Gea Elika's Blog, page 103

September 22, 2018

Best Flea Markets Indoor and Outdoor NYC Has to Offer

Chelsea Flea Market

There is never any shortage of new things to do in NYC, but one thing that never gets old is the Flea markets. Whether you’re a food lover or a fan of vintage clothing, NYC has an abundance of both indoor and open-air markets. Everything from delicious food to antiques and crafts can be found at these markets which are popular with both savvy locals and tourists.


Spring, Summer, and Autumn are the perfect times to explore the New York City flea market scene. While some head to the beach to escape the heat, savvy New Yorkers stick around on weekends, searching the markets and street fairs for unique items at budget prices.


If you’d like to do some treasure hunting of your own, here are the best New York City flea markets that offer fabulous shopping, food, people watching and bargains galore.


Artists & Fleas

artistandfleas-1024x683


Image by Artists & Fleas


Artists & Fleas is open daily at Chelsea Market and weekends only in Williamsburg. This famous indie market offers local art and design, vintage, handmade crafts, jewelry, fashion, and artisanal food vendors. Spend the afternoon mingling with independent makers, artists, and collectors as you stroll through the markets, looking for unique gifts.


If you can’t get enough Artists & Fleas, check out their new daily market in SoHo.


Smorgasburg

Smorgasburg-1024x683


Image courtesy of Smorgaburg


While you’re in Brooklyn, don’t miss Smorgasburg, the “largest weekly open-air food market in America” with 10,000 visitors a day. Created by the founders of The Brooklyn Flea, this culinary event is held every Saturday in Williamsburg and Sunday in Prospect Park from April to October. 100 local and regional food vendors sell everything from spaghetti donuts to dumplings, fried chicken on a stick to salty-sweet rolled ice cream, so you’re sure to find something to satisfy your cravings. (Try the ramen burger!)


The New York Times has called it the Woodstock of eating. For the present season, you can find it every Saturday and Sunday at Industry City in Brooklyn. During the summer months, it also opens at Williamsburg and Prospect Park. Here you can see the products of almost 100 different vendors, most of which specialize in making one thing well. While you’re enjoying a delicious lunch, you can gaze at the Manhattan skyline from over the East River.


Brooklyn-Flea-Market


Image by Adinda Uneputty


Brooklyn Flea

Smorgasburg isn’t the only reason for making a trip to Industrial City this season. Until the summer months arrive, you can find the Brooklyn Flea market there as well. First started in 2008, the Brooklyn Flea is the place for finding anything vintage, vintage furniture, clothing, collectibles, antiques to vinyl records to old knick-knacks, as well as local food, art and crafts, and jewelry.


This famous New York City flea market operates Saturdays and Sundays indoors at the new SoHo location (100 Avenue of the Americas) and Sundays outdoors in Dumbo (80 Pearl Street). A must see for lovers of vintage and design, The Brooklyn Flea’s Dumbo bazaar is the perfect place to browse for that one of a kind piece of furniture to accent your home.


Union Square Green Market

narketFirst established in 1976, this world-famous market now has over 140 regional farmers, fishers, and bakers selling their produce. Open every Monday, Wednesday, and Friday, this sprawling marketplace sees an estimated 60,000 people ramble through it every day. The variety here is some of the best in the city, with fresh fruits and vegetables, award-winning cheeses, artisan cakes and tons more. There are also often free cooking demonstrations.


Chelsea Market

A trip to the Meatpacking District wouldn’t be complete without a stop at Chelsea Market. Almost an entire city block, this former biscuit factory is now one of the best-enclosed food halls around. Its sees about 6 million visitors a year, who come to enjoy its gourmet fare of every variety. No matter what your taste is, you’ll find something you like here. Check out Hale & Hearty for homemade chicken soup, the Doughnuttery for three types of mini-doughnuts, and Ninth Street Expresso for the best flat white this side of Surry Hills.


The Annex Market

The Annex Markets Chelsea Flea Market draws celebrities, designers and anyone who loves a good deal. Located on West 25th Street between Broadway and Sixth Avenue, this weekend only market has been in Chelsea since 1976 and includes dealers from the beloved but now defunct Antique Garage. It only costs a dollar to browse 135 vendors selling vintage clothing, jewelry, antiques, art, housewares, and collectibles.


In 2003, The Annex Markets opened the Hell’s Kitchen Flea Market on West 39th Street and Ninth Avenue. Every Saturday and Sunday, bargain hunters haggle for best prices on a wide variety of goods, such as home decor, furniture, vintage apparel and accessories, books and collectibles. Both of the Annex Markets are open year round, and you can’t beat the admission price for the Hell’s Kitchen Flea Market (it’s free).


NoLita Market

The summer in SoHo wouldn’t be the same without the NoLita Market. Open every Friday, Saturday, and Sunday, from March to December, NoLita is where you can find all things handmade. Every summer, the streets are lined with New Yorkers. All of them out to buy and sell everything from T-shirts to antiques and jewelry. Almost everything you see is 100% homemade, and many vendors will even take custom orders.


Rock N’ Shop

Rock fans and art lovers can’t get enough of this one. Dreamt up by Brooklyn indie rock band and art collective the Bushwick hotel, this “alternative mall” can be found at The Paper Box in Bushwick. Here you can enjoy local bands playing on the stage while looking through vinyl records and browsing handmade crafts from over 40 vendors.


Neighborhood food stalls also serve pizza, burritos, coffee and other gourmet delights. Learn more at rocknshop.nyc.


LIC Flea & Food

More shopping delights await you every weekend at the LIC Flea & Food, Queens’ largest outdoor food, and flea market. This water-front bazaar features over 80 vendors selling artisan food, arts, and crafts, antiques, furniture, fashion, and jewelry. There’s live music, games for the kids, and special events like the Beer and Taco Takedown and the Wine & Sweets Fest. Stop by the All Queens Beer Garden and enjoy a craft beer while you take in views of the Manhattan skyline.


Grand Bazaar NYC

Every Sunday, rain or shine, you can eat and shop your way through the Upper West Side’s Grand Bazaar NYC (formerly known as the GreenFlea). This indoor/outdoor curated flea market offers antique watches, fashion and handmade jewelry, limited edition art, collectibles, furniture, and artisan food. Grand Bazaar supports the community of artists, designers, and entrepreneurs while donating all of its profits to four local public schools. With over 100 vendors and 43,000 square feet of space to explore, you’re sure to find a treasure (and some bargains, too).


More Northeast Flea Markets

Are you looking for more flea market fun? Consider a day trip to one of these famous Northeast flea markets: Renninger’s in Adamstown and Kutztown, Pennsylvania; Brimfield Antique Flea Market in Brimfield, Massachusetts and the Elephant’s Trunk Flea Market in New Milford, Connecticut.


The post Best Flea Markets Indoor and Outdoor NYC Has to Offer appeared first on ELIKA Real Estate.

 •  0 comments  •  flag
Share on Twitter
Published on September 22, 2018 11:00

September 21, 2018

FOR SALE: $5,975,000 – OPEN HOUSE 9/23 1-2pm

180 Sixth Avenue, Apt 10B – OPEN HOUSE 9/23 1-2pm

Price: $5,975,000



CC: $3,118.66
(monthly)

Taxes: $5,374 (monthly)

3 Bedroom

3.5 Bathroom

2,221 SF (approx.)

Neighborhood: Soho


For private viewing call Katia at 917-691-1706 or Carlton Residential


6th_Avenue_180_10B_Living_Room


Beyond the formal entry foyer, a 30-foot long corner great room is elegantly enriched with floor-to-ceiling windows and sliding window wall which opens up to a spacious private terrace with gracious views of the Empire State Building, Hudson Yards, Soho, and cityscape. The open, elegant flowing layout and personalized relaxed contemporary style compliment the property’s luxurious living and entertainment areas ideal for friends and family.


0N9A2892-p1cmliqhgd17mp1dsl4p71uchmnr


The bright and oversized kitchen caters to a professional chef or just for those that love to cook. Off the kitchen glass sliding doors open to a beautifully planted terrace. A large meticulously crafted marble island is a focal point. Elegant custom bleached walnut cabinetry through-out provides for ample storage and together with custom panel double-doored Lieberherr refrigerator, Bertazzoni five-range stove, and oven, two Fisher Paykel dishwasher drawers, built-in Wolf microwave, wine cooler provide for a functional and sophisticated kitchen.


6th_Avenue_180_10B_KitchenAdditionally, the kitchen offers expansive eastern views over Soho to the east, Empire State building to the north and World Trade center views to the south. The kitchen can be separated from the living and dining room with glass pocket doors for privacy.


6th_Avenue_180_10B_Dining_Room-1


The Master Bedroom suite includes an oversized dressing room with custom Polyform closet and a five-fixture windowed en-suite bathroom with oxidized maple custom vanities and radiant heated Bianco Dolomiti marble floors. With a western exposure, the bedroom features ample light and tranquility.


6th_Avenue_180_10B_Bedroom5-1024x684Two additional bedrooms each feature walk-in closets and en-suite bathrooms are appointed with beautiful, elegant light tone finishes. The powder room is enveloped in Waterworks Architectonic wall tiles, while St. Germain marble custom slab sink and Jacques Adnet Circulaire mirror make a tasteful statement. The residence includes Washer and Dryer, and a private large storage cage.


6th_Avenue_180_10B_Bathroom-1024x684One Vandam is a luxurious boutique Condominium and houses just 25 residences. The Building has a 24/7 Concierge, porter, and full-time super. Amenities include a gym, laundry room, two-level landscaped garden with sun chairs and a lounge with a catering kitchen which could be reserved for private events.


Floorplan, additional photos and information available at Carlton Residential


To schedule a private viewing call Katia at 917-691-1706 


6th_avenue_180_10b_lobby-1024x684


The post FOR SALE: $5,975,000 – OPEN HOUSE 9/23 1-2pm appeared first on ELIKA Real Estate.

 •  0 comments  •  flag
Share on Twitter
Published on September 21, 2018 17:09

September 20, 2018

The Foreign-Students Guide to Renting in NYC

Foreign Students

So you’ve just received your acceptance letter at your dream university in New York. But before you pop the champagne, you better start acquainting yourself with the practical details. Mainly, where are you going to live? Finding an apartment in NYC is far more difficult than most renters realize. There’ll be credit and background checks, employer verification, and whole lot else. Foreign students are in something of a bind here as they won’t have a U.S. credit history. Not to worry though as there’s a way to get around that. Here’s everything an international student needs to know about renting in New York City.


Step 1: Preparation

Everyone living in the U.S., whether they’re a citizen, green card holder or here on a visa, is protected by the Fair Housing Act. This prohibits discrimination based on national origin, ethnicity, religion, gender, disability or family status. A landlord is required to treat you like any other potential renter, so the vetting process is still the same. To make the process as smooth as possible, make sure you have the following documents in order:



Passport or state-issued identification – You’ll need to prove you are who you say you are. Since you’re new to the U.S. it’s unlikely you’ll have a driver’s license or a state-issued photo ID, so your passport is the next best option.
Proof of employment – A landlord will want to know you have a steady source of income, so you’ll need proof of employment. A letter from your boss on company stationery should suffice.
Bank statement or financial information – Most landlords require that you earn a steady income of at least 40 times the monthly rent. Along with that, you’ll also need a credit score of around 700 or higher. Since you’ll be a student you probably won’t be earning a full-time income, nor will you have any credit history. Therefore, you’ll most certainly need a guarantor (more on that below).
An I-20 Visa – Your visa will need to be active for the entirety of the lease.
Social security number – If you’re authorized to work in the U.S. you may be asked for your social security number. If you haven’t applied for it yet or aren’t eligible, then the landlord will move on by using your proof of employment or financial support.
Contact Information from previous landlords – A landlord will want to know what your previous rental history has been like, mainly, do you look after the property and pay your rent on time? Have all your previous landlords’ names and contact information available.

Step 2: Find a guarantor or co-signer

As you won’t have a credit history, you’ll need a co-signer for your lease. This is someone who agrees to pay the rent if you can’t. They typically need to have an income of 90 times the monthly rent, a credit score of at least 700 and, more often than not, residence in the tri-state area. If you don’t have anyone that fits that bill, then don’t worry because there are workarounds.


One way is to offer more cash up front. A large security deposit, generally four to six times the monthly rent, may be enough. Or, if at all possible, pay the first years rental payments in full. The other option is Insurent. A service that will act as a guarantor when you don’t have any traditional means. To qualify, your parents will need to provide evidence of a combined income of more than 50 times the monthly rent. Or show that they have 80 times the monthly rent in bank or brokerage accounts.


Step 3: Explore housing options

While it’s possible to rent an apartment without a real estate agent, it’s not advisable, especially if you’re new to the city. A real estate agent will be able to provide you with invaluable information to help you make an informed decision. Agents can also know the individual or smaller landlords that might be more amenable and flexible in their terms versus larger management companies. Make sure to ask them about the neighborhood, transport options, buildings types and anything else of concern to you. An agent will also be able to guide you through applications, board packages and signing the lease.


Once you have an agent, the next step is to decide between a co-op, condo, studio apartment or brownstone. Your financial situation will most likely determine which option you pursue. Try to arrive at least two weeks before school starts and have a detailed plan to see several apartments that your agent has found once you’ve arrived.


Step 4: Sign a lease

Make sure to read the lease carefully before you sign it. Read through all its terms and run it by your agent and possibly an attorney. There are many types of leases in New York such as rent stabilized, short-term, standard or self-extending. Once the lease is signed, you should be all set to go. Just keep in mind that most apartments change hands at the start of the month so depending on when you find a place you might not be able to move in right away.


The post The Foreign-Students Guide to Renting in NYC appeared first on ELIKA Real Estate.

 •  0 comments  •  flag
Share on Twitter
Published on September 20, 2018 16:35

Do Home Inspections Kill Deals?

As a seller, the minute you and a buyer come to an accepted offer, you start to see the dollar signs dancing before your eyes. This person wants to buy my home for a million dollars? Can’t wait!


But, as we all know, an accepted offer is often just the first stage in a long and lengthy process. You may be sitting on tenterhooks for weeks as you wait for the appraisal, for the buyer to get approved for financing, and of course, the home inspection. Insert horror film music.


Why do sellers fear a home inspection?

Let’s face it – as a seller, just the phrase “home inspection” often wants to make you run for the hills. You know that you’ve done an excellent job maintaining your home, but that doesn’t mean you want a professional snooping around – what if they tell you that, without your knowledge, your home’s foundation shifted and now the buyer doesn’t want it anymore? It’s not like you purposefully moved your home!


But home inspections are just for HOMES – not apartments, right?

This isn’t totally true. In New York City, real estate agents don’t necessitate a home inspection in large cooperative or condominium buildings. In a mid-rise or high-rise building, the roof, walls, and common elements are the responsibility of the building itself. If the roof needs fixing, the building should be paying for that out of its reserve funds or potentially levying a small assessment on the residents. However, this rarely worries residents because there are so many apartments, so each homeowner’s responsibility for the cost is so small.


However, in a small apartment building where only eight apartments exist, a purchaser likely will want a home inspection, just because if something in the building goes wrong, the purchaser is now responsible for a much more significant percentage of any repair costs. Even though the responsibility of common elements still technically falls on the building, smaller buildings are likely to have much smaller reserve funds – so a buyer may want to make sure that building is in good condition and bring in an inspector.


So if I don’t live in a big high-rise, I should be worried about the home inspection?

Yes and no. A good home inspector’s job is never to kill a deal. A good home inspector will point out things that you should be looking for. For example, at a recent home inspection in the West Village of a small building, the home inspector pointed out a crack in the wall that means the structure likely slightly shifted. Does that mean the purchaser shouldn’t buy it?


Of course not! In an old building, this sort of slight shifting is very typical, and so long as the structure is reinforced properly, there is no reason to worry about it. If you own a piece of history, like a 150-year old home, whoever is purchasing this likely understands that along with history comes character, and along with character comes imperfections.


I’m Worried that My home is a money pit

If you’re worried that your home may come with costly repairs, hire your home inspector before you put your home on the market. That way, he or she can identify potential problems for you and your agent can let buyers know about these problems up front. In my experience, it’s not the inspection that kills deals – it’s the difference between expectation and reality for the buyer. If your buyer walks into your home knowing that they may have to make $50,000 in repairs, but you’ve taken that into account in your pricing, they won’t be surprised when their home inspector finds that.


On the contrary, if you try and hide these issues and your buyer finds them, that’s when you’re likely to lose the deal. Not because of the problems themselves, but because of the issues with expectations. 


What if the buyer doesn’t want to buy the home?

To be honest, your real estate agent needs to do a better job managing expectations. This is what your agent is there for. A good agent should remind a buyer that a home inspector is likely to find small problems with a home. This means the buyer hired a good home inspector. But minor problems with a home are common, and if terms need to be re-negotiated, they can be.


Every home has a problem but is right for somebody at the right price. The truth is, all homes that aren’t brand-new are likely to have issues, but if a buyer is prepared for this, they are less likely to be shocked when these issues arise.


Your agent should be sure that the buyer knows that issues are common, and even extreme problems can be fixed for the right price. Might you have to re-negotiate the terms of your sale if your buyer finds $200,000 of unreported repairs? Yes – but this isn’t a deal killer.


The post Do Home Inspections Kill Deals? appeared first on ELIKA Real Estate.

 •  0 comments  •  flag
Share on Twitter
Published on September 20, 2018 07:20

September 19, 2018

FOR SALE: $5,975,000 – OH 9/27 6:00 PM – 7:30 PM

180 Sixth Avenue, Apt 10B – OPEN HOUSE 9/27 6:00 PM – 7:30 PM

Price: $5,975,000



CC: $3,118.66
(monthly)

Taxes: $4,571 (monthly)

3 Bedroom

3.5 Bathroom

2,221 SF (approx.)


Neighborhood: Soho


For private viewing call Katia at 917-691-1706 or Carlton Residential


6th_Avenue_180_10B_Living_Room


Timeless Modern Luxury Residence with a combination of mastery and material on a vibrant Soho block between Spring and Prince Streets. The ultimate private corner apartment with only one neighbor on the floor. Apartment 10B at One Vandam sprawls over approx. 2,221 square feet, offering three bedrooms, three-and-a-half bathrooms, and two private outdoor terraces. The open, elegant flowing layout and personalized relaxed contemporary style compliment the property’s luxurious living and entertainment areas ideal for friends and family. RE Tax Disclaimer: displayed taxes include a 17,5% annual tax abatement for primary residents; current taxes are $5,541 due to an LLC ownership structure.


0N9A2892-p1cmliqhgd17mp1dsl4p71uchmnr


This magnificent sun-drenched property spans half a floor and offers triple East-North-Western exposures and expansive 10-foot ceilings featuring dramatic floor-to-ceiling thermopane windows, custom stained White Oak hardwood floors, and central HVAC with 5 zones. Enhanced by generous windows revealing stunning Manhattan views, the apartment has a great balance of light and privacy.


Beyond the formal entry foyer, a 30-foot long corner Great Room is elegantly enriched with floor-to-ceiling windows and sliding window wall which opens up to a spacious landscaped private terrace with gracious views of the Empire State Building and cityscape. The bright and oversized Kitchen caters to a professional Chef or just for those that love to cook. Off the kitchen glass sliding doors open to a beautifully planted terrace which offers expansive views over Soho. Elegant custom bleached walnut cabinetry throughout provides for ample storage and together with custom panel double-doored Lieberherr refrigerator and wine chiller, Bertazzoni five-range stove and oven, Fisher Paykel dishwasher, built-in Wolf microwave present a functional and sophisticated kitchen.


6th_Avenue_180_10B_Dining_Room-1


The Master Bedroom Suite includes an oversized dressing room with custom Polyform closet and a five-fixture windowed en-suite bathroom with oxidized maple custom vanities and radiant heated Bianco Dolomiti marble floors. With a western exposure, the bedroom features ample light and tranquility.


6th_Avenue_180_10B_Bedroom5-1024x684Two additional bedrooms each feature walk-in closets and en-suite bathrooms appointed with beautiful, elegant light tone finish. The powder room is enveloped in Waterworks Architectonic wall tiles, while St. Germain marble custom slab sink and Jacques Adnet Circulaire mirror make a tasteful statement. The residence includes Washer and Dryer, and a large private Storage Cage. Superbly staged by IMG and turn-key ready, this apartment presents an opportunity to buy any and all furniture.


One Vandam is a luxurious boutique Condominium and houses just 25 residences. The Building has a 24/7 Concierge, porter and full-time super. Amenities include a gym, two-level landscaped garden with sun chairs and a lounge with a catering kitchen. Quick and easy commute with major subway lines: C and E are on the block; 1, R and W are within a short


Floorplan, additional photos and information available at Carlton Residential


To schedule a private viewing call Katia at 917-691-1706 


6th_avenue_180_10b_lobby-1024x684


The post FOR SALE: $5,975,000 – OH 9/27 6:00 PM – 7:30 PM appeared first on ELIKA Real Estate.

 •  0 comments  •  flag
Share on Twitter
Published on September 19, 2018 17:09

FOR SALE: $5,975,000 – OH 9/23 6:00 PM – 7:30 PM

180 Sixth Avenue, Apt 10B – OPEN HOUSE 9/23 6:00 PM – 7:30 PM

Price: $5,975,000



CC: $3,118.66
(monthly)

Taxes: $4,571 (monthly)

3 Bedroom

3.5 Bathroom

2,221 SF (approx.)


Neighborhood: Soho


For private viewing call Katia at 917-691-1706 or Carlton Residential


6th_Avenue_180_10B_Living_Room


Timeless Modern Luxury Residence with a combination of mastery and material on a vibrant Soho block between Spring and Prince Streets. The ultimate private corner apartment with only one neighbor on the floor. Apartment 10B at One Vandam sprawls over approx. 2,221 square feet, offering three bedrooms, three-and-a-half bathrooms, and two private outdoor terraces. The open, elegant flowing layout and personalized relaxed contemporary style compliment the property’s luxurious living and entertainment areas ideal for friends and family. RE Tax Disclaimer: displayed taxes include a 17,5% annual tax abatement for primary residents; current taxes are $5,541 due to an LLC ownership structure.


0N9A2892-p1cmliqhgd17mp1dsl4p71uchmnr


This magnificent sun-drenched property spans half a floor and offers triple East-North-Western exposures and expansive 10-foot ceilings featuring dramatic floor-to-ceiling thermopane windows, custom stained White Oak hardwood floors, and central HVAC with 5 zones. Enhanced by generous windows revealing stunning Manhattan views, the apartment has a great balance of light and privacy.


Beyond the formal entry foyer, a 30-foot long corner Great Room is elegantly enriched with floor-to-ceiling windows and sliding window wall which opens up to a spacious landscaped private terrace with gracious views of the Empire State Building and cityscape. The bright and oversized Kitchen caters to a professional Chef or just for those that love to cook. Off the kitchen glass sliding doors open to a beautifully planted terrace which offers expansive views over Soho. Elegant custom bleached walnut cabinetry throughout provides for ample storage and together with custom panel double-doored Lieberherr refrigerator and wine chiller, Bertazzoni five-range stove and oven, Fisher Paykel dishwasher, built-in Wolf microwave present a functional and sophisticated kitchen.


6th_Avenue_180_10B_Dining_Room-1


The Master Bedroom Suite includes an oversized dressing room with custom Polyform closet and a five-fixture windowed en-suite bathroom with oxidized maple custom vanities and radiant heated Bianco Dolomiti marble floors. With a western exposure, the bedroom features ample light and tranquility.


6th_Avenue_180_10B_Bedroom5-1024x684Two additional bedrooms each feature walk-in closets and en-suite bathrooms appointed with beautiful, elegant light tone finish. The powder room is enveloped in Waterworks Architectonic wall tiles, while St. Germain marble custom slab sink and Jacques Adnet Circulaire mirror make a tasteful statement. The residence includes Washer and Dryer, and a large private Storage Cage. Superbly staged by IMG and turn-key ready, this apartment presents an opportunity to buy any and all furniture.


One Vandam is a luxurious boutique Condominium and houses just 25 residences. The Building has a 24/7 Concierge, porter and full-time super. Amenities include a gym, two-level landscaped garden with sun chairs and a lounge with a catering kitchen. Quick and easy commute with major subway lines: C and E are on the block; 1, R and W are within a short


Floorplan, additional photos and information available at Carlton Residential


To schedule a private viewing call Katia at 917-691-1706 


6th_avenue_180_10b_lobby-1024x684


The post FOR SALE: $5,975,000 – OH 9/23 6:00 PM – 7:30 PM appeared first on ELIKA Real Estate.

 •  0 comments  •  flag
Share on Twitter
Published on September 19, 2018 17:09

Brooklyn a Kings County

In the past decade, Brooklyn has experienced incredible growth. It now plays host to a local postmodern art revival and is the location of choice for newly developing businesses and tech startups. This evolution in Brooklyn is now making is one of the most desirable places to live in New York. As a result, it’s now one of the most populated and diverse boroughs in the city. One of its biggest draws still remains the fact that it neighbors the boroughs of Queens and Long Island. Meaning you can see the cities incredible skyline from its shores. Living here means you’re just a ferry ride or subway stop away from easily reaching the rest of the city.


The History

brooklyn-bridge


Brooklyn is no monolith. As NYC’s largest borough, Brooklyn is comprised of dozens of individual neighborhoods. Each one with its unique characteristics, demographics, and flavor. What we know today as the borough of Brooklyn has a fascinating past worth telling.


17th Century

When the Dutch settled Brooklyn (then known as Breuckelen) in 1636, the original six towns were Bushwick, Brooklyn, Flatlands, Gravesend, New Utrecht, and Flatbush. Over time, these “towns” fanned out to include adjacent neighborhoods with new names. For example, Bushwick often encompasses parts of Bed-Stuy and East Williamsburg. Flatbush has grown to include Prospect Lefferts Gardens, Kensington, and Ditmas Park, where opulent Victorian mansions regally reign.


A Native American tribe known as the Lenape were the original inhabitants of Brooklyn. At the time, the Lenape were an agricultural people who occupied much of the New England area. When the Europeans arrived, the Lenape became very active in the fur trade, a massive source of profits at the time. As more and more settlers came into their territories, the land began to trade hands, and the population moved westward. The largest remaining communities of Lenape peoples can be found today in Ontario, Canada.


In 1624 the Dutch were the first to plant their flag and colonize the area now known as Brooklyn. In the same year, the settlements of Midwout (Midwood) and Vlacke Bos (Flatbush) were established. Over the years, the Dutch population continued to grow along with the rest of what was then called New Netherland. In 1646, the Dutch West Indies Company authorized the Village of Breuckelen. Naming it after a Dutch city in the province of Utrecht. At that time there were several other villages in the area, like Boswijk (Bushwick) and Nieuw Utrecht (New Utrecht). These villages and several others would eventually form into the borough we know today.


18th Century

By the end of the 17th century, the Dutch had lost New Netherland to the British who then went about reorganizing and renaming the area. The British turned New Netherland into the Province of New York and divided it into 12 counties. One of those counties was Kings County, named for King Charles II of England. The name “Brooklyn” was the product of an evolution that took years. Derivations such as Brockland and Brookline came and went before settling on the final and current spelling. There are still some buildings and cemeteries in Brooklyn that reflect this period of the borough’s history. Street names also indicate many of the influential cultures and individuals that resided in the area. All of which helped it develop and grow into the thriving borough it is today.


Brooklyn also saw the first major battle of the Revolutionary War after the signing of the Declaration of Independence. On August 27, 1776, the Battle of Long Island (also known as the Battle of Brooklyn) was fought. George Washington may have lost that battle, but he did get his men off the island intact. Thus keeping the Continental Army alive to fight another day and win freedom for our country.


19th Century

The early 1800’s were a time of tremendous growth for Brooklyn, especially along the East River waterfront across from Manhattan. The population rose steadily, and in 1854 the City of Williamsburg was annexed by the City of Brooklyn. The building of rail links, like the Brighton Beach Line (1878), added another boost to the growth of the area. Over time, Brooklyn added several more neighborhoods to its boundaries. By the end of the 19th century, it had reached its municipal limits at the edge of Kings County.


The last part of the century also saw the completion of the Brooklyn Bridge, which began operation in 1883. The bridge allowed residents to travel easily back and forth to Manhattan, something many Brooklynites still do every day. In 1894 the residents voted to take part in the consolidation efforts and become a borough of the City of New York. Along with Manhattan, The Bronx, Queens, and Richmond (Staten Island). This took effect in 1898, but Kings County remained a county of the State of New York.


Today, Brooklyn’s rich historical background is preserved by the Brooklyn Historical Society. They operate a museum, library and educational center devoted to furthering knowledge about the area’s importance. Both in the founding of the United States, and the people who have inhabited the land we now call Brooklyn.


There’s Something for Everyone

Brooklyn-Bowling


Brooklyn can appeal to people of many interests in any stage of life. Whether you want a morning jog in Brooklyn Bridge Park or an easy walk along the Brooklyn Heights Promenade. Among its iconic locations is the historic Coney Island that still draws in thousands of visitors since its heyday in the 20th century. Brooklyn residents can also take it easy at a Brooklyn Cyclones game at the newly revamped MCU Park baseball stadium.


Other memorable landmarks include the Brooklyn Borough Hall which emulates the sophistication of neoclassical architecture. Not far from there sits the Soldier’s and Sailor’s Arch, which recalls the majestic arches of ancient Rome. Lastly, you can’t talk about landmarks without mentioning the world-famous Brooklyn Bridge. By making it possible to travel by car over the East River into the city, this bridge is not only an impressive piece of architecture. It’s also one of New York’s arterial roads for daily traffic and commerce.


A True Melting Pot

Brighton-Beach


Brooklyn embraces diversity, as evidenced by the motto of its seal and flag. Eendraght Maeckt Maght — which translates to “Unity Makes Strength.” The residents of Brooklyn come from many parts of the world and are proud to call Brooklyn their home. Many nationalities, faiths, and ethnicities are represented here. From the American Jewish community that is over 500,000 strong, to the many Latinos who have set up successful businesses in the area.


The wealth of cultural exchange is priceless. Brooklyn offers the unique ability to taste the authentic cuisines of many countries in a single place. From the thriving Orthodox Hasidic Jewish community in Borough Park to the African American cultural hub of Bedford-Stuyvesant, Brooklyn is a perfect example of the melting pot that is America. You can find pockets of a specific culture here and there. All this makes Brooklyn a credit to the ability of people from all over the world to come together and live side by side in peace and harmony.


When people immigrate they bring with them little pieces of their homelands, and we are all the better for it. Especially when it comes to finding something different and delicious to eat. In Brooklyn, you’ll find the best kosher delis serving up mountainous piles of corned beef. Then there’s the choice of probably hundreds of mom and pop Italian delis and diners that are just the beginning. Brooklyn’s Chinatown is growing steadily, so if dim sum and hot pot sound good to you, you’re never far away.


There are too many different ethnicities and nationalities who call Brooklyn their home to list, but these must be mentioned. Russians and Ukrainians have made Brighton Beach into a new home (some call it “Little Odessa” or “Little Russia”). There is a large number of Caribbean peoples in Brooklyn, and at certain times of the year you might hear the cheerful sounds of a steel drum and see a colorful parade. Italians, Puerto Ricans, Irish and so many more heritages are represented in the cultural melting pot of Brooklyn. You can practically travel the world by subway and never leave the borough.


Modern Conveniences

Today, many people look to Brooklyn as a beautiful place to live because of its proximity to Manhattan’s commerce. It’s true that many residents of Brooklyn spend their days working in Manhattan. But that doesn’t mean Brooklyn is a bedroom community. The borough has an ever-growing population of 24/7 residents who have no problem in finding everything they need to live and work in Brooklyn. If you’re looking for an escape from the hustle and bustle of the Manhattan day, Brooklyn is a natural choice. The number of transportation options, available both within and heading out of the borough is astounding.


The New York City Subway system has an extensive network of trains operating. Some of which can get a commuter from certain parts of the borough to Manhattan in a matter of minutes. Commuters also have the romantic option of taking a water taxi. Such as the one that operates from Fulton Landing in DUMBO. Finally, for public transport, several local and express buses can be utilized. If you’d rather drive, just one tunnel and three bridges can get you there. 


Brooklyn Real Estate

townhouse


Of course, before you can decide where to eat or where to put the kids in school, you have to decide what type of housing you need. You can find many different neighborhoods in Brooklyn, each with their atmospheres and architectural styles. The one kind of building that most people associate with Brooklyn is the ever-famous brownstone. You’ll find no shortage of these Brooklyn icons on the streets. They can be located in just about every part of the borough. Whether you’re renting or buying, you’ll have plenty of locations to choose from until you’ve found the perfect brownstone.


But Brooklyn is so much more than brownstone buildings. European people have inhabited Brooklyn for hundreds of years and that long history has left its mark in architecture. Italianate, Neo-Greco, Victorian and Renaissance Revival are just a few of the styles you’ll find spread across the borough. During the last decade, there has been a movement in Brooklyn of people purchasing and completely restoring these old homes to their original beauty and glory. The result has been street after street of lovingly restored old houses.


You can find many historic districts throughout the borough. But because of the influx of people willing to buy and refurbish some of these old gems, some areas rival the historic charm of the original historical districts. These townhouses may be detached single or multi-family homes, semi-detached or attached row houses. Once again, buying or renting, you’ll have your pick of a piece of history to call home.


There is no shortage of apartments and condos in Brooklyn either. Condo buildings range from renovated industrial buildings to luxury high-rises. To attract tenants, these buildings make themselves competitive by offering the utmost in amenities. Parking and 24-hour security can help you feel safe. A private balcony with stunning views of the water and Manhattan skyline can greet you in the morning or give you a place to relax at the end of a long day.


pexels-photo-404173


Condominium developers know what people are looking for in a home, Which has been reflected in many of the condos on the market today. Hardwood floors, floor-to-ceiling windows, tall ceilings, and natural stone countertops are now the expected standards in a new condo development. Another feature favorite in Brooklyn condo buildings is the shared rooftop terrace. So even if you find a perfect unit that only lacks a balcony, you can always take in the air from the roof.


Brooklyn is a borough with an industrial history. Many of those industries have come and gone, leaving large empty buildings that go into disrepair because of simple neglect. With the rise in demand for housing in Brooklyn and other parts of the city, developers and real estate speculators looked to those old buildings and saw an opportunity. Now we have a multitude of fantastic loft apartments in these industrial-cum-residential buildings.


Popular with artists as working and living spaces, the typical industrial loft apartment has the floor to ceiling windows to allow natural light into the cavernous space. If a loft apartment is not exactly what you have in mind, don’t’ worry. In Brooklyn, you can find an apartment in every type of style. Whether it’s a small walk-up building or a high-rise luxury development with two or more bedrooms.


Parks and Green Spaces

prospect-park


Another important aspect of choosing a home is access to parks and green spaces. Living and working in the concrete jungle can be stressful, leaving us in need of open space with grass to walk on and trees to admire. It’s a good thing so that Brooklyn’s parks are second to none.


Every neighborhood has its unique parks with playgrounds, athletic fields and more. But the crown jewel of Brooklyn parks is the expansive and verdant Prospect Park. Prospect Park is 585 acres of natural beauty designed by Frederick Law Olmstead and Calvert Vaux. The same designers as Central Park in Manhattan. The park has several attractions, such as a zoo, the Picnic House, which is open to parties, and the historic Litchfield Villa. But the central attraction at Prospect Park is the Long Meadow. A sprawling 90 acres of grassy meadow to while away the day in.


grand-army-plaza


Near to Prospect Park is the Brooklyn Botanic Garden and Brooklyn Museum. Two of the most extraordinary cultural outposts in the borough. The Brooklyn Museum, a world-class icon, includes local lectures about gentrification in its programming and hosts outstanding art exhibitions. The Brooklyn Botanic Garden is well known for its annual spring Cherry Blossom Festival as well as its spacious grounds. 


The Arts

2012_Visit-_Opera-House-_613x463Photo courtesy of Brooklyn Acadamy of Music


Now that you’ve settled in and done some shopping you can begin to look into the culture available. Brooklyn has long been a haven for artists, and that trend is not showing any signs of slowing down. Artist enclaves like Williamsburg and DUMBO have been producing visual arts for the public’s enjoyment for years. You can see some of the creativity going on in those big loft apartments by visiting galleries in Williamsburg and Brooklyn Museum in Prospect Heights. If great theatre is your passion, you’ll have an opportunity to see internationally acclaimed productions at the Brooklyn Academy of music in Fort Greene.


If the visual arts don’t do it for you, there are plenty of opportunities in Brooklyn to hear the music of all kinds. Many of the artistic neighborhoods have venues for local and big acts. With the growing popularity and notoriety of Brooklyn in the art world, more and more big artists are making stops to play in Brooklyn’s clubs and theaters. But you don’t even have to pay the price for a ticket to a concert if you don’t want to. There are places where you can catch free shows in parks and other venues in the borough. Prospect Park has a summer concert series that is free to the public, and Fulton Landing features Bargemusic, a free classical music concert series that also runs during the summer months.


So there you have it. Brooklyn is a place with a history that remains a vibrant part of the present and promises to be an essential part of the future of New York City. Move to Brooklyn, and you’ll be living in the midst of artists and scholars. You’ll be insulated from the hectic Manhattan streets while enjoying every convenience and luxury a person could want when living in the greatest city on Earth, New York.


Education

Public-Schools1


The number and quality of the parks make Brooklyn an excellent choice for families. Those families who call Brooklyn home also have several educational options open to them. New York City Public Schools operate in all parts of the borough. Many of these schools have consistently performed at or above the city and national averages on standardized tests like the SAT. One highlight of the public schools in Brooklyn is Brooklyn Technical High School, often called Brooklyn Tech. The largest high school specializing in science, technology, engineering and mathematics in all of the United States. Brooklyn Tech has been in its current location across from Fort Greene Park since the early 30’s and is known for producing successful and famous alumni, including two Nobel Laureates.


You’ll also find many different kinds of private educational institutions in Brooklyn. There are many Yeshiva’s as well as other religion-based schools. The number of choices a student and their parents face is daunting. But it also ensures that every child gets the best opportunity to excel and meet their potential.


Higher education is also abundant in Brooklyn. Several institutions in Brooklyn cater to all different sorts and receive national recognition year after year. Princeton Review has ranked Brooklyn College, a liberal arts college, in the top ten of America’s Best Value Colleges several times. Other top Schools include; Brooklyn Law School, Kingsborough Community College (named one of the best community colleges in the United States by the New York Times), Pratt Institute, a leading school in art, design, and architecture, Polytechnic Institute of NYU and St. Francis College, one of the most diverse colleges in the United States and ranked by Forbes Magazine as the best baccalaureate institution.


Shops and Amenities

Screen-Shot-2017-11-07-at-2.05.30-PM


Once you’ve settled into the place, you’ll no doubt want to venture out and explore everything your new neighborhood has to offer. Where better to start than with some shopping. Brooklyn has become a shopping destination for many people. There are streets in all areas that are growing more and more densely populated with boutiques and specialty shops for the shopper’s perusing pleasure.


You can find some truly unique items for your new home and your closet in the many shops in Brooklyn. Some of the more exciting areas to go for a little shopping stroll include Chinatown in Sunset Park where goods from the Far East can be found and haggled over. Then there’s the neighborhood of Borough Park with its many shops specializing in Jewish goods like books, wigs, clothing, and other necessities, not to mention the kosher delis.


Brooklyn has a vast number of small businesses. Some run by the third and fourth generations of a family, which gives the neighborhoods a small-town feel. But that doesn’t mean Brooklyn is without big name chain stores. One prime example is the Ikea located in Redhook. Here you can pour over what seems like acres of home goods and stylish yet straightforward Swedish furniture.


What would shopping trip be complete without a trip to the grocer to fill the refrigerator? You could always go to a big chain grocer, but that won’t give you the same intimate feeling of shopping in a store where you can get to know the owners, the man cutting your meat and the lady baking your bread. Brooklyn has kept its old-world charm in the sense that most people still buy their food from small markets. It may be easy to go to a place where you can get everything in one stop. But it lacks the ambiance and enjoyment of making more stops to get the best of whatever one could desire. Most neighborhoods anyway in Brooklyn have farmers’ markets. There you can get locally sourced and grown produce and other goods straight from the source.


As the number of residents with expendable income has grown, so has the restaurant and bar scenes in many Brooklyn neighborhoods. New spots, both big and small, are popping up all over Brooklyn. New York Eater has a guide to the latest most celebrated restaurants while Foursquare provides a list of the best coffee shops in the borough.


Other Perks of Brooklyn

Though living in New York is not cheap, apartments and property values in Brooklyn are more affordable than what you can find in Manhattan. On top of this, there are currently nine subway lines that run through Brooklyn, and they can take you nearly anywhere in the city.


If you’re looking for a neighborhood that is rich in history and undergoing exciting growth, then Brooklyn is for you. Living there situates you near the excitement of the city in an incredible community where you can take in sights and have experiences that are difficult to find elsewhere. 


The Hype

Brooklyn real estate is in the news almost every day. It’s in; it’s out, it’s overpriced, it’s cool, it’s overrated, it’s the place to be. Then there are the trend pieces coming out of the New York Times, and other outlets, on a regular basis. For example, in 2010, the NYT called Bushwick the most cooling pace on Earth. But even with ongoing and ever-increasing interest in the neighborhood, in 2016 the NYT declared Bushwick officially over. Bushwick comes to mind because of its meteoric rise from the apex of the gang and drug activity to the most desirable ­– and written about ­– a spot in Brooklyn.


Then there was the story from late 2016 that Brooklyn is the most unaffordable place to live in the U.S. The attitudes toward Brooklyn, from the vantage point of Manhattan, change daily. But the borough weathers each trend-storm just like the tough Brooklynite it is. Meanwhile, a wide variety of buyers and renters alike continue to explore, fall in love with and settle in Brooklyn.


The Hip

All of Brooklyn’s neighborhoods are a mix of longtime residents. There are those who have lived there for generations, raising families, operating or working at local businesses, and claiming their native Brooklynite status. And there are those who’ve moved there in the last 20 or so years. For many longtime residents, English is not their first language, and their sense of family and community has been thrown into chaos by the influx of newer residents. Newer additions to Brooklyn neighborhoods tend to have higher incomes and be entrepreneurs, artists, or business people. Some newbies own their own homes, including apartment buildings, condos, or shares in a co-op while others prefer to rent.


Are you the Type?

Whether you can live in Brooklyn or not depends on various factors. There’s the commute to Manhattan for work or a Broadway show, the cost of living, and your tolerance for “up-and-coming” status that may last for decades. For instance, Bedford-Stuyvesant has been “up and coming” for about 20 years. Other neighborhoods, such as Park Slope and Williamsburg, have already been thoroughly redeveloped. Others, such as Greenpoint, Crown Heights, and parts of Flatbush (Kensington, Ditmas Park), have been on the rise in recent years.


Brooklyn is very culturally diverse, safer than ever, and some of the best public schools in NYC are in Brooklyn. The borough is also very family-friendly and community-oriented. Take a ride over one of the three Bridges to Brooklyn to find out if it’s the place for you.


The post Brooklyn a Kings County appeared first on ELIKA Real Estate.

 •  0 comments  •  flag
Share on Twitter
Published on September 19, 2018 09:10

September 17, 2018

FOR SALE: $6,250,000 – 180 Sixth Avenue, Apt 10B in Soho

180 Sixth Avenue, Apt 10B

Price: $6,250,000

CC: $3,118.66 (monthly)

T: $5,374 (monthly)

3 Bedroom

3.5 Bathroom

2,221 SF (approx.)

Neighborhood: Soho


For private viewing call Katia at 917-691-1706 or Carlton Residential


6th_Avenue_180_10B_Living_Room


Beyond the formal entry foyer, a 30-foot long corner great room is elegantly enriched with floor-to-ceiling windows and sliding window wall which opens up to a spacious private terrace with gracious views of the Empire State Building, Hudson Yards, Soho, and cityscape. The open, elegant flowing layout and personalized relaxed contemporary style compliment the property’s luxurious living and entertainment areas ideal for friends and family.


0N9A2892-p1cmliqhgd17mp1dsl4p71uchmnr


The bright and oversized kitchen caters to a professional chef or just for those that love to cook. Off the kitchen glass sliding doors open to a beautifully planted terrace. A large meticulously crafted marble island is a focal point. Elegant custom bleached walnut cabinetry through-out provides for ample storage and together with custom panel double-doored Lieberherr refrigerator, Bertazzoni five-range stove, and oven, two Fisher Paykel dishwasher drawers, built-in Wolf microwave, wine cooler provide for a functional and sophisticated kitchen.


6th_Avenue_180_10B_KitchenAdditionally, the kitchen offers expansive eastern views over Soho to the east, Empire State building to the north and World Trade center views to the south. The kitchen can be separated from the living and dining room with glass pocket doors for privacy.


6th_Avenue_180_10B_Dining_Room-1


The Master Bedroom suite includes an oversized dressing room with custom Polyform closet and a five-fixture windowed en-suite bathroom with oxidized maple custom vanities and radiant heated Bianco Dolomiti marble floors. With a western exposure, the bedroom features ample light and tranquility.


6th_Avenue_180_10B_Bedroom5-1024x684Two additional bedrooms each feature walk-in closets and en-suite bathrooms are appointed with beautiful, elegant light tone finishes. The powder room is enveloped in Waterworks Architectonic wall tiles, while St. Germain marble custom slab sink and Jacques Adnet Circulaire mirror make a tasteful statement. The residence includes Washer and Dryer, and a private large storage cage.


6th_Avenue_180_10B_Bathroom-1024x684One Vandam is a luxurious boutique Condominium and houses just 25 residences. The Building has a 24/7 Concierge, porter, and full-time super. Amenities include a gym, laundry room, two-level landscaped garden with sun chairs and a lounge with a catering kitchen which could be reserved for private events.


Floorplan, additional photos and information available at Carlton Residential


To schedule a private viewing call Katia at 917-691-1706 


6th_avenue_180_10b_lobby-1024x684


The post FOR SALE: $6,250,000 – 180 Sixth Avenue, Apt 10B in Soho appeared first on ELIKA Real Estate.

 •  0 comments  •  flag
Share on Twitter
Published on September 17, 2018 17:09

FOR SALE: $6,250,000 – 180 Sixth Avenue, Apt 10B

180 Sixth Avenue, Apt 10B

Price: $6,250,000

CC: $3,118.66 (monthly)

T: $5,374 (monthly)

3 Bedroom

3.5 Bathroom

2,221 SF (approx.)

Neighborhood: Soho


For private viewing call Katia at 917-691-1706 or Carlton Residential


6th_Avenue_180_10B_Living_Room


Beyond the formal entry foyer, a 30-foot long corner great room is elegantly enriched with floor-to-ceiling windows and sliding window wall which opens up to a spacious private terrace with gracious views of the Empire State Building, Hudson Yards, Soho, and cityscape. The open, elegant flowing layout and personalized relaxed contemporary style compliment the property’s luxurious living and entertainment areas ideal for friends and family.


0N9A2892-p1cmliqhgd17mp1dsl4p71uchmnr


The bright and oversized kitchen caters to a professional chef or just for those that love to cook. Off the kitchen glass sliding doors open to a beautifully planted terrace. A large meticulously crafted marble island is a focal point. Elegant custom bleached walnut cabinetry through-out provides for ample storage and together with custom panel double-doored Lieberherr refrigerator, Bertazzoni five-range stove, and oven, two Fisher Paykel dishwasher drawers, built-in Wolf microwave, wine cooler provide for a functional and sophisticated kitchen.


6th_Avenue_180_10B_KitchenAdditionally, the kitchen offers expansive eastern views over Soho to the east, Empire State building to the north and World Trade center views to the south. The kitchen can be separated from the living and dining room with glass pocket doors for privacy.


6th_Avenue_180_10B_Dining_Room-1


The Master Bedroom suite includes an oversized dressing room with custom Polyform closet and a five-fixture windowed en-suite bathroom with oxidized maple custom vanities and radiant heated Bianco Dolomiti marble floors. With a western exposure, the bedroom features ample light and tranquility.


6th_Avenue_180_10B_Bedroom5-1024x684Two additional bedrooms each feature walk-in closets and en-suite bathrooms are appointed with beautiful, elegant light tone finishes. The powder room is enveloped in Waterworks Architectonic wall tiles, while St. Germain marble custom slab sink and Jacques Adnet Circulaire mirror make a tasteful statement. The residence includes Washer and Dryer, and a private large storage cage.


6th_Avenue_180_10B_Bathroom-1024x684One Vandam is a luxurious boutique Condominium and houses just 25 residences. The Building has a 24/7 Concierge, porter, and full-time super. Amenities include a gym, laundry room, two-level landscaped garden with sun chairs and a lounge with a catering kitchen which could be reserved for private events.


Floorplan, additional photos and information available at Carlton Residential


To schedule a private viewing call Katia at 917-691-1706 


6th_avenue_180_10b_lobby-1024x684


The post FOR SALE: $6,250,000 – 180 Sixth Avenue, Apt 10B appeared first on ELIKA Real Estate.

 •  0 comments  •  flag
Share on Twitter
Published on September 17, 2018 17:09

Move-up Buyers: Action Plan to Help Move-up Home Buyers

There are many reasons to sell your current apartment. Perhaps you only planned on staying a certain period of time, and you are ready for a larger place. Your family situation may have changed, and your unit no longer can comfortably accommodate your needs. Whatever your reason, trading up is not as simple as merely buying. There is an added layer of complexity for second time home buyers. There are two transactions, buying and selling, that you must accomplish.


Given this, we provide five tips for move-up buyers that should help the process.


Sell first

It is tempting to buy your next place prior to selling. After all, it is fun to cement your next move. However, resisting this temptation is the prudent move.


There are several reasons you should do so. First, in New York City, sellers will not consider your offer if you have a selling contingency. This means closing is based on selling your current property, which naturally turns off the other party. This weakens your offer since you are competing with other parties that are not placing this condition.


Additionally, as a seller, it makes your negotiating position stronger. When a buyer knows you are facing a closing date to purchase your new home, he or she could make you a lowball offer. Third, it lowers your risk. Since you are not committed to a home purchase, you are not at risk for carrying two mortgages. Fourth, the real estate market could change quickly, meaning you have bought at a higher price than the current market and are selling at a price that is lower than you expected.


Calculate your equity

You need to calculate how much equity you have in your home. This is simply the market value less your mortgage balance. This helps determine the budget for your new home. New York’s rising home values have created equity for many people, even following last decade’s severe downturn. Your down payment has also built-in equity.


In a simplistic example, if you purchased your condo for $600,000, and made a 20% down payment, your mortgage started at $480,000. Let’s say your property is now worth $650,000 and, due to your monthly payments, your mortgage balance is $470,000. Your equity is $180,000 ($650,000 minus $470,000). This is a good starting place for your budget.


Look at closing costs

We have not factored in closing costs, however. It is important to remember that you have to pay closing costs on the purchase and sale. You have gone through a purchase, so you are likely aware of the rough costs involved. For your sale, this is primarily real estate commissions.


You need to subtract the closing costs from your selling price. Simultaneously, add these costs to your purchase price. That way, you can accurately budget how much to spend on your new property.


What are your needs?

When you purchased your first place, it was likely based on practical functions. Chief among these was affordability given New York City’s high housing prices. However, now that you are ready to move to your next apartment, you need to carefully consider your lifestyle. Perhaps your family situation has changed, and you need to consider square footage and the schools.


We suggest making a list of your needs and wants. It is important to distinguish between the two.


How long do you plan on staying?

If you plan on staying for a long time, your next apartment should meet your current and future needs. In this case, you may not mind spending a little more since you are taking a long-term view. But, remember this requires examining what your situation will look like several years into the future.


Another option

You can always decide to stay in your current place. Given the city’s lack of inventory for most of the market, you may decide to renovate is the better option. Perhaps you have the space to add a bedroom, which meets your needs.


The post Move-up Buyers: Action Plan to Help Move-up Home Buyers appeared first on ELIKA Real Estate.

 •  0 comments  •  flag
Share on Twitter
Published on September 17, 2018 11:28