There is no such thing as good luck in real estate. There is only calculated and informed risk taking. Foreclosures tend to be good deal but they tended to need alot of cash to be fixed up. If construction is not your forte might as well buy a lower priced home in better condition.
--
Thank you!
DOM PASCUAL, J.D., ESQ.
ASSOCIATE REAL ESTATE BROKER
Demsker Realty
"Your Experts in NYC Luxury Apartments & Lofts"
304 Park Avenue South
New York, NY 10010
Cell: (631) 741-2764
E-mail: dompascual@gmail.com
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** All information contained herein does not constitute any warranties, offer or commitment or obligation of any sort and/or kind whatsoever and is subject to change, error, omission and/or withdrawal without prior notice. **... more
Yelena Ravich, the principal of Rakita Realty, Inc. Receives New “Certified Negotiation Expert (CNE®)” Designation Professional negotiation skills are a must for all real estate agents helping
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Britt,
You need to sit down with a loan officer that is familiar with coops and condos. They will need to see your last 2 years tax returns, a credit report that they run (the credit reports you get are different from the lenders' report) and statements from wherever you have assets. They will need to work out a budget with you based not only on your credit report but your lifestyle. Then you will know the true figure of what you can get.... more
Hello Daniel,
Real estate is local - while you can get a list of short sales properties from any realtor, each agent will specialize in certain areas of NYC, so you may want to find an area of your focus...either where you'd like to buy to live, or to invest. Most realtors will also have a website where you could get access to live data in MLS, possibly with the "short sale" field...
Irina Karan
CDPE - Certified Distressed Property Expert
Beachfront Realty, Inc.
IrinaKaran@google.com... more
Hello!
The average monthly rental rate for 1 -bedroom apartments in the UWS = $2590 - $2600. I know some landlords who have availability on W76th off Amsterdam. They are asking $2100/month on a 12 month lease. It really depends on the amenities and what you are seeking. In the UWS, I have found a lot of private landlords and not so many "large" landlords, so their conditions and terms of the lease/price depends on the desires of the landlord.
For instance, the landlord that has a 1-bed at $2100 is finanically secure, not looking to bank millions. He just has very strict applicant requirements with 3 or 4 riders attached to the lease on noise levels, pets, laundry, etc. The apartment iteslf is in a beautiful renovated townhouse with exposed brick on the east and west facing walls, with a full seperate kitchen.
So, in common, the exchange works like this: Low broker fee = higher rent or a discount broker (can sometimes, sometimes be sketchy). Higher broker fee = quality brokers with quality apartments usually from attentive landlords or well-known management companies.
In today's market, Mitchell is correct, the market is tight and it is prime rental season. If I were personally looking for an apartment, I'd contact a broker and have them help me find a place to live. They can even show you newer buildings, who most likely have higher rental rates, but usally pay the broker's commission. If the broker cannot show you quality, privately owned apartments, find a new broker or ask him to sit with you and search the database. Every broker has access to 1000's of apartments if they are legitimate - some of the brokers choose to only work with exclusives, so ask the broker when you contact them.
Travis R. Old
Licensed Real Estate Salesperson
CitySites Real Estate Group
3 W 57th Street
5th floor
New York, NY 10019
Text/Cell: (347) 601 - 9600
Direct: (212) 228 - 3882
Facebook: www.facebook.com/travisrayold
Find me on Facebook to stay up to date on no-fee rentals and newly available luxury real estate or distinctive investment property.
Referral Bonus: Rent or Sell an apartment/home/building through me, then refer two friends and your next purchase or rental is commission free!... more
Maya,
Eran's answer seems to be correct. It would be my pleasure to send you several listings in that area so you can compare the fees and other variables. I believe it's most important to see the units in person before analyzing data. Best of Luck!
Joseph Chaplin
Prudential Douglas Elliman
Certified Real Estate Adviser
(914) 224-5806
joseph.chaplin@elliman.com... more
The last time I did a comprehensive study on the maintenance question (2010 Manhattan), I found that $1.75 - $1.80 per foot is the approximate average. This included no frills walk-ups and white glove full-service.
William Hobbs
whobbs@evansnye.com
917.825.3988... more
Downpayment is the payment made in cash or certified check during the onset of the purchase of real estate. The payment typically represents only a percentage of the full purchase price; in some cases it is not refundable if the deal falls through. Financing arrangements are made by the purchaser to cover the remaining amount owed to the seller. Contact an attorney before making a major purchase.
http://www.nyc.gov/html/hpd/html/buyers/downpayment.shtml
http://dompascual.wordpress.com/2012/01/03/5-reasons-to-save-for-a-large-downpayment/
DOM PASCUAL, J.D., ESQ.
ASSOCIATE REAL ESTATE BROKER
"We combine excellence with intelligence."
Green Homes NYC
1140 Broadway
New York, NY, 10001
Cell: (631) 741-2764
E-mail: dompascual@gmail.com
Blog: http://dompascual.wordpress.com/
Listings: http://dompascual.postlets.com/
Twitter: http://twitter.com/dompascualesq
Facebook Profiles: Dom Pascual; Manhattan Broker
*Disclosure: I am a buyer's broker, I work for you not the seller or management!*... more
The Aldyn has probably the most amenities I have seen in any luxury buildings, and prices reflect that. Initially the Riverside Blvd. location was seen as a bit far from the subway and a little out of the way. In my experience the location is becoming more accepted. Also as the inventory does get absorbed, remaining inventory can ask higher prices. Also please make sure you are taking into account whether or not the units you are comparing are river views or city views, otherwise they are not comparable. Same for what floor the units are on.
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com for all NYC listings... more
Whether you are looking to buy a new place or sell, let me and my team of professionals help you get the most return from the sale of your home and find you that special place you will love to call home.
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Upper West Side Market ReportResales Resale co-op pricing on the West Side decreased from both Second Quarter 2011 and Third Quarter 2010. Median price dipped 4% from last quarter and 9% from a year
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In a coop there is a monthly maintenance fee that includes the apartments portion of common charges, real estate taxes and underlying mortgage. A portion of maintenance is tax deductible.
In a condo you pay a Common Charge "CC" and real estate tax RET. They are separate charges. The CC is paid to the condo the RET is payed directly to the city. Condo common charges are not tax deductible.
In a coop it is monthly. In condos the RET may be paid quarterly and may be paid by your lender to the city.
Mitchell Hall
The Corcoran group
mhall@corcoran.com... more
Bidding wars in the 1st Quarter of 2010 - Two Bedrooms in Demand Buyers are buying because they need a place to call home, and not for investment purposes. RESALE: UPPER WEST SIDE West Side co-ops
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Hi Snochick,
Maintenance plays a factor in determining the value and price of a coop apartment. Since most people require financing, how much will it cost you monthly to live in the apartment? (mortgage payment plus maintenance) is the bottom line. That amount needs to be compared to comparable coop apartments and possibly even comparable rental apartments. Comparable is only apples to apples. Must have all the same attributes.
In my opinion based on today's interest rates of approx. 4.5%, approximately every hundred dollars in maintenance above comparable coop's maintenance is worth about $20,000 in price adjustment because it costs $100/month to borrow $20,000 in a mortgage.
In other words, a $700,000 1 bedroom apartment with maintenance at $750 will cost around the same to live in monthly as a $450,000 1 bedroom with maintenance of $1500.
The fact that the building you're considering is only 40% tax deductible (can vary yearly) tells me there is not an unusually high underlying mortgage or extremely high taxes other wise the deduction would be higher since the portion of maintenance that is tax deductible is the portion of interest paid on the underlying mortgage and real estate tax allocated to your apartment.
A buyer should be represented by a local agent that knows the different nuances from building to building and can guide you through the process. I'm an Upper West Side broker and live in an Upper West Side coop.
Best,
Mitchell Hall, Associate Broker
The Corcoran Group
mhall@corcoran.com... more
The Park Millennium towers over the surrounding buildings Here is The Park Millennium on a beautiful, sunny spring day. Located on the Upper West Side in the heart of Lincoln Center, this building towers
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Who said that summertime was only about going to the beach, swimming and having fun? Not me. This summer however has been all about the debt ceiling and how to extend it before our credit rating goes
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