PA Realestate agent Girard Hillary shares his story…

A few years back I was representing a client who wished to purchase a waterfront property.
I found an elderly lady (85) who said she was interested in selling her cottage. We
Settled on a price and within days I had my client and the seller meet. The seller reneged …
She was not prepared for a buyer to appear so soon. Ahead two years…
I brought the same seller and buyer together and a closing day was set. I arrived at
The attorneys office with buyer in tow at the appointed time. The seller had already
Arrived. We sat opposite the seller and exchanged amenities and buyer stated how
Excited he was about the cottage. The sellers attorney approached and said we
Would now move to the conference room and take care of the paperwork and exchange of funds.
The seller began to cry and stated she didn’t beiieve she could go thru with the sale!
She was now 87 years old. The buyer nearly fainted! Her attorney 20 years her junior sat down beside her and took her hand in his. He very gently told her now was the time to
“Let It” go. Twenty minutes later the buyer left owning his dream property.

Girard Hillary – Northeast PA

Category: Share

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Agent Voice

Category: Brag, Share

Home is Where the Heart is

HomeiswherethehearisLast night I submitted a great offer on behalf of my very eager buyers for a one bedroom co-op off Park Ave. It’s now coming up on 24 hours and we have yet to hear a peep from the listing agent. This is because he is at the mercy of an elusive seller. The seller, by all accounts, is a woman of a certain age who’s lived in this apartment for 20 plus years.

I did not have the pleasure of meeting her but people’s homes speak volumes and I can tell with absolute certainty the following “things” about her just from being in the apartment for 30 minutes:

 

  •  She’s single, undoubtedly divorced (at least twice)
  • Crazy as a March Hare
  • Loves the heck out of patterned wall paper
  • Has a great love of animals (alive or dead). For example paintings, jars and statues of roosters adorn the walls and shelves of her kitchen; life size statues of jungle cats sit vigil at the foot of her sleigh bed, and perhaps most telling of all, the very real zebra pelt spread across her bedroom floor (It felt weird and wrong to walk on).
  • She LOVES this apartment.

 

The last point is extremely problematic because the fact is, she’ll never sell.  Ever.  This apartment is her equivalent of the perfect husband – only better!  It can’t die, it can’t cheat, it can’t tell her she’s spending too much money, and it can never leave. It’s her safe haven. Her Old Faithful.

If this weren’t the case, surely our offer would have been accepted by now. Aside from her wild decorative tastes, the giant red flag is that she’s had the apartment listed for three years with four different brokerages!  It was initially listed for rent, asking an exorbitant amount. Then she changed her mind and decided to sell it, in what was a down market, for far over what it was worth. From then until now, the asking price and real estate brokerages have fluctuated as irregularly as a heart rate monitor hooked up to a patient waiting for a quadruple bypass.

My guess is that she’s simply testing the market to see what kind of offers she’ll get. Ironically, no number will ever be good enough because the larger it is, the more it validates her staying.

In the meantime our offer still stands but our search continues tomorrow…

 

Sage Advice

yin yang

yin yang

From Wikipedia: Feng shui  is a Chinese system of geomancy believed to use the laws of both Heaven (Chinese astronomy) and Earth to help one improve life by receiving positive qi.[3] The original designation for the discipline is Kan Yu (simplified Chinese: 堪舆; traditional Chinese: 堪輿; pinyin: kānyú; literally: Tao of heaven and earth).[4]

The term feng shui literally translates as “wind-water” in English. This is a cultural shorthand taken from the passage of the now-lost Classic of Burial recorded in Guo Pu‘s commentary:[5]

 

Major cities are cultural melting pots. According to a recent poll, Manhattan is #1 followed by Los Angeles and Miami. As a real estate agent, it’s interesting to see how peoples’ heritage influences what they’re looking for in a home. For example, in my experience, the British are partial to pre-war charm than to new construction. Again, this is only what I’ve witnessed and I don’t want to start stereotyping.

However one factor that is indisputable and crucial to some buyers is the ancient art of Feng Shui, a practice that is based on the Taoist philosophy of nature, particularly the belief that land is alive and filled with Chi, or energy.

We Yanks ignorantly talk about Feng Shui like we’re experts. “Sure, throw some bamboo on the counter, face the bed away from the doorway, and don’t have too much junk lying around.” If only it were that simple.

I previewed several co-ops today for my buyers. One of which I think they’ll really like. While doing my due diligence I noticed that several months ago it had signed contracts. When I asked the listing agent what happened he told me an incredible story.

The couple purchasing the unit were Chinese and devout Taoist’s to the extent that before they made an offer, they had their Mystic Sage come to advise them on the apartment’s energy, or Chi. He told them that it was good as long as they made some minor adjustments which included removing the crown moldings from the master bedroom. They proceeded with the purchase. Contracts were signed by both parties, and the massive board packages were painstakingly assembled by the listing agent and eventually approved by management. The happy couple went in front of the board and was approved the same day.

The walk-through and closing were scheduled for the following week. When the morning came, the listing agent woke up smiling; looking forward to a Champagne lunch in celebration of his closing and large commission check he’d soon receive.

As he strolled through the building’s double doors he was met by the couple — and surprisingly the Mystic. The wife explained that before closing, she wanted him to see it one last time.

When they entered the apartment the agent immediately sensed trouble.  The Mystic wasn’t responding as he had the first time and as a result the wife was distressed. The couple and Mystic talked quietly amongst themselves for a time until the wife confidently announced that they were very sorry but could not go through with closing. According to the Sage, the energy had shifted from good to bad between visits and therefore he could not in good conscience advise his pupils to go forward with their purchase. The agent was dumbfounded, depressed and probably wanted to strangle the Mystic (although that’s just my opinion).

To put the importance of Feng Shui in perspective, you have to realize how much the buyers were willing to lose by not closing – $90,000 to be exact. That’s a fortune to most of us.

I’m just hoping the apartment’s filled with good Chi when I bring my buyers and they leave their Mystic at home.

 

 

 

Get it – Got it – Good.

Every now and then we have the good fortune to work with clients who “get it”. They just get “it”.

They’re nice, punctual, respectful, reasonable, appreciative and they might’ve even done some homework and have knowledge of the market. They don’t try to negotiate an $8,000 per month luxury loft in Tribeca down to $5,000. They simply see it, love it, want it and do what they have to to get it.

I’m not saying you shouldn’t negotiate. In fact I’m all for it.  However, more often than not clients feel the need to “win” the negotiating contest in order to feel secure with their purchase (and themselves). It’s usually not a huge sum either.  In a rental it could be as little as $25.00 a month and in a sale $5,000 which in the big scheme of things is peanuts. A good agent will do whatever it takes to close the gap and sometimes that means sacrificing a portion of his/her commission.

I’m a homeowner twice over and understand wanting to get all the bells and whistles for the best price. However, there has to be an emotional connection too. Not crying in a corner emotional but rather that feeling, that love-at-first-sight cosmic connection when you walk through the front door. Otherwise it’s just another possession, not a home. When I bring clients to a property that they love, and they do what they have to to get it, it makes me happy because that’s what I would do.  Even if I have to spend a few extra bucks, in the end I’ve won the real prize which is my home. Of course when clients ask my advice and I tell them this they probably just think it’s part of my sales pitch. But at the end of the day, are you really going to walk over $10,000 on a 2MM dollar purchase simply out of spite or to win? Some people have.

This weekend, my intelligent, kind and grateful clients moved into their spectacular Tribeca loft.  Aware of my passion for cooking they sent me this extraordinary piece of crockery as a thank you gift.  Mazel tov guys and thank you for getting “it!”

 

Le Creuset French oven

Le Creuset French oven

 

Category: Brag

When Size Doesn’t Matter

Microscopic living or micro living has been getting a lot of press lately since plans for NYC’s new micro-community launched back in January. The 55 modular homes will range between 250 – 370 square feet.

One of the principal designers of nArchitects, the firm that will be designing the capsule-like spaces, said that some of the key features will be high ceilings “to give it a feel of spaciousness” and sliding glass doors opening up to Juliet balconies “so the tenant feels a connection to the city”. The units will also feature 70 cubic feet worth of overhead loft space (think the size of a cars trunk); deep closets and full size kitchens with pull out pantries and fold out counters.  The market rents for these units will be around $2000 per month.

So I get that these “micro” apartments are being designed with “tiny” in mind, but what about the hundreds of miniscule residences without the fancy features and hidden storage spaces which already exist in NYC? To me, 250 – 370 sq feet is “normal”.  In fact, I just signed a 6 month exclusive to sell a 295 sq ft studio in a pre-war coop in Midtown for almost $300,000. My points is, these microcosms are nothing new, rather just very cleverly marketed, and to be fair, designed.

If you want to talk tiny, two years ago I rented a 150 sq ft apartment to a European client. Her budget was $1400 and her first priority was to live near Lincoln Center.  I knew of only one building that had a studio available close to that price. However, the apartment was literally 150 sq ft (!!), and a tad over budget at $1450. I’ve been in closets much larger than this.

Nevertheless I showed her, she loved it and took it on the spot. I couldn’t believe it. I’d never shown an apartment of that size before but that’s besides the point. To her it was perfect, had everything she needed and was a block away from Lincoln Center. She wound up living there for a year and couldn’t have been happier.

Here’s what a 150 sq ft apartment looks like for $1450 per month:

Entry

Entry

Kitchen

Kitchen

 

Living room with loft bed

bathroom

Bathroom

 

What salary buys happiness in your city according to the Wall Street Journal?

While $75,00 is the national average, New Yorkers must earn over double that to achieve happiness at $163,500 per year.

Click here to find out if you meet the happiness threshold:

What salary buys happiness in your city?

Category: Advice

Mutual Misery? Really?!

I’m not sure if I agree with this article from The Real Deal : Landlords and tenants stuck in “stalemate” July rental market

For starters, while not everyone living in NYC is “moving up” due to the high rent prices, there is still a huge influx of college grads moving into the city this summer with impressive offer letters in hand from their prospective employers.

Secondly, most NYC renters were forced to move last year when their rents sky rocketed due to an improving economy.  For example, when the market was in the toilet you could easily get a studio in new development for less than 3k per month and lock into a multiple year lease at the same price or with very little increase. That all changed at the end of 2011 when landlords increased rent prices anywhere from 5%-10% (or more) so residents were forced to move and once again wisely locked into multiple year leases, which could be a reason why fewer New Yorkers are moving this year.

Lastly I think it’s fair to say, judging from this July 2013 rental report, that renters are unquestionably more miserable than the landlords.

NYC July 2013 Rental report

 

 

 

Category: Bad News

No Leg to Stand On

imagesI liken the process of securing an apartment in NYC to The Amazing Race, especially when it comes to renting. With a less then 1% vacancy rate, clients better be ready to sign on the dotted line when you find them the right place. Often, it’s a literal race to the finish line.

Recently I had a single, well qualified renter looking for a one bedroom apartment in Murray Hill. During our first two outings I showed him several apartments which matched his criteria but none that he wanted to call home.

Yet, I had an ace up my sleeve. I knew that any minute, the perfect one bedroom was going to become available in a certain building that he would love. Sure enough, a week after our last appointment, a beauty popped up within his budget. I wasted no time calling him and in less then an hour we were face to face in the lobby of said building.

In the elevator, on our way up to the 26th floor, I waxed on about how terrific the apartment was, how great the renovations were and what amazing views it had.  He was already smitten with the building so by the time we reached our floor, his excitement level was through the roof and I knew we’d soon be signing leases.

When we reached the corner apartment, situated at the end of a long hallway,  I opened the door and saw we had company. Another agent and his client, a smug looking fellow with a leg cast and crutches,  were already in the apartment. I gave them the requisite head nod and grabbed my dazzled client, hustling him into the bedroom (while still making sure to point out the generous closet space), then looked him square in the eye and asked if he wanted the apartment. He enthusiastically said: “Yes”!

I could hear our competition whispering fervently to each other in the other room so I knew that Crutches wanted it too.

GAME ON.

My client and I walked casually into the living room making our way to the front door but not before catching murderous looks from the twosome. Shutting the door behind us, we sprinted to the elevator banging the down arrow button repeatedly while Crutches and his agent quickly hobbled down the hallway towards us. The elevator wasn’t coming fast enough and when it finally did the four of us awkwardly shuffled in. Not a word was spoken but the air in that metal box was so thick with resentment you could cut it with your show sheet.

After what seemed like an eternity the doors opened. We tore off past Crutches and his agent to the management company’s office, which if your leg wasn’t broken, was only a 5 minute walk up the street. As we hurried down the sidewalk I turned to see Crutches and the agent in hot pursuit but I knew we’d get there first so I wasn’t sweating it. Yet.

All of that changed when we arrived at the management company where the leasing agent apologetically informed us that Crutches’ agent had already called to say they were on their way (albeit very slowly) and would be applying for the apartment. My client was deflated but luckily I knew this leasing agent well from having rented many apartments in the building and therefore felt comfortable telling her that was absurd since we were there in the flesh, fully qualified with paperwork in hand.

At that instant her phone rang. On the other end was the receptionist informing her that Crutches had arrived. She looked at us, took a deep breath and told us to wait. Moments later she ushered Crutches and his wary agent into her office with us.

It was time to duke it out. We each pled our case – Crutches being that the apartment would be for him and his wife, both with great careers and perfect credit. Ours being that the apartment was for my client alone, who also had a great career and stellar credit.

The leasing agent took a moment to review each parties credentials, then looked up at Crutches and asked where his wife was and had she seen the apartment yet? Foolishly he told her that she hadn’t but that they would see it together later that evening when she was back in town and he was certain she would love it.

As soon as those poisonous words left his mouth I knew the apartment was ours.

The leasing agent responded asking ” what happens when your wife sees it and doesn’t like the kitchen or the bathroom? Then I’ve lost your deal and this other one” (meaning ours). She was right of course. When you’re dealing with couples it’s imperative that both are on the appointment because rarely are they ever on the same page.

If looks could kill my client and I would be toast, but no matter, the apartment was ours and Crutches didn’t have a leg to stand on.

 

 

Priorities – Update!

My Chipotle loving dudes signed leases yesterday just two blocks from a Chipotle. Congrats guys and buen provecho!

Chipotle-Burrito

Chipotle-Burrito

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