Expert Interview with Corcoran’s Michelle Griffith: Pricing is Key in NYC’s Real Estate Market

Here’s a new entry in our Expert Interview Series! We’re extremely proud to feature Michelle Griffith, who’s recently joined Corcoran at their flagship East Side office on Madison Avenue. Being recognized for her achievements and expertise in the luxury real estate market, Michelle loves to work directly with her clients.

In this interview, Michelle offers advice to beginners in the industry by stressing the importance of choosing a company that provides the best individualized training. When it comes to the NYC real estate market, she argues that “Pricing is key”, so read on for more exciting insights from an elite broker!

Michelle GriffithQ: What is your general assessment of  NYC’s real estate market in 2015 and have you spotted some interesting market trends?

Pricing is key. The only way to sell a property at its highest selling potential is to price it accurately and get buyers in the door to see the space. In other words, if you have a solid product that is correctly priced, it will move. Using this formula, I have closed on over $70M in the last 12 months with another $15M that just went into contract.

Q:  What plans do you have for 2016?

I recently joined Corcoran, which as a market leader offers a wonderful opportunity to provide my clients a heightened level of service and strategic support. In conjunction with the array of innovative resources and tools I now have I plan to continue expanding my business.

Q:  Do you have a current listing that you’re particularly excited about?

I am absolutely thrilled about bringing 415 Greenwich Street, Townhouse E to market. I have lived in Tribeca for the last seven years and I can truly say this is the best of both worlds: townhouse living on 3-levels with white-glove condominium amenities, offering over 2700 square feet of living space, airy 15-foot ceilings, gorgeous Carrera marble bathrooms, a gourmet kitchen outfitted in top-of-the-line appliances and custom cabinetry—there are too many luxurious details to name!

Q: What does your job as a building specialist entail?

I am a general broker who works everywhere in the city but I also had the privilege of specializing in Trump Park Avenue and Trump Tower. As a building specialist, I worked closely with the properties, unit owners and staff. This not only allowed me a more intimate understanding of the space, but it also helped me raise the value of the units in these buildings continuously. Owners trust me for their investment choices and their timing of sales because of my unique position and expertise.

Q: What do you love most about your job?

I love that I am able to team up with Corcoran this year and work out a strategic partnership that allows me to better serve my clients. Buying or selling a home is truly a journey and I enjoy being a part of it with my clients, helping them reach and often exceed their goals.

Q: What would you recommend to beginners in the industry?

Choose a company that provides the best individualized training and guidance. The beginning can be overwhelming in a myriad of ways and it is important to have the support you need from a manager who sees your personal strengths and weaknesses. It is also important to know that this business is all about your contacts. I would advise beginners to figure out the best way to reach out and develop these contacts, as they will eventually generate leads.

Q: Will the median sale price in Manhattan surpass $1.5M by 2020?

NYC Real estate prices fluctuate in cycles of approximately 8-10 years, where we have seen prices double each cycle. However, aside from these projections, there are variables that can sway this number. For example, when all of the new developments that are currently being built in the city come to market, the median sales price of real estate will likely surge because of the sheer volume of property on the market.

Q: Any other insights you’d like to share?

Invest in a broker who you can trust and is an expert in your area, and you will have a more successful outcome. I have helped all of my clients achieve or exceed their sale or purchase goals, which has in turn has made me successful through constant referrals from friends and clients.

About Michelle Griffith

Michelle Griffith is recognized in the Manhattan real estate industry for her superior customer service, comprehensive knowledge of the luxury market and exemplary achievements. She was honored by The Real Deal as one of Manhattan’s elite listing agents, as well as for her work in successfully completing the largest rental transaction in Manhattan in 2013 – a $100,000 per month Penthouse rental at 502 Park Avenue, and the highest price per square foot deal in the history of 845 United Nations Plaza – the Penthouse, which sold for $16 million. For more info, check out Michelle Griffith’s page at Corcoran.


Interested in being interviewed for our Expert Interview series? Don’t hesitate to contact me at a[email protected]

Interviews in this series:

Andra Rus

Andra Rus

With 10+ years of experience at PropertyShark, Andra covers the latest product updates and market reports for our blog. Her work has been featured in The Real Deal, Curbed, TimeOut, The Daily Mail, Business Insider, Crain’s New York.

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