Gea Elika's Blog, page 157

One Manhattan Square

One Manhattan Square a 800 foot glass building from Extell Development provides the complete the complete living solution for home buyers. From the gardens designed by West 8 to the robust amenities to the quick and easy access to the waterfront, One Manhattan Square truly is a “vertical village.”

Architecture

Rising an impressive 800 feet, One Manhattan Square is among the tallest buildings in the city – and with that height comes some of the best views. Extell Development is leading the architecture and their vision is to design a building that encompasses luxury living space that integrates into the city.  Their expansive gardens, street level improvements, and outdoor space for residents make it easy to see why this is such a desirable location.

 

Rendering Courtesy of One Manhattan Square

 

Residences

The interior design is led by Meyer Davis, the firm responsible for a number of private homes, restaurants, and retail spaces including the Oscar de la Renta stores all over the world.  Deeply functional with a commitment to luxury design and tactile experience, the interiors for all available units are exquisite.

 

Rendering Courtesy of One Manhattan Square

 

Luxury touches so typical of Extell include 5” oak flooring throughout and floor to ceiling windows to open the space. Imported Blizzard Caesarstone counter tops and Mountain White Striato stone or Statuary stone (depending on your chosen colour scheme) breakfast bars along with custom cabinetry, stainless steel mosaic backsplashes, and Dornbracht fixtures make the kitchen beautiful and functional.

 

Rendering Courtesy of One Manhattan Square

 

The luxury continues into the bathrooms, with larger units complete with 5 fixture mast baths with radiant underfloor heating. The walls are finished with ocean blue travertine stone and mosaic tiling, Tay Koto wood vanities, and a wetstyle soaking tub that has a spectacular view of the city.

There are two colour schemes condo owners can choose – a dark scheme featuring stained dark wood and naturally dark brown detailing and a light scheme, which focuses on marble, cool greys and whites.

 

Rendering Courtesy of One Manhattan Square

 

Amenities

The amenities and services available at One Manhattan Square are substantial, to say the least. To keep you fit, they have a range of sporting facilities including a full basketball court and a fitness center (which includes classes).

 

Rendering Courtesy of One Manhattan Square

 

For relaxation, they have a full working spa with cold plunge pools, hot tub, sauna, private treatment room, tranquility garden, and a 75-foot lap pool.

For entertaining, they have a lounge, bar, professional cooking facilitates, wine, cigar and billiard rooms, and a performance space.

And lastly, they have a number of services to make their resident’s lives easier. These include standard amenities like 24-hour doorman and concierge, a business center, and delivery and storage options. But they also offer additional amenities like dry cleaning valet, a pet spa and laundry and alternations – all at the push of a button.

 

Rendering Courtesy of One Manhattan Square

 

Availability

Currently, there are 16 units available for sale:

Six 1 bed, 1 bath units around 700 square feet each. These start at $1.1 and creep up to $1.5 million depending on the floor in the building and the size.
Six 2 bed, 2 bath units around 1,100 square feet each. These start at slightly over $2 million and cap out at $2.6 million for 1,123 square feet.
Four 3 bed 2-3 bath units between 1,400 and 1,600 square feet. These start around $3.5 million and get up to $4.3 million for a larger unit.

Neighborhood

The Lower East Side is a buzzing with energy.  It’s the meeting place of earthy grittiness and upscale sophistication for a neighborhood that’s exploding with art, culture, and food, combining the tried and true with the cutting edge. New boutiques, global brands, and galleries galore all make the Lower East Side a fantastic neighborhood to be a part of.

[ One Manhattan Square ]

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Knowledge is Power: How to Submit a Successful Offer in New York City

The bidding process for a home is stressful, to say the least. Certainly, no one wants to overpay, which is balanced against potentially losing out on the home. There are a wide variety of bidding strategies, and you may deploy multiple approaches for different homes you want, depending on the market conditions and the seller’s motivation.

Your buyer’s agent will be able to provide expert advice, running comps for similar properties to estimate the fair market value before submitting your offer.

The process

It is useful to take a step back and learn about how an offer is made, from a legal standpoint. This familiarity will help you when you are ready to go forward.

In New York, an offer may be presented in writing or verbally, but it is suggested you utilize the former method. It is further recommended you send supporting financial statements and a mortgage pre-approval letter. Alternatively, the seller’s agent may request you fill out his/her offer form.

 

Image by TRA Studio Architecture / Flickr

 

Aside from the price, your offer should include all the terms and conditions of the purchase. Closing costs in a resale are rarely negotiable, unlike the scenes you may see on television shows appearing on HGTV and other networks. However, if you are seeking to buy a new development or from an investor, it is a good idea to ask for city and state transfer taxes to be paid, although this is dependent on market conditions.

There are many other standard items included, such as the address, and how the purchase will be financed (e.g. all cash, subject to obtaining a mortgage). In New York, unlike other states, no deposit is required when you are submitting an offer. This is due at the contract signing.

You should also include certain items that you want. If you like the furniture, ask for these items to be part of a side deal. If it is included in the sales contract, you will have to pay sales tax.

A time limit may or may not be part of the offer, depending on the situation. A target date for completing the deal will also be part of the offer.

You may also wish to include certain contingencies. Two standard ones are that you can obtain adequate financing and a home inspection.

What price to offer?

There is a multitude of approaches to take when deciding what price to offer. Your real estate agent, particularly an exclusive buyer’s agent can be an immense help. He or she knows the market, and a buyer’s agent works for you, and beyond that, owes his fiduciary duty to you. He or she must pass any information along to you that would help tilt the price in your favor.

When making an offer, it is important to know the market. If it is a buyer’s market, such as a few years ago, any bid was likely welcome. In a seller’s market, you may be competing with other offers, some of whom may be irrational. You and your agent should decide what to do in case a bidding war breaks out. We have previously written a post on how to handle yourself if you are in this situation to come out on top.

 

 

The selling price of comparable houses, comps in real estate parlance, is extremely helpful. Your agent can provide this valuable information, with the more recent the sale, the better. The exact apartment one floor above or below the one you like is the best option. If this is not available or too stale to be relevant, a similar apartment within the building is the second best alternative. Finally, if these do not work, a similar apartment within the same zip code can be used. The listing price is less helpful. You should compare the recent sale prices to the seller’s list price. However, if there are unique traits that add value, such as a new kitchen, these should enter into the equation. Alternatively, if the apartment needs renovations, you should obtain a quote for the work and factor that into your offer.

You can also do your homework on the Internet, which can supplement your agent’s information. In New York City, propertyshark.com and streeteasy.com are two relevant websites.

Don’t assume the seller has priced in a buffer for negotiation. There are different pricing strategies. Some do not wish to bargain and price it according. Others may underprice it in the hopes of creating a bidding war, which makes a comparable market analysis even more important since it will allow you to form your best and final offer.

Based on the estimated fair market value of the property, an offer in the ballpark, with wiggle room to negotiate, typically enables both sides to meet in the middle to reach a fair deal. After your initial offer, you will likely receive a counter. Again, this is dependent on the market, putting the ball back in your court.

 

Image by Matt & Megan / Flickr

 

There are certain factors that can give you more confidence that you can submit a lower offer than you normally would. These are instances of a divorce, an estate sale, or if the property is vacant.

It is tempting to present a low-ball bid. This may be the best strategy based on market conditions or the seller’s position. However, you should be prepared to lose out on the property, particularly given the current state of the market. If you don’t receive a counter-offer, it is essentially game over.

Negotiations can also go beyond money. In New York City, with the preponderance of co-ops, an agent will also have to present your profile to the listing agent and seller. Getting the co-op board’ approval is a very important part of the process. In fact, a lower offer may win out based on the seller’s knowledge that you will pass the board.

Obviously, there are many complex factors that go into making an offer. This means there are a wide variety of bidding strategies. An experienced buyer’s agent that has seen the different types of markets and done dozens of deals can assess the situation and guide you going forward in order for you put forth a sensible and winning bid. 

Shore up your position

An all-cash buyer is in a stronger position. Alternatively, if you have been pre-approved for a mortgage, this also gives you a stronger hand. If you have flexibility moving from your current lodging that is also a feather in your cap., either because you are a first time home buyer (if you are not, you do not place a contingency that it must be sold first) or your lease is expiring

Final thoughts

There are many complex factors at work. While you can be dispassionate with an investment, it is very difficult to do so for a home. A buyer’s agent, who is not emotionally tied to the purchase, serves as a valuable conduit to do the negotiating on your behalf.

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87 Leonard Street

A converted 150-year-old building in the heart of Tribeca, 87 Leonard offers seven beautifully restored condo units in the classic cast iron style.

Architecture

Built over 150 years ago and refurbished by Magnum Real Estate Group, this cast iron classic is 8 stories tall and has all the hallmarks of an early nineteenth-century building. Details like oversized windows, cast iron columns inside and out, and the landmark façade all speak to its long and storied past in the city.

Residences

 

Image courtesy of 87 Tribeca

 

The apartments have been designed to provide a modern twist on an old classic. Each apartment nods to the past with 17 foot Corinthian columns, brass, nickel, and brushed stainless steel fixtures, and wide cut white oak floors, all tempered with clean, modern lines and appliances. Gas stoves from Wolf, stainless steel appliances from Sub-Zero, subway tiling, and Italian Calacatta Gold Marble create a timeless, quality look.

 

Image courtesy of 87 Tribeca

 

Amenities

The building amenities include a part-time doorman, fitness center, and storage space for residents.

Availability

 

Image courtesy of 87 Tribeca

 

There are currently four units available – two penthouses and two maisonettes.

Penthouse A

Penthouse A has 3,888 square feet of living space and an additional 1,693 square feet of terrace space. It’s a 3 bed, 4 bath unit duplex with a powder room, outdoor kitchen, wrap around terrace and home office. Being on the 8th floor, it has views of the Empire State Building and the Chrysler Building.

Penthouse B

Penthouse B is a slightly smaller triplex with 3,612 square feet of interior and 1,573 of exterior living space. It has the same room configuration as Penthouse A with 3 bed, 4 bath, a powder room and a home office. It has beautiful indoor/outdoor living with French doors and an outdoor kitchen and a rooftop terrace for those warm summer nights.

Maisonette A

Maisonette A is 4,745 square feet, 3 bed 3 bath spread over three floors and provides beautiful luxury not usually found in a maisonette. The living space is on the first floor and the bedrooms on the second, with a rec room and utilities on the lower level.

Maisonette B

Maisonette B is a 2 bed 2 bath, 7,414 square foot unit spread over four levels and includes a private 444 square foot terrace. Like the rest of the units, it uses two story ceilings in places to open out the living space and create a light, transparent environment. The terrace comes off the master bedroom on the mezzanine floor with the kitchen, living space, and second bedroom on the second floor. The final floors are a cellar and a lower level which includes an office, playroom, rec room, and utilities and storage space.

Neighbourhood

Tribeca has a boutique vibe with small artisans setting up shop in the streets surrounding 87 Leonard. Cafés, florists, casual bars and top-end restaurants make Tribeca a haven from the fast paced crush of the city.

[ 87 Tribeca ]

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6 Things You Need to Know When Buying an Investment Property in NYC

It’s time to eradicate the myth that buying real estate in New York City is only for elite real estate moguls. Investors come in all shapes and sizes, and some properties are available for reasonable prices.

If you’re interested in buying an investment property in NYC, here are six things you need to consider:

1. Location, Location, Location

Know the market trends for the neighborhoods you’re looking in and research other rental buildings and inventory nearby. Find out if anything new is coming to the neighborhood that will make it more desirable, such as a new subway station or grocery store. Research the property tax rates and school zones, especially if you’re purchasing a two-bedroom apartment. Ask a professional in real estate about which neighborhoods in NYC are anticipated to grow and why.

 

Image by Gea Elika

 

2. The Property

Always see the property for yourself, even if virtually, before you buy. If you are purchasing a condo, get in touch with the building’s management to learn about what changes are coming up in the future. If you can, get a copy the building subletting policy and leasing application, and see what fees you might be responsible for paying. Some buildings even offer tax abatements or temporary tax reductions.

3. Sales Versus Rental Rates

You don’t want to end up paying more for a property than what you will be receiving in rent from tenants each month. Compare sale prices for properties in similar neighborhoods against typical rental rates to gauge the potential rental yield for the property; currently, rental yield in NYC is between three and five percent.

Be sure you know what the rental rates are, and stay competitive so that your units will always have tenants. If you are flipping the property, you’ll still need to know this information for potential buyers.

 

Image by Tom Bastin / Flickr

 

4. Legal Issues

If you choose to become a landlord, you will be working with rental agreements, liability concerns for tenants, possible evictions, and more. Be sure to have an attorney on your side who can help you navigate these scenarios as they arise.

Be aware of your rights as a buyer and seek advice when encountering contracts, titles, and other legally binding documents.

5. Costs

Identify what costs are involved in acquiring and managing an investment property.

If you’re purchasing a condo with the hope of renting it out, review the rental applications at your desired building so that you are informed about any fees involved for owners and tenants. You may want to consider paying a company to maintain the property for residents if you rent it out, in case something breaks or needs to be replaced. For individual condo management, 5% of the gross monthly rent is the average rate. Most condominiums collect common charges for the building’s operational and maintenance expenses.

6. Time Frames

Know how long you want to own the property and study market trends. Are you going to hold onto the property for a decade and always keep it occupied or are you going to renovate and flip it? Whether it’s long-term maintenance or renovation costs, the length of time you intend to own the property should factor into your budget.

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Looking to Relocate to NYC? Here’s Your Relocation Checklist

Have you become so enchanted by New York City that you’re ready to make it your home? More and more people move here every year, and for good reason. There’s always something to do, opportunities to grasp, and interesting people to meet. This checklist of resources will prepare you to relocate to NYC with all your bases covered.

Employment

If you aren’t moving with a specific job in mind, there are many ways to find work in the city:

1. If you love the bustle of NYC and want to be a part of how it runs, you can find a job working for the city itself at nyc.gov. Job specialties run the gamut, from administration services to technology innovation.

2. The New York Times has a live scroll on their website with featured jobs that are constantly being added.

3. If you’re into the start-up scene, you can search employment listings on AngelList.

4. For general employment, Indeed offers a variety of jobs in a lot of different industries.

 

 

Photo By: Photography by JClark/JClark Gallery and Modern Home Tours, LLC.

 

Budget Tools and Tracking

Moving is never easy on the wallet. However, there are tools you can use to track your budget and anticipated moving expenses:

1. Mint by Intuit, is a great, free financial tracking tool. You can use the app to add moving expenses, like renting a moving truck—and gauge how close you are to maxing out your budget. This way, you won’t have to worry about building your bank account back up once you’ve settled in.

2. There are plenty of blogs to follow, like The New York Budget, that offer details on where to shop, eat, and hang out while you’re living on a budget in NYC.

3. If you are renting an apartment in NYC, be aware that your yearly income must be at least 40x the monthly rental rate of the apartment you choose.

Picking a Neighborhood

Once you figure out how much you can spend on rent and where you’ll be working, you’ll have to pick a neighborhood to live in. Decide what type of commute you want to have every day, and research what each neighborhood has to offer:

1. Scope out crime rates on Trulia, especially if you’re commuting at night.

2. Find out what’s nearby, such as grocery stores and bars, with Yelp.

 

Image by Laura Gilmore / Flickr

 

Decide Whether You Want to Rent or Own

When you first move to the city, consider finding a roommate to save on costs—or for companionship, because you may not know that many people yet. These resources can help you decide on your ideal living situation:

1. Room Zoom and Roomie Match both match personality and lifestyle preferences, as well as other criteria, to help you find a compatible roommate.

2. Elika’s home buyer’s guide offers detailed information on how to buy property in NYC.

3. If you’re renting, Elika also offers guidance and representation for renters.

Transportation

How you are going to get around is one of the most important details to figure out. Public transportation or private? The following resources may help you decide:

1. If you think you’re going to commute on public transit like most New Yorkers, then familiarize yourself with the Metropolitan Transit Authority (MTA) schedules, fares, and maps.

2. If you’re planning on bringing a car, look at the DMV’s site to learn how to transfer your license and plates.

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287 East Houston Street

Designed by AA Studio and steeped in timeless elegance, 287 East Houston Street is bringing luxury living to the Lower East Side and creating an oasis of calm in one of the most high energy neighborhoods in the city.

Architecture

Designed by Brooklyn-based architectural firm AA Studio, the building was inspired by the Lower East Side itself. Focused on classic materials like brick, steel, and glass, the building was designed from the ground up to let in as much light as possible into large, open units. The commitment to open, clean design shines through in how the structure of the building works with the units within – gracefully.

 

Rendering courtesy of 287 East Houston Street

 

Residences

 

Rendering courtesy of 287 East Houston Street

 

Half the residences are one bedroom  and the other half are two. Each two bedroom unit is a two storey 2 bed 2.5 bath maisonette. With so much vertical space to play with, the units are open and airy, full of natural light streaming in from the large windows. Many of the units include beautiful terraces for a townhouse feel on the Lower East Side (a true rarity).

 

Rendering courtesy of 287 East Houston Street

 

Each unit also comes swathed in luxury, with Miele appliances and marble islands, white oak floors, Bianco Dolomiti marble walls in the shower and Danube marble on the walls and floors in the master bath and Grohe fixtures throughout.

 

Rendering courtesy of 287 East Houston Street

 

Amenities

 

Rendering courtesy of 287 East Houston Street

 

Like the building itself, the amenities are minimalist – they’re exactly what you need and nothing you don’t. A part-time doorman, fitness room, storage and bike storage, and supplementary laundry will keep your life squared away. The building also includes a communal rooftop terrace and outdoor kitchen – complete with beautiful views.

Availability

There are currently seven units still available:

– Four 1 bed, 1 bath apartments between 600-750 square feet. These are between $1.1 and $1.5 million.

– Two 2 bed 2.5 bath maisonettes. One has 1,300 square feet and the other is 1,000 square feet with an additional 124 square foot terrace. The larger unit is $2.7 million and the smaller unit is $2.3 million.

– Penthouse duplex. A 2 bed 2 bath 1,193 square foot unit with 140 square foot terrace at the top of the building. The penthouse is $2.9 million.

Neighborhood

The Lower East Side is a world of contradictions. Hole-in-the-wall restaurants cozy up to fine dining establishments. Fashion boutiques sit side by side with container sized single accessory stores. The finest galleries in the world emerge out of open mic nights and tiny amateur event spaces. This contrast defines the neighborhood, creates the buzz and feeds the energy that makes the Lower East Side such an amazing place to live.

[ 287 East Houston Street ]

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Real Estate Crawl: Bars to Visit When Searching for the Neighborhood Where You Want to Live in NYC

Whether you’re renting or buying real estate in New York City, searching for the neighborhood that caters to your lifestyle can be stressful. Scoping out the bars down the street from where you’ll be living is a great way to decide which one is right for you. You’ll get to know some of the people who already live in the neighborhood, and your friends will be more willing to tag along to help you in your quest for the perfect place. If you realize that the neighborhood isn’t the best fit for you, at least you’ll have a drink in your hand!

To discover the best bars to visit in NYC, this list is a great place to start. Each establishment attests to the unique flavor of its home neighborhood.

Harlem, Manhattan

 

Image courtesy of Mess Hall

 

Mess Hall: Their mission is “to create a relaxed, welcoming neighborhood bar that encourages community and gathering.” When you visit, you’ll be able to sit down and get to know your new neighbors. Mess Hall is known for craft beer and a great bourbon selection, and has awesome reviews on Yelp. This bar also has free cheese puffs!

Crown Heights, Brooklyn

The Crown Inn: This is a great establishment on Franklin Avenue, which is the epicenter of Crown Heights. Patrons consider the back patio a mini-oasis and rave about their happy hour. The Crown Inn is easy to get to because it’s near a lot of train lines—another perk of this neighborhood.

Lower East Side, Manhattan

 

Image courtesy of Nitecap

 

Nitecap: The speakeasy ambiance and basement area with plenty of room for friends make this is a unique place. Be on the lookout for the front door, because it’s easy to miss. If you walk past Schapiro’s, you’ve gone too far.

Greenpoint, Brooklyn

 

Image courtesy of The Moonlight Mile

 

The Moonlight Mile: Their slogan reads, “If you are looking for a place to connect with old friends or find new ones… Moonlight Mile is the place for you.” With a full five-star rating on Yelp, this is a favorite spot for the locals to hang out. One of the best things about it is the jukebox featuring a fabulous selection of music.

Tribeca, Manhattan

 

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Image courtesy of Brandy Library

 

Brandy Library: With the classy ambiance and a sommelier to assist you with your spirit selections, this bar caters to your need to feel pampered. Brandy Library has been a favorite in the area since 2004, and Time Out New York endorsed it as one of the best bars in the neighborhood.

Williamsburg, Brooklyn

 

Image courtesy of Skinny Dennis

 



Skinny Dennis: This honky-tonk bar has a resident band called The National Reserve. They let you throw peanuts on the floor while you enjoy live country music and inexpensive drinks. After dancing with some of your neighbors, you can try Skinny Dennis’ famous frozen coffee.

Washington Heights, Manhattan

: Thrillist has praised this bar, and with good reason. If you are apartment hunting while a game is on, you can stop in here to watch. With the casual vibe, you’ll feel at ease talking to the locals over sports-bar food with a unique twist

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565 Broome SoHo

 

565 Broome offers luxury condominium homes at the center of the SoHo cultural and arts scene. At 30 stories it towers over its surroundings, offering panoramic views of both the city and the Hudson.

Architecture

565 Broome SoHo is a joint effort from Parisian architecture firm Renzo Piano Building Workshop and Italian designers RDAI. Renzo Piano Building Workshop designed the facade with RDAI handling the exquisite interiors.

 

Rendering courtesy of: 565 Broome SoHo

 

Renzo Piano has long distinguished himself with a deep understanding of how elements of a building come together, and by focusing on perfecting each piece, he’s emerged as one of the best most influential architects of our time.

The reserved palette of the outside matches beautifully with the cast iron architecture so typical of SoHo, and highlights the quality and longevity of the building.

Residences

The same care, attention, and commitment to simple quality that’s executed so well on the building are continued throughout the interiors. Designed by Italian firm RDAI, they focus on clean, high-quality materials like stone, white oak, glass, and concrete.

 

Rendering courtesy of: 565 Broome SoHo

 

Whether it’s the stand alone tubs in the bathrooms or the top of the line appliances in the kitchen, RDAI worked to build a space that is simultaneously functional and luxurious while still being welcoming to everyone.

 

Rendering courtesy of: 565 Broome SoHo

Amenities

 

Rendering courtesy of: 565 Broome SoHo

 

Residents are treated to a 55-foot indoor swimming pool, fitness center, spa, sauna, and steam rooms to help unwind and relax in the comfort of their own building. The experience continues through to the library, wet bar, an the indoor lounge with 92-foot ceilings and out onto the impeccably designed outdoor terrace. And of course, residents can feel comfortable and secure with a 24 hours concierge and attended lobby as well as a private driveway and entrance with automated parking.

Availability

Currently, there are 11 units available at 565 Broome SoHo. They start at $2.35 million for 900-1000 square feet 1 bed and 1.5 bathrooms and scale up through two and three bedroom units. The top residence is a beautiful 3 bed, 3 baths, 3,500 square foot duplex for $14 million with a 2,200 square foot terrace.

Neighbourhood

Like most neighborhoods in New York, SoHo has evolved over the years. Originally a center for large-scale manufacturing that gave it its distinctive cast-iron architecture, it fell into disuse before artists move in in the 1960s. Attracted by the large spaces to work and the low rent, these early artists launched the modern art movement, and with it the neighborhood of SoHo. Since then, it’s grown and developed and today is a global hub for art, design, culture and shopping – as well as one of the city’s most desirable neighborhoods.

[ 565 Broome SoHo ]

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Home Inspection: Better Safe than Sorry

Many people overlook the importance of hiring a home inspector. It is an underrated but crucial part of the home-buying process. You may feel you can use a relative or friend that is handy or has done repairs on his or her house. He or she may even be a contractor. This is a great person to bring along with you while you search for houses. However, if you want to avoid a costly mistake before writing a large check and undertaking a mortgage, you should hire a professional inspector before closing the deal.

Where to start?

 

Image by Peter Burka / Flickr

 

Every home should be inspected before the contract being signed. Even if it is new construction, there still may be flaws and things that need to be fixed. Co-ops and condos also should undergo a thorough inspection by a professional, even though you are paying maintenance and common charges. First, the owner of a condo owns the airspace within the walls. Therefore, you are responsible for the maintenance and repairs inside the apartment. Second, if it is a small building or the cash reserve isn’t large, a major project will have to be funded, and higher monthly charges are likely. Third, there could be a problem, such as a leaky roof, that could cause major damage down the road.

You can find an inspector through a referral from your real estate broker. Alternatively, you may seek a reference from a friend or through the two agencies that certify and train home inspectors, the National Association of Home Inspectors (NAHI) and the American Society of Home Inspectors (ASHI). When interviewing inspectors, some questions to ask include his/her experience in home inspections, qualifications/licenses, and prior experience. During the process of hiring an inspector, it is a good idea to ask for sample report to know what you can expect, and how each one differs.

It should cost about $500 to $750 for a typical New York City apartment, but it will vary by size. The inspector should have errors and omission insurance in case he/she misses something significant.

What does it cover?

An inspection typically takes two to three hours. During that time, he or she should be checking for a variety of things. One of those is water leaks, including from the roof (if a top floor apartment), as well as terraces and windows. If it is a private home, the inspector should walk on the roof as well as go into the crawl space, if there is one, along with looking at fireplaces, the attic, and the foundation. The electrical system, HVAC, and general interior/exterior are usually part of the basic services covered. Electrical panel covers should be removed and examined, windows opened and closed, walls, ceilings, and floors should be checked for defects, as should the water pressure and draining. The inspector may also test the appliances. Additional services that may be offered are tests for radon, termites, asbestos, mold, and lead.

 

Image by brownpau / Flickr

 

It is a good idea to accompany the home inspector while he/she is conducting the work. You can ask questions while the process is going on. Moreover, seeing the problem is quite different from reading about it. The inspector should not offer to do the repairs. Providing both services is a clear conflict of interest, and should serve as a warning flag.

Next steps

The inspector should send you a detailed report after completing the service. It is at this time that several things can happen. If there is a problem, particularly a major one, you can decide to walk away from the deal without penalty. You can also ask for the price of the repair to be credited to you, or have the homeowner fix the problem before the closing. If you are still interested in purchasing the home, it might be advisable that you receive the cost of the repair and pursue fixing it yourself. The seller could also play hardball, at which point you will have to decide whether you still want the home.

Conclusion

A home inspection is worth its weight in gold. This is likely to be your costliest purchase in your lifetime. Finding out issues ahead of time is a wise investment.

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Neighborhood Spotlight: Upper West Side

A homey and residential area, the Upper West Side is one of New York City’s most iconic neighborhoods. From the coveted views along Central Park West to the secluded and relaxing stretch of Riverside Park, trendy new restaurants next to longstanding establishments, this neighborhood easily embodies the old-meets-new charm of Manhattan.

The neighborhood:

The Upper West Side spans from 59th Street North to 110th street across the entire Western side of Manhattan from Central Park West to the Hudson River. To the north, it is bordered by Morningside Heights while Midtown West is along the southern border.

 

Image by DMZ LumMatic Photography / Flickr

 

Like the nearby Upper East Side, the Upper West Side is traditionally considered a very affluent neighborhood.  Also known as a cultural epicenter of the city, it is also home to many of the city’s most recognized institutions including Columbia University, Schwab Mansion, and the New York Historical Society.

Originally settled by Dutch immigrants in the early 1700s, the Upper West Side then became an industrial epicenter as home to one if the city’s main railroad lines. When the Subway expanded to the neighborhood in the early 1900s, it brought an influx of residential development and resulted in the architectural charm that still exists in the neighborhood today.

 

Image by Fredrik S / Flickr

Things to do:

Tucked into the western edge of Central Park sits the American Museum of Natural History. One of the largest museums in the world, the museum, opened in 1877 and had been revered ever since and often featured in popular culture as in Night at the Museum, The Catcher in the Rye and Friends.

 

Image by Wally Gobetz / Flickr

 

On the southern edge of the Upper West Side sits Lincoln Center, a globally recognized performance complex home to the New York Philharmonic, the New York Ballet and the Metropolitan Opera. Opened in 1959, Lincoln Center is also known as the location of renowned performing arts conservatory Juilliard.

Another main attraction of the Upper West Side is it’s proximity to several of the city’s parks including Central Park and Riverside Park. Riverside Park, which spans 4 miles between Riverside Drive and the Hudson River on the western edge of Manhattan,  extends to the island’s northern tip. The most popular area of the park stretches from W. 72nd Street up to W. 125th street. Like the Upper East Side, residents of the Upper West Side also have easy access to some of the most popular areas of Central Park like the Jacqueline Kennedy Onassis Reservoir and the Great Lawn.

 

Image by Eric Gross /Flickr

 

Transportation:

The Upper West Side has access to two main subway routes, the 123 train that runs along Broadway and the A/C/E train that parallels Central Park West. The B train also has several stops along Central Park West and provides residents easy access to downtown and Brooklyn.

 

Image by Tom Turnbull / Flickr

 

Several buses run north and south along the neighborhood’s avenues, with buses along Columbus Avenue and Amsterdam Avenue providing reliable service between subway lines. There are also crosstown buses on 66th, 72nd, 86th and 96th Street that provide transportation across Central Park to Manhattan’s east side.

What it costs: 

 

Image by Frank V. /Flickr

 

The Upper West Side is known for being one of the city’s most residential neighborhoods. Among the housing stock are single-family homes, luxury condominiums, and smaller apartments, though the neighborhood is known for its iconic and picturesque brownstones.

The median sale price for homes in the neighborhood is just under $1.5 million while the average price for square foot lands at $1,510. For renters, the median rental cost on the Upper West Side is $7,450.

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