The changing status of New York real estate brokers

The New York real estate scenario is becoming multilingual with more and more international buyers flocking into the market. Being able to interact with foreigners is becoming a prerequisite qualification of success for New York real estate brokers. The international investment in the New York real estate especially of luxury condos for sale in NYC is growing steadily over the last decade and it has totaled to about $ 1.96 billion during the half of this year as per the report of Real Capital Analytics. With the buyers becoming international, the New York real estate brokers have also changing their essence of doing business.

There has been noticeable increase in the number of brokers who are speaking foreign languages especially in and around Central Park south where one can find brokers speaking every other language except English. Some of the city’s top producing agents are hiring assistants and sending them to school for broker’s recertification. Moreover, every one of them is a Brazilian, Canadian, Asian or of other nation. As of now, speaking a foreign language is almost a skill that is an essential requisite for working as a New York real estate broker.

Majority of New York real estate firms are employing brokers who can speak more than one language as they feel it is important to accommodate buyers and sellers from diverse backgrounds. Some of the agents recruited by the real estate firms in this city speak Portuguese, Spanish, French, Chinese, Swedish, and Hebrew and sign language in addition to English. The clients of these real estate firms are quite delighted that the agents are speaking in their own language and there is an increase in the trust of these clients.

There is now a rising trend among real estate brokers to study Chinese culture and learn Chinese language to serve the high-end Chinese clients in New York. There is a rising trend among brokers who are not native Chinese speakers taking course in Mandarin at New York’s University’s School of Continuing and Professional studies. This course informs the students about the customs in real estate transactions, expectations in living standards, the relationship between buyer and seller and the role of the broker as an intermediary.

According to the National Association of Realtors, clients from China have emerged as the second biggest group of foreign buyers in the United States residential market that are surpassed only by Canadians. The report of the Real Capital states that, China leads all foreign countries in New York property for sale deals this year with $ 1.37 billion of acquisitions not including the Chase Manhattan Plaza. Next stands Canada with $ 1.19 billion. The excess capital in China is finding its way by investing in real estate NYC due to the belief that Chinese investors would gain from recovery of the American economy and real estate market. With the New York City having emerged as the biggest beneficiary of the Chinese real estate buying spree, it is evident that some brokers are seeing sense to seek out aggressively for Chinese buyers on their own turf.

New York Global Real Estate is a well-recognized name in the New York real estate sector in locating, buying, marketing and investing in the residential real estate market. Sellers can put their New York properties for sale by utilizing the advisory and consultation services being offered by New York Global Real Estate.

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New York real estate bounces back post Sandy

The New York real estate has recouped well post Sandy super storm that caused about $ 42 billion in damages across New York State with damages amounting to $ 19 billion in New York City alone. Majority of property were destroyed or were deemed inhabitable in all five boroughs after the storm touched down on October 29 last year. However, in spite of the storm, the long lasting impact of super storm Sandy on real estate NYC was minor. According to the New York real estate brokers , about 80% of property is nearly renovated and repaired back where they were before Sandy.

Many of the housing units are in the process of being repaired and the storm’s devastation did not affect the real estate interest among real estate buyers in any of the boroughs. Majority of residents are choosing to rebuild rather than to relocate. As per the statements of the New York real estate brokers, the storm has only affected the coastline with just about 1% of New York real estate. International real estate buyers are continuing to show interest in the city and the selling market has gained some strength but buyers are opting to consider locations away from flood zones as values in those areas are down between 2% to 5%.

Fewer New York homes for sale have been taking place across Rockaways in Queens and in Brooklyn. However, in the New York City the New York apartments for rent and the cost of New York homes for sales are hovering through the roof even in newly mapped flood zones in Manhattan. The Manhattan Condos for sale market has rebounded even after the Sandy flooded basements and lobbies last year with sales having taken months to jack up in heavily damaged areas such as Rockways and Staten islands’ that were located in flood zones.
In Manhattan’s financial district, sales were 44% compared with pre Sandy numbers and median prices rose by 15%. Sales increased in the hard hit neighborhoods such as Howard Beach, Queens where sales jumped by 37% though the median prices were lower by 10%. Sales bounced back even in the hard hit Staten Island neighborhoods in the third quarter. The negative impact of the Sandy was particularly acute in neighborhoods in the outer boroughs.

According to real estate brokers, fewer unrepaired damaged homes are listed for sale in and around the city. The inventory of repaired homes with newly renovated basements plus new boilers and electrical wiring is shrinking. In the Rockaways, where majority of basements and many ground floor levels were swamped, the real estate buyers are interested due to their attraction towards lower prices. Majority of them are worried about the availability of affordable federal flood insurance than another storm.

The StreetEasy study found that the Manhattan real estate market paused for a while after Sandy smashed New York. During November-2012, the listings in flood zones dipped by 21% and the number of contracts signed slipped by 24% compared with November-2011. However, the numbers bounced back with contract signing in TriBeCa and the West Village soaring faster than in any other areas. By April-2013, contracts were up by 28%.

New York Global Real Estate is a well-recognized name in the New York real estate sector in locating, buying, marketing and investing in the residential real estate market. Sellers can put their New York properties for sale by utilizing the advisory and consultation services being offered by New York Global Real Estate.

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San Diego 2012 Real Estate Forecast

Where does the San Diego real estate market seem to be headed for 2012? Once again at this time of year, when all the pundits come out with their forecast, it’s the rare individual that does not go along with the real estate industry’s proverbial ‘now’s the time to buy’ mantra. I’m going to be part of the 1% who deviates from the traditional ‘by now before you’re priced out of the market’ end of the year talking points.

I bet you have an idea where I’m going with my report for the Outlook for San Diego real estate values in 2012. Before I get into the meat of my forecast, let’s take a quick look back at the titles of my prior forecasts for the real estate market and short synopsis of each:

2005 – – San Diego Real Estate — A Trend to Go National? (The big divergence between home sales and home prices seen here in San Diego indicated a dropping market and a real estate trend I thought would go national.)

2006 — San Diego Home Sales Figures: Not All That They Seem on the (industry and news reports indicated that San Diego home value drops were substantially less than what was occurring in the real marketplace. This was mainly caused by failure to consider all the concessions that developers as well as private sellers were offering to entice buyers to purchase San Diego homes.)

2007 — Is Your San Diego Home Appraisal Really Accurate? (This focused on the fact that many appraisers were overvaluing San Diego homes because they were not fully considering seller concessions that were taking place in the open market.)

2008 — San Diego Real Estate Market: What Did You Expect? (How the main-stream media still did not raise any real estate red flags in late 2005. Instead it was ‘just a return to normal’ or “a great time to buy without the pressure of multiple offers.”)

2009 — California: Land of Sunshine and a Year of FREE Living (How many California underwater homeowners were living mortgage and tax payment free for a year or more before foreclosure)

2010 — San Diego Real Estate 2010 Forecast: The Year of the Strategic Mortgage Default (For 2010, San Diego housing will remain a risky deal that will again be dominated by government intervention. Until both the Federal and State governments get out of the housing market, a real bottom will not occur, thus San Diego housing values will continue to decline well into the next year.)

2011 — San Diego Real Estate 2011 – Year of the Short Sale: I personally do not see any real base building in the San Diego real estate market until 2012.

Now let’s look at 2012 for San Diego home values. Back in the summer of ’05, one of the main factors for my calling a market drop was the drop in sales activity while home values continued to increase basically because of the lag time in reporting. Well, I believe the same could be occurring now, except in reverse! With sales increasing (hopefully this trend will stay in place) I believe the San Diego real estate market will finally see home values stabilize in 2012.

I’m not calling for some slingshot snapback in home values next year. I’m calling for, to be precise, the continued modest decline in San Diego resale home prices through at least the first half of 2012. Naturally, barring some major detrimental economic news either here or in Europe, I think the second half of 2012 could see some solid base building, with perhaps, some modest single-digit appreciation by year’s end.

There continues to be talk about pent-up buyers to getting into the market. The theory goes that many potential first-time buyers and move up buyers have been holding off getting into the market and once they see some improvement will rush back in a big way. I said this in a number of prior posts, and I’ll say it again now: I believe there is pent-up demand in today’s San Diego real estate market! The ‘you can never go wrong buying real estate’ crowd has this pent-up demand theory 180° backwards! Personally, I see it not as pent-up demand to buy, but just the reverse! Yes, pent-up demand to sell! I’ve seen many current San Diego homeowners who have seen their home values drop 30% or more during the last six years who would love to recapture a small amount of that decline. They could then move on to a home more suitable for their current family and economic situation. When we finally do see some modest San Diego home value appreciation, I believe we’ll see a lot more inventory become available from these San Diego homeowners.

I usually end these forecast by saying that I hope I’m wrong and things turn out better for San Diego homeowners that I’m forecasting. I’d like San Diego home prices to make a sharp upswing in 2012, but with the magnitude and longevity of San Diego’s real estate home value bust, I don’t really believe that there is NO chance for such a fairytale snapback.

Read more of Bob’s ‘tell it like it is’ real estate opinions & subscribe to his free blog feed at: San Diego real estate market blog  – San Diego real estate agents Bob Schwartz is a San Diego California real estate broker, CRS w/30 Years of real estate experience!