NYCMarket Update: The market continues to be hot but with prices only slowly moving up. Prices are back to where they were in about 2008. Owners who have been able to wait to sell are still holding out because with the transaction cost of about 10%, owners need the market to go up more to break even. Apts. that are overpriced do not sell and the seller eventually has a price reduction. 2 bedroom apts. are in expecially great demand and there are not enough available for sale. I have personally seen several 1 bedroom apts. that were being marketed as a 2 bedroom where the diningroom or other area was converted into a 2nd bedroom. One seller's broker was claiming that a 1 bedroom was a 3 bedroom apt. where the diningroom was being used as a bedroom and a wall was put up in the actual bedroom to cut it in two. Sellers' brokers also routinely overstate the amount of square footage. This creates a false sense amoung buyers that prices are lower than they really are.
- NYCMortgage Update: The USAmortgage market is getting rattled by uncertainty about what the Fed will do, continue actions that support low interest rates or pull back. Many buyers are in the market because they want to lockin a rate now. A low rate can be more important than getting a good deal. This chapter from my ebook here goes into detail about how interest rates affect purchasing power.
- NYCDealoftheWeek: A sunny condo apt. in Greenwich Village in a doorman building has come onto the market. It needs a gut rehab. Let me know if you want details about the apt.
- Buyers sometimes want an apt. that they plan to rent out to short-term renters. I advise them that buildings in NYC do not allow for sublets less than 12 months at a time, in general. The good thing about rules like this is that it improves the quality of life for everybody in the building. Buildings sometimes punish residents that are doing unlawful subletting, such as is reported here. There are a couple of condo buildings that do allow renting for short periods of time. But the apts. are more expensive. Let me know if you are interested.
- An important part of what a buyer-broker does is help a buyer with the board application process. Condo and Co-op buildings all require a lengthy application. Co-op boards tend to keep their financial requirements vague, so that they have more latitude to reject. If they do reject an application they do not explain why. The Real Estate Board Of New York is supporting legislation before the City Council that would make the process more transparent. See here. I expect that the legislation will not take effect and that the financial requirements that a buyer would need to meet for most Co-op buildings will continue to be opaque. The powerful people on the boards of exclusive Park Ave. buildings will see to it that the current system continues as-is. FYI, click here for a chapter from my ebook that explains the application process.
- Mayor Bloomburg is pushing for a zoning change in Midtown East to allow for larger buildings. The hope is that this will lead to developers building new buildings in an area that has lagged other neighborhoods in development. In April the City Planning Commission certified the rezoning proposal. It is about 4 years until the first building permits under the new plan can be issued. Given the powerful interests involved the zoning changes will probably be approved. The long-term play would be to get an apt. in the area and wait for the neighborhood to improve.
- Concierge Services. Through an exclusive arrangement we have with a New York concierge service our clients benefit from a range of great services. Services that will help immeasurably with your move. Like our other buyer services this is at no cost. Click here for details.
- School Consultant Services. The New York City Public School System is complicated and confusing for parents. But being able to navigate the system is vital. Sending one child to privateschool can cost over $500,000, so it is worth your while to get the most out of the public school system you are paying for with your tax dollars. Through an exclusive arrangement we have with a local public school expert our clients get the benefit of a personal consultation. Like our other buyer services this is at no cost. Contact me for more details.
- Vital Information For Buyers - Buying an Apt. in Manhattan. Step by step on everything you need to know. I wrote this ebook to help Manhattan buyers find the best home they can afford. Complete and comprehensive. A unique resource for the apt. seeker.
- Expert Buyer Broker Services, at no cost. If you are looking for a Manhattan apt.and I do not have your criteria send it to me and I will do a search and provide expert advice. Let us know:
•Looking for a Co-op or Condo? An explanation of Co-ops and Condos is here. A summary of Co-op requirements is here.
•Neighborhood?
•Number of beds/baths?
•Budget? Will you need a BankLoan? Do you have a preapproval?
•Do you have a dog?
•When do you want to move in?
The seller pays my commission so there is no cost to you but I have an ethical and legal obligation to represent only your interests. More information about this is here: www.blogofny.com. You can review my background and credentials at www.NYCBrokerBio.com .
- Many buyers end up having to live in a smaller Manhattan apt. than they had hoped. One way to deal with this is to use intelligent space-saving furniture. Such as here.
- Investor Apt. Management. If you have an investment apt. or pied a terre you know that a Manhattan apt. can be a great investment but dealing with a tenant and the other details can be difficult. We have a relationship with an excellent management company that specializes in assiting investors who have few or only 1 apt. Contact me at robertk@nestseekers.com for more details.
- Get a condo without ever being in NYC. Contact me about this exclusive service geared for Chinese and similar investors.
Rob
Robert Kravath, Senior Vice President & Associate Broker.
212.990.7124 | RobertK@NestSeekers.com
Client Reviews, Bio & Press: NYCBrokerBio.com | Blog: BlogOfNY.com
Consistent Top Producer | Attorney Since 1992
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