Just a note to all who follow my blog on Facebook or on the website-very Happy Holidays to you and your loved ones. This is a time to appreciate what we have and think about how to make our lives and the world a better place. This has been a trying time for many, a year ago, the economy was in free-fall and we all had concerns about our lives and the country. Many still suffer and we must all work to make our economy stronger and peoples' lives better. We have a long way to go.
It seems as if despite the darkness of this time of year, there are rays of light on the horizon. Business is improving and we can hope and make that continue. This is certainly a time to think of the less fortunate and to help in any way we can. The days are getting longer again, and a new year is upon us.
Enjoy the Holidays!
Friday, December 25, 2009
Monday, December 21, 2009
Is a neighborhood "safe"
I have had this questioned asked of me numerous time during my real estate career, and it is one I cannot answer. However I can suggest to the prospective buyer or buyers to contact the local Police precinct and obtain crime statistics-they are probably available on-line as well. Buyers can also speak to other residents or store owners about their experiences. I often suggest that buyers return to the neighborhood in the evening and see how the area feels. I think a feeling of safety and comfort is often very subjective-different people have different life experiences and have different feelings about where they want to live.
In 2008, there were only three Police Precincts without any homicides, and two of them were the one I live in now in Brooklyn and other where I grew up in Queens. One might say I like to live in low-crime neighborhoods, or maybe it is sheer coincidence. Of course, New York is comprised of so many neighborhoods, each different in its own way. I always suggest buyers get to know a neighborhood well before they start looking to buy in that area, especially if they are moving from one borough to another. Get to know the subway locations, stores and amenities before you start looking seriously-it will make your search easier.
One of most positive developments about New York City is how much safer the City has become over the last two decades, how much crime has been reduced. I remember a number of yearsback attending a friend's performance piece in Red Hook and how I noticed on a bus ride back to Park Slope, seeing people sitting out at night on benches at a Public Housing project, something most likely unseen years before. New York has certainly become a safer place to live for many, in a large variety of locations. Get to know your neighborhoods and you will know it feels.
In 2008, there were only three Police Precincts without any homicides, and two of them were the one I live in now in Brooklyn and other where I grew up in Queens. One might say I like to live in low-crime neighborhoods, or maybe it is sheer coincidence. Of course, New York is comprised of so many neighborhoods, each different in its own way. I always suggest buyers get to know a neighborhood well before they start looking to buy in that area, especially if they are moving from one borough to another. Get to know the subway locations, stores and amenities before you start looking seriously-it will make your search easier.
One of most positive developments about New York City is how much safer the City has become over the last two decades, how much crime has been reduced. I remember a number of yearsback attending a friend's performance piece in Red Hook and how I noticed on a bus ride back to Park Slope, seeing people sitting out at night on benches at a Public Housing project, something most likely unseen years before. New York has certainly become a safer place to live for many, in a large variety of locations. Get to know your neighborhoods and you will know it feels.
Sunday, December 13, 2009
What Makes a City Great?
As I spend my last day in New Orleans, I have been thinking what makes a city great? I have travelled a bit, more than many, less than some. There are a few cities I have been to, that pull at my heart.
When I arrived here Thursday, having not been back since 2003, I threw my luggage in my hotel room and walked to the French Quarter and cried. It is a place of great emotion and feeling for me, walking those streets, feeling the history, the special history of this great city, of survival, of change, of destiny.
It has been ruled by the French, Spanish and Americans and like New York is not really a typical American city, rather has a feel unilke other American citiies. There is its unique music and food and you really don't have to do anything to have the experience. How I feel about Paris-there is nothing to do but keep an open heart and walk. I bought a book by Lawrence Ferlinghetti, the Beat poet at the Faulkner Bookstore in the French Quarter and he writes about "Poetry as Insurgent Art." He says "Be subversive, constantly questioning reality and the status quo." That is the mark of a great life and a great City.
I came here first in 1990, though when I arrived at the airport and walked around, I felt I had been here before. It is nearly 20 years later, my life has changed and it hasn't but the feelings remain. It is one of those great cities to relish and revisit. Paris, Lisbon, Mexico City are other places for me that resonate for me in the same way, pulling at my heart. And of course, New York and Brooklyn.
I think a great city is a place that has an energy, a purpose, that brings creative people together. A place where you don't want to sit in your hotel room, rather explore every minute you can. New Orleans has suffered greatly since Katrina-it has lost more than half its population. But people are returning and as Americans we owe its people our continued dedication to its recovery. Visit and eat and listen to music and walk the Garden District and the French Quarter and visit City Park and the Ninth Ward and become a supporter of this great experiment that has survived fires and hurricanes, that has a language of its own.
We need to keep fostering the vitality of American cities-it's one of the things that keeps our country great. Support New Orleans and the City you live in.
When I arrived here Thursday, having not been back since 2003, I threw my luggage in my hotel room and walked to the French Quarter and cried. It is a place of great emotion and feeling for me, walking those streets, feeling the history, the special history of this great city, of survival, of change, of destiny.
It has been ruled by the French, Spanish and Americans and like New York is not really a typical American city, rather has a feel unilke other American citiies. There is its unique music and food and you really don't have to do anything to have the experience. How I feel about Paris-there is nothing to do but keep an open heart and walk. I bought a book by Lawrence Ferlinghetti, the Beat poet at the Faulkner Bookstore in the French Quarter and he writes about "Poetry as Insurgent Art." He says "Be subversive, constantly questioning reality and the status quo." That is the mark of a great life and a great City.
I came here first in 1990, though when I arrived at the airport and walked around, I felt I had been here before. It is nearly 20 years later, my life has changed and it hasn't but the feelings remain. It is one of those great cities to relish and revisit. Paris, Lisbon, Mexico City are other places for me that resonate for me in the same way, pulling at my heart. And of course, New York and Brooklyn.
I think a great city is a place that has an energy, a purpose, that brings creative people together. A place where you don't want to sit in your hotel room, rather explore every minute you can. New Orleans has suffered greatly since Katrina-it has lost more than half its population. But people are returning and as Americans we owe its people our continued dedication to its recovery. Visit and eat and listen to music and walk the Garden District and the French Quarter and visit City Park and the Ninth Ward and become a supporter of this great experiment that has survived fires and hurricanes, that has a language of its own.
We need to keep fostering the vitality of American cities-it's one of the things that keeps our country great. Support New Orleans and the City you live in.
Wednesday, December 9, 2009
Choosing a neighborhood to live in
When considering a purchase of a coop, house or condo, one begins with choosing where you want to live. Many buyers are open to various neighborhoods and choose the most desirable living space in one of those areas. Others have more specific boundaries, say Park Slope between Union Street and 9th Street, 5th Avenue to the Park. Each buyer's needs are different and a good Broker should be a good listener and show properties that fit that particular buyer's wants.
Very frequently buyers start looking in neighborhoods they know little about and ask the Broker about the neighborhood. I am happy to give as much information as possible, but I suggest to buyers getting to know each neighborhood they are interested in, as much as possible. Walk around, visit stores, research the schools, time the subway ride to the office, familiarize yourself with the neighborhood. Walk around at night and see how the neighborhood feels. This makes the purchase process much easier and the buyer will not waste time looking at properties in locations that are not of interest.
If buyers are moving from borough to another, for example, this can be a daunting task at first. And the Broker can steer the buyer in the right direction. But my experience is that nothing is a substitute for having the experience, talking to people who live in the area, and getting familiar with the neighborhood resources.
New York is still a city of diverse neighborhoods-it's one of the many things that makes the City continue to flourish. I suggest that to my buyers that they learn about the neighborhoods that are of most interest and get a feel for different streets and locations. It makes the process easier for everyone involved. And it can be a very interesting experience.
Very frequently buyers start looking in neighborhoods they know little about and ask the Broker about the neighborhood. I am happy to give as much information as possible, but I suggest to buyers getting to know each neighborhood they are interested in, as much as possible. Walk around, visit stores, research the schools, time the subway ride to the office, familiarize yourself with the neighborhood. Walk around at night and see how the neighborhood feels. This makes the purchase process much easier and the buyer will not waste time looking at properties in locations that are not of interest.
If buyers are moving from borough to another, for example, this can be a daunting task at first. And the Broker can steer the buyer in the right direction. But my experience is that nothing is a substitute for having the experience, talking to people who live in the area, and getting familiar with the neighborhood resources.
New York is still a city of diverse neighborhoods-it's one of the many things that makes the City continue to flourish. I suggest that to my buyers that they learn about the neighborhoods that are of most interest and get a feel for different streets and locations. It makes the process easier for everyone involved. And it can be a very interesting experience.
Monday, December 7, 2009
Taking a hiatus
Last week was a rough week as sort of my second dog, Daisy a beautiful border collie-pit bull mix, left us last week. It hit me hard as Daisy was an amazing dog, and so dear to me. I continued to see her even as I became a real estate broker, as I could not bear to not see her beautiful face, her amazing smile. (Many years back, I had a pet-sitting business.) My own Bob is now about 15 years old and he is hanging in there. But I think we all know that chances are when we have a dog or cat, we will outlive our loved ones and that is always hard. So I thankful for Bob's presence and love every day. And I miss you forever, Daisy.
Back to real estate soon.
Back to real estate soon.
Tuesday, December 1, 2009
Pricing your Property Correctly
If you are considering selling your house, condo or coop apartment in the current market, there is probably nothing more important you can do than pricing your property properly. As I wrote in the last post, it important to have as much exposure as possible when selling your home-listing with a firm that has a substantial web presence and that will share listings. However, you could have the best agent, and be with a great firm, but if your apartment is not priced in a competitive fashion, you are at risk of not selling or delaying the sales process.
Although the New York market has recovered, buyers are more educated and sophisticated than ever. They have access to lots of information. When I first switched to Elliman, I was unaware of the Streeteasy site, which shows changes in price and how long an apartment had been on the market. When making an offer on an apartment in Prospect Heights, my buyer gave me information about that particular apartment in terms of our strategy in the bidding process. The information is out there for all prospective buyers to learn about.
I would say that although it is important to price your property competitively in all of New York City, Manhattan sellers should be keenly aware of this, especially in neighborhoods with lots of available listings. There are even particular buildings with a high percentage of apartments for sale. If you are working with a competent Broker, this should be a part of the pricing discussion.
It is difficult for sellers who bought at the peak of the market, who are still at risk of selling at a somewhat lower price or not making a profit after closing costs. I always try to get my sellers the best possible price, of course. But unlike Gordon Gecko, I am not of the belief that greed is good. And in the current market, it is often better to take a stronger buyer for a little less money, as some properties have not appraised at the selling price. As usual, I am always available for advice and counsel and am always happy to list your home. Enjoy the day!
Although the New York market has recovered, buyers are more educated and sophisticated than ever. They have access to lots of information. When I first switched to Elliman, I was unaware of the Streeteasy site, which shows changes in price and how long an apartment had been on the market. When making an offer on an apartment in Prospect Heights, my buyer gave me information about that particular apartment in terms of our strategy in the bidding process. The information is out there for all prospective buyers to learn about.
I would say that although it is important to price your property competitively in all of New York City, Manhattan sellers should be keenly aware of this, especially in neighborhoods with lots of available listings. There are even particular buildings with a high percentage of apartments for sale. If you are working with a competent Broker, this should be a part of the pricing discussion.
It is difficult for sellers who bought at the peak of the market, who are still at risk of selling at a somewhat lower price or not making a profit after closing costs. I always try to get my sellers the best possible price, of course. But unlike Gordon Gecko, I am not of the belief that greed is good. And in the current market, it is often better to take a stronger buyer for a little less money, as some properties have not appraised at the selling price. As usual, I am always available for advice and counsel and am always happy to list your home. Enjoy the day!
Saturday, November 28, 2009
Listing with a REBNY Firm
As many of you know, I worked for a local firm for most of my career in real estate. Next month will mark my second year with Prudential Douglas Elliman. When I left my old firm, my former Broker said something to the effect that I did not think you would opt for a "corporate" firm. I actually heard a similar comment from a spouse of an agent for another local Brooklyn firm.
My experience at Elliman has been very positive. I do know really know what the "corporate" these people were describing, looks like, but I know I work with very professional people in a well-managed environment. I service my buyers and sellers better because of this.
In a changing market, as a seller, you want the widest exposure. It is incredible that in 2009, soon to be 2010, many of these local firms do not uniformly share listings nor will they return phone calls of outside brokers. I recently sold a house in Bay Ridge in a week and a half, that a local affiliate of a bigger national firm, could not sell in two months. I sold it as a co-broke with another REBNY firm (Real Estate Board of New York). As a practice, all the REBNY have to share our listings with other REBNY firms. And more and more in Brooklyn, more buyers have their own brokers and it is important to respect that relationship.
In 2009 it is crucial that the firm you list with, has a real web presence, with an easily searchable website. This is how almost all buyers look for real estate. Most of the local firms do not provide this service.
So as the market continues to recover, remember to give yourself the most exposure as a seller. You do that by listing with a firm with a good website, a web presence and one that will share listings. Of course, you need to price the property correctly. (And I am always willing to help.)
Have a good holiday weekend.
My experience at Elliman has been very positive. I do know really know what the "corporate" these people were describing, looks like, but I know I work with very professional people in a well-managed environment. I service my buyers and sellers better because of this.
In a changing market, as a seller, you want the widest exposure. It is incredible that in 2009, soon to be 2010, many of these local firms do not uniformly share listings nor will they return phone calls of outside brokers. I recently sold a house in Bay Ridge in a week and a half, that a local affiliate of a bigger national firm, could not sell in two months. I sold it as a co-broke with another REBNY firm (Real Estate Board of New York). As a practice, all the REBNY have to share our listings with other REBNY firms. And more and more in Brooklyn, more buyers have their own brokers and it is important to respect that relationship.
In 2009 it is crucial that the firm you list with, has a real web presence, with an easily searchable website. This is how almost all buyers look for real estate. Most of the local firms do not provide this service.
So as the market continues to recover, remember to give yourself the most exposure as a seller. You do that by listing with a firm with a good website, a web presence and one that will share listings. Of course, you need to price the property correctly. (And I am always willing to help.)
Have a good holiday weekend.
Friday, November 27, 2009
Thanksgiving, Brooklyn and Changing Neighborhoods
I had a lovely Thanksgiving with friends in Bushwick. Bushwick, you might ask? Yes, I actually sold a friend and his partner a beautiful one bedroom with two outdoor spaces, both with great Manhattan views, in a well-designed condo building in Bushwick. I made great time driving over and walked around some more before I arrived for dinner. There were lots of 20 and 30 something hip looking folks on the street, of all nationalities, sexual orientations etc. The local bodega had great coffee. The subway access is excellent, the L and J and M trains all close by, the J one stop to Manhattan.
After dinner, we watched a national NBC newsreport from the 1970's how Bushwick was a burned out war zone, overrun by gangs. I remember the looting on Broadway, one of the main thoroughfares, during the 1977 blackout. But the amazing thing about New York and in particular now in Brooklyn, is that we continue to reinvent ourselves. In a city, where you don't need a car, where there are work opportunities in careers unheard of in other cities, we thrive and continue to create. Remember you read it here first. Bushwick is on the rise. And by the way the turkey was amazing. Good company too.
After dinner, we watched a national NBC newsreport from the 1970's how Bushwick was a burned out war zone, overrun by gangs. I remember the looting on Broadway, one of the main thoroughfares, during the 1977 blackout. But the amazing thing about New York and in particular now in Brooklyn, is that we continue to reinvent ourselves. In a city, where you don't need a car, where there are work opportunities in careers unheard of in other cities, we thrive and continue to create. Remember you read it here first. Bushwick is on the rise. And by the way the turkey was amazing. Good company too.
Wednesday, November 25, 2009
Giving Thanks
The holidays for me are a mixed blessing-as those of you who know me well know, I do like to socialize. Luckily friends were leaving the birthday celebration for our friend and bartender extraordinaire Martin last night at midnight as I could have stayed out much later and I found an excuse to drive them home and leave. However I do miss my parents a lot during this time of year and learned this morning that my friends' dog, whom I am very attached to, may have cancer.
Thanksgiving has always been one of my favorite holidays of the year, up there with July 4th, Rosh Hashanah and Passover. An odd mix, one might say. I have fond memories of family Thanksgivings in my parents' apartment in Queens, all of squeezed into a small space but all together. I remember one Thanksgiving in particular in San Francisco where I lived after college, with about 20 members of the Gay Men's Chorus and other friends, maybe 50 in all. The food was incredible, as well as the camaraderie. There's was lots of singing and no one wanted to leave.
I was on the elliptical machine this morning, watching Rachel Ray bringing Thanksgiving to a distressed town, with many needy families and my eyes welled up with tears. We take so much granted and Thanksgiving is just what it says. A day to give thanks, representing the best this country has to offer, when people come together and spend a meal together and express our gratitude for what we have. I have to lot to be thankful for-good health, great work colleagues, a healthy 15 year old dog who remains the love of my life, a nice apartment in a community I have grown to love, great friends and work that keeps me busy and thinking and creating. I for one, don't spend enough time focusing on gratitude and I hope this holiday will help me do more of that through this season and in my life. To all a Happy Thanksgiving!
Thanksgiving has always been one of my favorite holidays of the year, up there with July 4th, Rosh Hashanah and Passover. An odd mix, one might say. I have fond memories of family Thanksgivings in my parents' apartment in Queens, all of squeezed into a small space but all together. I remember one Thanksgiving in particular in San Francisco where I lived after college, with about 20 members of the Gay Men's Chorus and other friends, maybe 50 in all. The food was incredible, as well as the camaraderie. There's was lots of singing and no one wanted to leave.
I was on the elliptical machine this morning, watching Rachel Ray bringing Thanksgiving to a distressed town, with many needy families and my eyes welled up with tears. We take so much granted and Thanksgiving is just what it says. A day to give thanks, representing the best this country has to offer, when people come together and spend a meal together and express our gratitude for what we have. I have to lot to be thankful for-good health, great work colleagues, a healthy 15 year old dog who remains the love of my life, a nice apartment in a community I have grown to love, great friends and work that keeps me busy and thinking and creating. I for one, don't spend enough time focusing on gratitude and I hope this holiday will help me do more of that through this season and in my life. To all a Happy Thanksgiving!
Tuesday, November 24, 2009
Wisdom from Jonathan Miller of Miller Samuels
Jonathan Miller of Miller Samuels, perhaps the leading real estate analysis firm in the New York Metropolitan area spoke to Brooklyn Prudential Douglas Elliman agents this morning. Jonathan is extremely knowledgeable and quite articulate about real estate trends in New York and has been analyzing the Brooklyn market for a number of years. He confirmed what we know, that the market is more active, there is less inventory than in the Winter/Spring but also said that there is some hidden inventory that would probably influence the market in the near future. Brooklyn is better situated than Manhattan in certain ways, as most of the inventory would involve conforming loans ($729,000 and below) which are easier to get than jumbo loans (above $729,000). Also Brooklyn has much more inventory in more moderate price points which is where a lot of the market. He also confirmed what I have written previously, that coop re-sales which required Board approval have stabilized the market all throughout New York City. I feel lucky that as a Broker for Prudential Douglas Elliman, I am privy to Jonathan's knowledge and expertise.
Sunday, November 22, 2009
New York Real Estate-a wise investment
I have spoken in the past week to two people about Florida real estate-a good friend's father who was back for the holidays from Boca Raton and a new Facebook friend in Miami, named Scott Klein, also a realtor (lots of other things in common as well). My friend's father commented how many stores are out of business, how malls sit vacant and how even in Boca Raton prices have declined greatly. Scott told me about how many foreclosures and short sales there are-not news to anyone reading newspapers or following the web.
Although we have seen some price declines, New York prices have stayed stable, especially in Brooklyn where I do most of my business. One difference between Florida and New York is that land in New York is generally finite and we have real zoning laws. In today's New York Times there is a piece about development in Miami, Florida which highlights the lack of real zoning. High-rise condominiums are built right next to single family houses without any regard for maintaining the character of the neighborhood. New York has much stricter zoning in places and many neighborhoods such as Bay Ridge where I live, have very restrictive zoning guidelines, in order to preserve the character of the community. In addition, coop apartment sales have limited the number of financially inappropriate buyers, as these buyers could not pass in a coop board. In most of the rest of the country, these buyers were offered mortgages that they could never afford, often with quickly adjusted rates. Although there was blame to be shared by many, this practice resulted in artificially generated demand for ownership housing and fueled an unsustainable new construction boom, the after-effects we witness in many communities across the United States.
New York remains a desirable to live for so many. Although housing costs are high-the rewards are great. Crime remains very low-the restaurants, culture and night life thrive. Schools have improved. We still have a ways to go, to build more affordable housing and get parents more involved in education. We live in a great city and it remains great and people come from all over the world to have the experience of living here. And many of those people choose Brooklyn over Manhattan.
I do not have a crystal ball but I do think buying in New York City remains a wise investment for years to come. We all must remain vigilant to improve the quality of life here. But as Liza most famouly sang, "If you can make it here...." And Jay-Z and Alicia Keys echo today. New York and Brooklyn remain great places to live today.
Although we have seen some price declines, New York prices have stayed stable, especially in Brooklyn where I do most of my business. One difference between Florida and New York is that land in New York is generally finite and we have real zoning laws. In today's New York Times there is a piece about development in Miami, Florida which highlights the lack of real zoning. High-rise condominiums are built right next to single family houses without any regard for maintaining the character of the neighborhood. New York has much stricter zoning in places and many neighborhoods such as Bay Ridge where I live, have very restrictive zoning guidelines, in order to preserve the character of the community. In addition, coop apartment sales have limited the number of financially inappropriate buyers, as these buyers could not pass in a coop board. In most of the rest of the country, these buyers were offered mortgages that they could never afford, often with quickly adjusted rates. Although there was blame to be shared by many, this practice resulted in artificially generated demand for ownership housing and fueled an unsustainable new construction boom, the after-effects we witness in many communities across the United States.
New York remains a desirable to live for so many. Although housing costs are high-the rewards are great. Crime remains very low-the restaurants, culture and night life thrive. Schools have improved. We still have a ways to go, to build more affordable housing and get parents more involved in education. We live in a great city and it remains great and people come from all over the world to have the experience of living here. And many of those people choose Brooklyn over Manhattan.
I do not have a crystal ball but I do think buying in New York City remains a wise investment for years to come. We all must remain vigilant to improve the quality of life here. But as Liza most famouly sang, "If you can make it here...." And Jay-Z and Alicia Keys echo today. New York and Brooklyn remain great places to live today.
Thursday, November 19, 2009
New Bay Ridge One Bedroom
TOP OF THE WORLD
Located on the top floor of a pre-war elevator building, this lovely one bedroom co-op is bright and airy. The apartment features high ceilings, beautiful parquet floors and generous closet apace. The kitchen and bathroom have been tastefully renovated. The building is pet friendly (dogs under 40 pounds.), has laundry, bicycle storage, apartment storage (waiting list) and a live-in super. Only two blocks to 3rd Avenue shops & restaurants, it is also close to Shore Road Parks and the Narrows Botanical Gardens, as well the R train and express bus to Manhattan.
lovely one bedroom co-op is bright and airy. The apartment features high ceilings, beautiful parquet floors and generous closet apace. The kitchen and bathroom have been tastefully renovated. The building is pet friendly (dogs under 40 pounds.), has laundry, bicycle storage, apartment storage (waiting list) and a live-in super. Only two blocks to 3rd Avenue shops & restaurants, it is also close to Shore Road Parks and the Narrows Botanical Gardens, as well the R train and express bus to Manhattan.
For more information, click on link
Located on the top floor of a pre-war elevator building, this lovely one bedroom co-op is bright and airy. The apartment features high ceilings, beautiful parquet floors and generous closet apace. The kitchen and bathroom have been tastefully renovated. The building is pet friendly (dogs under 40 pounds.), has laundry, bicycle storage, apartment storage (waiting list) and a live-in super. Only two blocks to 3rd Avenue shops & restaurants, it is also close to Shore Road Parks and the Narrows Botanical Gardens, as well the R train and express bus to Manhattan.
lovely one bedroom co-op is bright and airy. The apartment features high ceilings, beautiful parquet floors and generous closet apace. The kitchen and bathroom have been tastefully renovated. The building is pet friendly (dogs under 40 pounds.), has laundry, bicycle storage, apartment storage (waiting list) and a live-in super. Only two blocks to 3rd Avenue shops & restaurants, it is also close to Shore Road Parks and the Narrows Botanical Gardens, as well the R train and express bus to Manhattan.
For more information, click on link
Tuesday, November 17, 2009
Coop vs. Condo-the real deal
I often hear buyers say to me "no coops, only condos." I understand where they are coming from, having lived in two coop building, one small and one big and often it seems it would be easier to just own your apartment outright. It's clearly a more fungible commodity, easier to rent, no coop approval when you sell. But my feeling is it's not that black and white.
Practically speaking, if you like pre-war, your condo options are very limited. And since most condominiums are new construction, and some of these buildings have not been that well-constructed, there is a concern you would not have with an established well-maintained coop building. Also, if you have an owner that has rented to noisy or difficult tenants, you may less options for re-dress in a condominium building, rather than a cooperative. From a practical point of view, one of the reasons the housing market in New York City remained more stable than many other places, is that, except for a sponsor apartment, it was highly unlikely a subprime mortgage buyer would get accepted by a coop, keeping these buyers out of the market. And since coops remain the predominant form of apartment ownership, this reality kept the market more stable.
My thought is either is a good form of ownership in New York City-look at the apartment, the building, the financials, and the location. Whatever you own, New York City remains a great place to live and great investment for the future.
Practically speaking, if you like pre-war, your condo options are very limited. And since most condominiums are new construction, and some of these buildings have not been that well-constructed, there is a concern you would not have with an established well-maintained coop building. Also, if you have an owner that has rented to noisy or difficult tenants, you may less options for re-dress in a condominium building, rather than a cooperative. From a practical point of view, one of the reasons the housing market in New York City remained more stable than many other places, is that, except for a sponsor apartment, it was highly unlikely a subprime mortgage buyer would get accepted by a coop, keeping these buyers out of the market. And since coops remain the predominant form of apartment ownership, this reality kept the market more stable.
My thought is either is a good form of ownership in New York City-look at the apartment, the building, the financials, and the location. Whatever you own, New York City remains a great place to live and great investment for the future.
Monday, November 16, 2009
You know it when you see it
Not to belabor what occurred in the new buyer intake I did last week but one point that came out of the experience, is that buying real estate is in many ways, an emotional process. Yes, you figure out what you can afford, find a lawyer, find a broker and explore neighborhoods, or in New York City, even specific buildings that you like. You look at apartments-you have your lists of desires-i.e. outdoor space, more than one bath, elevator or whatever else seems important to you. But I have to say that after being involved in the renting and selling of real estate for over nine years, I'd say most buyers walk into an apartment or a house and say "this is it." For all the calculations, considerations, you walk in and in your heart, you know you have the found place. I don't think in my years of renting and selling, did I ever convince someone to buy something, rather I have helped make the deal happen. Unfortunately in my previous firm, where we were only sellers' brokers, I often felt compromised. Now, that I can work with buyers directly, showing other brokers' listings I feel like I can better service the buyers I work with. But at the end of the day, most buyers walk into a property and say this is the one for me or us. You know it when you see it.
Friday, November 13, 2009
Why now is a good time to buy
The rain is coming down, a bit of a chill, and the holidays approach. I met a new buyer last night and did my real estate 101 for new apartment buyers-coop vs. condo-how the process works etc. Of course, anyone that wants a similar coaching, just contact me. As I wrote in my last piece, buying real estate in New York is a more complicated process that in most other parts of the United States. But in talking to this new buyer, it is clear this is a good time to buy, especially for those interested in Manhattan. Interest rates are historically low. The credit crunch is somewhat diminished. There are good values and I suspect with great certainty, that if you were to buy an apartment now, you would make a decent profit within a five year period. There are no guarantees, but it appears the economy is making small gains and that New York is in a good position to prosper. I think there is clearly a ways to go. But I recently sold an very nice apartment in Bushwick in Brooklyn and though there has been some steps back, many New York neighborhoods still seem to moving forward with new, younger residents and new businesses. Of course I am happy to be of help in this process. Have a great weekend!
Wednesday, November 11, 2009
Thoughts on buying real estate in New York City
As I was taking the subway home from Manhattan last night and going over things that had to be done on certain deals, I thought about how buying and selling property in New York is different from most other places in the United States. In most places, you don't need a lawyer and you close in under a month. In New York City, you most certainly need a lawyer and closings can take as long as three to four months. I was thinking how important it is to have a good lawyer and to have a good relationship with a mortgage broker or a banker. The process here is long and goes through many turns, and it is important to have experienced capable people on your side. And of course, having a good real estate broker is very important as well. Like many other things in New York, the experience can be more difficult, but the pay-off is great. Riding home and making good connections on the N and R and looking around me, I am still amazed at the diversity of people in New York, who work hard and contribute so much to the vitality of the city. I am returning to New Orleans next month for the first time since Katrina and I am excited as it is another place which has always enchanted me. But after living here most of my life, New York and Brooklyn in particular, remain a source of adventure and joy. I am happy to provide names of excellent mortgage brokers and lawyers. Just ask.
Monday, November 9, 2009
Pictures are up for new Bay Ridge House listing
LIFE AT THE TOP This gorgeous Bay Ridge home could be yours. You will have a genuine sense of privacy and tranquility as you relax in this special house, up a hill in Prime Bay Ridge. In mint condition, this spacious home with large front porch and beautiful garden, three bedrooms convertible to four would make a comfortable home for discerning buyers. It boasts elegant hardwood floors, working fireplace, a beautiful kitchen with Jenn-Air, Thermador and Gaggenau appliances, large living room and den, convertible to an extra bedroom. The house offers one and half bathrooms, with jacuzzi tub, redwood ceiling and finishing and recessed lighting throughout. There is excellent closet space, an attic that could be used as living space, and an easily finished basement with an Asko washer-dryer. There is new electrical, recently installed hot water heater and boiler and new Anderson windows. The house is cable-ready and has air-conditioner sleeves installed. This house is a gem-it must be see.
Click here for more information
Saturday, November 7, 2009
Beautiful South Slope 2 Bedroom Condo for Sale
BEAUTIFUL SOUTH SLOPE 2 BEDROOM 2 BATH HOME
Uncommon by every measure, this exceptional 2 bedroom and 2 bath apartment weighs in as a cut above the rest. Unique and thoughtful in design with over 1100 square feet of living space with private terrace. There are oversized rooms of extra wide proportions, 10 foot ceilings with gorgeous crown molding and elegant details throughout. The sun-drenched living room overlooks a lovely, quiet tree-lined block. A full sized dining area comfortably accommodates seating for eight. Adjoining the dining area there is a beautifully laid out top-of-the line chef's kitchen complete with stainless steel appliances, marble countertops and a generously sized center island. There are extra wide hallways, which lead to the bedrooms; an oversized master bedroom with full-sized en suite bathroom; and a second bedroom which features beautifully customized floor-to-ceiling built-ins finished in dark wood with opaque glass doors and an intimate lounging terrace. The apartment features individually controlled heating, apartment storage and a washer/dryer hook-up. The building features a well -sized elevator,low monthly charges and a 25 year tax abatement. It is close to the subway to Manhattan.
Click here for more information
Friday, November 6, 2009
New House in Bay Ridge-more pictures next week
NEW HOUSE IN BAY RIDGE
LIFE AT THE TOP
This gorgeous Bay Ridge home could be yours. You will have a genuine sense of privacy and tranquility as you relax in this special house, up a hill in Prime Bay Ridge. In mint condition, this spacious home with large front porch and beautiful garden, three bedrooms convertible to four would make a comfortable home for discerning buyers. It boasts elegant hardwood floors, working fireplace, a beautiful kitchen with Jenn-Air, Thermador and Gaggenau appliances, large living room and den, convertible to an extra bedroom. The house offers one and half bathrooms, with jacuzzi tub, redwood ceiling and finishing and recessed lighting throughout. There is excellent closet space, an attic that could be used as living space, and an easily finished basement with an Asko washer-dryer. There is new electrical, recently installed hot water heater and boiler and new Anderson windows. The house is cable-ready and has air-conditioner sleeves installed. This house is a gem-it must be seen.
Click here to for link
Focus on Bay Ridge, Brooklyn
I remembered when I started looking at apartments to buy in Bay Ridge in 2004, driving down Ridge Boulevard and thinking "Where am I?" I was looking for a large space in a dog friendly building, that would allow to live a comfortable life-style, meaning being able to travel a lot, which is one of my passions in life. I had been to Century 21 a number of times over the years and maybe a party of two, but the neighborhood remained somewhat foreign. I was also looking for a place with good servives-shopping and restaurants. After living in Park Slope and Prospect Heights for so many years, those attributes were essential. In November I found the aparment I was looking for and have enjoyed living here ever since.
Sometimes getting home from Manhattan in the evening can take quite a while, but short of that, I feel so lucky to live in Bay Ridge. I take my dog to Owl's Head Park every day, weather permitting and we get to look across the river to some historic parts of Staten Island, a beautiful view. I lived in San Francisco after college, and it is in many ways, my second home. When I walk near the water in Bay Ridge, looking at the Verrazano Bridge, I get a feeling of being back in the Bay Area. My neighbors are friendly. It has become a more ethnically diverse neighborhood and continues to do so. When I go to the gym in the morning and walk past the elementary school up my street (P.S. 102), which is an excellent school I might add, I see an amazing diversity of people dropping their children off. It heartens me to see that New York still offers opportunity for so many different people and it is why the City remain such a vibrant, vital place.
It is neighborhood of excellent schools, of great neighborhood shopping and equally great restaurants. After getting my new listing last night (look for it on-line and on-blog later today), I had the signature cheddar burger at Pipin's Pub on 97th Street and Third Avenue and though I don't eat red meat that often, it was truly heavenly. Tanoreen, soon moving to new bigger digs on Third Avenue, is considered the best middle-eastern restaurant in New York City by Zagat's and best moderately priced restaurant by New York magazine. Sofia, The Pearl Room, Agnanti Mesa, Areo, Tuscany Grill,Elia, Embers are other outstanding choices-the list goes on and on. My neighborhood Italian place, Vesuvio, has wondeful food in a pleasant atmosphere. Click here for more information.
As for shopping, both 3rd and 5th Avenues as well as 86th Street offer great choices without ever leaving the neighborhood. Century 21 is the anchor store, with new indoor parking and expanded retail space. It remains the value shopper's paradise. It has an excellent home store with the some of the deals on sheets and towels known to humankind, as well as outstanding clothing and shoes choices. There are other chains nearby, a decent Gap, a giant Duane Reade, A Children's Place and many other excellent choices. On Third Avenue, there are some wonderful local boutiques such as Hom and Lavender Blue and the Bookmark Shoppe, not to mention a plethora of other choices. It's a great mix. Click here for more information.
The schools remain excellent and that provides the neighborhood with a lot of stability and as well as insuring it remains a desirable place to live for families. Some of the elementary schools are P.S. 102, P.S. 104, P.S. 170 and P.S. 185. There are number of intermediate schools: 30, 167, 201, and 259. Fort Hamilton and Telecommunication High Schools are also in the neighborhood. Click here for more information.
So what can your money buy you? By New York and Brooklyn standards, a lot. A roomy one bedroom coop can be purchased for $240,000-$300,000 and two bedrooms more in the $350,000 to $400,000 and up,depending on the location. Shore Road which hugs the water, is still considered the prime location with beautiful homes and elegant coop buildings, though some locations are far from the subway. Beautiful limestone houses on the tree-lined blocks tend to go in the $800,000's and up, a fraction of what you would pay in Park Slope and Brooklyn Heights. All and all, lots of value.
The area is served by the X27 and X37 express buses and the R train, which transfer easily for the express trains at 59th Street, 36th Street and Pacific Street. I for one, have had much better experience transfering back from Manhattan, at night, of late.
Sometimes getting home from Manhattan in the evening can take quite a while, but short of that, I feel so lucky to live in Bay Ridge. I take my dog to Owl's Head Park every day, weather permitting and we get to look across the river to some historic parts of Staten Island, a beautiful view. I lived in San Francisco after college, and it is in many ways, my second home. When I walk near the water in Bay Ridge, looking at the Verrazano Bridge, I get a feeling of being back in the Bay Area. My neighbors are friendly. It has become a more ethnically diverse neighborhood and continues to do so. When I go to the gym in the morning and walk past the elementary school up my street (P.S. 102), which is an excellent school I might add, I see an amazing diversity of people dropping their children off. It heartens me to see that New York still offers opportunity for so many different people and it is why the City remain such a vibrant, vital place.
It is neighborhood of excellent schools, of great neighborhood shopping and equally great restaurants. After getting my new listing last night (look for it on-line and on-blog later today), I had the signature cheddar burger at Pipin's Pub on 97th Street and Third Avenue and though I don't eat red meat that often, it was truly heavenly. Tanoreen, soon moving to new bigger digs on Third Avenue, is considered the best middle-eastern restaurant in New York City by Zagat's and best moderately priced restaurant by New York magazine. Sofia, The Pearl Room, Agnanti Mesa, Areo, Tuscany Grill,Elia, Embers are other outstanding choices-the list goes on and on. My neighborhood Italian place, Vesuvio, has wondeful food in a pleasant atmosphere. Click here for more information.
As for shopping, both 3rd and 5th Avenues as well as 86th Street offer great choices without ever leaving the neighborhood. Century 21 is the anchor store, with new indoor parking and expanded retail space. It remains the value shopper's paradise. It has an excellent home store with the some of the deals on sheets and towels known to humankind, as well as outstanding clothing and shoes choices. There are other chains nearby, a decent Gap, a giant Duane Reade, A Children's Place and many other excellent choices. On Third Avenue, there are some wonderful local boutiques such as Hom and Lavender Blue and the Bookmark Shoppe, not to mention a plethora of other choices. It's a great mix. Click here for more information.
The schools remain excellent and that provides the neighborhood with a lot of stability and as well as insuring it remains a desirable place to live for families. Some of the elementary schools are P.S. 102, P.S. 104, P.S. 170 and P.S. 185. There are number of intermediate schools: 30, 167, 201, and 259. Fort Hamilton and Telecommunication High Schools are also in the neighborhood. Click here for more information.
So what can your money buy you? By New York and Brooklyn standards, a lot. A roomy one bedroom coop can be purchased for $240,000-$300,000 and two bedrooms more in the $350,000 to $400,000 and up,depending on the location. Shore Road which hugs the water, is still considered the prime location with beautiful homes and elegant coop buildings, though some locations are far from the subway. Beautiful limestone houses on the tree-lined blocks tend to go in the $800,000's and up, a fraction of what you would pay in Park Slope and Brooklyn Heights. All and all, lots of value.
The area is served by the X27 and X37 express buses and the R train, which transfer easily for the express trains at 59th Street, 36th Street and Pacific Street. I for one, have had much better experience transfering back from Manhattan, at night, of late.
What can I say but that I love living in Bay Ridge-when I come home, it feels like home.
Wednesday, November 4, 2009
Thoughts on my new blog
As a number of you have noticed, I have entered the world of blogging, thanks much to my friend and consultant, Ryan Davis. As a former free-lance writer and with my Master's degree in Urban Policy, I hope to provide some insights about New York real estate, living in New York and especially insights about buying, selling and living in my beloved borough of Brooklyn.
In addition to promoting listings and giving real estate information, I will begin a series of reports on New York City neighborhoods. And the first focus will be on neighborhoods which appeal to moderate-priced buyers. Stay tuned for more.
In addition to promoting listings and giving real estate information, I will begin a series of reports on New York City neighborhoods. And the first focus will be on neighborhoods which appeal to moderate-priced buyers. Stay tuned for more.
Tuesday, November 3, 2009
Pictures are up for Bay Ridge One Bedroom
OPEN HOUSE: Sun, Nov 8 -- 12:00 PM-1:30 PM Add to Calendar
EXTRA LARGE PRIME BAY RIDGE ONE BEDROOM APARTMENT Enjoy a spacious one bedroom apartment in a well maintained coop, close to Owl's Head Park, the Express Bus to Manhattan, R train and wonderful Third Avenue restaurants and shopping. The apartment features extra large living room and bedroom, newly renovated designer kitchen, excellent closet space and a lovely entry foyer. The building has laundry facilities, a beautiful common courtyard, bicycle storage, apartment storage (waiting list) and on-premises super. Dogs under 40K. Live large and enjoy the comfort of a spacious home.
EXTRA LARGE PRIME BAY RIDGE ONE BEDROOM APARTMENT Enjoy a spacious one bedroom apartment in a well maintained coop, close to Owl's Head Park, the Express Bus to Manhattan, R train and wonderful Third Avenue restaurants and shopping. The apartment features extra large living room and bedroom, newly renovated designer kitchen, excellent closet space and a lovely entry foyer. The building has laundry facilities, a beautiful common courtyard, bicycle storage, apartment storage (waiting list) and on-premises super. Dogs under 40K. Live large and enjoy the comfort of a spacious home.
Great Value in Prospect Heights
844 SF -- 1 BR / 1 BTH. Brilliant condo value and quality in Prospect Heights. OCTOBER SPECIAL PRICES: TAKE 5% OF LIST PRICE OF THIS APARTMENT 476 Sterling Place is 15 minutes to Downtown Manhattan on the 2/3 subway lines and a short walk from the beauty of Prospect Park, the Brooklyn Botanic Garden, the Brooklyn Museum of Art and a neighborhood of boutiques, bakeries, grocers and cafes. 476 Sterling Place offers an intimate environment with eight residences. Each generously sized one, two and three bedroom residence offers garden views, oak floors, plentiful closet space, deluxe appliances, a washer/dryer hook-up and individual air conditioning throughout. The building's amenities include a landscaped garden, personal storage space and a 15 year tax abatement.
Great New Listing in Bay Ridge
EXTRA LARGE PRIME BAY RIDGE ONE BEDROOM APARTMENT
Enjoy a spacious one bedroom apartment in a well maintained coop, close to Owl's Head Park, the Express Bus to Manhattan, R train and wonderful Third Avenue restaurants and shopping. The apartment features extra large living room and bedroom, newly renovated designer kitchen, excellent closet space and a lovely entry foyer. The building has laundry facilities, a beautiful common courtyard, bicycle storage, apartment storage (waiting list) and on-premises super. Dogs under 40K. Live large and enjoy the comfort of a spacious home.
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