Tag: real estate

creativity

Zillow will provide climate risk data on for-sale listings

Christa Avampato
Man looking at loss of home to a tornado in Cambridge Shores, Kentucky in 2021. Photo by Chandler Cruttenden on Unsplash

If you’re a prospective homebuyer and concerned about climate risk, Zillow is about to make your search much easier. By the end of 2024, for-sale listings on Zillow’s website will include climate risk information for flood, wildfire, wind, heat, and air quality by partnering with First Street, the gold standard for climate risk financial modeling. First Street’s models are developed by leading scientists and vetted through a peer-review process to transparently calculate the past, present, and future climate risk for properties and make it available for all. This ensures the climate insights given on Zillow are both credible and actionable.

Zillow will also include insurance recommendations, climate risk scores, interactive maps, and show if and when a property has experienced past climate events. It will be the first and only real estate listing site to provide this detailed data, giving the company a significant point of differentiation.

Consumer demand
Zillow decided to provide this data based on overwhelming consumer demand. Zillow research in September 2023 showed 83% of prospective U.S. home buyers consider climate risk. That percentage varies by geography—90% in the West, 85% in the Northeast, 79% in the South, and 77% in the Midwest. The average age of a U.S. homebuyer today is 39. Millennials and Gen Z are entering the home buying market and care deeply about climate. Zillow is centering their current and future users. 

A potential shift in the real estate market
This data could significantly shift the real estate market and the migration of home buyers within the U.S. because climate risk is growing more pervasive. Across all new listings in August 2024, 55.5% have a major risk of extreme heat, 1/3 for extreme wind exposure, 16.7% for wildfire, 13% for air quality, and 12.8% for flooding. 

The risks vary widely by geography. Over 70% of new listings in the Riverside, California metro area have a major wildfire risk. Wildfire risks impact 47% of new listings in Sacramento, and roughly 1/3 of listings in Jacksonville, Phoenix, San Diego, and Denver. 76.8% of new listings in the New Orleans metro area have a major flood risk, while roughly 1/3 in Houston, Miami, and Tampa and over 1/4 in Virginia Beach are at risk of flooding. In general, Midwest markets hold the lowest climate risk with less than 10% of new listings having any major climate risk in Cleveland, Columbus, Milwaukee, Indianapolis, Minneapolis, Detroit, and Kansas City.

Accuracy of First Street climate risk data
Some cities and the federal government through FEMA provide some climate risk information. This includes designated flood zones that help consumers partially assess risk. However, this is not comprehensive enough to help consumers holistically gauge insurance needs and potential future risks. This is where First Street’s modeling really shows its financial value. 

Consider Hurricane Debby, the storm that wreaked havoc along the U.S. east coast in August 2024. First Street’s analysis found 78% of properties flooded by Debby were outside FEMA flood zones, meaning flood insurance isn’t mandatory. 85% of these properties would have received an insurance recommendation on Zillow, highlighting how First Street’s climate risk data can inform buyers during their home search.

Climate data can change where and how we build
Not only does First Street’s data on Zillow inform prospective home buyers and real estate agents; it can also serve home builders, municipalities, and the federal government. Home builders can use it to assess the value of their potential construction sites. Municipalities can use it to assess where they need to focus their infrastructure dollars for climate resiliency and adaptation builds. The federal government can use the data to re-evaluate and assess FEMA designations for climate events and more effectively consider plans to support the expansion of the available housing market. It may also help us as a society plan for migration within the U.S. as we face climate change impacts. 

What I find most refreshing about Zillow’s approach is that it’s not about politics or marketing. It’s about science and data. Zillow isn’t telling consumers which property to buy, or which risks they should consider. It’s providing the data in a clear, consistent manner so consumers can make the most clear-eyed choices possible. With this data in-hand, consumers can understand the risk they’re taking and how to prepare for it. In this risky world of ours, that’s data we all desperately need.

creativity

What does a sustainable New York City look like?

Christa Avampato
Sustainable New York City. Created by Christa Avampato and Canva Magic Studio AI.

What does a sustainable New York City look like to you? I imagine lush micro gardens, biophilic architecture (a building methods that connects people with nature), rooftop farms, and clean transit, air, and water as pathways that give people, plants, and wildlife the opportunity to live side-by-side-by-side in ways that benefit all.

In biomimicry, we begin our design process by asking how nature would solve a specific problem we have with a question framed as “How would nature (the problem we want to solve)?”. My question above would be framed as “How would nature build a sustainable New York City?” This is a question that has occupied by headspace for years as I traverse through different projects and future visioning sessions.

In the spirit of an image being worth 1,000 words, I created these images with Canva Magic Studio AI to show how nature might build a sustainable New York. Is this a city you’d like to visit? Is this a city where you’d be happy to live? What are the first steps we can take now to make this our New York?

creativity

A guide to find a New York City apartment

Christa Avampato
Photo by chris robert on Unsplash

Are you looking for a new New York City Apartment? Know someone who is? I wrote this guide for you.

In May 2023, I got a new apartment and I learned a lot in the search. After living on the Upper West Side for many years, I found an incredible place in Brooklyn despite the fact that the New York City rental market is the worst it’s ever been. If you or someone you know is searching for a new place to call home in this city, I hope the information I this guide is helpful. If you’ve recently done a search and have tips to share, please post them in the comments to help others.

Tip #1: Decide how much you can afford
Sit down and honestly assess your current finances. What can you afford to pay monthly? How much would you like to pay? How much money do you have upfront to get into a new apartment? Do not start a search until you have these questions answered. In a wild rental market, be clear about staying within your budget. Price trumps everything right now. Also recognize the gap between what you could afford to pay and what you’d like to pay. That distinction is important, and you don’t want a broker to talk you into something you can’t afford. 

Tip #2: Have all your paperwork and money ready to go

Before you begin your search, have all of your paperwork organized and ready to send at a moment’s notice. I kept mine in a Google Drive folder that I could easily share when I put in an application. In that folder, I had the following information:

  • My most recent tax filing
  • Paystubs
  • Letter from my employer saying I’m employed and my salary
  • Letter from current landlord saying I’m in good standing
  • Existing lease with dates and monthly rent listed
  • Credit rating (you can get these for free now without it impacting your credit score from many banks and credit card companies)
  • Bank statements
  • Investment fund statements
  • My dog’s headshot (yep, they asked for it!) and vaccination record
  • Personal references
  • Resume
  • If you’re self-employed, you may also need a letter from your accountant and / or attorney

Not every application requires all of this information but I wanted to have it all ready to go just in case.

Tip #3: Have your money ready to go

Make sure you have money for first month, last month, security deposit, and the broker fee in your bank account, ready to access when you want to make an offer. In this competitive market, you’ll need to jump at a deal as soon as you find one.

Tip #4: Make your peace with paying a broker fee because it might help you in the long run

I hate paying broker fees. I’ve rarely paid them in the past but in this market, fee-free apartments were much less common this time than they were in years past. Also, do the math. I found that the apartments with broker fees were less expensive than those that were fee-free and over the course of a year, the broker fee would be compensated for by a lower monthly rent. So yes, I needed more money up-front but after a year (or less) paying that money upfront would be worth it. I understand that this is a lot to ask of renters, and that I’m tremendously fortunate that I did have the money upfront. I never take that for granted for a moment. In years past, I was neither this lucky nor fortunate.

Tip #5: Streeteasy.com searches are your best resource right now

While there are many ways to find an apartment, I found that the best online resource is Streeteasy.com. It’s the most comprehensive, updated throughout the day, and easy to set up searches to be emailed to you that match your criteria. I tried many others, but ultimately everyone always lists on Streeteasy if they’re listing an apartment online.

Tip #6: Add a personal message to each Streeteasy.com apartment inquiry you send

Once you find an apartment that interests you on Streeteasy.com, don’t just send an anonymous inquiry. Add a personal note with your credit score, annual income, employer, profession, the rental price you want to pay, and the date you’re looking to move. Brokers read these and they often have other apartments that may match your criteria that they have not listed. This is because they pay per listing on Streeteasy.com. Often they’ll list a few, and then tell those that message them about others that they have that aren’t listed. 

Tip #7: Message Streeteasy.com brokers even if they don’t have a listing that matches what you’re looking for

Pursuant to Tip #6, on Streeteasy.com you may find the same brokers popping up in neighborhoods that interest you. Often, there are a few that seem to have a corner on the market of a specific neighborhood. That’s because many of them have deep ties to specific neighborhoods and the landlords, management companies, and property owners there. Streeteasy.com lists their email addresses and phone numbers. Message or call them, tell them what you’re looking for, and ask if they have anything available or coming available soon that might be a good match. 

Tip #8: Tell everyone you know you’re looking for an apartment

Some apartments are pure luck. A friend of a friend of a friend knows a place is about to open up. In case some of these gems are somewhere in your sphere of influence, tell everyone you know by every means you have that you’re looking for a new apartment. Be clear about what you want and tell them so they keep you top-of-mind in case they hear of something.

Tip #9: Be open to not getting everything you want
I hope you find everything you’re looking for in a new apartment. I found I needed a list of non-negotiables and nice-to-haves. There was no perfect apartment. That was pretty evident to me from the outset of my search. My new place does have all my non-negotiables and many of my nice-to-haves, so I knew it was the right fit as soon as I saw the description.

Tip #10: Be open to new neighborhoods

I loved living on the Upper West Side and lived there for many years. However, when I looked at my list of non-negotiables, I quickly realized that I would have to move to a new neighborhood. That was disappointing at first, but I quickly got over it and moved on with my search. And this means I didn’t waste too much time focused on a neighborhood that just didn’t match my needs anymore. Living in a new neighborhood in a borough I’ve never lived in before gave me a fresh and wonderful perspective on life and this city that I wouldn’t have had otherwise.

Tip #11: See the apartment in-person, and preferably at night

I went to see so many apartments that looked completely different than the photos online. Long shots can make them look bigger than they are. Sometimes the photos were old and the apartments were much more run-down than they looked online. I also went to see many of them at night to see if I’d feel comfortable coming home late at night. Nothing replaces an in-person look!

Tip #12: Show up looking professional and responsible
Brokers and property owners make a split-second decision when they see you. It’s not right, but I saw it happen again and again in this search, especially since a broker usually shows the apartment to multiple people at once. Sometimes I’d go to open houses and there were 30 people there to see it. When you go to see an apartment, look the part of a professional, responsible person. It goes a long way. 

Tip #13: Book movers early

I booked Piece of Cake Moving before I even knew where I would be moving because it was a local move. They were amazing through the whole process. With just a $50 deposit, I could secure my rate, date, and time, and that could be changed later as long as they had availability (and sometimes has a lower or higher fee). Remember that the earlier you book, the lower the rate and the more availability they have.

Tip #14: Be flexible on move date and putting your items in storage

Piece of Cake Moving offers a free month of storage with every rental. Yes, you have to pay to move things into storage and out of storage, but for the right deal that might be worth it to you. It was for me. There was a two-week gap between my old lease and new lease so I got an Airbnb out of town and put my things in storage. This is because it was an incredible deal. Yes, it was a hassle on some fronts, but it was absolutely worth it!

I hope this guide is helpful to you and anyone you know looking for an apartment in New York City. If you’ve got any questions, put them in the comments and I’ll share anything I know. Also, if you have other tips about moving in New York that I didn’t put in this guide, please share those, too. Let’s help each other find a great place to live!

creativity

My dream New York City apartment

Christa Avampato
Photo by Julian Hochgesang on Unsplash

The search is on for my new apartment! I’ll be moving on May 31st, or slightly before. To manifest this new space for my new chapter in this city, I wrote out what where I’d love to live:

  • Dog-friendly
  • Filled with light
  • Good public transit
  • Private outdoor space
  • Modern kitchen and bathroom
  • Laundry in-unit or in-building
  • Elevator
  • Doorperson
  • Neighborhood feel with a green space nearby

Let’s see what I can find. All ideas and referrals welcomed!

creativity

Wonder: Real estate is a long game

Christa Avampato

Buying real estate is a long game. One thing I’m learning in this house hunting process is that buying real estate, especially in a city like D.C. that is changing so rapidly, requires you to be forward-looking. And I mean way forward. The neighborhood and the home may not be perfect now; they may not even be close to perfect. I have to make some trade-offs and no matter what my budget is, it will cost more than I want it to cost.

What’s helping me is to imagine myself growing into a space as my life changes over the next few years, as I’m sure it will because doesn’t it always? The process also takes a lot of patience and faith, two things that are in short supply in an active real estate market. Whenever I feel overwhelmed by it all, I take a deep breath and remind myself that when this is all over I’ll be moving into a new place that will truly be my own.

creativity

Wonder: Could an agrihood be developed in D.C.?

Christa Avampato

I watched a segment on CBS Sunday morning about agrihoods, housing developments that have a farm as their anchor. This isn’t community gardening; this is a true working farm, run by professional farmers who make their livelihood from the sale of its fruits and vegetables that are purchased by people who live within a few miles of the farm. We spend all this time and money building developments that have pools, retail space, and other glitzy amenities. Why not have healthy, local food and job creation be an amenity? Couldn’t D.C. do that?

creativity

Wonder: I’m going to be a homeowner

Christa Avampato

2016 has been a year of realized dreams so far, and here’s another one: I bought a condo! For the first time in my life, I’m going to own the home I live in. After so many years of moving, and not being sure from one year to the next where I’ll be, I’ll be settled in a place that will be my home. I close on Saturday, May 28th. It’s a one-bedroom in exactly the neighborhood I wanted. It has beautiful light, is newly renovated with a separately deeded and reserved off-street parking space, and a half block from a sweet community garden.

I’ve got a list of people a mile long to thank, and I will thank them with a housewarming party this summer. Here are some standouts:

I’m supremely grateful to my dear friends, Matt and Alex, for renting me an apartment here last February that enabled me to move to D.C., conduct a full-time job search, and save for a down payment. I wouldn’t have the life I have here without them and I don’t know how I will ever thank them enough for their generosity, kindness, and friendship.

Josh told me about DC Open Doors, an incredible program here in D.C. that provides an economic incentive for people to purchase a home in the District. Once he told me about that program, I had the courage to see myself buying sooner rather than later.

Sharif Ibrahim, my real estate agent, and Mark Eigenbrode, my loan officer and DC Open Doors representative, are a powerhouse team. I couldn’t have done this without them. I emailed Sharif on April 9th and I’m closing on a perfect place less than 2 months later.

It’s still hard to believe that this is actually happening. I have to keep pinching myself. Instead, I’m taking to Pinterest and scouring vintage shops, furniture stores, and antique shops. I’ve got a home, a real home, to furnish and decorate!