Tipping in NYC has become an art form. Apartment house residents are given lists of all the buildings employees with "suggested" amounts to tip. Your Nanny, hair dresser, secretary and any other person that helps you get through the week are expecting a "thank you" this time of year.
We polled doormen around the city and here are the three categories of bad tippers that we came up with.....
Frugal by circumstance....elderly on fixed income or those that are unemployed.
Doormen all agree that these people would tip more if they could and so they are treated as though they had which is very nice.
Intentionally Cheap...this group of under tippers includes residents who are frugal by choice rather than circumstance; those who reject holiday tipping as a from of blackmail; those who are unhappy with the service they are getting and those that plan on moving soon. Doormen differed on their approach to this group. Some say they treat them no differently "hey what can you do?" other say its more about an attitude, lets just say the "favors" such as walking the dog or hanging a shelf dont happen any longer.
Ignorance....this is why the lists came out...because believe it or not there are just some that dont get it. The doormen polled agreed that with this group its "pay as you go".
So, beware my friends, pay as you go and you'll never owe...or...pay before Christmas Night and you wont receive a look of fright.
Happy Holidays
Nov 30, 2010
Nov 29, 2010
But You Said.....?
Believe it or not, there are some in this business that are less than ethical and honest with their advertising. Exaggerating square feet for example is a common "mistake" that many listing brokers make. Here are four tips to help prevent you from falling for some of the typical "Bait and Switch" tricks that brokers play.
1) Bedrooms....To be considered a bedroom, a room must have a window that overlooks the street or a garden". A bedroom must also have light and ventilation.
2) Square Footage....Because so few buyers actually do the math, Sq Ft is a commonplace cheat.
Square Footage is the fuzziest point of fact as there are many ways to measure. If the deal depends on the buyer knowing the exact number of feet in the property its always best to hire an assessor and be sure not to sign the contract of sale prior to receiving his results.
3) Building Policies....If you have a pet, plan on buying for your child, plan on using the apartment only part time, if the down payment is a gift from a friend or relative...or anything else that is slightly out of the ordinary.....check with the managing agent for verification that your particular situation is OK with the Coop or Condo board. More often than not the listing broker simply will not know.
4) Bedbugs, noise and other disruptor's....If you have even an inkling of a problem, you demand language covering bedbugs in the contract. As for un-neighborly noise, discreetly ask the building staff when you visit. Also, check with the dept of buildings to see if any complaints have been filed from the address you are thinking about buying at.
The bottom line is that purchasing a home anywhere is complicated. Purchasing one in NYC is exponentially more complicated because of the layers you need to peel away to get at the truth.
Its always best to work with an experienced, professional real estate broker.
1) Bedrooms....To be considered a bedroom, a room must have a window that overlooks the street or a garden". A bedroom must also have light and ventilation.
2) Square Footage....Because so few buyers actually do the math, Sq Ft is a commonplace cheat.
Square Footage is the fuzziest point of fact as there are many ways to measure. If the deal depends on the buyer knowing the exact number of feet in the property its always best to hire an assessor and be sure not to sign the contract of sale prior to receiving his results.
3) Building Policies....If you have a pet, plan on buying for your child, plan on using the apartment only part time, if the down payment is a gift from a friend or relative...or anything else that is slightly out of the ordinary.....check with the managing agent for verification that your particular situation is OK with the Coop or Condo board. More often than not the listing broker simply will not know.
4) Bedbugs, noise and other disruptor's....If you have even an inkling of a problem, you demand language covering bedbugs in the contract. As for un-neighborly noise, discreetly ask the building staff when you visit. Also, check with the dept of buildings to see if any complaints have been filed from the address you are thinking about buying at.
The bottom line is that purchasing a home anywhere is complicated. Purchasing one in NYC is exponentially more complicated because of the layers you need to peel away to get at the truth.
Its always best to work with an experienced, professional real estate broker.
Nov 23, 2010
If youre thinking about renting in a coop or condo...
...Read this first.
Rental inventory is way down. In some neighborhoods the vacancy rate is less than 1%, on average across Manhattan its less than 2%. As a result many would be renters are looking at Coops and Condos as a rental option. But, before you make that move, here are some things you should know.
Extra Time...a normal rental deal takes 48 hours. But when you are renting a coop or condo you should figure on the process being anywhere from two weeks (for a condo) to two months (for a coop).
Extra Paperwork...a normal rental deal usually has a one or two page application. A condo's application is somewhat more complicated and a coop's is a full time job to fill out.
Extra Fees....a normal rental deal has fees of approximately $100. Condos and Coops include an application fee, processing fee, move in fee, all of which can sometimes add up to as much as $2,000.
Condos and Coops are a good choice in a tight rental market, but read the fine print. Be sure to know exactly what you are looking at and what its going to cost.
Rental inventory is way down. In some neighborhoods the vacancy rate is less than 1%, on average across Manhattan its less than 2%. As a result many would be renters are looking at Coops and Condos as a rental option. But, before you make that move, here are some things you should know.
Extra Time...a normal rental deal takes 48 hours. But when you are renting a coop or condo you should figure on the process being anywhere from two weeks (for a condo) to two months (for a coop).
Extra Paperwork...a normal rental deal usually has a one or two page application. A condo's application is somewhat more complicated and a coop's is a full time job to fill out.
Extra Fees....a normal rental deal has fees of approximately $100. Condos and Coops include an application fee, processing fee, move in fee, all of which can sometimes add up to as much as $2,000.
Condos and Coops are a good choice in a tight rental market, but read the fine print. Be sure to know exactly what you are looking at and what its going to cost.
Nov 22, 2010
What are Buyers and Sellers Thinking???
One of my favorite blogs....The Apple, Peeled....is conducting a survey as a means by which we all get to peak inside the minds of buyers and sellers. We in the business constantly hear things like..."whats the buyer sentiment out there?" or "what is this seller thinking?"
Well now we'll know the answer to these questions as well as thoughts on the economy, the housing market in general and their own personal buy/sell decisions.
If you would like to be part of this survey or if you would simply like to read all the comments long on to the blog and check it out..
Well now we'll know the answer to these questions as well as thoughts on the economy, the housing market in general and their own personal buy/sell decisions.
If you would like to be part of this survey or if you would simply like to read all the comments long on to the blog and check it out..
Nov 17, 2010
First No Broker...then....Yes Broker...is this ok?
Suppose you are thinking of buying an apartment and you go out casually one sunny Sunday afternoon to poke your head in at a bunch of open houses in your neighborhood. When you get there you are greeted by a smiling broker who represents the seller. You are handed a "Show Sheet" and asked to sign in. You leave the space marked "your real estate broker" blank indicating that you are not being represented by anyone.
Fast forward a week or so and you have come to realize that its way too complicated out there on the street to navigate this process on your own and you decide to hire a broker to represent you. After seeing a few properties you decide that one of the first apartments you saw....on your own...is still your favorite. Can you now go back to this building and make an offer on the property through your newly found "Buyer's Broker"?
The short answer is YES...the buyer can always opt to have representation and he may make that decision at any point during the process. In fact, many experienced brokers say that they prefer when the buyer has a broker as the transaction will usually go much smoother.
The bottom line is that since virtually every seller has a broker watching out for them, shouldn't every buyer have protection too? Of course they should.....
Fast forward a week or so and you have come to realize that its way too complicated out there on the street to navigate this process on your own and you decide to hire a broker to represent you. After seeing a few properties you decide that one of the first apartments you saw....on your own...is still your favorite. Can you now go back to this building and make an offer on the property through your newly found "Buyer's Broker"?
The short answer is YES...the buyer can always opt to have representation and he may make that decision at any point during the process. In fact, many experienced brokers say that they prefer when the buyer has a broker as the transaction will usually go much smoother.
The bottom line is that since virtually every seller has a broker watching out for them, shouldn't every buyer have protection too? Of course they should.....
Nov 16, 2010
Condo Sales Rise in Manhattan
During economic downturns Manhattan Real Estate is always the last facet of the business to be affected. Conversely, when things begin to turn around its those same condos that begin to sell first.
According to the Wall Street Journal the number of condo sales increased by 12.1% in Aug from the month a year earlier, representing a recovery from the steep drop off in July. The Mid-Town and Clinton areas, where average prices rose 15.8% from a year earlier, posted the largest gain in August.
Still, the market has not returned to its pre-crash exuberance, the Wall Street Journal has reported.
Regardless, real estate sales is about perception and the constant stream of upbeat and positive articles such as this one the perception is that we are back, that business is good, that property is selling and that deals are getting done. I like this perception much better than the one we had this time last year.
According to the Wall Street Journal the number of condo sales increased by 12.1% in Aug from the month a year earlier, representing a recovery from the steep drop off in July. The Mid-Town and Clinton areas, where average prices rose 15.8% from a year earlier, posted the largest gain in August.
Still, the market has not returned to its pre-crash exuberance, the Wall Street Journal has reported.
Regardless, real estate sales is about perception and the constant stream of upbeat and positive articles such as this one the perception is that we are back, that business is good, that property is selling and that deals are getting done. I like this perception much better than the one we had this time last year.
Nov 15, 2010
Getting Past Buyer's Remorse
Interest rates are at historic lows, home prices are down off the pre-financial meltdown days and rental prices are on the rise. On paper, it seems that now is the perfect time to buy. So why then are so many buyers and their brokers dealing with "cold feet"?
Fears about being able to obtain financing is a big one. We all know that the banks have made it more difficult to get a loan these days. But, speaking to a mortgage professional and getting yourself pre-approved is a relatively simple and painless procedure.
Waiting for the inventory to clear out a bit is another common reason why buyer's decide to hold off buying. The flaw in this theory is that as inventory dwindles prices increase. As a buyer you have much more leverage when you have lots of choices.
Another concern many buyers echo is "I don't believe the market has bottomed out yet". Well, unfortunately, the only way you know when its bottomed out is when you begin to see prices rise. No one can time it perfectly. Shop for value and don't worry about the market.
We all know someone that likes to say "if only I had bought when I had the chance, that property would be worth four times the price I paid". Don't sit on the sidelines hoping for prices to come down. Just go find a great home to buy, make a realistic offer, move in and be happy in your new place. Over the long haul real estate will always appreciate.
Fears about being able to obtain financing is a big one. We all know that the banks have made it more difficult to get a loan these days. But, speaking to a mortgage professional and getting yourself pre-approved is a relatively simple and painless procedure.
Waiting for the inventory to clear out a bit is another common reason why buyer's decide to hold off buying. The flaw in this theory is that as inventory dwindles prices increase. As a buyer you have much more leverage when you have lots of choices.
Another concern many buyers echo is "I don't believe the market has bottomed out yet". Well, unfortunately, the only way you know when its bottomed out is when you begin to see prices rise. No one can time it perfectly. Shop for value and don't worry about the market.
We all know someone that likes to say "if only I had bought when I had the chance, that property would be worth four times the price I paid". Don't sit on the sidelines hoping for prices to come down. Just go find a great home to buy, make a realistic offer, move in and be happy in your new place. Over the long haul real estate will always appreciate.
Nov 11, 2010
Are You Still Renting? If So......
...WHY?????
Mortgage Interest Rates are down to 4.17% for a 30 year fixed loan. If you want to play the "adjustable rate game" then you can now find rated under 4%. The last time that we saw rates this low was back in 1971. What this means is that banks are practically loaning you the money you need to purchase a home for free.
So, back to my opening question....why are you still renting? Rent gets paid every month, you derive no tax benefits and when you are ready to move on you pack up your stuff and leave with out getting to pull your equity and your profit out of the home.
I know that last two years have been rough but historically, buying a home is a sure fire way to build equity, real estate is almost always an appreciating asset and since your mortgage interest and real estate taxes are deductible its a nice shelter for your income as well.
OK, one last time....why are you still renting?
Mortgage Interest Rates are down to 4.17% for a 30 year fixed loan. If you want to play the "adjustable rate game" then you can now find rated under 4%. The last time that we saw rates this low was back in 1971. What this means is that banks are practically loaning you the money you need to purchase a home for free.
So, back to my opening question....why are you still renting? Rent gets paid every month, you derive no tax benefits and when you are ready to move on you pack up your stuff and leave with out getting to pull your equity and your profit out of the home.
I know that last two years have been rough but historically, buying a home is a sure fire way to build equity, real estate is almost always an appreciating asset and since your mortgage interest and real estate taxes are deductible its a nice shelter for your income as well.
OK, one last time....why are you still renting?
Nov 8, 2010
First Time Buyers Continue to Fuel the Recovery
All around the country first time buyers are taking advantage of low interest rates and low prices as they recognize that in many cases, its cheaper to own than to rent.
Between July 2009 and June 2010 first time buyers dominated the market, roughly half of all sales were first timers. Nation wide 90% of these buyers took advantage of the Federal Tax Credit for first time home buyers. Here in NYC the prices of apartments are too high for the Tax Credit to have had much impact.
But, the price of rental properties have gotten so expensive due to a lack of inventory that buying has become a very viable option. Many parents that are nervous about the volatility of the Stock Market have pulled some of their money out to buy apartments for their children.
They gain a solid asset, a tax right off and avoid the ups and downs of Wall Street...a win/win for everyone.
Between July 2009 and June 2010 first time buyers dominated the market, roughly half of all sales were first timers. Nation wide 90% of these buyers took advantage of the Federal Tax Credit for first time home buyers. Here in NYC the prices of apartments are too high for the Tax Credit to have had much impact.
But, the price of rental properties have gotten so expensive due to a lack of inventory that buying has become a very viable option. Many parents that are nervous about the volatility of the Stock Market have pulled some of their money out to buy apartments for their children.
They gain a solid asset, a tax right off and avoid the ups and downs of Wall Street...a win/win for everyone.
Nov 4, 2010
Condo Conversion In Reverse
We have become accustomed to reading about rental buildings that convert to condominiums but a condo being converted to a rental?
Well when the owners of 34 Leonard Street couldn't sell the 16 luxury units in Tribeca that they had built just prior to the financial meltdown they put the entire building up for sale. The new owners, Epic Realty took a totally different approach. Their long term goal is to sell the units but in the meantime, while they way for the "new development" segment of the market to strengthen, they have had great success renting the units.
Since September when they officially took over, 12 out of the 16 units have been rented at prices from $9,500 to $45,000 a month. Not a bad little cash flow....right?
Will "reverse conversions" become the trend? Who knows, but one thing we do know, Epic Realty and 34 Leonard are very happy to have tried it.
Well when the owners of 34 Leonard Street couldn't sell the 16 luxury units in Tribeca that they had built just prior to the financial meltdown they put the entire building up for sale. The new owners, Epic Realty took a totally different approach. Their long term goal is to sell the units but in the meantime, while they way for the "new development" segment of the market to strengthen, they have had great success renting the units.
Since September when they officially took over, 12 out of the 16 units have been rented at prices from $9,500 to $45,000 a month. Not a bad little cash flow....right?
Will "reverse conversions" become the trend? Who knows, but one thing we do know, Epic Realty and 34 Leonard are very happy to have tried it.
Nov 2, 2010
Why Do You Need To Use A Broker?
Simply put...because it will save you money in the long run. Real Estate Brokers by profession are negotiators. If the seller or the landlord are represented by a professional real estate broker don't you believe that it would be in your best interest to have equal or even superior representation? Of course you should....use a broker!
An article was written this week on my favorite Blog...Brick Underground...by a former on site listing agent spilling about what really goes on behind the scenes. One of the most important points he makes is that if you are thinking of buying or renting an apartment you need to use not just a broker, but an experienced broker with intimate knowledge of the particular neighborhood you want to live in. If your broker is "connected" in the neighborhood he will have a better idea of what properties are available and what price they should merit. This is invaluable information for you to have access to.
Buying or renting property in NYC is an expensive process. Don't look to save a few pennies by cutting out the real estate broker, in the end, he may save you more than you thought.
An article was written this week on my favorite Blog...Brick Underground...by a former on site listing agent spilling about what really goes on behind the scenes. One of the most important points he makes is that if you are thinking of buying or renting an apartment you need to use not just a broker, but an experienced broker with intimate knowledge of the particular neighborhood you want to live in. If your broker is "connected" in the neighborhood he will have a better idea of what properties are available and what price they should merit. This is invaluable information for you to have access to.
Buying or renting property in NYC is an expensive process. Don't look to save a few pennies by cutting out the real estate broker, in the end, he may save you more than you thought.
Subscribe to:
Posts (Atom)
Posts
