Future of Real Estate

 

Just published, "Future of Real Estate."

The future of real estate as result of Covid-19 can be summed up as (1) an acceleration of technology, (2) cities will always be needed because humans are social creatures. Real estate, this human endeavor from the beginning of civilization, is pushed aggressively into adopting technology. Will cities die because people don’t want to be living closely anymore? Absolutely not.

How to buy property in Manhattan, New York

 

How to buy property in Manhattan, New York in 5 easy steps.  It starts with engaging a buyer’s broker, then identifying the right buy, negotiating the deal and contract signing, preparing for closing, and finally closing.

Read full article, How to buy property in New York

New York property trend

 

The Manhattan, New York property market trends from 1997 to current 2020 can be divided into five periods:

(i) Up market from 1997 to 2008,

(ii) Down market due to Great Financial Crisis 2009 to 2010,

(iii) Up market 2011 to 2017, the sweet years,

(iv) Down market 2017 to 2019,

(v) Down market due to COVID-19 pandemic 2020.

Read full article, New York property trend

Investing in Chelsea

 

Chelsea is among the Manhattan, New York neighborhoods with the most entertainment, art galleries, dining and nightlife. This beloved neighborhood is situated on the west side of Manhattan, between 14th and 23rd Streets from south to north, and between 6th and 12th Avenues from east to west.

Read full article, Investing in Chelsea.

New York property agent Weimin Tan on when will Manhattan recover

 

The Manhattan, New York sale market has been steadily picking up since the low in April and May when we had the Covid lockdown.  As a broker, I have been experiencing bidding wars at the $3 million+, three bedroom price segment.   Apartments that are priced well are getting a lot of interest from buyers who are all ready to take advantage of the historically low mortgage rates.

Read full article, New York property agent Weimin Tan on when will Manhattan recover

Interview with Feng Shui Master Pun-Yin

 

The Columbus Circle globe was built as a Feng Shui strategy to deflect negative energy coming from 8th Ave and 59th Street based on the recommendation of Feng Shui Master Pun-Yin.  

In this interview, Master Pun-Yin introduces the concept of Feng Shui, the 5,000 year old Chinese art.  She talks about customizing Feng Shui to an individual's element and incorporating Feng Shui in the Trump International Hotel, Mandarin Oriental Columbus Circle. 

Interview with Feng Shui's Master Pun-Yin

New York real estate agent on 3 coveted Manhattan condo features

Just wrote about the 3 coveted features of a Manhattan condo that help real estate value. These are scarce, with limited supply and distinguish the property from the rest. Of course, we all know about location... Read about it, New York real estate agent on 3 coveted Manhattan condo features.

Manhattan real estate agent

 Manhattan real estate agent Weimin Tan focuses on global investors of Manhattan residential condominiums.  His Citigroup background and ability to speak 5 languages fit well when serving international investors of Manhattan real estate.  Click on link on opening sentence to read article.

Manhattan property buying opportunity amid COVID 19

 

Q3 Manhattan sales market slumped 43%. Rental vacancy rate now 5% (vs historical 1%). Meanwhile, rest of the U.S. is experiencing a real estate boom with the biggest gains since 2006. When do we expect things to get back to normal in Manhattan? Here is my analysis.

https://www.castle-avenue.com/manhattan-property-covid-19-buying-opportunity.html

West Village condo with amazing views to the West and North

 

Client's West Village top floor condo with amazing views to the West and North.  Deal was signed during the Covid lockdown, and we negotiated favorable terms given the uncertainty of that time.  

We polished the floor, replaced the kitchen countertops to granite, repainted.  It's now on the market for rent.  Check out the details at:  West Village condo with amazing top floor views.  

Is now a good time to invest in Manhattan real estate?

 

Is now a good time to invest in Manhattan real estate? Article is about the downcycle from 2017 to 2019, which extended through now due to COVID 19. Many moved out of Manhattan to avoid density and given work from home policies. There is a lot of rental inventory and owners are cutting rental prices. Sale data from Q3 is not out yet. but we are seeing prices come down about 10 percent from pre-COVID. One thing's for sure - it's not a good time to sell, although sellers are still not adjusting to market realities.

Investing in a Manhattan penthouse apartment

Investing in a Manhattan penthouse apartment.  There are downsides as well, such as the elevator stop is always local.  Of course, the benefits of a penthouse unit include the best views, light, feel good factor and numerous other soft perks.

Aidan Booth, online entrepreneur and property investor

 

Interviewed client Aidan on his property investment story. He started with a $30,000, 300 sqft apartment in Buenos Aires, in 2006. He talks about creating passive income, getting lending to benefit from leverage and the driver for coming to invest in Manhattan real estate. Read about it at Aidan Booth, online entrepreneur and property investor.

Property Investment in New York

 

Property investment in New York, specifically in Manhattan, is a prudent decision taken by successful individuals as part of their portfolio planning.  For foreigners, investing in New York property is seen as a safe haven for assets because of the limited supply and high demand coming from people who live here and investors from all over the world.  New York property is a hedge for investors as the world experiences uncertainty in global trade, currency volatility, rising fundamentalism, and raising inequality which creates unrest.  Read the article, Property Investment in New York.

Darling Moon Flowers / Cafe Atelier, Tribeca's unique shop

Darling Moon Flowers / Cafe Atelier is such a unique shop in Tribeca.  The ambiance, quality and presentation is so nice that I had to interview them about it.  Alice Kil, the owner, has a background in French and Korean floral design.  She also worked as a barista.  These formed the founding of her shop in our beloved neighborhood, Tribeca.   

Investing in Tribeca

 

Just published, "Investing in Tribeca." Why the strong demand, the quaint vs busier parts of Tribeca, prices to buy and rent, why Tribeca is a diversification strategy for our clients. All from this Tribeca resident!

Investing in West Village

 

Investing in West Village is an article I just published about why this "small European town" within Manhattan is so desirable. Also shared two amazing views. Article talks about why prices are so high, the premium that renters pay etc.

Life as a Stuyvesant High School student

Jeffrey Tan writes about Life as a Stuyvesant High School student. The homeworks, barely time to celebrate a basketball win, competitive environment, the rewards...

Client Demmi Choo on living in West Village

 

Interviewed client Demmi Choo on what makes West Village so attractive.  In the article, Demmi talks about her favorite hangouts, West Village feeling like a suburb during the day, biggest perks and a "downside" to West Village.  

Food in New York

      Great Restaurants in Manhattan.  From steakhouses to vegan places, "Great Restaurants in Manhattan" gives a variety of some of the best restaurants in Manhattan.  In this article, Wei Min Tan writes about his favorite restaurants in Manhattan and why he likes them.

Foreigner Buying Property in New York, 8 Questions That Matter

    

 8 Important Questions about Buying Property in New York.  Important questions answered about buying property as a foreigner such as property price details, taxes when selling, types of property a foreign buyer can own, and property rental yields.

Buying Property in New York

Summary of the 5 key steps to buying property in New York.  This includes identifying the property, negotiating terms, signing a contract, walk through and closings.

Family office investor Francis Leung on the heated suburban markets post Covid

Interviewed family office investor Francis Leung on his experience house hunting in the New Jersey suburbs.  The suburban real estate market is experiencing a boom as people leave NYC.  

Tribeca fitness trainer on how the lockdown changed his profession

Interviewed Lee McConnell, toughest HIIT/boot camp trainer ever, on how the pandemic changed his profession. Since lockdown, all training have been online via Zoom/Facetime/IG Live. Lee, a former accountant, talks about how he has developed the skill of transferring energy and reading body language feedback through online video. While the pandemic affected income, it also created new opportunities via technology. People from as far away as India join his online classes. He now has a U.K. client. The fitness industry is changing, and Lee is adapting.

Manhattan's first week of Reopening

The Manhattan property market was on PAUSE for 15 weeks.  This week, as part of Phase 2, we reopened.  Property agents are showing again, with masks, hand sanitizers, a lot more disclosures.  

My article, Manhattan's first week of Reopening, shares the key observations from the 15 week lock down until today.

Legal and Tax Tips When Buying New York Property

Interviewed Tim Wong, New York lawyer and accountant, in Legal and Tax Tips When Buying New York Property.  Includes best way to hold property, capital gains, estate, gift, withholding taxes. 

International Investors in Manhattan Apartments, 3 Crucial Tips

International Investors in Manhattan Apartments, 3 Crucial Tips attempts to bring clarity to international investors currently searching for a Manhattan condo.  I understand the information overload out there.  The three key tips are to get local expertise (not rely on a friend), get a good lawyer and a dependable bank.

Sponsor Condos in Manhattan, Art of the Deal

Just wrote, Sponsor Condos in Manhattan, Art of the Deal.  In this article, I describe what are sponsor condos, how they differ from a resale condo and the art of getting a winning deal.

Manhattan's Asian American property agent Wei Min Tan

Manhattan, New York's Asian property agent Wei Min Tan focuses on investors of Manhattan residential condos.  He is a market expert who has been interviewed more than 100 times by top media including CNBC, CNN, New York Times, Wall Street Journal.  Wei Min lives in Tribeca with his family and has been living in Manhattan since 1999.  Wei Min speaks English, Bahasa Malaysia, Cantonese Chinese, conversational Mandarin Chinese and Hokkien (the Southeast Asian version).  Click on the link, the first sentence, for his bio.

Investing in a Soho apartment, key tips

Investing in a Soho apartment provides 5 tips on the upsides and downsides about a Soho condo.  Soho is the most glamorous address in Manhattan and the vibe is extra special.  That is why prices are $2,500 per sqft.  But do you know Soho living means limited or no amenities?

Investing in a Manhattan condo with tenant in place

Investing in a Manhattan condo with tenant in place may sound attractive at first.  But it is very important to do due diligence to avoid headaches after the purchase.  As an investor, you want to take over smooth cash flow, not take over problems that the seller wants to offload.  Read about what you need to do by clicking the link.

Risks and downsides of buying Manhattan new launch condo projects

In this article, Risks and Downsides of Buying Manhattan's New Launch Condo Projects, I describe the top 3 risks that nobody talks about.  This article is all about downsides, risks that buyers need to know about before a purchase.

How recessions impact Manhattan real estate

Just wrote, How Recessions Impact Manhattan Property.  Analysis looks at how prior 9/11 and Lehman recessions impacted Manhattan and U.S. real estate prices.  

In the past 5 recessions before the current Great Lockdown Recession, only 2 events saw property price declines.  This shows that as long as real estate is supported by demand and supply fundamentals, they usually weather the recession and experience natural price increase. 

New York luxury property buying opportunity amid COVID-19 pandemic

Read my article about New York property buying opportunity amid COVID 9 pandemic.  We know the Q2 market will be terrible due to a frozen market, spike in unemployment and GDP shrinkage.  Buying opportunity will be in Q2 – Q4 because the pickup will take time.  As post 911 and Lehman show, people forget.  After those events, newcomers kept coming to Manhattan and prices continued to set records.

New vs Resale condo in New York

My article, New vs Resale Condo in New York, analyses the advantages of each.  New condos have better facilities and buyers are booking their condo unit at a discount to what the eventual price at completion would be.

Meanwhile, Resale condos have advantages including better price negotiability, more options and buyers can better understand the building's history.

How to engage a property agent in Manhattan

Article I just wrote, How to find and engage a property agent in New York.  Describes the roles of seller's and buyer's agents, why the buyer should interview a few brokers and decide on one, how commissions are paid.

Q2 sales to plummet 60%+ amid the lockdown and non activity

As COVID-19 continues to devastate New York, Q2 property closed sales is expected to drop 60+ percent.  This while Q2 GDP is expected to shrink 34% according to Goldman Sachs.  Only in Q3 do we expect property transaction activity to pick up again compared to Q2, although it would still be a drop compared to prior year.

Read about it at COVID-19 in Manhattan and the current situation

Manhattan's Q1 market can be divided into pre and post March 15

The Manhattan property market in Q1 2020 can be divided into pre and post March 15.  Before March 15, we thought the market was on recovery as sales transactions went up.  But after March 15, we were hit with the COVID -19 virus at unprecedented levels. New York became the global epicenter of COVID-19.  Read my writeup on the Q1 Manhattan property market describing this pre and post March 15 scenarios.

Getting in early at Manhattan new launch projects

This is a case study about our client's getting in early at a Manhattan new launch condo project.  We booked the condo unit before the sale office even opened.  As such, the client got an amazing price at $1,700 per sqft.  This is a deal for a Tribeca condo.  


Read full case study, Getting in early at Manhattan new launch condo project

Coronavirus impact to Manhattan real estate activity

The Coronavirus (COVID-19) has impacted the Manhattan property market, although at a negligible level when compared to how it impacted the stock market.  

For buyers, mortgage rates are at 50-year lows.  Sellers are holding off on listing their property amid concerns about dampened prices and exposure to large groups coming to their apartment for open houses.

Read more at:  Coronavirus impact to Manhattan real estate activity

Food in Manhattan

Having lived in Manhattan for 20 years, experiencing restaurants is part of life here.  Over time, instead of trying new places all the time, I've come to stick to a few favorites.  Food in Manhattan summarizes my favorite restaurants here in this great culinary city.

Investing in Brooklyn property talks about several Brooklyn neighbrohoods - Brooklyn Heights, Downtown Brooklyn, DUMBO, as an investment alternative to Manhattan. 

Facebook and Amazon Expanding in Manhattan

Just wrote article, Facebook and Amazon are expanding in Manhattan.  Facebook is in talks to lease 700,000 square feet opposite Penn Station.Along with Google’s expansion of 1.3 million square feet in Hudson Square, New York is becoming the East Coast’s tech hub.