeca Film Festival for the pier’s planned roof space.

The SuperPier’s cost, according to Mr. Rechler, will be in the area of $350 million.

Photo via Hudson Yards New York

Hudson Yards

Hudson Yards, distinguished by the western yard, spanning 11th and 12th Avenue between West 30th and West 33rd Streets and eastern yard, spanning 10th and 11th Avenue between West 30th and West 34th Streets, is Midtown South’s prominent cultural mecca coming soon.

Developed by Related Companies and Oxford Properties, Hudson Yards’ some 17 million (28 acres) is divided into office, residential, retail, and education space.

The project, according to its informational website, will break the record for the largest private real estate project in American history. It’s estimated that 24 million people will visit the area every year.

The site lists state of the art office towers, north of 100 shops, a portfolio of curated restaurants, 5,000 residences, gourmet food markets, a 750-seat public school, an Equinox branded luxury hotel, and 14 acres of public open space, as among the planned amenities.

Culture Shed at Hudson Yards

Essex Crossing

Essex Crossing, spanning Essex, Delancey, and Broome Streets, will feature a mix of residential, commercial, and cultural additions, such as a Regal Cinemas and an Essex Street Market with an urban farm on its roof.

The project’s centerpiece, connecting three buildings on the aforementioned streets, is the site’s Market Line running from Norfolk to Suffolk Streets. Market Line will house a 150,000-foot bi-level food market and a two-level promenade with 9,000 square feet of garden space, according to YIMBY.

Delancey Street Associates, L+M Development Partners, Taconic Investment Partners, and BFC Partners, are all working together on this project.

Photo via The Durst Organization

Halletts Point

Brought to the Queens waterfront by The Durst Organization, Halletts Point will cover 2.4 million square feet of waterfront land in Astoria, Queens.

Planned features for the area include residential buildings (20/80 affordable housing), retail offerings, a food market, a waterfront esplanade, parklands, and a new K-8 public school.

Written by Alexandra Gámez New York

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Photo via New York Tours

Dec. 2

Battery Park’s New ‘Destination’ Status

This past summer, the WSJ described the developmental changes taking place in Battery Park City—that western-most part of Manhattan lying side by side downtown TriBeCa. The area’s growing amenities, including concentrated luxury shopping centers like Brookfield Place and protected parks like Kowsky and Rockefeller, are attracting residential buyers keen on benefiting from upscale amenities right at their doorstep.

Home to the World Trade Center, businesses are quickly taking up free leasing space. High-end grocery markets like Le District and restaurants like Parm have been cropping up. Rental buildings like River & Warren have responded to overwhelming demand for the area and converted to condos. Residential inventory is so limited that one quoted Corcoran Group broker testified to bidding wars becoming more commonplace for the area.

The divided acreage between greenery and development, according to Battery Park City Authority president Shari Hyman, “has been about balance.” Buyers value this area as having a little bit of everything— a place to live and a place to work.

Photo via Watson International

Introducing: 30 West Street, 2C

Ideally located 1 bedroom residence in Millennium Tower:

Prime Battery Park City location close to Bowling Green 4,5 express train and 1,2,3 trains on Rector Place! This 1 bedroom, 1.5 bathroom apartment is located in a 35 story, pet friendly building.

As you enter this building, the foyer/reception area emits a grand atmosphere, constructed by the same developer as the Ritz-Carlton hotel next door. A building of the 21st century with LEED Gold certification keeps utility costs low. Its solar rooftop, and advanced mechanical and rooftop water cachet system, are all designed to save energy, as well as reduce building expenses.

This sun-filled 1 bedroom home at the Millennium Tower features high-end finishes, floor to ceiling windows, hardwood floors, and front facing views of Little West Street. The state of the art kitchen boasts Sub-Zero, Miele, and Viking appliances, granite countertops, and a wine chiller. The bedroom has plush white rug and the bathroom has an enclosed standup shower.

There is a 24-hour concierge, 1,500 square foot fitness room, bicycle storage, playroom, and valet parking.

Priced at $1,350,000.

For enquiries, please contact Antonia Watson of Watson International at the Corcoran Group.

Photo via Curbed

Stormproofing Battery Park

Mayor de Blasio has offered an estimated $100 million fund to spend on flood protection for lower Manhattan.

His administration is said to favor proposals that provide the region with additional parkland, in addition to raising elevation levels and adding flood walls. Starchitect Bjarke Ingels has also proposed a “Big U,” a 10-mile protective ribbon that continues from West 57th Street to Battery Park and north to east of 42nd street, according to design boom.

Hurricane Sandy affected an estimated $18 billion dollars worth of land and property.

Written by Alexandra Gámez New York

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