Gea Elika's Blog, page 135

Tips for Smart First-Time Home Buyers

Buying your first home can be both an exciting and stressful time. The whole process can be complicated and be intimidating for the inexperienced buyer. From loans to complicated documents to hidden costs and more, you can quickly find yourself overwhelmed. Here are some tips for smart first-time home buyers that will reduce some of that anxiety.

 

 

Planning & Saving

Don’t start thinking about who you are going to get a loan from 1 month before you think about starting the hunt. Start planning for your new home well before you even think about dialing an agent. A few things to consider are what you can realistically afford, where you want to live, and what other costs will be associated with your home, such as HOAs and city taxes.

A down payment for a home is commonly set to 20%, but you can now get a loan with much less. However, you should consider if a lower down payment is worth the additional costs you may have to pay such as for mortgage insurance. Many people don’t consider the fact that a 10% down payment on a 200,000-dollar home is 20,000 dollars. For many first-time home buyers, this is not a small amount, so start saving now!

Credit Activity

You can get one free credit report every year from each of the three big credit reporting companies. This means that you can get 3 a year if you use one from each. Go to annualcreditreport.com for more information on this. Remember, they are the only site that is authorized to do this. Your ability to get a loan will be impacted by your credit score. Plan ahead and you won’t find yourself being denied for every loan you apply for.

In addition to making sure your credit score is healthy, you should avoid making any big purchases during the time you are hunting for your first home. Any activity that involves an inquiry into your credit, such as buying a car or signing up for a credit card, can lead to a drop in your credit score.

Hidden Costs

Getting a loan isn’t the only time you will have to talk money during the process of buying a new home. There are plenty of additional costs that can sneak up on you if you are not careful. One such cost is paying a home inspector. If you are buying a home, you need to have an inspector’s assessment, especially if you are not buying new. Realistically, don’t expect a used home to be without damage. Depending on how lucky you are, expect to spend at least a few hundred dollars in repairs on your new home.

Appliances are another cost many first-time buyers don’t consider. Will the home you are buying come with a refrigerator? How about a washer and dryer? If the answer is no, then its best to have a budget planned for such costs.

Future Plans

How long will you be living in your first home? Are you going to start a family and need more space? Is your employment situation secure? Has there been a yearly increase in crime or decrease in property values? These are only some of the questions you should ask yourself before buying that perfect dream home. Carefully consider your future plans and resale value of your home. Remember, a home is more than just a place to live, it is an investment.

An issue commonly faced in bigger cities is urban sprawl. If you are in a developing area, then that can be great for your home’s value, but you should consider how your daily commute and noise levels will be affected.

Documents

There is a lot of paper shuffling that goes on during the home buying process. If you are unsure of what documents will be needed, don’t be afraid to ask an expert. This will save you a lot of headache. The last thing you want is to be digging around your office in the middle of the night because you forgot to send some important document.

Also, read any and all documents that are sent your way. First-time buyers can get excited about their new home and potentially miss something important in a contract.

Agents

You should do a lot of research into your buyer’s agent. A good agent will have your back and doesn’t just see you as dollar signs. Remember, an agent is there to make the whole buying process easier. If you find that this isn’t the case, then get a new one, fast! A good agent will not only be extremely knowledgeable about their subject matter but will also have plenty of experience buying homes in the area you are interested in. They will many times have insights into things that you may not have thought of.

The Offer

If you find a home that you love, make a good offer. If the home is a good deal, then you can be sure you aren’t the only person who has come to this conclusion. Place a strong offer that you are comfortable with. You can leverage your agent’s expertise for this part. If you are buying in a neighborhood where homes historically sell very fast, then you may not have time to negotiate on minor details, such as changing out light bulbs.

However, if you are in a situation where negotiations are open, then don’t be afraid to take advantage of the opportunity. From closing costs to repairs to even pest control subscriptions, you can find something that may help you sweeten the deal.

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5 Things That Simply Aren’t True About NYC Real Estate

Many people dream of moving to the Big Apple. They picture themselves haling taxis like a pro and eating the world’s best pizza. Or imagine spotting celebs in bookstores and living in charming high-rise apartments and grabbing coffee in Central Park. But then a well-meaning (yet misinformed friend) pops their imaginary bubble, making them believe their dream of living in the city is impossible. Sound familiar? Here are five things you may have heard about New York real estate that just are not true.

 

 

It’s hard to find a home in a clean, safe, and quiet area

Part of the draw to the city is the vibrant atmosphere. There is always something to see and do. There are plenty of places to live that are close to NYC’s major attractions that are also low in crime, noise, and filth.Many New Yorkers want to experience the vastness, the busyness, the action and the hustle and bustle that New York is famous for. But they also want an option to get away. NYC offers plenty of safe, quiet and clean neighborhoods that still give off that unique New York City vibe. For some of the safest neighborhoods, check out Sutton Place in Manhattan and Battery Park City; they have even been listed as some of the best neighborhoods for families with kids.

You Have To Be Rich To Live There

Is the cost of living in NYC higher than most places? Yes. Are there one-bedroom studio apartments that sell for over a million dollars? Yes. But there are other options. It’s possible for Suzy the Art Student or Joe the Hopeful Broadway Star to live in the city. The Upper East Side and Great Kills on Staten Island rank up there for the most affordable places to live in the city. There are plenty of cheap food options, free museums to visit, gorgeous parks to explore and inexpensive arts and cultural events to attend. You don’t have to be featured on the Lifestyles of the Rich and Famous to enjoy life as a New Yorker

You Can’t Trust The Movers

Packing up all of your stuff is arguably one of the most stressful parts of moving. Then add the headache of fitting it all in your car or asking friends to help get it to the new place, and it almost seems overwhelming. Hiring a professional NYC mover can make moving to the city much easier. They know how to package and move your valuables. They know the tricks of the trade to navigate narrow staircases. Do your research to make moving stress-free, and find a moving company that has solid reviews. You don’t have to do it all on your own.

All Supers Are Nightmares

A super is in charge of an apartment building. Their job is to take care of the everyday issues of an apartment complex. They do things like schedule trash pick up, handle tenant complaints, show a rental property and perform maintenance issues. Having a bad relationship with your super can make things harder for you, but they’re not all out to make your life miserable. They have a high-stress job that requires dealing with a lot of problems. For the most part, though, they are focused on making your living experience as pleasant as possible.

You can live near great schools or live in an affordable neighborhood. Not both

Living near a highly ranked school is a “must” for some families with kids moving to the city. There are private schools and specialty schools like Riverdale School that has a yearly estimated tuition of $33K, and that works for some families. For families who want a solid, free, educational opportunity for their children, however, there are options in affordable areas. Morris Park in The Bronx and Bay Ridge in Brooklyn offer great schools and affordable living for families with school-age kids.

New York is for everyone, regardless of what the haters say. If it’s your dream to live, work and play in NYC, you can make it happen. Whether you buy your first home here or find a cute place with roommates while you work to save money, nothing should stop you from experiencing NYC if its something you want to do. The New York real estate market is always growing and changing, and with a little persistence and willingness to compromise, you can make your dream of being a NYC local a reality.

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5 Iconic Movie Locations Filmed in New York

Los Angeles may be the home of Hollywood, but New York is the setting for some of the most iconic films of all time. From SOHO lofts to Manhattan high rises, the condos, apartments, and co-ops used as the backdrop of these films offer dramatic flair in a city known for its architecture. Here are some of the coolest homes filmed on location in NYC. Check to see if any of your favorites made the list.

 

 

Ghost (1990) – SOHO

Arguably one of the most romantic movies of all time, Ghost was a sleeper hit that made Demi Moore the highest paid actress of the 1990s. Playing the part of Molly, she shared her spacious SOHO condominium with Sam, played by Patrick Swayze. Located in the heart of SOHO at 102 Prince Street, the third-floor apartment recently sold for nearly $10 million.

Big (1988) – Manhattan

Tom Hanks played Josh, a boy who grows up overnight in the 1980s comedy, Big. After landing a job at a toy company, Josh moves into a corner unit loft-style apartment at 83 Grand Street in Manhattan. Josh and childhood friend, Billy, toss water balloons from the building’s fire escape and Hanks skateboards his way through the apartment in several funny scenes. While we can’t endorse skateboarding indoors, or throwing anything at commuters, you can check out several film locations throughout Manhattan.

Three Days of the Condor (1975) – Brooklyn Heights

Robert Redford hides out in Faye Dunaway’s Brooklyn apartment in the suspense thriller, Three Days of the Condor. Filmed at 9 Cranberry Street, a sleepy, tree-lined street in Brooklyn Heights, the scene culminates in a tense shootout between Redford and an assassin posing as a mailman. While the majority of the filming took place in Manhattan, Redford and Dunaway’s chemistry together make this Brooklyn location iconic and memorable.

The Wolf of Wall Street (2013) – Sutton Place

Sutton Place must have something about it that the bad boys of Wall Street like. Just blocks from Gordon Gekko’s fictitious apartment, Leonardo DiCaprio called the Milan Condominium home at 300 East 55th Street in The Wolf of Wall Street. The dark yet hysterical scene culminates with DiCaprio’s character and friends, hanging his butler from the penthouse balcony after interrogating him over stolen money. The 3-bedroom condominium was recently on the market for $6.5 million.

Ghostbusters (1984) – Upper West Side

As a co-op on Central Park in Manhattan at 55 Central Park West, only the exterior was used during filming for the hit movie, Ghostbusters. Home to Sigourney Weaver’s character and the epic finale with the Stay Puft Marshmallow Man, the 1930s art deco building is now referred to as “Spook Central.” While the Hook & Ladder Firehouse in Tribeca is more recognizable, Ghostbusters fans will delight in the charm of this Upper West Side building.

There are countless iconic locations to see in New York. But if you’re a movie buff, these are some of our favorite places to get a closer look at NYC’s prime real estate.

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Subway Closures Affecting Housing Prices in NY Neighborhoods

Since the first New York Subway stations opened in Manhattan in 1904, New Yorkers have come to rely on the 469 stations as a main source of transportation across the city. With over 1.7 billion riders each year, the subway is a vital transit system that most New Yorkers can’t live without. So what happens when the MTA shuts down service in your neighborhood for an extended period of time? In some neighborhoods, extended closures due to repairs can have a negative effect on housing prices despite expected increases.

 



 

Why Do Subways Close?

Repairs to the New York subway are a never-ending project. Many times, repairs can be done while service still runs and most closures are for short periods of time. Sometimes, however, subway closures can last weeks, months and in some instances, over a year. It seems even aesthetic upgrades can cause closures like two Astoria stops slated to be offline for eight months as part of a 30-station revitalization effort to beautify the stops and add amenities such as wifi. Projects such as Andrew Cuomo’s Enhanced Station Initiative may cause delays but ultimately can upgrade and fix neglected stations throughout the city.

What Happens to Residents When a Subway Station Closes?

Ultimately, when significant upgrades are needed to subways, the fastest way to complete the project is to close them. But subway closures can cause major hassles and delays for residents near stations in need of repairs. While the city offers alternative suggestions and increases the availability of other forms of transportation such as bus schedules, residents ultimately suffer from extended closures. Affected residents must use alternative means of transportation such as Uber or taxis, or they may even resort to riding bikes. Businesses also suffer from local subway closures and typically see a downturn in sales as a result.

Falling Home Prices From Extended Subway Closures

Worst case scenarios, such as the 15-month closures in the Brooklyn neighborhood of Williamsburg, can also cause significant downturns in housing prices. The L train into Manhattan will close in 2019 for 15 months. This has already caused rent and home prices to fall in north Brooklyn as the neighborhood readies itself to be cut off from Manhattan. While Zillow is expecting a 4.1% rise in home prices for the majority of Brooklyn, Williamsburg is only expected to climb 0.6% in 2018 — and that’s after a 2.2% drop last year.

The expected long-term closures are having an immediate effect on residential home prices. For many prospective home buyers, the idea of being isolated from much of New York is a deal breaker as commuters look to more transit-friendly neighborhoods to call home. But for those that mainly stay in Brooklyn or investors looking for a deal, the 15-month subway closure can mean getting more house for your money as long as you can weather the storm. With home prices rising every year, it’s hard to argue that Williamsburg home prices won’t rebound once service resumes. For those that can wait you may have found one of the best bargains in New York City.

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Rent Hikes in New York Neighborhoods Slowing to a Crawl

New Yorkers have come to see rent hikes as reliable as death and taxes, but with a glut of new properties and a market possibly near its peak, rent increases have slowed in recent months throughout the City. While there are exceptions in neighborhoods like Queens, which saw higher spikes, Manhattan and Brooklyn have seen negligible increases in median rent prices, which have made them nearly statistically flat.

 

 

New Construction and Slowing Demand

While a spike in demand for Brooklyn and Manhattan apartments caused some increases this summer, rent hikes have all but ground to a halt. A larger portion of those leases came with concessions like a free month’s rent, however, from landlords eager to fill vacancies. Vacancy rates throughout the city have reached 11%, causing some experts to predict further stagnation in major markets throughout the city. The New York Times dubbed 2017 the Year of the Renter and the Wall Street Journal has predicted that vacancies will soar with the city. While the city’s population continues to increase, job growth has been slow and it seems new construction is beginning to outpace demand as new units come online daily. It’s a simple matter of supply versus demand.

Landlords Using Concessions to Attract Tenants

In Brooklyn, concessions from landlords led to an average of 1.4 months in free rent to new tenants. While some reports show a cooling of concession use by landlords, those who are eager to lease apartments are offering significant perks. Other incentives often range from gift cards to brand new appliances.

And it’s not just new leases. Resident pushback during lease resigning has caused landlords to offer concessions to keep current tenants. As of now, nearly a quarter of all apartments that are rented include some type of concession to entice potential renters. In September, 37% of new Manhattan leases included incentives.

Rental Markets Have Peaked

Many real estate experts are beginning to believe that prices in New York neighborhoods have begun to peak. For many reasons, residents are pushing back on rent increases in their neighborhoods. Affordability seems to be the main reason with tenants either unable or unwilling to paSet featured imagey more for apartments. While concessions have been used as a band-aid to slow market stagnation, it seems apartment hunters are beginning to get the upper hand in negotiating lower prices. With growth is hitting new lows, landlords seem to have no choice but to be open to negotiation.

Predicting the Market

Conflicting reports have some real estate experts predicting the opposite effect. Despite current trends, some remain bullish for 2018, hoping for an increase in the future. While no one really knows what will happen next year, it seems like it’s going to be a rocky road for landlords and owners who want to maximize profits no matter what the market looks like. While significant decreases in rent throughout New York are highly unlikely, new and current residents can hope for some relief in neighborhoods where new construction has no visible end in sight.

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Examining the Top Real Estate Developers in New York City

You may feel a brand new development is a right choice for you. After all, nobody has lived in your apartment, and everything is brand new. This should give you peace of mind, and you may feel this alleviates all your worries.

You should not enter this decision to purchase or rent in a newly constructed building lightly, however. There are many developers that do not have a great reputation, and your purchase could quickly escalate into a nightmare. We give a breakdown on those that have a large presence in the city.

 

Related Companies

Founded in 1972, Related Companies has developed properties in a number of locations besides New York City, including Boston, Chicago, California, Washington D.C., South Florida, and internationally in Abu Dhabi and Shanghai. Recently, it is developing Hudson Yards with the Ontario Municipal Employees Retirement System’s real estate investment arm. This is a 26-acre area that was formerly the West Side Yards.

Below is a list of NYC residential properties (there is Hunters Point South, an affordable property in its portfolio).

Luxury rentals:

1214 Fifth Avenue, 456 Washington Street, 89 Murray Street, MiMA (450 West 42nd Street), One Carnegie Hill, One Hudson Yards, One Union Square South, Riverwalk Crossing, Riverwalk Point, The Caledonia, The Easton, The Lyric, The Sierra, The Strathmore, The Tate, The Ventura, The Westminster, The Westport, Tribeca Green, Tribeca Park, Tribeca Tower.

Luxury Condos:

225 Rector Place, 35 Hudson Yards, 520 West 28th, Astor Place, Bertelsmann/Random House Headquarters (mixed use), Carnegie Park, One Carnegie Hill, One Central Park, Residences at Mandarin Oriental, Riverwalk Court, Superior Ink, The Brompton, The Caledonia, The Chatham, The Harrison, The Park Imperial, The Veneto and the most recent 70 Vestry. On the back of the success of 70 Vestry Related is working on 511 West 18th Street and 500 West 19th Street in Chelsea with a projected completion date of December 2020.

 

70 Vestry

 

Extell Development

Extell Development, established in 1989, primarily focuses its developmental efforts in New York City. It has amassed more than 25 million square feet across residential, commercial, hospitality, and mixed-use properties. This includes developments in Long Branch, New Jersey, Park City, Utah, and Vail Colorado).

NYC Residential properties: You can check the website for availability.

1010 Park Avenue (estimated to be completed in 2018), 212 East 47th Street, 31 West 11th Street, 330 East 72nd Street, 500 East 14th Street, 535 West End Avenue, 555Ten (luxury rentals), 70 Charlton (new development), 995 Fifth Avenue, Altair 18/20, Ariel East, Ariel West, Brooklyn Point, Central Park Tower, One Manhattan Square (estimated to be completed in 2018), One Riverside Park (completed in 2015), One57 (completed in 2015), The Aldyn, The Ashley, The Avery, The Belnord, The Carlton House (completed in 2015), The Kent (estimated completion in 2018), The Lucida, The Orion, The Rushmore.

 

Zeckendorf

The firm rise to fame came when it sold the United Nations its 17-acre site on the East Side. The patriarch, William Zeckendorf, was also responsible for helping shape the city’s landscape and at one time owned marquee properties such as the Chrysler Building and Hotel Astor.

Arthur Zeckendorf and his brother William Lie Zeckendorf, through Zeckendorf Development, LLC have developed over $4 billion worth of properties. The most recent is 520 Park Avenue that will have full floor apartments and will be the tallest building on the Upper East Side. Completed buildings include 15 Central Park West, 18 Gramercy Park, and 50 United Nations Plaza.

Arthur Zeckendorf is also co-chairman of Terra Holdings, the parent company of Brown Harris Stevens and Halstead Property. He helped develop and market the Columbia Condominium, The Park Belvedere Condominium, The Vanderbilt Condominium, Zeckendorf Towers (mainly sales and marketing), Central Park Place, World Wide Plaza, and The Gotham Condominium.

 

15 Central Park West

 

JDS Development

JDS Development undertakes all phases of real estate development, including performing the construction on its luxury projects, which encompass residential, hospitality, and mixed-use. The company has over nine million square feet in various stages in New York (including the outer boroughs) and South Florida, with the Walker Tower and Stella Tower, two former Verizon buildings, as notable properties, along with 626 First Avenue and 111 West 57th Street.

NYC Residential properties:

Walker Tower, Stella Tower, 111 West 57th Street, The Fitzroy, The Baltic, Brooklyn Dime Savings Bank/9 DeKalb, Cherry Street, Saltmeadow, 202 8th Street, 50 North 1st Street.

 

Broad Street Development 

Broad Street Development focuses on developing New York City commercial real estate although it does own some residential buildings. A relative newcomer, the company, was launched with the acquisition of 61 Broadway.

Its holdings are in Manhattan, and its residents include 298 Mulberry (mixed-use built in 1986 and purchased in 2014), 215 Sullivan (luxury condo development), 184 Thompson (converted from mixed-use residential and retail to condos in 2006) Maison East (31 story residential building), 210 and 220 East 22nd Street (adjacent residential rental apartments consisting of 208 units). Broad Street is now gearing up to officially launch the beautiful and exciting 40 Bleecker Street in Noho.

 

40 Bleecker Street

 

Chetrit Group

A New York-based real estate development company, the firm’s initial focus was the city’s outer boroughs in the 1980s and 1990s. The initial company was led by Joseph Chetrit, with his three brothers, Meyer, Jacob, and Juda, heavily involved. In 2011, the real estate business was split between brothers Joseph and Meyer operating the Chetrit Group and Jacob and Juda running the Chetrit Organization.

The Chetrit Group owns major properties such as 500 7th Avenue and 512 7th Avenue, and Park West Village. Chetrit owns an interest in the famed Willis Tower (formerly the Sears Tower) in Chicago and ownership in Manhattan office buildings. Turning to residential properties, a major undertaking was the purchase of Sony Building, 550 Madison Avenue, but the company sold it rather than converting it to a hotel and high-end condos.

The company does not appear to have a website, making information difficult to obtain. However, management is known to be astute operators, taking advantage of market conditions.

 

HFZ Capital

HFZ Capital Group is involved in several facets of the real estate business, including developing luxury residential condos in Manhattan. Its property under management and development totals 6 million square feet and about 2,500 units. HFZ is known for restoring historical buildings.

Its properties are mixed-use residential condos at 505 West 19th Street, One Madison Avenue, Halcyon at 305 East 51st Street, The Marquand, 11 Beach Street, 215 Chrystie Street, the Chatsworth, The Bryant, the Astor, the Metro, and 88 and 90 Lexington Avenue. HFZ is also renovating 301 West 53rd Street, formerly known as The Metro, which will have 250 luxury apartments on 25 floors.

Rentals are at The Belnord, The Tempo, The Gerard, and Herald Towers.

 

Ian Schrager

Ian Schrager Company was founded in 2005 after the namesake left Morgans Hotel, another company he started. While Ian Schrager has developed and managed hotels, the company also owns, develops and manages residential and mixed-use properties.

These include 40 Bond Street, 50 Gramercy Park North, with two luxury properties, 215 Chrystie (11 condo units) and 160 Leroy (57 apartments), under development.

 

160 Leroy Street

 

Leviev Boymelgreen

Lev Leviev and Shaya Boymelgreen ended their partnership about a decade ago. Leviev gained control of 23 Wall Street and 88 Leonard Street, as well as the commercial portion of 15 Broad Street, Gowanus Village, and W Squared. Shaya Boymelgreen received control over Atlantic Court, 10 Chelsea, Beachfront Community, and the commercial interest in 84 Front Street and 85 Adams Street.

There have been some legal issues, with Shaya Boymelgreen entering into a 2016 agreement with New York Attorney General that requires his company to fix construction issues and building violations at the six buildings developed in the city.

These properties include condo buildings at 20 Pine Street, 85 Adams Street in Brooklyn, and 15 Broad Street. There were other issues predating this settlement.

 

Macklowe Properties

Macklowe Properties, founded about 50 years ago, is a venerable New York City real estate company. An integrated company, it has developed over 13 million square feet of commercial and residential real estate.

Its current projects are 432 Park Avenue (tallest residential building in the Western Hemisphere), One Wall Street, and 200 East 59th Street. In the past, it has developed ThreeTen East 53rd Street. Commercial development includes noteworthy properties such as the Apple Store and the General Motors Building.

 

432 Park Avenue

 

Milstein Properties

Milstein Properties has developed or acquired more than 50,000 apartments over its 80-year history, seeking to provide luxury New York City living. Its holding is primarily in Manhattan, although it does own rental property in Bronx’s Riverdale section. Its rental portfolio includes Liberty Luxe and Liberty Green, in Battery Park City, 30 Lincoln Plaza, Bristol Plaza, Claridge House, Courtney House, The Highgate, Liberty View, and Stone Hedge on the Palisades.

 

Vornado Realty Trust

Vornado Realty Trust is a publicly-traded real estate investment trust (REIT), with its portfolio concentrated in New York City. Its city residential holdings encompass 2,008 units in 12 properties. Vornado is also constructing 220 Central Park South, a luxury condominium tower containing 400,000 salable square feet, expected to be delivered next year and 37-57 Lispenard Street.

Its rental units are The Lucida (151 East 85th Street), 677-679 Madison Avenue, 50/70 West 93rd Street, 478-486 Broadway, and Independence Plaza (40 Harrison Street). In Queens, it owns The Alexander at Rego Park (61-35 Junction Boulevard), a 312 unit luxury building above Rego Center.

 

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4 Signs It’s Time To Say Bye-Bye To Your Buyer’s Agent

Buying a home can seem like a daunting process; from researching neighborhoods and communities to drawing up contracts, to negotiations and financing. Many buyers choose to hire a real estate agent to help them through the process. Deciding on whom to trust with your money and your future home is no small task. It can feel overwhelming trying to find the right realtor for you. In some cases, you’ll hit the jackpot and find an agent who is friendly, knowledgeable, competent and professional. And sometimes you won’t. If your real estate agent isn’t cutting it, it’s time to cut them loose. It’s important to remember that real estate agents are people too, and they’re bound to have an off day or make a mistake. But if you notice any of these red flags, it might be time to find someone else to represent you.

 

 

Poor Communication Skills

Being a real estate agent is the perfect job for a “people-person.” It involves excellent listening skills and the ability to communicate effectively. Real estate is a quick moving business. Things are changing all the time. Your agent should respond to calls or emails promptly (within 12-24 hours.) Buying a home is a process that involves a lot of time and money, and if you and your agent can’t communicate efficiently, it could end up costing you more of both. These days, most agents have instant access to their emails and messages on their phones. It’s not unrealistic to expect some response to your question within 1-2 hours

A good way to avoid this problem is stating your expectations up front. Find out your agent’s preferred method of communication and make yours known as well. Specifically lay out what your communication expectations are. It’s time to give your agent the boot if poor communication becomes a habit.

They’re Not Giving You What You Want

Maybe you’ve explicitly told your agent you need a pet-friendly apartment and they keep showing you residences that aren’t. Perhaps you’ve made it clear that your growing family needs five bedrooms and everything he/she has been showing you has three. Real estate agents know that buying a home means compromise. They know that sometimes your dream home doesn’t have all of the things you think it needs. But there are also deal breakers in every circumstance. An agent who is oblivious to or ignoring your requirements may not be a good match. Make sure your requirements for a home are realistic. Real estate agents’ aren’t miracle workers. In a situation where your agent still can’t present you with acceptable options, it could be another sign that your agent isn’t a good fit.

They Don’t Know The Market

The whole reason you hired an agent is that you want to work with someone who knows more about the market than you do. If your questions seem to overwhelm them, or they’re always giving you wrong information, they may not be of much help. These questions should be easy for an agent to answer:

How long have you been a buyer’s agent for?
Do you practice buyer’s agency full time or part time?
How many homes have you bought or sold in this area?
What it your strategy to meet my needs?
If I choose to work with your lender, how would you two work together?
How many clients are you representing right now?
What certification or secondary education have you completed?
What can you tell me about this neighborhood?

 

And not, they may not have the expertise or experience needed to find the deal you’re looking for.

You Just Don’t Get Along

Sometimes you just won’t click with the agent you’ve chosen to represent you. Whether you have conflicting communication styles or you just can’ t ever seem to agree. Butting heads is a major reason why buyers say ‘bye bye” to their agent. Maybe your agent is too laid back, or you feel that he/she is easily distracted. Maybe he/she lacks a character trait that is important to you. You’re putting a lot of time and money into this person to help you find a home. It’s too much time and money to work with someone you can’t stand. If it doesn’t feel like a good match, it’s okay to cut ties and find someone else who you think fits your personality better.

How To Say Goodbye

It’s important to remember though, that firing your agent involves detailed steps. You can’t just tell them to get lost and find someone you like better. Firing an agent is not like firing an employee. Once you’ve already signed a contract, breaking up with your agent can be quite a task. Some contracts include termination fees that you’ll be responsible for paying if you end the contract.

If you can’t legally get out of it, you’ll have to find a way to part ways with your agent on amicable terms. Otherwise, you’ll have to stick with your realtor and try not to rack up any more costs associated with the listing.

When you are getting close to the end of your contract, you could let the contract expire at which point you’d be free to hire someone else. Additionally, some buyer’s agents do not bind you to a contract, in such a case you are free to walk away at any time.

The Take-Away

Your realtor should make your home buying experience as stress-free as possible. They should make you feel informed about each step of the way. They should make you feel confident in their ability to find you the house you’re looking for. You’re the buyer, you’re the customer, and you’re in charge. If your agent is consistently making any of these warning signs a habit, it may be time to part ways.

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Can You Combine Two Apartments in NYC?

Ask any New Yorker and they’ll tell you that New York is the greatest city in the world. Prod a little more, though, and you’ll likely hit on a litany of complaints, the biggest one usually being space. By any standard, New York apartments are small. If you’re having trouble finding a larger space and refuse to become part of the “bridge and tunnel” crowd, you’re left with few options. Luckily, New York allows you to combine apartments without a lot of red tape.

 

 

Laws for Combining Apartments in New York City

In 1968, the New York Charter was changed to make combining apartments in New York much simpler and with a lot less hassle. A Certificate of Compliance or Occupancy is no longer required as long as the total number of families in the dwelling decreases and the bulk of the building does not increase.

Additional requirements must be met, but none are too restrictive for most situations. Combining apartments is allowed if:

They are on the same floor or on adjacent floors with interior access stairs
They occupy no more than two stories and have an equal or less number of rooms
Natural light and air requirements are met
Egresses are not altered
The second kitchen is removed and all plumbing is capped

A few approval forms are necessary, such as a Plan/Work Approval Application (PW1), Cost Affidavit (P3), and a Technical Report (TP1). You’ll also need to provide a lot diagram and a few other pieces of information, and you’ll be on your way.

Combining Apartments in NYC: Is it Worth it?

There are benefits and drawbacks to any endeavor, especially one involving renovations. You’ll get more space, have more breathing room, and increase the number of bedrooms and common areas. You also get the benefits of moving without having to go anywhere. Kids can go to the same school, you’ll have the same neighbors, and you’ll still be in the same building. While you aren’t building from scratch, you’ll be able to configure the space to meet your needs. You can create a home that is truly yours.

But there are drawback and difficulties to combining New York apartments. Your co-op board is likely going to scrutinize your plans more than the city will, since moving load-bearing walls and changing water, gas, and electric lines can cause damage to the building as a whole. Costs are always going to be higher than expected as unforeseen developments occur.

Having a larger space also means additional maintenance and higher utility costs. Plus, making significant changes by combining two apartments takes time. You’ll need to know where you’ll live during construction, which can take anywhere from three months to a year, on average.

Combining two apartments in New York is a popular way to gain a larger footprint in a city where square footage is at a premium. It is expensive, averaging around 20 percent of the cost of the units themselves, but it can be worth it. Larger apartments can get a premium in a market saturated with smaller units. And in the meantime, you can enjoy your new, gigantic New York City apartment.

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Truth or Myth – Should You Use A Real Estate Buyer’s Agent?

There are a lot of myths in the real estate world, and it can be tricky to sort fact from fiction. Welcome to Truth or Myth, where we look at the most common real estate myths, legends, and adages to see if there’s anything actually there.

Today, we’re asking: are buyer agents worth it, or should you just represent yourself?

 

 

The Myth

The myth is this: you only need a real estate agent when you’re selling a home, not when you’re buying one.

The rationale is that when you’re selling, you need someone to list it on real estate databases, market the property, negotiate the best price, help with any legal and building requirements, run open houses, and do all the legwork involved in any major sale.

But when you’re buying, what would you need an agent for?

You know what you like, you’ve negotiated things like salaries and cars before, so you’re not exactly a novice in that arena, and your bank can help you work out the financials. What’s the point of a buyers agent?

That’s the rationale. But what does the evidence say?

The Evidence

Before we get too far into our evidence, let’s get a couple of terms straight.

The listing agent (or seller’s agent)

This the what most of us think of when we think of real estate agents. It’s the agent who’s listing the property and represents the seller. In some states like New York, the listing agent can serve as a dual agent, meaning they can represent both the seller AND the buyer, however, when doing so their fiduciary responsibility remains to the seller by contract.

The buying agent (or buyer’s agent)

The buyer’s agent is a real estate agent who represents the buyer. They have a responsibility to be unbiased, find the right property, get the best possible deal for you and give you any information to help educate you about the property and help you make an informed decision.

Now that we’re clear on what’s what let’s look at what’s wrong with the single agent model.

Problems with using the listing agent only

For starters, the listing agent has a fiduciary responsibility to the person selling the house. And while it’s possible for one broker/brokerage to represent both, it’s a situation that is rife with potential conflicts and pitfalls (despite measures in place to minimize that possibility).

For example, as a buyer, you might go directly to the listing agent and negotiate yourself. This means the listing agent is getting 100% of the commission and gives you an “in” to the seller, opening the door for a more constructive negotiation (in theory). What’s more, the seller might drop the price because they can reduce the commission (since the agent isn’t splitting it).

In practice though, neither of these myths play out.

A single representative means that the agent in wholly incentivized to get you to buy the house for as much as possible, regardless of any problems or lack of potential the home might have or what their expertise about market value is telling them. Even if they’re representing you as a dual agent (and can convince the sellers to drop the price), the agent gets the most value from you buying that house, regardless of whether it’s the perfect home for you or even worth buying. And even if the seller AND the agent both wanted to drop the commission, it’s often not up to them because the agent works for a company, who have no reason to lower the commission.

In contrast, a buyers agent has no vested interest in any one particular property thus gets the most value from you buying a home you’re happy with, regardless of who the listing agent is.

Why a buyers agent is a good idea

First, a seasoned buyers agent means that you have someone representing your best interests throughout the search and purchasing process. The benefits of that experience are almost innumerable. They can help you:

Find the right property for you with insider knowledge of currently listed and off-market properties
Understand existing market conditions
Estimate the fair value of a property
Know how much to offer initially
Handle negotiations
Perform the final walk-through
Submit a condo or co-op board package

 

These factors give you access to the skills you need to find the best property for you, as well as a representative who has a responsibility to get you the best possible price.

Second, buyers agents often have a dense network of real estate agents, lenders, home inspectors, contractors and legal help they can call on for you to move the process forward with confidence. These costs add up when you’re buying an apartment, and getting them scheduled and processed is hugely time-consuming. Buyers agents can do this quickly and efficiently.

Third, they don’t cost you anything. Buyers agents are paid out half of the commission of the home (usually 4-6% of the sale price).

Misconception

There’s a misconception that listing agents won’t deal with them because of this, but that’s not a reality. In New York, listing agents are regulated by Real Estate Board of New York (REBNY). This means that they are restricted by a universal co-broker agreement and that they have to submit all offers equally to the seller, regardless of whether the offer was made with a buyers agent or not. So while it seems like listing agents are incentivized by higher commissions to avoid buyers agents, there’s not a practical way for them to do so.

Finally, buyer agents’ sales often move faster because they have someone working full time to get offers in, paperwork filed, as well as financials and contingencies squared away. This is good for both you and listing agents.

Why? Because listing agents are incentivized to get the property sold quickly to reduce the number of days on the market and give them the opportunity to drum up new business. Plus, most listing agreements are only for three months, so agents would prefer a deal move quickly rather than risk losing it all together.

Listing agents are like everyone else – they like to work with professionals.

Conclusion

The myth that buyers agents don’t bring anything to the table is just that — a myth. You can think about it this way — you wouldn’t get your spouse’s attorney to negotiate your settlement, would you? It’s the same with real estate.

A buyer’s agent has a fiduciary responsibility to get you the best possible deal (and years of real estate negotiation experience). Not only that, buyer agents can help with paperwork, house inspections, offerings, and condo/co-op board packages, and those with good reputations can expedite preferred access to a property before other buyers and agents.

Their years of real estate experience and knowledge, paired with dense networks to call on give you an unparalleled advantage and can help you find the right home at the right price that’s going to be a sound investment for the long term.

So why not use a buyer’s agent? That’s the real mystery.

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NYC’s Most Historical Areas and Neighborhoods

New York is almost unrecognizable from the city it was even just a few years ago. Crime is down, the median income of New Yorkers is through the roof, and so are housing prices. Now-and-then comparisons are made about every decade and every neighborhood. Even celebrity chef Anthony Bourdain has said, “I love New York. I’m a guy for whom a New York accent is a comforting thing.” But he often laments about the disappearing character of New York and his love of bygone eras.

So what was it like back then when ad-men ruled Madison Avenue and punk owned the East Village? Let’s look back on the history of some of New York’s most iconic neighborhoods.

Greenwich Village: 1950s and 1960s

 

 

Home to beat poets, jazz musicians, and folk singers, Greenwich Village was the picture of all that was cool and hip. If you were an artist in New York, you moved to Greenwich Village. Neighbors would have included Allen Ginsberg and William Burroughs. You could have caught Bob Dylan singing at Gerde’s Folk City before having a drink next to Jack Kerouac at the San Remo Cafe. Kerouac famously said that the patrons there were “hip without being slick”—just like Greenwich Village was for two decades.

East Village: 1970s

 

The Ramones outside of CBGB, photo via CBGB

 

On August 16th, 1974, the Ramones played their first live show at CBGB in the East Village, and punk rock was born. Throughout the 70s, any band that mattered either came out of or went through the East Village. If it wasn’t disco, it was here. The Talking Heads, Blondie, Patti Smith, Television, and Anthony Bourdain’s favorite, the Dead Boys all called CBGB home. Tish & Snookie, head shop owners, and singers in Blondie’s original lineup created Manic Panic, the famous rainbow-colored hair dye. With its sometimes tragic rage and passion, the East Village was a mecca for those who didn’t fit in with mainstream society and so created a culture that still thrives today.

Times Square: 1980s

 

Photo Radiohead / Wired New York

 

Times Square in the 1980s was a contrast of competing for entertainment on opposite sides of the spectrum. It was home to seedy, less than reputable entertainment establishments. It was also the home of some of New York’s most prolific works of theater. Les Miserables, Phantom of the Opera, and Cats all premiered on Broadway in the 1980s. It was a beautiful time in an oddly beautiful place that seems magical even with, and maybe because of, the grit and the dichotomy.

New York City certainly has evolved throughout the last century. Trolleys and streetcars gave way to the subway and Uber. The city flourished during the post World War II boom, then went bust in the 70s and 80s only to be revived again. Now, crime is down and quality of life is up. While New York gave up something of itself, it has gained so much more. Despite all the changes and the growth, and perhaps because of it, New York is still the greatest city on Earth.

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