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New York : Real Estate Advice

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Earlier today
Kathy Burgreen answered:
Zip code 10009 is Manhattan. You cannot expect a crime free area in the middle of Manhattan. It's New York City. There is crime. If you want to live in an area with relatively little crime, move to the suburbs. You will find towns on Long Island (Great Neck, Port Washington, Glen Cove, Garden City, Jericho, Syosset), etc. have very little crime. In Westchester County, the following towns have very little crime - Mamaroneck, Rye, Pelham, Scarsdale, Eastchester, Irvington, Tarrytown, Ardsley, Harrison), etc.

There are also neighborhoods in Queens, Brooklyn and the Bronx that have very little crime. Examples: Bayside, Bay Ridge, Riverdale, City Island, Throgs Neck, Pelham Parkway, etc.
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Earlier today
Edunc13 answered:
I had a Campo House built on my own lot. For a high end structure, it is missing so many features that you would expect. No door stops, kitchen cabinet shelves do not line up with glass, moldings make the floor radiators not lie flat, cheesy steel frames in closets, property not properly graded ,to name a few. These are the small issues. Since I owned my land, when the C/o came in they were "done" even though the house wasn't. For the past three months I have been trying to get them to put in the screens, bury propane tanks, fix a large crack in basement, replace fireplace tiles that came broken, fix a leak in the basement and several other issues. They are sweet as punch and promise me that by next week it will be taken care of ... for 3 months now. Bear in mind that almost anything we wanted was an upgrade. Money was asked for immediately from me, yet I can't get satisfaction for a completed, well-done job. ... more
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Yesterday at 8:58pm
Kathy Burgreen answered:
Sat May 27, 2017
Kris answered:
Hi,

I work at Schedule My Rent. We have a modern and really easy online rent system at a great price. https://www.schedulemyrent.com Let me know if you have questions. kris@schedulemyrent.com ... more
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Sat May 27, 2017
Kathy Burgreen answered:
Both Zillow and Trulia have it listed as "Off Market." This means it is not for sale. I checked StreetEasy which is exclusive for New York City and there are no active listings for this building. You should use http://www.streeteasy.com for New York City listings. Much better than Zillow and Trulia. ... more
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Fri May 26, 2017
Christina Hayes answered:
You may not need credit restoration. Look closely at your credit reports. Do you have at a minimum 2 open and revolving tradelines (credit cards)? If you don't hurry and get another secured credit card. Revolving Credit makes up to 65% of your credit score. Without revolving credit you aren't maximizing FICO's scoring modules. ... more
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Thu May 25, 2017
Kathy Burgreen answered:
Yes you will pay capital gains, however, I know Trump's budget is requesting to reduce capital gains on sales like yours. As a recently retired NYC suburban realtor and life long resident of NYC's suburbs, I have a far more serious concern than capital gains.

My concern is the difficulty of selling a co-op in Suffolk County especially at $1.2M. I need to educate you on several issues:
The majority of co-ops outside of New York City is in Nassau and Westchester Counties + the New Jersey towns along the Hudson River. There are very few co-ops in Suffolk and Rockland Counties in NY and none in Putnam County in NY. The majority are condos. The reason for this is housing is cheaper the further away from NYC you are so the less demand for co-ops. Housing in Nassau and Westchester Counties is very expensive so co-ops provides an alternative to buyers to move out of the city and live in the suburbs.

Finally bear in mind that condo prices are intentionally higher than co-ops. The reason for this is because of the ownership structure. Co-ops means you own shares of a limited housing corporation. Condos - you receive a title or deed and own the unit outright.
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Wed May 24, 2017
Kathy Burgreen answered:
As a former NYC realtor, I wouldn't worry about it. Your listing is with Linda from the Corcoran Group, so if it's in the REBNY system, all agents in NYC will see it. You need to know that NYC agents rely on REBNY and Street Easy - not Zillow or Trulia. If your listing was For Sale By Owner, then the mistake would be an issue, but since you are listed with a broker, it's not an issue at all. ... more
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Wed May 24, 2017
Kathy Burgreen answered:
As a retired NYC realtor and life long area resident, let me save you time and you can skip the graphs. You need to know the following:

New York City - Manhattan is the most expensive especially south of 96th St. Prices start decreasing north of 96th St. At the north end, safety becomes an issue and I would recommend you visit the neighborhood at different times of the day or night and on different days of the week. Your safety comfort may be different than mine. Also visit the local police precinct and ask them about the neighborhood.

Brooklyn and Queens - Because Manhattan is so expensive, buyers jumped to Brooklyn and bought everything in sight. Now sections of Brooklyn is just as expensive as Manhattan. There are neighborhoods where safety is an issue. Again, visit the local police precincts and ask about safety / crime. Neighborhoods: Bensonhurst, Bedford Stuyvesant, Flatbush, East New York - all need a visit to the local police department. If walking around the neighborhood, check for things like housing projects, welfare places, immigration services, halfway houses, etc. They seem to be clustered in these neighborhoods.
Queens - Since Brooklyn is now expensive, buyers are flocking to Queens while the prices are still good. It's now getting pricey like Brooklyn & Manhattan. Like Brooklyn, a visit to the local police precinct for the following neighborhoods: Jamaica, Flushing, etc.
Staten Island - not real familiar with this but Staten Island has more houses and few co-op or condo buildings. Very residential.
Bronx - Much cheaper to buy than Manhattan, Brooklyn and Queens. South of Fordham Rd. is a safety issue. A visit to the local police precinct is necessary. If you can afford it, the nice areas to buy are Riverdale, Pelham Parkway, Allerton Ave., Throgs Neck, City Island and Bedford Park.

The suburbs (Nassau County / Long Island; Westchester County; Rockland County and New Jersey) - All of the suburbs is much cheaper than anything in New York City. You will get more living space / more square footage and pay 1/2 the price. However, the property taxes will be very expensive. The reason is the school districts are much better than New York City public schools and property taxes pay for it. Housing prices vary widely depending on how good the public school district is. The suburbs also have easy public transit to Manhattan. Most commutes take 30 min. to Penn Station or Grand Central. There are plenty of buses so you don't need a car immediately.

Good Luck
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Wed May 24, 2017
Kathy Burgreen answered:
This is ILLEGAL! You cannot create an Airbnb or vrbo. You need to know that New York City has a law that it is illegal to have rooms or apartments for rent for 30 days or less. NYC has employees that check websites for short term rentals and you will get caught.

You can blame the hotel industry. The hotels won a court case that gave them the right to prevent short term rentals in the city for 30 days or less. The hotels said apartment owners were taking money away from the hotels.
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Wed May 24, 2017
Kathy Burgreen answered:
Attorney fees vary so nobody can advise you as to how much it will cost. Start contacting real estate attorneys (make sure they deal with real estate) and ask them how much their fee is. The issue also has to do with what type of lien you have. Is it a mechanics lien? An IRS lien? A property tax lien? A lender's lien? ... more
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Wed May 24, 2017
Kathy Burgreen answered:
As a former NYC realtor and life long resident, you need to know that landlords are not flexible with move in dates. Rentals go very quickly and landlords know they can get a tenant the same day they advertise for a rental, so no landlord will hold a rental between now and late summer.

Your best method is to wait until the summer, then look for rentals.
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Tue May 23, 2017
Szq.41887 asked:
I saw tha Trulia helped people who had vouchers. I have a SEPS apartment voucher for 2 people, max rent $1268. We are looking for a 1 bedroom aptartment. The voucher pays for the first full…
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Mon May 22, 2017
Smoothk answered:
I must say that the customer service is not the best. But the caveat to that is the fact that they are under paid and over worked. They must do double the work of a regular loan officer with half the pay. However, the he program is incredible!!!! But you must change the way you view your mortgage and the home buying process. There is no monthly fee. There is no requirement to attend meetings. There is a one time membership fee is 25$ and a charge for credit reports of 25$. Funny thing is people are stuck on those stupid charges. The reason for the membership fee is it allows them to offer things to their membership that you can't offer to the public. Much like Sam's Club or CostCo. The cap is different based on your location, it's 400,000 in Vegas. I had to wait 2 years to finish my purchase, but I also had a short sale which a conventional loan company would of made me wait 4/5 years then charged me more because of my bad credit. NACA doesn't use your credit rating to prove your credit worthiness. They use it to see your debts and based upon the combination of your provable income and debts they'll see what you qualify for. Also a lot of the waiting people do is because of themselves. Have your paperwork ready!!!!! The most important thing in the entire program is your information/ paperwork. ... more
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Mon May 22, 2017
Kathy Burgreen answered:
Very small. Security deposits are not designed to earn much in interest. It's not like a checking or savings account. For security deposits to see real interest growth, the U.S. interest rate would have to be above 10% which is currently not the case. ... more
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Sun May 21, 2017
Craigslistemail172 answered:
hello

If you want to be a realtor in Manhattan and Brooklyn and Queens do you have to pay for the Brooklyn Board, Brooklyn MLS, REBNY (RLS) and Queens MLS?
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Tue May 16, 2017
Kathy Burgreen answered:
Queens and Brooklyn are too expensive. You need to look in the Bronx. Rentals are much cheaper. The only place in Brooklyn that's cheap is Bedford Stuyvesant, Flatbush and Bensonhurst. In Queens - Jamaica. Yes I know the neighborhoods are not that safe and it's not great to live there BUT you will never find a cheap rental anywhere else. At least in the Bronx, you have choices - anywhere in the South Bronx (south of Fordham Rd.), Jerome Ave., White Plains Rd., etc.

You need to get your name on the Housing Authority waiting list and get into the projects. The best one is on Waring Ave. & Bronxwood Ave. in the Bronx (across from Christopher Columbus High School).
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Thu May 11, 2017
Kathy Burgreen answered:
In theory, those apartments do expire and the waiting list is supposed to move up. However, reality is a totally different thing. As a former realtor, I worked with one of the executives of New York City Housing who was in charge for the various housing projects. She explained to me that for H.D.F.C., the original owners passed on their ownership rights to family members. Therefore, when individual owners die, move out, etc., they have family members who illegally move in and take over. Since the housing system is such a bureaucracy and a nightmare, owners find it too easy to just let family members inherit those apartments.

In the meantime, the waiting list grows longer and longer and never seems to move. And of course, the Housing authority never bothers to go after the illegal residents. As long as they receive the monthly rent / maintenance fees on time every month, New York City housing looks the other way.

Bottom line - this executive told me - if you are thinking of living there, you need to know someone on the inside who will give you their apartment when they die or move out. If you don't know anybody, forget it.
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