Gea Elika's Blog, page 116
June 19, 2018
Kitchen Renovations: Here’s How Much it will Cost
Given how much time we spend in the kitchen, it’s clearly a top choice when it comes to renovations. But the costs of doing one can be very steep, especially in NYC where everything often seems more expensive. Even a small-scale renovation can involve a lot of decisions and behind the scenes costs that are hard to estimate. This guide will help you to nail down the scope and expense of your project.
How much does an average NYC kitchen renovation cost?
Sweeten, a free service that matches homeowners with the best contractors has come up with rough estimates based on data gathered from previous projects. In 2017, the average cost of a minor, mid-range kitchen renovation in NYC was $26,000. For a major mid-range renovation, it was $75,000, while an upscale one averaged $140,000. It largely depends on how much customization you want. Start by dividing your costs into two categories, the cost of materials and the cost of labor.
Materials and appliances
There are plenty of factors that can affect the cost of your kitchen remodel. It largely depends on the cost of the materials and the size of your kitchen. These are the biggest expenses.
Appliances – When it comes to the stove, fridge, and dishwasher, expect to pay between $400 and $3,000 on each. You can pick up a sink for between $100 and $2,500 while faucet fixtures go for between $40 to $1,200.
Countertops – Here the prices can vary widely based on the types of materials you choose. Laminate counters start from below $10 per square foot to between $50 and $125 for certain materials like recycled glass. For high-end materials like marble, granite, and acrylic the prices can vary from $100 to $300 per square foot.
Cabinets – For stock and made-to-order cabinets (Ikea, Home Depot etc.) expect to pay between $600 and $2,000 per linear square foot. For custom cabinetry, the price goes up to $1,000-$2,000
Lighting – You have a good deal of leeway when choosing how much to spend on lighting. On the low end, you can spend between $25-$50 per piece while at the high-end you can easily spend $500 and above.
Backsplash – On the low-to-mid range you can spend from $3 to $15 per square foot. For higher-end materials like stone or marble finish prices can be $35 and up per square foot.
Behind the scenes costs
The cost of materials is relatively easy to compute, what’s more, difficult is those behind-the-scenes costs.
Building Requirements – Your building requirements will play a large part in dictating your design and budget. For instance, there may be an insurance coverage minimum which will limit you from hiring contractors that aren’t carrying high-value insurance policies. If the building has an alteration agreement, that can place further limits on who you can hire. Contractors that have the coverage to work in buildings with high requirements tend to have higher operating costs.
Design – This is the planning phase where you’ll work directly with your contractor and architect to create detailed drawings for the renovation. You’ll also make your final decision on materials at this point. The design phase is of critical importance and often represents 15-35% of the renovation cost.
Demolition & Site Prep – Some heavy work will be needed in order to get your kitchen ready for its makeover. To start with, the walls and flooring must be stripped to frame and level, respectively, before installation can begin. The average cost of this phase can easily reach $4,000.
City Permits – If you’re having extensive plumbing work done you’ll need plumbing permits. These are required by the City’s Department of Buildings and can run up to $2,000 per permit. Any electrical work may require an electrical permit which can run up to $900.
Installation – Appliances are normally installed when you purchase them or sometimes come with an added delivery and installation fee. Negotiations with your contractor will allow you to determine final labor costs but keep extra funds in store to cover any delays or unexpected problems.
The post Kitchen Renovations: Here’s How Much it will Cost appeared first on | ELIKA Real Estate.
June 15, 2018
How Does Escrow Work in Real Estate Transactions?
You’ll no doubt hear the word “escrow” many times during your home buying transaction. It can get a little confusing, especially for first-time buyers, as the word is used to describe different things. In general, it means that your money is being held by an impartial third-party until the deal is completed. This provides a safeguard against any foul play by either side.
What is escrow and why do I need it?
At its simplest, escrow is a deposit of funds that are held by a third party and released upon the completion of a particular condition or event. Whether you’re a buyer, seller, lender or borrower, you’ll want the assurance that no funds or property will change hands until all of the conditions in a transaction are complete.
The escrow holder has the obligation to safeguard those funds and disburse them once all the provisions of the escrow are met. As closing day arrives there are a few different ways that escrow comes into play. Below are the four most common.
The deposit
One of the requirements, when you sign a purchase contract, is that you put down a certain amount of your down payment in escrow. This is usually 10% and is made to show that this is a serious offer and to show good faith. This is held until closing when you’ll then owe whatever amount of the down payment is remaining. Think of it as a portion of your down payment that you’re parting with earlier than the rest.
This is usually very straightforward unless you’re buying with a non-contingent contract. In this case, you’ve agreed to a deal outright that is not contingent on certain conditions like approval for a mortgage. If the deal falls through on a non-contingency contract you could stand to lose your escrow payment.
Maintenance charges in a co-op
If you’re buying a co-op your probably aware that you’ll need a certain amount of post-closing liquidity upfront. This puts the co-op board at ease as it shows you have enough cash in the bank to cover mortgage and maintenance payments up to a certain time, for instance, one year’s worth. But some co-op boards go a step further and ask that you put some months’ worth of maintenance charges in escrow.
This is often done as a financial safeguard if the board feels a bit uncertain about a buyer’s finances. For example, a buyer who is a contract or freelance worker without regular paychecks. How many months’ worth they ask of you depends on each individual case.
When repairs are needed
In this case, it’s the seller that must put the money down. You’ll normally see this happen when a problem is found either during the walk-through or home inspection. For instance, a pest problem is found, or an appliance doesn’t work. If the buyer feels uncomfortable about this, they can ask for an escrow payment. That way, the buyer has an insurance policy. If the seller makes the repairs the escrow deposit is released back to them. If they fail to do so, then the buyer gets the deposit which can be used towards fixing the problem.
With your mortgage lender
It’s quite common for mortgage lenders, before granting a loan, to ask that you pay several months of taxes and insurance costs. This serves as a security in case, for whatever reason you can’t make your mortgage payments. This could be anything from 2 to six months or sometimes more which will be held in escrow.
Buyers are rarely happy about this so it’s good to know that this can usually be negotiated. Depending on your bank, you may be able to get this waivered. If you can then there will sometimes be a small fee. Unsurprisingly, in order to get this deposit waivered, you’ll need good credit.
The post How Does Escrow Work in Real Estate Transactions? appeared first on | ELIKA Real Estate.
Temporary Certificate of Occupancy TCO
The New York City Department of Buildings recommends that you do not close until you have obtained a permanent Certificate of Occupancy (CO). However, certain buildings constantly keep obtaining Temporary Certificates of Occupancy (TCO) when the old one expires. There are also older buildings, built before 1938, that are grandfathered and do not need to have a CO unless there have been changes to its use, egress, or occupancy. Even in this case, the building needs to obtain a Letter of No Objection, which shows it complies.
Purchasing a building without a permanent CO contains specific risks, and you should understand what these entail.
CO
A building cannot have any occupants until the Department of Buildings issues either a CO or TCO. A CO states a building’s legal use and the type of permitted occupancy. This is required for new construction. An existing building must amend its CO when there is a change in use, exit, or type of occupancy.
There are a host of things a building must pass before a CO is given. This includes construction, plumbing, and electrical inspections, as well as approval for the elevator, the building survey, and making sure there are no open permits or violations. The Department of Buildings issues a final CO once the work is completed, and it matches the plans. There are a lot of city building codes and zoning requirements, and a CO means the work complies with the law, the proper paperwork has been submitted, and fees have been paid. If there were any violations, these must get resolved before a CO is issued.
You can check a property’s existing or pending CO by using the Buildings Information System website.
TCO
If the Department of Buildings determines the building is safe, but it feels some issues need addressing, the department issues a temporary certificate of occupancy. These expire 90 days after issuance but can get renewed.
Why caution is warranted
While the building is deemed safe if a TCO was granted, you should still approach the situation cautiously. New York City “strongly recommends” that you negotiate your closing based on the building receiving a final CO. The city further urges you to ask an engineer or architect to find out what work remains. This also applies to co-ops and condos.
In a new building, the sponsor may try to have you close on your unit quickly. Legally, the sponsor can close the deal within 30 days after he/she receives the TCO and the state needs to declare the offering plan effective.
Once you buy the unit, you are now responsible for obtaining the final CO. If you are anxious to move in, you can protect yourself by putting in the contract that the developer is responsible for finishing the work and obtaining the CO. In an existing unit, you can ask the seller to put money aside in an escrow fund to cover the expenses.
If the TCO expires and it is not renewed, it is complicated to obtain homeowner’s insurance. You will have problems if you want to refinance your mortgage or when it is time to sell.
The post Temporary Certificate of Occupancy TCO appeared first on | ELIKA Real Estate.
Temporary Certificate of Occupancy
The New York City Department of Buildings recommends that you do not close until you have obtained a permanent Certificate of Occupancy (CO). However, certain buildings constantly keep obtaining Temporary Certificates of Occupancy (TCO) when the old one expires. There are also older buildings, built before 1938, that are grandfathered and do not need to have a CO unless there have been changes to its use, egress, or occupancy. Even in this case, the building needs to obtain a Letter of No Objection, which shows it complies.
Purchasing a building without a permanent CO contains specific risks, and you should understand what these entail.
CO
A building cannot have any occupants until the Department of Buildings issues either a CO or TCO. A CO states a building’s legal use and the type of permitted occupancy. This is required for new construction. An existing building must amend its CO when there is a change in use, exit, or type of occupancy.
There are a host of things a building must pass before a CO is given. This includes construction, plumbing, and electrical inspections, as well as approval for the elevator, the building survey, and making sure there are no open permits or violations. The Department of Buildings issues a final CO once the work is completed, and it matches the plans. There are a lot of city building codes and zoning requirements, and a CO means the work complies with the law, the proper paperwork has been submitted, and fees have been paid. If there were any violations, these must get resolved before a CO is issued.
You can check a property’s existing or pending CO by using the Buildings Information System website.
TCO
If the Department of Buildings determines the building is safe, but it feels some issues need addressing, the department issues a temporary certificate of occupancy. These expire 90 days after issuance but can get renewed.
Why caution is warranted
While the building is deemed safe if a TCO was granted, you should still approach the situation cautiously. New York City “strongly recommends” that you negotiate your closing based on the building receiving a final CO. The city further urges you to ask an engineer or architect to find out what work remains. This also applies to co-ops and condos.
In a new building, the sponsor may try to have you close on your unit quickly. Legally, the sponsor can close the deal within 30 days after he/she receives the TCO and the state needs to declare the offering plan effective.
Once you buy the unit, you are now responsible for obtaining the final CO. If you are anxious to move in, you can protect yourself by putting in the contract that the developer is responsible for finishing the work and obtaining the CO. In an existing unit, you can ask the seller to put money aside in an escrow fund to cover the expenses.
If the TCO expires and it is not renewed, it is complicated to obtain homeowner’s insurance. You will have problems if you want to refinance your mortgage or when it is time to sell.
The post Temporary Certificate of Occupancy appeared first on | ELIKA Real Estate.
24 Celebrities Who Live in New York City
New York City has long been recognized as a town filled with famous faces. Not only have hundreds of public figures and multi-talented people been born in the Big Apple, but many continue to live in NYC because they’re able to blend in and live side by side with other New Yorkers. From writers, television and film stars to musical legends, countless celebrities choose to call NYC home, and this twenty-one is some of our favorites.
Brownstones, water towers, trees, skyscrapers / Writers, prize fighters and Wall Street traders / We come together on the subway cars / Diversity unified, whoever you are” – Beastie Boys
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Jerry Seinfeld
This hilarious comedian/actor and star of Seinfeld has been living in the city that never sleeps for years. Unsurprisingly, although the comedian’s hit sitcom was about everything New York, much of it wasn’t filmed in the city, but rather, in a studio in Los Angeles. Still, the show will go down as one of the funniest of all time, and of course, the Brooklyn native still resides in NYC with his family.
By David Shankbone – Own work, CC BY 3.0, Link
Sarah Jessica Parker
No, she’s not Carrie Bradshaw, but she does live the New York life with hubby Matthew Broderick and their three children. Parker has made it clear that she loves the city and being a New Yorker, so it’s no surprise that she has continued to hang her hat in the Village.
Photo by coco&na / Flickr
Woody Allen
This one should be obvious. Mr. Manhattan himself has written a multitude of love letters to New York, so why wouldn’t he live there? The truth is, Allen has called the Upper East Side home for decades.
Olivia Wilde
Born and raised in NYC, Wilde recently took the leap from Manhattan over the river to live in Brooklyn. The House star shares a home with actor Jason Sudeikis and their son Otis (and soon-to-be-born baby number two) in the beautiful Clinton Hill neighborhood.
Tina Fey
The Saturday Night Live star lives on West End Avenue with her husband and children. Known most recently for creating UnBreakable Kimmy Schmidt, the Upper Darby native and sketch comedy queen continues to make us all laugh through her writing, acting, and directing.
Robert De Niro
As one of the founders of the TriBeCa Film Festival, De Niro was a driving force in Lower Manhattan’s revitalization after 9/11. We know him most for his iconic roles in films like Taxi Driver, Raging Bull, and The Godfather Part II, for which he won an Oscar. The Greenwich Village native has become synonymous with NYC, and loves the city and what it stands for, and will always be a New Yorker.
Robert De Niro By David Shankbone – Own work, CC BY 3.0, https://commons.wikimedia.org/w/index.php?curid=15006451
Madonna
You guessed it – when the material girl isn’t jet-setting around the globe, she lives in Manhattan (on East 81st Street, to be exact). According to some of her neighbors, they rarely, if ever grab a sighting of the legendary pop-star, who built a gated triple-wide townhouse on the Upper East Side.
Image by tamiliciousx3 / Flickr
Sting
This British music man no doubt spends a fair amount of time in his homeland, but when he’s in the US, he and his wife Trudie Styler share a penthouse facing Central Park.
Kevin Bacon
An accomplished actor and musician, Kevin Bacon might have been born in Philly, but he is definitely a New Yorker. In fact, he’s lived on the Upper West Side since 1976. He owns a co-op with wife Kyra Sedgwick, and can occasionally be spotted out and about in the neighborhood.
Taylor Swift
A host of celebrities have lived in Taylor Swift’s building at 155 Franklin Street in TriBeCa, so the property boasts a certain amount of star power. Now that the singing style icon owns penthouse there, her famous friends have a cool spot to chill out and shake it off.
Image by Dagoberto Rodríguez / Flickr
Jake Gyllenhaal
Actor Jake Gyllenhaal has been a New Yorker for the better part of his adult life. While he started his time in New York uptown, attending college at Columbia, he’s since migrated down to Tribeca. Last June, he moved into 443 Greenwich Street, a “paparazzi-proof” celebrity haven that Meg Ryan, Jessica Biel, and Justin Timberlake also call home.
Justin Timberlake
Like Gyllenhaal, former boy-bander Justin Timberlake has opted-in to the celebrity-studded 443 Greenwich street with his wife, Jessica Biel. Biel and Timberlake listed their SOHO penthouse for nearly $8 million this spring in favor of much larger digs in the swanky converted factory building in Tribeca.
Jennifer Lawrence
Though the Hunger Games star grew up in rural Kentucky, New York has a special significance for J-Law. Lawrence was spotted by a talent agent on the streets of New York when she was just 14, and the rest is history. Now, the actress lives a bi-coastal life, but when she’s in NYC she spends her time in a super private Tribeca apartment in the same building as Justin Timberlake and Jake Gyllenhaal.
Photo by Gage Skidmore / Flickr
Harry Styles
The British heartthrob hopped across the pond years ago, but he was known to spend most of his time on the West Coast. That all changed last year though when Styles joined the long list of celebrities that call Tribeca home.
Photo by Eric Smith / Flickr
Lady Gaga
Born and raised on the Upper West Side, Lady Gaga is as New York as they come. The singer spent her childhood taking music lessons in the city before bursting onto the local scene. Nowadays, she has a coveted address overlooking Central Park.
Image by proacguy1 / Flickr
Scarlett Johansson
Johansson’s New York ties run deep. The actress was born in Manhattan and grew up taking acting classes in Greenwich Village and Union Square. She splits her time between Europe and New York these days, but she still considers herself a true New Yorker.
Image by Emma Jordan /Flickr
Naomi Watts
Originally from England, Watts has lived all over the world—Wales, Australia, Japan, LA—but New York City is where she chooses to hang her hat these days. Like many of the stars on this list, the Academy Award-nominated actress has an apartment in Tribeca, where she lives with her two children.
Claire Danes
The star of Romeo and Juliet and Homeland is a born and bred New Yorker. Like most of the celebs on this list, Danes has come and gone from New York over the years, but it looks like now she’s here to stay. The actress recently moved from a Soho loft to a gorgeous West Village townhouse with her husband Hugh Dancy and her family in tow.
Photo by Stuart Crawford / Flickr
Hugh Jackman
Aussie actor and Wolverine star Hugh Jackman has been a New Yorker for decades. The West Village is his closest stomping ground, as the actor and his family occupy a triplex on Perry Street with stunning views over the Hudson.
Katie Holmes
Since her split from Tom Cruise, the Dawson’s Creek alum has called Chelsea home, renting out a penthouse apartment in the super central neighborhood with daughter Suri.
Image by dizzyfeetfoundations / Flickr
Emma Stone
In 2009, the Academy Award-winning actress moved from L.A. and settled into Greenwich Village, before buying an apartment in a Greek Revival townhouse in Chelsea. Though Stone now splits her time between New York and L.A., she’s famously fond of the Village’s lively streets and food scene.
Image by Greg Razzi / Flickr
Daniel Craig
Daniel Craig, the latest and most intimidating version of James Bond, was born in Chester, England, but today he calls SoHo home (actually, he probably has several places to call home considering that he was paid about $52 million for his role in “Skyfall”).
Those who live in SoHo might catch sight of him jogging, running errands, or going to one of the area’s finer restaurants. He also seems like the kind of guy who enjoys chowing down on a basic meal of hamburgers and fries, so residents should keep their eyes open even when they stop by the neighborhood diner.
Image via Flickr by Claire
Jon Bon Jovi
Everyone knows that Jon Bon Jovi comes from New Jersey. If you’re a talented musician who has written some of rock’s most powerful ballads though, you need a place to stay when visiting New York City.
Plus, Jon gets occasional acting gigs, so he needs a home base where he can easily talk to his manager and meet other actors. Subsequently, NYC is the perfect place to live for this down-to-earth guy. With some luck, you might catch Jon, his wife, and their four kids walking around the neighborhood like it’s not a big deal
Dakota Fanning
Image via Flickr by Anthony Citrano
Dakota Fanning, the Georgia-born actor, has been spotted around the SoHo area enough times that locals accept her as one of their own.
Fanning has a more successful career than most famous actors in New York. She got one of her first gigs on “ER” in 2000. She has since gone on to perform in scores of TV shows and movies, and today most people know Fanning from “The Twilight Saga,” but her work transcends the genre. Today, lists more than 50 acting credits to her name.
SoHo residents with a lot of luck might see Dakota Fanning walking down the sidewalk with her younger sister Elle, who is building her impressive resume.
Share your Celebrity Sightings
Imagine spotting these celebrities on your way to the subway station. It seems like a pretty good way to start the day.
If you already live in New York City, you probably know about other celebrities who live in Manhattan or Brooklyn. Whom do you spot regularly? Do you feel like they make the neighborhood a better place to live?
The post 24 Celebrities Who Live in New York City appeared first on | ELIKA Real Estate.
21 Celebrities Who Live in New York City
New York City has long been recognized as a town filled with famous faces. Not only have hundreds of public figures and multi-talented people been born in the Big Apple, but many continue to live in NYC because they’re able to blend in and live side by side with other New Yorkers. From writers, television and film stars to musical legends, countless celebrities choose to call NYC home, and this twenty-one is some of our favorites.
Jerry Seinfeld
This hilarious comedian/actor and star of Seinfeld has been living in the city that never sleeps for years. Unsurprisingly, although the comedian’s hit sitcom was about everything New York, much of it wasn’t filmed in the city, but rather, in a studio in Los Angeles. Still, the show will go down as one of the funniest of all time, and of course, the Brooklyn native still resides in NYC with his family.
By David Shankbone – Own work, CC BY 3.0, Link
Sarah Jessica Parker
No, she’s not Carrie Bradshaw, but she does live the New York life with hubby Matthew Broderick and their three children. Parker has made it clear that she loves the city and being a New Yorker, so it’s no surprise that she has continued to hang her hat in the Village.
Photo by coco&na / Flickr
Woody Allen
This one should be obvious. Mr. Manhattan himself has written a multitude of love letters to New York, so why wouldn’t he live there? The truth is, Allen has called the Upper East Side home for decades.
Olivia Wilde
Born and raised in NYC, Wilde recently took the leap from Manhattan over the river to live in Brooklyn. The House star shares a home with actor Jason Sudeikis and their son Otis (and soon-to-be-born baby number two) in the beautiful Clinton Hill neighborhood.
Tina Fey
The Saturday Night Live star lives on West End Avenue with her husband and children. Known most recently for creating UnBreakable Kimmy Schmidt, the Upper Darby native and sketch comedy queen continues to make us all laugh through her writing, acting, and directing.
Robert De Niro
As one of the founders of the TriBeCa Film Festival, De Niro was a driving force in Lower Manhattan’s revitalization after 9/11. We know him most for his iconic roles in films like Taxi Driver, Raging Bull, and The Godfather Part II, for which he won an Oscar. The Greenwich Village native has become synonymous with NYC, and loves the city and what it stands for, and will always be a New Yorker.
Robert De Niro By David Shankbone – Own work, CC BY 3.0, https://commons.wikimedia.org/w/index.php?curid=15006451
Madonna
You guessed it – when the material girl isn’t jet-setting around the globe, she lives in Manhattan (on East 81st Street, to be exact). According to some of her neighbors, they rarely, if ever grab a sighting of the legendary pop-star, who built a gated triple-wide townhouse on the Upper East Side.
Image by tamiliciousx3 / Flickr
Sting
This British music man no doubt spends a fair amount of time in his homeland, but when he’s in the US, he and his wife Trudie Styler share a penthouse facing Central Park.
Kevin Bacon
An accomplished actor and musician, Kevin Bacon might have been born in Philly, but he is definitely a New Yorker. In fact, he’s lived on the Upper West Side since 1976. He owns a co-op with wife Kyra Sedgwick, and can occasionally be spotted out and about in the neighborhood.
Taylor Swift
A host of celebrities have lived in Taylor Swift’s building at 155 Franklin Street in TriBeCa, so the property boasts a certain amount of star power. Now that the singing style icon owns penthouse there, her famous friends have a cool spot to chill out and shake it off.
Image by Dagoberto Rodríguez / Flickr
Jake Gyllenhaal
Actor Jake Gyllenhaal has been a New Yorker for the better part of his adult life. While he started his time in New York uptown, attending college at Columbia, he’s since migrated down to Tribeca. Last June, he moved into 443 Greenwich Street, a “paparazzi-proof” celebrity haven that Meg Ryan, Jessica Biel, and Justin Timberlake also call home.
Justin Timberlake
Like Gyllenhaal, former boy-bander Justin Timberlake has opted-in to the celebrity-studded 443 Greenwich street with his wife Jessica Biel. Biel and Timberlake listed their SOHO penthouse for nearly $8 million this spring in favor of much larger digs in the swanky converted factory building in Tribeca.
Jennifer Lawrence
Though the Hunger Games star grew up in rural Kentucky, New York has a special significance for J-Law. Lawrence was spotted by a talent agent on the streets of New York when she was just 14, and the rest is history. Now, the actress lives a bi-coastal life, but when she’s in NYC she spends her time in a super private Tribeca apartment in the same building as Justin Timberlake and Jake Gyllenhaal.
Photo by Gage Skidmore / Flickr
Harry Styles
The British heartthrob hopped across the pond years ago, but he was known to spend most of his time on the West Coast. That all changed last year though when Styles joined the long list of celebrities that call Tribeca home.
Photo by Eric Smith / Flickr
Lady Gaga
Born and raised on the Upper West Side, Lady Gaga is as New York as they come. The singer spent her childhood taking music lessons in the city before bursting onto the local scene. Nowadays, she has a coveted address overlooking Central Park.
Image by proacguy1 / Flickr
Scarlett Johansson
Johansson’s New York ties run deep. The actress was born in Manhattan and grew up taking acting classes in Greenwich Village and Union Square. She splits her time between Europe and New York these days, but she still considers herself a true New Yorker.
Image by Emma Jordan /Flickr
Naomi Watts
Originally from England, Watts has lived all over the world—Wales, Australia, Japan, LA—but New York City is where she chooses to hang her hat these days. Like many of the stars on this list, the Academy Award-nominated actress has an apartment in Tribeca, where she lives with her two children.
Claire Danes
The star of Romeo and Juliet and Homeland is a born and bred New Yorker. Like most of the celebs on this list, Danes has come and gone from New York over the years, but it looks like now she’s here to stay. The actress recently moved from a Soho loft to a gorgeous West Village townhouse with her husband Hugh Dancy and her family in tow.
Photo by Stuart Crawford / Flickr
Hugh Jackman
Aussie actor and Wolverine star Hugh Jackman has been a New Yorker for decades. The West Village is his closest stomping ground, as the actor and his family occupy a triplex on Perry Street with stunning views over the Hudson.
Katie Holmes
Since her split from Tom Cruise, the Dawson’s Creek alum has called Chelsea home, renting out a penthouse apartment in the super central neighborhood with daughter Suri.
Image by dizzyfeetfoundations / Flickr
Emma Stone
In 2009, the Academy Award-winning actress moved from L.A. and settled into Greenwich Village, before buying an apartment in a Greek Revival townhouse in Chelsea. Though Stone now splits her time between New York and L.A., she’s famously fond of the Village’s lively streets and food scene.
Image by Greg Razzi / Flickr
The post 21 Celebrities Who Live in New York City appeared first on | ELIKA Real Estate.
June 14, 2018
10 Vital Questions New Yorker’s Should Ask their Mortgage Lender
Whether your applying for a mortgage or refinancing an existing one it definitely helps to be well prepared. Ask the right questions, and the whole process will go much smoother and quicker. These 10 questions are just the right ones so have then ready for that first meeting ahead with your chosen banks loan officer.
1. How much business do you do in NYC?
Don’t overlook this one if this is your first time buying or financing real estate in NYC. The property market here can be a little more complicated than the rest of the country so choosing a bank that understands it can be crucial to a deal. Choose a bank that has a lot of experience lending against co-ops and condos in NYC. You’ll then be less likely to meet any delays in closing the deal.
2. Can you explain what types of loans you offer?
There are many types of loans that banks offer. Chances are you’ll hear of a few that you won’t be familiar with. Have them explain each one carefully so that you understand their terms. The most common ones that people ask about are the portfolio, Fanny Mae, and conventional loans.
3. How can I get pre-qualified for a mortgage?
Being pre-qualified can boost your chances of getting your offer accepted. It usually only takes about 10 minutes and once done you can print out a pre-qualification letter as proof of it.
4. Is the building I want to buy in approved?
Once you’re pre-qualified, you’ll next want to find out if the building is as well. If it’s not, then the mortgage loan process will take longer as your bank will need to conduct due diligence. If it’s a reasonably sized building and isn’t brand new, then it’s likely that I’ll be approved from previous loans taken out on it.
5. What’s the difference between a pre-qualification letter and a mortgage commitment?
If it’s your first loan, then ensure you fully understand this difference. Pre-qualification only means you are qualified for a loan depending on the verification of specific items. All it verifies is your credit report. Before a commitment can be issued the bank will need to gather supporting documents for the information you gave in the pre-qualification, conduct due diligence and a host of other things
6. How long are your rate locks?
The most common rate locks that are offered are for between 30 and 60. However, large banks sometimes offer as much as 90 or even more. You’ll want to avoid having to extend your rate lock so try to get one as flexible as possible.
7. What is your mortgage underwriting process like?
You’ll want to know how much bureaucracy exists in the bank. Is the mortgage writer someone that can be quickly reached or is it an offshore team only reachable by email with a one-day lag time? The more lag time, the more delays in getting approval. What also makes this the great question is that it allows you to test out how knowledgeable the loan officer is.
8. Are there any relationship pricing incentives?
It’s very common for major banks to have relationship pricing incentives if you have a depository relationship with them. Depending on the amount of cash you have deposited with them you can get a reduced mortgage interest rate.
9. Do you have any home buyer closing incentives?
Some banks offer closing cost incentives to first time home buyers or those with a low income in conjunction with the government. These incentives can range from the small to the large. For instance, $500 added to your checking account when you begin a depository relationship with the bank in conjunction with the financing. Or a substantial $5,000 closing credit for first-time buyers.
10. How much must I put down and how high must my debt-to-income ratio be?
Every bank is different when it comes to these questions. In general, a 20% down payment will be needed without having mortgage insurance. Anything less will require mortgage insurance. Each bank has their way of calculating your debt-to-income ratio. In general, your debt-to-income ratio should be at or above 36%.
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June 13, 2018
Buyer’s Recourse for Home Defects Post Closing
After you purchase a home, you may have buyer’s remorse. It is a large financial commitment, and it is perfectly natural to have jitters. However, while it is not uncommon for minor issues to crop up, you may find that you need to conduct major repairs. This gets a little tricky, and generally, you are out of luck, but there are remedies you can pursue in certain circumstances.
We discuss these situations in case you find yourself in a money pit.
Property Condition Disclosure Act
New York State’s Property Disclosure Act requires sellers to provide buyers with a disclosure statement. Should the seller omit defects he/she knew about, you can make a case that the seller owes you damages. Keep in mind, the key phrase is that the seller had to know about the issue, and you need to prove it.
Sellers typically provide a $500 credit to waive the disclosure statement requirement. If so, you are out of luck on this front.
Fraud
The seller is liable to you in cases where you can prove fraud. You need to show that the seller knowingly made false statements (written or oral, but the latter is hard to prove), or omitted material facts. Once you demonstrate this, you need to show that you justifiably relied on the seller’s statement or omission, and this caused you harm.
Breach of contract
You can recover damages if the seller is in breach of contract. To do so, you need to show that the seller gave you a warranty regarding certain issues concerning the condition of the property. However, these typically expire at closing under the Doctrine of Merger. You need to specify that the provisions stay in place beyond closing and the delivery of the deed.
Additionally, the standard contract contains an “as is” clause, which makes a breach of contract challenging to enforce since you have agreed to buy the property in the current condition.
Going after the inspector
There are conditions where you can sue your inspector for negligence. You can do this if he/she failed to uncover a problem within the scope of the inspection, and failed to report it to you.
How to proceed
The first step is to check the disclosure statement. Next, review your purchase contract. If there is “as is” language, this makes your case weaker. Neighbors are a great source, and they can tell you if this is a long-standing problem. Then, go over your inspection contract and report. This will tell you if the issue should have been uncovered. If you are unsure, ask contractors. You need to bring them in to assess the issue and provide you with estimates, so it is easy enough to pose the question. They do not have a vested interest in the outcome, so he/she is likely to give you an honest answer.
Once you have the information, follow-up with a letter in order to create a paper trail. Define the issue, why you think the seller or inspector is responsible, and provide a cost estimate. If this does not give you a satisfactory outcome, you may need to consult a lawyer.
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What Must the Listing Broker Disclose in an NYC Home Sale?
Selling a home in NYC can undoubtedly be a fraught process, especially with the city currently experiencing a buyer’s market. Chances are you’ll go the route of the majority of NYC sellers and hire a real estate broker. The sales agent – also known as the listing broker – is someone you’ll have a very close working relationship with. They’ll get to see every facet of the property which naturally raises the question – how much must they disclose to any prospective buyers? We’ve already touched on the seller’s disclosure obligations. Now let’s look at it from a listing agents perspective.
The Role of the Listing Broker
After you’ve interviewed several real estate brokers and decided on one to hire they’ll ask you to sign a “listing agreement.” This authorizes the broker, among other things, to offer the property for sale at an agreed upon price and sets out the commission arrangement.
For the time that the agreement is in place, your listing agent will help you with setting the right asking price, negotiate with prospective buyers and their agents, and help you with contracting and the closing process. To carry all this out, they must gather up-to-date information on the property through appraisals, inspections, and surveys.
Buyers will also usually hire a broker, known as a buyer’s agent, to guide them through the buying process. During the open house, inspections, and negotiations they’ll usually pepper both brokers about the condition of the property. Namely, whether or not it has any known defects. So what are the disclosure obligations of the listing agent to the seller?
The Listing Broker’s Disclosure Obligations
The traditional rule of “caveat emptor” – let the buyer beware – is still applied to property transactions in NYC. The listing broker is under little obligation to disclose known defects or carry out inspections in search of any. That responsibility falls on the buyer. However, there are exceptions to this rule. If the listing broker passes on information about the property to the buyer that they know to be false or if they omit facts regarding defects they may be liable for damages to the seller. But only if the buyer’s decision to buy was based on this misinformation.
Disclosure Requirements under the PCDA
Since the Property Condition Disclosure Act (PCDA) went into effect, listing agents are required to advise the seller about their disclosure obligations before the buyer signs the purchase contract. Also, the listing agent must also inform the buyer of the PCDA if they are unrepresented. Failure to perform these actions promptly could make them liable for violation of the PCDA.
What the Listing Agent May and May Not Disclose
Under NY State property law, the listing broker is not required to conduct an inspection in search of defects or to verify what the seller has said about the property. However, if they know of any defects or that the seller has misrepresented the condition of the property they are obligated to inform the buyer of this.
To deal with the problem of “stigmatized properties,” brokers can choose not to disclose specific information about a property. For instance, if there was a felony committed on the site such as a homicide or suicide. Or if the previous occupant had or was suspected of having HIV, AIDS or other diseases that are unlikely to be transmutable through occupancy.
Granted, the buyer can make a written inquiry to the seller or their agent asking for this information, but they are under no obligation to respond. Nor can the broker be sued or face disciplinary action for failing to disclose the excluded matters.
Have a thorough understanding of a listing agents disclosure obligations before you hire them. They can answer any questions or clarify a few points during your first interview. This is also an excellent way to test their knowledge of property law and their level of confidence. After all, when it comes to choosing a listing agent, it pays to select the best.
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June 12, 2018
Buying a Home in a Self-Managed Co-op
Once you have decided a New York City co-op is your cup of tea, you may come across a self-managed building. While self-managed cooperatives are atypical in the city, you should certainly know the pros and cons before making an offer. If you enjoy a more hands-on approach, you may find this type of co-op a good fit.
What is a self-managed co-op?
A self-managed co-op does not hire an outside management company to run the building. Instead, the shareholders handle this function, which involves the day-to-day issues and longer-term management concerns, such as the building’s financial stability.
Typically, co-op boards outsource functions related to running the building. This includes collecting shareholders’ monthly fees, hiring an accounting firm to prepare and audit the financials, bringing on a lawyer, handling maintenance issues, hiring contractors for major issues, filing any necessary paperwork with the New York City Department of Buildings, and enforcing the building’s rules.
Due to the cost involved with hiring a management company, typically, you will find self-managed co-op buildings are smaller than usual.
What is the appeal?
Your maintenance fees are likely much lower than other city co-ops since a self-managed building does not incur the expense of hiring a management company. You may also enjoy the benefits of living in a smaller building, such as a homey, cozy, feeling. Decisions may also get done faster since there are fewer shareholders. The smaller building could also prove beneficial when you are ready to sell since these typically have less competition and many buyers are attracted to boutique-type buildings.
The disadvantages
The co-op’s shareholders are responsible for the building’s operations. Aside from those above, there are mundane tasks such as dealing with the garbage and shoveling the snow. Either the unit owners have to do it themselves, or take on the responsibility of hiring companies for the tasks. Professional management companies have a list of qualified accountants, lawyers, contractors, and other workers that they have conducted business with in the past.
A small building may also have fewer amenities, and, if it is not a desirable building, the previously mentioned advantages no longer exist.
Conduct due diligence
Since the building’s owners are taking on maintenance and financial duties, it is even more critical that your lawyer conducts due diligence and the unit undergoes a thorough inspection. Your lawyer will look at the financial statements and the board minutes. He/she should also make sure regular maintenance issues are being addressed and not glossed over. A proper inspection can also help you uncover problems, including plumbing, wiring, and electrical.
Is this right for you?
You are likely to have more say in this type of arrangement, given you likely will find fewer shareholders and the lack of a management company. If this appeals to you, a self-managed co-op might work for you. But, if you would rather have other people worry about the building’s management because these tasks are too time-consuming, then a more traditional approach is the way to go.
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