Boroughs & Burbs, the National Real Estate Conversation

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Welcome back to New York for episode #66 of Boroughs & Burbs. This week is a very special show. We have the NYC-based Presidents of two real estate brokerages that are in some ways similar, and yet couldn't be more different.

     We have Richard Ferrari, the President of Douglas Elliman, which has been in existence since 1911 and has over 7,000 agents in 113 offices across the country. The most significant recent change for Elliman is that this famous New York firm went public with a mandate to expand from its New York roots into luxury markets across the U.S. After spending 15 years at Elliman earlier in his career Richard Ferrari is back at the firm in charge of New York and New England with the mandate to grow, grow, grow.

     We have Richard Grossman, the President of Avenue 8. I met Richard Grossman when he was President of Halstead, Manhattan and he appeared on Boroughs & Burbs on Episode 11, "High Style" where we talked design. But, Richard knows the business of big brokerage in the Big Apple. In his new role, as President of Brokerage for a California-based, technology-savvy, venture-backed new brokerage called Avenue 8, Richard is also charged with growing the business, but with a different emphasis and for a firm with different skills and assets. Inman writes, "Avenue 8 is the rising star among modern brokerages. Their easy-to-use, mobile-first technology platform for agents is designed to help agents focus on what they really need to focus on — their clients." We want to hear more about this approach to the business.

     But, its not enough to grow a brokerage. I want to know how to grow my personal business and so do most of us out there. We have much to learn from the experience of these two men. This business is changing, consolidating and evolving. Every day we are told that if we don't change with it we'll be left behind. How does it make you feel that Forbes is still asking "In the Future of Real Estate, Will Agents Still Play a Role?"  And yet Zillow Offers blew up last year. Redfin shut down iBuying. And more recently Opendoor lost much more money than Zillow Offers ever did.  Is this redemption? Is relationship-selling and trust making a comeback. Or, are we marching inevitably to a future where the agent plays a diminishing role?  I want to ask these men to share their experiences and their wisdom about where the business is going and how to succeed in it.

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Welcome to our Dominating Social Show, episode #65 of Boroughs & Burbs. This week we have two experts on the intersection of social media with luxury lifestyle and real estate. How important is Social Media in the world of luxury goods and real estate? Very.

First, there's Samantha Yanks, the Queen of the Hamptons and NYC. Yes, that Samantha Yanks, formerly Editor in Chief of the region's two powerhouse publications and now she's all-in on Connecticut. With her move to Westport, and the launch of her digital media platform, The Connecticut Edit, Samantha Yanks has proven that Connecticut is the chicest new place to dwell and she is making noise through social domination. When I discovered they asked Samantha to join the Real Housewives cast  I had to include that tasty bit because it's just fun and we're going to ask her about it. For more on the amazing career of Samantha Yanks scroll down.

It's not enough to ask the tastemakers. We've also got one of the superstars of New York real estate on the show. Jonathan Stein has been leading one of the top New York City (and Hamptons) teams for the last 10 years. Jonathan has a more than respectable 14,000 followers on Instagram, and members of his team have 10 times that (see below). How important is social media to Jonathan's business? Is there a difference between social in Manhattan versus in the Hamptons? Is social media a gateway to finding new potential clients, to connecting with past clients? I'd like to understand how Jonathan strikes the balance between being authentic and spontaneous on social media versus putting out there a professional and well-curated presence. And, I'd like to know if he's getting help, or doing it himself.

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Welcome to our Great Southwest Show, episode #64 of Boroughs & Burbs. This week we have a tale of two cities which could not be more different, and yet they share a great deal in common.

First, there's San Diego, known as "America's Finest City" with its quintessentially southern California vibe. It's a more laid-back environment, and a much more affordable market than L.A., attracting "billionaires in board shorts."   Blessed with the most temperate climate in the nation, averaging 65 degrees and sunny all year long, its a market bounded by the Pacific to the west, the ecologically-protected desert andmountains to the east, Camp Pendleton to the north and Mexico to the south. With these natural boundaries limiting development, and an economy long-dominated by the military presence in the area, is it any wonder that San Diego has been one of the most stable real-estate markets in the country? Greg tells me that they've been short of inventory for the last 30 years, something that most of the rest of us have been experiencing for the very first time. We'd like to understand who besides Alicia Keys is moving to San Diegoand why?

We also have Scottsdale, Arizona, city of 250,000, long known as an incredible tourist destination but sometimes overshadowed by its sister city Phoenix. Like San Diego we see that tourism is now the second-largest industry in Scottsdale as the medical industry is on top. The median price of a home in swanky Pinnacle Peak is only $660,000. Prices have appreciated in Pinnacle Peak by only 10% this past year whereas in South Scottsdale they went up 30%. Taxes are not bad. The top income tax bracket is 4.5% andproperty taxes statewide average only .62%, significantly less than the nationwide average of 1.06% (compare to Connecticut at 2.13%, New Jersey at 2.49% and New York at 1.72%)  Some of the questions we have for Nicole are who is moving into Scottsdale and why? With all of these medical facilities and golf courses can we still say this is a winter destination for retirees, or has Scottsdale evolved into a more balanced year-round community? Is Scottsdale still affordable, or is Arizona experiencing some of the terrific appreciation levels seen in Palm Beach, Boise, and Austin?

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Welcome to our Moderns show, episode #63 of Boroughs & Burbs. This week I would like to explore the concept of modernism with two experts who have given the subject a great deal of thought, built magnificent modern houses and buildings, and who have taught the subject of Modern architecture around the world in seminars and at the college level.

First, we'd like to define Modernism. Are we talking about the clean lines and open-plan aesthetics of the 1950's, now over 70 years old, or is the new Modernism something else entirely?  What does it mean to be Modern in 2022 and where is the movement going? Does Modernism include the clean lines of IKEA's smart home or the exotic Iron Man's cliffside villa in Avengers?

Second, we'd like to understand who is buying modern architecture, and why? Maybe Modern architecture is so expensive that it has become a status symbol for the ultra-rich. Are the ultra-rich the only ones who can afford these sleek glass and steel structures with fabulous waterfront views or views of L.A. from the Hollywood Hills. These modern houses are a staple of shows like Selling Sunset, and admired by the rest of us. Will they ever become accessible to the rest of us?

Third, we would like to know where this admiration of Modern by the "younger generation" comes from, and how it is showing up in our housing market in markets from New York, to L.A., Miami, the Hamptons or Connecticut. Some of these communities embrace modern design, while others reject it in favor of more tradtional styles. An article in Curbed seemed to suggest that Modernism comes from the trend toward urban living: we all value the aesthetic of the modern, uncluttered, technology-centric apartment in the city. Maybe Baby Boomer rejected modern because it childhood homes. 

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Welcome to our Hamptons show. World-famous towns, villages and hamlets on Long Island's South Fork between Westhampton and Montauk, the Hamptons have long been a weekend and summer retreat for the world's wealthiest people, from movie and TV stars, dignitaries and socialites, hedge fund managers to hip-hop artists and more. We'll ask these two Hamptons insiders to tell us about the Hamptons beyond the beautiful beaches and the people who frequent them. Is there still a Hamptons for mere mortals?

Of course we have to talk about the trophy properties. The current trophy-holder for the priciest sale in the Hamptons is $137 million. That was set in 2014 and was a sale for three contiguous lots running across 16 acres in East Hampton. Only five Hamptons homes in history have ever gone for more than $100 million (according to Jonathan Miller, president of real estate appraisal company Miller Samuel) Jonathan says  "Thanks to the rising net worth of America's richest 1 percent, whose wealth increased by $12 trillion during the pandemic to a record $45.9 trillion at the end of 2021, trophy transactions are picking up pace. Appraiser @jonathanmiller said in the early years of the market he would see one or two transactions above $50 million in a year. Now he sees them every other week."

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Episode 61: State of the Market
with industry powerhouses Lisa Lippman & Louise Phillips Forbes

Lisa Lippman, last years #1 agent at Brown Harris Stevens, now with 35 listings

Louise Phillips Forbes, top team leader at Brown Harris Stevens, now with 23 listings

With so many conflicting headlines and opinions out there...
What are they telling their clients?
What's really happening?
What do they expect?

These two are going to help us sift through the noise and perhaps give us some predictions. Please join us, this will be good!

4pm Thursday. Use the Meeting ID: http://zoom.us/j/92135931351Or, binge watch all 60 shows on Youtube. Subscribe now: http://bit.ly/399yevL

Lisa Lippman was on Episode 12, one of our most watched shows, where she first let us in on her secret to success in the 5th minute https://youtu.be/p1tZu1I4jZM?t=302
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Louise Phillips Forbes said in Episode #2 “Lord knows I’ve been planting a lot of seeds and…it looks like it could be an 8-deal week”  (You had 40 listings worth $126 million)The advice you gave us is more true today:  https://youtu.be/mpTepeu9IDw?t=159

Thursday at 4pm, Use the Meeting ID: http://zoom.us/j/92135931351
Or, binge watch the whole season on Youtube.
Subscribe now: http://bit.ly/399yevL

John Engel - John Engel can be found at http://www.JohnEngel.com. He is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the Realtor of the YearAward in New Canaan where he is has been Chairman of the Town Council and is currently a member of the Planning & Zoning Commission. 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. 

Roberto Cabrera - Roberto can be found at http://www.RobertoCabrera.com. 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 also studied at The National Conservatory of Dramatic Arts and I’m a forme

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This is definitely going to be a different kind of show. These are two incredibly well-connected men in the world of New York real estate whose business it is to know the major trends, who's getting in, who's getting out, and why.
    While most of us focus on a few listings at a time we have with us on the show Aaron Feldman, co-founder of Benchmark Real Estate Group a man who has developed, managed and sold dozens of buildings and who currently manages over a thousand apartments worth over $1 billion. The Real Deal was paying attention to Benchmark, noting that they were $400 million sellers between 2015 - 2017. Two years later the Real Deal reported that Benchmark Real Estate Group was back in the market and raising $250 million through the acquisition of a SPAC and an IPO. Has he found any interesting multifamily buildings to buy or develop? Which New York markets are poised to go higher?  And, what is the value-add he brings in 2023?
     Amir Korangy founded The Real Deal nearly 20 years ago when he realized there was a need in the market to cover the real estate industry here. The online and print publication, which serves as a source for other periodicals, was self-proclaimed "the must-read news source for real estate news," in a profile in the Los Angeles Times in 2009, and "the hot sheet for NYC real estate professionals," by the New York Post. Korangy was named one of the 100 most powerful figures in New York City real estate by the New York Observer in 2009. In 2008 he expanded to the Miami market, and in 2016 he added Los Angeles. In mid-2017, TheRealDeal.com was named the website with the wealthiest audience by Quantcast, and made the top 25- list of websites with the most educated audience. Just under 80 percent of TheRealDeal.com's readers have at least an undergraduate degree.

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Fire Island is a 1-mile-wide barrier island with 32 miles of pristine white sand beaches and no paved roads. It began in 1653 like Nantucket as a whaling community. Real estate boomed in the 1950s, and Fire Island emerged as "the premier bohemian summer retreat"  Newly established beach bungalows lit up with creative New Yorkers. Over the next ten years, the landscape became a collage of rooftops where the rich and famous were able to escape.
​​​​​​​      Like Nantucket the majority of the island is protected and will remain undeveloped. There are approximately 4,500 homes on the island, and about 820,865 people come by ferry to visit the beaches every summer.
- What is the Fire Island of 2022 and how has it changed in the last 10 years?
- Have the bohemians all left, priced out of the market, as Fire Island gentrifies?
- The average price is $1.14 million, half of the average in East Hampton and a third the average of Nantucket. Is Fire Island a relative bargain for affluent New Yorkers?
- Is Fire Island a gay community?  According to FireIsland.com this is one of the most frequently asked questions and greatest misconceptions about Fire Island. 
- Bloomberg reports that Fire Island Pines is the most expensive its ever been, where a 4 bedroom on Black Duck Walk rents for $17,500 a week.
Ocean Beach, with 600+ houses, is the most established year-round town, but does anybody actually live on Fire Island and commute daily into Manhattan?
- Fire Island Pines summer population swells to 4,000 at peak but in the winter the number dwells to only a few dozen. Is that going to change in a post-covid world?

Robert Kuchar of Douglas Elliman Real Estate
Real estate has always been Robert Kuhar’s life. The son of a builder/contractor who learned the ropes early, he developed a keen eye for property value and potential which he uses to the benefit of his clients. He has owned apartments, single-family and multifamily homes, had experience as an investor and landlord, and overseen all aspects of home building – from cosmetic to plumbing /electrical to structural work.
​​​​​​​    In addition to being a busy broker in NYC, in May 2019, Robert opened the second Douglas Elliman office on Fire Island, in Ocean Beach – the culmination of a 10-year dream – where he is Branch Manager. He has an intimate understanding of both the NYC and Fire Island markets having lived in New York City for almost 30 years (in the Upper West, Upper East, Downtown, Midtown, Brooklyn and now Harlem), and owned in Ocean Bay Park, Fire Island for 15+ years.

Glenn Rice of Brown Harris Stevens
Glenn Rice moved to NYC in 1991 to attend Columbia University where he received a degree in English Literature. He embraced downtown music and art culture and joined the music industry where he worked in International Marketing for Elektra and at Jive Records where he handled the rollout of sales and promotion efforts for some of music’s top acts. Glenn next ran an international language school for which he traveled all over the world executing marketing strategies. After the purchase of a landmark townhouse on Harlem’s Strivers Row in 2000 at the age of 27, he began his career in real estate where he quickly became the top townhouse broker in Harlem, setting all sales records and creating a client base that still includes some of the top contemporary artists in the world.
    Glenn has lived and worked on Fire Island for the past four years and is noted for his renovation of a classic beach cottage in Fire Island Pines creating a modern masterpiece that was recently featured in the New York Times.
 
Thursday at 4pm, Use the Meeting ID: http://zoom.us/j/92135931351
Or, binge watch the whole season on Youtube. 
Subscribe now: http://bit.ly/399yevL

#realestate #realtor #fireisl