Gea Elika's Blog, page 119

Co-op Rejection – Is Your Co-op Illiquid?

When buying a co-op, many people are concerned with paying a fair price and then turn their anxiety towards passing the board’s rigorous financial and personal interview tests.

However, you should give equal weight towards whether a board’s stiff tests overly restrict buyers, with an eye towards when you want to sell. Under these circumstances, they can turn your selling process into a long, drawn-out affair that risks overly limiting potential buyers and making your co-op illiquid.

We intend to clarify the sales process for you to understand better the reasons a board can turn down a buyer.

 

 

Why a buyer cannot get turned away

It is easier to start with the reasons a co-op board cannot reject a buyer since it is a shorter list. A board cannot turn you down by race, color, creed, age, national origin, citizenship status, gender, sexual orientation, disability, and marital/family status.

For instance, if you have kids, the board cannot reject your application solely on that basis. However, that makes everything else fair game.

Typical reasons for rejection

Buyers not having strong enough financials are a top reason for boards to reject applicants.  This includes an erratic employment history and insufficient post-closing liquidity reserves. Typically, boards seek one to two years mortgage and maintenance payments.

The board can also decide the price you are paying is not adequate. The board wants to keep comps as high as possible since the members are also unitholders and it is in their best financial interests to do so. In fact, some sellers, at the board’s urging, are providing various credits at closing to keep comps artificially high.

Boards typically like full-time residents. Therefore, if you plan on using your apartment as a Pied-à-Terre, you will likely have a tougher time passing muster.

Co-op boards also reject applicants based on lifestyle concerns, a poorly constructed board package, and a bad board interview. For instance, if the board hears that you are planning extensive renovations, they could reject you.

Historically, 3%-5% of applicants do not receive board approval, based on brokers’ and lawyers’ estimates. Making this even more frustrating, boards are not required to provide an explanation for their rejection.

You can mitigate your risk by going over the purchase application with your exclusive buyer’s agent to understand the board’s requirements. You are typically asked to submit a Real Estate Board of New York (REBNY) Financial Disclosure Statement with your offer. This provides the seller with your income, expenses, assets, and debt. If the seller accepts your offer, you know you pass muster with him/her and the listing agent.

When it’s time to sell

Restricting buyers can backfire when you are ready to sell your unit. While maintaining prices and ensuring strong liquidity seeks to protect the owners’ financial interests, being too picky can overly restrict the buyer pool. Naturally, this hurts your co-op’s liquidity and can cause your unit to remain on the market longer than you would like.

Therefore, you want to find out the board’s policies ahead of time, even before you submit your offer. While financial requirements are typical, you want to find out how strict the board has been in the past. Boards are not necessarily forthcoming with this information, but your agent should have some insight.

 

The post Co-op Rejection – Is Your Co-op Illiquid? appeared first on | ELIKA Real Estate.

Recover a Rent-Stabilized or Controlled Apartment for Owners Occupancy

It’s usually accepted that the tenant of a rent-stabilized or rent-controlled apartment is entitled to a lease renewal at the end of each term. However, as with most things, there are exceptions. One of these being if the owner intends to occupy the apartment as their primary residence. This is known as Owner Occupancy Destabilization. Through this, the owner of an apartment can recover possession of rent stabilized or rent controlled apartment. But to do this, you will need to meet certain conditions. Read on to learn about how owner occupancy destabilization works.

 

What is owner occupancy destabilization?

Under section 2524.4 of the Rent Stabilization Code (RSC), a building owner can refuse lease renewal if they wish to occupy the space for themselves.  The owner must give notice of their intent between 90 and 150 days prior to the expiration of the current lease. If the owner fails to serve a non-renewal notice within that time they must offer a renewal lease.

The only exception to this is in the case of a rent-controlled apartment where there is no renewable lease. In that case, the owner only has to serve a 30-day notice of tenancy termination.

Requirements for owner occupancy

The owner must meet some basic requirements for owner occupancy to be permissible. These being as follows:

Requirement 1: Not a corporation or partnership

The RSC section 2524.4(a)(3) states that only an “individual owner” can bring a case based on owner occupancy. This means that they cannot be a corporation. In the case of a partnership, only one of the individual owners may recover possession of one or more apartments for personal use and occupancy. If you currently own a building through a corporation or partnership, you can file to change this to individual ownership.

Requirement 2: Occupancy by the owner or immediate family

The owner must prove that they, or a member of their “immediate family” intends to live in the apartment for at least three years. An owner’s “immediate family” is defined as either their wife, husband, daughter, son, stepdaughter, stepson, mother, father, mother-in-law or father-in-law.

If on recovering the apartment, the owner or a member of their immediate family does not reside there for three years as their primary residence, they may lose the right to any rent increases in that building for three years. Failure to do this could also jeopardize any attempts on owner occupancy in the future. Which brings us to the third requirement.

Requirement 3: Owner is acting in “Good Fate.”

New York’s highest court defines good fate as “the honest intention and desire to gain possession of the premises for one’s own use.” If the court believes your claim to occupy the apartment, then it will find good fate. It is up to the owner how they prove this. For example, if they have plans for renovations they should show that they have an architect and contractor lined up for the remodeling. Detailed plans for the remodeling and proof of funds to cover the renovations should also be presented.

Tenant defenses against owner occupancy

Even if the above requirements are all met, special rules exist to protect senior citizens, the disabled and long-term tenants. You cannot evict a tenant from a rent-stabilized apartment in NYC if they are a senior citizen. This being anyone aged 62 or older and includes their spouse as well. The same is true for a disabled person and anyone who has occupied the apartment for 20 years or more.

There is only one way the owner can get around these restrictions. That is if they can provide an equivalent or superior apartment at the same price or lower and in the nearby area.

 

The post Recover a Rent-Stabilized or Controlled Apartment for Owners Occupancy appeared first on | ELIKA Real Estate.

Just Listed: 84 Bedford St, Apt 2S – $1,735,000 By Carlton Residential

First time offered for Resale. One-of-a-kind Condo that does not come along very often. Exclusive corner 1 Bed/Conv 2 / 1 Bath Condo in a masterfully restored historic 1780’s landmark building, converted into a condominium in 2011. 84 Bedford is located on one most divine tree-lined cobblestone blocks in the heart of West Village.

This elegant apartment approx. 696 sq ft currently laid out as a one bedroom with an en-suite study offers you triple South-East-Western exposures with an abundance of natural sunlight overlooking treetops. To add, unbeatable low monthly payments.

Asking Price: $1,735,000 / Common Charges: $706.08 / Taxes: $467.00

 

 

Upon entering this gem of a residence, you are greeted with a sun-drenched open living and dining room with a gas burning fireplace, newly refinished solid whitewashed American walnut floors, three wooden double-pained Marvin windows, coat closet, video intercom, independently controlled central heating and AC, and dimmer lights throughout. This gracious area is ideal for entertaining or simply enjoying the authentic West Village lifestyle in luxury.

 

 

The open kitchen is beautifully appointed with a seamless countertop, up-to ceiling light grey Fieldstone custom cabinets finished with a pearl-tinted varnish and smart storage space, Liebherr refrigerator, Bosch microwave and dishwasher, stainless steel sink with garbage disposal and Bertazzoni four burner gas range.

 

 

Down the hall is the spa-like Master Bath accentuated with a full-size window, ocean travertine stone and glass tiles, soaking Kohler bathtub with glass enclosure, Cifial solid brass hardware in polished chrome and Duravit fixtures.

 

 

The oversized Master Bedroom greets you with beautifully refinished walnut floors, two windows, an oversized deep double-doored closest and a large walk-in closet. A separate study room with its own full-size window complements the Master Bedroom and can easily be converted into a second bedroom as shown on the Alternative Floor Plan.

 

 

The residence comes with a private storage cage of 6x2x2. Superbly staged by IMG and turn-key ready, this property presents an opportunity to purchase any or all furniture for a turn-key solution.

 

 

84 Bedford is a boutique luxury Condominium with only 9 apartments and also includes a furnished roof terrace with BBQ and stunning Village and city views. The building is located 4 short blocks from Hudson river park perfect for those that enjoy the great outdoors and minutes from the top restaurants featuring Saint Ambroeus, The Spotted Pig, Barbutto, Chumley’s, Little Owl, Takashi, Sushi Nakazawa, Blue Hill, Minetta Tavern and also Smalls Jazz Club.

 

 

Whitney Museum, Rubin Museum of Art and NYU are in a close proximity.

Laundry and dry cleaning are around the block, and two parking garages are 3 blocks away. Drug stores, Gourmet Garage and Gristedes, Soul Cycle and Equinox, Magnolia Bakery, Big Gay Ice Cream, Starbucks are minutes away from the Condo.

Quick and easy commute with major subway lines 1, A, C, E, B, D, F, M within a short walk.

For private viewings 24h notice is required, to schedule an appointment please call Katia at 917.691.1706 or Carlton Residential

 

The post Just Listed: 84 Bedford St, Apt 2S – $1,735,000 By Carlton Residential appeared first on | ELIKA Real Estate.

How to Survive Living through a Remodel on Your NYC Apartment

Giving your NYC apartment a little nip and tuck is a great way to revitalize your home and provide some major upgrades. However, it’s also expensive, time-consuming and frustrating. Many people are shocked at the high prices a renovation can cost in New York. If you were hoping to stay on budget, think again, it rarely ever happens. One way you can reduce costs is by electing to stay in your apartment through the remodel. But be warned that this can present a lot of difficulties. If you don’t know what to expect you could quickly find yourself in a tight spot, both literally and figuratively. Here’s what you can do to survive living through a remodel.

 

 

Create a living zone

For this to be practical, you’ll need at least one room that is not part of the renovation. Whether it’s a bedroom, study or living room, it has to be sectioned off. Very soon the inevitable dust and debris will start to accumulate. If this isn’t possible, then you may want to reconsider moving out. Trying to live in the same space as a renovation is only a recipe for accidents, delays and spousal troubles.

Organize and plan accordingly

If you’re to avoid losing your sanity during the coming weeks you have to stay organized. Nerves tend to be on edge when living through a renovation and it’s not unknown for couples to need marriage counseling by the end. Remove any belongings you don’t need and pack up everything as though you were removing. Dust will get everywhere, you’ll knock into things and you and your spouse may at times fight like cats and dogs. So pre-plan to the best of your ability.

Make a plan for meals

If your kitchen is part of the renovation, then understand that you’ll be without it for weeks or even months. The only options for dealing with this is eating out, with all the expenses that will entail, or creating a temporary kitchen. If you go with the latter option, you could start by purchasing an inexpensive hotplate and microwave. If you are going at times without running water or access to a sink, some paper plates and plastic utensils can fix that.

Plan for delays

There will almost certainly be delays. Unexpected problems arise, extra materials need to be ordered, and communication sometimes breaks down. Be realistic and have extra plans in store for meeting delays. Most delays occur because of poor planning and organization. Discuss things with your contractor on a regular basis so you can both stay informed of developments and keep pushing for the finish line. If you have any events coming up such as Thanksgiving, Christmas, or July 4th, accept that you might have to cancel them or have a second location lined up.

Anticipate short term accommodation

As alluded to above, there will be unexpected problems. You may have to move out for a short time so have a few places that you can turn to. Waterlines get turned off; electricity goes out, bathtubs and toilets are removed so plan accordingly. Going a few hours without running water or power might be manageable but if it’s several days then waiting things out just isn’t practical. Good communication and regular updates from your contractor will keep you alert to when you must find a hotel or suffer through cold dinners.

 

The post How to Survive Living through a Remodel on Your NYC Apartment appeared first on | ELIKA Real Estate.

What is a Real Estate Closing Statement?

So you’ve at last secured the closing date on your new apartment in NYC. Give yourself a pat on the back you’re at the finish line. A few last things though remain such as the final walkthrough of the apartment and the closing statement. If this is your first home purchase, you may not be familiar with the last one. Read on to find out what it is and why it’s necessary.

 

 

What is a closing statement?

A closing statement is merely a summary of the sale transaction which you’ll keep for your records. It’s written up by your attorney in spreadsheet form and lists your closing costs for the purchase. What makes this an important document is that until it’s written up, you won’t have a specific figure for what your closing costs are. The problem with the closing cost figures provided by your buyer’s agent and the lender is that they’re only estimates. Until your attorney has prepared the closing statement, you won’t have an exact figure on what your final costs will be.

On closing day, a lot of checks will be exchanged, and it can get a bit confusing. The closing statement organizes everything, so you know where the money is going.

What does a closing statement contain?

At its most basic a closing statement will include the following:

The names of the seller and purchaser
The specific closing date
The address of the property
The closing location

 

Since most closings are postponed by a day or two, it’s important that the closing statement give the specific date. On the closing day, there will be some people present to finalize everything. Expect to see the following people:

 

Purchaser(s)
Seller(s)
The purchaser’s attorney
The seller’s attorney
The purchaser’s lenders attorney
The two brokers (usually, but not always)
The title company

Once all are together, it’s time to exchange checks.

Checks to bring on closing day

Before closing day, confirm with your attorney what checks you need to pay and who they need to be made out to. These should be bank checks, also known as cashier checks. These can only be picked up directly from your bank. These are required because, unlike personal checks, they won’t bounce as the funds are withdrawn at the time the check is created.

Also, bring your checkbook in case there are any unforeseen expenses. It won’t exactly be ideal if your closing is held up because you are short $100.

What to do if you’re financing

If you are receiving funding for your purchase, there’s a good chance that you won’t need to bring any checks at all. This is the case if all your proceeds are already accounted for by other parties. For instance, your layer will have the down payment in escrow, and your mortgage lender will be there for the remainder of the funds. This is most common with buyers who are receiving gift funds or other wire transfers. Just remember to confirm with your attorney first if whether this is the case. You can check this with them once you’ve received your closing statement.

 

HUD CLOSING SETTLEMENT STATEMENT

The post What is a Real Estate Closing Statement? appeared first on | ELIKA Real Estate.

Famous Neighborhoods and Streets, An Invulnerable Real Estate Investment

Economics is mostly a theoretical endeavor, with the grand law of supply and demand being at the center of incredibly complex mathematical models about how the world works. These models mainly function in the aggregate, with data coming from across whole markets and nations to be inputted into models that usually say little about the geography of that market or country.

 

 

Held up in stark contrast to this conceptual theory of supply and demand, however, is real estate’s famous first three laws: location, location, and location. This juxtaposition between the theoretical and geographical is what makes real estate market analysis so fascinating – and, often, frustrating – for so many economists. Aggregate, location-less variables without specific addresses on a map, such as median wages or G.D.P. growth, have to be integrated into economic models with the importance of very physical, geographically particular variables factors like location, location, and, perhaps, location.

So, if a market report states that sales in the national housing market are likely to decline next year, it doesn’t mean that that statement about the nation as a whole is going to hurt a given neighborhood or housing unit nearly as much as more localized variables such as developments in the nightlife or bar scene.

In large cities like New York City, where opulence often exists just several city blocks from poverty, this is even truer. Indeed, the importance of urban real estate markets was one of the primary reasons for the rise in popularity of economic geography as an academic discipline in the mid-1990s. Professor Paul Krugman, who is famous for his op-ed columns in the New York Times, was one of the key academic figures in effectively creating the new academic discipline, which is the fusion of the golden rules of supply and demand with real estate’s rules of location, location, location.

In New York City, those three rules are even more critical. The astute buyer looks less at which direction the market as a whole is moving and more at what neighborhoods will become the next hot spot.

Buyers of luxury, real estate have a more straightforward time at this. The size of famous neighborhoods, of course, can’t increase. However, the longer that a hotspot is a hotspot, the more legendary it becomes. Property on 5th Avenue or in the Greenwich/West Village, for instance, is an incredibly safe investment if you have the capital for it. Greenwich/West Village will not become any less famous as time goes on. These areas are mostly immune to potential downturns on the broader market.

As reputation increases so do demand. This aspect of the economic geography of major urban areas is one of the main reasons that the rich tend to get richer, and it is one of the most enjoyable parts of buying a luxury apartment in New York City.

 

The post Famous Neighborhoods and Streets, An Invulnerable Real Estate Investment appeared first on | ELIKA Real Estate.

How to Buy an NYC Apartment with the Help of Your Parents

For first time buyers, getting their first apartment can seem a tricky business, especially in NYC. Prices still remain high, even in the current buyer’s market. To help foot the bill, many young millennials are turning to their parents to help out. Whether you’re looking to buy a co-op or condo, having your parents help out can dramatically help you stabilize your life. The numbers of people choosing this road have definitely risen in recent years. The good news is that it’s relatively straightforward, there are even a few different options for how it can be done.

 

Have your parents purchase the apartment outright

If you can get this consider yourself very fortunate. How it will work depends on what you and your parents agree to. You could pay them a monthly rent, or it could be simply given in trust for you to look after. This is a popular choice for parents whose child is attending college in NYC. You get a free place to stay while they have an investment in NYC real estate that will appreciate in value over time. Co-ops are cheaper but present some difficulties. Many co-op boards don’t allow parents to buy for their kids. For those that do, there will still be a lot of concerns.

Co-purchase the apartment with your parents

If your parents can’t foot the full bill the next option is for you to co-purchase it with them. For instance, they could pay all or part of the down payment. If you need a mortgage, your parents could agree to be the legal owners and attribute their own finances to help you secure that loan. You’ll want to discuss this first with your lender to see how much financing you can secure.

Who’ll be responsible for what will also need to be worked out with your parents such as monthly payments. Keep in mind though that you’ll be restricted in your choices to only buildings that allow co-purchases.

Have your parents gift fund you the money for the apartment

If you can cover the monthly payments but not the down payment, a cash gift from your parents could be the best option. If you require financing, you’ll need to first secure a pre-approved mortgage. Lenders usually have no problem with this. But they will want proof that the funds are a gift with no expectation of repayment.

Any large payments in your bank account that occur within 60 days of closing needs to be sourced. A large amount is defined as anything that is 10-20% of your monthly income. You can do this by filling out a proof of gifted funds form. If you go this road it is essential that you let your buyer’s agent know. Some co-ops restrict buyers who need a cash gift to secure the purchase.

Conclusion

There’s no shame in having your parents lend you a hand in securing that new home. The important thing is that you discuss it early with them. Once you know what kind of financing they can provide your broker can help with finding properties and lenders. Also, be sure to hire a buyer’s agent that has experience in selling properties to parents for their kids. They’ll not only help with finding good listings but also navigating the board approval process.

 

The post How to Buy an NYC Apartment with the Help of Your Parents appeared first on | ELIKA Real Estate.

Neighbors – Know Your Rights and What to Do Good or Bad

If you live in the city, you’re probably all-too-aware of the sometimes awkward drift that can occur between neighbors in close living spaces (not that our suburban brethren don’t have their over-the-fence dramas). Occasionally new neighbors don’t see eye to eye, or old neighbors find a small battle to pick at forever. But more often than not, it’s our solid belief within ourselves that we can do no wrong, and that whatever the issue is must be the other guy’s fault. Sometimes easily resolved matters over noise, garbage, children running amuck, or parking can cause two ordinarily lovely people to fight in the biggest of ways. And it usually doesn’t stop there. If fights between neighbors don’t die down, they often end up at city hall, small claims court, or in the hands of the police.

 

 

New York has got to be the worst example of this. With so many people living so close, on top of, beneath, and next to, it’s virtually impossible to like everyone in every given direction. The newest wave of hateful neighbors has come from the recent, if not rampant, condo conversions that swept the city. In large and small buildings throughout the city, people are struggling with the barriers between existing rent-stabilized tenants and new condominium owners. Often the renters have many different expectations from the building, and perhaps rightfully so.

Their apartments are usually less renovated, cared for, and sometimes in altogether lousy condition. But a rent-stabilized tenant sees their residence as hardly optional. The low prices that they pay for the prized real estate can rarely be matched anywhere else in the area (even Jersey!). Condo owners, on the other hand, are typically more careful with their property. They realize that they are responsible for the value of their property, and most people like to have their equity appreciate. The problem indeed lies in the law around renters and owners though; the reality is that renting is a privilege by statute, while ownership is a right. A rent-stabilized tenant must be careful to obey the building’s rules and regulations and maintain a non-disruptive living manner within the building. In this day and age (the age of condo conversions to be exact), it’s not unheard of to have formal complaints filed against a publicly drunk, mean, drug abuse, or illegal rent-stabilized tenant. This can be wonderful for the condo owners, as it promotes the feeling of choosing one’s neighbors. But for the renting community as a whole, it can be altogether frightening.

Why It’s a Good Idea to Know Your Neighbors

Aside from a perfunctory “Hi” in the elevator or hallway, how many of us spend any real time with the folks who share our walls and shared spaces? You know, those folks known as neighbors.

In fast-paced, busy, and anonymous New York City it’s not uncommon to live in a building for years and never know who else is living around and among you. I’m not talking about simply names and faces, but who are living behind the doors on your floor and in your building.

In the current world of lighting speed technology and ubiquitous social media connecting us to friends all around the globe, our proverbial backyard is very often neglected. A 2015 report, Less in Common, issued by City Observatory, a think tank using data-driven analysis of cities and the policies that shape them, noted less than 20 percent of Americans report spending time with their neighbors and almost a third of folks report no interaction at all with people who live nearby.

Okay, so maybe New York isn’t quite like other U.S. cities, and New Yorkers are a different breed of neighbor. But still, we’ve got to admit that intentionally ignoring, just not noticing, or otherwise not caring about our neighbors is a bit weird and cold-hearted.

In a society where many families are geographically stratified, the population is getting older, many people are lonely, and most folks don’t know how to ask for help, your neighbor might just save your life. There’s the story of the famous actor who rescued an elderly neighbor who fell off a ladder, the account of the Long Island man who pulled his neighbor from a house fire, and the tale of how a group of neighbors in Bay Ridge saved 28 cats.

Talking to people might seem scary. It’s hard to strike up a conversation with a stranger because we are worried about being asked for money, getting hit on, or some other unwanted outcome.

But, come on, if you’re in your elevator and you think your neighbor has a cute dog tell him so. Similarly, if your neighbor is moving something big and bulky, hold the door for her, or even, gasp, offer to help. Maybe you will find out her name, and you can agree to get coffee, platonically of course.

Following are some good some reasons to get to know your neighbors:

They’ve Got Your Back

Helpful neighbors will look out for you; they can be your extra pair of eyes and ears helping to keep you and your family safe.

Keeping the Peace

Good neighbors respect privacy, aren’t too rowdy and don’t do things to make your life unbearable. As a good neighbor yourself, you can keep the noise level down at night, make sure your cigarette smoke doesn’t invade your neighbor’s apartment, and be kind and thoughtful, which invites your neighbors to reciprocate.

While You’re Away

When going on vacation or a business trip, a neighbor can provide invaluable assistance such as collecting your mail, watering your plants, feeding your cat, and keeping an eye on your place.

It’s a Small World After All

Finding out about different cultures and getting to know folks from different backgrounds is one of the perks of living in NYC. Where else can you find a population of people speaking almost 200 different languages?

Borrowing a Cup of Sugar

Sure, it’s a cliché, but it is convenient to have someone close by who can help out with that single missing ingredient you need to complete the meal for your dinner party or lend a ladder to change your light bulb.

A Surrogate Family

Since you might be far away from your family, your neighbors are close enough to help in a crisis.

What happens when New Yorkers meet their neighbors? New York Magazine took the time to find out – and it’s fantastic!

You might not know who is living next door to you, but perhaps you should attempt to find out.

And, if you need an app to get started, there’s that, too. Nextdoor.com helps you find a private neighborhood social network in your very own backyard!

So You Love Your New Place But You Hate Your Neighbors. Dealing with a Nightmare Neighbor: Know Your Rights in NYC

Moving boxes emptied? Check. Walls painted? Check. Furniture arranged just the way you like it? Check. Your new place is shaping up to be home sweet home, but one problem remains — your neighbors. Like any alpha world city, New York has some of the highest population density on the planet, meaning you’re bound to be in close quarters with hundreds of other people, including your neighbors. These are the most common complaints tenants have with those next door.

While residing in close quarters has its advantages (it’s nice to know that someone is always around in case of an emergency), living the apartment life comes with its challenges, one of which is the nightmare neighbor.

Chances are you’re familiar with at least one of the four scenarios below depicting a problematic neighbor. Take note of what you can do to alleviate some of the most common complaints among New York City dwellers because one could eventually happen to you.

The renovator

As long as a homeowner takes the correct steps hires an architect, receives board approval, gets required permits, etc. renovating an apartment is perfectly legal. Damaging your unit in the process, however, is not.

A good neighbor will bring a remodeling project to your attention before the first hammer swings. Often the condition of neighboring apartments is documented through photos and videos, along with the unit being renovated. If you run into issues with damages, call 311 immediately. Depending on the circumstances, a building inspector will visit the job site, and the contractor/owner could be fined.

If noise is the issue, try and settle it privately with your neighbor. Contractors should be working within the hours permitted, which for many buildings is between the hours of 9 am and 5 pm Monday through Friday, so there’s not a whole lot you can do if the construction is happening between those hours. If you hear the disruptive noise before or after these hours, or on weekends, reach out to your managing agent immediately to nip the problem in the bud.

The irresponsible pet owner

Tired of listening to your neighbor’s dog bark at odd hours? You can report the noise to the City of NY. Be sure to provide the address and your name if you want the barking to stop.

The Department of Environmental Protection should send a letter to the dog’s owner within seven days, along with suggestions how to curtail the barking. If they’ve sent a letter before, they may come to the site and do a noise inspection.

The noisemaker

Noisy neighbors are not unique to NYC, but living in cramped quarters makes it hard to find peace 24/7. Perhaps your neighbors regularly throw parties, or blare music over their stereo system, or have vocal pets. If talking to your neighbors doesn’t work, a white noise machine can cover up the disturbance (or at least make it less noticeable). Some even come complete with a variety sounds like a gentle rainstorm, babbling brook or even crashing waves — which would all be preferable to hearing your neighbor sing in the shower at 7:00 a.m.

Blaring television? Vibrating music? Yelling or loud conversation? You can report these and other non—emergency noises and the police will respond to your complaint when they are not handling urgent matters.

You may want to start with your landlord, super, or managing agent before you involve the law, however. Try making a complaint with your building first, and if the noise doesn’t stop, dial 311 or contact NYC.gov to report a noise complaint. Also below we have a section on additional remedies against noisy neighbors, you can tryand guide to soundproofing.

The Smoker

 

 

Smoking is illegal in public spaces such as halls, elevators, and lobbies of buildings with 10 or more apartments. Unfortunately, smokers have a right to light up inside their unit ––, but when a cigarette, cigar, or another type of smoke is affecting your wellbeing, you have a right to speak up.

It’s best to document when smoke enters your unit and the inconvenience or health issues it’s causing you and your family. Try and resolve matters with your neighbor, if possible, and involve your landlord or super if you need to. Depending on the circumstances, you may need to hire an attorney to be sure you know your rights. A lawyer can advise you on next steps. In the meantime, check out these links below.

Misplaced Trash

Errant trash is a problem on two levels — not only does it look bad, but it smells terrible, too. Some residents are all too familiar with neighbors that leave trash in hallways, on/near the property that’s not theirs, or the worst — trash left outside a dumpster. It might be tempting to bring it right back to their door, but that probably won’t get you anywhere. Instead, have a frank discussion with your neighbor about your concerns. If that fails, contact your landlord. Chances are they won’t like to hear about their tenant doing things to lower their property’s curb appeal.

Leaky Ceiling

Water damage from your upstairs neighbors can be a major headache. Leaks not only create a massive mess in your own home but can also lead to costly, time-consuming repairs. It might not even be your neighbors’ fault—it could be a plumbing problem. But there are cases when neighbors don’t clean up water spills or fix known issues with their toilets, sinks or showers. In situations like these, it’s best to contact your landlord, a certified plumber, or both. A leak left unchecked could lead to serious structural safety concerns, so don’t rely on a quick fix bucket for long.

Illegal Parking

Parking is already a nightmare in NYC, but what if your neighbor is the culprit? Illegal parking takes some forms: occupying multiple spaces, parking in front of fire hydrants, blocking a bike lane, unauthorized use of a handicap space and more. Notes under the windshield will only go so far. Luckily, operators at the end of the 311 line are equipped to handle illegal parking complaints.

Neighbors can be your best friends or worst nightmares. Whenever problems arise, handle them with a cool head and find the happy medium that will make everyone happy.

How to Quiet Your Noisy Neighbors: A Guide to Soundproofing

Noisy neighbors are a common problem, particularly in apartments or duplexes where you share a wall with the residents next door. Whether you’re tied into a rental and can’t renovate or simply want a fast fix for your home, these solutions will help you dampen unwanted sound and create a quieter space.

Dampen Outdoor Noise With Drapes

Thick draperies can reduce the volume by as much as 10 decibels when hung around offending windows where you’re experiencing a lot of noise leakage from outside. That may not seem like a lot, but 10 decibels is actually the difference between the sound of a busy street and the hum of a washing machine. You may not block the noise out completely, but you should be able to turn it into a permissible background drone.

 

Image via Flickr by Renato Ganoza

 

Thicken Your Floors With Sound-Absorbing Rugs

Fibrous materials can absorb sound and dampen it, leaving less noise to travel through the air and to your ears. If you don’t have to carpet, those thin hardwood floors could let a lot of sounds through. Thicken your floors easily and attractively with heavy rugs. The thicker, the better. So lay down a foam pad first, then choose the plushest floor dressing you can find.

Hang Soundproofing “Art”

Foam, Styrofoam, and fabric are all effective at blocking noise. If the sounds from your neighbors are coming through the walls, choose some decorative wall hangings that’ll reduce the noise. Cover a piece of foam in a decorative fabric for an eye-catching DIY piece that’ll fit in with any environment. Stick a piece of Styrofoam in the back of an open canvas behind a beloved painting or canvas print to dampen noise coming through that wall. For a soft textured look, simply hang floor-to-ceiling curtains along the wall.

Rearrange Your Furniture

Heavy furniture pieces can absorb a great deal of noise, particularly when they’re full. A bookcase packed with books or dresser filled with clothing will dampen the noise effectively. If you’re suffering from a thumping bass behind the same wall you have your headboard on, rearranging your furniture could make a big difference in how you sleep at night.

Create Noise of Your Own

If the previous tactics aren’t dampening the noise as much as you’d like, it may be time to create some noise of your own. This doesn’t mean competing with your neighbors to see who can play the loudest drum set. Instead, fill your space with peaceful, soothing background noises to block out all the unwanted sound. White noise, like a gentle background whooshing, can block out other sounds and help you get a good night’s sleep. A peaceful album of ocean sounds or rain may work if these environments soothe you.

If your home isn’t the peaceful haven you’d like, you can drown out the sound of neighbors easily and effectively with these simple fixes. For a minimal amount of money and less than a weekend of free time, you can transform your home into a peaceful paradise.

 

The post Neighbors – Know Your Rights and What to Do Good or Bad appeared first on | ELIKA Real Estate.

Buying Estate Sales in New York City

Anyone who combs the real estate listings of NYC for long enough is sure to eventually come across the words “estate sale.” This can be a very interesting segment of the market. It presents buyers with the chance to pick up one-of-a-kind apartments that you’ll find nowhere else. But what will attract some buyers to estate sales will put others off. Here’s our guide to making sense of them.

 

What is an estate sale?

The phrase estate sale usually refers to the sale of the contents of a property. However, in NYC, especially among real estate brokers, the term means a property whose original owner has passed away. You can usually spot them on listings which describe the property as being sold in estate condition. This is a polite way of saying that nothing may have been updated and it may need renovations.

What are the pros and cons of an estate sale for buyers?

Depending on how you look at it, estate sales can either be good or bad. Some buyers find it creepy to live in a residence whose former occupant has recently died. Personal effects and their furnishing style will still be in place, making it feel like something of a mausoleum.

Other buyers though find such residences enchanting. A testament to a long and well-lived life. But one thing that definitely scares people about estate sales is their high prices. Sellers may be motivated to sell the property quickly and avoid taxes but they’re usually not desperate. Some of these properties haven’t been renovated in decades. If major renovations are needed, such as plumbing and electrical wiring, a low asking price can quickly look less appealing.

Estate sales also come with an added layer of complexity. The broker handling the estate sale needs to be knowledgeable of the complexities of probate. Adding to that, they’ll need to be able to deal tactfully with still-grieving relatives. It often happens that these transactions involve multiple executors. Not all of whom may be in the same state or fully agree on how to handle the sale. This can sometimes lead to the sale dragging out as emotions become involved and can even lead to the whole deal falling through. All this so needs to be taken into consideration when dealing with estate sales.

How to handle an estate sale for sellers

For an estate sale to move forward an executor must be appointed. The first step in the process, on the passing of the deceased, is for the family members to take out a death certificate. If a Will has been left this needs to be presented at the probate court where its authenticity will be determined. Once deemed authentic the person appointed as the executor of the Will shall become responsible for managing the property and executing the plan laid out in the will.

If no will has been left behind the court will appoint someone as the administrator of the estate. It’s not a requirement that the executor or administrator be a family member and you’ll sometimes see lawyers appointed.

Federal and NY estate tax liens on closing

It’s highly recommended that you request and receive a lien from the NYS Department of Finance will in advance of closing. This will mean both federal and NY estate taxes or else the buyer could find themselves stuck with having to pay any estate tax owed.

Why speed is important with estate sales

Ideally, an estate sale should be carried out as soon as possible. If done within a year of death the IRS typically assumes that the sale price is the full market value for the calculation of the estate tax. If done a year after death an appraisal will need to be carried out to establish the value of the property on death, something called a date of death appraisal.

 

The post Buying Estate Sales in New York City appeared first on | ELIKA Real Estate.

Questions to Ask Property Management before Buying a Condo or Co-op

If you have decided co-op or condo living is for you, New York City, with its plethora, is an excellent choice. However, you need to find out how much you will enjoy living in a particular building. Co-op boards are notoriously strict, but condo associations also have their own house rules.

While it is important to investigate the neighborhood, you should not overlook investigating the building itself since you want to enjoy living there and yield a profit when you sell, particularly given the city’s high prices. Whether you are working alone or with an exclusive buyer’s agent, in order to help you, we compiled a comprehensive list of questions to ask the management company, through the listing agent.

 

Is the balance sheet strong?

You should ask the management company to send you the latest financial statements. Your broker and lawyer should check these, too. While you are perusing the financials, good follow-up questions for the management company is their view on the balance sheet’s strength and whether they believe in holding a reserve. If so, how much do they typically keep in the “rainy day fund”? If it is a small amount, you can expect to pay special assessments when the building needs a major repair.

What is the plan for assessments?

Rather than keep a reserve fund, some boards charge assessments when there are major repairs or planned upgrades. They typically spread the payments over time. But, you obviously need to know if there are ongoing assessments that you will inherit or any planned assessments since this affects your monthly payment.

What are the building’s improvements?

You need to know which improvements the management company oversaw. You should also ask when the work was completed since you could face a large assessment down the road if the updates and repairs were not done recently. Large ticket items are particularly relevant to ask about, including the elevator and roof.

What is the percentage of owners versus renters?

This is generally applicable to potential condo owners since these are easier to rent. A substantial amount of investor-owned apartments rented out is a potential red flag. Investors typically sell before individuals during market corrections. If sold at a discount, this could put pressure on other unit prices since the building’s comps reflect lower prices.

Owners also have a different economic incentive than renters. Therefore, you want to live in a building that has a large portion of unit owners.

How many units are in the building? 

There is no right or wrong answer to this question since it frequently comes down to personal taste. A smaller number of units typically means more privacy. While there is a potential higher cost should the board impose assessments, there is also less competition when you are ready to sell your unit, and many buyers are attracted to smaller, boutique-style buildings. There is a scarcity value attached to it since the city is full of skyscrapers, and, if it is a desirable building, there a greater chance it will outperform a larger one, using history as a guide. If you are an investor that plans on renting out your unit, there is also less competition.

What do the maintenance or common charges cover?

This question may seem unnecessary, but co-op and condo boards use these monthly fees for a wide range of items. Common charges are typically for shared services and amenities. These include management fees and the building’s operating expenses. Sometimes, it includes utilities, and items such as decorations for the common areas, a storage room, and a gym. A co-op’s maintenance fees also cover real estate taxes, insurance, and the building’s mortgage payments. Finding out what is included in your monthly fee helps you make an apples-to-apples comparison between various buildings’ charges. It also prevents misunderstandings once you move in. 

What rate has maintenance/common charges increased?

Although you can afford the monthly payments now, you need to factor in how quickly these have increased. Ask for the figures over the last few years since it will give you a complete picture. If there were any large jumps, you can ask why that is the case.

How restrictive is the board?

Some boards, particularly in a co-op, have very strict rules. House rules govern the residents’ everyday behavior. Since you are going to live there, you need to know if you can live within them.

Is subletting allowed?

This is more applicable to co-ops. Many do not allow subletting, so if you were planning to earn extra income this way, you need to choose a condo building or a co-op with liberal house rules. However, other boards allow subletting, but with restrictions. If this is the case, ask how the long the term you can sublet your apartment, and if the board charges fees for this right.

Have unit buyers had problems obtaining financing?

When you are applying for a mortgage, not only do you have to qualify, but the lender also does due diligence on the building. In essence, you and the building need the bank’s approval. Learning whether people have had more trouble obtaining a mortgage when purchasing a unit than under typical circumstances can tell you a lot of about the building. Lenders are hesitant to extend financing for a variety of reasons, which could make you think twice about making a purchase since they know quite a bit about the building and its history. For instance, if there is a lawsuit pending against the building, lenders are extremely reluctant to extend you a mortgage, unless you are willing to pony up a significant amount of cash. A sponsor owning more than 50% can also cause problems.

Does the building have an ongoing litigation matter?

As mentioned previously, if a building is being sued, it is extremely difficult for you to obtain financing. If the building is suing the developer, obtaining financing is challenging, but still possible, depending on the litigation details. Under these circumstances, you should protect yourself with a mortgage contingency.

Additionally, the answer may also help you understand the board’s quality. For instance, if shareholders or condo owners are suing the building, you can delve deeper into the issues to see if you want to live there. Perhaps contractors are suing the board for non-payment, which could hint at stinginess, greed, or financial trouble. 

What is the elevator situation?

You should find out if the building’s elevators are sufficient to support the number of residents. Not only should there be enough, these should run efficiently. After all, no one wants to wait a long time to get home or go out. You also do not want your guests, particularly the elderly or ill, to have a long delay.

How is the building heated and cooled?

You are trying to find out the building’s system. If there is central air and heat, this could be more expensive and you are reliant on the board to switch over from one to the other. The management company can tell you when this typically occurs. Natural gas is generally cheaper than oil, with the latter’s prices generally more volatile.

How do the amenities work?

Some buildings include a lot of perquisites, such as a gym and a room you can use for parties. Others charge extra for these items. Depending on your usage, you may prefer one over the other.

Is there a weight restriction on pets?

While this is a less obvious question for most people, it is an important question for you to ask prior to submitting an offer. It is not unheard of for boards to only allow small pets in the building. If you have a large pet, such as a dog, or plan on getting one, you do not want to even to progress to the point where you submit a bid.

How do I get deliveries?

It sounds minor, but some buildings only allow drop-offs in the lobby, while others permit the delivery personnel to come to your apartment. You may like the convenience of delivering to your apartment. If you are tired, you may not feel like going downstairs to pick up your pizza. This is weighed against the building’s security needs. This also means fewer people roaming the hallways, and less wear on tear on the common facilities, such as the carpet.

 

The post Questions to Ask Property Management before Buying a Condo or Co-op appeared first on | ELIKA Real Estate.