Where do you start?

Posted on December 8, 2013 | Comments Off on Where do you start?
Where do you start?

Where do you start?

You want to invest, you have the money, but don’t know where to start.

There are a few things you can do to get started in investing in Manhattan real estate. One thing you can do is get a partner that is already in the business or is eager to learn the business. Having a business partner can be very beneficial because it minimizes your risk, provides an extra way of thinking, and adds to the amount of connections and time you will have to run the business. If you get a partner that knows the business, you will see that your learning curve will jump up and you will pick up a lot from just being around this partner. It’s called the power of proximity.

Another thing to do is to do an online search. I would recommend buying a subscription to propertyshark.com that will give you unprecedented access real estate files in New York and who the owner is along with tax and contact information. It is highly recommended that you do a search on this website because I know a few real estate sharks who still use that program to find more deals.

Lastly, you may want to contact a broker that specializes in selling properties for investments. I don’t want to name any names but the best people to call are usually the heads of real estate companies or their vice presidents. They have extensive knowledge about the business and can give you tips, advice, and direct you to possible inventory that you wouldn’t know about. The upside is that you don’t have to pay them. Their commission gets taken out of the purchase price from the seller when you buy a property.

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Posted in Investors

How much is your property worth?

Posted on December 8, 2013 | Comments Off on How much is your property worth?

There are a few ways to find out how much your property is worth. But first lets understand why it is important for sellers to know how much their property is worth.

How much is your home worth?

How much is your home worth?

It is important to know because you want to price your home at the right level that will attract the most qualified buyers to look at it but not too low so that you sell your home at too low a price. You want to get the top amount possible for your home but not price it too high that no one comes to look at it or it stay on the market for too long.

In order to assess the value of your home you may check real estate websites such as trulia.com & zillow.com to compare what similar homes in your area are going for. That is a very effective way to do it but it might take more time. Another way that you can assess the value of your home is to contact a real estate broker or real estate appraiser and have them look at your home.

You should avoid asking friends because they are most likely to be wrong and tell you varied answers that will confuse you further. You should always consult a professional if you are seriously considering selling your home.

Another factor to watch out for is overvaluing your house. This scenario is what behavioral economics call the endowment effect which is when people overvalue something because they own it. This can occur because you had memories in the house, or that you love the neighbors, but you must be careful not to overprice the house and let the endowment effect cloud your judgement.

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Posted in Sellers

Benefits of using a broker to buy an apartment

Posted on December 8, 2013 | Comments Off on Benefits of using a broker to buy an apartment

So you want to buy an apartment in Manhattan and aren’t sure why you should use a broker. There are benefits to using a buyers broker especially in Manhattan.

Good brokers in Manhattan will help you understand your needs and fulfill them. Everyone is different and the apartment they might want is unique to that individual. A broker will listen to your needs and match you to the right apartment.

There is an endless list of possible requirements/wants from a buyer:

  • close to 4, 5, 6 subway line
  • close to grand central
  • walking distance to Central Park
  • Close to Wall St
  • Quiet street/neighborhood
  • King-size 1 bedroom
  • Large living room
  • Over-sized windows
  • Balcony/terrace
  • Backyard
  • Doorman
  • Gym and pool in building
  • Roof deck

That is a short list of examples that one might want in an apartment and a broker will listen to you needs, giving you the advantage of knowing all the inventory, and save you time. And lets be real, we all can use some more time.

A good buyers broker also has access to most of the apartments in NYC, which allows you to see all the inventory, and make sure that you get an opportunity to buy your dream apartment.

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Posted in Buyers

New York, New York

Posted on December 8, 2013 | Comments Off on New York, New York

Frank Sinatra – New York, New York

Hi. Today I thought we might enjoy some quality music from one of the greatest singers of all time. Here, Frank Sinatra is seen singing in 1982 for the concert for the Americas and the crowd is loving it. He is singing the Martin Scorsese theme song from New York, New York.

Enjoy enthusiasts, Enjoy.

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Posted in Enthusiasts

Central Park

Posted on December 7, 2013 | Comments Off on Central Park
Central Park in the Fall

Central Park in the Fall

Does that picture look like Manhattan? No, not at all. Shockingly it is in Manhattan and specifically Central Park.

Central Park was created in 1857, is in the middle of Manhattan, is 3 avenues wide and 51 streets long. It is my favorite spot to be in Manhattan because after the hectic New York subway rides, crowded pedestrian streets, and aggressive taxi drivers, it is calming to be in the middle of nature. Anytime I’m stressed out I take a walk or run through the park.

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Anyone who has been here before will tell you that they love it at the park. You will see all walks of life walk through this park: bikers, horses, couples, kids, magicians, dancers, and ice cream vendors, to name a few. Whether on a sunny summer day or cold winter night, it is always appealing to take a stroll through the park.

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Steve Jobs and many other very important people have reported taking long walks through Central Park. It is where he and John Sculley took very long walks and where Jobs confided in him. This park has tons of history and without it, New York just would be the same.

I’d advise everyone to take a stroll through.

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Posted in Enthusiasts

Sell apartment alone or with a broker?

Posted on December 7, 2013 | Comments Off on Sell apartment alone or with a broker?

So you’re selling your apartment but don’t know if you should use a broker?

The apartments in Manhattan are extremely sought after and many owners would like to sell it on their own because they want to save a 3-6% commission check. You might be saving yourself money by selling your apartment on your own but you will see why it might beneficial to you to use a broker.

Good brokers will get you a high price for your apartment.

Good brokers will get you a high price for your apartment.

 

Brokers that sell apartments add tons of value. You might look at them selling your home as a loss of 3-6% of your money but let me tell you all the value that you get for that.

Good brokers

  • Sell your apartment for a higher price
  • Know the market inside and out and offer you a realistic price of what you will get for the apartment
  • They spend their own money of advertising effectively to make sure that all potential buyers are reached
  • Guide you through the closing process and help the buyers get a mortgage
  • Make sure all paperwork is intact
  • Might have prospective buyers already
  • Are in the real estate loop and have connections to many people around the city
  • Hold open houses to get a massive amount of traffic to your home
  • Are full-time so you don’t have to be and you can focus on working while getting your house sold

 

If any of these features and benefits are important to you, then I’d suggest you use a broker. Otherwise, you’d have to deal with a headache.

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Posted in Sellers

Difference between a condo and a co-op

Posted on December 7, 2013 | Comments Off on Difference between a condo and a co-op

Choosing between a condo and a co-op are difficult, but before you choose between a condo and a co-op you must know what each of them mean.

A condo is short for condominium and is a piece of real property. So if you were to own a condo it wouldn’t be too different from owning most of the homes that are out there. You are given a title to the real property and that part of the building or building complex is yours to own. Most of the time there is maintenance charges for the common areas and to pay for certain services (doormen, porters, etc.).

A co-op is short for cooperative and is owning shares in a corporation. So if you were to own a cooperative it would mean that you own shares in a corporation and can give yourself a lease called a proprietary lease. Many of the time there are certain benefits to owning a co-op.

According to the NY Times article, co-ops account for 75% of all apartments in Manhattan. The benefits are that there are a lot of tax deductibles and can be 9% cheaper than condos.

Condos are easier to get into. A co-op has a board of directors, just like any other corporation, and they have the right to deny you for no reason. They also normally have more rules in place and anything you do in your apartment normally must be approved by them first. For example, renovating your kitchen would have to be approved by the board before you start renovating. To read more on the NYTimes article click  http://www.nytimes.com/2012/10/07/realestate/getting-started-choosing-between-a-co-op-and-a-condo.html?_r=0

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Posted in Buyers

NYC Renters Guide

Posted on December 2, 2013 | Comments Off on NYC Renters Guide

Apartments in NYC fly off the market fast and renting in NYC has many requirements.  Most of the time, it is the applicant who puts their application first that gets the apartment so it is a race against the clock.  In order to ensure that you do not lose an apartment that you want and love, it is important to carry these requirements with you when searching for an apartment with a broker. This will increase your chances that you will get the apartment you love.

Click to enlarge image

Click to enlarge image

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Posted in Renters

Renting Process in NYC

Posted on December 2, 2013 | Comments Off on Renting Process in NYC

The process of renting an apartment in NYC is shown in the diagram.

Many people from other states or rural areas are not accustomed to using a broker. This diagram is the ABC’s of renting (just the basics).

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Click to enlarge image

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Posted in Renters

Why use a broker in NYC?

Posted on December 2, 2013 | Comments Off on Why use a broker in NYC?

In New York City, most people who rent an apartment do so with a broker. Those of you who are moving from a place where they did not need to use a broker might find that a broker’s role is useless but it is not. They are there to help you with the headache of finding you your perfect home. Brokers aren’t salesmen, they are matchmakers.

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In NYC there are thousands of buildings and for a renter to know which is best for him/her is naive. A broker or salesperson knows the inventory in and out, he/she knows which buildings to avoid, which allow pets, and which building has the specifics of what you are looking for. A broker also has access to all of the building in Manhattan whereas if a prospective renter tries to go door to door, they will find that many buildings only allow you to see the apartment with a broker.

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Not only does a broker provide you unlimited access, a full range of choices, save you time, make sure the deal goes through, does the hard work of learning about the market full time, and directs you to where the best deals are. But they also teach you what to look for and many renters will find themselves using the same broker more than once throughout their stay in NYC.

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Posted in Renters