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Real Estate Market vs Commodity market

April 8,2018 | By DENNIS DENEV

Just recently I had a client put in an offer of $1m for an apt priced at $1.58m. That’s a hefty 1/3 off the value of the asking price. I found this strange because the apt is priced realistically, well in line with the current real estate market, so the offer was of course unacceptable. I was curious though. What was the thinking behind his low offer? So, we talked it over. It turned out that behind his low offer was a big assumption. He assumed that the real estate market would follow stock market prices and eventually lose its value too. Now, let’s clarify a few things. I know that we are off the 7-8 year cycle and the equity market has gotten more unpredictable. Yes, the VI...

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Why to invest in Parc Vendome Now and not in 3 Years

March 29,2017 | By Dennis Denev

The Parc Vendome building offers something of a mystery. The imposing edifice of this huge pre-war condominium is a lingering reminder of the quiet elegance of the 1930s. It’s located in the heart of the Upper West Side, its two flanks spanning 340-350 West 57th Street and 333-353 West 56th Street between Eighth and Ninth avenue. So far, so desirable. It’s a unique complex just a short walk from Columbus Circle with its 59th Street subway station, Central Park, and Time Warner Center. Nearby entertainment, shopping and five-star dining opportunities abound, so why have prices been lower than comparably specked residences in the same area? It seems curious that a landmark qu...

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It is Seller's Market!

June 19,2015 | By Dennis

Several days ago I spoke to a seller who was considering using my services for listing his apartment for sale with me. I was delighted that he called me. I am known to work mostly with foreign buyers; therefore, I am not really a “listing agent”, so you can understand my excitement. We met in the apartment and spoke. I toured the property and made some suggestions on how to improve the overall look of the property in order to make it more appealing to potential buyers. The homeowner agreed and he proceeded to the most important question—“How much should we price the apartment for?” Before I gave him my answer based on statistical data I had carefully collect...

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Why a lot of FSBO are homeowners who are difficult to approach

June 15,2015 | By Dennis Denev

Firs I should say that as a real estate agent who has dedicated the last 10 years of my life to learning the ropes in the business, I stand very firm in the idea that a professional agent can sell a property better than the owner himself. An experienced agent can be a very valuable resource of information and marketing and relate to their clients using past experience. Compare 10 years of experience vs “I just decided to pretend I am a real estate agent who can sell my house!” Of course real estate agen

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Apartments for Sale in Midtown East

April 21,2015 | By Solomon

Apartments for Sale in New York City are Hot! This is the busiest time of the year for NYC’s real estate market. The apartments for sale in NYC are literally flying off the shelf. A condo apartment in prime Midtown location, which would not get any enthusiastic buyers three months ago, now it attracts buyers who are willing to pay above the asking price. Buyers are not apprehensive at all and the open houses are full with people. The scarce availability drives the prices of the apartments in New York City up.

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Apartment For Sale in NYC

April 7,2015 | By Solomon

There are so many properties for sale in NYC. We constantly review and analyze the raw data for apartments in New York for sale. With the change of weather, the real estate market has changed. We now see an increased number of transactions compare to the beginning of the year, when things were more stagnant. The majority of the New York luxury apartment transactions occurred in new developments and condos in NYC. The volume of the New York apartments for sale is constantly changing with the ever growing demand.

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Foreign Investors Pour Funds into High-End Rental Properties in Manhattan

February 24,2015 | By Robert Moses

While the thought of paying almost $20,000 a month for rent might bring sticker shock to some prospective tenants, high-end rentals are becoming increasingly common in Manhattan. Recently, a two-bedroom condo at upscale Stella Tower was sold for a cool $5.35 million and then quickly listed as available for rent at just shy of $20,000 per month. As surprising as it might seem, such a quick turnaround of properties is notthat uncommon in Manhattan, where properties are highly sought-after and well-heeled tenants are more than willing to shell out surprisingly large sums for luxury condos. The ability to fill such properties is also serving to attract investors who are drawn by the strong renta...

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