Saturday, February 15, 2020

A recent analysis we did of a property for a client

Here's a recent analysis that Norman did for a client. This is the level of service you can expect from the Burkhardt team regarding any property you may be interested in purchasing:



"Nice to meet you! I took a look at the listing and put together some comments on pricing.

So first of all, I personally love the Lincoln Square area, and it's a neighborhood that has really retained value for being such a major cultural and transportation artery. Proximity to the park is, obviously, always a plus as well.

First a question: Is there a washer/dryer in unit? It says so on the floorplan, but there's nothing about it in the listing despite mentioning the central building laundry. I'm going to go ahead and just treat it like there isn't a W/D, but if there is, we can make that mental correction.

There haven't been any recent sales in the building itself that we can use as "true" comps, so I had to go out into the surrounding blocks to find a more instructive way to view pricing. I looked at all of the sales in the neighborhood in the past 6 months and from a neighborhood and configuration perspective, two sales came closest: The first, at 91 Central Park West (at West 69th Street), is Unit 2F. It lines up with the unit you're looking at in that it was also a 2BR near ground level, it is comparable in size, and it also needed a fair amount of renovation. It differs from your unit in that this has an extra bathroom, a washer-dryer in unit. and is also in a doorman building with a gym and children's playroom. 91 CPW #2F was listed at $1.25mm, but traded well below ask at $995,000 in August after 196 days on market.

119 71st Street #5D is only one block up and was a newly renovated 2BR/1BA sponsor unit—standard grade renovation, but renovated nonetheless. The overall footprint is slightly smaller than your unit, but it has a washer/dryer in unit and sits on the fifth story—which would be arguably better natural light. This was listed for $975,000 and traded close to it in October for $965,000, after 36 days on market.

So where does that leave us? At their reduced price of $945,000, they are definitely sitting within striking distance of fair market value on this one. But current market conditions are certainly unfavorable to sellers, and I can see buyers wanting shave some more off the price for a number of reasons: The bars on the windows, for example, are always a reminder of being on the ground floor. Being on the ground floor, you do run the risk of added noise (and less natural light) that other units higher up don't deal with as much. The bathroom... Well, it needs help. The kitchen too, to a lesser extent. And finally, what are those two gigantic units in the bedroom? Is that the HVAC? It seems visibly and physically intrusive to the room. In my opinion, these are all reasons to try to negotiate down.

I suspect that the other buyer with whom they haven't come to terms with is probably on the wavelength as well, and if I had to guess, I'd say their offer is closer to $900,000. If I had to put a finger on it, I'd still want to see this land somewhere between $900-925,000—but after 90 days, the seller might not be able to deal with that reality. The fact is, though, that just down the block, closer to West End Ave, you can get a large 2BR/1BA in a full-service building for the same asking price in one of the city's most well-known co-ops, Lincoln Towers. (https://streeteasy.com/building/lincoln-towers-205-west-end-avenue-new_york/20l) It's obviously a very different kind of building, but it shows you what this unit is up against in terms of what other inventory there is out there. So again, unless there's something major I'm missing, I would personally cap this one at $925,000.

That's my two cents. Let me know what your thinking on this was.

Thanks!
Norman



Norman Brannon
Licensed Real Estate Salesperson
The Burkhardt Group"

Wednesday, February 5, 2020

Help Zoey raise money for JDRF! (Type 1 diabetes)






My daughter, Zoey, was diagnosed with type 1 diabetes in July of 2018. She's been an absolute trooper since those early and very dark days when she was first diagnosed. This is a chronic disease that affects millions of people around the world. It is also a very expensive disease. It can be financially devastating to those without insurance or adequate finances to afford even the basic necessities to stay healthy and alive, let alone the technology that allows one to live comfortable life why managing this 24-hour disease.

If you've got a few seconds click the link and make a small donation to our team that will be walking support of those with type 1 diabetes.

Thank you,

Keith

Link to Donate to team Zoey


Thursday, January 2, 2020

Happy New Year!

I know I've been a bit lazy with getting new posts up here, but it's been a very interesting/busy last quarter. Without a doubt the market remains favorable to buyers, current data is not great, but it's also not horrible. And at least from where we're sitting there are plenty of buyers actively looking, however they remain very particular. I will have a more detailed year-end report around the second week of January.

We are heading into the new year in a relatively strong position with about 13 deals in contract. We also had our last closing on New year's Eve, both parties needed to get the deal in for 2019, and it closed without a hitch. Here are some kind words from the buyer;

 "Thank you very much and our best to you as well for the new year. You have an excellent, highly professional team and we enjoyed working with them. We would not hesitate to use you again and to recommend you to our friends. Regards,
Bernie"

 Wishing everyone a very joyful, peaceful and prosperous New Year!

Keith
Keith@theburkhardtgroup.com

Thursday, October 24, 2019

Halstead open House index

I think this is a very interesting boots-on-the-ground report about what's happening every Sunday. Many thanks to Fritz Frigan at Halsted.

Good afternoon Halstead Open House Index followers and contributors!

I'm sending today's report for the second time today. We've received reports of the first email going to people's spam folders. I hope you at least received this email and sorry for the inconvenience.

Here is our report from this past, rainy, weekend. What do you think? Was it just the rain? Or was it the combination of rain AND slow, buyers’ market that influenced the traffic last weekend?

The average for all of NYC dropped to 2.38, from 2.62 the weekend before. October is sliding (3.00 on October 6, 2.62 on October 13 and now 2.38 on October 20! Ouch!). The good news is that we almost broke a record in submissions of open house surveys – we received 424 replies this week, just six short from our record of 430, from October 6th. Keep it growing! More data we collect, better and more reliable the statistics and analysis will be. Try reading all the way to the end of this report, I have more questions (and answers) for all of you.

When 98 open houses, out of 424, did not have a single soul to attend, you know it was slow. 23% of open houses were super lonely! The infamous “Sgt. Pepper’s Lonely Hearts Club Band’ now has over 1000 members, all real estate agents and brokers from NYC!

The most visited open house last weekend was the one held by Andreas Mann of Douglas Elliman, at his first open house for his new exclusive at 146 West 86th Street in Manhattan. A 3BR, $2.6M co-op attracted 14 parties! Here is in Andreas’ own words: “Hi Fritz, We tried to be really careful on pricing.
That was really it – and, it is in move in condition!”

Here I owe apology to Bahar Tavakolian from Compass. Last week she was the winner, and I referred to her as HE. Sorry Bahar. It was HER open house that attracted the most attendees on the weekend of October 13. (note to myself to check online bio and picture of every agent I mention in my weekly report).

Here is dataset. Let’s visit each borough:

Manhattan – tiny drop from the previous weekend: it was 2.26 last weekend, vs. 2.27 the weekend of October 13. I guess Manhattan is slow, rain or shine. Surprisingly busy in the Gramercy Park area (3.75) and Washington Heights (3.60). When Upper West Side scores 2.69, you just KNOW that the weekend was slow. Upper East Side was right there with 2.38. It must have rained harder on Sunday in Midtown East (1.76) and Midtown West (1.55). See the rest of the numbers below. Last year, on October 21st, 2018 weekend, the average in Manhattan was 2.20, from 299 open houses received. This week we got 320 results from Manhattan.

Brooklyn – the average tumbled to 2.87, from 4.19 the weekend prior. I do not recall when was the last time that the Brooklyn average dropped below 3.00. Above the average was in Park Slope (4.90), Williamsburg/Greenpoint (4.00), the rest was slow. Brooklyn Heights scored 1.71 and Brooklyn Other Areas just 1.87. See the rest of the numbers below. Last year, on October 21st, Brooklyn recorded 2.77 from 44 open houses. This week we received 68 replies from Brooklyn.

Bronx – the average nose-dived to 2.08, from 2.92 the weekend earlier. Again 13 replies from the Bronx county. See the number below.

Queens – attendance in Queens dropped 30% from the weekend prior: to 2.73, from 3.93 recorded on October 13. Above average in Queens Other Areas (4.83) and Forest Hills (3.25). Slow in LIC (1.43). See the rest below and watch for small sample sizes. Queens recorded 3.06 last year, on October 21st, 2018 weekend. We received 22 replies from Queens.

Wednesday, October 2, 2019

This is why we have no advertising budget! We don't need one!

"Keith, Christian and Norman, we cannot thank you enough for guiding us through our new home purchase. Really appreciate your hard work, insight, responsiveness and attention to detail. We used Corcoran for our prior home purchase and we both whole-heartedly agree that our representation was much better this time around. You guys have built a very good business. I have been recommending you to all of my friends, some of whom are just about to enter the market (so I hope you get some calls soon!). Truly top-notch work. Thanks again.

Jason C."

Friday, July 19, 2019

Owner has Authorized us to Accept $1,299,000!

Per owners instructions, we will not be changing the price in the RLS. This is a limited opportunity to make a great deal on a wonderful, bright Upper West Side two-bedroom!

Click here to see this wonderful UWS 2 bedroom!

Wednesday, July 17, 2019

Some Interesting Data from Fritz Frigan of Halstead




"1.      The downward trend in both charts for all four submarkets is unmistakable. Attendance started dropping off significantly after April 1, and particularly after May 1.
2.      Interesting how Upper East Side is marginally stronger than Midtown East and how they move in a sync.
3.      Very strong difference between Upper West Side and Midtown West in the first 3-4 months of this year….. Then in May and June UWS lost its momentum." Fritz Frigan, Halstead


If you're an agent or broker and you haven't already subscribed to his open house reports, I would suggest that you do.