All updates and news from BARNES and the team, whether it is about BARNES’ participation to a conference, sponsoring a local event in New York City or Upstate, a new agents joining the team or a new issue of our BARNES Magazine, everything will be listed here so you don’t miss one bit of it.
BARNES realty is established internationally, with more than 100 offices worldwide in 20 different countries, in top destinations and world capitals that are worthy of its reputation. It was just the next following step to open an office in Larchmont, Westchester, a highly coveted New York suburb, 40 minutes from Manhattan by train. The area is highly sought-after by New York commuters and wealth managers, and more and more people working further away from big cities like New York City.
The Connecticut branch is still in the making, but on for a good start, with the Hamptons possibly following soon after.
An increased market presence in premier locations like Westchester, Connecticut and The Hamptons is the logical next step for the brand and will allow BARNES to assist its clients locally with the best level of services.
The COVID-19 pandemic changed the way we behave and had a deep economical and social impact on societies all over the world. It is thus not surprising that the real estate market was impacted, especially in a megalopolis like New York City, where the housing prices can lead people to live close to each other in cramped apartments. It was also a natural reaction to want to move away from the city, to a suburb or even farther where one could rent a spacious house and enjoy fresher air and greenery.
However, New York will always be New York, and despite a decrease in rent and sales prices during year 2020, prices are now back to a pre-pandemic level, and people are ready to move back to the bustling and lively Big Apple. New York real estate market is still strong and resilient, and there are still great opportunities, especially in new developments.
BARNES accompanies you in all your real estate endeavors in New York and abroad thanks to its international and global network, and its 100 offices in the most coveted destinations and world capitals, and with three expansiosn planned: in Greenwich, Connecticut, the Hamptons and New Jersey.
One of the difficult consequences of a divorce is that you often have to sell the family home. Of course, homes are often sold, and for a variety of reasons – for example, the need or desire to buy bigger or smaller, or to change neighborhoods or cities – and while these events can certainly be a cause of anxiety and trepidation, it can generally be assumed that sellers will experience this event relatively well and that most will even look forward to moving to their next home. But when the motivation is a divorce, the situation is likely to be quite different, and unless the divorce is amicable, there is a good chance that the sale will prove much more difficult.
To better understand the situation, we must first talk about the importance of the family home before we can discuss the challenges inherent to its sale and how to meet these challenges and finally highlight the advantages of working with a real estate agent specializing in divorce.
The importance of the family home
To start, the home is an asset that is likely to have different meanings for the parties involved and it becomes even more complicated when there are children still living at home.
First there is the emotional aspect – the home holds memories and for many, memories of a happier time when the spouses had dreams and made plans together for the future. It was a witness to the baby’s first steps, birthday parties or family festive dinners. And while happy memories may gradually have turned into bad memories (sometimes even nightmares), having to leave the home may still be difficult to accept, and that is often because of what the family home traditionally represents.
Indeed, the family home is generally synonymous with stability, security (especially for children) and for some, even social status.
It makes it possible to delineate the family perimeter and give support to family members.
It contributes to the sense of belonging and the notion of identity.
It is a sanctuary that protects our privacy and houses everything that is important to us and to which we are attached (whether people, personal belongings or souvenirs).
Finally, it preserves the family and social bond and is therefore the place where children are expected to flourish.
Consequences can be catastrophic for the spouse who is forced to leave the home; consequences often amplified in the context of “gray divorce” where couples separate late, after several decades spent together. “Gray divorces” are difficult for both parties, but unfortunately, often even more so for women than men, and can seriously damage both spouses’ finances. It is indeed more difficult to rebuild financially for obvious reasons related to age and the fact that there is not as much time left to find work or continue working. Similarly, one of the spouses may not have had the same career progress or earning potential. As a result, one or both spouses’ life journey will often be completely disrupted.
So, what are the challenges?
Challenges
They are numerous and are present at every stage of the transaction.
Motivation. The spouses’ motivations and expectations for the sale can be completely different. For instance, one spouse may want to sell as soon as possible (and therefore not necessarily at the highest price) in order to be able to start his or her life over with the person he or she has already met. But for the other spouse, the higher the selling price of the family home, the better that spouse’s chances to find a decent apartment
Exclusive sales agreement. If both spouses are on title, both spouses must sign the exclusive sales agreement with the real estate agent – which means that the agent will represent both parties, in a situation that can be very conflictual.
Lack of cooperation. Representing a couple can be difficult in the best of cases, but at least the spouses have a common goal: to sell the home for the best possible price; and it is therefore reasonable to anticipate being able to find a common agreement. Here, however, the objectives are different, the motivations are different and above all the sale will have consequences that can be radically different for each party. There is, therefore, a good chance that the parties will make decisions separately and will be contentious on just about anything and everything.
Selling price. Before they can sign the exclusive sales agreement with the real estate agent, the parties must agree on the sale price. Several scenarios can arise: a party is very emotionally attached to the home and thinks that it is worth much more than in reality; or a party may want to get as much money as possible because he or she needs it post-divorce as his or her financial future may depend on how much money is derived from the sale; or the parties have simply come to detest each other and do not want to cooperate. This can lead to fierce fights between spouses with very little room left for a reasonable outcome.
Sales dynamics. The parties must also agree on details such as the preparation of the home for the sale (e.g., decluttering and storing, which requires some cooperation and which costs money); acceptable times for visits by potential buyers; or how much to spend on advertising or marketing.
Offer. Both parties must accept an offer and be willing to negotiate it.
Closing of the transaction. Finally, the spouses must accept and sign the necessary documents for the closing of the sale, which again, requires some cooperation.
How to meet these challenges and what are the advantages of working with a real estate agent specializing in divorce?
What is the best way to address these challenges – and why is it important to hire a real estate agent who specializes in divorces? As has been demonstrated, a sale resulting from a divorce cannot be treated as a regular transaction because it is not a regular transaction.
Why a real estate agent specializing in divorce is an asset
In order to be able to receive a certification as a “Real Estate Certified Divorce Specialist”, an agent has to receive prior training that allows him or her to recognize the applicable challenges and deal with them before they become unmanageable. This specialist is better equipped than a more traditional agent to assist a couple who is divorcing because he or she has a better understanding of the ramifications of a divorce (whether financial, legal, or psychological) and its impact on the sale of the home. The agent can therefore provide a divorcing couple the necessary support throughout the process.
2. How can these challenges be met?
It is important to work with a real estate agent who will know to:
Remain neutral. The agent must first remember that the agent represents both parties and that they may be very unlikely to cooperate with each other – but nevertheless, the agent must remain neutral and impartial, and must take a diplomatic approach to each decision (including knowing when it is advisable to give the parties the space they need to reach a consensus). This is not always easy because, in some cases, one of the spouses has already left the marital home which means that by necessity (for example, organizing visits) the agent tends to be more in contact with one of the spouses than the other, and sometimes that spouse gradually becomes more comfortable and can indulge in some confidences that can impact the neutrality of the representation.
Communicate. The agent must explain very clearly how he or she intends to communicate with both parties (keeping in mind that both must be kept always informed and in the same manner).
Rely on facts. Deciding on the value of the home can be difficult because the parties often have very different ideas about the value of the home in question. The agent must propose a selling price that clearly relies on the reality of the market. He or she will therefore have to prepare a detailed, fact-based valuation where the agent will indeed have to demonstrate in detail the previous comparable sales to make it clear that the proposed price is in line with the market. It is also a way to remove the emotional aspect from the equation.
Stay flexible. The agent must know how to remain flexible (and patient!). Some spouses, in fact, become true masters in the art of delaying the sale.
Myriam Benhamou is a Licensed Real Estate Associate Broker and a Real Estate Certified Divorce Specialist and is at your service, always looking forward to fulfilling your housing needs and protecting your best interest. Contact BARNES New York below to tell us more about your needs.
Borders are reopening! Finally … Many of you were just waiting for this signal to come and join the Big Apple and realize your big real estate project, which has been dormant for almost two years. You will then have chosen the right time, in a market context which is still tense on one side but reassuring on the other. And it is precisely this reassuring, stable and resilient aspect of the New York market that makes it an essential real estate market.
Indeed, and as was the case in the past during other “crises”, the impact of the Covid-19 pandemic (from a strictly real estate point of view means) was only felt here in a limited way (drop in prices in resale of 10 to 15% during 2020), and temporary (concentrated on Q2 and Q3 2020). The major impacts were felt above all on new development projects, rentals and commercial real estate.
Today, residential real estate has returned to its pre-pandemic level and negotiating margins are now tight in resale; we are clearly in a “seller’s market” with limited inventory and strong demand.
Regarding new developments, the “sales” that we promoted in 2020 are rather over. As the inventory is still large, there is still some interesting leeway, as long as one chooses the right partner for their project. This is precisely the goal of the establishment by BARNES New York of a monthly, French-speaking webinar, on the first Tuesday of each month, presenting various New York new development programs, highlighting our expertise in the field. Rendezvous for the first opus next Tuesday, on October 5 at 12pm EST (6pm FR) to discover the following programs:
The rental sector has fully recovered with a market that is very much to the advantage of owners. As for commercial real estate, it continues to suffer to some extent, with a full recovery, at least a stabilized correction, expected by at least 2023.
Our team of experts, multilingual, continues to expand, including a new office in upscale and multicultural Westchester County; and, as always, remains at your entire disposal to assist you in the realization of your New York real estate project.
Bien Vivre aux États-Unis: the 1st digital show for French people in the United States
BARNES New York & Westchester invites you to the conference dedicated to the New York real estate market, “Buying real estate in New York”, on the occasion of its participation in the online exhibition “Bien Vivre aux Etats-Unis”.
This digital event will take place on Monday, September 13 at 12.00 pm (EST time zone). The fair will then run throughout the week until September 17, presenting a series of conferences with expert speakers to support expats in the United States, whether you have been settled there for a long time or still dreaming of living there.
Yann Rousseau, Managing Partner of BARNES New York & Westchester, will join the discussion with Betty Benzakein of HSBC and Amélie Deschênes of OFX, addressing in particular:
The New York Acquisition and Leasing Process
Update on the state of the real estate market in New York & Westchester for Q3 2021
Settlement or “relocation” formalities
Preferred neighborhoods
The different real estate products available
The role of the real estate agent
Monday September 13 at 12.00 pm EST / 6.00 pm CEST
Despite the recent uptick in Delta variant COVID cases in the New York metro area, New York City is essentially open for business. Most Broadway theaters are reopening in September, restaurants and bars are now allowing vaccinated patrons to dine indoors and the residential real estate market is back in full swing.
New developments are soaring—from Hudson Yards to Penn Station to Roosevelt Island—and both the sales and rental markets in Manhattan are experiencing an influx of young professionals, as well as empty nesters, who are ready to call the Big Apple their home.
Brian Tormey, President, TitleVest
Over the past year, Brian Tormey of TitleVest in Midtown Manhattan has had his hands on the pulse of the residential real estate market, hosting a series of “Be Your Best” webinars on “Getting the Deal Done”, sponsored by the Hudson Gateway Association of Realtors and OneKey MLS, throughout the length of the pandemic. Awarded the “Best Title Agency” by the New York Law Journal reader rankings since 2013, TitleVest and Tormey have been at the forefront of a topsy-turvey real estate market since March of 2020.
“I’ve been impressed with the resilience I’ve seen from real estate professionals throughout the New York area,” said Tormey. “The pandemic has proven again one of the strengths of our region—we know how to take care of one another.”
On September 9, Tormey will host another one of his popular webinars, this time with the topic of “The New Manhattan.” Tormey and a panel of real estate experts will discuss how the once seemingly abandoned “city that never sleeps” is making its official comeback from a harrowing year with streets teeming with moving vans barreling toward the suburbs.
Now, new civic and private developments seem to be fueling a newfound interest in New York City, and Manhattan, especially. “To quote a good friend and past panelist, Bruce Cohen, ‘for every sale, there is a purchase.’ Now we’re starting to see time on market shorten and prices rising—both indicators of a strengthening market,” said Tormey.
As a result of increased seller concessions, low interest rates and available inventory during the height of the pandemic, Tormey and his team began to see an interest from buyers who may not have ordinarily been able to afford Manhattan. “People from all walks of life have taken advantage of that to shift from renting to owning, upsizing, downsizing or, for the first time, snagging their own slice of the Manhattan pie,” he noted. “I believe that we will see a vibrant Manhattan again, and soon, but it may look and feel a bit different than before, with adjusted work schedules, new commuting patterns and a renewed appreciation of alfresco living.”
Brian Phillips of Douglas Elliman Real Estate in the Bronx agrees that New York City real estate is back. “I’m definitely seeing people moving back in and I’ve noticed a lot of younger people—especially those without children,” he said. “While the post-pandemic prices are lower, I think they’re going to start slowly creeping back up.”
Phillips, who lists and sells throughout the five boroughs, noted that studios and one-bedrooms are being snatched up very quickly. “I’m also finding that there’s a lot less loyalty to specific neighborhoods—people are looking in Manhattan, Brooklyn, Queens or wherever they can find good deals,” he added.
Some of his clients are traveling from as far away as Florida, while others tend to be from Westchester, Long Island, New Jersey and Connecticut. “People still want to be in New York City—offices are reopening, Broadway is coming back, and restaurants and bars are opening again. There’s definitely a new influx into the city.”
Currently, in upper Manhattan, one-bedroom co-ops are starting at about $300,000 for a walk-up building, where an elevator or doorman building starts at about $400,000. Two bedrooms are much higher, averaging $500,000. “The further north you go, the less expensive it gets, and the more space you have,” added Phillips.
A 3,436-square-foot, five bedroom, five-and-a-half bath two-family townhouse in Hamilton Heights, Manhattan, offered for sale by the Brian Phillips Team of Douglas Elliman for $2,450,000.
A lot of his clients are also requesting terrace space, as well as a washer and dryer located in the unit. “After COVID, I think everyone is more concerned about having their own personal laundry appliances rather than using a public laundry room in the building,” he said.
As for rentals, Phillips sees landlord concessions starting to fade away. “During the pandemic, a lot of landlords had been offering one month free on a one-year lease and two months free on two-year leases,” he explained. “Also, we’re starting to see the real estate fees being paid by the tenant again, as opposed to the landlord paying them.”
Because of Phillips’ diversified listings, he didn’t experience a downturn during the pandemic. He found properties under $500,000 were moving in all five boroughs. “Since last year, transactions are faster now as well,” he noted. “There are electronic signatures and other forms of technology that make the deals go much quicker and smoother.”
Magdalena Ferenc of Corcoran on Manhattan’s West Side has seen a huge jump in sales and rentals this summer. Handling rentals in 10 buildings in Morningside Heights, she credits returning Columbia University students with helping her business soar. “July has been the craziest month of my real estate career,” she revealed. “I rented over 50 apartments and it felt like I was working day and night due to the time differences in other countries.”
Many of her rental clients are returning college students from India and China, who often share larger apartments to keep the costs affordable. Ferenc expects to rent at least 200 apartments by the end of the year. “I’m basically playing catch up from 2020, when things were a lot slower,” she added.
Like Phillips, Ferenc has also experienced the trend of landlords now cutting back on incentives. In the Morningside Heights area, two-bedroom rentals can typically start at $2,200, while three bedrooms can fetch $2,700 or more and four-bedrooms, $3,000 and up.
On the sales side, she’s also witnessing a sort of Renaissance in Inwood and the Bronx with Origin North, a collection of nine restored affordable co-op buildings. All of the renovated units have new kitchens, bathrooms, flooring, electrical work, and the buildings also offer new lobbies and outdoor landscaping.
“People are starting to discover upper Manhattan or Bronx neighborhoods like Bedford Park, Norwood and University Heights,” she said. “They’re getting priced out of other areas and are beginning to realize the value of home ownership in good areas with generous space and easy commutes to Midtown Manhattan. One-bedroom units at some Origin North locations start at just $265,000.
Ferenc said the response has been great and she has completed almost 20 deals already. “When I’d hold open houses in these areas before, it was only curious neighbors who often showed up,” she said. “Now, it’s very encouraging to see a lot of people who are interested.”
A one-bedroom, one-bath co-op in Bedford Park, Bronx, listed for sale by Corcoran for $265,000.
Yann Rousseau, of BARNES New York in Midtown Manhattan, found that higher end rentals were hit the hardest during COVID times. “Business did start to pick up at the beginning of 2021 and right now, we’re starting to see rental prices that we haven’t seen in a couple of years,” he said.
For Rousseau’s team, the Financial District and Midtown were the most affectedfor sales and rentals, while Soho, Greenwich Village and parts of Brooklyn remained strong. In 2020, some landlords were offering up to four months free, but now, he said, there are hardly any concessions.
In Midtown, and Manhattan’s upper east and west sides, studio rentals can range from $2,000 to $4,000 per month, while one-bedrooms can demand monthly rentals of $3,000 to $5,000, depending on the neighborhoods and age of the buildings. The average starting sales price of a studio in these areas is $500,000.
“I think the market for rentals will always be there because New York City can be transient,” explained Rousseau. “People may come here for a while to work, then move to the suburbs when they’re ready to start a family.”
Many of his co-op and condo sales are to foreign investors who are looking for a home base when they travel to the U.S. Others are purchasing properties to rent out. Rousseau is also seeing an influx of young professionals as well as some empty nesters who want a secondary home in Manhattan. “New York will always be New York, so to say that the real estate market is finally coming back is a little overstated,” he said.
BARNES New York is also opening its first Westchester office in Larchmont to deal with its European clients seeking a second residence in the suburbs. “The French American School in Mamaroneck is a big attraction, along with proximity to New York City, added Rousseau. BARNES International Real Estate operates a third U.S. location in Miami and offers more than 100 locations in 20 countries worldwide, with more than 1,000 agents.
BARNES International is expanding, after being present in the U.S. for more than a decade. With offices in New York and Miami, BARNES is on its way to open a brand new agency in Larchmont, north of New York City.
BARNES, a major player in high-end residential real estate and an ambassador of ‘Art of Living’, supports its clients with all aspects of their lifestyle ambitions. Discover one of the world’s most recognized and trusted International Luxury Real Estate Group, established in the entire New York area, with a prominent presence in Westchester and the Hamptons, as well as Miami. Eventually, BARNES goal will be to expand in the Hamptons and Greenwich, Connecticut.
Established with over 100 offices in about 20 countries, including major international cities and top holiday destinations, BARNES offers an exclusive selection of premium properties in Europe, the US, the Middle-East, the Indian Ocean and the Caribbean. From high-end hotels worldwide, landmarked castles, equestrian properties, vineyards in France’s top winemaking districts and art collections, BARNES offers a wide range of custom services that will suit the client’s specific need. With a truly international team, we welcome all clients and accommodate them in their native language as much as possible.
The brand provides its clients with global expertise through both consulting services in investment arbitration for international real estate and tailored local support, assisting you in any of your endeavors.
BARNES New York & Westchester had the incredible opportunity to sponsor the FASNY (French-American School of New York) drive-in movie night, that took place with great success on April 23rd, 2021. This great evening was the opportunity for FASNY to celebrate its 40th Birthday, enthusiastically following the famous Yellow Brick Road to Oz in the perfect location with yummy snacks and a lot of fun.
In an effort to reinforce its presence in the Upper New York state area, as well as supporting the French community in the Northern part of the state, BARNES New York will expand with a new agency opening very soon in the Westchester region. BARNES is at your disposal to support you in all your real estate projects, in New York City itself or throughout the metropolitan area. Do not hesitate to contact us.
————————
ABOUT FASNY
The French-American School of New York (FASNY) is an international, independent, coeducational day school providing a global education to approximately 800 students in nursery through grade 12. FASNY is the only school in the New York metropolitan area accredited to offer both the International Baccalaureate and the French baccalaureate. FASNY is located in Westchester County, NY, with campus in Larchmont and Mamaroneck.
We are pleased to announce the release of BARNES MAGAZINE #29, fresh off the press. This International, Spring-Summer edition features Alain-Dominique Perrin, President of the Cartier Foundation for Contemporary Art. He welcomes us in his home in Verbier, a beautiful chalet overlooking the Swiss Alps valley, and recounts his extraordinary career, strongly marked and defined by the creativity in the world of luxury, a passion for Art and a sensitivity for great wines and heritage symbolized by the acquisition and renovation of the Château de Lagrézette, near Cahors.
Of course, this new edition will also allow you to be completely up to date with the latest news in the fields of design, discovering unique Architect Furniture, architecture, art,wine, eco-yachts, and events, whether you are interested in high French cuisine or golfing, as well as a sample of Real Estate properties from the trendiest locations.
Yann Rousseau, Managing partner at BARNES New York, had the privilege to be interviewed by the French American Chamber of commerce this week. Learn more about the man leading the BARNES agency in the Big Apple.
Originally from France, Yann grew up in Paris but now considers Bordeaux and Arcachon his home. He completed three masters degrees in environmental engineering, environmental economics, and wine and spirits management. He has lived in over a dozen cities across six countries and three continents (France, Seychelles, United Kingdom, Italy, Burkina Faso, United States).
After working for several years in the development and humanitarian arena (United Nations, French Government, Seychelles Government, private sector…), Yann decided to move to the U.S. and embrace a new career. Originally settling down in Miami, he started his career as a Real Estate consultant in 2013.
Yann has since been assisting clients from modest rentals to luxurious homes, new developments and profitable acquisitions for both cash-flow purposes and capital gain. For him, it is about supporting each and every client, regardless of his budget and intentions, to accomplish his Real Estate projects in full serenity and confidence. He believes in long-term relationships gradually moving from tenant, to owner, and investor.
FACC-NY: As an Engineer with a background in Economics and in the public and private sector spanning over 6 countries over 3 continents, what guided your decision to work in the realty industry with Barnes New York?
It actually started out of luck when I moved to the US (Miami) to follow my wife, who is originally from South Florida. Her mother has a modest real estate portfolio and since I didn’t have a major career plan then, she asked me to take care of it while I was figuring things out. I enjoyed discovering a new industry and starting a new career in the US. I joined a boutique brokerage in Miami, and then quickly joined BARNES’ office. After a couple of years there, BARNES gave me the opportunity to revive the NY operation. So we moved north in late 2018 and I reopened BARNES NY alongside my partner Christophe Bourreau. Two years after, we recruited 12 agents and doubled the best year of business ever recorded for the office. And we are about to open a new agency, in Larchmont, covering the Westchester area.
FACC-NY: How do you assess the present state of real estate in the Post-COVID period?
It is hard to define precisely because the situation remains fluid. Everyone has heard about an exodus from Manhattan, but when we look at Q3 and Q4 of 2020, the numbers are actually even better than what they were at the same time in 2019. There is of course a non-negligible “catching-up” effect, where the last two quarters tend to compensate for a very slow beginning of 2020. In a nutshell, real estate transactions still need to be made and most of it had just been pushed back to the end of the year. Now in 2021, we can witness a strong recovery on the resale side, though the market remains tense on the rental front. It is definitely a tenants’ market, and it somehow remains a buyers’ market though to fewer proportions compared with 2020. We assume a general 8% decrease in price (resale) across Manhattan, with some neighborhoods resisting better than others. New developments are suffering much more and we can easily attain 2-digit discounts. Rental-wise, Landlords have to leave on the table at least 2-months of free rent to find tenants.
FACC-NY: How hopeful is BARNES New York for economic recovery in NYC?
Given the level of sufferance that is being seen all over the City, one has to remain modest. Although the industry representatives are striving for us to be categorized as essential workers, we are merely here to keep on assisting our clients in the safest way possible. People still have to move and find a place to live. In parallel, we keep on communicating highly about NYC and about the relevance of such a real estate investment, at a time where the news pretends that everyone is fleeing the City. New York will always be New York, and this shall remain one of the safest investments one can make in a such a volatile world.
FACC-NY: Are you generally seeing a lot of price reductions in the NYC realty scene due to the pandemic?
Indeed, as indicated prior, about 8% overall in Manhattan for resale and about 2-months of free rent for rentals. This is an average and certain property types, for instance, townhouses or high-luxury units, are suffering less and seem to be weathering the storm just fine. Also, the most sought-after neighborhoods (SoHo, Tribeca, prime UES…) did not take that much of a hit, if any, as opposed to those areas that heavily rely on the market forces. The “best” example being the Financial District and around major Universities (NYU / Columbia), where the lack of attendance definitely impacted the local market. On top of that, new developments are the most heavily impacted by the pandemic, because their deadlines (either regulatory or financial) press them to move their inventory at almost all cost. Discounts for this asset class can easily range over 20% which is absolutely unprecedented; margins of negotiations for new buildings tended to be close to zero in the past.
FACC-NY: How do you go about choosing listings in the new normal? What are the features that make a place particularly appealing to buyers nowadays?
As one can expect, anything that offers some sense of space, air, breathing, or green, stands a stronger advantage today. In the past, people didn’t seem to care too much for an obstructed view and were instead fine with a low floor on a dark street as long as the location was great and the amenities plenty. Now, buyers and tenants realize that they might have to spend much more time in their apartment, and during the day, so they need to be able to feel less claustrophobic. Townhouses are a must in that regard. And of course, “flex” arrangements are now a must. Units with additional spaces (dens, nooks, loggias…) that can be used for home offices are more attractive than ever.
FACC-NY: What kinds of price ranges are you seeing the most movement in right now?
Everyone is looking for a deal but people still have to move and find a roof. Basically, we haven’t seen a large shift in the price points because, as much as the entry-price properties will always be sought after, the people that can acquire multi-million-dollar property are scattered all over the world. And they are the ones with a particular eye on the market now to see what opportunities are. On the other hand, we have slowly started seeing some price points that we hadn’t seen for quite some time in the City, such as condo units under $500k, or coops under $400k. The entry point is getting lower for sure and sells at a discount.
FACC-NY: What led you to join the FACC-NY community?
We are originally a French company, with strong roots in France where the bulk of the BARNES business takes place. It is only natural for us to be an active member of the French community wherever we have an office, and the Chamber of Commerce is often an excellent relay to that end. Besides, we are often the entry point for companies and individuals relocating to the City from France (or from French companies), so it makes absolute sense for us to be members of the Chamber. We service all interested parties but our core clientele remains closely tied to France.
English 
French 
Portuguese 
Spanish 
Russian 
Greek 
Italian 
Hebrew