On June 2nd 2022, BARNES New York and Miami had the pleasure to host a conference on real estate investment in the US at the Riviera Golf Barbossi on the French Riviera, in the south of France. Partnering with French magazine Valeurs Actuelles, it was a unique occasion to present the brand on an exceptional site with lush green scenery and a collection of contemporary sculptures scattered throughout the course.
Yann Rousseau, BARNES New York director along with Enzo Rosani, director of BARNES Miami, introduced the current state, strengths and opportunities of their respective markets and shared their insights on the best ways to invest in real estate in the US for 2022. The unique advantages of the BARNES network were also presented, with its wide range of custom-made solutions and extra services, such as yachting, private aviation, Art Advisory, … The successful event was followed by cocktails on the Club House terrace while watching the breathtaking sunset.
Interview with Yann Rousseau, Managing Partner of BARNES New York
The New York City real estate market fascinates the world. But is it stable and strong? How profitable can an investment be? Are the new programs interesting? Yann Rousseau, Managing Partner at BARNES New York, the New York office of the prestigious French realty brand BARNES, answers French District’s questions.
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.
The New York real estate market consists of a vast sea of choice of luxury condos, apartments, homes and townhouses that can be found across New York City and its suburbs. One of the most populated and attractive cities on earth offers so much choice for buyers and real estate investors that it would be hard to imagine navigating through this real estate market without the guidance of knowledgeable experts in the field. Not only is it important to choose the right type of residence, but the location of the home can affect daily life in a profound way when living in such a big metropolitan area. The process ofbuying or renting a home in New York City and its surroundings can be exciting and real estate agencies can guide you to make the process much more pleasant and effective.
The New York City real estate market
New York City has 5 boroughs that expand through large territories and include all types of landscapes. Those consist of the densely populated Manhattan, as well as many areas surrounded by water, farmlands, suburbs, towns and villages. Real estate companies can be found in most of these areas and often specialize in different types of properties, including luxury homes and modern constructions. Some parts of NYC are older due to its long and rich history but the properties are charming and retain their authenticity. There are many restored buildings that offer large and modern living spaces, while other areas have brand new constructions that are valued at very high prices due to their incredible location in and around the city that never sleeps. Those who are looking for a more quiet and suburban type of lifestyle can turn to one of the many boroughs that surround Manhattan that are less densely populated and offer more of a communal or family life that is not as busy as the big city. Luxury real estate companies can be found throughout the area because even a home that is a one hour drive from Manhattan can be quite expensive when considering how easily accessible it is to reach the city that is undoubtedly one of the most important financial and cultural centers in the world. In many cities around the United States, once a buyer starts searching for a home that is located within a sizeable distance of a big city, usually the prices can be expected to be lower but when one is searching for a home within any borough of New York City, they can expect high value properties because it is incredibly desirable to be near such a special metropolis. Choosing the right borough and the right type of property is quite a big task and while investing a lot of funds into a NYC home is always worthwhile, it is crucial to have the right broker and agency to help buyers make the right choice.
Why choose a real estate agency in buying or renting a home?
Some buyers turn to the internet to search for available properties in and around New York City to rent or buy, but they might not necessarily find out a lot of important information in the online postings of properties. Sometimes, a real estate broker might have insights that buyers don’t have access to regarding the history of repairs, appropriate pricing for the area, advantages and disadvantages of certain properties, why some homes have been on the market for longer periods of time, and myriads of other details that cannot be accessible on typical search engines for the real estate market. Some people who are looking to buy or rent a home in NYC are concerned about how to choose the right agent or broker because they don’t want to be pressured into any major decisions and therefore the best way to choose the right person to represent you in your search is to have them offer a few properties that meet your criteria and discover if they are truly trying to satisfy your real estate needs or are more concerned about sales and commission. Even though real estate brokers are available to help and are looking to close sales, some agents are more understanding of your needs than others and have your best interest in mind as they want their clients to be happy with the purchase and are not simply there to gain a sold property. Here, at BARNES New York, we have a long history of offering some of the most exclusive and special properties that NYC has to offer and our team of experts are proud to give a personalized service to its customers. With offices all over the world that represent luxurious and highly desirable homes, we are proud to include this great city as one of our top locations in the real estate market. In Europe, we present homes that show a true French art de vivre style and we choose our properties very carefully to meet the highest standards. Even in a city like New York that is quite populated and can include smaller living quarters, we still offer some of the best located, modern, luxurious and prestigious homes of all sizes to meet your needs. There are many real estate companies in the area that can be efficient to guide you in the process of making the right purchase or investment, but they may not offer such high end properties like BARNES has in its coveted listings.
Whether you are currently living and working in New York City or are living abroad and are looking to invest in a home in this area, you can count on BARNES to be at your disposal thanks to a strong team of experts available at your convenience.
Westchester is actually one of the first suburban areas to be developed outside of New York City. It is located just north of New York and is quite accessible as the distance is a reasonable drive to the city. It is located in the Hudson valley and consists of cities, towns and villages. It is surrounded by beautiful nature, a peaceful environment and is a haven for New Yorkers who are looking for a more suburban type of lifestyle. It has notable residents and was once home to the former US President, Bill Clinton. Yonkers is the most populated city in that region and the entire county attracts residents from all over Manhattan who are looking for more spacious and livable homes.
Westchester as a first choice suburb of New York
The Westchester County is a central suburb in the greater New York City region and began its history as an attractive place for upper middle class families due to its proximity to the Big Apple. Its many roads and public transport services are an attractive factor for commuters especially in a city where traffic can sometimes become a significant obstacle. The southern area of Westchester is rapidly becoming densely populated and more city-like than other parts of the county. Upstate New York is also closely accessible from Westchester and is an attractive factor in choosing a home there for those who like to go to the countryside on a more regular basis. Aside from the villages and towns that are found there, the main populated cities are: Yonkers, New Rochelle, Mount Vernon, White Plains, Peekskill and Rye.
A suburb with economic influence
Most suburbs in the United States consist of mostly residential properties but the Westchester area is so close in proximity to New York City, one of the financial capitals of the world, that it attracts many Fortune 500 companies. Buyers who purchase a home in Westchester can have close access to jobs that have high earning potential without having to necessarily commute all the way to Manhattan. Some of these major companies include MasterCard, PepsiCo, IBM and Universal American. It is a great advantage in a city like New York that is densely populated, expensive and deals with major traffic to have suburbs that also offer great business opportunities. Unlike Manhattan, one can buy a home in Westchester that is spacious, has a big garden, easy parking and more without the daily stresses of a bustling metropolis. Just like California has Silicon Valley, eastern New York State has Tech Valley. The Westchester homes for sale are worth the investment as they are located in a region that has growing business opportunities and the demand keeps growing.
The Westchester county charm
Westchester has a lot of historic buildings and beautiful sceneries. It is a charming and wonderful place to own a home. The architecture of the houses is known to be beautiful, with wide spaces and plenty of greenery. The oldest building there was built in 1670. There are libraries, museums, cultural arts centers, and many parks and recreation areas. Scarsdale is one of the closest districts to New York City and offers a lot of business opportunities and cultural attractions. The area may be historic but it also includes many newly built homes and luxury apartments across Westchester.
The real estate market in Westchester
The real estate market in Westchester is growing and the median prices for homes are in the higher ranges. It offers many luxurious properties that are significantly more affordable than in Manhattan, where an apartment can cost as much as a large house in Westchester. There are many cities and towns to choose from and some homes are located in areas that are so quiet and retreated that they are not even considered part of any town. The residents there can enjoy a more private life and choose a dream home close to one of the most popular cities on earth. One particular home in Westchester had gone on the market for $100 million, which many U.S. suburbs could not offer because of location. Being in driving distance to Manhattan naturally raises the value of homes in a suburb such as Westchester. Westchester houses for sale include waterfront homes, mansions, castles, and restored historic buildings. The standard of life is considered one of the highest in the country. There are many hills and rivers that mix farm life, suburban life and city life due to its status as a New York City suburb. The county continues to move forward and attracts many people from across the East coast to its beautiful landscapes. For home buyers who like nature, they can purchase a home that is close to many nature activities such as hiking, biking, watersports, and outdoor recreation. It has much to offer for its residents during both the summer and winter seasons. It also offers a meaningful sense of community compared to the big city. Those who are looking for rural homes with a large property can find such houses in the area. Many people rarely expect to find so much farmland just north of a city with millions of people. Some New Yorkers who purchased a second home in Westchester made it their primary residence during the pandemic months when many businesses and schools were closed in New York City. For those who are looking for Westchester apartments instead of the responsibility of a big property, they can also find many choices in one of the more populated districts of the county. Westchester offers a wide array of choices for your needs.
BARNES Westchester is at your disposal to help you search for your dream home in Westchester thanks to a team of experts that is available to guide you in your real estate goals.
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
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
Did you ever find yourself thinking about purchasing your dream home? We often hear of names of cities and areas across the United States that are synonym with beautiful beaches, sceneries, celebrity homes, luxurious manors and fancy streets. Some of the most popular places in the United States that come to mind when thinking of those dreamy places include Beverly Hills, Miami Beach, Manhattan and most definitely the Hamptons in New York State. When one thinks of expensive oceanfront homes, places like South Florida and California come to mind but make no mistake, the Hamptons can live up to the highest expectations for offering some of the most breathtaking beachfront properties that the East Coast has to offer. The Hamptons real estate market is worth exploring for your choice of a primary or second home.
Luxury properties in the Hamptons
Real estate prices in the Hamptons rank among the most expensive zip codes in the United States. Buyers can expect to find houses for sale in the Hampton Baysthat range from 40 to 100 million dollars. The high value of these homes can be attributed to their proximity to Manhattan, one of the most sought out places to live in the world, and the desirable beachfront location. The Business Week magazine cites Sagaponack, Water Mill and Bridgehampton as being the first, sixth and eighth most expensive zip codes in the U.S. The southern tip of Long Island is comprised of the different neighborhoods of the Hamptons that can be accessed easily from New York City. The population of the Hamptons increases greatly during the summer as well as during many weekends throughout the year. Theatres, golf courses, and shopping in the area are considered exclusive and highly regarded. Most people in the country have heard of the Hamptons but due to its exclusive nature, many have not yet even visited the region. There are more affordable homes in the Hamptons, but it is very common to find residences there in the higher price ranges.
A favorite vacation spot for New Yorkers
Many New Yorkers who are looking to buy a second home often consider the Hamptons as a close-by and first choice peaceful escape from the big city life. It is refreshing for people who live in the densely populated metropolis to view oceanfront homes that are spacious, quiet and incomparable in size to residential properties in the Big Apple. Even with a budget for investment in the millions of dollars, homes in New York City are bound by the limited space that is available and one cannot even dream to have a home in Manhattan as large as can be found in the Hamptons. Houses for sale in Southampton are particularly desirable because they are part of the commercial center of the region. It also includes the largest communities in this part of the Long Island strip. Hard working New Yorkers who have the budget to purchase a second home in places like Florida don’t always have the luxury of time to travel often to those places. Those other locations may require a flight or longer vacations and time off to be accessible. On the other hand, the Hamptons is just a drive away for New Yorkers and they can enjoy going there even for weekends if they cannot take a lot of time off to travel to more far away vacation destinations. It is truly a great choice for people all across the New England area who are looking for a private and upscale setting for their second home.
The Hamptons are no longer known just for vacation homes
During the Covid Pandemic, many people across the United States and especially in big overcrowded cities like Manhattan started to head out temporarily to more quiet regions where they didn’t have to be concerned with densely populated buildings and big crowds. Now, many of those big city residents are starting to find a new appreciation for regions that are more livable yet still quite close to the attractions of a metropolitan area. For many New Yorkers, their second home in the Hamptons have now become their first choice of residence throughout the year. Those who appreciate luxury and a more extravagant yet quiet lifestyle flock to places like the Hamptons that have so much to offer. Some wealthy residents of places like Manhattan still find themselves investing a lot of funds into tiny condos or apartments that are highly priced solely because of their location near Wall Street or Times Square. In the Hamptons, buyers can obtain more amenities and living space in return for their investment. The prices that are high reflect more value in the actual property itself. A two bedroom apartment in Manhattan can have the same asking price as a home in the Hamptons that is many times the size. Private beaches, celebrity sighting, peaceful and less crowded streets, picturesque views, proximity to the big city for work, are all part of the reasons why the communities in the Hamptons are becoming increasingly popular. The architecture in the Hamptons is pleasant to the eye and many homes built across the country even describe themselves as being built with a ‘Hampton Style.’ That style includes natural looks, wide spaces, sunlight, color, and relaxed living styles. The Hamptons include historic and charming buildings, old farming communities as well as the most modern and up to date architecture and decor. This coastal area has some of the most stylish and grandiose homes one can find in any beachfront community in the nation. It is most likely that sales in the area post-pandemic will only increase in the near future.
BARNES New York is at your disposal to help you choose your dream property in the Hamptons due to a strong team of experts that are available to guide you in your search for your perfect residence.
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.
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 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.”
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.