As Ross Gellar yelled, “pivot!”
With mortgage interest rates hovering around 7%, prospective buyers are facing a challenging landscape with limited housing inventory and escalating home prices to boot.
But one celebrity real estate expert and the new star of Netflix’s only New York City-based real estate reality show, “Owning Manhattan” — helmed by real estate icon Ryan Serhant — is urging those looking to buy in a new direction: commercial.
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“I think commercial real estate is the better investment overall,” Jade Shenker, a licensed real estate agent for the SERHANT. firm, told Fox News Digital. “Right now, it’s like a giant Black Friday sale. It’s a buyer’s market. Things are really trading at almost 40%, 50% market value.”
“The economy’s always adapting,” she added. “There’s never been a 20-year period where something stays the same. And with commercial real estate, you have the ability to transform a building into something else. I mean, you can subdivide it, you can market it to different types of users… I think usability is more vast when it comes to commercial real estate in general.”
Commercial real estate typically refers to any property with more than four units. The definition could apply to a multifamily home or apartment building with at least five units, or to large residential rental properties. It can also be classified as real estate used for business activities.
Shenker’s not the only real estate expert to point to commercial real estate as the better investment for those who can afford it. Cushman & Wakefield Global Brokerage Chairman Bruce Mosler previously told FOX Business that the sector’s future is “looking bright.”
“We’re actually seeing demand increase this year. I think we all acknowledge that in the [Manhattan] commercial sector, we have some obsolescence. But, by and large, we have to recognize that when it comes to quality space… we’re seeing demand remain very high.”
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Shenker, who Netflix describes as a commercial real estate strategist who’s made her name as a Top 30 Under 30 real estate industry disruptor and advisor, told Fox News Digital she wants to make real estate “sexy” again amid market woes.
Since founding SERHANT.’s commercial division with almost a quarter billion dollars in active listings, Shenker has managed over $650 million in luxury assets, with notable achievements in restructuring, repositioning, and re-marketing projects.
For the 28-year-old, part of that re-marketing innovation includes music videos.
“Technology and marketing changes over time. And for some reason, commercial real estate hasn’t adapted to the new marketing techniques of being able to put a property in front of the eyes globally. So one of the reasons that I came to SERHANT. was Ryan’s vision to bring this marketing — the videos, this incredible approach to marketing in general — to real estate.”
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Serhant’s firm includes a cinema-quality production studio that produces those videos in-house, which Shenker has made innovative use of.
“I’ve made music videos [for] listings. I’ve taken renowned artists from around the world — famous and some infamous — to help people take out their phones and market a property and showcase it. So I’ve been very strategic,” Shenker added. “It’s not about just showing the four boring walls, which is the bare minimum. It’s about transforming it and showcasing what can be done with the space.”
“So, what I’m hoping to disrupt is the way that people are marketing commercial real estate. Because right now, there are so many properties on the market.”
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Earlier this month, Fannie Mae reported that only 14% of consumers indicated it was a good time to buy a home, down from 20% the month prior.
Despite the reported sentiment towards investing, Shenker said she believes owning a piece of real estate is just as much the American dream as ever.
“I think this is everyone’s dream. I don’t think it’s just the American dream. America is a melting pot. You can come here, and, no matter where you’re from, and if you have a dream, it’s possible for you.”
“And I think real estate is the sexiest dream in the world,” Shenker told Fox News Digital. “What is sexier than owning a piece of the most amazing city in the world?”
Netflix subscribers can now watch Shenker “make commercial real estate sexy” alongside real estate legend Ryan Serhant and his cast of agents as they explore the glamorous world of New York City real estate in ‘Owning Manhattan.’
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