Building Blocks: The Board decisions that impact property values

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After 20 years selling Manhattan real estate, Kathy Murray has seen it all. We sat down with her to get candid insights about what's really driving property values, which building improvements actually matter, and where the market is headed next.

The truth about building value: What actually matters

Kathy cut through the noise to share what really impacts property values in today's market:

1. Smart common space investments: It's not just about aesthetics. Modern, well-maintained lobbies and amenity spaces directly impact competitiveness and buyer interest. But Kathy warns against common mistakes - like trying to squeeze too many mediocre amenities into limited space.
2. Financial fundamentals matter more than ever: Strong financial management isn't just about the books. Kathy emphasized how boards need to think strategically about maintenance increases versus assessments, considering both immediate needs and long-term property values.
3. Know your building's identity: Instead of chasing every trend, Kathy advises boards to focus on improvements that align with their resident community. Sometimes one exceptional amenity serves the building better than multiple underwhelming ones.

Streamlining the process: Where buildings often get stuck

One persistent pain point in NYC co-ops and condos? The application and approval process. Kathy shared practical solutions:

• Establish clear guidelines upfront for different purchase types
• Create streamlined application processes
• Set realistic timelines for board reviews
• Maintain consistent communication between all parties

The next hot spots in Manhattan

Kathy offered an unexpected take on where values are headed. While many focus on trendier neighborhoods, she sees particular promise in the Upper East Side, which she believes remains undervalued. She's also watching Midtown, noting its potential for significant growth as office workers return to the area.

The real impact of technology on NYC real estate

While AI and digital tools are transforming the industry, Kathy's perspective on technology might surprise you. She sees it enhancing rather than replacing the human element - especially in New York's co-op and condo communities. The future, she suggests, belongs to those who can combine technological efficiency with deep market knowledge and personal expertise.

Looking ahead

For NYC condo and co-op owners and board members, success in the market requires a careful balance of efficient management, strategic improvements, and market awareness. The key is combining modern approaches with time-tested real estate fundamentals.

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