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The Art of Buying in a $4 Million Market

• Courtney Twiss

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What happens when you combine 25 years of Wall Street analytical expertise with an intimate knowledge of Manhattan's evolving neighborhoods? You get Ellen Silverman, our fascinating guest who brings a uniquely powerful perspective to New York City real estate.

Born and raised in Manhattan, Ellen guides us through her compelling career transition story – from financial analyst navigating the restrictive post-2008 banking world to successful real estate professional at Compass. Rather than viewing her career change as a setback, Ellen embraced the opportunity when a new CEO "cleaned house" at her investment bank in 2016. Having bought and sold her own properties since 1995, real estate was a natural next step that leveraged her financial acumen and deep understanding of how neighborhoods transform over time.

The conversation takes us deep into the current Manhattan real estate landscape, where condos average an eye-popping $4 million and co-ops about $1.6 million. "You pay for your freedom in a condo," Ellen explains, highlighting how the less restrictive ownership model commands premium prices. Despite high interest rates, she observes buyers returning to the market in 2025, creating more competition amid an inventory shortage. Working primarily in Manhattan's uptown and Midtown West neighborhoods, Ellen brings sharp analytical skills to help clients make sound investment decisions in this high-stakes market.

In a delightful twist, Ellen shares her recent experience working as an extra on "And Just Like That" alongside Sarah Jessica Parker and other stars from the iconic Sex and the City franchise. This glimpse into her multifaceted life in New York adds color to understanding how she's navigating her real estate business through marketing innovations, including increased social media presence, podcasting, and video content creation. Follow Ellen on Instagram @ellenjsilverman to connect with this Manhattan real estate expert who blends Wall Street precision with an artistic eye for quality construction and thoughtful design.

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Speaker 1:

Okay, make sure I don't want to. I'm always paranoid. I'm going to forget to hit record. That would stink.

Speaker 2:

All right, let's go. Welcome back to episode 57 of the Now Making Moves in Real Estate podcast. I'm your co-host, michelle, aka the General, alongside my beautiful co-host C Twiss, and today we're bringing some East Coast energy to the show as we dive into the fast-paced, ever-evolving world of New York City real estate with a guest who knows it inside and out, with a 25-year career as a Wall Street analyst before transitioning to real estate. With a guest who knows it inside and out, with a 25-year career as a Wall Street analyst before transitioning to real estate in 2016,.

Speaker 2:

Today's guest brings financial expertise, sharp market analysis and strategic negotiation skills to every single deal. She was born and raised in Manhattan, has lived in some of the city's most iconic neighborhoods, giving her a firsthand understanding of the market's ebbs and flows. As a certified buyer representative and master certified negotiation expert, she helps clients make smart moves in New York City real estate. Her eye for design and market trends gives her a competitive edge in this high-stakes market. So if you're ready for some East Coast insights and winning strategies, let's give a warm welcome to our guest today, ms Ellen Silverman. All right, welcome.

Speaker 3:

Ellen, thank you. That was a very nice introduction, thank you.

Speaker 2:

Michelle is good at that. You know, always trying to improve, getting better. You know it's always a little. You know, when we meet with these great real estate agents across the country, we got to like highlight how awesome you are. So tell our listeners, who are primarily real estate agents and entrepreneurs, more about who Ellen is and what you're doing.

Speaker 3:

Oh boy. Well, I was in the world of banking and finance for quite some time and had a great career. I really loved it. But I think after the 2008 banking crisis, my work started to get very arduous and was under a lot of scrutiny, with auditors and regulators sitting at our desks and supervising every move we made and everything had to be documented very thoroughly. So I was not enjoying the work as much during that time and I probably should have left, but I stayed because I was an employee for a very long time and I was used to a steady paycheck and, you know, stability and all the things, all the perks that you get as an employee. So I stayed until around 2016 and and I was with another very prestigious investment bank that is no longer no longer exists A new CEO came in and he cleaned house and I was let go, and I was actually very happy to be let go.

Speaker 3:

I was really time to leave, very happy to be let go. It was really time to leave and sometimes you just need a circumstance to throw you into action, and that definitely did. I had always wanted to be in real estate. I had bought and sold my own apartment several times over the course well, from about 1995 to 2012. So I had a lot of experience as a buyer and as a seller and, being born and bred in New York City, I really knew the city well. I understood how neighborhoods change and appreciate and gentrify and I had good financial skills. So all that lent me to pursuing a career in real estate.

Speaker 2:

Well, that's, I mean, makes sense. It was a smooth transition, and you're right. Those circumstances that we're up against in life sometimes repel you into the next thing. So how did you transition and tell us a little bit about the scope of your business. Are you individual agent? Do you have a team? What's your structure look like?

Speaker 3:

Yeah, I'm with Compass. I've been with Compass five years. It's my fourth real estate firm. I've been in real estate nine years, so I was with three other firms before Compass and sometimes it takes a while to find the right company based on your personality. And sometimes it takes a while to find the right company based on your personality compensation, training, all kinds of things. I don't think that's unusual. I think a lot of agents move around, but I've been very happy at Compass. As I said, I've been there five years. I am part of a huge team of 45 people. That is also not unusual at Compass. Almost everyone is part of a team. However, I do work very independently within that team, but I have the support of team members and several team leaders to help me with whatever I need help in, and we have a marketing person, an administrative person and, of course, my team lead that helps with negotiations or anything that I need help with.

Speaker 1:

Awesome, and do you primarily focus on Manhattan specifically?

Speaker 3:

Yes, absolutely. New York City is five boroughs and thousands of neighborhoods. I focus on Manhattan, mainly the uptown market and Midtown West, and that's more than enough, believe me.

Speaker 1:

I bet what's the average price point in your area.

Speaker 3:

then Well, well, it depends on the neighborhood. Overall condominiums and I just did this for the month of February the average price of a condo in Manhattan is about I think it's about $4 million and the average price for a co-op is about $1.6 million. Is about $1.6 million? Condominiums give you more freedom and flexibility. They're less restrictive. There aren't boards that are approving your application and scrutinizing your finances as much as they do in co-op apartments. So I always say you pay for your freedom in a condo and that's why there's more money.

Speaker 1:

Well, I think people give us a bad rap for California prices being high. Well, take that, people Look at New York and Manhattan.

Speaker 2:

So what's the market like over there in New York right now?

Speaker 3:

Well, again, it really depends on the neighborhood, but I would say overall, we have an inventory shortage. I do not see prices going down significantly. I think that they're holding or increasing, especially in the condominium market. I think that it is still a good time to buy. Buyers are accepting the higher interest rates and there are more buyers that have reentered the market in 2025. But it's also more competitive and there are more bidding wars now because of the inventory shortage.

Speaker 1:

We're starting to see the same thing here for sure. I feel like every spring is like the bidding wars start, like spring is here. People come out, yeah yeah, the weather gets nice and everyone comes out of the woodworks.

Speaker 2:

So I was curious when we had just tapped into this recording. You mentioned that you've been doing podcasts and you found us and asked to be on our podcast, which you know shout out to EXP Realty. To be on our podcast, which you know shout out to eXp Realty, because without our transition from her independent brokerage to eXp, we wouldn't be here. We've been able to collaborate with agents across the country, and so we're really, really excited to invite agents like yourself to our podcast. But what about the podcast journey has got you going down this route in your business? What about the podcast journey has got you going down this route in your business?

Speaker 3:

Well, every year I think about ways of branding myself, and this year I hired a branding agency to get me out into the world, and podcasting was one way of doing it. Another way is more social media and more videos. So I hired a coach to help me with videos. They look easy, but I don't think they are. But I definitely feel that, you know, people are on their phones, people are watching videos, people are addicted to social media and that's a place to be seen.

Speaker 3:

You know, I think part of generating leads as an agent is getting yourself out there and it's not. It wasn't particularly easy. It's still not easy for me because I'm sort of, you know, and I still have that analyst, you know, mentality, but I also have to generate leads and I have to take that very seriously as an agent, because I'd say, 70% of my week is spent on lead generation and and no one really, you know, understands that or sees that they all think we just look at beautiful apartments and make thousands of dollars every day. Yeah, but, um, but but. Marketing is a big part of my job.

Speaker 2:

Okay, well, I'm going to put you on blast here, sorry, Courtney. So here you are, you're out there, you're on a podcast. Tell people why they should reach out to you Not only real estate agents for referrals, by the way, I actually have my house is on the market right now and and the, the buyer's agent, is bringing clients from New York city to look at my house on Sunday. So there's definitely the, the agents that are listening, that can be like hey, I've got this client that needs something in Manhattan. Why should agents and clients reach out to use you?

Speaker 3:

Well I I'm more of a buyer's agent than a sales agent, but basically I really know the city well and I keep on top of new developments in all parts, not just Manhattan but also in Queens and Brooklyn, in the Bronx. I love new development. I have a really good understanding of price appreciation if it's a good investment and I have a good eye for construction and design and layouts and finishes. I see so many apartments. I know right away if something is well built, and that's just a sixth sense. It's not that I'm I have a background as an architect or in the construction industry, but you just know right away. You look at the quality of a door or the doorknob or the finishes or the walls or the windows and you can tell right away if something is really thoughtfully designed.

Speaker 1:

Awesome. Well, I want to circle back a little bit to a couple of things. First, with the social media, because brand awareness is such a long game, right, it takes a while and it's hard to know if people are seeing your brand and if they're recognizing it. Have you found, now that you've hired your coach and you've been focusing on the podcast and your social, that a lot of your lead gen is converting via like Instagram, for example?

Speaker 3:

Yeah, I, I just started. This is like all new for me in the last six weeks actually but I am getting a lot more engagement on Instagram, absolutely. When I, when I post a video of myself, I definitely get more comments and likes and engagement, and so that is a positive thing. I think it brings credibility to who you are, so people get to know you and I definitely feel that it will lead to more sales. Yes, it helps.

Speaker 1:

Yeah, it helps build the trust. Yeah, it can't all be of these pretty apartments that you're talking about. It has to be of you in these pretty apartments.

Speaker 3:

Yeah, I mean, people want to see you know how, how I'm selling, what I'm looking at, why it's a good apartment, the views, the finishes, the layout, and I'm showing that, and so it's that whole experience.

Speaker 1:

I love it. Well, I have to bring this up.

Speaker 3:

Sex and the City.

Speaker 1:

I knew it, I had it, I knew it. I mean Sex and the City is like my favorite show ever All through my college years. I'd like marathoned it all. My roommates and I and you have a connection to that. Like to me, you're. I actually told my husband this morning. We have Ellen Silverman on our podcast this morning and she is like sex in the city. Tell everyone, tell everyone more about that.

Speaker 3:

Oh gosh, uh, yeah, I mean it is a phenomenal show. Um, well, last year, uh, 2024 was not the greatest year for a lot of real estate agents and I was just looking into other things to do that would be fun, that I could earn some money. So I decided to be a movie or a TV extra and, um, I got on to some of these sites in the acting world backstage for instance, acting world backstage, for instance and did some you know headshots and photos and all that stuff. And I was, luckily, last fall, sex Well, it wasn't sex in the city, it's and just like that, which is the you know continuation of sex in the city.

Speaker 3:

They were looking for a lot of extras, a lot of extras. So luckily, I got called in and I did it for two days. I was on the Upper West Side for one day and then Lower Manhattan for another day and I played an extra walking the streets, and who crossed my path was Sarah Jessica Parker and Cynthia Nixon one day, and then the following day was Sarah Jessica and Charlotte Kristen Davis. So it was a lot of fun. I got to work with a lot of other extras and everybody. I met other real estate agents. It was really funny Other real estate agents who were movie extras who also were having a crappy year and it's a very fun environment. You get your makeup and your hair done and you know clothes and wardrobe and then you really get to meet the actors and you really see them in real life and in their fantastic clothes. Yeah, it was a lot of fun.

Speaker 1:

So fun, Michelle. We need to do that. I want to go do that and then have a martini afterwards.

Speaker 2:

I mean I'm down, let's go. I love me some NIC. Except I wouldn't recommend getting like stranded there by yourself, like trying to get transportation back to New Jersey. That was not a smart move when I thought that was another another story, another story, different time. So this one hasn't been to NYC yet. We need to get her out there.

Speaker 3:

Oh, okay, okay, I, you know, I think the show really romanticizes the city in some ways and, uh, I think young girls in their twenties probably don't have the income to buy Manila Blahnik shoes every week and go out to dinner every night the way you see them, you know on the show. But but a lot of it, it truly all that does truly exist.

Speaker 2:

So it must be like super competitive real estate in New York City.

Speaker 3:

Yes, I'm asked this every podcast. I was going to say Scott, you got Ryan.

Speaker 1:

You got.

Speaker 2:

Ryan Serhant, and then who's the other? Bravo, frederick, frederick.

Speaker 3:

He's in Miami, frederick Ecklund. He's like everywhere, though.

Speaker 2:

He's international, doesn't he have, like you know, overseas New York City, miami, they're like big, maybe California, yeah, yeah.

Speaker 3:

Yeah, I mean again, what you see on TV is often exaggerated and it's entertainment and it's eye candy. You see the most attractive agents in the most attractive clothes showing the most beautiful properties in the world. That is not every day in New York City. There's really isn't. And I also think New York is fast paced and it can be competitive, but it's also enormously. It's enormous and there's so many neighborhoods and there's something here for everyone and there's a lot of opportunity that that brings. So, as competitive and fast paced as it is, there's also something for everyone. And you know, I try not to get caught up in the drama. I really just try to wake up every day and do what I need to do and sometimes there is drama, mostly between other agents, and sometimes it works out and sometimes it doesn't, and you know that's the way it goes and, honestly, I had plenty of bad days on Wall Street that were far more dramatic. So I don't know.

Speaker 1:

I bet Don't get that.

Speaker 2:

Well, I really appreciate you coming on the podcast today, Ellen. I mean it's super exciting to meet. I don't think we've had anybody from New York, Not yet no, you're the first.

Speaker 3:

Oh my God.

Speaker 2:

Well, there's a lot of us. It's pretty exciting. I know we need to get out there.

Speaker 1:

I'm actually going next year. It's going to be quite an amazing trip full of eighth graders. Yeah, that's right To see Washington DC and New York, and it's like a whirlwind month-long trip packed into five days. It should be great.

Speaker 3:

Yay, excellent, excellent. Do you get out less often, ellen? Excellent. Do you get out west often, ellen? I certainly have been to California many times, mostly Los Angeles and San Francisco. I haven't been in a very long. Californians seem to be very loyal and committed to California.

Speaker 2:

So you know, when I moved to San Francisco, I was in a taxi cab and the driver had described San Francisco as a gentle New York, and ever since I heard that it couldn't be more true, because it really is like this little tiny version of New York City which, you know, I mean on the West Coast. It's a privilege to have a little piece of that over here.

Speaker 1:

So Well, I would.

Speaker 3:

Oh no, go ahead, ellen. I'm so sorry. No, I was going to say I was in San Francisco in the 90s. I mean it is a beautiful city, absolutely.

Speaker 1:

Well, I was going to say before we sign off, being that most of our listeners are realtors what's something that you do on the daily or regularly to keep your business going, and what's like a key to your success.

Speaker 3:

Basically, if you were to sum it up in one thing, Well, I have a monthly newsletter and I try to post on social media as often as I can. I mean, I should be doing it every day and I don't. I need to really do that more often and I'm doing podcasting and that. I think that's that's. That's it. I really am a big Instagram believer. So Instagram, if you, if all else fails, do the Instagram, do the gram, do the newsletter and do the pods.

Speaker 2:

What would? What was besides our podcast? What would be your like, your favorite podcast you've ever been on?

Speaker 3:

Well, they've all been really great. They really have my. You know, my first one was called Dinner for Shoes and that really focused more on fashion and we really talked about my time on the and just like that set and that was a lot of fun.

Speaker 1:

I have to show my shoes because I actually really like them. They're super cute, can you see?

Speaker 2:

them, just take them off. I mean, I don't know what your toes look like, but they're so fun, they're just really fun.

Speaker 1:

Little shoes, beautiful. How do we have fashionable ones? With my lady from New York, yeah, and here's the thing on shoes.

Speaker 2:

We should do a podcast on style. Yeah, on fashion.

Speaker 1:

Yeah, fashion and real estate, that's a good idea.

Speaker 2:

Thanks. The problem with these shoes for me is I have to have something strapped on my heel to keep them on, because I'll just fly right out of them. But they are super cute, for sure super cute, for sure.

Speaker 1:

Well, thank you so much, ellen, for joining us today. We really appreciate it. We will definitely hit you up the next time we are in the city and let us know when you're out in cali, absolutely great.

Speaker 1:

Thank you so much for having me and for those listening, it's at ellen silverman on instagram, right at ellen, at ellen j. Yes, I've had it Awesome. Well, make sure you guys look her up and follow, as well as following us, ask the General and All Things Twist. And then you could also see this on the video on YouTube, on our YouTube channel. Give us some reviews, please.

Speaker 2:

So nice to meet you, Ellen. Good success. We wish you all the best and hope to meet you soon.

Speaker 3:

Thank you so much, so long. Bye-bye.