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Greetings!
As I said last month, while the Manhattan market continues to be strong (see below), staging continues to be important in getting apartments sold quickly, as evidenced by our staging success story. This apartment received an offer just 2 days after the first open house, and multiple offers in the days that followed. The owner accepted one of those offers, but since the closing has not taken place, we cannot reveal the sale price. However, with multiple offers, you can bet it was a good one!
At the recent Real Estate Staging Association (RESA) national conference which I attended, Barbara Corcoran, real estate expert and star of ABC's Shark Tank, spoke to the President of RESA about the importance of staging.
Click on the photo below to listen to her interview.
Warm regards,
Donna M. Dazzo, President
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Testimonial of the Month
"Working with Donna was great from start to finish. Home staging is an essential part of the selling process. It allows the buyer to imagine themselves at home, comfortable and relaxed."
David Scholl, Homeowner
New York, New York
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Multiple Offers Received 2 Days
After the First Open House!!
The homeowner, David Scholl (see his testimonial above), was considering putting his apartment on the market and knew he needed to spruce up his bachelor pad before doing so. He spotted us in his building (77 Bleecker Street) staging another apartment and invited us in to take a look.
As you can see from the Before photos below, the apartment needed a lot of help. As we do with all owner-occupied homes, we started out with a Home Staging Consultation. We recommended the following to David, who did a lot of the work himself:
- Paint the apartment a more neutral color which we chose for him.
- Swap out the lighting fixtures in the foyer, dining room and kitchen which we chose for him.
- Add recessed lighting to the living room ceiling
- Put new closet doors on the foyer and bedrooms closets as the current ones were of an Asian style and taste-specific.
- Add a railing to the dining room to define that area, and also make it safer.
- Remove the personal clutter and TV mounted on the wall in the bedroom.
- Rearrange the bedroom furniture so that the bed is now the focal point upon entering the room.
- Purchase or rent dining room furniture (as there was none) and some pieces for the living room and bedroom. He purchased some on his own, and we got the remaining pieces for him from a furniture rental company.
- Purchase decorative accessories including new bedding. We chose items online
for him and he went to the stores and picked them up.
David was happy to tell us that he received an offer just 2 days after his first open house and then multiple offers followed right after that! He has since accepted an offer.
 Entry/Dining Area After
 Living Room Before
 Living Room After
Living Room Before
 Living Room After
Bedroom Before
Bedroom After
Kitchen Before
Kitchen After
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Market Overview:
New York, NY
"In February 2014, the Manhattan market showed continued price appreciation. Market fundamentals including inventory, buyer negotiability, and days on market indicate strength in both the co-op and condominium markets. Year-over-year the condominium market experienced a modest growth of 5% in average price, yet substantial growth in price per square foot, at 19%.
Co-op prices saw significant gains of 32% and 34% in these categories, respectively, in the condominium market two bedroom units showed the highest price per square foot growth, while three bedrooms led growth for co-ops. Inventory in both markets sustained the now, well-established trend of year-over-year decline. Reflecting diminished supply, the number of days on market decreased by double digits in both markets while the average discount from last asking price to sale price also shrank."
The following is a comparison of February 2014 vs. February 2013:
Market Wide:
- Listings on Market: 5,262, is a 16% decrease.
- New Listings: 1,370 is a 11% decrease.
Condos:
Co-ops:
- The median sale price of $715,000 is a 6% increase.
- The average price per square foot of $1,257 is a 34% increase.
- The listed inventory was just over 2,533 units is a 19% decrease.
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Tips and Tricks of the Trade: Key Decorating Tips That Can Improve Any Room!!
There are thousands of paint colors with various tints, tones and shades - each looks different from home to home because light sources vary as well. For color that is most complimentary to everything included in the room (uplholstery, artwork, rug, etc.), wait to make the choice till all variables can be accounted for.
2. Hang art work at the right height.
Galleries and museums hang artwork so that the center of each piece is 57 inches to 60 inches from the floor. This is because the average human eye level is 57 inches. In a room like this, where the ceilings soar, there might be a tendency to hang the art higher. Remember though, it needs to relate to human scale, not the structure's scale.
3. Create a focal point.
Choose your focal point and allow other items to take a secondary role. In this room the fireplace and the lighting work together as a collective focal point, which brings your eye to the center of the composition.
4. Vary the scale.
In this example, the oversize sunburst mirror frame fills the wall space well, and the sand dollars below make for an interesting grouping. However, they would be much too significant as individual pieces. Additionally, grouping arrangements like the sand dollars in threes and fives usually is more pleasing than even numbers.
5. Be Bold.
Personality is what makes a space great. Make your own statement and have fun. The more you try, the more you will begin to see what works and what doesn't.
6. Ignore all principles in favor of creativity.
Paying attention to some guidelines gives people a good foundation to begin furnishing and decorating their home. This may however, include some ideas that aren't quite practical for a particular space. In the event you are uncertain, try something personal, because chances are it will make you feel comfortable, which is very important. What you discover through your own intuition may surprise you as being the perfect addition.
View more key decorating tips here!
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Did You Know......The Beauty That Can Be Found With Contrast?
No matter your taste, elements of visual contrast are a great way to enhance interest in your home decor with the addition of personal flair. The unexpected will serve to awaken the senses!
Art is one of the best ways to introduce invigorating contrast into a space, and here are some examples where modern art breathes life into traditional rooms.
A simple pink circle painting creates a modern focal point and a vibrant
contrast to the green walls of this traditional dressing room.
Photograph of Jude Law by David Bailey
A small yet striking black and white portrait with a simple frame leans on
the mantelpiece here, providing a modern focal point
in an otherwise traditional room.
Artwork: "Vote" by Julian Schnabel
A provocative painting anchors this traditional living room.
A free-form black and red kinetic sculpture is a dynamic counterpoint in this understated classic-style living room.
A minimalist glowing screen and a Bubble chair - which is as much a sculpture as a piece of furniture - provide a counterpoint to traditional wood paneling here.
For more examples read the entire article here!
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Market Overview:
The East End
East Hampton Town:
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The median sales price of $995,000 was a 9.7% increase.
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The number of sales of 678 was an 21.8% decrease.
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The dollar volume of sales $1,078.8M was an 23.2% decrease.
Southampton Town:
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The median sales price of $760,000 was an 8.9% decrease.
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The number of sales of 1,464 was an .01% decrease.
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The dollar volume of sales $2,136.6M was an 23% decrease.
Southold Town:
- The median sales price of $440,000 was a 4.24% decrease.
- The number of sales 330 was an 25.5% decrease.
- The dollar volume of sales $220.2M was an 16.7% decrease.
Did you know that the priciest summer rental in the Hamptons is $1.3 million while the cheapest home for sale is $245,000? Read these and other interesting tidbits here.
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For More Info
During the Month...
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FREE Closet
Organization,
Open House, and
Moving Checklists
Download your
FREE Closet
Organization,
Open House, and
Moving Checklists.
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Home Staging Savings Calculator Instructions
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.
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