Yann Rousseau, Managing Partner of BARNES New York, Westchester & Connecticut, will present the latest real estate market update for New York City and its region (Westchester and Connecticut) in 2 webinars in the coming weeks:
Free registration! Click on the link below:
In May, BARNES New York was pleased to host conferences in Europe on real estate investment in New York. These conferences “Invest in New York” in Bordeaux, Brussels and London were a great success.
Yann Rousseau, Managing Partner of BARNES New York, and Myriam Benhamou, Associate Real Estate Broker, presented the New York real estate market, the acquisition and financing process, and the current opportunities for new developments in one of the most attractive cities in the United States. The conferences were followed by a cocktail reception.
The conferences were followed by question/answer sessions and cocktails that allowed all participants to interact on the New York real estate market in a laid-back and chic atmosphere.
BARNES New York is pleased to invite you to London, Brussels and Bordeaux in May 2023 for conferences on real estate investment in the United States. The conferences are scheduled as follows:
Yann Rousseau, Managing Partner of BARNES New York, and Myriam Benhamou, Associate Real Estate Broker, will present the New York real estate market, the acquisition and financing process, and the current opportunities for new developments in one of the most attractive cities in the United States. The conferences will be followed by a cocktail reception. Please register for the conferences by clicking on the links below:
BARNES New York and Ricardo Lowndes Dale hold two conferences on real estate investment on March 20th in Rio de Janeiro and March 22nd in São Paulo. The events were followed by a happy-hour cocktail and met with a lot of success.
Yann Rousseau (Managing Partner of BARNES New York, Westchester & Connecticut) and Adrien Gouirand (Consultant at BARNES New York) spoke in Rio de Janeiro and Sao Paulo to present the New York real estate market and its opportunities, new developments projects as well as an introduction to the buying process in the US and how to invest abroad.
The main topics discussed during the conferences were:
Despite the US recession, we do not expect prices for existing properties in New York to decrease. However, the real estate market might experience a slight drop in supply and demand. Currently, the euro is recovering against the dollar and new constructions increasingly stand as very good buying opportunities for both resale and rental.
New York consists of various neighborhoods that are very different from each other, whether in Manhattan or Brooklyn, but among them, neighborhoods such as TriBeCa, the Upper East Side, Midtown and Soho are very attractive. As for Brooklyn, the districts of Dumbo, Caroll Garens, Gowanus or Cobble Hill are very popular.
In addition, new developments are becoming the new trend, because they offer many advantages in terms of finishes, equipment, tax exemption and rental/resale potential. This type of modern, new property is becoming the new target of many buyers. Many clients also seek a family-friendly aspect in a home with more space, which is why multifamily buildings are also highly sought after by families or investors alike. Finally, do not neglect the pre-war buildings, which are also in great demand for their charm and their reduced costs.
Following the conferences, a short questions and answers session took place, followed by a happy hour cocktail between all the guests to network and learn more about the New York real estate market in a relaxed and chic atmosphere.
On January 24 & 26, BARNES New York was pleased to host conferences in France on real estate investment in New York, followed by a cocktail. These conferences “Invest in New York” in Paris and Lyon were a great success.
Yann Rousseau, Managing Partner of BARNES New York, Westchester & Connecticut, and Adrien Gouirand, BARNES New York consultant, lead the discussion in Paris and Lyon in order to present the New York real estate market and its opportunities. The following agenda was discussed :
The New York real estate market is witnessing a decline in supply and demand. Despite the U.S. recession, we do not expect a decline in prices for existing properties. On the other hand, the euro is recovering and new constructions represents very good buying opportunities for both resale and rental.
Although more expensive, new developments have many advantages in terms of finishes, amenities, tax exemptions and rental/resale potential. Pre-war buildings are also in high demand for their charm and lower costs. Finally, multifamily buildings are also highly sought after by families or investors looking to rent several apartments.
The most popular neighborhoods in Manhattan are Tribeca, the Upper East Side, Midtown and Soho. As for Brooklyn, the neighborhoods of Dumbo, Caroll Garens, Gowanus or Cobble Hill are very popular.
The conferences were followed by question/answer sessions and cocktails that allowed all participants to interact on the New York real estate market in a laid-back and chic atmosphere.
Video realized by Enzo CANNATI
Photos by Radu CASUNEANU
New York City is always bustling with people who have places to go and goals to achieve. It’s a beautiful city for real estate investment, as it perpetually attracts tenants looking to rent a home for vacation, for a semester of school, or for the long term.
In addition, NYC is an amazing place to purchase a secondary home, as there are countless sources of entertainment and shopping, most of which are very easily accessible on foot or by public transportation. So whether you are looking for a new home for your family or an investment rental property, BARNES New York has the resources you need to navigate your way through your purchase.
While NYC offers plenty of historical real estate, there are excellent advantages to exploring new real estate developments within the city, which often include elements of historic architecture in conjunction with the conveniences of modern, upgraded materials and amenities. BARNES New Developments has preferred access to developers. Our team consists of agents with top-notch negotiation skills as well as a thorough knowledge of different parts of the city to help you find your new home.
Some buyers shy away from newer developments because of the price tag; however, luxury purchases are excellent investments. Updated properties offer increased value and are often built better due to the advancement of construction and materials. They know that these details are extremely important when purchasing in the luxury market.
For example, 35 Hudson Yards was built with hand-picked limestone all the way from Germany, giving it warm, welcoming features. 108 Leonard incorporates majestic, historical architecture and combines it with more modern features to create beautiful units and common areas. Finally, buyers will want to check out 130 William Street, as it features luxurious Italian Pietra stone kitchen countertops. The upgraded materials and intentional features add value to all of these luxury properties and will likely reduce the need for renovations in the near future. These characteristics are one of the advantages of buying in a new real estate development in New York.
Furthermore, other unique details of these new developments certainly add to their value as well. For example, 277 Fifth Avenue offers floor-to-ceiling windows and columns that were intentionally placed along the perimeter of the building to avoid blocking the view. In addition, One Wall Street features tiled mosaics and a landscaped rooftop terrace for residents to enjoy views of the NYC skyline. New York City is known for its beautiful views, and these properties deliver what buyers want to see.
These features increase the value of luxury residences and therefore tend to increase the return on investment for those looking to rent or sell their property. BARNES New Developments provides our clients with services for buying, selling, and managing these types of properties, and our agents have the knowledge and experience to be able to identify unique features that help elevate luxury buildings in NYC.
Newer developments tend to implement more affordable and eco-friendly utilities, saving the buyer money on energy costs. For example, 565 Broome SoHo incorporates a sophisticated curtain-wall system that helps to retain heat in the winter and generate solar energy in the summer. This reduces the cost of energy as well as the negative impact of consumption on the environment.
15 Hudson Yards boasts an on-site emergency generator, in case of loss of power, that contains efficient boilers to help reduce electric costs. Electricity tends to be one of the most expensive utilities for renters and homeowners, so these eco-friendly implementations can truly make a difference in overall costs and count as one of the major advantages of buying in a new real estate development in New York.
At BARNES New York, we are always on the lookout for properties that offer efficient, low-maintenance utilities to save our clients money and reduce negative impacts on the environment. Additionally, newer developments are able to incorporate updated technologies, such as more efficient energy systems and water-efficient plumbing, to reduce these costs.
BARNES International Realty recognizes that another advantage to investing in new real estate is the availability of updated, state-of-the-art amenities, which add value to the property. Some of the more popular amenities include services and spaces dedicated to the health and wellness of residents.
For example, 53 West 53 features a gorgeous dining area that overlooks Central Park as well as a 65-foot lap pool and a golf simulator. It is conveniently located above the Museum of Modern Art and boasts amazing panoramic views. 130 William includes an infinity-edge spa pool, a yoga studio, and a fitness center with a terrace to elevate your health and fitness experience. 200 Amsterdam, located in the Upper West Side, has ‘his and hers’ steam rooms, a yoga and pilates room, and an infrared sauna. All of these amenities add up in value, especially if they are saving you money on luxuries many people typically spend money on, such as gym memberships or billiards clubs. All these savings are true advantages of buying in a new real estate development in New York.
Additionally, many new luxury real estate developments offer other lifestyle services, such as doormen, concierge, and memberships to museums or other venues of interest. The Kent, located in the trendy Upper East Side, offers doorman these services 24 hours per day. Additionally, this development boasts a complimentary one-year membership to the Lincoln Center for Performing Arts.
7 West 57 offers a virtual concierge so that residents can conveniently schedule services, such as restaurant reservations, by phone or computer. 300 West, located in West Harlem, includes two reception areas and a lobby that is attended 24-hours a day. These types of amenities increase the value of the real estate, as they provide modern luxuries that tenants highly desire.
Luxury New York City real estate can be overwhelming to navigate, but the opportunity to invest in these new real estate developments makes them worth the thorough consideration. Thankfully, BARNES offers agents who have extensive experience working with luxury properties.
Our agents are informed of the materials and architectural subtleties that help add value to new properties, ensuring buyers get the best value possible. In addition, we are always on the lookout for unique amenities that will save our clients money and add convenience to their daily lives. If you are considering investing in a new property in NYC, please contact our fantastic team at BARNES New Developments.
Want to learn more about the neighborhoods of New York?
Read the latest article by LePetitJounal, presenting a series of different neighborhoods of the city through the eyes of French-speaking people who live or work there. In this particular article, let us take you on a walk through the East Village neighborhood of New York with Laurène Hamilton, the founder of “Your New York Story”, an organization that specializes in creating tours of the city that combine theater, history and art.
Read the article on LePetitJournal:
BARNES New York is pleased to invite you to its France Conference Tour in January 2023 for conferences on real estate investment in the United States. The conferences are scheduled as follow:
Yann Rousseau, Managing Partner of BARNES New York, will present the New York real estate market, the acquisition and financing process, and the current opportunities for new developments in one of the most attractive city on the American continent. The conferences will be followed by a cocktail. Please register for the conference at your location by clicking on the link below:
New York is an iconic city. A city in which all cultures, all religions and all generations always meet and interact at the sustained pace of economic and cultural activity. With its dynamism, the city remains one of the most popular international destinations for wealthy families and investors. Discover BARNES’s article about how to buy a property in New York for the French American Chamber of Commerce.
Buying real estate is a significant step forward in resolving the housing issue. This important event brings joy to many! But there can also be anxiety due to the necessary paperwork and procedures. You need to be entirely sure that the house you’re interested in is “the one” before making an offer. But how can you choose your ideal home when there are so many possibilities and so much competition? You’ll need to conduct thorough research to find the right home. This includes asking the right questions. To help you get started, we bring you a list of the most common questions homebuyers ask. We also offer an in-depth background behind them to further assist your home buying process.
Real estate experts will tell you that going to the bank should be the first brick you put down in the process. First and foremost, speaking with a lender before looking at houses will help you determine how much you can pay. If you can only afford up to $400,000, there’s no use in looking at homes that go for $450,000.
There are also many first-time homebuyer programs for those new to this. Because these programs differ based on your location, it’s essential to determine what’s available to you.
Another significant reason to speak with a lender before browsing homes is to get a clear picture of the costs of purchasing a property. Many first-time homebuyers are unaware of the differences between a down payment, pre-paid items, and escrows, all of which may be discussed in detail with a mortgage adviser. A mortgage consultant can tell you all about the sort of financing you should seek and whether or not you should ask the seller to contribute to your closing expenses, which is defined as a seller’s concession.
A credit score is a numerical representation of a person’s credit history that provides a lender with a glimpse of their financial situation. Mortgage lenders use the score to determine who gets loans and at what interest rate. The greater the value, the more likely you will get approved for a loan with a favorable interest rate.
If your credit score is poor, getting a loan is not impossible, but it will take more time. Equifax, TransUnion, and Experian are the three firms that maintain track of credit histories. Get reports from all three firms before applying for a mortgage. Correct any issues you discover to increase your score and make a good impression on the lenders.
This is a complicated matter because it primarily depends on one’s financial situation and capacity to obtain transitory lodging. If clients want additional equity to buy a new house or complete a financing plan, they should sell their present property first. They will, however, most likely require temporary accommodation from a close friend or family member or a short-term rental somewhere.
For first-time homeowners, saving for a down payment is perhaps the most challenging task. Lenders require a down payment of 5% to 20% of the purchase price. It varies depending on the loan provider’s conditions and the kind and term of the mortgage. For instance, FHA loans require at least 3.5% down. A VA loan, which involves no money down, is commonly available to veterans. Rural properties are frequently eligible for a USDA loan, which does not require a down payment.
It may differ based on the circumstances. If you have a traditional mortgage, you should be able to close in 45 to 60 days. If you’re receiving an FHA or VA loan, the closing time would most likely be about 45 days. Expect to wait a few months if you’re buying a foreclosure. Short sales are typically sluggish, taking anywhere from two to four months to complete.
In the meantime, you can work on arranging everything related to your relocation, such as figuring out what items to take to your new home and finding residential movers. Professionals can organize everything, allowing you to focus on the other parts of the process.
Yes. If you want to invest in a home, you need an expert by your side. A real estate agent has completed professional training, knows what needs to be done, and interacts daily with buyers and sellers. They will also be your personal representative, someone who is entirely focused on your best interests. There are many benefits to using a real estate agent as a homebuyer.
Another blessing is that you don’t have to worry about paying them, in some cases. Because the seller pays all fees, the commission is shared between the seller’s agent and the buyer’s agent in a transaction.
While homebuyers may indeed back out of a purchase, doing so without a reasonable cause could result in losing earnest money (the money put down to seal the offer, which could be anywhere between 1% and 10%). However, there are a few options for walking about with your earnest money in hand. For instance, if the house inspection is unfavorable, the buyer can try to renegotiate.
Being prepared and well-informed before purchasing a property can make a significant difference, especially in a strong real estate market. The home buying process begins before you even set foot in a house and continues until you complete the final walk-through. Following the answers to these most common questions homebuyers ask, you hopefully have a better idea of what to expect. Do not hesitate to contact BARNES New York for your real estate project, and good luck!
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