Talking Manhattan

Got a good one today on Talking Manhattan! Noah and John sit down with Nicole Gary, Founder of the Nicole Gary Team at Keller Williams NYC, to discuss the market at the start of 2024. Nicole is no stranger to the NYC markets. She's one of the hardest-working brokers out there, and with operations in Miami, she can speak to what's happening outside our bubble. Nicole talks about the recent increase in market activity, especially in luxury properties, with a notable contract in Manhattan Central Park Tower hopefully leading the way toward a rebound, and shares insights on maintaining client relationships, differentiating her team, and the significance of broker-to-broker relationships. Spoiler alert: gotta be authentic, persistent, and focused on relationship building. Good stuff from one of the greats!

Highlights:

00:53 - Market overview and performance in early 2024

02:04 - Impact of interest rates and buyer behavior in 2023

04:15 - Trends in the luxury real estate market

06:43 -Strategies for standing out in a complex market

09:15 - Addressing challenges with sellers in price negotiation

11:00 - Seller's mindset and market acceptance

12:57 - Importance of broker-to-broker relationships

16:06 - Building a luxury brand through high-end customer service.

Nicole's Team Page:

https://www.nicolegaryteam.com/

Nicole's Page at KWNYC:

https://kwnyc.com/associate/nicole-gary/

** Want to impress a buyer or seller? Use UrbanDigs Advisor! **

Need data to anchor a listing pitch or support a price reduction? Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a big discount so the ROI is literally OFF. THE. CHART. Email [email protected] and let us know what you need.

https://www.urbandigs.com/advisor/

Got questions? We got answers! Visit our forum:

https://www.urbandigs.com/forum/index.php?forums/main-forum.2/

Track the New York City real estate market with real-time data and charts:

https://www.urbandigs.com/

Link to our overview of Manhattan or Brooklyn real estate stats:

https://www.urbandigs.com/marketwide-charts/

For more Manhattan and Brooklyn real estate conversations:

http://www.talkingmanhattan.com/

Got a good one today on Talking Manhattan! Noah and John sit down with special guest Ryan Tomasello, Managing Director at KBW, to delve into the transformative changes coming to the real estate industry with a particular focus on new commission structures and the implications of lawsuits against NAR and other major brokerages. We discuss the impact on agents and consumers with potentially more transparent and lower commission rates and the evolution of market structures with increased competition and more diverse pricing models. As a Wall Streeter, Ryan provides a unique, outside perspective on broader economic effects, and in this episode, he underscores the need for real estate professionals to be ready to adapt to changes while effectively communicating value. This is a good one to help you stay ahead and remain competitive in our rapidly evolving industry!

Highlights:

02:06 - A high-level overview of what's happening

04:00 - Part of a much bigger storyline

07:50 - "There's a reset coming"

10:36 - Possible new revenue models

13:55 - The 80/20 rule

16:35 - Knock on effects

20:00 - Timeline

23:14 - Winners and losers

25:11 - Final thoughts

Ryan's page at KBW:

https://www.kbw.com/about-us/our-team/research/ryan-tomasello/

Ryan's page on LinkedIn:

https://www.linkedin.com/in/ryantomasello/

** Want to impress a buyer or seller? Use UrbanDigs Advisor! **

Need data to anchor a listing pitch or support a price reduction? Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a big discount so the ROI is literally OFF. THE. CHART. Email [email protected] and let us know what you need.

https://www.urbandigs.com/advisor/

Got questions? We got answers! Visit our forum:

https://www.urbandigs.com/forum/index.php?forums/main-forum.2/

Track the New York City real estate market with real-time data and charts:

https://www.urbandigs.com/

Link to our overview of Manhattan or Brooklyn real estate stats:

https://www.urbandigs.com/marketwide-charts/

For more Manhattan and Brooklyn real estate conversations:

http://www.talkingmanhattan.com/

Today on Talking Manhattan, Noah and John sit down with special guest Raphael De Niro, founder of the uber-productive De Niro Team at Douglas Elliman. With decades of experience, not to mention billions of dollars of sales to his credit, Raphael dives into the dynamic world of Manhattan real estate, discussing trends, market shifts, and even the future of housing in New York City. From the impact of renovations on property values to the intriguing trends in the luxury market, this episode has some great insider insights. Whether you're a newbie, a pro, an enthusiast, or simply curious about the Manhattan market, this episode is one to watch.

Highlights:

03:23 - The growing gap between renovated and unrenovated properties

07:18 - Pied-a-terre is doing better than the primary user market in the high-end

08:02 - Discounts are all over the place

11:46 - Can lower rates get the traffic moving again?

15:13 - The bull case for Manhattan

16:19 - Lightning round thoughts on pent-up demand and what 2024 might hold

22:13 - No better time than a slowdown to up your game

The De Niro Team:

https://deniroteam.com/

Raphael's page at Douglas Elliman:

https://www.elliman.com/newyorkcity/associate/527-a-556-rad/raphael-de-niro

** Want to impress a buyer or seller? Use UrbanDigs Advisor! **

Need data to anchor a listing pitch or support a price reduction? Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a big discount so the ROI is literally OFF. THE. CHART. Email [email protected] and let us know what you need.

https://www.urbandigs.com/advisor/

Got questions? We got answers! Visit our forum:

https://www.urbandigs.com/forum/index.php?forums/main-forum.2/

Track the New York City real estate market with real-time data and charts:

https://www.urbandigs.com/

Link to our overview of Manhattan or Brooklyn real estate stats:

https://www.urbandigs.com/marketwide-charts/

For more Manhattan and Brooklyn real estate conversations:

http://www.talkingmanhattan.com/

Today, Noah and John are joined by industry legend Steven James. Steven is the President and CEO of Berkshire Hathaway HomeServices New York Properties and has been in the trenches for over four decades. From good markets to bad markets, smooth deals to rocky deals, Steven has seen it and lived it. Today, he examines the key challenges and shifts in the 2023 real estate market and addresses changing buyer behaviors, pricing adjustments, and the new landscape agents must navigate. We also dive into the upcoming regulatory changes facing buyside commissions and the need for agents to demonstrate their value. Steven also discusses the impact of media portrayals on the industry and the importance of effective communication, particularly in complex transactions. All in all, this episode offers a concise overview of the evolving NYC real estate scene at a time when confusion and fear are starting to run high. Another must listen!

Highlights:

00:35 - What's happening out there?

02:25 - Recognizing the reality of pricing

06:05 - Regulatory change and agent livelihoods

09:00 - The importance of communication and understanding the market

12:55 - Agents need to articulate their value to consumers

18:45 - Real estate's public image and the potential resentment

22:37 - Buyers are the key

Steven's page at BHHS NY:

https://nyc.bhhsnyproperties.com/real-estate-agent/3583/steven-james

** Want to impress a buyer or seller? Use UrbanDigs Advisor! **

Need data to anchor a listing pitch or support a price reduction? Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a big discount so the ROI is literally OFF. THE. CHART. Email [email protected] and let us know what you need.

https://www.urbandigs.com/advisor/

Got questions? We got answers! Visit our forum:

https://www.urbandigs.com/forum/index.php?forums/main-forum.2/

Track the New York City real estate market with real-time data and charts:

https://www.urbandigs.com/

Link to our overview of Manhattan or Brooklyn real estate stats:

https://www.urbandigs.com/marketwide-charts/

For more Manhattan and Brooklyn real estate conversations:

http://www.talkingmanhattan.com/

Sean McPeak, founder of the Empire Collective at Serhant, sits down with Noah Rosenblatt and John Walkup to talk markets today. Sean's first market was in 2009, so in 2023, with buyside and sellside activity below typical seasonal levels, his experiences and lessons learned are super relevant. All in all, with an engaging mix of insights and real-world wisdom, Sean offers a grounded perspective on navigating Manhattan's complex real estate environment. Something for everyone here!

Highlights:

01:20 - What's going on in the markets today?

02:07 - Days on market not uniform

03:23 - Renovated vs unrenovated

04:51 - Seller sentiment today

07:21 - Could resetting ARMs bring new inventory?

09:02 - The price cut conversation

10:46 - Shift seen in closing prices, not yet asking prices

13:00 - Getting creative to get deals done

14:19 - Advice to new agents

The Home Team page:

https://hometeamnyc.com/

John's page at Elegran:

https://nyc.elegran.com/agents/john-dugan

*** UrbanDigs Advisor ***

Need data to anchor a listing pitch or support a price reduction? Try UrbanDigs Advisor today! Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a big discount. The ROI is literally off the charts! Email [email protected] and let us know what you need.

Got questions? We got answers! Visit our forum:

https://www.urbandigs.com/forum/index.php?forums/main-forum.2/

Track the New York City real estate market with real-time data and charts:

https://www.urbandigs.com/

Link to our overview of Manhattan or Brooklyn real estate stats:

https://www.urbandigs.com/marketwide-charts/

For more Manhattan and Brooklyn real estate conversations:

http://www.talkingmanhattan.com/

John Dugan, one of the top producers at Elegran | Forbes Global Properties and founder of the Home Team, sits down with Noah Rosenblatt and John Walkup of UrbanDigs to talk about the markets as they are (and as they aren't) today. John posts huge numbers in sales and rentals and can speak to all sides of the market. Moreover, his background serving as a Marine and working in a Michelin-starred restaurant taught him the power of training the mind. Good stuff!

Highlights:

02:33 - It's a cash buyer's playground out there

04:40 - Unrenovated units getting penalized

08:05 - Tracking the shifting market

11:13 - Where are we now?

13:06 - Nurturing buyers

15:11 - "An untrained mind is a weak mind"

18:17 - Thinking outside the box to get new leads

The Home Team page:

https://hometeamnyc.com/

John's page at Elegran:

https://nyc.elegran.com/agents/john-dugan

*** UrbanDigs Advisor ***

Need data to anchor a listing pitch or support a price reduction? Try UrbanDigs Advisor today! Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a big discount. The ROI is literally off the charts! Email [email protected] and let us know what you need.

Got questions? We got answers! Visit our forum:

https://www.urbandigs.com/forum/index.php?forums/main-forum.2/

Track the New York City real estate market with real-time data and charts:

https://www.urbandigs.com/

Link to our overview of Manhattan or Brooklyn real estate stats:

https://www.urbandigs.com/marketwide-charts/

For more Manhattan and Brooklyn real estate conversations:

http://www.talkingmanhattan.com/

Seth Levin, one of the perennial top producers at Keller Williams NYC and co-founder of the eponymous LevinKong Team, sits down with Noah Rosenblatt and John Walkup of UrbanDigs to talk about the markets as they are today. Seth brings over 20 years of experience to the table and shares his thoughts on the bipolar nature of today's market, what's winning (and what's not), as well as insights into discounts, why he's always moving forward, and advice for new agents. Good stuff!

Highlights:

00:37 - "This is the most schizophrenic market that I've seen in over 20 years"

02:46 - Who's buying today?

05:05 - Inventory winners and losers

10:50 - To understand discounts, understand motivations

14:35 - Being an idea presenter, not an order taker

20:32 - Don't dwell on the past. Look forward

23:32 - Advice for new agents

LevinKong Team page:

https://levinkong.com/meet-the-team/

Seth's page at KWNYC:

https://kwnyc.com/associate/seth-levin/

*** UrbanDigs Advisor ***

Need data to anchor a listing pitch or support a price reduction? Try UrbanDigs Advisor today! Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a big discount. The ROI is literally off the charts! Email [email protected] and let us know what you need.

Got questions? We got answers! Visit our forum:

https://www.urbandigs.com/forum/index.php?forums/main-forum.2/

Track the New York City real estate market with real-time data and charts:

https://www.urbandigs.com/

Link to our overview of Manhattan or Brooklyn real estate stats:

https://www.urbandigs.com/marketwide-charts/

For more Manhattan and Brooklyn real estate conversations:

http://www.talkingmanhattan.com/

Today, Noah and John are joined by Julianne Bond, the Sotheby's powerhouse. With over $1B in sales, Julianne has traded every kind of market, and she leans on that experience to break down the current market: the good, the bad, and the ugly. As usual, there are great nuggets, including how unrenovated units are getting punished, how buyer preferences are changing, and how to get through to stubborn sellers. Good stuff ahead!

Highlights:

0:41 - The challenges of today's market, especially for unrenovated units

3:30 - Buyers prefer condos

10:18 - Strategies that get through to sellers and the questions to ask

16:35 - The best thing to learn on day one

18:23 - Building relationship as an advisor

Julianne's Team page:

https://www.thejuliannebondteam.com/

Julianne's page at Sotheby's:

https://www.sothebysrealty.com/eng/associate/180-a-df22021812161011781/julianne-bond

*** UrbanDigs Advisor ***

Need data to anchor a listing pitch or support a price reduction? Try UrbanDigs Advisor today! Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a big discount! Email [email protected] and let us know what you need.

Got questions? We got answers! Visit our forum:

https://www.urbandigs.com/forum/index.php?forums/main-forum.2/

Track the New York City real estate market with real-time data and charts:

https://www.urbandigs.com/

Link to our overview of Manhattan or Brooklyn real estate stats:

https://www.urbandigs.com/marketwide-charts/

For more Manhattan and Brooklyn real estate conversations:

http://www.talkingmanhattan.com/

Today, Frederick Warburg Peters, the President of Coldwell Banker Warburg, sits down to join Noah Rosenblatt and John Walkup of UrbanDigs to talk about NYC's residential real estate markets as they are today in the summer of 2023. Fred is a legend, and in this wide-ranging conversation, he touches on, among other things, what's happening right now, challenges for market participants, working strategies, and why AI needs a human touch. Great stuff on everything from today's market to growing your business from one of the best in the business!

Highlights:

0:50 - Why today's market is challenging

5:14 - Thoughts on renovation

7:45 - Summer, interest rates, and other issues

11:22 - Increasing price reductions means increasing opportunities

16:50 - Strategies for buyers, sellers, and agents

20:27 - Using data to boost success

25:27 - Thoughts on AI

34:15 - Why the human touch remains important

Fred's page at CB Warburg:

https://cbwarburg.com/agent/frederick-warburg-peters/

Fred's Forbes Articles:

https://www.forbes.com/sites/fredpeters

*** NEW ***

Need data to anchor a listing pitch or support a price reduction? Try UrbanDigs Advisor today! Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a big discount! Email [email protected] and let us know what you need.

Got questions? We got answers! Visit our forum:

https://www.urbandigs.com/forum/index.php?forums/main-forum.2/

Track the New York City real estate market with real-time data and charts:

https://www.urbandigs.com/

Link to our overview of Manhattan or Brooklyn real estate stats:

https://www.urbandigs.com/marketwide-charts/

For more Manhattan and Brooklyn real estate conversations:

http://www.talkingmanhattan.com/

Ben Blumenthal, the founder and principal broker at Noah & Co. and a specialist in Midtown Manhattan office space, sits down with Noah Rosenblatt and John Walkup of UrbanDigs to talk about the NYC office sector. Ben shares his thoughts on the current state of the office market in the city, the ability of landlords to manage change, the impact of remote work, cap rates, and much more. Ben knows the nuances and intricacies of this market very well, and it shows. A must-watch/listen for NYC real estate folks!

Highlights:

0:53 - What's happening in the NYC office market?

3:03 - Vacancy rates

6:00 - Landlord concessions

7:45 - Remote work and the evolution of the office market

13:10 - Cap rates

14:51 - Liquidity

17:20 - Can landlords withstand the drawdown?

18:47 - Looking ahead & the inspiration of NYC

Ben's Team Page and Noah & Co.

https://www.noahre.com/team

Link to the article mentioned in the podcast:

https://www.curbed.com/article/nyc-office-real-estate-rechler-rxr-project-kodak.html

*** NEW ***

Need data to anchor a listing pitch or support a price reduction? Try UrbanDigs Advisor today! Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a discount! To get started, email [email protected] and let us know what you need.

Got questions? We got answers! Visit our forum:

https://www.urbandigs.com/forum/index.php?forums/main-forum.2/

Track the New York City real estate market with real-time data and charts:

https://www.urbandigs.com/

Link to our overview of Manhattan or Brooklyn real estate stats:

https://www.urbandigs.com/marketwide-charts/

For more Manhattan and Brooklyn real estate conversations:

http://www.talkingmanhattan.com/