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We’re all focused on green these days not only how to make “green” but how to live a lifestyle that’s good for us and the planet.
In today’s challenging environment we think twice before reaching into our pockets, much less committing to a long-term investment. While property has symbolized a great investment vehicle for several years and many cocktail conversations have revolved around the staggering appreciation of a friend’s home – times have changed. So, how do we adjust to this shift in perspective and lifestyle?
If you’re looking to buy, the first thing to keep in mind is that this investment is also your home — after a long day at work you want to come home to a place that makes you feel comfortable. Sit down in the living room and imagine yourself living there. The brokers won’t mind; they’ll think you really love the place!
Second, there is no way to predict the bottom of the market, so don’t wait for the most propitious moment to catch the wave. Most people nowadays plan to live in their new home for at least three years, usually five, at which point the market will have gone through it’s cycle.
The market will always have ups and downs but if you really like the property you’re eyeing, then buy it. A good broker will tell you how long it’s been on the market, what market changes may occur and what purchase price is the best opportunity for you.
The advice I give my buyers is that if you’re in the market for new construction, buy green — that is, energy efficient and sustainable property. I became an eco-broker three years ago because I’m committed to doing whatever I can for the environment, but that’s not the only reason to buy green. During the next few years, green building technologies will be mandated and even today, most new developments are implementing some level of green standards.
The building industry now rates construction based on Leadership in Energy and Environmental Design (LEED) standards.
Honestly, while this is an important step in the evolution of green building, the levels of silver, gold and platinum can be immaterial to a sustainable building. A building can gain or lose points by proximity to public transportation or the number of parking spots in the building, but don’t be swayed by irrelevant statistics. The Green Building Council is now reviewing this system so stay tuned for the updates.
What you should focus on is how much energy the construction saves you in monthly bills (i.e., impact on the environment) and how “healthy” the building will be to live in and breathe the air. This is good business investment strategy, because when you sell the apartment you’ll be competing with more new, green construction and the buying public will be even more committed to that philosophy and lifestyle.
Susan Singer, senior vice president of Corcoran Real Estate, is NYC’s first certified eco-broker. She can be reached at sin@corcoran.com or 917-207-6368.
