Gea Elika's Blog, page 155

8 Ways to Increase the Value of Your New York Property

If you are thinking about selling your home or getting a home equity loan, small improvements can make a big difference. Increase the value of your home with a plan and a little time investment. Real estate experts in New York weigh in on tried and true ways to increase the value of your New York property.

1.More Kitchen

Kitchens are still the most attractive spaces in a home. The better the kitchen, the more interest you will get. You don’t have to spend $50,000 to completely gut your kitchen. A small investment can transform your space in hours. Replace old, bulky appliances with modern, energy-efficient models. Put a fresh new coat of paint on the walls, fix the cabinets, and consider replacing or refreshing the flooring.

 

Image by Shaun James Cox / Flickr

 

2.Add Some Green

Head to the local nursery for outdoor plants and a few tropical plants for the indoors. Adding green to your home sets your property apart from the others. When you choose plants and foliage for the outside of your home, make sure they don’t take over the home. They need to serve a purpose without taking up too much space, and they must be easy to care for. Never underestimate the power of planting a tree.

 

Image by stephanie vacher / Flickr

 

3.Refresh the Paint

The longer you live in a home, the more it shows on your walls. The unique colors you chose to decorate rooms in your home won’t impress buyers regardless of how much you love them. Buy high-quality paint and keep it neutral. When you paint your home with neutral colors, it allows potential buyers to envision their own decorations and color schemes.

 

Image by Daniel J Donovan / Flickr

 

4.Add Modern Amenities and Technology

Make the home easy to use. Simple and affordable upgrades such as programmable thermostats, whole-house generators, LED lights, water filtration systems, high-efficiency windows, and energy-efficient hot water heaters are attractive amenities when shoppers are looking at listings.

 

 

5.Inspect it First

Instead of waiting for an inspection to come in from the buyer, have the home inspected first and address any of the concerns before the home goes up for sale. If the home is already inspected, the process is easier and fewer concerns arise for the buyers when it comes time to close.

 

 

6.Rethink your Flooring

How old is the flooring in your home? If you’re still sporting the shag or brightly-colored carpet that was there when you moved in, it’s time to rip it up and replace it with more attractive flooring. Replacing the carpet does two things: increases the appeal with easy-to-clean flooring, and improves the air quality in the home. Hardwood, tile, and laminate flooring are easier to clean and they don’t stain or hold in odors.

 

Image by OldeWoodLtd / Flickr

 

7.Get Organized

Clear out the clutter and get organized. It doesn’t matter how clean your home is or how big it is—if it’s cluttered and unorganized, potential buyers will swipe past your home when looking at photos online. The handful of visitors that you do get to view the home won’t stay long. The more attractive your home, the more valuable it is.

 

Image by Shaun James Cox / Flickr

 

8.Get to Know your Neighbors

Buyers want a good neighborhood. Your relationship with the neighbors plays a big role in that. When you talk about your friendly neighbors, it gives new buyers a sense of security. Also, the appearance of your neighbor’s home affects the curb appeal of your own. If you have a good relationship with your neighbor, they are more likely to spruce up the outside of their home to help you out, or they are at least more receptive to it if you ask.

These are just a few simple steps you can take to improve the value of your home. What are the most successful ways you increased the value of your property before you sold? Let us know.

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Six Degrees of Celebrities: Buying and Selling in NYC

New York City is a hotbed of on-the-move celebrities buying and selling swanky lofts and coveted condos. This list of some of the most recent celebrity moves in the Big Apple features a bit of six-degrees-of-separation entertainment.

Steve Higgins

 

Image by iochicago / Flickr

First up is Steve Higgins, best known as Jimmy Fallon’s sidekick announcer on The Tonight Show. He’s also a talented writer and producer for Saturday Night Live. Just this past month Higgins completed the purchase of an almost $1.8 million Upper West Side co-op. The 2BR/1.5BA apartment is located at 131 Riverside Drive in a building known as “The Dorchester.” This upscale building comes complete with a doorman, a bike room, a private gym, and even a community playroom. Mr. Higgins’ apartment boasts almost 10-foot ceilings, an entry foyer, crown moldings and a working fireplace.

Richard Gere

Image by canburak / Flickr

In early spring of 2016, actor Richard Gere bought a $2.25 million Gramercy Park condo, located at 34 Gramercy Park East. This old-world style apartment has original shutters, original decorative moldings, and the original wood fireplace. While the fireplace is reported to be no longer useable, the charm is still evident, and it could be converted to gas. This home comes with a coveted key to Gramercy Park. And the connection to Steve Higgins? Jimmy Fallon owns 5 units in the building. On an unrelated but still interesting note, this apartment was once the home of Wicked star Margaret Hamilton, who played the Wicked Witch.

Uma Thurman

 

Image by Lucio Virzi / Flickr

Uma Thurman, Gere’s co-star in the 1992 movie Final Analysis, just so happened to vacate her co-op in the Gramercy Park neighborhood a couple of months after Gere moved in. Ms. Thurman’s 5-bedroom home sold for $6.6 million in May of 2016. This home also comes with the desirable Gramercy Park key. Uma Thurman spent five years renovating this home. It has two master suites, one on each floor, and three other bedrooms, one on the main floor and two upstairs. The top floor master suite comes with a steam shower, soaking tub, and marble seating area. The main floor has an entry gallery, an open living space, and a library and sitting area separated from the rest of the house with pocket doors. The dining room has French doors that open to a balcony overlooking the park.

Leonardo DiCaprio

Image by Danny Harrison / Flickr

In February of this year, Uma Thurman was spotted sitting with her pal Leonardo DiCaprio as the two attended the 2016 amfAR gala in NYC. Leo sold his Greenwich Village condo for $8 million just this month. It appears that he wasn’t really living at this condo, known as “The Delos,” as he already has a Battery Park home. The home has 3 bathrooms and a powder room, as well as 3 bedrooms and a modern kitchen with a built-in juicer and 78-bottle wine fridge. This building is eco-friendly with vitamin C-infused showers, purified air and water, posture- supporting flooring and built-in duct aromatherapy. There are only 6 residences in this loft-like building.

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The Trump Name on a Building Doesn’t Mean He Owns It

The president-elect has his name on buildings all over the globe. A few are right here in the city. When you see the Trump name on a building, don’t make assumptions about ownership. Just because the Trump name is on a building doesn’t mean he holds the mortgage or the deed. How is that possible? Because you’re seeing a brand. Let’s take a closer look.

The Trump Name and Real Estate

Surprisingly, Trump doesn’t own as many properties as you might think. The brand, however, is thriving. Trump is more of a legacy name that an indication of ownership.

 

Image by Brad / Flickr

 

NY properties with Trump’s name include the Trump Building, Trump International Hotel, and Tower, Trump World Tower, Trump Tower, Trump Par Avenue, Trump SoHo, Trump Parc, Trump Parc East, Trump Palace, etc. You get the idea. His name is all over the buildings, but many are owned by other developers who have chosen to keep the iconic Trump name.

Trump has made a fortune not by owning many properties, but rather by licensing the name for use both domestically and globally. Trump is not the developer for many properties; he sells the licensing rights so companies can use the name. This is a wise strategy for the companies that buy the licensing rights. Very few luxury brands can compete with the Trump brand.

The Trump name goes on the building; the Trump Organization manages the property, and both parties can potentially make a great deal of money when all goes as planned. The Trump Organization is a rare find in the real estate business when it comes to leveraging the know-how and expertise to make such arrangements successful and profitable.

 

Image by Pamela V White / Flickr

 

What Does Trump Own?

Back to the Trump properties you recognize and see daily. There are 17 properties in New York City that bear the Trump name. Can you guess which ones he actually owns? The answer might surprise you. The following are the NYC properties Trump owns, at least partially:

Trump Tower on Fifth Avenue (developer and commercial space owner)
Bank of America Building – Avenue of the Americas (Trump owns a 30 percent share)
Trump building on Wall Street (owned by Trump)
4 East 57th St. (owned by Trump)
8 East 57th St. (owned by Trump)
Co-ops at 167 E. 61st and 325 E. 43rd St. (owned by Trump)

 

The following are Trump buildings not actually owned by Trump:

Trump SoHo
Trump Park Avenue condos

 

Trump buildings that he does not own but for which he is listed as a developer include the following:

Trump Plaza
Trump World Tower
Trump Parc
Trump Parc East
Trump Place Properties on Riverside Blvd.
Trump Place on 89th St.
Trump International Hotel at Central Park West
610 Park Avenue Condos

Knowing this might make you look at the Trump properties a little differently and help you better understand the international Trump brand. What is your experience with the Trump brand?

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Neighborhood Spotlight: SoHo

Overflowing with hip shops and award-winning restaurants, SoHo is one of New York’s trendiest neighborhoods. Though known in the 70s and 80s as an artist haven, the neighborhood has gentrified over the past few decades and is now a diversified commercial and residential area. A popular destination for tourists and residents alike, this iconic area, has a polished grunge that attracts trendsetters, artists and celebrities alike to dine, shop and to call home.

The neighborhood:

Located in lower Manhattan, SoHo is situated below south of Houston Street, which is how the neighborhood got its name. Chinatown sits along SoHo’s southern boundary of Canal Street with Crosby Street and Sixth Avenue as the eastern and western borders, respectively.

 

Image by John Weiss / Flickr

 

In the mid-19th century, this area began to thrive thanks to the development of luxury commercial real estate on nearby Broadway like Tiffany & Co. and Chanel. These elite stores drew in other industries, and soon elite retail storefronts faded, and the whole area was overtaken by industrial development, mainly textile production.

 

Image by Iker Alonso / Flickr

 

By the late 1940s, SoHo was mostly comprised of rundown warehouses and dilapidated sweatshops, but this began to change in the 1960s when the abandoned structures were turned into lofts. Soon, artists and writer started calling this neighborhood home. Since then, SoHo has been very gentrified and today is a mecca for art galleries, high-end boutiques, and large chain stores.

Things to do:

The main attraction of SoHo is its abundant shopping and dining. From high-end designer stores like Prada and Celine to affordable chain retailers like Topshop and H&M, SoHo is brimming with world-class retail storefronts. Also filling SoHo’s commercial spaces are many of the city’s most famous restaurants including Balthazar, Dominique Ansel Bakery, and The Butcher’s Daughter.

 

Image by Ralph Daily / Flickr

 

SoHo is also home to several world-renowned museums. The New York City Tenement Museum preserves the history of lower Manhattan’s storied history, while the nearby New Museum features rotating modern art exhibits and installations.

 

Image by John Weiss / Flickr

 

Transportation:

Nearly all of the city’s subway lines converge on SoHo, making transportation to all other boroughs and areas within Manhattan quick and efficient. The A/C/E line stops at both Spring and Canal Streets, giving easy access to upper Manhattan, Brooklyn and Queens alike. The N/Q/R stops at Prince and Canal Streets while the 6 train stops at both Spring and Canal. A short walk away at Broadway and Lafayette is also access to the D and F trains.

Though not as accessible or widespread as bus routes in uptown Manhattan, SoHo also has limited bus service. The M21 bus runs east and west across Houston Street while the M5 and M20 buses give access up and downtown.

What it costs: 

 

Image by Erik Jaeger /Flickr

 

In SoHo, there is a mix of different housing, with a blend of renovated tenement buildings, updated lofts and luxury condos.  Despite the diversity, SoHo is one of New York’s more expensive neighborhoods because of all of the convenient amenities it has to offer. The median listing price for homes is $3.75 million, with the median price per square foot falling at $2,247. The median rental price in SoHo is about $4,700.

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207 W 79

207 W 79th is a 19-unit, 13 story condo building designed by Morris Adjmi Architects to embrace the rich architectural history of the Upper West Side. Flawlessly blending into the storied neighborhood, it’s easily one of the finest additions in recent years.

Architecture

Designed by Morris Adjmi Architects and developed by Anbau Enterprises (who specialize in high-end residential NYC property), 207 W 79th fits seamlessly into the Beaux Arts vision of the Upper West Side. The textured façade matches the ornate nature of the neighborhood with limestone giving way to buff tone brick and rising to the corniced top. The oversized casement windows further add to the intricate look and feel, wrapping around corners to provide a stunning view for the residents within.

 

Rendering  courtesy of 207 West 79

 

Residences

 

Rendering  courtesy of 207 West 79

 

The residences beautifully combine sleek modern day living with the rich detailing of the building’s exterior.  All of the residences are built with to maximize space with open plan living and large, virtually floor to ceiling windows. The floors in the common areas are a completed in a mansion weave parquet pattern to tie the modern interiors to the detailed exterior. They’ve offset that texture with simple and refined details, like white bronze hardware for the doors and in the bedrooms, where visual simplicity is a priority, the flooring changes to plank flooring and large casement windows.

 

Rendering  courtesy of 207 West 79

 

In the kitchen, they’ve paired the patterned flooring with white sky marble counters and waterfall islands, custom gray oak cabinetry, and Lefroy Brooks fixtures. Modern appliances are provided by Wolf and Miele with the fridge provided by Sub-Zero.

 

Rendering  courtesy of 207 West 79

 

The master baths are tiled marble and porcelain in an Empire-style rattan pattern with Bianco Bello marble walls and counter tops. The fixtures are simple brushed nickel from Lefroy Brooks. Additional bathrooms are outfitted with vein-cut Bianco Beatriz and hive Tile Calacatta marble walls and oak paneled cabinets.

 

Rendering  courtesy of 207 West 79

 

In the townhome units, the luxe attention to detail extends to the private terraces. The terraces come complete with a range of shrubs, grasses, and flowering trees like the Dogwood to provide shade and aromatic ambiance. The planters are faced using Brazilian ipe, the same hardwood used for the Coney Island Boardwalk. The hardwood continues onto the outdoor kitchens, which include stainless steel grills and durable, smoked gray granite countertops.

The penthouse also makes use of private outdoor living space with 2,000 square feet of private balcony and both south and west facing views. 36 inches of these 2,000 feet are occupied by a top of the line stainless steel grill and smoke gray granite counter tops to accompany the outdoor dining area. Inside, like the full floor units, the penthouse features a 50-foot wall of oversized casement windows and an open gas fireplace for the ultimate comfort.

Amenities

Residents can enjoy a 24-hour concierge, a beautiful marble and hardwood lobby, fitness studio, storage areas (including bike storage) and a playroom.

Availability

There are some residences currently available:

Half floor residences

There are four half floor units available, ranging from a 1,600 square foot 2-bed 2-bath unit for $3.95 million to a 2,000 square foot 4-bed 4-bath unit for $6.25 million.

Full floor residences

There is currently one full floor unit available. Located on the 11th floor for $12.5 million, it’s a 6-bed, 5-bath unit that clocks in at 4,205 square feet. With north, south and west exposure it’s guaranteed plenty of light and stunning views year round.

Townhomes

There is currently one 5-bed 5-bath townhome available for $10.6 million. It comprises 4,061 square feet plus 944 exterior square feet in the private terrace.

Penthouse

The penthouse at 207 W 79th is a 5-bed 4-bath + powder room residence with 4,336 square feet of internal space and an additional 2,500 square foot patio. Price is available on request.

Neighborhood

The Upper West Side remains a cultural hub of the city, with the Museum of Arts and Design, the Lincoln Center, and Columbia University all calling it home. It’s also littered with live performance venues such as the Metropolitan Opera, Beacon Theater, Alice Tully Hall, Symphony Space, and the Alvin Ailey American Dance Theater.

It’s also bordered by two of the city’s largest parks for year-round access to greenery and open space. And with good restaurants like Good Enough to Eat sprinkled over the neighborhood, it’s no wonder so many people want to call it home.

[ 207 West 79 ]

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Mortgage Shopping: Peculiarities of Mortgages in the Big Apple

Potential homebuyers are often confused when it comes to obtaining a mortgage. While it is tempting to merely sign-on for the one with the lowest rate, you will be doing yourself a huge disservice. There could be various fees attached, as well as different terms. You will need to be able to do an apples-to-apples comparison. Fortunately, there are tools that allow you understand the terms of your loan before signing on the dotted line.

Figure out the type of mortgage you want

Although the 30 years fixed mortgage is the most common, there are other types that may be appropriate. You may decide to obtain a 15 year fixed mortgage. The interest rate is usually lower, and you will pay off your loan quicker, saving money in interest costs. However, the payment is usually higher. There is also various adjustable rate mortgage (ARM) options. Typically, the interest rate on loan is fixed for a period, which is followed by a floating rate that is tied to another rate, such as LIBOR or the federal fund’s rate. A fixed rate allows you to know your monthly payments with certainty. Conversely, an adjustable rate will fluctuate, depending on the interest rate. There are several factors to consider in making your decision, including your risk tolerance, how long you plan on living in your residence (the shorter time frame means an adjustable rate might be the right choice), and your view on the economy and interest rates.

 

Image by Chris Potter / Flickr

 

The Federal Home Loan Mortgage Corporation (FHLMC), which is commonly referred to as Freddie Mac provide average rates on a variety of mortgage products. This is a good starting point, giving you a sense of the general level and direction of rates, but this is the national average. You will need to hone your search to New York City. Keep in mind that you will have to obtain a jumbo mortgage for a loan larger than $625,500. These have higher interest rates, and the bank might require a larger down payment than for a conforming loan.

Co-ops, condos…oh my

New York City’s plethora of co-ops and condos means interested buyers should be aware of each one’s peculiarities when it comes to accessing a mortgage.

A co-op board may put you through the ringer, with financial disclosures and a strict vetting process. This may give the lender greater confidence. However, not all banks grant mortgages for a co-op. Furthermore, the co-op building may not allow any mortgage, or allow you to finance only a certain percentage of the purchase price (e.g. only 50% of the price).

It is easier to obtain a mortgage to purchase a condo than it is for a co-op. On the condo side, you should also look at the building’s characteristics. As we noted previously, if more than 50% of the condo units are investors, banks are more reluctant to lend. A high vacancy rate and percentage of owners who are delinquent, results in lenders being more skittish. If a single investor owns a large number of units (e.g. 10%), lenders may turn down your mortgage application.

Not so fast

Just because you have been pre-approved for a mortgage does not mean you will automatically get the loan. The lender will also check the co-op or condo building’s finances. Following guidelines from the Federal National Mortgage Association (FNMA, or Fannie Mae), the institution will determine whether or not the building is a safe investment. This includes an examination of the building’s reserves (10% of revenue is the guideline), any legal issues (if there is pending litigation, a bank will almost certainly not extend you a mortgage), and commercial space occupying more than 20% of the building’s square footage. We previously mentioned a potential issue if one person owns more than 10% of the shares or units due to fear of putting too much of the property’s future in the hands in a single person. If it is new construction, at least 70% of the apartments should be in contract to pass muster with Fannie Mae.

 

Image by Pictures of Money / Flickr

 

These types of problems are discovered during the attorney review process. You can also do some of your homework beforehand by asking your buyer’s broker to see a copy of the financials, however. He or she might also be able to tell you about the presence of other issues.

Knowledge is power

The Consumer Financial Protection Bureau (CFPB) was created in the aftermath of the housing crisis. “Know Before You Owe” is a mortgage disclosure rule that replaces four forms with two: the Loan Estimate and the Closing Disclosure. The Loan Estimate makes it easier to shop around and compare different loan offers while the Closing Disclosure provides notice to avoid surprises at closing.

When shopping for a mortgage, there are other considerations. Look at the fees each lender is charging. To accurately compare lenders, use the annual percentage rate (APR). You may also want to consider paying points, or upfront interest, to obtain a lower rate, depending on how long you plan on living in residence. These are all part of the closing costs, which are typically 2%-5% of the purchase price, and include title insurance, title search, government and escrow fees, home inspection, and an appraisal, along with any points you may decide to pay.

Don’t get overwhelmed by the process. There are mortgage brokers that can help you shop for the best rate, and your buyer’s broker should also be able to explain the basics.

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The Clare – 301 East 61st Street

Light filled and elegant, The Clare combines functional living with outstanding design and luxury.

Architecture

Developed by REID and designed by Manuel Glas Architects to create the light filled public and private spaces in the middle of New York City, The Clare is truly a one of a kind building. With limestone, glass, and panels designed by Porcelanosa making up the façade, the Clare almost glows in the sunlight.

 

Rendering Courtesy of The Clare

 

Residences

Residences have been designed with every luxury in mind. Floor to ceiling windows in both the living area and bedrooms let in as much light as possible while specially designed ‘fins’ on the exterior of the building provide privacy without compromising the incredible view.

 

Rendering Courtesy of The Clare

 

White oak floors made from seven inch wide planks and featuring radiant heating make the space even brighter, a palette rounded out with cool greys and whites. LED lighting and multi-zone heating and cooling round out the creature comforts of the common spaces. Duplex units feature up to 18 feet ceilings, and all units come with fully equipped kitchens, with custom Poggenpohl cabinetry, quartz-topped counters and islands, and appliances from Miele.

 

Rendering Courtesy of The Clare

 

In the bathrooms, white reigns supreme with Carrara Blanco-style floor and tiled walls from Porcelanosa, complemented by Watermark fixtures and in the 5-fixure master baths, the Kohler soaking tub. Quartz countertops tie the look to the rest of the house and rain showerheads provide a relaxing and functional experience.

 

Rendering Courtesy of The Clare

 

For the penthouse, the developers went one step further, outfitting the kitchen with Bianco Dolomiti counters and using Calacatta gold marble tiles in the bathroom.

Amenities

The amenities are focused on the 13th floor and, true to the vision of beautiful private and public space, are second to none. The 12 foot floor to ceiling windows make it light and bright for residents, who can enjoy a fitness and wellness center, the ample dining and living areas, entertainment areas, an 800 square foot patio, and walnut and stainless steel detailing. Residents also enjoy a beautiful 24/7 concierge and cold and bike storage.

Availability

There are currently six units available, ranging from a studio up to a 2-bed 2-bath. Prices start at $820,000 for the 563 square foot studio and increase to $1.4 million for a 1-bed 2-bath 900 square foot unit. They cap at $3.1 million for a 1,600 (+124 exterior) square foot 2-bed 2-bath unit on the 7th floor.

Neighborhood

Right at the crux of the Upper East Side and Midtown, The Clare sites at the very heart of the classic New York shopping district. Surrounded by Bloomingdale’s, Bergdorf Goodman, Henri Bendel and Tiffany & Co., it doesn’t get much more NYC.

Beyond these sprawling shopping destinations exists plenty of local culture, restaurants, boutiques, and cultural hubs. Plus, with quick and easy access to the FDR Drive and 59th Street Bridge, getting out of the city is quick and easy.

[ The Clare ]

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NYC Neighborhoods to Invest in Now

New York City offers buyers some of the best investment opportunities in the state. Right now, it’s experiencing the highest population surge it has ever seen and, with more than 8,550,405 people, can only be expected to grow even more. It’s been nearly 100 years since we’ve seen this level of growth, and the incoming population will need a place to stay. That’s why you should invest in the following NYC neighborhoods now.

According to the 2015 Census, Queens, Brooklyn, and the Bronx experienced the highest growth, and there is more room to go. You can still get a good deal on properties in these areas.

Brooklyn

Brooklyn leads the state in population growth over the past five years. Between 2010 and 2015, more than 130,000 people moved to Brooklyn, increasing the population by 5.3%. Properties in Brooklyn, however, are still easy to come by. Flatbush, Sunset Park West, and Kensington offer buyers good investment deals.

 

Image by Lorenzoclick / Flickr

 

Kensington’s average listing is just over $525,000. It hasn’t experienced the million-dollar surge yet, but it’s primed to. The apartments are large and affordable, it’s family friendly, and Kensington is centrally located near the subway and Prospect Park.

For just over a half-a-million investment, you can increase square-footage in East Flatbush. The neighborhood continues to grow and residential housing is popping up. Flatbush investment properties are on the rise. Flatbush offers more space and budget-friendly pricing for professionals and growing families.

If you are scouting for additional properties in Brooklyn, Bay Ridge located near the great Owl’s Head Park, offers immense value for investors.

Queens

Queens experienced a growth of 16,700 in 2015. Between 2010 and 2015, the population of the borough jumped 4.9 percent. The neighborhoods in Queens that offer the best investment for your buck are The Rockaways, according to the NY Times, and Jackson Heights, one of the most diverse neighborhoods in the country. The median sales price for homes in the Rockaways was $430,000 in fourth quarter of 2015, but the Times reports that you can find one-bedrooms for as little as $200,000.

 

Another neighborhood with swift movement is Jackson Heights. This area is densely populated and it attracts buyers who want the space and history without having to spend millions. Buyers can find a single bedroom for as little as $200,000 to $300,000. Jackson Heights offers classic style, diverse entertainment and dining options, and an easy subway commute into Midtown.

Bronx

The population in the Bronx has surged by 5.1 percent in the past five years, and with that comes housing demands and investment-worthy pricing. Home sales in the Bronx jumped by more than 35%.

 

Image by Axel Drainville / Flickr

 

The South Bronx is a worthy investment. Recently, developers have targeted the area, which means more growth is bound to follow. Now is the time to snatch your piece of the neighborhood. More than $1 billion in real estate investments was injected into the South Bronx in 2015 alone.

Mott Haven / Hunts Point has experienced some of the sharpest increases in population, sales and sale prices. The rent increase rose to nearly 29% between 1990 and 2015.

If you are ready to make big investments now in these three NYC areas, you will be handsomely rewarded very soon. Call now to find the best real estate investments in the city.

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Insurance: Don’t Leave Home Without It

Homeowners insurance is an often overlooked expense when purchasing a home. In our Homebuyers Handbook, we provide an overview of warranties and insurance considerations, which is an excellent place to start. There are explanations on what to look at for and understand, as well as tips to lower your homeowner’s insurance premium. We will review this material and delve deeper into this arcane topic.

Do I need insurance?

You will likely be required by your lender to have homeowners insurance if you have a mortgage. This protects the lender, which has a lien on your property, in the event your home is damaged.

For those that do not have a mortgage, it is strongly advised you take out a policy. This is a large asset, perhaps your biggest one, particularly given real estate values in New York City. You will likely want to protect your interest from an unfortunate event. It also protects you should someone get injured and decide to sue you. If you have purchased a condo or co-op, the board may also require you to purchase insurance.

 

Image by Thomas Hawk / Flickr

 

Keep in mind; a homeowners insurance policy is different than a home warranty. The latter covers certain items in the home. For example, it could cover the dishwasher, air conditioner, refrigerator, and washer/dryer, in the event one of these breaks down. It does not cover a loss from a natural disaster or theft, as a homeowners policy does.

What it covers

A standard insurance policy covers the home along with possessions inside. This protects against damage to your property and any liability that may arise from injuries or property damage caused by you or your family members. Events such as fire, theft, and certain natural disasters are typically covered. Policies in this part of the country typically include wind damage (this may not be the case in other states, such as Florida). Most policies specifically exclude damage from floods and earthquakes, although these probably are not a concern for apartment dwellers in Manhattan. Problems caused by a lack of maintenance, such as leaky pipes, will be your responsibility to fix.

How much insurance?

How much insurance coverage to purchase is dependent on the value of your home and possessions. You should seek the replacement cost. Therefore, it is incumbent upon you to calculate how much you need to protect. First, look at the value of your home. Your insurance agent can help you with this by going through the various features, such as square footage, the number of bedrooms, and other items that would affect the value. Replacement cost will pay out the amount to replace the item, even if has depreciated. You will have to prove you replaced the item. This is opposed to actual cash value, which pays the original cost less any depreciation.

It is recommended you make an inventory list of the items in your home. This will make it easier to determine how much coverage you need as well as expediting a claim should you have to make one. You should list your possessions, particularly big ticket items, and include the make and model, along with receipts and appraisals. It is also a good idea to take pictures and videotape a walk-through, which should be stored in a secure place such as a safe-deposit box.

As for liability coverage, the Insurance Information Institute states that increasingly $300,000 to $1,000,000 is recommended. However, if you have a high net worth, consider adding on to this amount.

Premiums

There are several factors that will affect your homeowner’s insurance premium. This includes the home’s features, location, and any protective devices such as an alarm system and smoke detectors. If your building has a doorman or security guard, or an up-to-date fire alarm system, your premiums will also be lower.

There are several tips to try to save money on the premium. First, shop around. With the Internet, this is easier than ever. Beyond that, purchasing homeowners and car insurance through the same company will likely get you a discount. There may be other discounts you are eligible for, such as professional affiliations. Depending on your risk tolerance and the amount you can afford to spend should something happen, your premium will be lower if you are willing to have a higher deductible?

Final thoughts

Insurance is a topic akin to going to the dentist. It may be necessary, but many do not find the experience pleasant. However, it is a necessary step if you are going to be a home owner, and getting the right amount of insurance can save you headaches later one.

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42 Crosby Street

A 10 unit luxury condo building developed by Atlas Capital Group and located on the fabled cobbled streets of SoHo, 42 Crosby is perfect for those who love exclusive, high-end luxury in a historic neighborhood.

Architecture

Topping out at seven stories, architect Anabelle Selldorf has designed 42 Crosby to blend seamlessly with the 19th century cast iron buildings of SoHo in a modern-day interpretation of the classic style. Built to match the scale of the buildings around it, it merges to become part of the neighborhood while still creating light, beautiful units with large windows and plenty of open space. It mirrors the surrounding landmark buildings, inside and out.

 

Rendering courtesy of 42 Crosby

 

Residences

The units are all built in the loft style with a focus on creating open space, with floor to ceiling glass windows that face south and east to let in plenty of light and sliding doors throughout for a smooth room to room transition.

 

Rendering courtesy of 42 Crosby

Each unit is in itself the height of luxury. The kitchens are custom built by Boffi with appliances designed by Gaggenau. Each unit also comes with a washer/dryer from LG. The floors are Nordic ash and Terrazzo, and the bathrooms feature Bardiglio and Thassos marble. Each master bath includes an elegant free-standing tub for the ultimate luxury.

 

Rendering courtesy of 42 Crosby

 

It’s not just fixtures that make these residences so sought after though. Each comes with a full suite of modern technology, including customizable AV and lighting installations, automatic exterior shutters, and a Savant smart home automation system.

 

Rendering courtesy of 42 Crosby

 

Amenities

The building has extra-large in-building storage, cold storage, and a 24-hour lobby that features a terrarium and sculpture installation from Paula Hayes and an interior courtyard with a fully grown Norway Maple.

Of course, the real pull is the private underground parking, with a private car and personal elevator and a porte cochère for privacy (complete with a green wall).

Availability

There are currently five units available, four 3-bed 3-bath units and the penthouse. The 3-bed 3-bath units range from 2,800 square feet with a Juliet 233 square foot balcony for $8.4 million up to 3,299 square feet for $9.7 million.

The penthouse duplex is a 5-bed, 7-bath residence with 5,852 square foot interior and 4,000 square foot exterior. It Features a brise soleil, a separate staff entrance, and a wet bar in the library. All for $25 million.

Neighborhood

SoHo’s industrial past has given the neighborhood a look and feels unique in New York City, with cobbled streets lined with cast iron buildings. Only instead of hosting industrial factories, they now house boutiques, neighborhood restaurants, and global designers all calling SoHo home. Long a center for modern art, 42 Crosby offers luxury living in one of the world’s most dynamic cultural and creative meccas.

[ 42 Crosby ]

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