It’s been a while since we’ve posted a blog, but Brooklyn real estate is booming and we’ve been really busy! However, as we reflect during this time of gratitude and giving, we can’t help but realize how thankful we are for all our success. Awaye Realty would like to share our sincerest wishes for joy, health, and peace to all our friends, customers, and clients. We thank you for your loyalty and support throughout the year.
This year, we not only had a banner year in real estate sales and rentals, but also welcomed several new buildings to our property management family. We hope to surpass their every expectation in the coming New Year.
It hasn’t all been toil. In fact, we just finished celebrating the season with the BNYMLS and Brooklyn Board of Realtors at the El Caribe Country Club. We danced, and drank, and played white elephant with our colleagues. A wonderful time was had by both the Awaye Realty Sales and Management teams.
Best of all, the event collected so many toys for the Children of Bellevue Hospital that Rich Schulhoff, CEO of BBOR, had to rent a large van to bring the gifts to the hospital. He told us he was privileged to play Santa and that the entire hospital staff came out to help distribute the toys to the children. We are proud to have been a part of such a wonderful venture.
We hope that you stay warm and merry this holiday season and wish you all the best!
Ah! Brooklyn… With its glorious tapestry of people, neighborhoods, and geography, we’ve long been proud to call it our home. But like any vibrant, active community, our borough is quickly growing and changing.
If Brooklyn were an independent city, it would be the 4th most populous in the United States. Only the 5 NYC boroughs combined, Los Angeles, and Chicago have more people. Geography is of course a factor, the proximity to Manhattan is a major attraction. However, Brooklyn has grown into its own distinct cultural mecca. The borough offers a variety of musical, artistic, and gourmet experiences that are as diverse as its neighborhoods. There are also acres of parks and miles of shoreline to explore.
It’s really no surprise that more and more people want to live in Brooklyn, and with that desire, the effects of supply and demand become more deeply felt. According to a recent Business Insider article by Melia Robinson, “[…] as real estate prices in trendier neighborhoods continue to climb, more and more city slickers are taking a second glance at the ‘original Gold Coast,’ as locals call the area. With phenomenal public schools, copious outdoor spaces, restaurant row, and affordable housing, Bay Ridge has alot to offer.”
Originally developed as an oceanfront resort area for the wealthy, Bay Ridge is an extremely scenic neighborhood. The neighborhood offers breathtaking water and Verrazano Bridge views as well acres and acres of green space, playgrounds, skate parks, and the stunning 4.5 mile Shore Promenade. Bay Ridge is an eclectic mix of mansions, limestones, rental, co-op, and condo buildings. From a real estate perspective, Bay Ridge has it all and the market has taken note.
In the first quarter of 2014, more 2-bedroom homes were sold in Bay Ridgethan any other part of the borough. According to Robinson’s Business Insider article, “Both the median home sale price and median monthly rent are up 14% year over year, and rents are up 30% over two years.” Yet even with the price climb, Bay Ridge offers more space and bang for the buck then trendier neighborhoods like Williamsburg and Park Slope whose median sales of $1.4 million and $1.35 million respectively, make Bay Ridge’s median sale price of $656,000 look like a humble steal.
As more and more people become privy to this bargain and choose to leave behind pricier neighborhoods, the face of Bay Ridge is slowly starting to change. As with all Brooklyn neighborhoods that are seeing an influx of outsiders, locals are grumbling that the gentrification is destroying the community. The jury is still out on the “destruction,” but the community is certainly changing as higher priced businesses that offer ‘artisinal’ and ‘locally sourced’ buzzword items sprout up on Bay Ridge thoroughfares. In recent years, artisanal sausage and craft beer bar Lock Yard and the organic wine bar Owl’s Head saw their openings marred by protesters. However, old and new locals alike are keeping new local businesses such as these packed and flourishing.
Awaye Realty salesperson Haydee Alicea is a neighborhood expert who has sold millions of dollars worth of real estate in Bay Ridge and feels that “more people are choosing Bayridge over many other neighborhoods in Brooklyn because of its calm, slow-paced feel and the tree-lined blocks, water views off of the Shore Road area, and the parks. The sales and rentals of apartments and houses have grown over the last couple of years and the prices have increased as well. People that want to stay away from the hustle and bustle of Manhattan or Downtown Brooklyn opt for the Bay Ridge area for tranquility and calm. The multitude of nightlife and dining options doesn’t hurt, either.”
If this trend continues, prices will climb fast. If you are considering buying or selling property in Bay Ridge, now is the time! For more information, call 718.488.0800 and speak to a neighborhood expert today.
It’s been a while since our last entry, and it’s because we’ve been extremely busy. Now that we are officially in our eleventh year, we’ve finally taken a moment to sit back and celebrate!
President of Awaye Realty, Arlene Waye , organized a fete that would not soon be forgotten.
Arlene’s good friend and owner of the Tenuta Torciano Vineyards of Tuscany, Pierluigi Giachi, offered us an intimate wine tasting. Under his expert guidance, we sampled over a dozen wines. As the wine flowed, we indulged in decadent antipasti, fragrant truffle oils, and well-aged balsamics. Arlene’s husband Jim personally prepared lasagna for over eighty people!
Happy and full, we agreed that in a competitive industry such as real estate, we are fortunate to work with such enthusiastic, professional, and above all, warm colleagues. It was an amazing experience and we are already looking forward to our 15th Anniversary in 2018.
In other news, yesterday we rolled out the first phase of our new and improved website. We are proud to have a much more intuitive site that is now an even better resource for our customers. The new awayerealty.com offers THOUSANDS of Brooklyn, Manhattan, Bronx, Queens, and Staten Island listings… all in one place. Visitors can now browse not only Awaye Realty’s exclusive real estate sales, commercial, and rental listings, but also every listing provided by our fellow members of the Real Estate Board of New York (REBNY), Brooklyn Multiple Listing Service (BNYMLS), and Staten Island Board of Realtors (SIBOR).
Aside from everything that is available in the New York City real estate market, awayerealty.com offers a wealth of information about the intricacies of buying and selling your home or any other type of real estate, Brooklyn neighborhood biographies, definitions of common real estate terms, and much more. We invite you to browse around!wse not only Awaye Realty’s exclusive real estate sales, commercial, and rental listings, but also every listing provided by our fellow members of the Real Estate Board of New York (REBNY), Brooklyn Multiple Listing Service (BNYMLS), and Staten Island Board of Realtors (SIBOR).
We will keep you informed about Phase 2, but we anticipate going live with that sometime in April. Clients will be able to more seamlessly browse listings as well as create their very own accounts and personal folder of listings that interest them. We expect that the new awayerealty.com will deliver a smooth and valuable real estate experience for our visitors.
As always, we are busy matching our customers with their dream homes. As the weather gets warmer, the real estate market tends to heat up. There’s a lot of excitement in the air at our 522A Court Street office.
Many of you will soon be receiving out spring promotional postcard in the mail. If not please call us at 718.488.0800 to learn about our limited time 4% fee for full service marketing and representation of your real estate property.
The Awaye Realty family thanks you for your patronage. Without all of you, where would we be?
This month Awaye Realty Management, LLC celebrates its 10 year anniversary as one of Brooklyn’s premier providers of real estate and property management services. Based out of Carroll Gardens, Awaye Realty has weathered the housing and financial crash of the mid-2000s and has prospered despite the difficult economic climate for small businesses. Awaye Realty attributes its success to a heavy investment in technology and a staff of seasoned professionals.
“We are celebrating this amazing 10-year milestone by re-launching the website for the sales arm of our company,” says principle and founder Arlene Waye. “We strive to be a resource for our clients, and the new awayerealty.com will offer our visitors the ability to search over 20,000 listings in Brooklyn, Manhattan, Staten Island, and the Bronx.” A proud member of the Real Estate Board of New York (REBNY) since the start, Awaye Realty is also a member of Multiple Listing Services in Brooklyn, Manhattan, and Staten Island, which also feed their site.
Arlene Waye founded Awaye Realty Management, LLC in 2003. Prior to this, Ms. Waye held the position of Vice President of Operations for a major Brooklyn developer for sixteen years. She was employed in the capacity of real estate broker, property manager, and CFO, and was responsible for the operation of his real estate property management and development portfolio. Ms. Waye has been instrumental in the construction, management, conversion, and development of many condo, co-op and rental projects. She works hand-in-hand with developers creating offering plans, Schedule B’s, and consulting on project finishes. Ms. Waye then sells the projects, and continues to manage them. “My background as a developer’s broker and property manager allows me a unique insight into the real estate market, that’s a real edge for our clients and one of the secrets to Awaye Realty’s success,” says Ms. Waye.
Awaye Realty was the exclusive leasing agent for the former Watchtower properties at 6-10 Clark Street and 169 Columbia Heights (The Standish), where Awaye Realty Management also oversaw an extensive renovation of the building. The company also handled the renovation and conversion 26 and 34 Butler Place Condos, 172 Sterling Place Condos, and many others. Awaye Realty Management was also responsible for the renovation and conversion of 505 Court Street (Court Street Lofts) from a rent-stabilized building into a thriving luxury condo project. Arlene Waye was instrumental in the conversion and rehab of the adjacent property at 204 Huntington Street (Hunt Lofts) from the former Borden’s Candy Factory into a 60-unit luxury loft rental building. More recently, Awaye Realty Management overhauled the property at 149 Marine Avenue into one of the premier luxury cooperatives in Bay Ridge.
Awaye Realty Management, LLC offers a full range of real estate brokerage and property management services. The company has a proven record of success in selling and leasing both commercial and residential property, and is offering a reduced commission through February to mark their 10-years of business success. Call 718.488.0800, or visit them on the web at www.awayerealty.com for more information.
We are excited to report that, just as we suspected, our favorite borough, Brooklyn, is booming!
According to Property Shark, most Brooklyn neighborhoods are seeing a rise in residential property values. You can follow this link to the interactive PropertyShark.com map.
Williamsburg saw the biggest changes, with prices per square foot climbing by 174% since 2004. Other big winners include Prospect-Lefferts Gardens, with 63% growth, Gowanus with 52%, Fort Greene with 51%, and the majority of North-West Brooklyn (including our ‘hood, the always lovely Carroll Gardens) at a comfortable 20-30% climb.
At Awaye Realty, we’re not surprised. Just a stone’s throw from Manhattan, Brooklyn is a vibrant tapestry of geography, architecture, and people. There is something in our beautiful Brooklyn for just about everyone. From thriving artists’ communities to quiet ocean-side living, Brooklyn has it all! Brooklyn is also quickly becoming one of America’s cultural Mecca’s.
We’re improving every day. Now proudly boasting our own basketball team with the Brooklyn Nets, rumors are swirling that we’ll be getting Islanders Hockey soon, too. Brooklyn’s Business Improvement Districts have been attracting more and more businesses and consumers.
Our borough is healthy and exciting. People from all over the nation want to live here. If you are looking to sell, now is a great time to cash in on your investment. If you’re looking to buy, Brooklyn shows no signs of slowing down and interest rates are at record lows.
We hope this year brings you joy, health, love, and success.
In September 2009, Awaye Realty Management, LLC took over the management of two 18-unit buildings at 427 and 433 Dean Street. At the time, rents were at a minimum and credit-worthy tenants were unknown to the building.
In November 2012, the buildings were sold for a record price of $8.7 million. This can be directly attributed to the management techniques of Awaye Realty Management, and the leasing procedures of Awaye Realty. Together, we substantially increased the value of the buildings for both the landlord and the tenants.
Awaye Realty Management was responsible for not only maintaining the properties, but for giving them a facelift, as well. We encouraged renovations of all apartments that became vacant. Units were cleaned, painted, and equipped with top-of-the-line appliances and finishes. This created a wealth of Park Slope rental units that are on par or beyond anything else on the market in the neighborhood. Naturally, this was reflected by a much higher rent roll.
Awaye Realty was able to successfully market vacant units, and fill the buildings with qualified, quality tenants. We reduced apartment vacancies, eliminated rent loss, drove additional creditworthy renters to the buildings, expedited leases, and removed financial and credit risks on new tenants.
427-433 Dean Street has been acquired by an investment firm that pored over the numbers for months prior to making their purchase. Awaye Realty facilitated the sale, and we are proud to say that all parties walked away happy.
Thanksgiving is upon us, and though it hasn’t been the easiest time, we at Awaye Realty are finding so much to be grateful for.
It’s been three weeks since Hurricane Sandy, and we’re still reeling.
Like many of our fellow New Yorkers, the Awaye Realty family has seen our share of devastation. Many of us live in hard-hit areas like Sea Gate, Bensonhurst, Brighton Beach, Staten Island, and Mill Basin. We’ve seen the water rise, braved the darkness and the cold caused by electrical outages and broken boilers, and have had to pump water out of our basements. We’ve endured the gas lines and struggled with public transportation in the aftermath of the storm. Yet all in all, we feel very fortunate.
We have friends and family in Belle Harbor, Breezy Point, and New Dorp that were not as lucky. Thousands have seen their lives washed away with their homes. Our hearts go out to them.
As a Brooklyn Real Estate firm, we have been inundated with calls from people who have lost their homes and are trying to relocate. We have stepped up our inventory so that we can better assist our clients in these trying times.
Rentals are going fast, and many are getting frustrated by landlords’ reluctance to rent apartments for short-term leases. We are doing the best we can to help people in dire situations, and last week we had a visit from FEMA agents who informed us that the Federal Government is going to start offering landlords incentives to lease their units for shorter terms. We will keep you abreast of these developments as we become aware of them.
In the meanwhile, we encourage everyone to help in whatever way they can. We have compiled some links to volunteer and donation opportunities. If you are a victim of Hurricane Sandy, we’re providing links to services, as well.