Women Snapping Up NY Real Estate
Posted on December 11, 2006 25 Comments
Check this out – a positive story about women and their finances. Bravo!
Women Unafraid of Condo Committment
New York Times (online edition), December 10, 2006
By Christine Haughney
DAVID WALENTAS — a Brooklyn developer solidly entrenched in the testosterone-dominated real estate world — is having a hard time making sense of the streams of women passing through his sales office at 110 Livingston Street in downtown Brooklyn.
In the last five months, single women spent more than $30 million out of the $100 million or so in sales in the 299-unit condominium. In fact, single women bought 72 of the first 165 apartments sold. Spending by these women far surpassed that of single men, who accounted for $19 million. Married couples accounted for about $45 million in sales, and investors $5 million.
Mr. Walentas has done so well that he has been able to raise his prices twice. He also sees more married women writing the $60,000-to-$100,000 deposit checks. “It’s the women’s checks,” he said. “It’s not like a dual account — Joe and Suzy. It’s Suzy. I’m amazed.”
As the overall New York City housing market slows down and buyers are far more cautious about making deals, the one segment that is still buying feverishly appears to be women. While Manhattan developers say they are seeing more female buyers, the highest concentration seems to be in Brooklyn.
Brokers say that women are betting that even if they buy in a declining market, the values won’t drop as much as they would have spent on rent. They’re more comfortable buying in the same neighborhoods and buildings as their friends do. By purchasing condominiums that they could eventually rent out if they needed to move, they’re also hoping that they can hold on to these properties until the market improves.
“A woman will say, ‘I’m still saving money in the long term.’ ” said JoAnn Schwimmer, an associate real estate broker at DJK Residential. “They’re able to see the bigger picture, while a guy says, ‘I have to get the best deal.’ ” She said that her female clients who bought four years ago have male friends still waiting for prices to drop.
Erica Besikof is one of the women who decided that now was the time to buy at 110 Livingston. Ms. Besikof and her husband, Dan Besikof, who currently live in Manhattan in the financial district, put down a 10 percent deposit on a $600,000 apartment. As self-professed Food Network addicts and aspiring chefs, they were sold on the unit’s Viking range and Sub-Zero refrigerator.
Ms. Besikof was so enthusiastic about the purchase that she tried to persuade a half-dozen female friends and their husbands or partners to buy in the same building. Her candidates included a college friend, a high school friend, her husband’s former co-worker, a current co-worker and the co-worker’s former roommate.
So far, only Melissa Sussberg and her husband, Matthew Sussberg, have followed her advice and bought an apartment, a $765,000 two-bedroom. But there’s still time for the Besikofs to turn more acquaintances into neighbors: they don’t move until spring.
The impact of female buyers may be most pronounced in the Brooklyn condominium market, because properties are less expensive than they would be in Manhattan and the deposits are as low as 10 percent of the purchase price. That means that more women who are first-time home buyers can break into the market more easily and that women who own apartments in Manhattan can sell and buy larger apartments in Brooklyn.
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December 11th, 2006 @ 3:42 pm
I’m 29 and I purchased condo all by my self 2 years ago, boy was it scary. I’m the only single woman in my community of owners. Most are guys or couples.
Most of my single gals still rent… so what do you think buy or rent?
Btw. Just came back from Chicago, ahhhh! Now I understand why you need a good coat, hat and gloves.
December 11th, 2006 @ 5:56 pm
Oh man! It was the COLDEST here this past week! I did not want to go out at all (but trust me, I still did–hats, gloves, scarves, boots and all!)
I rent because I need to save up more for a downpayment in order to lower monthly payments on a mortgage. But I’m saving up for that downpayment!
December 11th, 2006 @ 6:19 pm
There is this new loan type called 80/20 that requires no down payment and no PMI. You can research it on the Internet. I did it and it works perfect. There are plenty of options out there just make sure you find a good mortgage broker.
December 12th, 2006 @ 1:05 am
And this is all because? Brooklyn rocks! Through a mysterious alignment of the planets (and inheritance of money) I was able to buy my own co-op in Brooklyn 4 years ago next Saturday. It was unbelievably scary but I’m really glad I did it.
December 12th, 2006 @ 9:07 pm
Hi Nicole,
I’ve been reading your blog for a while now and loves it! If you can take a look at my site and possibly add my link, I’d appreciate it. I already have you on my blogroll.
My apologies for writing this in a comment – couldn’t find your email on the blog. Thanks!
Wanda @ wellheeled.wordpress.com
December 13th, 2006 @ 3:30 am
BTW, Nicole, is your pic “new”? I’m asking because I seem to recall your hair looking different…and perhaps a bit longer?
Regardless, you look AWESOME…almost enough for me to want to be 27 again…but I’m feeling pretty good about being 41.
December 13th, 2006 @ 3:39 am
Well, hmmm…I left a comment earlier about holiday gifts, etc…I THOUGHT I saw it get posted, but now I don’t see it there…anyway, the gist of my comment was that if you look around and spend a bit of time thinking, you can find some great gifts without busting your budget. Hubby and I have more than a dozen family members on our gift list, and we shop with our overall budget in mind more than a cost-per-person budget. We often find great gifts on sale, which really help our overall budget.
December 13th, 2006 @ 11:56 pm
Thanks Michelle, I DID change my hair. It was blonde and long before. I’m kind of loving the dark side. I heart my stylist!
December 14th, 2006 @ 4:56 am
Oh, good, so it wasn’t my imagination!
Anyway, it looks great–though you looked great before, too!
Happy to say that hubby and I finished the majority of our holiday shopping today…just some stocking stuffers and other odds and ends to pick up now…and for the most part, our gifts ranged anywhere from $12 (an on-sale item–whoo hoo!) to no more than $40…average gift price of $20 or so for our rather large gift list (with only an exception for our college-aged son and my mother, who is in poor health and only has me to spoil her)…and we’re proud of every single gift! (And just think, we’re known as the best gift-givers in the family, yet I’m fair certain that we expend less money overall on our gift purchases…we shop more based on the recipient’s personality than on trend, and we also don’t worry about spending an equal amount of $$ on each person–just finding what we feel is the right gift.)
And I’m not quite sure why I’m showing up as Michelle all of a sudden…I used to show up as MLH, but whatever *shrug*
Happy holiday shopping, everyone, and keep on blogging, Nicole!
December 16th, 2006 @ 4:03 pm
Hey! A new photo! Nice!
Hm.. a “new loan type called 80/20″?!?! Uh, that’s what’s known as traditional financing. 20% down means no PMI. I have an 80/15/5, with no PMI either. A good mortgage BANKER can help you get that, just as a broker might.
December 19th, 2006 @ 3:52 pm
No it’s a/k/a 80/20/0 80 % in loan and 20% in home equity loan and if you read the post it says NO money down.
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October 12th, 2007 @ 4:49 am
I am a woman, and it saddens me to see all these bimbo-sisters snatching up grossly overpriced properties with those unsustainable loans…wake up girls! Learn the basics of finance and common sense for god’s sake! It’s the only way women and man can survive in this world!
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