{"id":3542554,"date":"2015-12-22T13:31:23","date_gmt":"2015-12-22T18:31:23","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=3542554"},"modified":"2015-12-22T14:14:29","modified_gmt":"2015-12-22T19:14:29","slug":"haute-residence-new-york-luxury-real-estate-summit-recap-next-generation-of-power-panel-discussion","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/haute-residence-new-york-luxury-real-estate-summit-recap-next-generation-of-power-panel-discussion\/","title":{"rendered":"Haute Residence New York Luxury Real Estate Summit Recap: \u2018Next Generation of Power\u2019 Panel Discussion"},"content":{"rendered":"
\""Next<\/a>
“Next Generation of Power” Panel: (from left to right) Oren Alexander, Lisa Lippman, Cathy Franklin, Cathy Taub, Stan Ponte, and Matthew Breitenbach<\/figcaption><\/figure>\n

At Haute Residence\u2019s second annual New York Luxury Real Estate Summit, which took place November 18 in The Oak Room of The Plaza Hotel, New York\u2019s real estate experts discussed current luxury real estate trends, success stories, and what\u2019s next for The Empire State\u2019s booming real estate market.<\/p>\n

The summit<\/a> featured three panels, the third of which was the \u201cNext Generation of Power,\u201d moderated by Seth Semilof, co-founder and publisher of luxury publications Haute Living<\/em>, Haute Residence<\/em>, and Haute Time<\/em>. The first and second panels were the \u201cEast Coast Titan Developers<\/a>\u201d and the \u201cNew York Real Estate Power Players<\/a>.\u201d<\/p>\n

In the third panel, top real estate players Oren Alexander, Matthew Breitenbach, Cathy Franklin, Lisa Lippman, Stan Ponte, and Cathy Taub discuss the current state of the luxury real estate market, predictions for the next year, and where buyers are coming from.<\/p>\n

Semilof:<\/strong> What do you think of the current state of the market? Have you noticed any significant changes in the last six months? What are your predictions for 2016?<\/em><\/p>\n

\"\u201cThere\u2019s<\/a>
\u201cThere\u2019s a lot more product for buyers to look at and consider\u2026 We just have to manage expectations for both sellers and buyers.\u201d \u2013 Cathy Taub<\/figcaption><\/figure>\n

Cathy Taub:<\/strong> \u201cThe catch word for me now is \u2018velocity.\u2019 I think that the market is strong. We have a healthy market. It\u2019s just we\u2019re so accustomed and sellers are accustomed to expecting that their properties will sell very quickly\u2026 There\u2019s a lot more product for buyers to look at and consider. Unless a property is priced really lean, there\u2019s no sense of urgency\u2026 We just have to manage expectations for both sellers and buyers. We\u2019ve been saying for the last 20 years, pricing is key. Pricing is always key, and it\u2019s hard to know exactly where the prices should be, depending on co-op versus condo and where a property would be located.\u201d<\/p>\n

\"\u201cI<\/a>
\u201cI think we\u2019re just going into a winner\u2019s and a loser\u2019s market\u2026 The best product and the best location will win.\u201d \u2013 Oren Alexander<\/figcaption><\/figure>\n

Oren Alexander: <\/strong>\u201cI think we\u2019re just going into a winner\u2019s and a loser\u2019s market. There\u2019s no longer the day where every developer\u2019s a winner. There will be winners and there will be losers. So, the best product and the best location will win.\u201d<\/p>\n

Lisa Lippman:<\/strong> \u201cOne thing that no one talked about today that I think is incredibly important for many of us who have been in the field for a long time is whenever there is a presidential election, the market is never as good. Unknowns are terrible for New York City real estate\u2026We don\u2019t like uncertainty. We don\u2019t know who the new president is going to be… Everybody knows that Wall Street is essentially run by White male republicans. There\u2019s no strong Republican candidate, and I think that that makes business very nervous. And I think once there is a strong Republican candidate that people can get behind and feel good about, it will take some of the uncertainty out of the market.\u201d<\/p>\n

\"\u201cIn<\/a>
\u201cIn the Hamptons, we\u2019re kind of tied to the New York City market. We\u2019ve usually got a six-month delay on what\u2019s going on in New York. The word I can put on the Hamptons market right now is \u2018challenging.\u2019” – Matthew Breitenbach<\/figcaption><\/figure>\n

Matthew Breitenbach: <\/strong>\u201cIn the Hamptons, we\u2019re kind of tied to the New York City market. We\u2019ve usually got a six-month delay on what\u2019s going on in New York. The word I can put on the Hamptons market right now is \u2018challenging.\u2019\u2026There\u2019s a lot of new construction in the Hamptons right now\u2013\u2013some of it not the greatest location to really push in numbers, but on the brighter side, there\u2019s a lot of money in the Hamptons that\u2019s still there. Buyers are still there, and I\u2019m seeing stuff that\u2019s priced correctly\u2026\u201d<\/p>\n

\"\u201cThere<\/a>
\u201cThere are 750 contracts signed year-to-date 2015 of five million and over, so, while a lot of that is in new developments as they pointed out before, that\u2019s a record in the history of New York City.” – Cathy Franklin<\/figcaption><\/figure>\n

Cathy Franklin:<\/strong> \u201cThere are 750 contracts signed year-to-date 2015 of five million and over, so, while a lot of that is in new developments as they pointed out before, that\u2019s a record in the history of New York City. They\u2019ve never seen that before. In that case, that market is definitely up\u2026. I think the over 10 million market has definitely slowed down. But contracts are also up by six percent overall for the entire market. So, the overall markets are up, but I think that the market that\u2019s actually slowed down has been the resell market.\u201d<\/p>\n

 <\/p>\n

Semilof:<\/strong> Where are the majority of your buyers coming from on a domestic level? On a global level? <\/em><\/p>\n

\"\u201cI\u2019ve<\/a>
\u201cI\u2019ve been doing this for 18 years, and the buyers in general are different than they were in the beginning. We\u2019re seeing a lot more New Yorkers who were not born in the United States.” – Lisa Lippman<\/figcaption><\/figure>\n

Lippman:<\/strong> \u201cI\u2019ve been doing this for 18 years, and the buyers in general are different than they were in the beginning. We\u2019re seeing a lot more New Yorkers who were not born in the United States. There\u2019s many, many more people who are not foreign buyers\u2013\u2013they are New Yorkers; their kids go to school here, they work here; they maybe don\u2019t have their citizenship yet, but they\u2019re working on it\u2013\u2013but they were not born in the United States.\u201d<\/p>\n

\"\u201cOn<\/a>
\u201cOn the international side, what has changed dramatically\u2013\u2013at least from my perception\u2013\u2013is that the Chinese money has gone from small investor units to big, big properties\u2013\u2013big townhouses and big condos\u2026” – Stan Ponte<\/figcaption><\/figure>\n

Stan Ponte: <\/strong>\u201cOn the international side, what has changed dramatically\u2013\u2013at least from my perception\u2013\u2013is that the Chinese money has gone from small investor units to big, big properties\u2013\u2013big townhouses and big condos\u2026 If I go through my significant sales in the past two years, over 50 percent have been Chinese and over five million\u2026\u201d<\/p>\n

Alexander: \u201c<\/strong>Most of buyers are definitely domestic… A big source of our business has been coming from contemporary art collectors, so we\u2019ve been frequenting the tour. About a month ago, we were in London for Frieze\u2013\u2013picked up a couple clients from there. So, I would say that\u2019s probably the common denominator for all our buyers as of recent.\u201d<\/p>\n