If you want an affordable neighborhood, to find something larger than a studio , for 2000 dollars, you may have trouble finding what you want in what are sometimes referred to as "Premium" neighborhoods. " In Brooklyn , real estate industry sometimes refers to areas such as Park Slope, Brooklyn Heights, Dumbo and Williamsburg as so called "Premium neighborhoods" What this means , in practical terms, is that in these neighborhoods, prices are comparable to Manhattan.
The "trick" is to find a neighborhood that is adjacent to one of these, where rents are still affordable.
A few examples, are Prospect heights, Park slope SOUTH , Fort Greene, Bushwick, EAST Williamsburg, etc.
This is where you have the best chance of actually finding an actual true 1 or 2 bedroom apartment , for 2000 dollars. As for "niceness" this is such a broad term, and hard to define, that I think that it would be entirely subjective, Therefore, its up to you to see for yourself and decide how nice the neighborhood is., by visiting and exploring, and seeing for yourself, as there are so many cool neighborhoods in Brooklyn, that you will find one in any direction you go.... more
We had a similar situation in Syracuse where everything was signed and accepted, on the 3rd day they decided to cancel offer due to someone else coming in with a higher offer and they wanted us to submit another higher offer by the next day. We were using a buyers agent who was excellant. I felt the sellers agent was very unethical, not knowledgable and pulled stall tactics from day one. I am sure as in your case a complaint to MSL , Also may want to check with NYS real estate licensing. Unfortunately it may be legal but is unethical. We have notified our agent, Do not show us any properties with this realtor. Sounds like we may have dealt with the same guy.... more
Hello C. Well, you now know where to start. Get with a mortgage consultant. You say you have limited financial options but, what else is limited? In any discussion about purchasing property, you should be critically honest with yourself. Your financial situation tells me you'll be looking for a loan to make the purchase. Underwriters are being very cautious and any blip on your credit will cause problems. Your credit score should be around 740 for the best rate. since you mention an apartment, that means a Coop and they will require, most likely, a 20% downpayment.
You need to find a broker to help in your search but also for guidance in the process. I certainly wish you all the best.... more
Hi Joan. Just to reiterate, because sometimes six exact responses are simply not enough.
OP = Owner pays the brokers commission.
NO OP = YOU pay the brokers commission.
What does it all mean when we out it together? You pay first month's rent (maybe even first and last) and a security deposit that is usually equal to a full months rent. Then, you also pay the brokers commission which might be up to 15% of the yearly rent (approximately equal to a month and a half's rent).
Keep in mind we are in the rental season big time and there is little available. Get with a broker, get your paperwork together and get serious. Good luck.... more
Its best to get recommendations from your friends that are agents. I'm with VasTree in Los Angeles. I don't think they are taking agents in New York right now. Good luck!
Marina from www.VasTree.com... more
Although it never hurts to do your own research, you can only rely on a professional advice that at the end of the day is going to save you money - you are risking too much by not having an accountant and an attorney involved in figuring possible scenarios... more
That is a loaded question Sebastian. Harlem is an area that is undergoing changes right now so if I was your parents and could I would try not to sell the place but rather make it a rental property. Reason I say this is because in the next 10 years the property value will increase dramatically as more and more people migrate to the city and are pushed uptown. Now if that is not an option than I would suggest calling me. People will tell you that a property value is neighborhood, condition its in, or several other factors(which are all partly true). However selling a property is much like anything else in life, it only worth as much as people are made to believe it is. I have sold apartments worth under $100,000 for more than double their price. Why because selling a place is about selling a life style not a piece of real estate. Also if your parents are flexible with financing alotments than you can even make more AND have a wider market.
I am a licensed Real Estate Agent. So look me up, my time is free so I will work with you so you can feel great about the sale.... more
Right now the Upper East side is going thru major changes. Properties are undervalued and they will be rising. However it really depends on what you are looking for in a property. I can help you there as property values in NYC are directly related to location and space. The better the location and lower to the ground floor the higher the cost because the more exposure you will get even without advertising. If you are interested in investing I would be happy to sit down with you and my team and I will discuss your options and what is out there. I know every place available on the market. There is a brand new place in Clinton that is going to be a game changer because of the location and the new buildings that are just opening. That area is currently under going major changes.... more
Unfortunately, or fortunatley (depending on which side of the market you are on ie renter vs landlord), the market has changed drastically in the last few years. Right now there is a less than 1% vacancy rate in NYC which means that apartments are in demand. High demand translates to an increase rent prices. Rental increases unless they are subsidized typically follow the trends in the market place.
You mentioned that you were told that your rent would only increase 10 dollars or so. I'm curious to know who told you that since unless it's specifically outlined in the lease and agreed upon by the landlord, it's not really binding.... more
Clinton - Hells Kitchen - Midtown West Some still argue about the exact boundaries of Hell's Kitchen, but it's commonly considered to run from 34th to 59th Streets and from Eighth Avenue to the Hudson
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Hi Kamwsha. Check your lease to see if you are rent stabilized or free market rent. If you are stabilized the increase can only be the percentage allowed by the rent stabilization board. If you feel something is going on, perhaps this can help:
http://www.housingnyc.com/html/resources/attygenguide.html
Chck the links under RENT. There are a bunch of options and I would think you can get a better grip on your situation after a little research. Good luck.... more
Dear Caroline,
Month to month leases are generally more expensive than a 12 month lease. Short term furnished apartments are generally 30-50% more when compared with a year long unfurnished lease.
Sincerely,
KVNY... more
Dear Alex,
If you need a good management company then let us know. We manage over 800 in Manhattan and rent them out short term furnished for a nice ROI. Check out our short term furnished website, www.kvnyrelocation.com.
Please let us know if we can help.
Have a great day,
KVNY... more
A Program designed exclusively for investors with property in luxury condominium developments in the New York Metropolitan area.Platinum Properties has emerged as the leading luxury brokerage firm in Lower
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Review your co-op documentation, any rules should be spelled out in the documents; for any necessary legal advice consult with an attorney who specializes in real estate.