FINDING HOME
Decades Later, A Couple Reconnects ❤️

Aaron and Brooke grew up in the same town in the midwest, and had been pretty close back in high school. They dated a bit when they were young, but as tends to happen, they grew up and out; Aaron started a life in NYC and Brooke made her way to Chicago.

Decades later, now in their 50s, they reconnected at a mutual friends’ wedding — and wed themselves only a year later!

After selling his condo in the city, Aaron and Brooke moved into a 2 bedroom rental in Brooklyn, and were now looking for a place they could really call home.

Here were their priorities:

• 45 min commute to Aaron’s office in midtown

• 2-3 bedrooms and a backyard for future dogs

• Walking distance to Prospect Park

No. 1:
The Cobble Hill Duplex

This 3 bed/2.5 bath lower duplex was in a dreamy location off of Smith Street, and very close to the F train. While far from Prospect Park, it offered an enormous 800sf rear yard and the kitchen of Brooke’s dreams. The home’s current owner had purchased the unit from a developer, and some elements were in need of TLC: the hardwood floors had bowed in some spots, kitchen cabinets needed repainting (you’ve got to love that photo magic up there, huh?), and the home could have benefitted from a fresh coat of paint. Still, the asking price felt very appropriate for the lovely location, amenities, and grade-A layout.

No. 2:
The Loft Above the Park

The elevator entrance offered SoHo loft vibes, but the private terrace made this home especially unique. Although this 2 bed/2 bath new development had a pretty tight living room, the full wall of glass leading out to the terrace offered an expanded living space that filled the home with light. The building consisted of four units, three with lower ceilings and one with enough height to dwarf Aaron’s 6’5” self. The location was ideal and the sunlight was hard to beat, but the home was missing a key element: the backyard they dreamt of for their future dogs.

No. 3:
The Duplex in the Slope

Another new development in their target neighborhood, this 3 bedroom / 2.5 bathroom condo followed the typical floorplan of a lower duplex: two bedrooms upstairs, a finished rec room downstairs, and a wide open rear yard. This home’s floor plan would allow them to install a full bathroom downstairs and create a luxurious master suite. It offered the perfect set up for them to work from their yard or upstairs office, while their future dogs would run around outside. Location and layout were great, but the living room looked out onto a rather busy road and construction was coming up across the street.

*names have been changed

Which Home Do You Think They Chose?

AARON & BROOKE'S HOME:
THE LOFT ABOVE THE PARK
We saw this home the first day it hit the market - and still, another offer had beaten us to the punch. With some manuevering, we managed to snag the home for Aaron & Brooke.

I often remind clients that their initial priorities can change as they view more properties. Although they initially dreamt of a backyard, they learned that lower duplexes often come with lower ceiling heights, and they didn’t see themselves fully taking advantage of the space offered by the finished rec rooms. They didn’t need high squarefootage - they largely wanted high ceilings, an abundance of sunlight, and outdoor space to enjoy with friends.

Now that they live in The Loft Above the Park, they’re enjoying morning coffees and evening cocktails on that oversized terrace every single day!

MARKET INDICATOR
Manhattan

Manhattan inventory surely took off with the September spike, but it seems last September showed greater growth. I’d venture to say that many have noted Manhattan to be in a buyers’ market, which could influence homeowners’ decision to list their homes for sale. I’m curious to see how contract signings react now that we’re in October.

Brooklyn

The promise of a September inventory upshoot did not disappoint. Buyer clients are feeling an abundance of options - though competition accompanies them. Contract signing figures tend to follow the next month, so I expect the October contract signings to show significant growth.

HOT TAKE
How can I expect my home to appreciate in value?

“Hot new restaurants are popping up here every few months - so maybe we should hold onto our home for a few more years while the neighborhood grows? Can we expect a jump in value from local development?”

For my clients in prime West Village, the answer is… no. For those in Crown Heights, the answer is most certainly yes.

This is where I like to bring up The Appreciation Triangle.

When considering how a home will appreciate in value, focus on three key elements:

Value-Add
What improvements can I make to enhance this space? Are there upgrades that could significantly impact resale value?

Consider changes that increase storage, improve the home’s flow, or upgrade kitchens and bathrooms. While a renovated home may not align with your personal style, extravagant additions like a fully marble bathroom may not necessarily boost resale value. Prioritize practical improvements that appeal to a broader audience.

Location
How is the location expected to evolve in the coming years?

To gauge the growth potential of a home’s location, pay attention to local amenities like coffee shops, bakeries, grocery stores, and restaurants. For instance, if a neighborhood lacks grocery options, the arrival of an organic market could transform the area. Similarly, a new coffee shop with cozy seating and free Wi-Fi could elevate the value of nearby properties. If the neighborhood is already well supplied with these amenities, new arrivals aren’t likely to affect your property value.

Greater Market Trends
Rather than focusing solely on renovations, you might prefer a turnkey space in a well-established neighborhood. In this case, the overall desirability and resources of the area will play a significant role in your home’s appreciation. Broader market trends, such as declining mortgage rates and seasonal changes, will also influence property values. As the market improves, so too will the value of your home.

Curious about your home’s appreciation potential? Let’s chat.