Posted on November 28, 2017
Buying a new home is an exciting process for anyone to go through. There are many people who want to purchase a home in New York. However, New York real estate is among the most expensive in the country. Few people can afford to purchase a home in this area without looking for a deal.
Before buying a home, you need to do research on the local area. This will give you an idea of the price points where you can afford to look.
Work with an Agent
The best way to find a home that meets your needs is to work with a real estate agent. A real estate agent will be able to give you advice based on current market trends. There are some people who wrongly assume that working with an agent is a waste of time. However, this is the best way to find something quickly in the area.
With the competitive real estate market in New York, make sure to have your financing already approved. Some people wait until the last minute to start applying for different financing options. Many sellers will not even accept an offer on a home without a pre-approval letter from a bank showing that the potential buyers have been approved for a loan.
Finding a home is a long process. Some buyers get so excited that they make a fast offer on a home. Instead, you should take your time to get to know the local real estate market. This is the best way to find a deal and to find something that will meet your needs in the future.
Make a Strong Offer
In many parts of New York, homes on the market will receive multiple offers from potential buyers. You need to make a strong offer relative to the list price if you want to have a chance of buying a home. Some people struggle to find a home because they wrongly assume that they are going to get a great deal by offering less than the purchase price.
Look at Trends
When buying a home, the location is one of the most important variables in making a good decision. Buying a home in a growing area will ensure that you will have price appreciation in the future. Always look at local demographic trends before deciding to purchase a home.
Posted on January 29, 2017
‘Fuhgeddaboudit’, is a phrase that’s unblinkingly unique to New York (and New Jersey), and it suggests that a scenario is undesirable or unlikely. New York City, with its garrulous culture and vibrant communities, stands apart from everywhere else on the globe, presenting opportunities that are desirable, thrilling, and individual.
There are adventures, foods, and opportunities present in New York City that don’t exist or belong anywhere else. It’s likely that New York City outpaces every other city when it comes to the number of galleries, nonprofit theaters, museums, orchestras, and other cultural landmarks. Likewise, New York City is the only city that will provide a full buffet of authentic dishes, sprawling nightlife, and accessible green space. Read on learn the many ways New York City has is uncommon and demonstrates cultivation through education.
Manhattanhenge: The Manhattan Solstice occurs twice a year. This occurs when the setting sun is aligned with the east–west streets of the main street grid of Manhattan. The cross streets include 14th, 23rd, 34th. 42nd, and 57th, as well as the streets adjacent to them.
Bergdorf Goodman: Bergdorf is a landmark department store and upscale retailer selling Prada, Jimmy Choo, Gucci, Lanvin, Dolce, and other high-end brands. Known for their premier service, the only Bergdorf exists in New York City.
The Strand: Whoever said no one reads anymore hasn’t paid a visit to The Strand. The Strand is a mecca for book lovers. The store has a world of new, rare, used, and out of print books. The 55,000 square feet establishment is home to books cost as little as $1. That’s incredible!
The Speakeasies: New York has a divine number of bars, but what’s more is the number of speakeasies that exist in the city. There are enough clandestine watering holes to keep the party going.
Authentic Eats: L&B Spumoni Gardens, an iconic Brooklyn, serves up the best Sicilian Pizza in the borough. Their Italian ice is equally as celebrated. The number of inarguably exceptional and essential NYC restaurants grows by the day.
Michelin Stars: New York has a full constellation of well-decorated restaurants. In fact, there are at least 73 NYC restaurants with at least one Michelin star.
NYC’s incredibly high-cost of living is further facilitated by the number the collection of culinary establishments and cultural institutions, which promise to take half of your paycheck.
Posted on October 9, 2016
Preparation for the Citywide Ferry Service is underway.
The boats for the Mayor Bill de Blasio’s Citywide Ferry Service are being constructed on an assembly line located on two shipping yards in the southern U.S. So far 19 aluminum-made vessels have been created for the purpose of servicing the municipal ferry network, which is expected to launch during summer 2017.
The Metal Shark and Horizon shipyards in Alabama and Louisiana, respectively, brought together 200 workers to bring together boat frames. The modern day ferry boats will be a testament to state of the art safety features and timely technology, making waterway access easy. According to Mayor Bill De Blasio, the new fleet of boats will help to connect visitors and commuters to extended areas throughout the city. The president of the New York City Economic Development Corporation, Maria Torres-Springer, is overseeing the services, and she’s stated that there will be service testing by early next year.
The fast and affordable ferry service will be carried out on 85-foot-long boats, each able to carry 150 passengers, as well as wheelchairs, strollers, and bicycles. The NYCEDC described the ferries as fuel efficient and lightweight, and it will be equipped with free Wi-Fi and heated decks.
The ferry will charge $2.75 for a one-way ride, with hopes that these ferry rides will be integrated with the MetroCard, which would allow for free transfers to buses and subway trains. The state-run MTA is the early stages of replacing MetroCards with new fare-payment tech.
The first phase of the ferry development will be implemented next summer. Phase One will utilize 12 of the new ferries on the new routes. These routes will carry passengers to South Brooklyn, Astoria, and Manhattan.
Posted on September 30, 2016
With monumental costs straining the entire New York City real estate market, reports show that this fall, investments, not affordability, will be more accessible for buyers. Those in search of a home will have to effectively search neighborhoods and deals in the face of median sales prices that are as high as $1,088,000; up from $990,000 (throughout the duration of 2015).
Manhattan’s median price resting at more than $1 million is an issue for the market because may of these ultra-luxury homes and properties are struggling to sell. These expensive units are difficult to move, leading sellers to loosen conservative pricing for their properties. It’s not only difficult to sell a ultra-luxury apartment in Manhattan, but across the nation. Whether New York, San Francisco, Miami, or Los Angeles are concerned, it’s quite difficult for the high-end market to find its footing. By Manhattan’s standards, the market below $3million is considered fairly affordable, and those apartments are experiencing better sales.
Autumn and winter will mark a time for better deals, though this doesn’t apply to every building in every neighborhood. Through research and working with those well-versed with the ins and outs of the market, it’s possible to find incredible offers. The opening of new mid-market buildings, including the 31-unit boutique condo at 48 E. 132nd St, will mean more listings on real estate sites. In Harlem and beyond, members of the public are finding more affordable options for buyers. As of August 17, the median sales prices in the borough of Brooklyn was $685,000. Real estate and business booms throughout Brooklyn, particularly in areas such as Clinton Hill and Bedford-Stuyvesant, demonstrates that Brooklyn is a place worthy of being invested into. Two-story brick homes are being converted into a four-story condo that’s slated for completion next year. Multiple condos are being erected at fairly affordable price points, demonstrating that Brooklyn is a good place to buy property. Median sales in Downtown Brooklyn have increased, likely due to zoning in the area.
Brooklyn seems primed for growth, so it’s a good time to get into real estate investment in the area.
Posted on September 24, 2016
Experts are reporting that this Autumn, the New York City rental market will experience some relief. As the city chilly months inch closer, it will become easier for renters to find an apartment throughout all five boroughs. The predicted dip in prices and simultaneous increases in inventory and concessions is right on target for this time of the year.
“Price growth is a little bit slower but also units aren’t getting snapped up quite as quickly, so there’s more of them available,” said Krishna Rao, an economist affiliated with StreetEasy, according to AMNY. “You have a little more breathing room than you would have had a year ago.”
Brooklyn’s median rent experienced a 6 percent between July 2014 and July 2015. It this rose again by 1.5 percent through July 2016. During the month of July, the with median rents in the borough known as Brooklyn was up .4 percent from June, and sat at approximately $2,899. Between July 2014 and July 2015 median rent rose by 4.7 percent in Manhattan, followed by a 2.6 percent spike in July 2016. The median rent, up 6 percent since June 2016, was $3,395.
There are numerous complexes in development in Brooklyn, namely Williamsburg, which has experienced a new rental boom. A seven-story, 164-unit rental is going up at 55 N. Fifth street early, and the property managers have already listed 14 units on the StreetEasy website. Down near 223 N. Eighth St, The Berkley Complex was constructed. That seven-story, 164-unit rental property has six available units.
Manhattan tells a similar story when it comes to vacancy rates, which were high throughout the summer and throughout the city. A number of incentives and concessions were presented to renters, including a waived broker’s fee or free month’s rent. Brokers, such as Citi Habitats, found that approximately 20 percent of new Manhattan rental leases offered concessions during the month of August. Possibly for that reason, August saw a vacancy rate decrease, it dropping from 1.73 percent to 1.92 percent. Nonetheless, it’s still historically high. Concessions are expected to become more prevalent during the fall months, particularly because landlords are attempting to quickly fill these vacancies ahead of winter months, which is widely known as the best time for renters to find a new rental.
New York City becomes significantly more tenant-friendly during the winter. Some experts predict that the prices for one bedroom apartments will drop between 2 and 4 percent across the city before winter officially hits. That translates to a decrease of about $100 a month, which is nearly enough to purchase an unlimited monthly MetroCard.
With that said, renters can look to recent market news to negotiate their way to lower costs this fall. Ahead of yearly rent increases (5 – 10 percent annually), tenants can request that landlords not raise their rent.
Posted on August 15, 2016
The NYC real estate market is ripe and ready for investment agenda and opportunity; that’s the case whether discussing commercial or residential properties. A vested interest in real estate worthy venture for those thirsty to meet the ceaseless business and residential needs of New York City’s transplants and native New Yorkers.
With the city’s vast and growing population, what’s evident is a need for an abundant range of housing options. The undying needs of the populace can be met with renovated, flipped and updated spaces throughout the boroughs and the surrounding tri-state areas. A diverse feature of housing types, including converted spaces, tend to be available in ample supply. Even the Wall Street Journal has reported in July of this year, on NYC’s amassing market-rate rental inventory.
In the years to come, NYC is expected to witness a surge in new rental apartments, though it’s still a debate whether this growth will be presented as a ripple or a wave. In Brooklyn and Queens predominantly, the past three years has seen that 38,000 market-rate rental units were introduced. Also, 14,686 has been added this year and 17,044 new apartments will be completed and put on the market in the upcoming year, which marks a new high.
Executives and analysts alike are anticipating rent decreases and flattening, leading to a decrease in property values. Certainly, this a positive for renters, but property managers don’t feel quite the same. Nonetheless, buildings with rent-stabilized apartments continue to offer investors steady increases, due to deregulated apartments, even if market-rate rents continue to remain flat.
Meanwhile, low vacancy rates and rising rents have made the rental building market. The online real-estate company Ten-X has reported that market-rate vacancies of more than 10 percent by 2017. Also, market-rate apartments in 2019 could offer zero percent growth. As the number of new rental become available, prices, particularly higher-end apartments, will be increasingly influenced by proximity to transportation and amenities, such as dryers and washers.
Of course, there are differing opinions regarding the new apartment surge and how it will impact the market. According to Ten-X, annual increases represent a fraction of the area’s housing units. However, others said the there’s an undersupply of units, particularly as New York universities and research centers to beckon faculty and students to New York City.
Jeffrey Levine, chairman of Douglaston Development LLC, believes the development of new apartment rentals has come in waves, particularly after the Great Recession and the expiration of the 421-a, the property-tax-exemption programs. Buildings with a market-rate and rent-stabilized apartments will continue to attract investors.
Posted on July 2, 2016
Lenny Kravitz, the retro-style an American singer, songwriter, actor and record producer, is helping to design spaces in New York City. The songster has chosen to step into the mix by contributing to unique ideations to the development of apartment complexes in New York City.
Apartment buildings are going to great heights to service clients, including offering a pram valet service and rooftop gardens, or far more extravagant features. The Kent, an Upper East Side full-service industrial collection of two- to five-bedroom condominiums and penthouses also offers a communal music room, ‘The Sound Lounge,’ designed by artist Lenny Kravitz. That lovely recreational space includes large flat screen TVs, a drop-down movie screen, and a performances or parties. Lovers of music also enjoy the supplied drum kit, piano, and professional quality amplifiers.
“The Sound Lounge at The Kent was inspired by one of my personal recording studios,” Kravitz said in The Kent’s media release. “We wanted to create an inviting and inspiring multipurpose environment where the residents can play music together or practice their instruments.”
Located at 200 East 95th Street, the prices start $US2.45 million for two to five-bedroom apartments.
The Camp Kent facility is also located at the Kent, which is an interactive play space adjacent to an outdoor playground. That’s in addition to a pram valet and a dog wash station for residents.
However, Lenny Kravetz isn’t the only popular name that’s decided to lend a hand to design. Fashion guru Karl Lagerfeld took to The Estates at Acqualina is a beachfront condominium development in Miami, Florida to showcase talent.
“I am excited by the opportunity to design the lobbies of The Estates at Acqualina and take great pride in knowing that the spaces I create will be such important spaces in the building,” says Lagerfeld in the media release for The Estates. “Not only are they significant because they offer the first impression of the building, they are also the spaces where people come to socialize daily; they are like a common living room. My designs are inspired by the look of each lobby, the building and the destination of Florida especially. The climate is very warm there and I wanted something fresh.”
The Estates is a lush property with an ice skating rink, a fitness center, a bowling alley, a movie theater, and a Wall Street ‘trader’s club room,’ offering access to computers, stock market ticker tape and a board room. Also, In close proximity to that estate is a resort and spa. Lagerfeld designed the lobbies for the residential twin buildings. The full-time concierge, pet care services, child care, and an accessible Rolls-Royce are available to residents. Prices range between $3.9 million to $48 million for a penthouse.
Posted on May 6, 2016
There are multiple tips experts can share with you about the way you might improve asset management for your rental property portfolio when managing properties.
When managing real estate properties, you’re managing some of the most expensive and valuable assets that a tenant will ever own during their lifetime. For that reason, property management must involve nuance and strategy, and you must manage the income from rental homes as you would a portfolio. That means leading with research so that you can grow your investment.
When it comes to real estate investment, you must view homes as assets, not simply real estate transactions. Assets should be selected based on the needs of your company, and that will likely be achieved by buying a stabilized asset, which will offer a real estate investor more favorable financial terms (e.g. lower rates). Investors should study assets before bringing them into their portfolio. Information on amenities, neighborhoods, and current rental rates can be collected and stored using property management software. Having this particular system of storage will be advantageous when choosing to search for other properties in the same area, it will help to deduce whether you should pursue that asset, also.
Documenting data on each unique property, etching down every aspect and detail of assets via property management software will allow you to establish data parameters, which will educate you on geographical information, rental rates, turnover, maintenance schedules, and records of investments you’ve made into the property. The process makes it easier to manage large portfolios, and permissions can be adjusted so that an employee’s access to the data is limited.
One of the greatest goals when dealing with rental property management is minimizing the costs induced by your assets. You have to consider ways you can save without skimping on the property. You can decrease costs by creating a tenant portal where tenants can have questions answered online, put in requests, pay bills, and communicate concerns. Also, you can have a management system that requires fewer hour spent on administrative work. Additionally, improve the way you inspect your properties by staying on top of your maintenance schedule through property management software that can help to keep ducks in a row, and it will ward off costly emergency repairs and it will keep turnover rates fairly low. The software, the inspections, and maintenance can be sizable investments, but this money will be spent on a lucrative investment that will pay dividends.
Increase your ROI (return on investment) by analyzing your rental property portfolio and finding ways to spawn money from what you already have. You can do this through gentle upgrades, investment in simple maintenance, and remarkable customer service, which will allow you to reasonably, incrementally increase the rent. Well-managed properties gain a positive reputation, and younger tenants are a fan of portals, call centers, and live chats, and they’ll be willing to put down extra cash for exceptional treatment.
In addition to numerous things that rental property management software has been said to do, it can also help you to generate a foundation, granting access to financial reports and information. You’ll not only communicate with tenants more efficiently, you’ll be able to schedule maintenance.
Posted on April 27, 2016
Nearly all markets undergone some sort of dynamic change in the past few years, though numbers hint at recovery. Whether describing the high-valued real estate of NYC or the peaking market of Boulder, Colorado, there have some shocking and exciting shifts –and not all of them good. In fact, New Yorkers are spending a bulk of their income on their rent.
If you’ve been on an NYC train within the last few months, you will have noticed the fun and interest-drawing spread liberally throughout train cars. Disturbed by the real estate application StreetEasy, these images playfully depict a home/apartment search formula. For instance, one poster says, ‘Location: West Village + Outdoor Space = +4 Roommates,’ while another says ‘Maybe Rats + Definitely Cockroaches + The other bugs with all the tiny legs + Under $1,500 = East Village find.’
These StreetEasy posters effectively capture the grim reality of New York City real estate for many individuals dwelling within the city, especially when you consider the cost of rent.
According to a study published by StreetEasy, NYC renters are expected to spend nearly two-thirds of their income on their rent 2016. Approximately 65.2 percent of NYC renters’ paychecks go directly to their landlord, that’s a 5.5 percent increase since last year.
Manhattanville, Chinatown, Little Italy, and Mott Haven now boast median rent costs that are higher than the typical household income, according to the report. These inclines aren’t exclusive to Manhattan either. Brooklyn renters will spend 3.7 percent more than they did last year, as they’re expected to spend 65.4 percent of their income on rent. The new rent to income ratios by the borough in 2016 are as follow: Queens (51.6 percent), the Bronx (54.1 percent), Brooklyn (65.4 percent) and Manhattan (49.1 percent). These percentages exceed the income guidelines suggested by financial experts in order to have a financially stable home. Staten Island alone has a healthy income ratio, standing at 27.9 percent. Up just 1.3 percent since last year.
The rent cost is a burden for many New Yorkers, and it threatens to alienate young and entrepreneurial talent who can not afford the region. Instead, these individuals may search for less expensive cities that offer affordability and a higher quality of living. Rent relative to income increased the greatest in Queens, increasing by 8.1 percentage points since last year’s 43.5 percent rent-to-income ratio. The Bronx, which is notably rent-burdened, only saw a .5 percent increase. Manhattan was the only borough that saw a ratio dip, dropping just .4 percent since last year. The reason for this isn’t decreasing rent, but slight increases in income.
Mayor Bill De Blasio is aware of the affordability crisis and is said to be doing all that he can to build housing and discuss housing capacity across the boroughs. Over the past two years, the City financed more than 40,000 affordable residents. They’ve made zoning changes, and they’ve created more housing for low-and-moderate income individuals, as well as senior citizens. The rent burden is fueled by the waning of income growth, which will ensure that affordability will be an ongoing issue for those living in the city.
Posted on February 2, 2016
It seems that the gap between affordable rental units and expensive luxury units is widening. However in contrast to conventional thought, luxury units are not seeing spikes in pricing. Instead, rents for units designed for middle income households are spiking, leaving many with few options for affordable housing. Developers have contributed a great deal to the issue, as they focus on building more luxury units rather than affordable ones. The Wall Street Journal has recently documented the phenomenon occurring in the country’s largest metropolitan centers, noting high construction costs, and growing populations.
According the CoStar Group Inc., more than 80% of new units available in metro areas are luxury rentals. Although the demand for middle-income rentals is seemingly at an all-time high, few of such rental units are actually being built. Nationwide, the scarcity of such units is driving prices up, leaving many with few options in terms of housing. Working-class households are either forced to pay higher rents, or driven into lower-income units and neighborhoods.
Despite the high demand, developers are refusing to build more units that cater to middle-income individuals. For developers, construction costs do not justify building lower-tier housing. Class B and C apartments, which are designed for middle-income and working class owners have become more expensive to build. Because of high construction costs, Class B apartments especially have outpaced rent increases compared to luxury Class A apartments. Axiometrics Inc., a Dallas-based apartment research firm, reports that rents for Class B apartments have jumped 5.8 percent in the second quarter of 2015. These rental units are often low-rise suburban apartments with outdoor pools, business centers, and ample green space.
According to New York University’s Furman Center and Capital One Financial Corp, fewer affordable units are available to middle-income earners. In Miami for example, renters looking for affordable rents can only afford 33 percent of available units in 2015, which is down seven percentage points from 2006. Philadelphia’s case has seen an even greater drop of 10 percentage points from 45 percent to 35 percent since 2006. Amazingly though, luxury units are still drastically more expensive than Class B or C rentals. Rental units for Class A luxury apartments average $1700 per month, while Class B rents average $1200, and Class C units average $850 per month.
In the article, The Wall Street Journal uses the Verona Complex in suburban Denver to showcase this phenomenon. Philadelphia-based Resource Real Estate which owns the complex has poured $3-4 million in upgrades into the mid-tier housing units. Since renovations began, tours and open houses have risen 25 percent. In order to keep up with high demand, the firm has teams working double shifts to finish all units for new renters. Rising prices are burdening many renters though, as more and more households are classified as “rent burdened”. Rent-burdened households mean that more than 30 percent of their incomes are spent on housing.