Three Helpful Tips For a Stress-Free NYC Apartment Closing

October 11th, 2012

Relax and enjoy a stress-free nyc real estate closingIf you are unfamiliar with the New York City housing market, closing on an apartment can be an intimidating process. However, a little bit of preparation can go a long way toward making your purchase as simple as possible. Buying real estate need not be a daunting task if you follow these three helpful tips for a stress-free NYC apartment closing.

1. Hire a good attorney.

To make negotiating a contract on an apartment easy in New York, you need a real estate attorney that can take the time to explain to you what is in the contract and how it affects you.  This is a legal and binding document so you need to be sure you understand what you’re agreeing to. Try to find an attorney who understands your preferences and communication style, as he will be your primary point of contact during the negotiation process. Read the rest of this entry »

Posted in Olga Alexander, Tips for Home Buyers, Working With Real Estate Brokers | No Comments »

Location, Location, Location

October 8th, 2012

Location, location, location.

Why bother living downtown? As my first Real Estate broker assured me, if you really like a neighborhood that you don’t live in, you can always take a $10 cab ride and you’ll be there in five minutes. Right?

Wrong.

The truth is that if you live in the Upper East Side, you live on the Upper East Side. After a long day at work, you’re not going to hop into a cab, navigate traffic, and go to the local bistro at the corner of Thompson and Grand. Shopping, dining, and bar hopping will, more often than not, happen within ten blocks of where you live. To think otherwise is naïve. And for a lot of folks, that’s just great. But there’s a reason why people pay big premiums to live downtown.

Case in point: I live in the northwestern SoHo. It isn’t cheap, but it’s s-o-o-o-o-o-o worth it. Steps away from Raoul’s,  Mercer Kitchen, Blue Ribbon, Lure Fish Bar, and Aqua Grill. Bars? How about Pravda, Merc Bar, Café Noir, Macao and 60 Thom, to name just a few. Shopping? Like Fifth Avenue, but cooler.

And what about the living space? No cookie cutter floor plans here. No way. You get genuine authentic cast iron buildings pre-dating 1900: Open floor space, high ceilings, and rarely more than six stories. I live in a loft built in 1850. It has 20-foot ceilings, a 14-foot window, and walls so thick that I never hear my neighbors. Try finding that uptown.

My advice? Pay the premium and be a downtowner. It’s worth it.

image courtesy adamina

Posted in Around Town, Leia Furer, Neighborhoods, Tips for Home Buyers | No Comments »

Notes and Tips

August 28th, 2012

We spend a lot of time at RealDirect trying to improve the buying and selling process. For the past few weeks we have been focusing on 2 items we will use to accomplish this. It’s the note and the tip.

We believe that notes and tips will be two of the most important ways people will work with us to buy and sell real estate, and we are in the process of integrating them into every listing, building and neighborhood.

A “note” is a private message our clients and agents can leave to each other. They cannot be seen by anyone outside that specific client relationship, and they are a way to document what the client likes or dislikes about a specific property. It is attached to the listing so there is context to every place you have ever considered, and it allows for an easy “refresh” when you have seen a lot of places and then come back to a property you have seen earlier in your search.

A “tip” is a comment or information that our team of agents believe is useful to our buyer community. They include things like amenities that are not commonly discussed, idiosyncrasies of a particular building – like the restricted hours available for showings or an address that doesn’t have an entrance on that street – or something the agent witnessed when touring the building or apartment.

And because a picture is worth a thousand words, both “tips” and “notes” support photos as well.

Take a look and let us know what you think!

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From Russia With Love

July 20th, 2012

I’m a proud American and I’ve been living in New York for almost 10 years. I love this city and it’s people. One benefit of New York is the fantastic restaurants where the staff speaks Russian, my native tongue. But it’s not just the purveyors of fine caviar that speak the language of Czars; heck no—not by a long shot. There’s my watch repairman, my dog-sitter, and my favorite real estate attorney. I can even go to hockey games at Madison Square Garden, curse loudly in Russian, and half of the New York Rangers will get offended. I don’t actually do this, mind you, but my point is that there are Russians everywhere. Most of them will tell you that communism sucks. But wait, does it?

Let’s take a communist organization like RealDirect, for example. Of the 5%-6% commission typically charged to a property seller, we take up to 1% and redistribute it to the people. That’s right: from the pockets of your real estate broker to the pockets of the needy—that’s you, apartment hunters. Because Carl Marx knows you’re going to need that 1% to help you cover your closing costs, mark my words.

The communist revolution is back, but this time it’s different. Is the message getting out to my fellow comrades? I hope that one day we’ll have a button on the top right hand corner of this website that says “Russian”, so we could share the benefits of the City’s most innovative Real Estate agency in Cyrillic. In the meantime, comrades, give me a call.

Image via Forbes

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Don’t Know Lenox Hill From Lenox China?

July 18th, 2012

Robert Lenox was an immigrant Scottish merchant, (1759-1839) who owned a large farm on the Upper East Side. When he bequeathed it to his son, James Lenox, his son divided the land into lots and sold them during the 1860s and ’70s. One of the lots on Fifth Avenue was allotted for the The Lenox Library, now known as the Frick Museum, which houses some of the world’s finest art works on the Upper East Side on 70th Street and 5th Avenue, while another lot was donated for the Union Theological Seminary.
Lenox Hill is the area that now ranges from East 72nd Street to East 59th Street. The neighborhood assumed the name after the German Hospital was renamed Lenox Hill Hospital as a way to acknowledge the legacy of the Lenox family and distinguish the area from Murray Hill.

Walter Scott Lenox, on the other hand, was from Trenton, New Jersey. In 1889 he founded Lenox China, a company that would come to elevate ceramic art and porcelain in the U. S. Thanks to Walter, porcelain tableware came to adorn state functions hosted by presidents and diplomats. By 1897, examples of Lenox’s work were included in the Smithsonian Institution and by the early 1900’s, Lenox china became the first American china to be commissioned by President Wilson and the First Lady. Lenox china still exudes quiet elegance and like Lenox Hill, a Zen timelessness that can be appreciated by the trendy and the traditional types that now reside at Lenox Hill.

Image via Edgar Zuniga Jr.

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The First 24: What Happens Once Your Real Estate Listing Is Published?

July 17th, 2012

RealDirect's marketing outreach includes direct mail which is created and ordered within 24 hours of listing publication.

One of the cornerstone beliefs at RealDirect is creating efficiency in the real estate process through the smart use of technology. That’s why we’ve built a listing management dashboard that allows users to edit and update their listings, view stats, offer available showing appointments, set open houses and get helpful suggestions at any time. It’s also how we manage to accomplish an incredible amount of marketing outreach for each of our real estate listings within the first 24 hours of publication. Read the rest of this entry »

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A True Classic – The Chelsea Mercantile

June 19th, 2012

One of the most prominent and prestigious condos in Chelsea is the Chelsea Mercantile at 252 7th Ave (between 24th and 25th street). Or as some might call it, “the Whole Foods building”. Personally, I don’t eat healthy enough to get too worked up about Whole Foods. But as it was the chain’s first NYC location, it’s a pretty big deal to most people in the neighborhood. In fact, try and find a Chelsea real estate listing that doesn’t say, “Steps to Whole Foods!”. But organic groceries were the last thing on anyone’s mind when the building was constructed in 1908 as a textile factory called The National Cloak and Suit Company. 90 years later, the building and three surrounding structures were gutted and converted into condos. The Mercantile is 21 floors, 354 units, and is known for its high ceilings and stately limestone facade. The amenities are top shelf: full time doorman and concierge, valet service, gym, playroom, storage, a garden, and a 10,000 SF roofdeck. There’s also a public garage that can be accessed through the lobby. The units all feature stainless steel appliances, walk-in closets, black granite countertops, limestone bathrooms, and to complete the pre-war feeling, many apartments offer fireplaces and exposed brick. The Chelsea Mercantile perfectly represents the appeal of a condo conversion: modern luxury complemented by classic pre-war space and detail. Just something to think about while standing in a long line at you-know-where…

image via edenpictures

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Making the Impossible Possible

June 12th, 2012

Real estate is a tricky business. You see, buyers want everything. I don’t blame them. The thing is that they don’t want to pay for everything. Like I said, tricky… but not, as it turns out, impossible. What you need is a neighborhood expert who’s in the know. What follows is a mostly true summary of a conversation I had with a recent apartment hunter who was looking for the impossible.

Client: I’m looking for an apartment in the West Village.

Me: You’re in luck. I’m RealDirect’s downtown specialist. What kind of apartment?

Client: One bedroom. An affordable one.

Me: Shouldn’t be a problem. There are lots of affordable one bedrooms available in the West Village. May I suggest—?

Client: (interrupting) Yeah, yeah. I’ve heard it all before. And now you want to show me some 6th floor walk-up. Look at me. (Points to his belly) Do I look like the kind of guy that wants to deal with that?

Me: (attempting not to look at belly) The building I have in mind has two elevators.

Client: Okay, but you need to know I have a ridgeback.

Me: (aghast) I’m so sorry. But, you know, isn’t that treatable?

Client: (looking confused) Wha? No! It’s not a medical condition; it’s a breed of dog!

Me: (relieved) Ohhhhh! I mean, of course it’s a dog. Well then. No problem. Pets are allowed in the building, and there’s even a doorman if you need someone to accept your pet food delivery.

Client: Spike only eats steaks.

Me: Really? Is that healthy?

Client: Vet says it’s fine, so long as he gets exercise; that’s why I need my apartment to be near a park.

Me: It’s west of Washington Street. You’ll be one block away from Riverside Park. That close enough?

Client: Should be.

Me: If it’s not, the building has a courtyard.

Client: (stroking beard) Hmmm. Sounds pretty good. My only concern is that I might have to be out of the country for prolonged periods of time. I’ve recently invested in a Tasmanian wallaby farm, and you never know when business calls. What if I have to rent it out?

Me: This co-op is one of the most lenient boards for renting I’ve ever seen—there are no rental restrictions at all.

Client: Good. Now what about the financial condition of the building? If there’s one thing I’ve learned from investing in Tasmanian wallaby farms, it’s to make sure to do your due diligence!

Me: The financials look strong when you dig into the statements. The building’s mortgage will be paid of in 2014. That’s going to free up plenty of cash flow.

Client: (suspicious) Say… how do you know so much about this building?

Me: I own a unit. Plus I have a few listings in contract there right now, as well as three apartments available for rent, so I can answer virtually any question you have.

Client: Wow, that’s great… but we still have a problem.

Me: Still?

Client: My budget is $500,000.

Me: How about a newly renovated junior one-bedroom for $480,000?

And that’s how the impossible—or, at least, the improbable—was made possible. Would you like to see what’s available in this fantastic building in the heart of the west village? Give me a call today! 917.414.8240

image via wwarby

Posted in Around Town, Building Descriptions, Buying & Selling, Leia Furer, RealDirect Neighborhood Guides, Tips for Home Buyers | No Comments »

Buying a NYC Co-Op: High Maintenance, Lower Price vs. Low Maintenance, Higher Price

June 11th, 2012

When trying to decide how much to spend on an apartment purchase, listing price is a helpful starting point, but doesn’t convey the whole picture. In fact, it’s possible for an $800,000 apartment to actually cost more than a $900,000 apartment. The consideration when buying a NYC co-op is high maintenance, lower price vs. low maintenance, higher price. In order to really do an apples to apples cost comparison between apartments, you need to look at the whole picture and calculate “total monthly payment.”

Total monthly payment is a figure which includes mortgage and maintenance. While your mortgage will always be the same on equally priced apartments, maintenance varies (often significantly) from building to building. Though you may be able to afford the mortgage on an $800,000 apartment, you may not be able to afford it in a building with very high maintenance. The opposite is also true, i.e. you might be able to afford a higher mortgage amount in a building with very low maintenance. For example, if your typical apartment has a maintenance of $2,000/month and another comparable apartment has a $5,000/month maintenance, then you have another $3,000/month of mortgage service. Since you can get $100K of mortgage for less than $500/month in this market, the second apartment should be discounted by at least $600K to make up for the higher maintenance.

Of course it’s rarely this easy. You also need to consider:

-Tax deductions
Compare the deduction you’ll get from your maintenance (of which only a percent can be deducted) versus your mortgage, which is almost all deductible in the beginning.

-Why might a building’s maintenance be high to begin with?
High maintenance can be because of a ground lease, a lawsuit, or improvements from years of neglect. However, sometimes it is because the building has a high mortgage which will be paid off shortly. This could actually be good news for shareholders since the apartment may increase in value due to lower monthly costs on the horizon.

-There is a stigma associated with a high maintenance building (at least for units in the under $3 million price range) and there is a small discount on top of the analytically driven discount as well.

You’ll need to evaluate each apartment on a case by case basis and look not only at price, but also at total monthly payment when deciding where to buy.

image via cogdogblog

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So You Want To Marry, I Mean Buy… A Co-Op

June 6th, 2012

Finding a co-op in Manhattan that you can live with is a lot like dating. First, you look to appearances; is the building attractive, does it offer large living areas, is there lots of light?
If it attracts you with all of its charm, then you zero in on substance. Does it offer security? Commitment? Does it mesh with your long-term goals? How are the financials?

By the time you get to the board package you know it’s serious. All of your financial history is laid out for inspection. Going to the board interview is akin to meeting the family.

A client recently asked me what do the co-op boards ask? The short answer is that the board may just want to verify for themselves that you are who you say you are, and that you’ll be able to get along with the other residents. Questions may be asked to clarify job history or financials. In the case of couples, as with meeting the family, it’s a good idea to establish beforehand who is going to answer which questions. It’s helpful to have one person answer the financial questions and and the other respond to personal questions. This can help avoid awkward moments and ensure that the interview flows and remains social.

And, just like dating, be sure to clean up your Facebook photos and Google your name because you know they’re going to be checking!

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Posted in Olga Alexander, Tips for Home Buyers | No Comments »

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