The Art of Negotiation

Negotiating offers in today’s challenging real estate market takes a lot of skill, experience, and expertise. During the market highs, very little skill in negotiations was needed as buyers rushed to outbid each other. Agents were simply fielding offers and submitting them to their seller. Now, agents have to be a lot more diligent in handling the deal. The Bracha Group currently has 14 offers on the table on multiple properties. However, the average gap between the buyer... Read More

Contracts Signed Report

I have some positive news on the New York City real estate market to reveal. Prudential Douglas Elliman just released their latest Contract Signed Report which analyzes signed contracts at PDE from January 3-January 30, 2009. The report found some encouraging statistics, including: * Median sales price has now increased to $855,000 from $650,000 * Average sales price has now increased to $1,336,351 from $984,903 * Discount from Last Asking Price continues to increase to 13.6%... Read More

Who will be the next Kobe Bryant of real estate?

I read an interesting article in the New York Times, which stated that contrary to the popular belief that a softening housing market will lead to a sharp decline in new brokers, hundreds of New Yorkers who still want a piece of the action and are getting their brokerage license. The article stated that at the end of 2008, at the same time reports were being issued regarding the decline in New York City real estate prices, the state administered more than 700 licensing exams.... Read More

There is no I in TEAM

I just returned from the Pierre Hotel where Prudential Douglas Elliman held its annual awards ceremony. I am very happy to report that The Bracha Group was awarded the three highest honors including #1 Team in Gross Commissions, #1 Team Most Exclusives and #1 Team Most Transactions. I am so proud of everyone on my team for all of their hard work and dedication, this is an incredible accomplishment. The Bracha Group was also named the #1 Team in 2005 and 2006. I am so proud... Read More

Dubai or Not Dubai, no longer a question – UPDATE!

Lawrence Lee, a member of The Bracha Group just forwarded me this NY Times article. The article further supports the blog post I did on Dubai a few weeks ago. This article states that with Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners. Dubai’s unfinished construction projects are a tall-tale sign of a severe economic crisis. Share on Facebook Read More

If you can’t take the heat – get out of the kitchen.

I have met with industry leaders, politicians, and tastemakers over the past few weeks and they have all had interesting takes on market. Yesterday I had lunch with my good friend Seth Semilof, publisher of Haute Living. All of Seth’s clients are in the luxury market- he counts on them for advertising revenue. He told me that he believes that now is the time to grab market share. He said that many of his clients are viewing this time as an opportunity, when your competition... Read More

Government cap on wall st. salaries

There was a Wall Street scare yesterday and not one that had to do with the Dow dipping below 8,000 points. There was a major outcry when it was disclosed that the Obama administration is going to institute a salary cap on Wall Streeters employed by firms that received bailout money. Luckily (for some), we have learned that according to President Obama, executives at Goldman Sachs Group Inc., JPMorgan Chase & Co. and hundreds of financial institutions receiving federal aid... Read More

Help Me, Help You

In today’s market developers must ask themselves what can they do to make it easier for brokers to sell out their projects. One of the best tools out there is helping the prospective buyer get financing. I am handling the sales at Windsor Park, a luxury building located at 100 West 58th Street, The sponsor is providing up to 90% financing and is willing to give a 5 year loan at a 4.875% rate if you can’t get financing from the bank. This has been a very effective sales and... Read More

Challenging Times Call For Creative Minds

In today’s challenging economy it is important for brokers and developers to be creative and think outside the box. It is important to understand that you are not just selling a property, you are selling a lifestyle. Aligning your product with select brands can prove to be a very useful and effective tool in drawing more attention to your projects. Last Monday I read in Crain’s New York that developer Larry Silverstein was raffling off a trip to the Super Bowl to brokers... Read More