Boroughs & Burbs, the National Real Estate Conversation

Send us a text

Boroughs & Burbs Episode 45:
Governor Ned Lamont & DECD Commissioner David Lehman
Conversation on Real Estate and the Connecticut Economy  

What's the outlook for the Connecticut economy and our real estate market in particular? We just experienced our best year in the last 20 years. Rising prices and record deal-flow. The state has a surplus and is cutting property taxes. But, facing labor shortages, supply chain challenges, the war in Ukraine, record gas prices and 7% inflation we have to ask ourselves can the Connecticut rebound continue? Is the inbound migration, particularly from New York, a long-term phenomenon or simply a Covid bonus? What's the jobs outlook? What does Connecticut have to do to compete?

Our guests this week are Governor Ned Lamont and his most senior Economic Advisor, Commissioner David Lehman, the man who is helping Governor Lamont replace the jobs wiped out by the pandemic and attract new high-profile businesses to the state.

7 Questions For the Governor and Commissioner Lehman

1. Real Estate is an Essential Industry? Early on in the pandemic New York shut down their real estate industry. Connecticut stayed open for business. Who should I thank for naming real estate an essential industry and paving the way for New Yorkers to come out? 

2. Taxes. Realtors know that taxes is a major reason why people move to Connecticut from New York (and Westchester County). Unfortunately we are losing some of our wealthiest to low-tax states like Florida and Texas. As Realtors we’d like to keep those people in-state. They’re good for our economy. What are your ideas on tax policy as a tool for retention?
 
3. Marketing. Governors have become the chief sales people of their states. I heard you were just on a recruiting trip to Israel. What is the pitch for Connecticut? What kind of industries are we looking for and what do we need to do to be competitive? 

4. The Commute. With more people working at least part of the time from home Realtors have seen a shift away from the coast and are able to sell towns that are a bit further away. Places like Easton, Redding, Weston, Ridgefield and Danbury were maybe too far for a daily commute, but things have changed. Has this changed our thinking away from emphasizing/investing in Metro North and I-95 or are our traffic and commuting concerns as important as ever? 

5. The Legislature. The state legislature seems to have a lot of opinions and some of their most controversial ideas are those that strip local control from the towns. Let’s say you rub the magic lamp and the genie gives you three wishes with the legislature. What would you ask for? 

6. Big Idea. Along the same lines, if you could implement one really big idea, the one for which you’ll be remembered, what would it be? 

7. Lessons Learned. Its 2028 and a new pandemic has arisen. The new governor calls and asks for advice. What do you tell him?

Our Hosts:

Roberto Cabrera - With 20 years of experience and ranked nationally by REAL Trends as one of "America's Best Real Estate Agents”. Sold a single family Townhouse faster than any other on the Upper West Side over $10M. 

John Engel - John Engel is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the Realtor of the Year Award in New Canaan where he was long serving Chairman of the Town Council. 

Scott Hobbs - Scott Hobbs is a regular contributor. Scott is the CEO of Hobbs Inc, a third-generation custom home building company operating in Connecticut, New York City, the Hamptons and Rhode Island.

Russell Barksdale - is a contributor. Russell is the current CEO of Waveny LifeCare Network. They operate one of the finest nursing homes and offer a progression of therapeutic programs, se

Send us a text

Noah Rosenblatt
CEO of Urban Digs and host of Talking Manhattan on the New York City Market 

Urban Digs is the source for real-time stats on the New York real estate market. Nobody tracks movement in the market like Noah. Given that we are coming out of a pandemic crisis, and war dominates the headlines, what can we expect?

Manhattan Supply is below the levels of the last three years. What market conditions are needed for supply to come back?

Manhattan New Active Listings is rising, as it should, consistent with the last three years.

Manhattan Demand is decreasing, but is above levels of the last three years. How will inflation & interest rates affect demand?

Manhattan New Contracts signed is healthy when compared to the last three years.

Noah Rosenblatt is an industry leader in data insights and technology for professional real estate agents in the New York City residential real estate markets. 

1. Where does Urban Digs get the data? How proprietary is the system?

2. Who subscribes? Who should subscribe? What's the benefit?

3. How do I use the Urban Digs chart room to understand the market? 

4. What are the key charts, the key indicators? Where do you go first? 
How often should I be tuning in to Urban Digs?

5. Talk to us about how the availability of data is changing the industry, and where this is heading. Is this only a New York phenomenon? 

6. What are we seeing in the market now that we are exiting coronavirus but there is great uncertainty ahead. In 2021 we focused on reopening industries, employment numbers, supply chain disruption, stock market volatility, 7% inflation and interest rate fears. How did these factors manifest themselves in the market?

7. In 2022 we have new anxieties related to the war in Europe. While the stock market is only 11% off the highs, people are now talking about 10% inflation, $200 oil, commodity prices and the impact of the war on foreign investment. How will these new factors play out in the New York market and across the market nationally?

The Market Ticker looks at the New York market in a way similar to stocks. Market Pulse? Seller's market, but for how long? What are the key indicators that will predict a contraction in the market?

Roberto Cabrera - With 20 years of experience, I have been recognized throughout the industry for achieving outstanding results: Ranked nationally by REAL Trends as one of "America's Best Real Estate Agents” for avg. sales price of $4.350M. Sold a single family Townhouse faster than any other on the Upper West Side over $10M. I live with my wife and daughter on the Upper West Side, the neighborhood I have called home for the past 23 years. 

John Engel - John Engel is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the 2019 Realtor of the Year Award in New Canaan where he is currently the Chairman of the Town Council. John also brings an insight into internet-based marketing that is unsurpassed. Before going into real estate he was the founder of two successful internet businesses, Paper.com and e-Media for which he won the prestigious Entrepreneur of the Year Award. He currently lives in New Canaan with his wife Melissa and four children. In addition to hosting this podcast on the market each week, John Engel produces an easy-to-understand and in-depth monthly market analysis called the Market Report for the 16 towns of lower Fairfield County. You can find it here.

Send us a text

The Color Show

"Pale green is here to stay" says Elle Decor. October Mist, a "gently shaded sage" the Benjamin Moore 2022 Color of the Year feels like the natural extension of Aegan Teal, their 2021 Color of the Year. This week we talk to the woman responsible for choosing the color of the year, Andrea Magno, and explore current thinking on color from 4 expert designers: Katie Lydon, Dane Pressner, Carl D'Aquino and Francine Monaco.

The Benjamin Moore 2022 Color of the Year is October Mist, #1495. 

Benjamin Moore:

• Andrea, can you tell us the secrets and the process of how you pick the Color of the Year? What does the color say about society?
• How did you pick October Mist?  How did you pick the name? 
• What was the response? When do you know you got it right?
• Tell me about the Color of the Year event at the New York Public Library. Are you throwing a colorful party and can we call come?

Designers: 

• As designers, what is the process?
• Do you pick the color first and then design around the color?
• What is the most popular color in your projects? 
• Is there one color you use in every project? 
• Are we taking more risks with color since we are all home more? 
• Color is emotional and personal, except for when its all business. Let's discuss how we use colors in our personal spaces and how it makes us feel versus our more serious public spaces or office spaces.
• As society moves beyond Covid, I feel like everyone is celebrating color in their clothing and in interior design. Do you agree? 
• Do you feel like you clients are more open to go out of their comfort zone with color than ever before due to being home more? 
• Katie, what Benjamin Moore color can't you live without? 
• Matte vs Gloss - What are the rules and how are they changing? 
• The magazines say color is back so why are we still seeing white kitchens? And, when is white not white?

Andrea Magno, Director of Color MarketingBenjamin Moore. Andrea says “As the spaces in our homes continue to evolve, we uncover more opportunities to express our individuality and leverage the power of color to design environments that serve different functions and styles,”

Katie Lydon, Interior Designer, Katie Lydon Interiors. Her work has been featured in national and international design publications, including Domino, Elle Décor, Tatler, Metropolitan Home, Lucky, The New York Times, and Town & Country. Katie has also appeared on LXTV’s Open House New York and George to the Rescue.

Dane Pressner, Director of Design, D'Aquino Monaco, addresses his life and career as a creative and curated design process. Joining D’Aquino Monaco in 2007, his appetite for style, fashion and pop culture have brought a unique perspective to the firm.

Francine Monaco Architect , D'Aquino Monaco has created a diverse career combining the practical with the magical to create memorable timeless spaces. Francine is a professor at Pratt Institute's Interior Design department.

Carl D'Aquino  Interior Designer , D'Aquino Monaco, is renowned for his ability to apply modernist sensibility and eclectic taste to contemporary design. Carl is a contributor to the Design Council for the Museum of Art and Design and a consultant to the Global Color Research Panel.

Lisa Ben-Isvy Former Publisher of New York Spaces, Principal LBI Connext PR professional

Send us a text

Bob Stefanowski Gets Real with Realtors
 
Connecticut's housing market is way out of balance from Greenwich to Bridgeport. We had a very frank, LIVE zoom conversation with quite possibly the next Governor of Connecticut on the critical issues that affect our ability to be competitive, and ultimately play out in our housing market. We list 10 questions below we'll ask Bob on tax policy, transportation, school-choice, crime, state-vs-local control & how he would have handled the pandemic response. 
 
Use the Meeting ID: http://zoom.us/j/92135931351 
Or, binge watch all 40 shows on Youtube. 
Subscribe now: http://bit.ly/399yevL 
 
The 2018 election between Gov. Ned Lamont and Republican challenger Bob Stefanowski, who is again seeking his party’s nomination for governor, was close — 49.4 percent to 46.2 percent. For a state seen as solidly blue in national elections, Connecticut has had Republican governors in 16 of the last 27 years. Note, Connecticut's last three governors all lost an election before they won. So, thinking this might be the next leader of Connecticut we wanted to talk to Bob about the following:
 
1. You only narrowly lost four years ago. Recently you said, “I’m going to be a much better candidate this time.” What did you mean? 

2. Connecticut has some of the highest cost of living in the country. You want to build a “better, more affordable Connecticut”. How can Connecticut do a better job with affordability generally, and making housing more affordable in particular? 

3. Some say Governor Lamont went too far with mask mandates (and 7 extensions of executive powers). Was this necessary? How would you have led the State through the pandemic? 

4. The commute to New York is not as important to homebuyers as it was a few years ago. Many more people work at least part of the time from home, easing the congestion on i-95 and the Merritt. Can it continue and what does this mean for the future of Connecticut? 

5. Realtors will tell you that this shift away from commute-based work is benefitting Connecticut's real estate industry. People can consider homes further away from Manhattan and they considered a lot more towns in their home search. How can Connecticut capitalize on the new normal?

6. For the moment we have a budget surplus. Governor Lamont says he wants to use the surplus to temporarily lower personal property taxes. What would be your plan? 

7. Energy – Connecticut is paying some of the highest electricity rates in the country. What can we do to solve our energy problem? 

8. Schools – Any Realtor will tell you that Fairfield County schools are one of our most important assets. We draw homebuyers out of New York because we invest in great schools and schools in turn support our property values. Talk about the role of education in Connecticut’s future. 

9. What can we do to attract new business to Connecticut? Is there a particular industry Connecticut should be courting? 

10. Infrastructure. What kinds of infrastructure investment must we make for Connecticut to compete in the 21st century?
 
Roberto Cabrera - With 20 years of experience, I have been recognized throughout the industry for achieving outstanding results: Ranked nationally by REAL Trends as one of "America's Best Real Estate Agents” for avg. sales price of $4.350M. Sold a single family Townhouse faster than any other on the Upper West Side over $10M. 

John Engel - John Engel is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the 2019 Realtor of the Year Award in New Canaan. In addition to hosting this podcast on the market each week, John Engel produces an easy-to-understand and in-depth monthly market analysis called the Market Report for the 16 towns of

Send us a text

"The Price of New in New York"

Manhattan real estate hasn’t just recovered from the pandemic slump, it’s doing better than in the pre-COVID era. This week on the show we talk to the President of new development for Brown Harris Stevens in New York and top economist Laura Tomana on the crazy pace of 2021 and whether it can be sustained into 2022 and beyond.

Stephen Kliegerman expects momentum to continue as Wall Street bonuses roll in and the wealthy get wealthier.

Laura Tomana says buyers look to Dumbo for more gracious floor plans and unblocked city and river views.

In Manhattan new-development contracts tripled in 2021. 1,723 newly developed units went into contract, a 233% increase over the previous year. 

The Upper East Side saw the most substantial boom, with 63 deals inked in new developments in Q3 2021, compared to 21 in 2020 and just five in 2019. 

Chelsea-Flatiron District area (between West 14th and West 34th Streets), is on the upswing where 28 deals closed in Q3 2021, up from nine in 2020 and just two in 2019. 

“The high-end Brooklyn market also stood out, with record sales and cementing new luxury product expectations in an outer borough,” said Stephen Kliegerman. 

Brooklyn new development contracts this year smashed recent years’ totals with larger, more expensive homes leading the charge. New development contracts in 2021 totaled $1.54 billion, a 150 percent increase from last year and 77 percent jump from 2019. 

898 new development contracts were signed in Brooklyn. The average home signed was 1,220 square feet, a five-year high, and price-per-square-foot climbed to $1,680, up 43 percent year over year. 22 percent of contracts were for units with three bedrooms or more. 

Not all neighborhoods fared the same. Dumbo, Brooklyn Heights and Downtown Brooklyn posted 87 contracts in the fourth quarter, more than double the amount signed in the same time span last year. But contract activity declined in Prospect Heights, Park Slope, Flatbush and Prospect Park South. While contract activity slowed in the fourth quarter, that drop is a response to insufficient supply, not demand, according to Laura Tomana, Vice President of research and market analytics at Brown Harris Stevens Development Marketing.

Laura Tomana manages all macro and micro levels of new development research and data trends, provides real-time market intelligence to developers, and is involved in the earliest stages of pre-development. Overseeing all market research and analysis for a variety of projects in Manhattan, Brooklyn, Queens, and New Jersey, Laura consults on all aspect of pre-development planning including pricing, floor plan, finish and amenity recommendations to maximize sales velocity and sellout for each project. Her advisory has been key to the success of many important new developments throughout her career, including The Cortland (555 West 22nd Street), One Wall Street, 200 Amsterdam, 99 Hudson, Rose Hill (30 East 29th Street), 42 Crosby Street, and The Fitzroy (514 West 24th Street), Laura’s research has proven an essential decision-making tool for best-in-class global and local developers, including Related Companies, China Overseas America, JDS, Brookfield Properties, and more.

Since 2000, Stephen Kliegerman has been a member of the senior executive team at Terra Holdings holding several key leadership positions. He has overseen more than $15 billion in sales, representing over 10,000 units in the New York City area.  With more than 30 years of experience in New York real estate, Stephen is recognized as a trailblazer in the brokerage community, known for cultivating genuine partnership, integrity and tenured market knowledge. He is widely quoted in globally recognized media as a market authority including; The

Send us a text

In Fairfield County, Connecticut the builders are betting big on LUXURY condos. The biggest and best of them are Selling For Record Prices, Topping out at $2500 per square foot.  Who is Buying, Why and Will The Party Continue?

The Mill Westport, by Coastal Construction, are 30 luxury residences starting at $1,655,000.

Bankside House, along the Saugatuck River in Westport, is being built by David Waldman

For the first time Ultra-Luxury  condominiums are selling across Fairfield County for more than $1000 per square foot. They range from townhouse to apartment designs and they're going up in Greenwich, Westport, New Canaan, Darien and Rowayton. Let's ask the experts who are building, listing and selling the ultra-luxury product:

Rita Kirby and Bonnie Sztam from WPSIR will discuss their $3+ million sales on Forest St. and at The Gramercy in New Canaan.

Bettina Hegel from Brown Harris Stevens willl talk about $3 million+ sales at The Vue in New Canaan.

Kim Harizman from Compass is representing David Waldman's modern waterfront bet on the Saugatuck River in Westport, Bankside House

Joe Feinleib from Coastal Construction will be on hand to speak about the luxury condos he's building at The Mill Westport.

Paul Stone & Arnold Karp can explain why they chose certain amenities at The Vue in New Canaan (but did not build a pool)

Who is the buyer? What is the profile of the high-end condo buyer in Fairfield County?

What are the features, location, amenities that these buyers require?

Is this a long-term trend or response to Covid?

What have been the development challenges? Are some towns more difficult?

Rita Kirby pf WPSIR
Bonnie Sztam of WPSIR
Kim Harizman of Compass
Arnold Karp of The Vue
David Waldman of Bankside House
Bettina Hegel of Brown Harris Stevens
Rita Kirby pf WPSIR
Joe Feinlieb of The Mill Westport

Meeting ID: http://zoom.us/j/92135931351
Subscribe now: http://bit.ly/399yevL
Thursday, January 27 from 4:00-5:00pm

Roberto Cabrera - With 20 years of experience, I have been recognized throughout the industry for achieving outstanding results: Ranked nationally by REAL Trends as one of "America's Best Real Estate Agents” for avg. sales price of $4.350M. Sold a single family Townhouse faster than any other on the Upper West Side over $10M. I live with my wife and daughter on the Upper West Side, the neighborhood I have called home for the past 23 years. I was originally born in Richmond, Virginia and grew up in Maryland, just one mile south of the Mason Dixon line. After graduating with a degree in Mathematical Economics from Hampden-Sydney College, the 10th oldest school in the country, I spent 5 years in Washington, DC working as a financial consultant. I also studied at The National Conservatory of Dramatic Arts and I’m a former actor who once moonlighted as a stand-up comedian.

John Engel - John Engel is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the 2019 Realtor of the Year Award in New Canaan. Before going into real estate he was the founder of two successful internet businesses, Paper.com and e-Media for which he won the prestigious Entrepreneur of the Year Award. John grew up in New Canaan before attending Davidson College. After graduating, he served as an officer in the U.S. Army and spent some time leading a military intelligence platoon on the front lines of the first Gulf War. He currently lives in New Canaan with his wife Melissa and four children. In addition to hosting this podcast on the market each week, John Engel produces an easy-to-understand and in-depth monthly market analysis called the

Send us a text

Episode #37 featuring Scott Hobbs, Tony Fox II and Greg Heym

Use the Meeting ID: http://zoom.us/j/92135931351
 Or, binge watch all 37 shows on Youtube.
 Subscribe now: http://bit.ly/399yevL

We are at a critical juncture in the history of New York, the moment after which New York will remake itself once again. In the final days of the pandemic big bets are being made on the future of office space, retail, work from home and the importance of commuting.

Roberto Cabrera - With 20 years of experience, I have been recognized throughout the industry for achieving outstanding results: Ranked nationally by REAL Trends as one of "America's Best Real Estate Agents” for avg. sales price of $4.350M. Sold a single family Townhouse faster than any other on the Upper West Side over $10M. I live with my wife and daughter on the Upper West Side, the neighborhood I have called home for the past 23 years. I was originally born in Richmond, Virginia and grew up in Maryland, just one mile south of the Mason Dixon line. After graduating with a degree in Mathematical Economics from Hampden-Sydney College, the 10th oldest school in the country, I spent 5 years in Washington, DC working as a financial consultant. I also studied at The National Conservatory of Dramatic Arts and I’m a former actor who once moonlighted as a stand-up comedian. Many years ago, I authored APPLE PIE - The Real Ingredients for Buying and Selling Your Slice. 

John Engel - John Engel is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the 2019 Realtor of the Year Award in New Canaan where he is currently the Chairman of the Town Council. John also brings an insight into internet-based marketing that is unsurpassed. Before going into real estate he was the founder of two successful internet businesses, Paper.com and e-Media for which he won the prestigious Entrepreneur of the Year Award. John spent his earliest years in Stuyvesant Town (before it was cool) and finished his growing up in New Canaan before attending Davidson College in North Carolina. After graduating, he served as an officer in the U.S. Army and spent some time leading a military intelligence platoon on the front lines of the first Gulf War. He currently lives in New Canaan with his wife Melissa and four children. In addition to hosting this podcast on the market each week, John Engel produces an easy-to-understand and in-depth monthly market analysis called the Market Report for the 16 towns of lower Fairfield County. You can find it here.

Send us a text

State of the Market: Greg Heym & Kevin Kovesci

We'll talk to Greg Heym and Kevin Kovesci, our experts in New York about the effect of the pandemic and the election on the New York and suburban real estate markets. 

These two know where the market is moving and so we expect to have a spirited discussion on:

-Where is the buying opportunity in New York right now?
-Interest rate movements. Where are they headed in 2022 and beyond and will they have an impact on price or is there less correlation than most people assume?
-The lack of inventory. Are there just too many Millenials chasing too few houses and apartments or is the current boom in real estate a function of the money supply? 
-New development trends. (and is anything new also affordable? Is New York affordable for the average Joe?)
-Need for second homes. Is this what is driving the suburban market, and is it a function of the pandemic?
-Decreasing importance of the daily commute. Is this overstated, and what has been the effect on prices?
-Which neighborhoods are hot? Is the UWS back entirely?
-Foreign buyers. Are they back and what are they buying?
-New York sports teams. (Greg always has something to say on this. What do NY sports tell us about New York optimism and is the optimism reflected in the markets?
-Unemployment effect on the market. The latest from The Line
-Stock market effect on the NY market. How do bonuses look this year?What will they do to the Spring market?
-Is NYC fulfilling its promise of being the new tech center?
-New York City's current effect on the suburban markets?
-Coop vs. condo trends. Are coops being forced to loosen up?

Subscribe now: http://bit.ly/399yevL

Greg Heym - Chief Economist for Brown Harris Stevens
Greg was our first guest on episode 1 last May and again on episode 8 in October. In May we debated the nature of disruption to the real estate market. Would this be like 911? Would it be like the financial crisis? How long before we could get back to normal? By October there was newfound optimism based on the vaccines being approved, but plenty of anxiety related to the election. Now, with the election behind us we need an update from Greg Heym on the state of the market in New York. 

Kevin Kovesci - Senior EVP and Managing Director of Sales, West Side
Well-known for his keen understanding of the Manhattan market, Kevin is responsible for managing the highly successful Upper West side office. Previously, Kevin managed Brown Harris Stevens' Tribeca and Village offices where he was the driving force in their exponential growth. Kevin Kovesci was formerly Vice President of Coldwell Banker Hunt Kennedy where he headed their Downtown office. His background also includes over a decade of experience as a top-producing broker and sales agent selling primarily on the Upper West Side. He earned his Bachelor of Arts from Bowling Green State University, and holds a Master of Science in Real Estate from New York University. 

Subscribe now: http://bit.ly/399yevL 

About Boroughs & Burbs:

Our weekly wide-ranging zoom conversation with real estate experts from around our area. Hosted by John Engel in Connecticut and Roberto Cabrera in New York.

Roberto Cabrera - With 20 years of experience, I have been recognized throughout the industry for achieving outstanding results: Ranked nationally by REAL Trends as one of "America's Best Real Estate Agents” for avg. sales price of $4.350M. Sold a single family Townhouse faster than any other on the Upper West Side over $10M. 

John Engel - John Engel is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the 2019 Realtor of the Year Award in New Canaan where he is currently the Chairman of the Town Coun