Gea Elika's Blog, page 154

Best Ranked Public Schools in Manhattan

If you are moving to Manhattan, you should make sure that the schools near your new home are high quality and provide your child(ren) with the best opportunities to thrive—now and for the rest of their lives. School-hunting starts early in a child’s life, and a real estate agent can help you make the right real estate purchase near the best-ranked schools in Manhattan.

 

Best Preschool and Primary Schools in Manhattan

Private schools are not the only schools that provide high-quality education. Manhattan’s public and primary schools are both excellent. Here are some top schools in the area:

 

Image by Andy Simonds / Flickr

 

1. Manhattan Nursery School

Manhattan Nursery School is located on W. 32nd St. The average parent rating is 4.3 stars out of 5. Children learn social skills, cognitive learning, self-help strategies, and effective communication, all at an appropriate level for their individual development. Manhattan Nursery School enrolls infants, toddlers, and UPK learners.

2. P.S. 033 Chelsea Prep

Chelsea Prep is a public school for all children from UPK students to high schoolers. The Business Insider ranks Chelsea Prep 9 out of 10 for Academics and 9.2 out of 10 for Academic Expectations. Currently, Chelsea Prep serves nearly 400 students in Chelsea.

3. Girls Prep Charter School

Girls Prep is a collective of schools in NYC. The average rating is 4.8 stars out of 5. Girls Prep Charter School is located on the Lower East Side. The school has an elementary school and a middle school on the Lower East Side. It accepts girls from kindergarten through 8th grade.

4. PS 290 Manhattan New School

Manhattan New School’s Great Schools rating is 10 out of 10. This public school is located on East 82nd Street. It educates children from kindergarten through 5th grade.

 

Image by Théo / Flickr

 

Best Middle School and High Schools in Manhattan

Junior high and high school are critical times to get your child into a good school. You need engaging classrooms, vibrant arts and social communities, after-school activities, and the best chances for your child to go to college. Here are a few favorites in Manhattan:

1. Manhattan Comprehensive Night and Day High School

The average rating for the school is 4.7 stars out of 5. The high school prides itself on preparing all students for college and successful employment. The school is open later than most because it accommodates students who need extra help to succeed. The students at the high school often have other responsibilities: they are children of immigrants, they are returning to college, or they are enrolling with fewer credits than most.

2. Urban Academy Laboratory High

This high school has more than 150 students in grades 9 through 12. Located on the Upper East Side, this school received 9.6 out of 10 from the Business Insider for academic expectations. The Academy has a rigorous academic curriculum, and it creates a creative and collaborates space for teaching professionals and their students.

3. Beacon High School

Beacon High is located on the West Side. It is an alternative high school that has a strong focus on arts and technology. Its Great Schools rating is a perfect 10 out of 10.

4. JHS 167 Robert J Wagner

This public school is consistently ranked high on most sites. The middle school hosts technology and computer education week-long celebrations. It has a rigorous academic schedule, and its goal is to prepare students for college, successful careers, and global citizenship.

5. Cathedral High School

Cathedral High is located on East 56th St. The school is an all-girls learning academy that prepares young women for successful careers and college educations. The school offers many sports and clubs, all centered around personal and religious enrichment. Cathedral High treasures its strong Catholic values and commitment to moral integrity.

The post Best Ranked Public Schools in Manhattan appeared first on .

Global Warming Set to Heat up Insurance Prices

With the hurricane season blowing in at the end of June, many home insurers from Texas to Florida to New York are canceling policies along the coast, or are refusing to sell new ones. In the widest insurance retreat from coastal property since Hurricane Andrew slammed Florida in 1992, insurers as far north as Long Island, N.Y., and Cape Cod, Mass., are shedding coastal homeowners policies to reduce their exposure. Allstate, the second-biggest property insurer, won’t write any new homeowners policies in New York City, Long Island, or Westchester County – even though Long Island hasn’t been struck by a major hurricane since 1938. The question everybody has been asking lately, is whether global warming is responsible for causing more horrendous hurricanes and subsequent landfall? All evidence points to yes. In my opinion, the root of the problem might not be where we build our house, but how it’s built – eco-friendly design is undoubtedly the way of the future.

The post Global Warming Set to Heat up Insurance Prices appeared first on .

Should You Refinance Your NYC Mortgage?

Refinancing your mortgage allows you to pay off your current home loan in full to get a new one. If interest rates have decreased from the time you originally closed your current mortgage, refinancing allows you to lower your monthly payment or use some of the equity in your home for other purposes. If interest rates increase, you can keep your existing mortgage and enjoy the satisfaction of paying lower rates while new home buyers are forced to pay higher interest rates.

Families who took out mortgages in 2013 or 2014 or before 2011 are likely paying well over 4.5 percent interest. This is a good time to check your rate to see if you would save money by refinancing your mortgage. The average interest rate on a 30-year fixed-rate mortgage in NYC is currently 3.94 percent, and interest rates on 15-year fixed and adjustable-rate mortgages are also down.

 

Image by SignatureListings.com /Flickr

 

Average Interest Rate for 30-Year, Fixed-Rate Mortgages

Average interest rates decreased more than 1 percent between 2011 and 2013, quickly followed by an increase of more than 1 percent. From 2014 to today, interest rates have been on an overall decline with the usual up and down market fluctuations in between.

Years ago when mortgage rates plummeted, people worried that the economy of the United States was headed into another recession. The Federal Reserve stepped in and made it easier to get approved for a mortgage to prevent a recession. Today, the economy is looking much stronger than it has in recent years, and there is a good possibility interest rates will start to increase.

The stronger economy and the confidence in reduced risk of inflation has investors around the world putting their money into safe American assets, including bonds packaged with government-sponsored mortgage products from Freddie Mac and Fannie Mae.

Refinancing Rule of Thumb

When interest rates are lower many homeowners, take advantage of moving to a different type of mortgage to pay their home off sooner. For example, if you can pay the same or close to the same amount of money per month on a 15-year mortgage as you do your current 30-year mortgage, refinancing to the shorter term to pay off your home sooner would make sense.

If your goal of refinancing your mortgage is to decrease your payment, look for rates at least one full percentage point lower than what you currently pay for your mortgage. This rule of thumb holds true even when you consider the closing costs and other fees associated with the refinancing. Refinancing fees vary from lender to lender, but are often in the thousands of dollars and include origination fees and property appraisal fees, much like you paid for the original mortgage.

You might consider refinancing even if the rate isn’t a full percentage point lower if you intend to stay in your home for many more years. Even a small monthly savings over a long period will justify the costs of refinancing.

To see what kind of savings you might experience, try an online calculator like the one at Zillow.com. Just plug in your numbers and let the tool tell you your potential savings.

As with any major financial decision, individual needs must be taken into consideration. Analyze the pros and cons carefully and seek the wisdom of professionals before deciding to apply for a mortgage refinance.

The post Should You Refinance Your NYC Mortgage? appeared first on .

Apply for the NYC Affordable Housing Lottery in Six Steps

The NYC Affordable Housing Lottery, also known as 80/20, helps make renting an apartment in NYC a little more affordable. Developers get a tax break from the government to build apartments in nice neighborhoods in exchange for renting at least 20% of the apartments to low- and middle-income renters (those earning 50% or less of the area’s median income). It’s an opportunity for renters to live in some of the most coveted areas of Manhattan and Brooklyn, in new buildings with amenities such as doormen, laundry facilities, or gyms.

The demand for the 80/20 apartments is high. The New York Times reported in 2001 that as many as 10,000 applications are submitted for every 100 apartments. A waiting list is created from the applicants who are eligible for the lottery. The application process is difficult because so many people wanting to move into these desirable apartment buildings, but not impossible. Here are the six steps to apply for the NYC Affordable Housing Lottery:

 

Photo by Scott Lynch / Flickr

 

1. Find an 80/20 building

Developers of 80/20 apartment buildings are required to post application information at the construction site. The program gives preference to applicants who are local to the area in which they are applying, so take a walk around your location to see if there are any new apartments being built that you can apply for.

Developers are also required to advertise the new affordable housing project in a minimum of three publications. Keep an eye on Brownstoner and Brick Underground, as well as city-wide newspapers, for announcements of new housing in the program. You can also visit the city-run Housing Connect website to find and apply to affordable housing projects.

When tenants move out of existing 80/20 apartment buildings, landlords are required to maintain a waiting list of individuals looking to rent the vacant units. Call the management companies of buildings you are interested in, and ask to get on the list. Because of the high demand and limited housing, it is recommended that you apply to 20 or more buildings each year.

2. Apply to the building(s)

Create a profile on Housing Connect or submit a paper version of the application. The developer will randomly draw an application from all the submissions. If your application is selected, you will be contacted for an interview.

3. Prepare and gather paperwork for your interview

You will need to bring several documents with you if you are selected for an interview, including:

Tax returns
Pay stubs
Current lease and a year’s worth of rent receipts
Several forms of identification

4. Prepare to show your current home

If you get through the interview process, you will be asked to accept a home visit. Clean up your existing apartment before the visit. The inspectors are looking to see if you are going to be a decent tenant.

5. Sign your new lease

If after the home visit and interview you are invited to move into one of the 80/20 apartments, you will then be asked to sign the lease. If your income changes between the time when you completed the application and the time you move in, you could lose the apartment. It isn’t yours until you physically move in.

6. Annual recertification

Once you move in, your income can increase, and you can’t be kicked out for it. Every year you will have to recertify your living situation, which involves submitting more documentation including tax returns, pay stubs, and bank statements.

The post Apply for the NYC Affordable Housing Lottery in Six Steps appeared first on .

Planning to Buy a Home in the New Year? Top 5 Year End Things to Do

]The holidays are rapidly approaching. As the year winds down and you anticipate spending well-earned time celebrating with family and friends, there are some things those planning to purchase a home should do with your downtime before 2017 is upon us.

1. Check your credit report

It is a critical step to check your credit report from the three major bureaus (Equifax, Experian, and TransUnion). This is particularly true in these times, when identity theft is problematic.

The Fair Credit Reporting Act (FCRA) requires the three nationwide credit reporting bureaus to provide you with a free copy of your credit report once every 12 months, upon your request. The three companies have set up a central website, a toll-free number (1-877-322-8228), and a mailing address (Annual Credit Request Service, P.O. Box 105281, Atlanta, GA 30348-5281) where you can send your form. The Federal Trade Commission (FTC), which enforces the FCRA, recommends you go through one of these three methods to obtain your free credit report, rather than contacting the individual companies.

Your credit report provides your score, which you should know. The higher the score, the better you will be seen in the eyes of lenders. It ranges from 300 to 850, and anything above 750 is considered “excellent.” This number will help you determine how easily you will qualify for a loan, and if you will receive the most favorable rate. Beyond that, the report also shows your credit history. Even if you are not applying for a loan shortly, it is a good idea to obtain your free credit report to check the information is correct.

 

Image by Mufidah Kassalias / Flickr

 

2. Clear up any discrepancies

Obtaining your credit report also allows you time to clear up any discrepancies. The bureaus may have made an error, or it may not be up-to-date. These issues tend to take time to correct. Therefore, the quicker you alert the parties, the better. The credit bureaus typically must investigate your claim within 30 days.

If you believe there is an error, contact the credit bureau and the organization that provided the information (e.g. the credit card company). Inform the credit bureau what you believe is inaccurate. You should be specific and state why you are disputing the information. It is also recommended that you inform the creditor that you are disputing the claim.

3. Compile your financials

In this festive season, the last thing you want to think about is your financial statements. However, the lending institution is going to ask for your pay stubs, W-2 forms, copies of your brokerage and bank statements, recent pay stubs, and any other assets you may own. You need some of this information for your taxes, so consider it killing two birds with one stone.

Compiling a list and organizing yourself now will make it easier in the new year when you approach a lender about pre-qualifying for a mortgage. If you are considering purchasing a co-op, it is likely you will need this information when you present your financial condition to the board.

4. Make a budget

It is a good idea to decide how much you want to spend on monthly housing costs (e.g. mortgage, common/maintenance charges, utilities, etc.). Your lender and realtor will help you decide what you will qualify for, but you may decide to be more conservative. Based on your income, ballpark your expenses (e.g. student loan payments, commuting, travel). After this, you can estimate how much your mortgage will be based on different rates, along with maintenance or common charges based on the average in the neighborhood you are seeking to buy an apartment in. There are several websites that have mortgage calculators.

5. Find a Buyers Agent

We have discussed the importance of working with an exclusive buyers agent. He or she has a legal obligation to look after your interests. Beyond that, you should work with someone that you are comfortable with, and who understands your needs and wants. When interviewing agents, he/she should listen to you, and provide you with realistic advice. However, if an agent keeps talking about three bedroom condos when you want a one bedroom co-op, you should probably keep looking for someone else to help you.

Final thoughts 

Taking time to do these steps will help your search in the coming weeks. Before you know it, 2017 will be upon us, and you will be prepared to kick your home search in high gear while others are making resolution lists.

The post Planning to Buy a Home in the New Year? Top 5 Year End Things to Do appeared first on .

Happy Holidays

The post Happy Holidays appeared first on .

Should You Buy NYC Commercial Real Estate or Lease?

When you’re starting a business, or need a new building to operate your growing New York business from, one of the first decisions you’ll need to make is whether you should buy or lease commercial real estate. There are pros and cons of each option to consider. Here’s what you need to know to make your decision.

How Long Will You Stay at the Location?

One of the most important financial factors in deciding whether to buy or lease commercial real estate in New York City is how long you will remain in the building. If you’re planning to stay at your business location for more than seven years, buying is most likely going to be less expensive than leasing. It’s also important to remember if you remain in the building long enough to pay off the mortgage, you own it outright with no further monthly payments required. For businesses still in operation, this reduces your overhead expenses. You can also make money by selling the building when you decide to close the business or move to a new location. On the other hand, if you think your business will outgrow the location and need to move within seven years, leasing is probably the better option.

 

Image by Jason Tester Guerrilla Futures / Flickr

 

Do You Have Sufficient Upfront Cash Flow?

When you buy commercial real estate, you need much more money upfront than you need when you lease. Commercial real estate mortgages typically require 20% down to get the mortgage, in addition to the closing costs. When leasing, a landlord will often only require a security deposit equal to the first month’s rent. If you don’t have the cash flow to support such a hefty out of pocket expense to get started, you may have to lease. Also, even if you do have the money available to make the down payment and cover the closing costs, it’s possible that money would be better spent investing in the growth of your business.

Ongoing Maintenance Concerns

Buying commercial real estate presents new responsibilities for your business. When the building is yours, you’ll need to properly maintain it from top to bottom, inside and out. This is an added expense and a potential hassle that could get in the way of your ability to grow your business. In addition, there is the added expense of property taxes you must pay on a commercial property you own that is not required when you lease (because it is the responsibility of the landlord). When you lease, the landlord must handle the maintenance needs of the building and property, giving you more time (and money) to focus on your business.

Business Tax Savings

When buying commercial real estate, you can deduct the amount of your mortgage interest expense from your taxes. When leasing, you can almost always deduct the full amount of your lease as a business expense, which offers long-term benefits at tax time.

The post Should You Buy NYC Commercial Real Estate or Lease? appeared first on .

Top NYC Attractions to Visit When You First Move to New York

There is so much to see and experience in The Big Apple that it can easily become overwhelming when you first move to NYC. Where should you start exploring? You want to cover some of the top tourist destinations if you haven’t already, along with some spots only the natives frequent. As soon as you’re unpacked and ready to see what your new home city has to offer, tackle the following list of top NYC attractions to visit.

The Empire State Building

This building is recognized around the world due to its super-slim silhouette and use in many great romantic movies, including Sleepless in Seattle. You can view the city from the popular 86th-floor deck with the tourists, but head up even further to floor 102 to the observatory to get an even greater view of the city below that many visitors never see.

 

Image by Anthony Quintano / Flickr

 

9/11 Memorial

The 9/11 Memorial is located directly on the footprint where the Twin Towers stood before the terror attacks. There are 30-foot waterfalls in place of the towers, each with their own acre-sized pool below. They are the largest man-made waterfalls in North America. All along the pools on the ground level are panels containing the names of the nearly 3,000 people who died during the attacks on the World Trade Center, the Pentagon, Flight 93, and those who died in the 1993 World Trade Center bombing.

 

Image by John Sonderman / Flickr

 

Brooklyn Bridge

More than a way to get across a body of water, the Brooklyn Bridge was the longest suspension bridge in the world when it opened in 1883. It was the first to cross the East River and was engineered with steel-wire cables. Walking across the mile-plus bridge’s pedestrian walkway gives you breathtaking views of the Statue of Liberty, lower Manhattan, and Governor’s Island.

 

Image by Daniel X. O’Neil / Flickr

 

Washington Square Park and West Village

At the center of Greenwich Village is Washington Square Park, complete with playgrounds for the smallest New Yorkers, dog runs, and the large Central Fountain. In the 1800s, this park was the site of public executions! Stroll through the park, past the fountain, and into West Village for charming cafes enjoyed mostly by the locals, quiet streets, and smaller stores than you’ll find on 5th Avenue. You may even spot some celebrities in the Village.

 

Image by Brian Kingsley / Flickr

 

The High Line Elevated Park

In 1980 a rail track went out of use, but the line was recreated as a 1.45-mile-long park in 2009. Now, you can walk along The High Line from Hudson Yards to the northern edge of Chelsea, enjoying some of the best views in New York City. You can even stop for a visit at the playground. It’s a green space with wildflowers and grass – two things that are a little hard to come by in the busy city. You’ll feel like you’re out of the city, yet with the views, you’ll appreciate being right in Manhattan.

 

Image by elsewherelse / Flickr

The post Top NYC Attractions to Visit When You First Move to New York appeared first on .

Must-Do Activities in NYC During the Holidays

No one does the holidays like NYC. People come from all around the globe to capture a glimpse of the holiday magic. Many flock to the windows at Times Square and the Rockefeller Tree lighting, but NYC offers much more. Here are a few of our favorite must-do activities in NYC during the holidays.

1. Christmas Caroling at Washington Square Park

On Christmas Eve, head to Washington Square Park to sing Christmas carols under the iconic arch in the park. Carolers join the Rob Susman Brass Quartet for a beautiful rendition of the classics.

 

Image by Kevin Bedell / Flickr

 

2. Check out the Holiday Pop-ups

You can’t beat the holiday markets that pop up around NYC during the holidays. You can find quirky gifts, homemade treasures, and unique stocking stuffers. World Holiday Pop-up, Ethikal Holiday, Etsy Holiday Market, Fishs Eddy, and Jingle Holiday are some of New Yorkers favorite shops for the holidays.

3. Fuji Film Wonder Shop

Turn your holiday memories into special gifts and creative displays at the Fuji Film Wonder Photo Shop in the Flatiron District. The shop has DIY sessions and supplies that allow you to create a one-of-a-kind photo memory gift.

4. Tour Gingerbread Village

 

Image by Timeout

 

Take a tour of the largest gingerbread village at Madison Square Park. The gingerbread village arrived on December 6th, and it will only stick around for 2 weeks. Get over to see it now before it disappears until next year. The Gingerbread Village in Madison Square Park ends on December 18th.

5. Ride the Vintage Subway

 

Image by Gary Burke / Flickr

 

If you travel between Queens and Lower Manhattan, get a ride on the vintage “City Cars.”  The R1/9 subway cars that go back as far as the 1930’s travel the tracks giving riders a unique holiday experience on Sundays. The cars are donned with holiday holly, green trimmings, and dancing Christmas lights.

6. Drink from a Christmas Globe

Who needs a cocktail glass or wine goblet when you can sip from a snow globe with your favorite holiday character inside. Until the New Year, LOCL Bar on 77th and Broadway in the NYLO hotel will serve you an exceptional alcoholic drink and serve it in a holiday snow globe. The bar is cozy, the bartenders keep your glasses full, the drinks are good, and the holiday cheer is unmatched.

7. Visit the Holiday Botanical Garden Train Show

Take the kids to watch trains traverse the beautiful foliage in the botanical garden in the Bronx. The holiday train show features more than 150 iconic NYC replicas among luscious tropical plants. Each landmark is crafted from natural materials such as acorns, greenery, vines, and twigs. The train show is open until January 17th.

8. See the Lights in Brooklyn

 

Image by Wally Gobetz / Flickr

 

Check out the best Christmas lights displays in Brooklyn. One of the most famous places to visit is the Dyker Heights Christmas Lights displays, between 11th and 13th Ave., as well as 83rd and 86th St. There are so many lights and sights that you can take a bus ride to see them all. The bus ride takes more than 3 hours.

9.Volunteer

NYC is the best place to experience the holidays, but it is also one of the best places to give back during the holidays too. Complete your Christmas spirit journey by donating your time to a local charity such as the Make-a-Wish campaign, a soup kitchen, delivering meals to seniors with Meals on Wheels, or the Dorot Hanukkah home visits campaign.

NYC offers many adventures and sights during the holiday season. Which is your favorite holiday tradition in NYC?

The post Must-Do Activities in NYC During the Holidays appeared first on .

Understanding Interest Rate Hikes

The Federal Reserve, often referred to as the Fed, recently raised short-term interest rates 0.25% (25 basis points) at its most recent Federal Open Market Committee (FOMC) meeting, after telegraphing its intention for some time. All homebuyers fear rising interest rates since that means an increased mortgage payment every month, all else being equal. We examine the process and see if these worries are overblown.

The central bank’s role

The Federal Reserve Bank is the central bank of the United States. Without getting into all the functions it performs, one of its main ones is to set monetary policy. Seven members of the Board of Governors and five presidents sit on the FOMC, which set short-term interest rates.

 

Image by FutUndBeidl / Flickr

 

Previously, under the Alan Greenspan Fed, the central bank spoke with one voice. However, under his successors Ben Bernanke and current Chairwoman Janet Yellen, that is less true. Reading the tea leaves has become more challenging, with some members recently advocating for tightening the spigot (raising interest rates) earlier than December. However, Chairwoman Yellen’s recent comments signaled a clear intent to boost short-term rates at the latest meeting.

The Federal Reserve examines mountains of data and does a lot of research to determine the appropriate monetary policy. Strengthening economic data has reinforced the argument for raising rates this month, including third quarter GDP growth of 3.2%, as the Fed seeks to keep a lid on inflation before it heats up.

Impact on mortgage rates

The most popular type of mortgage to obtain is the 30 years fixed rate. Examining fixed rate mortgages, it is more important to look at longer-term Treasury rates, such as the 10-year note. The Fed has a direct impact on shorter-term rates, which can be seen by examining yields on the 2 year Treasury. Traditionally, it has less of an influence on longer-term rates. Following the 25 basis point hike in rates, the 2 year Treasury yield rose to 1.29% compared to 1.17% before the meeting. The 10-year yield went up a much smaller amount, to 2.54% versus 2.49%.

However, following the election, the 10-year yield has been climbing. This is due to fears inflation could heat up, particularly if President-elect Trump’s fiscal plan, including large tax cuts and infrastructure spending, becomes a reality. The yield on the 10-year note was under 2% before election day results were known, at 1.88% on November 8th. It has jumped subsequently and is currently 2.6%.

What to watch

There is not much you can do about interest rates, other than locking in a fixed rate, typically for 10 to 60 days. Buyers usually wait until his/her offer has been accepted before doing so.

You should monitor the Fed and longer-term rates in order to keep abreast on rate, however. Keep an ear out for economic data that shows a strengthening economy that might portend higher inflation. In particular, the headline Consumer Price Index (CPI) rose 0.2% in November, and 1.7% over the last 12 months. This is higher than the 0.8% figure reported in July. The Fed’s preferred inflation gauge, the personal consumption expenditure (PCE) showed a 0.1% increase in October, the latest figure available, and 1.4% over the last year. These figures will also be presented after stripping out food and energy, which tend to be volatile from month to month.

Final thoughts

Mortgages rates may have moved up recently, but remain low by historical standards. According to Freddie Mac, the average 30-year rate was 3.77% (0.5 points, or upfront interest), the highest monthly average since January. However, it was over 4% for much of 2014, and a 7% rate was common in 2001. Rates were even higher going back further.

Should rates continue to increase, this could crimp housing demand. Prices will fall as a result, which is beneficial to the buyer.

The post Understanding Interest Rate Hikes appeared first on .