By Karen Monroe
Brooklyn Daily Eagle
People are back at it. Once Labor Day passes, everything changes. And I'm not just talking about the falling leaves and cooler temps. It's like a seasonal switch has flipped. Gone are the humid, half-days of work on summer Fridays. It's full speed ahead to overachieve every waking hour. Increased demand is a good thing for those of us whose success is determined solely by our performance. No clients means no income.
I returned from vacation a week ago and it already feels erased. It's great to be busy and have several clients' selling and buying needs to look after. There is a renewed intensity in the market to capture the excitement of the fall trading season before the holidays hit.
There is a sudden, strategic increase of available inventory in Brooklyn housing. Even with additional options out there, well-priced properties are snapped up in a New York minute, many times exceeding the initial asking price. In fact, one of my colleagues has a listing in Brooklyn Heights that is currently experiencing a bidding war that has reached $100,000 over the asking price.
And then there is Bed-Stuy. Hot, hot, hot. Properties are priced right to attract buyers and encourage multiple offers. This ultimately drives the final sale price up, up, up. Incredible value awaits in the quickly changing Bed-Stuy neighborhood. It really is possible to find a multi-family home with rental income potential and a backyard, on a quiet tree-lined street near transportation, for well under one million dollars. Buyers with vision and renovating talents are all over it. Many of these grand homes need lots of attention and cash to improve their livability. Many do not. There are hidden gems waiting to be discovered in Bed-Stuy, especially this time of year when people are out looking.
The pace of trading real estate has definitely picked up, only to slow down again in about a month-and-a-half. We are all rushing to get our clients' properties listed and on the market now. Likewise, we are getting our buyers out there to find their next home, in which they might possible toast in the New Year. ‘Tis the season of buying and selling. The air is crisp, the trees are magical, and people are in good spirits to make one of the biggest decisions of their life – whether to buy or sell a home.
Funny how the better the weather, the faster places featuring private patios and outdoor spaces go. Once the temperature, leaves and snow begin to fall, fireplaces draw premium prices. I suppose that explains the marketplace urgency to capitalize on ideal fall weather. People are back at it. Otherwise, it's a long, cold wait until spring.
On the Run
Back to a previous column in which I talked about creating opportunities to earn new clients. I mentioned getting a dog, or three. No joke. Dogs are the ultimate icebreaker and conversation starter. I have three small dogs, and look like a dog walker when I take them out. They are each super cute, with distinctly individual personalities. But one always grabs the limelight.
Anyway, back to my point. They get me clients. My dogs earn their keep. Not long ago, while walking my three musketeers in the park, I met a very nice person who wanted to talk about my dogs, his cat, and ultimately, real estate. By the end of the week, I was his exclusive listing agent. His home is going on the market now.
Just this week, a neighbor and fellow dog parent and I shared the elevator down several flights. We have the same fantastic dog walker, so our "kids" are friends and attend the same social dog parties. By the time we hit the lobby, we were talking real estate. By the next day, I became his buying agent. By the end of the week, after seeing a few properties, we submitted a strong offer. The end of this story has not yet been written.
And just now, I have started another unique real estate project for my dog groomer. This is the result of taking my "girls" to get all prettied up at his beauty parlor for pups. Again, conversation turns to real estate.
Interestingly, the first two scenarios involve impressive homes in Bed-Stuy. Like I mentioned, Bed-Stuy is hot. There is value and opportunity. The same can be said about my dogs – they are opportunity makers.
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Karen Monroe practices real estate at Douglas Elliman Real Estate, 156 Montague Street in Brooklyn Heights. She lives in the neighborhood and represents buyers, sellers and renters in Brooklyn and Manhattan. Karen can be found walking her dogs and running the parks, paths, streets and bridges of Brooklyn and beyond. For feedback and all of your real estate needs, contact Karen at [email protected].