Gea Elika's Blog, page 146

5 Ways to Beat the Heat without Extreme Utility Bills

It can get hot in the city during the summer. Follow these 5 easy tips to save yourself some grief with the utility bills.

Though a New York summer typically makes a gentle entrance, it can unleash its fury in July and August. How do you keep your utility bills reasonable when the weather gets extreme? After all, New York has recently become the third highest city on Bankrate’s top 10 most expensive utility bills list.

 

Image by TheRem /Flickr

 

Use Fans

Instead of cranking up the air conditioner, turn on a fan when you’re in the room. The “chill effect” from fans can make your home feel 6-7 degrees cooler. You can also install Energy Star ceiling fans for extra money-saving power.

When you use fans as cooling support, you can program your home’s temperature to be a few degrees higher than what you’d normally set. For example, if you set your thermostat to 78, you can save up to 18 percent in utilities compared to running the air conditioner at 72 degrees.

Use a Programmable Thermostat

Traditional thermostats are static and inflexible. Smart thermostats are not only greener but also cost-effective. They cool your home more efficiently when you’re around and then switch to a higher temperature when you’re out of the house.

According to Thermostat Center, 50 percent of your utility costs are attributed to heating or cooling your home. When you switch to a programmable thermostat, you can save between 15 to 20 percent on your temperature control costs. So stop forgetting to set the thermostat to 80 every time you leave the house this summer. Get a programmable thermostat that’ll take care of the details without fail.

What’s more, programmable thermostats take the guesswork out of switching from heating to cooling in transitional seasons, too.

Block the Sun

When you go out for the day, keep the sun out to make it cooler. Bankrate affirms that room darkening shades can knock down heat accumulation by 45 percent.

Solar screens, which function as both a sun shield and bug screen, are even better. The screens can deflect 70 percent of the sun’s rays before they even enter your house.

If you don’t have the time or means to put up solar screens, consider installing window films. These transparent yet metallic sheets function similarly to solar screens and help keep the heat out. The only drawback is that your windows must be fully shut for them to work properly.

Limit Stove Use

Using the oven during the heat of summer can make your home sweltering! Instead, try quick skillet recipes and crock pot cooking. Cooking at night can also keep the temperatures from climbing indoors. Baking during the day is another way to make your home uncomfortably hot, so try to limit the brownies and cupcakes to cooler seasons.

Stay on Top of Maintenance

If you’re renting, most general air conditioner maintenance is out of your hands. Homeowners, however, should schedule seasonal cooling system checkups to make sure everything’s running smoothly. A properly functioning system will use less energy to cool your home.

Both homeowners and renters can also change air conditioner filters regularly to make the system run the most efficiently. In fact, a monthly filter change results in using 5 to 15 percent less energy.

Every small change you make will result in a lower utility bill and a smaller carbon footprint. Try using these tips to make your home in NYC comfortable this summer without breaking the bank.

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New York City Real Estate Capital Gains Taxes

The run-up in New York City real estate prices over the last several years, particularly for Manhattan and certain Brooklyn neighborhoods has an unfortunate consequence. When you are ready to sell, you should be prepared that the government expects its share in the form of capital gains.

We have covered capital gains taxes for real estate investors and ways to use deprecation and 1031 exchanges in tax planning, but these are not available to individuals. Whether you are planning on purchasing or selling a home, it is important to learn about capital gains, and how you can mitigate your liability.

 

Image by Chris Potter / Flickr

 

What is a capital gain?

Houses are considered a capital asset, even residences that you live in. The IRS defines capital gains and losses as the difference between the “adjusted basis” and the sales price you received for the capital asset.

The adjusted basis is the cost the asset, plus any expenditures for improvements that are expected to have a useful life of more than a year. If you gutted the bathroom and put in new kitchen cabinets, these would get added to your initial cost to purchase the apartment and lower your capital gains tax down the road. Routine maintenance, such as painting, do not get added to your cost

Of course, it is a good idea to keep receipts for these major projects in case the IRS asks for proof.

Turning to the selling price, you should deduct expenses. These include the real estate commission and legal fees, to determine the amount realized.

Short-term versus long-term

It is important to know whether your gain/loss is long-term or short-term. Holding your apartment for more than a year, which is the case for most people, qualifies the capital gain/loss as long-term.

Long-term capital gains are taxed at more favorable rates than those held for the short-term. While short-term tax rates are the same as ordinary income tax rates, which top out at 39.6%, long-term capital gains range from 0% to a top rate of 20%.

If you are in the 10% or 15% tax bracket (2016 incomes up to $75,900 for those married filing jointly), your long-term capital gains tax rate is 0%. If your income is taxed in the 25%, 28%, 33%, and 35% brackets (incomes from $75,901 to $470,700), your gain is taxed at a 15% rate. The top tax rate, 20% is for those in the 39.6% income tax bracket (joint filers with income of $470,701 and above).

A one-time break

The government has provided a generous provision for homeowners that allows you to exclude a large portion, up to $500,000 if filing jointly ($250,000 for others) of a capital gain. You have to meet the ownership and use requirements, but these are not restricted to single family owners, and apply to co-op and condo owners.

If you owned the home and lived in it for at least two of the past five years before the sale, you qualify for this nice break.

Another way to minimize the gain

The IRS lets you deduct capital losses from your capital gains. If you determine to sell other investments and realize the loss, you can offset the gain in your home. Since the IRS only allows a maximum capital loss of $3,000 in one year, you may have losses in prior years that you can roll forward. For instance, if you had a $10,000 loss from the sale of stocks, you can claim a $3,000 for the first three years and $1,000 for the fourth year. For simplicity sake, if you sell your home the same year as the loss was incurred, and have a $20,000 gain (after the $500,000 exclusion), you can use the $10,000 loss, and only pay a capital gains tax on $10,000.

Withholding for foreigners

When a foreigner sells U.S. real estate, he/she is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). This means you are required to have 15% of the amount realized (sum of cash paid, FMV of other property transferred and any liability being assumed).

LLCs

We have explained capital gains for individuals. If you are an investor and formed an LLC, you still benefit from the lower capital gain tax rates. However, the situation is more complicated. For instance, you can deduct depreciation annually, which is only allowed for investment properties. This deferred your taxes, but when you sell it, the depreciation is “recaptured,” and you pay a 25% rate on the amount you claimed for depreciation throughout the years. A 1031 exchange allows you to postpone capital gains taxes, although there are conditions, such as using the proceeds to invest in a similar property (although you have wide latitude)

Concluding thoughts

We have seen that the government seeks to encourage real estate ownership with favorable tax treatment. Proposals being bandied about the Trump administration would lower the rates further, although completion is a long way off, and the outcome is far from certain.

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Learning about Monthly Common Charges and Maintenance Fees

Living in New York City is unique. One of the features is the plethora of apartments for sale, particularly in Manhattan, most of which are co-ops, although there are condos. Living in a co-op or condo involves extra fees, which are called maintenance for the former and common charges in the case of the latter.

It is important to understand how these are set and what it covers in order to make an informed purchase decision.

 

Image by Inhabitat / Flickr

 

The calculation

In a condo, the board sets the common charges based on a percentage of common interest. The Board has latitude, but generally, it is based on the square footage of your unit, although more desirable locations can also raise the percentage. For instance, a penthouse apartment is likely to have higher common charges than a similar apartment on a lower floor. This percentage is multiplied by the total operating cost of the building, which can vary wildly based on amenities. The more upscale, the higher the common charges, but more services are included.

For a co-op, the maintenance charge is set by the board of directors based on the number of shares you own. A co-op is a corporation, with a set number of shares, with each unit allocated a certain amount. Similar to a condo, the charge is based on the size of the unit and other factors such as location. Aside from operating costs, the maintenance fee also includes property taxes.

What you get for the money

It is important to understand what the fee covers since the services covered varies wildly. Both maintenance and common charges include the building’s real estate taxes, mortgage, insurance, and any operating costs for the building. Operating costs may include upkeep of for common areas such as the lobby, trash pick-up, snow removal, and salaries for the cleaning crew. Utilities may also be included.

Beyond that, fees can climb rapidly, particularly for more upscale buildings. A 24-hour concierge, pool, high-end appliances, a gym – these are nice things to have but will cost you. Only you can determine if these items are worth it, but knowing what’s included allows you to make a fair comparison and assessment.

Remember, for a condo, you own the airspace between the walls, and are responsible for the unit’s upkeep. If the plumbing needs to be repaired, be prepared to pay for this out of your pocket. However, in a co-op, you own individual shares, not the unit. Therefore, maintenance fees include the cost of potential repairs such as plumbing and electrical.

Will this increase?

Undoubtedly, maintenance and common fees will increase over time due to inflation. The cost for items such as salaries and repairs naturally go up as time passes. However, it is important to understand the reserve fund. This is a building’s rainy day fund. Beyond creating annual operating budgets, the board should have a capital budget to understand the cost of replacing big-ticket items over time. These include replacing the roof and the lobby flooring. There are some rules of thumb, such as having three to six months of maintenance/common charges, but you should check a building’s reputation for being well-managed. Ideally, a portion of your monthly fee goes towards the reserve fund.

If the reserve fund is inadequate, you may be charged a special assessment. This can occur if a major repair needs to be done. Unfortunately, this creates an expensive surprise. Assessments are typically paid off over time by adding the amount to your monthly maintenance/common fee.

Reviewing a building’s financial statements can uncover details to determine its financial health and help you determine if the reserve fund is adequate or whether your fees are going to go up substantially in the future (or face a special assessment). You can also check the history to see how fast the monthly fee has gone up.

New York City buyers are astute and will pick up on higher fees due to a building’s financials not being in great shape. This will lead to a longer sales process and lower price when you are ready to sell compared to similar unit in a well-run building.

Final thoughts

Maintenance and common fees are non-negotiable. It is not a source of profitability for your building, however. It is merely the cost to run the building. These can be offset by income generating operations, such as rent for commercial space, parking fees, and coin-operated laundries.

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How to Get Involved in Your Community

There is a lot of value to investing in your community as well as many ways to do it. You might invest your money in different ways, your time by doing volunteer work, spending your energy working together with other community members and local organizations as well as working for, with and also against local government to get things done or to stop them.

Following are some of our suggestions to get you started thinking about the type of investment(s) you might want to make in your community.

One of the simplest ways to get involved in your community is through your neighborhood block association. Check with your community board to find out how to contact your local block association, if one already exists. If there is no block association in your neighborhood and you are inclined to

start one, the Citizens Committee for New York City, a one-stop resource intended to “bring neighbors together to work on issues that matter to [them]” has a PDF guide about the steps to take to do so. Additionally, through a community map on the organization’s website, you can find out what issues your community is already working on.

 

USDAgov/Flickr

 

One popular NYC program, Love Your Block, a special partnership between NYC Service and Citizens Committee for New York City, provides the opportunity for NYC residents to beautify their neighborhoods while potentially receiving a $1000 grant to assist with transforming one city block.

596 Acres is a community land access advocacy organization that “champions resident stewardship of land to build more just and equitable cities.” The Acres supports residents who maintain vacant parcels of city-owned land as community gardens, or want to begin that process. The organization has built some online advocacy tools: Living Lots, Urban Reviewer, and NYCommons, to encourage and assist residents in doing their work in their communities.

Business Improvement Districts, or BIDs, are also a great way to find out what is happening in your neighborhood and become involved in your local community. The NYC BID Association has a directory of local BIDS in NYC. Many BIDs host neighborhood events that are open to the public. Check in to locate your neighborhood BID and find out what’s going on in your part of the urban jungle.

If you are a highly skilled person with specialized knowledge and experience, you might consider becoming involved with The New York City Economic Development Corp. NYCEDC is an organization helping to build strong neighborhoods and create jobs. The organization is comprised of teams of “skilled individuals with know-how and expertise across many fields including community/neighborhood development, workforce development, real estate, industry and sector analysis, design, urban planning, marketing, engineering, financial analysis, and more” who are committed to contributing to NYC’s growth. Throwing your professional weight behind your neighborhood is a good way to start investing in your community.

Buy local. No, it’s not a gimmicky slogan, but rather a choice to invest your spending dollars in your community. As often as possible frequent local independent businesses, get to know the owners, employees and other representatives of the local business scene. You will be helping to boost the local economy, which is also in your interest as a community member. Made in NYC has a database to help find locally made products in various sectors.

Volunteering is an awesome way to invest in your community. With opportunities ranging from tutoring local high school students and mentoring start-ups to coaching a local basketball team and teaching resident’s financial literacy, you can choose to serve your community in very meaningful ways. Find out where the greatest need is, or other opportunities that meet your interests through NYC Service, a city agency promoting volunteerism and engaging New Yorkers in service of the city and its residents.

The New York City Board of Elections is always looking for Poll Workers for local and national elections. And, the job pays! You’ll need to fill out an application, and, if chosen, attend a paid training and pass a test to become a certified poll worker.

Let us know if you’ve had a great experience with other community opportunities.

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Crunching Credit Data for Real Estate Profits

Touring a neighborhood and building is essential to your due diligence as a buyer. However, you can go even further to provide yourself with a competitive edge in the New York City real estate market. Although you also enjoy the benefit of living in your apartment, this is likely to be your biggest investment.

LendEDU put out a study, using data from Experian, dissecting New York City neighborhoods by six financial metrics. The neighborhoods were ranked using these scores.

We give a breakdown and interpretation, attempting to see what the financial implications are going forward.

 

Image by LendEDU

 

Credit scores

The study uses VantageScore 3.0, which has credit scores ranging from 300 to 850. A score above 750 is considered “excellent,” similar to the FICO score. There were no neighborhoods that had an average score in that range, but many are in the 700-749 area, which is considered “good.”

Interesting, Queens and Manhattan dominate the top 25. Familiar areas, such as Yorkville (which now has a train servicing the area), Upper East Side, Upper West Side, Battery Park, and Chelsea, are on the list. If you are interested in Queens, the close-knit Breezy Point community topped the list, followed by Douglaston and Clearview, both of which have a more suburban feel.

On the flip side, the bottom 25 has many neighborhoods in the Bronx, with Hunt’s Pont at the bottom with an average score of 611. A score in the 550-649 range is considered “poor,” which is the second lowest category. In Manhattan, Washington Heights, Harlem, and East Harlem were in the bottom with credit scores in the poor range.

What does a high credit score mean? There are many historical factors, such as your payment history and credit utilization. You can take some comfort in knowing that people in these neighborhoods have substantial credit, which makes it less likely there will be large-scale defaults.

On the flip side, an area filled with poor credit scores could mean a greater number of mortgage defaults, lowering the value of your property, even if you make your mortgage on a timely basis.

The study also ranked credit card balances, but the list is counterintuitive. While most would think a large credit card balance indicates financial stress, based on the top neighborhoods (Battery Park, Upper West Side, Tribeca, Wall Street, Tottenville), this is not the case. It appears that high levels of credit card debt are associated with an increased ability to pay.

Income 

The study ranks neighborhoods by an income score. This is a broad measure, counting wages, rent, investment income, and even alimony. The top portion of the list is dominated by Manhattan areas, such as the Upper West Side (10069 zip code), followed by Tribeca, Battery Park, Lenox Hill, and Yorkville. Bronx neighborhoods are on the bottom of the list, including 14 out of the lowest 15.

If you are moving into a co-op, the board has certain income standards, giving you greater comfort. However, if you are moving into a condo, checking the income rankings can give you greater comfort that owners have a greater ability to make their mortgage payments.

Mortgage, student loan, auto loans

Higher mortgage debt is associated with the more expensive zip codes. Manhattan dominates the list due to higher home values. This includes Battery Park, Tribeca, the Upper West Side, Upper East Side, NoHo, Yorkville, and Lenox Hill. There are many Bronx neighborhoods on the bottom of the list.

Manhattan also dominates the top of the list for student loan debt. Lenox Hill, Upper West Side, Yorkville, Upper West Side, and Stuyvesant are a few neighborhoods that are in the top 10. This could mean a younger, higher educated population, with greater earnings potential. This would be a positive. However, should a recession occur, the greater student debt burden could place the owner under financial stress that could cause mortgage defaults and deteriorating home values.

Bronx neighborhoods represent more than half the top 25 for the highest auto loan balances, with Brooklyn and Queens areas also on the list. Many Manhattan residents do not have a car, making this harder to interpret.

Concluding thoughts

It is best to read the six different categories in conjunction with each other. For instance, many of the neighborhoods with high income also have a high credit card, student loan, and mortgage debt. In other words, residents in these areas appear better able to handle the increased debt load. However, you should be aware that higher debt also could create more risk in the event of a recession, when incomes could drop.

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Color Inspiration for National Painting Week

Celebration, Come on!

Yes, there indeed is a National Painting Week, celebrated May 19-29 this year.

If you are looking for inspiration for a painting project you’re planning or just want to look at color swatches and dream, this post is for you!

 

Nancy Muller / Flickr

 

Color Inspiration

Architectural Digest published, in late 2016, Your Guide to All the 2017 Colors of the Year, which discusses several brand’s spotlighted colors, and discusses the fanfare about Pantone, the color matching system, declaring Greenery the color of the year.

Online color inspiration isn’t hard to come by. Rooms by Color is an interactive color selection tool on the Benjamin Moore website that lets you select a room type and color family to see the company’s paint colors in context. For more color selection tools and inspiration from Benjamin Moore, explore the company’s paint colors.

Home Depot’s proprietary paint, Behr, is something folks doing DIY projects often use. You can find the full palate of color swatches for Home Depot’s Behr brand paint online.

Explore Sherwin-Williams home colors in all their glory on the paint company’s website.

However, there is nothing like seeing color swatches in person. Before actually adding color to your walls, ceilings or floors, always make sure you actually sample the paint. Sherwin-Williams offers quart-sized samples of Paint to Go starting at $7.59 while Benjamin Moore charges $6.99 for a pint of color online. Behr offers 8oz samples starting at $3.65 available via local delivery or pick up at your local outpost of Home Depot.

How Do the Brands Rate?

The common wisdom is that Benjamin Moore is the cream of the crop of paint, preferred by most designers and contractors with Sherwin-Williams coming in second. Both of these are considered luxury brands. Other brands abound, but the only one that gives either Benjamin Moore or Sherwin-Williams a run for their money is Behr. And it is indeed about the money because a gallon Behr is about 20 bucks cheaper on average than a gallon of Benjamin Moore.

How does Behr compare to Benjamin Moore or Sherwin-Williams in terms of quality and use? Many contractors and DIY painters indicate Behr paint doesn’t go on as quickly or as smoothly and isn’t as luxurious. Others say it’s really only the wait and hassle at Home Depot that discourages them from using the brand.

What You are Buying

Sherwin-Williams offers factory-mixed paints along colors mixed in stores. Behr color paints are mixed at the store. And, Benjamin Moore sells both factory-mixed paint and color mixes done in-store. Remember that custom mixes are not returnable if you have unused paint left over.

 

garycycles8/flickr

 

Doing It Yourself

If you are considering a DIY painting project yourself, you’ll need to purchase several items beforehand. Paint costs between $20 and $70 per gallon. You will need between two and three gallons for an average sized bedroom with enough left over for touch-ups. Keep it in mind that the more durable the paint is, the more you’ll pay for it.

First, using sandpaper will smooth out imperfections on your walls prior to painting. And, you’ll want painting tape to put around edges, cover baseboards, moldings, doors, and other parts of the room you are not painting

There are various options for the shine (gloss) of the interior paint you choose. A flat finish yields a matte surface that doesn’t reflect light. This is perfect for most apartment walls because it covers up imperfections. However, this type of paint is not easily washable. This means marks and scratches may require painting over them instead of cleaning them up. Eggshell and satin finishes offer a bit more shine and can also withstand some cleaning.

You’ll need paint brushes, too. These vary widely in quality and cost. Some have bristles made entirely of animal material and some are completely synthetic. Synthetic brushes start at about $20 and are best used with acrylic paints. Natural bristle brushes are more expensive at about $25 and are more often used with oil paints. You can also use rollers. Rollers are less expensive in the short term but need their rolling head changed during painting. Make sure to get a lint free roller or you’ll have the pesky stuff painted into your walls.

Ready. Set. Paint.

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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 is living behind the doors on your floor and in your building.

 

Tpon1/flickr

 

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, simply 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 saved 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 amazing!

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!

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Central Park: Top Things to See & Do

Central Park is a big, big space. YUGE, in fact. It is the most-visited urban park in the United States as well as one of the most-filmed locations in the world. Established in 1857 on 778 acres of city-owned land, landscape architect Frederick Law Olmsted and architect Calvert Vaux won in 1858 a design competition to improve and expand the park. Construction began that same year, and the park was initially opened to the public in the winter of 1858. During the Civil War, the park was expanded northward, and in 1873 was enlarged to its current size of 843 acres.

 

press_pass/flicker

 

We’re partial to the entire 843 acres, but if you’re short on time and need guidance about what to see, we’ve broken it down to some must-see spots.

 

anieto2k/Flickr

 

Bethesda Terrace & Fountain is a magnificent gathering place that is the only formal architectural setting on Central Park. The walls and pillars of the terrace are adorned with intricate sculptures depicting the seasons and the times of a day. The terrace’s arcade features a ceiling made of beautiful tiles. Many street musicians have found a venue here and play for passing resident explorers and tourists alike. The Bethesda Fountain is often referred to as the “Angel of the Waters.”

 

NathaniaJohnson/Flickr

 

The Model Boat Pond is a favorite spot for folks of all ages to have fun in the sun operating miniature remote-controlled sailboats, a New York City tradition for almost 140 years.

 

John Wisniewski/Flickr

 

Shakespeare’s Garden is a four-acre landscaped oasis located between 79th and 80th Streets on the Westside featuring flowers and plants mentioned in Shakespeare’s works. This underrated gem has stone walkways, old-fashioned herbs, colorful flowers, and even apples, all dedicated to William Shakespeare. The garden was created in 1913, renamed for the playwright and, in 1916, dedicated to his memory.

 

flickr4jazz/Flickr

 

The Central Park Carousel is a gorgeous vintage carousel located at the southern end of the park, near East 65th Street. A ride on the carousel will cost you three bucks a pop.

 

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Lucas/Flickr

 

The Gothic-style Belvedere Castle looks as though it’s rising out of the mist, or sun, as the case may be. This majestic structure is a favorite of locals and tourists alike and houses the Henry Luce Nature Observatory featuring nature exhibits inside the castle and offering bird-watching kits, usable through the entire park.

 

er Guiri/Flickr

 

The Lake is a large man-made body of water that acts as a centerpiece and anchor of Central Park. At its eastern tip is the Boathouse Restaurant and the kiosk where you can rent rowboats to take a ride on the water. The lake is spanned by the celebrated cast-iron Bow Bridge, beyond which you can view the iconic New York City skyline.

 

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brando.n/flickr

 

Every tourist seems to want to pay a visit to Strawberry Fields, created in memory of John Lennon, who lived (and was killed) just across the street at The Dakota. The Imagine Mosaic, the centerpiece of this urban retreat, is an iconic symbol now adorning posters and T-shirts. It’s a beautiful, peaceful spot often crowded with visitors. The site is worth a visit nonetheless

 

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Kevin Millican/flickr

 

A lesser-known attraction is the Harlem Meer, located in the northeast corner of the Park near 110th Street in a section added to the original site, which had originally ended at 106th Street.  Some of the activities you can find at the Charles A. Dana Discovery Center, adjacent to the lake that is the Harlem Meer, are the Haarlem Meer Performance Festival, The Halloween Pumpkin Flotilla, and the Winter Holiday Lighting Ceremony.

 

milagroswaid/flickr

 

Delacorte Theater, located just off of 80th street on the southwest corner of the Great Lawn, is in the dead center of the Park. This 1800-seat open-air theater is home to the Public Theater’s two annual summers free Shakespeare in the Park productions.

 

Javier Kohen/Flickr

 

The Central Park Zoo is a family friendly spot. It’s small for a zoo, just 6.5-acres, and comprised of naturalistic environments instead of cages. The zoo is not free, however, like most of Central Park. Tickets for adults cost $18; $13 for children; and $15 for seniors.

The Central Park Conservancy website has the scoop on the whole park.

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Perils of Dual Agency in Real Estate

When you meet a real estate agent, you may like him or her very much. After all, an agent is a salesperson, and some are very likable and good at their job. However, there may be a situation in which your agent is a dual agent.

Dual agency may sound fun and exciting, like something from a James Bond novel. The reality can create confusion. Therefore, it is very important to understand the concept since in New York City you may very well run into this situation.

 

Image by bradley patience /Flickr

 

A seller’s agent

You are likely already familiar with a seller’s agent, which is also called the listing agent. Someone looking to sell his or her apartment engages an agent in marketing the property. The agent performs services for the seller, such as advising the price to set, and how to best market the property whether with staging, etc. This person takes pictures/videos, advertises the unit, holds open houses – in short, markets the unit to drum up interest to sell it for the highest price possible and collect the commission.

This agent’s fiduciary duty is clearly to the seller. These include the duty of reasonable care, undivided loyalty, confidentiality, full disclosure, obedience (obey promptly and efficiently to all lawful instructions from the principal), reasonable care and diligence, and duty to account (account for all money or property belonging to the principal that is entrusted to the agent). The National Association of Realtors (NAR) spells these out. The concept is straightforward, and there should be no confusion. If you are a buyer, when you are dealing with a seller’s agent, you should not expect him or her to protect your interest.

A buyer’s agent

This is an agent brought on by the purchaser, as the name suggests, and represents his/her interests. The buyer’s agent negotiates the price on behalf of his/her client, along with other terms, such as the inclusion of furnishings. This agent owes the fiduciary duties we previously mentioned to his/her client, the buyer.

There are certain duties a buyer’s agent should perform when dealing with the seller. These include exercising reasonable skill and care, deal honestly fairly and in good faith, disclose all facts that “materially” affects the buyer’s ability/willingness to perform in the contract to acquire the property.

An exclusive buyer’s agent goes even further. The National Association of Exclusive Buyer Agents (NAEBA) do not take any listings or represent sellers. Members pledge to follow the NAEBA Code of Ethics, which mirror the fiduciary duties we laid out previously. The agent owes his/her duty of loyalty unconditionally to the buyer. You can feel confident sharing information since a buyer’s agent can only use it for your benefit.

Broker’s agents

A buyer and seller do not have direct contact with a broker’s agent. This person is hired by either the seller’s or the buyer’s agent for assistance. The broker’s agent, who comes from outside the respective agent’s company, helps the seller’s or buyer’s agent to find a property to either sell or buy, respectively.

Dual agent

Things can get more complicated, however. If the listing agent is the same person that shows you the apartment, this creates a dual agency situation. This agent cannot provide the same fiduciary duties to either the seller or buyer as someone that only represents one side.

In New York, the agent must explain the existence of a dual agency to both parties, and that this means he or she is acting for both parties. Care should be taken to demonstrate how this affects each party. Additionally, both the buyer and seller must sign an agency disclosure form. The agent also should explain the potential impact of representing both sides. In New York State, this includes both the buyer and seller giving up the right of undivided loyalty, one of the most “fundamental fiduciary duties” that an agent owes, according to the NAR. This requires the agent to act solely in the best interests of his/her client, even if this is not his/her self-interest.

Real estate agents work for a broker/company, who may designate a separate agent for the seller and buyer. Each designated agent represents his/her client’s interest, but, like any case where there is a dual agency, he/she cannot provide the same fiduciary duty. The designated agent should inform the client he/she cannot provide undivided loyalty.

Keep in mind; you have a dual agency even if the two agents are from the same brokerage.

The downside to using a dual agent

The agent is essentially serving two clients, which many believe is an impossible task. The buyer and seller cannot confidently share information since the agent owes neither a duty of loyalty.

There could be distinct disadvantages for the buyer. The dual agent has an incentive to close the deal. After all, he or she is paid double the commission, so the agent may downplay certain facts that could have given you pause. Regarding the price, the dual agent may defend the list price. Remember, the agent helped the seller determine this price, and may honestly believe it is close to the fair market price. By contrast, an exclusive buyer’s agent advises on the right apartment and price to pay based on a comparable market analysis.

Example

An agent has a listing and wishes to show it to a prospective buyer that he/she also represents. The apartment is listed for $1 million, but the agent cannot properly advise the buyer or seller since he/she represents both sides. The buyer cannot feel confident he/she is receiving the proper advice on the price to offer, and the seller cannot feel good that he/she is obtaining the best price. Of course, there are other matters besides price, and neither can feel right about the advice on these issues, either. Remember, there is no duty of loyalty, which requires the agent to put the client’s interest ahead of his/her own.

Illegality

We have described the disservice done to buyers and sellers with everything done legally. There may be unscrupulous agents that do not handle things above board. For instance, the agent may play favorites, choosing to favor the buyer or seller. Worse, the agent could pick sides, personally be benefitting from the situation, depending on the day.

Final thoughts

You know the perils when there is a dual agency. Although it may be a difficult situation to avoid in New York City, since there are several well-established brokerages, you do not have to enter into the arrangement. For a buyer, you can use an exclusive buyer’s agent, and any information you tell him or her can only be used to help you.

NYS Agency Disclosure Form

 

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Where to Find Unique Architectural Pieces

When decorating your home, you may want a design scheme that is out of the ordinary. It’s very popular these days to mix décor. For example, having an ultra-mod sofa accented by antique mirrors and combining those with a vintage coffee table. Eclectic design is definitely “in, Flickr” and when decorating your home, you may want a design scheme that is out of the ordinary. Found objects and one-of-a-kind architectural pieces can make your home decor ­more interesting and original.

Reclaimed objects are full of character and history. Finding an original leaded, stained glass window from an old house to hang on a wall or reclaimed wood from the stage of a demolished theater to build new furniture with can be thrilling. Or, perhaps you are in the market for an antique hall seat or vintage armoire. Maybe you want several smaller pieces such as a gargoyle from a defunct church, antique doorknobs, or used cigar molds.

Whatever you are looking for (and you might not even know what that is until you see it), you are sure to find unique architectural pieces at one or more of the outlets in, this, our ultimate guide to the best places to shop in search of fun, one-of-a-kind relics and other reclaimed items.

 

Melissa Jo/Flickr

 

If you are looking for either original salvaged pieces or repurposed found objects, walk into one of Olde Good Things locations around the city. There you will find everything from vintage signs and carnival glass vases to various sizes of mirrors made of tin ceiling tiles and other reclaimed materials along with both vintage and made-to-order tables and chairs of all kinds. Then there is my ultimate fantasy favorite piece, a custom multispeed black blinking metal star light.

You might have heard the name Build It Green thrown around in years past. Now called Big Reuse, this nonprofit organization is committed to reducing construction waste and getting buy-in for socially responsible construction practices from contractors, demolition experts, builders, management companies, and others in the construction and building sector. Meanwhile, at their retail shops, filled with reclaimed architectural pieces, appliances, and other construction/building materials, you can find bargains that could save you a large chunk of change during remodeling or redecorating.

Furnish Green vintage furniture store, located near Herald Square, has accent pieces that run the gamut from a small rustic antique copper bucket to a pair of wooden barrel bookends to a manual Remington Rand Noiseless Typewriter. The store brings in new merchandise daily, so frequent visits might be in order until you find that perfect piece you’ve been seeking.

The Demolition Depot and Irreplaceable Artifacts in Harlem stocks reclaimed pieces to “enhance the style of all new residential and commercial building, restoration, and decorating projects.” This store, with an additional location in Middletown, CT, has everything your heart may desire, including doors, shutters, grilles, stained glass, gates, doorknobs, lights, mantels, religious arcana, and so much more, including this incredible intact Beaux Arts style leaded glass ceiling circular skylight.

Showplace Design + Antique Center houses more than 200 antique dealers and offers a broad range of vintage and antique collectibles, art, fashion, and furniture in a 4-story building in Manhattan. You can spend a day (or many days!) there sifting through the various goodies vendors offer. There is fresh merchandise all the time, so go early and go often.

Chelsea Flea Market is a well-known, favorite spot to pick up bargains. Open on Saturday and Sundays only; this market has been around for almost 40 years. You can find vendors of all stripes selling everything from classic political buttons and used furniture to antique glassware and vintage clothing.

Finding your timeless reclaimed treasures for your home doesn’t have to be a gargantuan effort. You can now shop online – or in person – whenever the mood strikes.

If you have a favorite outlet to find great artifacts we haven’t mentioned, please write to us and let us in on your secret!

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