Yes and No...it depends on where you live.
At first glance the Tax Credit was a huge success in that home sales in NYC during June 2010 were the highest they had been since 2006. But, at closer examination most of the purchases that qualified for the Tax Credit were in the outer boroughs. Buyers in Manhattan generally earned to much or were spending too much for the Tax Credit to have had an impact.
The interesting part of this story is that despite the $8,000 having little or no impact on the Manhattan housing market, transactions spiked at the same time (June 2010) as it did in the outer parts of the city where the Credit did have an impact.
Most experts see this as a coinsidence based on pent up demand from buyers that had been on the fence since the financial crisis hit at the end of 2008.
But...we may just never know for sure.
Feb 28, 2011
Feb 25, 2011
How High is Too High for a Roof Deck?
I know you cant tell by the weather but spring is just around the corner. Soon the discussion of "outdoor space" becomes a big topic of conversation. Those that dont have are envious of those that do. Those that have are envious of those that have more...classic.
But, at a certain point, having a beautiful roof deck is scarier than it is warm and inviting. But, at what height does this happen? 30 stories? 40 stories? When you are in the clouds? Naturally, its a matter of opinion, fear and how much wind blasting you can take.
So, do you have outdoor space?
But, at a certain point, having a beautiful roof deck is scarier than it is warm and inviting. But, at what height does this happen? 30 stories? 40 stories? When you are in the clouds? Naturally, its a matter of opinion, fear and how much wind blasting you can take.
So, do you have outdoor space?
Feb 24, 2011
To Sell an Apartment....
....No Detail is Too Small
We all know that the market is tough these days and any little thing that can give your property an edge is will translate to a higher price at closing. Here are a few tips...
Clutter...remove clutter and clear out as much space as possible.
Fresh Towels and throw pillows...make the potential buyers feel as though your home is a clean and inviting place to live
Clean carpets and rugs...again, buyers want to feel as though your home is a place they would want to live
Re grouting Tile in the bathrooms and kitchens can make a room look new again at very little cost.
New fixtures and appliances. This change will cost more money than the others but in return they will add more value to the closing price.
New Lights. Lighting both natural and man made is the most important feature for many buyers. A dark home, regardless of size, condition and renovations is always a tough sell...so, brighten things up for a fast and profitable sale.
We all know that the market is tough these days and any little thing that can give your property an edge is will translate to a higher price at closing. Here are a few tips...
Clutter...remove clutter and clear out as much space as possible.
Fresh Towels and throw pillows...make the potential buyers feel as though your home is a clean and inviting place to live
Clean carpets and rugs...again, buyers want to feel as though your home is a place they would want to live
Re grouting Tile in the bathrooms and kitchens can make a room look new again at very little cost.
New fixtures and appliances. This change will cost more money than the others but in return they will add more value to the closing price.
New Lights. Lighting both natural and man made is the most important feature for many buyers. A dark home, regardless of size, condition and renovations is always a tough sell...so, brighten things up for a fast and profitable sale.
Feb 23, 2011
Storage Space...should you buy or rent?
Most of us that live in Manhattan have grown accustomed to giving up space in exchange for convenience and life style. For the price of a small studio apartment on the Upper East Side you can have a four bedroom home with a yard and a garage in most towns in this country. But, the suburbs don't have delivery of practically any cuisine known to mankind.
What is at even more of a premium than apartment space is storage space. One of the fastest growing businesses in the city these days are the public storage facilities where you can rent as little or as much space as you need for a fairly reasonable amount of money...in Manhattan terms.
Some buildings now offer storage space in the basement and while it used to be a service provided at a nominal fee to the residents it is now big money. Private storage spaces are selling for $10,000 and sometimes up to $25,000 or more and...this wont come as a shock....they sell out faster than the apartments do.
Having storage in your building as opposed to having to drive to your storage unit is a huge convenience. And, lets not forget that the storage unit will appreciate along with your apartment value and when you are ready to move you can sell your storage unit in addition to your apartment...no broker will be necessary for that transaction...HAHA
What is at even more of a premium than apartment space is storage space. One of the fastest growing businesses in the city these days are the public storage facilities where you can rent as little or as much space as you need for a fairly reasonable amount of money...in Manhattan terms.
Some buildings now offer storage space in the basement and while it used to be a service provided at a nominal fee to the residents it is now big money. Private storage spaces are selling for $10,000 and sometimes up to $25,000 or more and...this wont come as a shock....they sell out faster than the apartments do.
Having storage in your building as opposed to having to drive to your storage unit is a huge convenience. And, lets not forget that the storage unit will appreciate along with your apartment value and when you are ready to move you can sell your storage unit in addition to your apartment...no broker will be necessary for that transaction...HAHA
Feb 21, 2011
What does buying a home "AS IS" really mean?
Buyers who are looking at listings sometimes see a home listed as "as is". That term seems pretty obvious, but oftentimes buyers and sellers are not on the same page as to what "as is" means.
Generally, "as is" means you are purchasing that property in its present condition. What ever is hard wired is generally included but, its best for the buyer and seller to go inch by inch through the apartment and make a list of what is going and what is staying.
Smoke and carbon monoxide detectors should always stay.
As for appliances, buyers should be able to expect that they will all be in working order. However, it is a case of buyer beware and so an inspection prior to closing is a good idea.
The bottom line is those who are buying or selling "as is" need to understand the condition of the home and the conditions of the agreement.
Generally, "as is" means you are purchasing that property in its present condition. What ever is hard wired is generally included but, its best for the buyer and seller to go inch by inch through the apartment and make a list of what is going and what is staying.
Smoke and carbon monoxide detectors should always stay.
As for appliances, buyers should be able to expect that they will all be in working order. However, it is a case of buyer beware and so an inspection prior to closing is a good idea.
The bottom line is those who are buying or selling "as is" need to understand the condition of the home and the conditions of the agreement.
Feb 18, 2011
It Must Be Great To Be A-Rod
After living in a $30,000 per month apartment at one of the city's most sought after buildings, 15 CPW, the Yankee Slugger is now moving to The Rushmore at 80 Riverside Blvd.
A-Rod reportedly has spent $6M on a four bed, full floor condo with views of the Hudson River and a baseball field outside his window...it was Karma
A-Rod reportedly has spent $6M on a four bed, full floor condo with views of the Hudson River and a baseball field outside his window...it was Karma
Feb 16, 2011
An accepted offer on the sale of your apt but....
...the buyer is MIA and not returning calls....
here are a few common explanations and what they actually mean.
The lawyer says...my clients are busy doctors and have not had time to review it together."
Translation: They think they found a better deal on the West Side.
The real estate agent says....his is concerned about the subway noise.
Translation: All of his buddies are calling him a moron for moving to Second Avenue.
The lawyer says...They had a fire in their home in Florida.
Translation: Your all cash offer just went up in smoke.
The Real Estate Agent says...they are thinking about renting, possibly in Spanish Harlem.
Translation: They are having triplets and this apartment and neighborhood are way too hip and way too expensive for them now.
here are a few common explanations and what they actually mean.
The lawyer says...my clients are busy doctors and have not had time to review it together."
Translation: They think they found a better deal on the West Side.
The real estate agent says....his is concerned about the subway noise.
Translation: All of his buddies are calling him a moron for moving to Second Avenue.
The lawyer says...They had a fire in their home in Florida.
Translation: Your all cash offer just went up in smoke.
The Real Estate Agent says...they are thinking about renting, possibly in Spanish Harlem.
Translation: They are having triplets and this apartment and neighborhood are way too hip and way too expensive for them now.
Feb 14, 2011
How many square feet is your new home?
Are you sure????
Most people view square-foot calculations with the same trust they put in miles-per-gallon stickers and the weight loss claims of diet pills. Unfortunately, when it comes to measuring square feet in NYC there are no hard rules. Some calculations include the closets and some count the space between walls. Many, it seems contain a few dozen square feet pulled out of thin air.
Law suits do happen and its amazing that they dont occur more often. Any real estate broker that has been in the business for more than 30 minutes knows that when you quote square feet you begin with the word "Approximately".
Its a classic example of Caveat Emptor...Let the Buyer Beware.
Most people view square-foot calculations with the same trust they put in miles-per-gallon stickers and the weight loss claims of diet pills. Unfortunately, when it comes to measuring square feet in NYC there are no hard rules. Some calculations include the closets and some count the space between walls. Many, it seems contain a few dozen square feet pulled out of thin air.
Law suits do happen and its amazing that they dont occur more often. Any real estate broker that has been in the business for more than 30 minutes knows that when you quote square feet you begin with the word "Approximately".
Its a classic example of Caveat Emptor...Let the Buyer Beware.
Feb 11, 2011
Not sure if the market is hot...
...How about 18 offers during the first week?
A 1300 Square foot Tribeca Loft just hit the market at an asking price of $1,375,000 or roughly $1,000 per foot. With in one week the listing brokers had 18 offers. The final sale price has not been disclosed but its rumored to by over $1,600,000.
Its been a long while since we read a story like this, time was when it was common place. Little by little things are getting back to normal...well, NYC normal that is.
Now is a great time to buy...prices are going up, interest rates are going up and job production is going up...buy now or pay more later.
A 1300 Square foot Tribeca Loft just hit the market at an asking price of $1,375,000 or roughly $1,000 per foot. With in one week the listing brokers had 18 offers. The final sale price has not been disclosed but its rumored to by over $1,600,000.
Its been a long while since we read a story like this, time was when it was common place. Little by little things are getting back to normal...well, NYC normal that is.
Now is a great time to buy...prices are going up, interest rates are going up and job production is going up...buy now or pay more later.
Feb 10, 2011
The New Development Market Begins to Thaw Out
When the financial crisis hit and the real estate market in NYC came to a grinding halt, New Development Projects suffered the most. There was an abundance of inventory and lenders were adding new restrictions almost daily.
In the spring of 2009 the market began to thaw, transactions began to increase, first time buyers incentivize by the Federal Tax Credit flooded the market and by the end of the summer it seemed like old times again....almost.
Thousands of unsold units in New Development projects sat empty and we began hearing terms like default and foreclosure in the same sentence as Developers.
But, now the cycle is beginning to change. As inventory of re-sales continues to shrink buyers are turning to new construction and the great deals that are still available. Also, foreign buyers, always fans of "New" are back in force taking advantage of the weak dollar buying investment properties.
New Development was the last piece of the puzzle, the real estate market in NYC is back to being Hot and all indications are its going to be a great 2011.
In the spring of 2009 the market began to thaw, transactions began to increase, first time buyers incentivize by the Federal Tax Credit flooded the market and by the end of the summer it seemed like old times again....almost.
Thousands of unsold units in New Development projects sat empty and we began hearing terms like default and foreclosure in the same sentence as Developers.
But, now the cycle is beginning to change. As inventory of re-sales continues to shrink buyers are turning to new construction and the great deals that are still available. Also, foreign buyers, always fans of "New" are back in force taking advantage of the weak dollar buying investment properties.
New Development was the last piece of the puzzle, the real estate market in NYC is back to being Hot and all indications are its going to be a great 2011.
Feb 9, 2011
Harlem is Shaking Off the Recession
Uptown...Upturn. Prices in Harlem are, after a long dive, inching their way back up. According to Street Easy 98 properties went into contract in Central, East and West Harlem in the fourth quarter of 2010, up from 89 the year before and 62 in 2009.
Brownstones and starter apartments composed many of those sales, but buyers are also being drawn by a new breed of amenity-stocked condos that are barely distinguishable from any others in Manhattan.
Is this a fabulous new Harlem or the homogenization of a highly distinctive neighborhood? Probably both....
Brownstones and starter apartments composed many of those sales, but buyers are also being drawn by a new breed of amenity-stocked condos that are barely distinguishable from any others in Manhattan.
Is this a fabulous new Harlem or the homogenization of a highly distinctive neighborhood? Probably both....
Feb 8, 2011
"There's Nothing For Sale"
No matter what category of apartment you are selling from small studios in walk up buildings to luxury high rise Penthouse's it always comes down to price.
If your apartment is priced in line with what the market feels is a fair price it will sell quickly. If not, it may take years to sell.
This is the scenario many high end buyers are facing right now. There seems to be a good deal of inventory however, much of it has been on the market of over 52 weeks as a result of the sellers pricing their homes quite "optimistically".
Property that sits for a long time (longer than three months) becomes stale and when buyers recognize that its been on the market for a long time they assume that its either over priced or that there is something wrong.
If you want to sell, price properly. As the seller neither you or your broker determine the price of your apartment, rather, its the market place. Price your apartment so as to appeal to the buyers and you will be happy with the results.
If your apartment is priced in line with what the market feels is a fair price it will sell quickly. If not, it may take years to sell.
This is the scenario many high end buyers are facing right now. There seems to be a good deal of inventory however, much of it has been on the market of over 52 weeks as a result of the sellers pricing their homes quite "optimistically".
Property that sits for a long time (longer than three months) becomes stale and when buyers recognize that its been on the market for a long time they assume that its either over priced or that there is something wrong.
If you want to sell, price properly. As the seller neither you or your broker determine the price of your apartment, rather, its the market place. Price your apartment so as to appeal to the buyers and you will be happy with the results.
Feb 7, 2011
Best Places for Single New Yorker's to Live
I found this shocking but according to The Daily News, 75% of Manhattan residents are single....no wonder every bar in my neighborhood is packed 7 nights a week.
So, if you are single and looking to move what are the hottest places in town for you to live?
Well, The Daily News did a survey of 34,000 people that was based on nightlife, population of young people, income, crime and affordability. And the winner is....Gramercy-Flatiron. "These areas have everything a single person could want". Perfectly positioned between Midtown and downtown Manhattan, the Gramercy-Flatiron area has some of the best restaurants, bars and local services in the city.
What ever happened to the Upper East Side?
So, if you are single and looking to move what are the hottest places in town for you to live?
Well, The Daily News did a survey of 34,000 people that was based on nightlife, population of young people, income, crime and affordability. And the winner is....Gramercy-Flatiron. "These areas have everything a single person could want". Perfectly positioned between Midtown and downtown Manhattan, the Gramercy-Flatiron area has some of the best restaurants, bars and local services in the city.
What ever happened to the Upper East Side?
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