The Market Report: January 2023

In With Some New

As we’ve seen prominently in the last six months, real estate markets shift and change with circumstances that shift and change out of our control. In due reaction, we have focused several months on the conditions affecting our market, and the mechanics of real estate transactions on both the buying and selling sides in our current environment.

Along with a new year comes the chance for change, resolutions, new beginnings, tossing out the old and in with some new. A few months ago, we touched on giving thought to your property, just as we advise sellers to do in preparation for their sale – to improve your quality of life and maintain or even improve the value of your property. Too often we become comfortable with uncomfortable elements of our daily lives, often immune to defaults in our environment simply from over-exposure and the habit of being used to things. There are many adjustments – some larger undertakings, many small undertakings – that property owners can make to improve the value of their property and interaction with their environment.

An often-overlooked opportunity for owners is to improve not just their individual property but their building overall. Get engaged on your coop and condo board. It’s a notoriously thankless job, but for a term in the position and some conviction you can impact the quality of your building. Or as a lesser commitment, you can offer often much needed help to the board by raising your hand to volunteer on a committee or help however needed, perhaps lending your professional advice or services. But don’t offer unsolicited input if you don’t want to be involved.

Building hallways and lobbies are often overlooked or griped about without change. Minor changes can make a big impact, such as getting the maintenance crew on a regular routine of touching up paint and spot cleaning carpet. Likewise, if it’s a smaller building, a fresh coat of paint, swapping out a prominent light fixture or two and some new durable carpet can transform the space without blowing the budget.

Intercom systems have made great advancements in recent years. If you don’t have a doorman, look into replacing the old system with a virtual system that uses a smart phone app. New systems have replaced antiquated virtual doorman systems, with cost efficiency. Guest codes and remote access, camera security, package deliveries can all be managed in the palm of your hand, half the world away if you’d like.

Another opportunity many buildings are exploring is whether to lift old rules barring washers and dryers in individual units. If units can be adjusted to have them installed, it can improve quality of life and the value of the property. Buildings can hire an engineer to assess and evaluate the building conditions and whether they can withstand the potential installations.

Finally, allocating some funds to building entrance landscaping, lobby doors, doorman desks or new elevator carpeting can go a long way. You may have gotten used to the dingy, boring or broken things around you. But the improvements will be refreshing, and future buyers will take note!

As we ring in 2023, we wish you the changes you desire and a great start to the new year ahead!

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