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1993: the year of the neighborhood.

1993 will be the year that we are reminded that the heart of New York is its individualized neighborhoods.

Recognizing this trend, we have continued the expansion of our West 73rd Street office with the arrival of Austin K. Haldenstein as senior vice president. Austin, founder of the largest West Side real estate firm, has been through the different up and down markets.

According to Austin, "The market will solidify and we will see renewed confidence. I've been fortunate enough to participate in the West Side since the coop and condo market was born, and since the beginning of the brownstone revival, when houses sold at a fraction of today's value. Our job, as professionals, is to pay attention to what's happening, and accurately report it to better educate the public."

One of the problems resulting from the dwindling number of real estate firms in this tough market has been that the information provided to the public has been statistical overviews from the larger firms. This has left West Siders without a resource for information about their specific neighborhoods.

Crucial variables such as building age, location and amenities, sunlight, views, which height and the effects of existing or projected nearby construction (such as Riverside South) make statistical formulas pale in comparison to market analysis done by brokers who work the area all day long every day. We find that sellers and buyers have been seeking this information. Towards that end, Vandenberg can provide information on our specialty, which is homes for people on the Upper West Side, specifically, the sale of Coops and Condos priced above $200,000 and Townhouses for occupancy or investment. Each of our core group of six senior brokers has an average of 13 years of real estate experience.

Teamwork Key

Whether it's accurately pricing an exclusive (one of the most important things we do, and too often neglected) or negotiating a complex transaction. we rely heavily on one another. As an example, for a recent marketing proposal, four of us visited the property, and three of us met with the owner to present our analysis.

As the newly elected president of the West Side Professional Realty Organization (WesPro), I intend to do my beat to give the West Side it's due. When I was awarded one of the 1991 Deal of the Year awards from the Real Estate Board of New York, I said something that I think is still true today: the future of the industry is relationships with people, a solid knowledge of and a caring participation in the community.

We are noticing what we think is the beginning of a trend in townhouse purchases: savvy buyers are increasingly willing to buy buildings with existing tenants. You may have heard that few single family townhouses sold last year. What you didn't hear is that there were a number of other sales, including two-, three-, four- family residencial properties and up to 15 unit investor buildings. Some great buys with decent returns have slipped through the cracks between foreclosure proceedings and auctions that never came to pass.

Regarding co-ops and condos, apartments located on Central Park West, West End Avenue, and Riverside Drive will no longer be considered the only "good" addresses. We predict that a sense of hopefulness is encouraging home buyers to act now, such as a recent buyer who relishes living on the West Side and looks forward to walking across Central Park to work on the East Side. More sophisticated foreign buyers will also be choosing to be near Lincoln Center.

One of my favorite sales in 1992 was to an Italian buyer who demanded fast and lean service in their successful search for a luxury West Side condominium.
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Title Annotation:Review & Forecast, Section V; New York, New York home buyers look toward individualized neighborhoods
Author:Guerrieri, Dexter
Publication:Real Estate Weekly
Date:Jan 27, 1993
Words:619
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