Coming January 16th – 18th to the Grand Hyatt New York, ICNY speakers and agenda will speak of things to come for 2013 – positive and negative trends, opportunities, technologies, and so forth. A short list of other speakers includes; Pamela Liebman, President & CEO,The Corcoran Group; Jon Steinberg, President and COO,BuzzFeed; Sherry Chris, President and CEO,Better Homes and Gardens Real Estate LLC, and Rich Barton, Co-Founder and Executive Chairman, Zillow; Founder, Expedia.

To keep abreast of this version of “Connect” readers who use Twitter should follow the #ICNY. You can also follow Inman Connect at @InmanConnect as well as on Facebook. Those planning on attending should know Real Estate Connect’s reserved block of rooms at the Hyatt are sold out, but accommodations nearby may still be available at:

Roosevelt Hotel
Fitzpatrick Grand Central
Bedford Hotel
Library Hotel
New York Helmsley Hotel
Roger Smith Boutique Hotel

Manhattan apartment prices continue to fall. Courtesy of NY Daily News

Purchases were down 3.8% compared with the same period last year, to just 2,650, according to a report by New York appraiser, Miller Samuel Inc. and brokers Prudential Douglas Elliman Real Estate. The median price of condominiums and co-ops has fallen by 5.5% to $850,000.

This effect is at least partially due to the lack of any federal tax credit, as last year buyers were in a hurry to close deals before June 30th, which is when the federal tax credit expired. This credit was worth up to $8,000, and it artificially inflated sale prices and volumes.

Apparently these sales prices and volumes for the second quarter are about average, and are what could have reasonably been expected last year had there not been any tax credit available.

Real estate experts think that people are still adopting a wait and see approach, and are in no hurry to commit to buying property.

The unemployment rate in New York is currently at a 25 month low, at 8.6% in May, which is 1% less than a year ago. The financial industry in New York registered a gain of 10,400 jobs from May 2010 to May 2011.

Prices of Manhattan apartments down 3.8%. Courtesy of Millernagan

Property in Manhattan is now on the market for an average of 136 days, which is 30% longer than a year ago. However listing discounts dropped from 9.1% to 3.5%, according to Miller Samuel and Prudential, indicating a stable rather than booming market.
Prices of luxury apartments increased by up to 11% year on year, while prices of new apartments declined by an average of 19%.

This innovative new service offers clients worldwide the chance to benefit from Ilaria’s experience, and prices start from as little as $49 per room.  Ilaria has staged more than $300 million dollars of real estate, and knows exactly which decor will help a space appeal to house hunters. Her virtual service enables her to turn a bland picture of an empty room into an enticing space using computer generated furnishings.

Virtual staging makes homes more attractive. Courtesy of NY Times

Ilaria says “A vacant property poses serious problems for those seeking to sell fast, and for the best possible price. Why? Because only a fraction of home buyers are able to appreciate the true size of an empty space-much less envision what to do with it.”

She feels this is even more important when people are viewing a property online, and compares the process to online dating, as if the photos aren’t attractive there is likely to be very little interest. Ilaria thinks staging a vacant property is “a must,” and is thrilled that her services are now available online to everyone.

Ilaria originally worked in New York City, and had an inventory of over 900 furnishings and accessories. Now her virtual supply is almost limitless, as is her capacity to help clients anywhere in the world. A number of real estate firms have already recognized the importance of virtual staging.

Virtual staging examples. Courtesy of Obeo

She has been selected as the virtual staging provider for New York based firm The Corcoran Group, who have 42 offices and more than 2,200 agents in the city, as well as working for a number of other well-known firms throughout the US, including Sotheby’s International and Coldwell Banker. Ilaria is originally from Milan, Italy, and is an accredited Professional Stager as well as a published author.