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New York : Real Estate Advice

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A few hours ago
claudel0414 asked:
I am selling a house in Baldwin NY and have been in escrow for two months. The buyer is paying cash. I am currently live in Florida. The closing date was set for 6/25/17, however, the buyer…
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Fri Jun 23, 2017
UpNest Top Realtors answered:
Hello, The only way to get your FSBO home listed on Trulia is to have it listed on the MLS. Only agents have access, but you could also pay for what's called a flat fee listing service if you want to sell by owner (generally not a good idea). We created UpNest (http://www.upnest.com) to help home sellers get the best value possible. All you have to do is submit a few details about your home, and we'll invite several top local agents to submit proposals to you. Since agents are competing to earn your listing, they bring out their best commission rates and value added services, saving you a lot of money. There's no risk to try us at all, and it's completely free for you. http://www.upnest.com Good luck! ... more
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Fri Jun 23, 2017
Judemock1971 asked:
Wed Jun 21, 2017
Kathy Burgreen answered:
A one bedroom apartment rental starts at $1,600 and goes up to $3,000. The average price is $2,000. - 2,500.
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Wed Jun 21, 2017
Sravanodapalli asked:
Hi, i am unable to access to your API how can i approach.
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Wed Jun 21, 2017
Kathy Burgreen answered:
I'm a recently retired NYC area realtor and life long resident and I need to educate you on some things you need to know before you start looking for a home.

1. There is public buses in the towns and cities within a 20 mile radius outside of New York City's borders BUT those buses run on a schedule and they do NOT run 24/7 like New York City's buses do.

2. There is express buses and a commuter railroad system that goes from the suburbs to Manhattan. The bus stops and railroad stations are located in specific areas so if you don't live within walking distance of a bus stop or station, you will need a car. Most residents use the railroad system to get to Manhattan. It's fast and convenient. The express bus takes much longer to get to Manhattan. In Westchester County, you have MetroNorth which goes to Grand Central Station; Nassau County (Long Island) you have the Long Island Railroad (LIRR) which goes to Penn Station and New Jersey has PATH. Go to www.mta.info to look up schedules, fares and maps.

3. Transportation costs - unlike NYC that has 1 fare ($2.75) to travel throughout the city, the suburbs charge different amounts depending on location. The further away from Manhattan you are, the more expensive it is; the closer to Manhattan you live, the cheaper it is. On a monthly basis for the average 30 minute commute, the costs are $200. and up. In addition, most commuters still need to pay for a MetroCard. If you live 1 - 1.5 hours away from Manhattan, the monthly railroad costs will average $400. and up plus your MetroCard. To be able to afford transportation to Manhattan, you want to live within a 45 minute commute.

4. Housing - what is your budget? You need to learn that housing in the suburbs is expensive but varies widely depending on location, school district and the condition of the home. Just outside of NYC, your choices are co-ops, condos, single family and multi family homes. Further out, your choices are condos and single family houses with few multi family houses. The closer to Manhattan you live, the more expensive housing is; the further away you live, the cheaper it is.
Unlike NYC, each town or city has their own school district. The quality of public schools in the suburbs varies. The better the school district, the more expensive housing is; the lower the quality of school districts, the cheaper housing is. Also students attend the neighborhood school where they live. They cannot apply to public schools in a nearby town or city unless they pay full tuition price. I know in NYC, middle school and high school students fill out an application to apply to several schools. This does not happen in the suburbs.

5. Property taxes - as a homeowner, you will be responsible for property taxes. You need to know these taxes are very expensive. The reason for the high cost is they pay for the high quality of the public schools and since school budgets are voted on every year, residents go to the polls and pass their school budgets which increases the property taxes. Typical property taxes on a condo average $5,000./year For a house, expect to pay $15,000./year and up.

6. Average prices - A typical 2 bedroom co-op in a safe neighborhood and good school district will sell for $350,000. and up. A 2 bedroom co-op in a low quality school district or in a less desirable neighborhood will sell for $200K and up.

A 2 bedroom condo in a safe neighborhood and good school district will sell for $500,000. and up. A 2 bedroom condo in a low quality school district or less desirable neighborhood will sell for $350K and up.

A 3 - 4 bedroom house in a good neighborhood and good school district will sell for $800,000. and up; the same house in a less desirable neighborhood and low quality school district will sell for $600K and up.

PLEASE take into account if you see cheap prices for a co-op, condo or house, it means the home needs renovations or repairs. You will need to pay for this and contractors are very expensive. A typical kitchen renovation can cost as much as $40,000. I had new floors installed in my 900 sq. ft. co-op and paid $25,000. I also had my bathroom completely renovated and the price was $25,000.

Finally, realtors will need a copy of your pre approval or proof of funds. They will not show you any homes without it. Your first step is to meet with a lender in person and have them review your financial situation. Start with your bank since you're already a customer. You will also need cash to pay for closing costs + a down payment. The NYC housing area is a hot market and sellers will not assist with closing costs.
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Tue Jun 20, 2017
Investfx.gold.9 asked:
Tue Jun 20, 2017
Maurnice.henderson answered:
I have a question. I am near the closing date but i haven't heard from the lender or anybody in a couple of days. After they verified employment. Is there a possibilty that i will be turned down? If i was going to be turned down would i know by now. Ive already paid for insurance, inspection, and paid earnest money before they verified employment. ... more
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Tue Jun 20, 2017
Kathy Burgreen answered:
There are no studios in NYC for that price. The average studio in NYC is $1,500. Are you able to live with roommates?
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Mon Jun 19, 2017
Kathy Burgreen answered:
I'm a recently retired realtor in Westchester and life long NYC area resident. I have the perfect solution for you. You need to expand your search into the suburbs. Start looking in Westchester County, Nassau County and New Jersey along the Hudson River. Housing prices is about 1/3 - 1/2 cheaper than similar homes within NYC. Commuter transportation is excellent and commuters can leave their homes and be at Grand Central or Penn Station within 30 - 45 minutes depending how far away they are from Manhattan. NJ has trains that go to Wall St. I think. You will get much more square footage or living space in the suburbs than you will in the city.

Examples: 2 bedroom + 2 bath co-op - $200 - 400,000. depends on neighborhood / town and condition of the co-op unit.
2 bedroom + 2 bath condo - $300K - 1 million depends on town and condition of condo.
A 2 bedroom co-op or condo ranges from 800 - 1500 square feet.
A 3 - 4 bedroom house on a 1/4 acre lot starts at $600 in good condition. Prices go up from there depending on neighborhood, condition of the home, school district, etc. A 4 bedroom house in a top rated school district with a nice size yard and move in ready can go as high as $2.5 million. On the flip side, the same exact house in a low income neighborhood with a low rated school district and needs an updated kitchen or bath will sell for $400 - 500K

You will never find prices like these in NYC. First get pre approved by a lender, then start exploring the suburbs and find a realtor to work with. Example: Douglas Elliman who used to be only in Manhattan has moved to the suburbs.
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Sun Jun 18, 2017
Jonathan Lahey answered:
You can call them directly just look for the contact number or email attached! thanks!
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Sat Jun 17, 2017
Asatamovers answered:
If you are guys looking for a professional moving company in NYC, then here is everything that you need to know " http://asatamoversnyc.com/article/new-post-for-asata "
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Fri Jun 16, 2017
Toni_marie_young answered:
I always recommend the NACA program when I hear someone express an interest in purchasing a home. I did have two issues.

1. My financial counselor: He kept putting me off, "I'll get to it tomorrow", ...this weekend, ... this afternoon, ...the first thing Monday morning." and then I would not report to work or leave early knowing he had made an appointment with me. I filled a complaint online and the very next day, was called in for a meeting with supervising person at that office. Before my counselor could finish explaining his actions, the manager cut him off and dismissed him. She immediately assigned me to Ms. Gudelupe (not sure of the spelling) who got things done. (If I ever win the lottery, she'll get big thank you gift from me.

2. My NACA realtor: I told her I didn't want a house with; a lot of trees, a big sloping back yard, near a pond or lake, etc. I asked her to send me the listings and I would check the properties online and drive by to see the houses before I made an appointment to see the inside. She kept calling me saying she had found the perfect house for me and asked me to meet her there. The third time I followed her to see a house, I refused to get out of the car because the house had almost everything I didn't want. A friend, who is a realtor, signed up to become a NACA realtor just so he could help me.

I got my house at a fixed 2.5% interest rate. Plus, I have a big tax write off. I don't mind the $50 a month membership dues because it is included in the mortgage payment and if I don't have to use it, get it all back after 10 years. (3 years to go) Even with the dues, property taxes and home owner's insurance, my mortgage payment is less than what I was paying to rent an apartment and don't have to worry about the rent going up every year.

My son and a couple of his friends have just signed up to become NACA members.

TY
Lithonia, GA
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Fri Jun 16, 2017
Brian Martucci answered:
At 4.375% you have $2,116.97 monthly payments x 120 payments = $254,036 paid out over 10 years - $6,500 credit = $247,536 total cost over 10 years.

At 4.00% you have $2,024.24 monthly payments x 120 payments = $242,908 paid out over 10 years + $1,500 cost = $244,408 total cost over 10 years.

If you're sure you're going to be there for 10 years take a lower interest-rate.

However, these are numbers that your lender should have already gone over with you. And quite frankly these rates don't sound like they are the most competitive. If you want to check and see if I can get you lower terms, and if you want to work with a lender that is more thorough and transparent and educational, contact me for more.
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Thu Jun 15, 2017
Scottfarley1 answered:
I've been doing a lot of research on this as well. Have you guys worked with Hauseit? I'm seriously considering pulling the trigger. Have been doing research on this every day for the past 2 weeks and it seems like just doing normal FSBO on a site like Trulia or Zillow won't get you very far.

Reasons being: buyers' agents boycott you + major harassment by agents trying to "get" your listing

I've compared a good amount of sites by now, but Hauseit seems to be the most reliable company serving the nyc region. Good comparison site I found below:
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Thu Jun 15, 2017
Jack Ramone answered:
Hey Scott, totally get where you're coming from. You're doing a lot more than most people. It's probably a good idea to do a little bit of research before just putting your home out there!

Definitely have heard of Hauseit (tough not to as they're all over the web). If you just Google you can find their reviews:

https://www.trustpilot.com/review/www.hauseit.com

https://www.trulia.com/voices/Home_Selling/Has_anyone_used_Hauseit_to_sell_their_home_in_NYC_-867877

https://www.facebook.com/pg/Hauseit/reviews/

http://answers.angieslist.com/Any-Hauseit-reviews-NYC-home-sellers-q240848.aspx

This one I think may be actually by them: http://hauseitreviews.com/

This is a lively forum: http://streeteasy.com/talk/discussion/41463-hauseit-reviews-for-nyc

One thing I like about their approach which seems to be working very well is that they're not openly attacking other brokers. It seems like their partner brokers are real brokers who are agreeing to secretly do these reduced rate listings to add to their business. Very interesting... let me know what you think
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Tue Jun 13, 2017
Kathy Burgreen answered:
Sorry for the stupid answers from out of state realtors who don't know anything about New York City real estate and certainly don't sell homes worth $10 million. I'm a retired realtor in Westchester (NYC suburb) and life long resident of NYC and Long Island / Westchester. My reply - which is the correct one is as follows:

Yes you do need to be listed on the regular websites (Zillow, Trulia) AND the one that is exclusive to NYC - StreetEasy. StreetEasy is owned by Zillow now. However, you need to learn that regular websites like Zillow and Trulia cater to the average home buyer and seller. Meaning most buyers of luxury high end homes do NOT use Zillow or Trulia. They may or may not use Street Easy though.

Realtors marketing the luxury co-ops, condos and townhomes in NYC will use specialty marketing. Examples: golf courses, spas, corporate jets / airlines, private / less well known airstrips, private and boarding schools, the Theater District in Manhattan, Wall St., modeling agencies, the box seats at Citi Field and Yankee Stadium, the box seats at Madison Sq. Garden, art galleries, Tiffany's, Bloomingdale's, high end hair salons, private gym clubs, etc. AND of course - global marketing. Realtors connect with buyers in China, the Middle East, Japan, etc. Using all of these methods will generate buyers who are financially qualified to buy your home. This is far more effective than listing a For Sale by Owner ad in Zillow. You need to attract buyers with this kind of money and the only way to do that is have some brochures or glossy print ads where these buyers hang out.

My apologies for not replying earlier. I was having construction repair done and had to disconnect my computer, WiFi, etc. Anyway, one thing you need to know is NYC realtors who work with high end properties may make your life difficult selling by owner. It may not happen but I suspect they will steer their buyer clients to properties listed in the REBNY system and give their clients one excuse after another not to show your home for sale. Sorry but NYC realtors are ruthless, shrewd, brazen, etc. I've dealt with them so I know.

The other issue is commission fees are SUPPOSED to be negotiable as mentioned by a previous reply BUT in NYC especially with high end homes, that theory goes out the window. Realtors will be quick to point out that their specialty marketing costs $$$$. Before you list your home for sale, make sure you are priced to sell. If you own a co-op or condo, speak to the Board of Directors or HOA and ask them if they know what similar apartments like yours have sold for within the past few months. Remember, in a co-op, the Board has to approve buyers and they do see the contracts. If you can't get any answers, next best thing is to invite several realtors and ask them to price your home. DO NOT SIGN ANYTHING. Make up any story you want but your goal is for them to leave your house empty handed. See if you can get realistic pricing. Whatever you do, resist the extreme pressure to sign a listing agreement.
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Tue Jun 13, 2017
Ieshajoyner asked:
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Mon Jun 12, 2017
Kathy Burgreen answered:
The start up will raise red flags because there is no proof that it will be successful. Lenders do give loans to self employed buyers and employees of start ups BUT lenders require 2 years tax returns to see the history of the business. You may be offered $30K per year but lenders need proof that your income will continue for the next 3 years. What happens if the start up fails and you're out of a job? Lenders need proof that you have the ability to pay the loan on time every month - even if you're unemployed.

As USDA, this loan requires that you purchase a property in a rural area. If you are buying in the New York City area or any city in NY, USDA does not qualify. The only places USDA properties qualify is central New York State, the Adirondacks and the St. Lawrence River valley.
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Fri Jun 9, 2017
Carole.lee.walsh answered:
I have Quick books but they charge 2.9%. to accept rent payment - albeit efficiently. I do not like Paypal since it - for me - is not user friendly. And it takes too long for the funds to move to my bank from my account.

I love Quickbooks bookkeeping system since it downloads all the credit cards and checking accounts automatically. And best of all - it memorizes things that are repeats quickly. Making the data entry/update process much faster. And since it's on line, my bookkeeper can do it from her desk and I can be at my desk anywhere in the world that has internet connection. We can be working together or independently.
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