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June 2011 Newsletter

Greetings! 

Sometimes real estate sales situations involve estates where the estate administrator or Executor/Executrix needs to sell a property owned by the estate.  People in this position have a fiduciary duty to the estate, meaning they must act in the best interest of the estate.

 

We were contacted for just such a situation by SVP Lisa Wiener Koenig and her father, Alan Wiener, from Halstead, who had seen our staging at another property and were impressed with the results.

 

The administrator of the estate which held the property at 77 Bleecker Street in the heart of Greenwhich Village, realized the importance of investing in not only staging the vacant space, but also of making improvements and repairs to the space to eliminate buyer objections and to portray a lifestyle that target buyers for this building and area would aspire to. 

 

See the dramatic changes we made to the space in the Before and After pictures below, as well as read what the agents had to say about the results.  

  

Warmest regards,


Donna M. Dazzo, President
Designed to Appeal
 
In This Issue
Testimonials of the Month
Our Staging Transformation
Market Overview: New York, NY
Tips and Tricks of the Trade: Using Cable Systems for Window Treatments
Did you know...Independence Day
Market Overview: The East End
F/REE Closet Organization, Open House & Moving Checklists
 
Testimonials of the Month   
  

"I wanted to tell you how stunning the apartment looks. You have really done a fantastic job. We've gotten a tremendous amount of positive feedback from the buyers.  The apartment was unquestionably well received. Thank you so much!"  

Lisa Wiener Koenig  
  
Lisa Wiener Koenig, Senior Vice President
Halstead Property, LLC
  
  
  
  

"I had seen the pictures of the staging you had done for us but seeing it in person, it's a difference of night and day! You did a fabulous job, very very impressive.  I could not be happier with it. We will recommend you highly in the future to all of our clients. Congratulations, great job."  Alan Wiener

  

 

Alan Wiener, Lic Real Estate Salesperson

Halstead Property, LLC

 

StagingOur Staging Transformation

 

Once you see the "before" pictures below, you will know why we recommended the changes we did to update this apartment so as to eliminate buyer objections and make it move-in ready in order to sell at the asking price.  Buyers don't like projects and some of them can't even see past them to begin to even like a property.

  • Repaint the entire apartment in a more appealing color
  • Repair the missing wood floor tiles
  • Update lighting fixtures from the '90s to 2011
  • Make repairs in bathroom
  • Update kitchen appliances and paint cabinets

Here are the dramatic before and after photos:

 

Living Room before

Living Room Before

 


Living Room After

 Living Room After

Most buyers could not imagine the living room serving multi-functions of entertainment, relaxation and workspace without seeing it positioned that way.  Plus it's now warm and inviting
.
  
Dining Room before  
  Dining Area Before

 

Dining Area After
Dining Area After

 

Bedroom Before
Bedroom Before 
Could you imagine yourselves sleeping in this room or wanting to sleep in this room?  I know I couldn't and wouldn't! 
  
Bedroom After
Bedroom After

 

Kitchen Before
Kitchen Before 
The kitchen had outdated oak cabinets, almond appliances, and a brass lighting fixture as well as filthy linoleum tile floors. Counterspace was being hogged by the microwave.  
  
  
Kitchen After  
  Kitchen After
  
Bathroom Before  
Bathroom Before  
There is no other word to describe the bathroom before other than "disgusting"!  There was black mold around the tub, missing tiles (not visible in photo), burned out bulbs, etc.  A buyer wouldn't want to step foot in this room.
  
Bathroom After
Bathroom After
After the tub was recaulked, missing tiles replaced and all tiles regrouted and the bathroom received a good cleaning, it is now move-in ready. We've eliminated the buyer objection that they have to spend time and money fixing the bathroom before they move in (hence, lower their offer).  
 

   NYMarket Overview:
     New York, NY


According to Corcoran's May 2011 report:

 

"Contract activity has remained even from last month to this month for both condos and co-ops. Condo and co-op inventory increased every month since the beginning of the year. Negotiability has tightened across all price points from last year."

 

Market Wide: 

  • There are 9,489 units currently listed on the market.
  • New listings in May represent 22% of the total number of listings. 
  • The overall discount from last ask to sale was -4.3%, down 6.9% from May of last year.

The following is a comparison of May 2011 vs. May 2010:

 

Condos:

  • The median sale price of $1,335,000 represents a  decrease of 17%
  • The average price per square foot of $1,203 is an 8% decrease
  • Discount from last ask to sale at 4.9% represents a whopping 44% decrease
  • Days on the market decreased slightly to 242 
  • Listed inventory decreased 7% to 4,175

Co-ops:

  • The median sale price of $680,000 decreased 11%
  • The average price per square foot of $883 decreased 6%
  • Discount from last ask to sale is down 13% to 3.5%
  • Days on the market also decreased slightly to 148
  • However, listed Inventory increased by 12% to 4,711
 
 
West Elm cable system 
 
 
Tips and Tricks of the Trade:  Using Cable Systems for Window Treatments

 

 

 

 

If you find yourselves in a situation like we did when we staged the apartment on Bleecker Street featured above, we had to resort to something other than the traditional tension rod or drapery rod.

 

We wanted to use sheer window panels to let in the light but obscure the poor condition of the window glass and not-so-nice view, however tension rods did not exist in the length we needed to span the window inside the frame. 

 

window

 

So we purchased a cable system from Ikea which allowed us to mount the system, and hence the panels, inside the window frame.  The cable itself is about 7' and can be shortened and tightened. 

 

Our sheers had a pocket top about 3 inches tall, so we had a seamstress sew a stitch across it lengthwise to break this pocket into two, 1 1/2-inch pockets.  We inserted the cable in the lower pocket, and the upper pocket extended above the cable to the inside top of the window frame. Clips can also be purchased to clip the panels onto the cable.

 

We have to admit the installation was not an easy process, but it was necessary. 

 

West Elm also sells this type of cable system on their website. Their cable is 20 feet long.

 
  
  

 

        Did you know....      
 
    
  
  • ...on June 28, 1776 Thomas Jefferson presented to Congress the first draft of the Declaration of Independence, which was drafted by a committee which included John Adams. 
  • ...the major objection by the colonists against being ruled by Britain was taxation without representation.
  •  ...Independence Day was first celebrated in Philadelphia on July 8, 1776 at which the first public reading of the Declaration was held.
  • ...on June 14, 1777, the national flag was adopted.
  • ...both Thomas Jefferson and John Adams died on Independence Day, July 4, 1826.
  • ...Congress declared July 4 a legal federal holiday in 1941.
  • ...the origins of "Uncle Sam" began when Samuel Wilson, a meat supplier to the U.S. army, stamped his packages "U.S".  Someone joked it meant "Uncle Sam".
 
 

 
     EastEndMarket Overview: The East End




 

All three of the market indicators: Median Price, Number of Sales, and the Dollar Volume of Sales, continue to show a downward trend versus  2010, with the exception of Southampton Town.

 

Note:  2011 figures through May have been annualized for comparison purposes.

  

East Hampton Town:
  • The median sales price decreased 5% to $895,000
  • The number of sales decreased 15% to 480
  • The dollar volume of sales decreased 33% to $ million 
Southampton Town: 
  • The median sales price increased 7% to $855,000
  • The number of sales decreased 4% to 1,001
  • The dollar volume of sales increased 21% to $1.928 billion  
  Southold Town: 
  • The median sales price stayed constant at $440,000 
  • The number of sales decreased 27% to 233
  • The dollar volume of sales decreased 19% to $153 million
 
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F/REE Closet Organization,
Open House, and Moving Checklists

 

Checklist


Download your FREE Closet Organization,  Open House and Moving Checklists,

Try our new Home Staging Savings Calculator developed by the Real Estate Staging Association (RESA):

 

Click on the calculator above, which will launch in a new window. 

 

For more detailed instructions, click here.


Home Staging
Consultation
(occupied homes)
 
For Manhattan and the Hamptons from Montauk to Southampton:  $350for the first 2 hours, $125/hour thereafter
Other Areas:
  A travel premium will apply.

Click here for more information and to schedule a Home Staging Consultation.


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