Celebrate Seasonality

With Memorial Day just barely behind us, and the advent of summer firmly upon us, the real estate industry begins to party. Calm down, we are not talking keggers, who’s who events, or even social networking (although we will ask you to don a name tag). These events are strictly marketing and sales tools where each community in turn throws an event targeting individuals whom they think are most likely to buy or help sell homes before the summer doldrums take over. Seasonality has always been a part of real estate sales. Historically the fall and the spring are the busiest selling seasons while the summer is hands down the slowest. There is no exact science to the change in buyer patterns but I find myself having a lot of conversations that go something like this:

Sales agent: “They loved the home. It’s everything they wanted and it fits into their budget!”
Me: “Fantastic – did they buy it?”
Sales agent: “Oh, no. They want to wait until they return from their 6 week cruise, trip to London, and week in the Hamptons before making a decision.”
Me: “So this fall?”
Sales Agent: “Yup”

Check out http://www.urbandigs.com/2007/04/data_shows_nyc_is_seasonal.html for a slightly more analytical presentation of seasonality in the real estate market.

Now that event season is here, crafting party concepts and coordinating events that will attract people despite their busy schedules (do I go to the Palmer Hill event or my daughter’s graduation?) take a central role in my daily responsibilities. To be honest, event planning is not one of my strong suites. I am not particularly interested in, or good at, organizing caterers and I know absolutely nothing about floral arrangements or linens. In fact my idea of a good time involves nothing more then plastic cups, some chips and guacamole, and a bucket full of Coronas – probably not a concept that sells luxury homes. Luckily for me there are usually professionals on hand to help and we have been able to throw some great events like our recent Pool Grand Opening at Palmer Hill (thanks Garden Catering http://www.gardencatering.net/). If you missed it, or are interested in taking advantage of some free food and drink while previewing and buying (hint, hint – because the volume of sales goes down in the summer your buying power increases actually making it a great time to buy) not to worry, there is still time to get yourself on the list. All you have to do is register on the website of the community you would like to preview and in the comments section of your registration write “Andrea said I can come.” Upcoming events include but are not limited to:

Hudson Harbor – various events all summer long including Rosé on the River, Guest Chefs, and Wine Tastings. http://www.hudsonharbornyc.com/

Palmer Hill – Fourth of July Bash, and potentially outdoor movies, Shakespeare readings, and homemade ice cream tastings throughout the summer. http://www.palmerhillhomes.com/

Cassa – Grand Opening Event featuring an appearance by World Famous architect Enrique Norton. http://www.cassanyc.com/

See you there – I will bring the bucket of Coronas.

It's that good

My apologies for not writing for the past 2 weeks, I have been feeling un-inspired and have fallen prey to a mild case of the real estate blues. You know that feeling of despair that seems to be going around as we meet with more banks, less developers, and see fewer prospects? Well I am shaking it off with some exciting news. We are proud to announce the opening of Cassa Hotel and World Condominium Residences. Yes, you heard me right –we are opening our doors while other people (like Steelwork Lofts, +Art, and Isis Condominium to name a few) are slamming theirs shut http://curbed.com/archives/2008/12/08/arrested_development_new_buildings_hybernating_for_winter.php).

So what’s our secret? It’s simple really. Cassa is just that good. With a swanky hip hotel in the base of the building, brought to you by the savvy hoteliers who just launched the Betsey hotel in Miami Beach and who are so cool that they can get away with naming their company Desires (http://www.desires.com/), an on-site five star restaurant (we are not ready to announce who it is yet but I promise it’s going to be good!) and hotel services to boot – Cassa is going to be the ultimate place to live if you desire (get it?) service and prestige. Picture this, you are sitting at home one rainy Saturday afternoon and you get a hankering for a martini. Call downstairs and voila the martini arrives perfectly appointed on a silver plate. Don’t feel like walking your dog, doing your laundry, or cleaning up after yourself? Not to worry just call down for maid service and a dog walker. Even better, you can get turn down service whenever you want. Just picture coming home after a long day at work to a turned down bed complete with that tasty little mint sitting right on your pillow. Ahhhhhhh.

And if that’s not enough, the homes at Cassa start on the 28th floor and all feature a corner window. So not only are you on top of the world but you feel like you can see forever. I am not kidding – Cassa is the real deal. Check it out – http://www.cassanyc.com/.

Starter Homes For All and Cassa's Pearly Whites

Liberty Harbor Townhome Exterior - The New Starter Home

The sun is shining (or at least it was this morning), the weather is mild and things seem to be looking up. The New York Times published a story with economic signs that indicate we are “at the bottom.” In the article Barry Ritholtz, Professional Investor and writer of the user-friendly econ blog “The Big Picture,” (http://www.ritholtz.com/) suggests that we have hit bottom when a young couple earning two modest incomes can qualify for a mortgage and afford to purchase a two-or three-bedroom starter home in a middle – income neighborhood. This is wonderful news, particularly because that is just what we are starting to see. Take the breathtaking waterfront super community Liberty Harbor located in Jersey City (http://www.libertyharbor.com/). Made up of a mixture of townhomes, condos, and rental buildings this behemoth of a development provides a range of prices and living options designed to appeal to many segments of the market - and it did; achieving a respectable 90% sold before the market tanked. What’s happening at Liberty Harbor now is extremely interesting. People who bought the smaller, less costly homes are returning to the sales office interested in moving up to larger homes. Their families are growing, they need more space for a home office, they just adopted a Great Dane - whatever the reason, they love Liberty Harbor and now have the opportunity to afford a bigger home – a true starter home, and not just the one bedroom they have been squishing into. It’s a beautiful thing. And it’s very similar to what Barry told us to look out for. People who were priced out of the homes they wanted now have the opportunity to buy their dream homes, or at least their starter dream homes.

The other thing that is making me particularly happy today is that http://www.curbed.com/ came through with another great Cassa posting. Yes you snarky curbed real estate bloggers – I applaud you. As I may have mentioned before, Cassa World Condominium Residences and Hotel (http://www.cassanyc.com/) will soon be throwing its hat into the condo market ring and I am part of the team responsible for its dramatic entrance. Thanks again guys for this sneaky feeling post http://curbed.com/archives/2009/03/10/in_your_face_sneak_preview_of_cassa_nys_pearly_whites.php