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April 2015 Newsletter

 

  

 

 

It looks like the apartment market in New York City is becoming a seller's market. With inventory tightening, days on the market dropping, and number of sales the highest of any first quarter in 6 years, buyers are having a more difficult time of finding what they want.  See the article below.

 

But that doesn't mean you don't need to stage.  Sellers's apartments need to stand out from others AND why not reap multiples of the investment in staging, which not only includes furniture and decor, but also the prep work of painting, floor refinishing, repairs and updates.

 

Our staging success story this month is a 2 bedroom/2 bathroom apartment steps from Central Park on the Upper East Side.  While it also had the added bonus of a sunny office, the apartment needed proper furniture and some decluttering. 

 

After staging the apartment with rental furniture and our decorative accessories, the apartment sold in 5 days at the asking price! Check out our before and after photos here.

 

Warm regards,

 

Donna M. Dazzo, President

Designed to Appeal 

 

 
In This Issue
Testimonial of the Month:
Our Staging Success Story:
Market Overview: New York, NY
Tips and Tricks of the Trade: Ways To Conquer Clutter In A Small Space
Did You Know...? The 2015 Cost vs. Value Report
Market Overview: The East End
FREE Closet Organization, Open House & Moving Checklists
 
  Testimonial of the MonthTestimonial

"This was the 6th project I have done with Donna! And once again she did not let us down as the apartment sold at the first Open House for the asking price. In this apartment Donna had a blank canvas. The owners trusted her vision and decided to take all their furniture out and leave her with a completely empty space where she could work her magic. And magic it was, because when she was finished the apartment was one of the sweetest, most inviting 2-BR homes I have ever had the pleasure of marketing. Once again Donna delivered not just what was expected but more! "

                               Corcoran, New York, NY
 
 
The owners of this apartment were very open to removing any pieces of furniture we could not work with.  So, because the sofa was taking up too much space in the living room and the lovely grandfather clock was a bit too traditional, we recommended that we start with a clean slate.  

So we brought in rental furniture and our decorative accessories and the apartment "sold" in just 5 days for the asking price!

 
Living Room After
 
Master Bedroom Before 
 
Master Bedroom After
 

Kid's Room Before 
 

Kid's Room After


Kitchen Before


Kitchen After


Office Before


Office After
 
city-lights-sm.jpg
   Corcoran
  Market Overview:
       New York, NY



  

"The beginning of the year typically sets the tone for the Manhattan market and this quarter the results were positive. First Quarter 2015 exhibited the highest number of sales for any first quarter in over six years. Inventory further tightened and days on market dropped. Given these dynamics, the Manhattan market is notably under-supplied. At the rate of sales over the past year, the number of currently listed apartments in Manhattan is equivalent to just 3.8 months of supply, well below the six to nine months considered market equilibrium. Buyer competition, especially for lower priced units, is significant. Median and average price climbed market wide and average price per square foot was also up."   
    

The following is a comparison of First Quarter 2015 vs. First Quarter 2014:

  

Market Wide: 

  • Listings on Market: 4,973 units which was a 1% decrease.

Condos:

  • The median sale price of $1.3 million is a 5% increase.
  • The average price per square foot of $1,731 is a 4% increase.
  • The listed inventory was 2,625 units which was a 5% increase. 
Co-ops:
  • The median sale price of $725,000 is a 3% increase.  
  • The average price per square foot of $1,102 is a 2% decrease.
  • The listed inventory was 2,409 units which was a 7% decrease.
 
 Tips
Tips and Tricks of the Trade:  
Ways To Conquer Clutter in a Small Space

         

With many New York apartment listings, because brokers are eager to get those places on the market you'll find photos included of the previous occupant's stuff. And many of the photos feature small apartments that appear very cluttered. Of course clutter is a challenge for anyone who lives in a house and owns things, but it is a particular challenge for tiny apartment dwellers. The following are a few tips from Apartment Therapy contributor, Nancy Mitchell, on how to conquer the chaos. 
 

Have Less Stuff (Purge, purge, purge!)

This first point is kind of obvious but it's worth stating again: half of the battle against clutter is just having less stuff to begin with. 
 
 

Have More Spaces Than You Think You Need
 

The problem with clutter is that it tends to expand, slowly, sneakily, so you need to go on the offensive. Besides just having a space for everything, it's smart to also have a few extra spaces, for the things that somehow just don't have a good place.  
 
Use The Walls
Wall-hung organizers and shelves are your new best friends. 

Stop Clutter Before It Starts
Creating a landing strip near the front door is a great way to control cutter right where it starts. You can do this even without a dedicated entryway, and it doesn't need to take up a lot of space. 

Let Yourself Cheat (a little)
If you have something that you don't want to get rid of but only plan on using once or twice a year, like a tent or a Christmas tree or a ball gown, consider putting it in storage. You may be surprised at how affordable it is. 

To read more tips within the entire article, click here!  
 

Didyouknow   Did You Know.....? 

 

The 2015 Cost Vs. Value Report

  

     

 

A tepid housing market and rising job costs have pushed back the payoff on remodeling projects. The 2015 edition of the Cost vs. Value Report, which compares changes in job costs with Realtors' perceptions of what those jobs bring to a homes' price at resale, reflects the mixed messages that were delivered by the housing market in 2014.

 

The cost-value ratio expresses resale value as a percentage of construction cost. When cost and value are equal, the ratio is 100%; when cost is higher than value, the ratio is less than 100%; when value is higher than cost, the ratio exceeds 100%.

 

The estimated cost of a pro doing a home improvement project rose 4.22% from what it was in the 2014 Cost vs. Value report.  Therefore many projects suffered a decline in value from 2014.

 

The chart below shows the estimated cost that will be recouped in 2015 for some of the remodeling projects homeowners undertake.  Entry Door Replacement had the highest cost recouped both nationwide and in the Mid-Atlantic states.  

 

 

 

For more statistics on other projects click here and to read the entire article, click here. 
 
 
 

 
     EastEnd
   Market Overview: 
          The East End




According to George R. Simpson, President of Suffolk Research Service, Inc., "The real estate market on the East end of Long Island is showing a healthy trend of recovery in all respects."


The following is a comparison of
First Quarter 2015 vs. First Quarter 2014, by town according to  Suffolk Research Service, Inc.

   

East Hampton Town:

  • The median sales price of $1,065,000 was a 7.8% increase.
  • The number of sales of 191 was a 9% increase.    
  • The dollar volume of sales of $306M was a 12% increase.

 Southampton Town:

  • The median sales price of $880,000 was an 8.8% increase.
  • The number of sales of 332 was a 2.6% decrease.
  • The dollar volume of sales of $605M was a 5% increase.
Southold Town: 
  • The median sales price of $499,500 was a 13.5% increase.
  • The number of sales of 87 was an 11.5% increase. 
  • The dollar volume of sales of $53M was no change. 
 
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