The master bedroom's cool neutrals are soothing to the eye. BELOW: Suzanne Miller, Nikki Field, and Louise Phillips Forbes; The view from the living and dining rooms of 498 West End Avenue includes a glimpse of the Hudson River, and the treetops of Riverside Park. NEW HEIGHTS LEFT:
article about dropping prices in the market and over the past six to eight months we've been seeing articles about a luxury housing glut. The Daily News predicted that the inventory of luxury condos $10 million and up will continue to grow and the demand for entry-level luxury, priced from $1 million to $3 million, will increase.
NYS: This year we have our first female presidential candidate, and we are witnessing an exciting chapter in American history. Women are growing stronger in every sector: real estate, finance, interior design, media, and politics. What does this mean to you?
SM: From January to September, I closed 28 properties between $1 million and $3 million. That's the sweet spot. New clients are coming in from China, the Philippines, and Brazil. New York City is still cheap, compared to the rest of the world. If you go to Shanghai, or London, or France, the prices are much higher.
LPF: We’ve worked on breaking these glass ceilings for many years. The heart and the soul of it is a journey, and the result is something we've all been waiting for. We'll continue to lead and support in business, I'm certain.
LPF: There was a trend that was happening at the end of 2014, where the pre-construction sales drove numbers. The attitude became, well, I'll just list it high and if I can get it, great. There was a tremendous amount of inventory floating on the market throughout '15.
NF: I'm particularly excited for our daughters. Less of their time will be spent pushing on that glass ceiling, and more of their efforts will be used for performance. If they have the talent and the work ethic, they are going to succeed. We didn't know if there was any opportunity, we just had to keep pushing down those doors until we were taken seriously.
NF: We are in an overpriced market, not overvalued. There's a big difference. Sellers were pushing the price until the bubble burst in June 2015. That was the highest average price per square foot sale in the current bull market. Once the press became aware of the declining prices and started reporting it, sellers finally had a dose of reality. We reset our prices to a fair and very healthy return. Just like Wall Street, there's a bull market in real estate. This is the time to buy something, because we have a flattening. The smart consumer understands this is their opportunity. SM: Unlike the '80s, all my buyers, particularly since the price range is $1 to $3 million, are cash buyers. There's not as much leverage. This will secure the market. People won't walk away.
SM: I think about the number one producer in my company. She recently had a child. I helped her get an apartment and she brings her son to work when she needs to. The loyalty that we've gotten, and the team effort, just by embracing her and appreciating the job that she does, this has just been fantastic. It’s a different conversation with women. AP: There is a big trickle down effect. Thanks to women who have forged the path ahead of me, there's a lot of mentorship, and your mentor can finally be a woman. Hillary Clinton is tangible evidence that a woman can really be anybody she wants to be. It’s a very different conversation than it used to be, because women are now in positions of power to help and guide the next generation.
To read more of this panel discussion, please visit newyorkspaces.com 46
N E W YO R K S PAC E S . CO M
Anjali Pollack opened her New York based design firm, Anjali Pollack Design, in 2004. She offers full-service design, and is often involved in a project from the time clients are scouting properties. The firm’s design aesthetic is global, using vibrant colors and exotic fabrics and textures inspired by Pollack’s childhood in India, as well as projects all over the world. The firm prides itself on its close personal relationships with clients, and blends traditional and modern styles to create luxurious and livable spaces.
MW STUDIO (BEDROOM, EXTERIOR).
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