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Haven't been in the rental market for a while. Put an app in on a place in Brooklyn and the brokerage agency is requesting I transfer $2,000 via Chase Quick Pay. They said they'll email me a receipt for the deposit. I've researched the agency extensively and find no negative reviews online. Is this common practice?
It could be worse, but that price......esp. with #25D just sold in far better condition.
Here's your introductory course:
You might want to check this out, if you go to see 150 East, it's just a couple of blocks away.
Common fees are average/slightly high. Hallways and lobbies are not fancy but generally in good shape. Backyard has a very small play area for small children and for dogs. Otherwise, no real amenities. Price/sq generally on low side for neighborhood.
does anyone know anything about this building in terms of common fees / hallways / lobbies / amenities? or about the J-51 abatement that expires in 2016?
It's funny, even the stock bathroom photo shows a crooked outlet.
In return for building in a slum area, the landlord's paying only $32,000 this year in property taxes, a $535,000 abatement.
The rents are stabilized, but they start at market rate, so it'll take a few decades before we can all complain about the fabulous deal the tenants are getting.
>The biggest problem with renting here is that whenever things go wrong, complaints will fall on deaf ears.
>The building staff is amazing.
> I heard gunshots outside last night.
On July 4th?
>The rent is too damn high for all these problems.
If the rent were lower, then crooked light switches, paint splattered on the fixtures, faulty outlets, broken cabinets, defective shades, bathroom sinks that aren't secured and waiting to fall, stinky laundry pipes that don't drain properly would all be ok?
Building looks great on the outside. The inside tells a different story. Construction was the biggest rush-job of all time. Crooked light switches, paint splattered on the fixtures, faulty outlets, broken cabinets, defective shades, bathroom sinks that aren't secured and waiting to fall, stinky laundry pipes that don't drain properly. The list goes on. The biggest problem with renting here is that whenever things go wrong, complaints will fall on deaf ears. The building management and ownership are just unprofessional, at best. Normally you would say: who cares, how often would we interact anyway? Wait until you move in and see the laundry list of problems. There have been 3 different building managers since this place opened last summer. The first two couldn't handle all the problems and complaints and quit.
To be fair, this building does have some pros. The building staff is amazing. Some units have nice outdoor spaces and views. The location is close to trains, however it is on what must be the loudest street in Boerum Hill: 3rd avenue. Every night you will hear dozens of sirens from firetrucks, police cars and ambulances. The extra-loud air-conditioners drown some of the noise (and all of your TV sound), but it is still noisy all night. Also, this part of Brooklyn is very sketchy. I heard gunshots outside last night. I wouldn't feel safe walking at night. Overall, I rate this place 1.5 stars out of 5. The rent is too damn high for all these problems.
Can it, Crazy
The dire wolf is 600 pounds of sin. Just sit in there for your supper and he will be grinning at your window ,just say "come on in. ". Then get outta' there and leave him.
Any other suggestions on what I can do to damage a wooden house?
What is your ethnicity?
I have talked to an architect about it, but they suggest that I speak to an engineer to assess it.
In terms of damaging the house, do you have any suggestions on who I can hire or what I could do myself?
Thanks, snezanc. Although that person got a pretty terrible review online. I will look into it. :)
Any other suggestions?
I'd go with Jerry Feeney.
He did a great presentation at Elliman headquarters on a related topic.
I was wondering if anyone could recommend a good lawyer familiar with land lease transactions on the buy side for a 1BR co-op in Manhattan. I know that this can be a potentially hazardous situation, and there are many things to be weighed. That's why I was hoping to find an attorney who knows the ins and outs of a specific land lease, and can work out with me how potentially viable this purchase might be. Any recommendations (or advice) appreciated.
It's probably something to do with the co-op/condo RE tax abatement: http://www1.nyc.gov/site/finance/benefits/landlords-coop-condo.page
Rebate to primary residents; they apparently are charging people more if it is their second abode.
What's the story behind the current assessment, yet there is a "rebate" back to residents?? Seems odd, never seen anything like that before.
Plus the little elevator always breaks.
A good friend of mine purchased a brownstone that had been converted to multi-unit use. The building came with several rent-controlled tenants who would call her at all hours with complaints, yet then would not allow access to their units for repairs. Rents were often late or in one case the tenant simply decided to stop paying altogether, forcing my friend to hire an attorney and head to housing court.
Maintaining the building (and sidewalk) was an ongoing headache. Since the building was in a landmarked area items like replacing a window or the front door or retouching the facade required a drawn-out merry-go-round with the city.
During snowstorms either my friend or her husband had to constantly shovel and salt to making sure the front sidewalk was properly de-iced lest some passerby decided to hit them with a slip-and-fall suit. Tenants' trash had to be sifted through and properly sorted before it could be left for pick-up. Even after hiring a part-time super to handle some of the heavier maintenance jobs the situation was a head-banging exercise in frustration.
Oh, and let me not forget to mention how loud things could get in their parlor-floor apartment--keep in mind that one-family brownstones were not built with sound-proofing in mind. When the folks living above my friend's apartment decided to take up flamenco dancing (yep) she needed to drop her ceilings to install heavy-duty sound-proofing (which didn't really work anyway...)
Bottom line--my friend gritted her teeth and stuck with it for around five years so she wouldn't take a total loss and then dumped the place as soon as it made sense finance-wise.
My uncle used to live in a brownstone, there are no real headaches living in one. It just like living in a house, besides paying for heat, water and taxes there isn't much to it.
What business of yours are the ghosts of the Symbionese Revolutionary Organizers?
What about all the ghosts of the former SRO tenants?
A proposed 10 x 7 bedroom: only in Manhattan!!
It's the terrace. 15C has 730 shares. 17C, the same apartment but without the terrace, has only 648.
Why maintenance is so high for a 1 bedroom apt. plus assessment of over $300. Does this building has assessment every year? How are the financials in this co-op building?
Pre approval letters do not carry very much weight. The pre approval is based on what you tell the bank you earn verbally. Therefore they don't mwan very much and a lot of brokers know this. However there are some pre approvals that banks do, they have a different name where it's essentially acommitment letter. The bank will review your pay stubs, bank statements, etc. Then when you sign the contract, the commitment letter can be finalized .
Mortgage Broker sonce 1990
Just hire a buyers broker for less headache, and better knowledge on what to do. Then after if you ever want to buy more property you'll know what to do
I'm a little confused. If you are not using a buyer broker, then the listing agent is representing you. They should give you some correct advice on what to to put in the letter. If it's by owner then yes, you are representing yourself and your attorney may be able to help you in putting together a package. In that case I would state your interest in the apartment, express your offer, downpayment and how much financing. In bullet points include any contingencies or positives about your offer, (giving up a mortgage contingency, waiving an appraisal) etc... On top of that include the name of your mortgage broker, your attorney and proof of your assets (with account numbers blacked) and the pre approval letter.
You can also add a little summary about yourself, connection to the building or neighborhood. It can help.
I am representing myself in buying of a multi family home. Is there a standard form a broker use? I know I will be include a pre-approval letter from the bank. Also this property looks to have multiple offers. What are ways to make my offer stronger?
Just hire a good broker, someone who doesn't have a listing or few listings so they can focus on just your property. Less headaches and you dont have to worry about much because they'll take care of everything for you
I too am not sure what you mean by "screening." Agents are legally supposed to carry their license cards from the Department of State, but since no one ever asks for them, no one ever carries them.
You can, however, check online with the NY Department of State to see if an agent or broker has a current license.
As far as "screening" buyers (presumably you want to be extra-careful about buyers who walk in without agents) there are sign-in programs that people use -- but those don't qualify someone. As flutistic noted, open houses are open to everyone, and the use of fake names and info by skittish buyers is pretty common.
The only real way to qualify a buyer is to ask them for a picture of their financial condition and then verify it, and for that you need to ask them for details -- like a photo ID and bank contacts, and usually a Social Security Number -- that no one is going to give you until they make a bid.
People lie at this stage too, omitting important financial details. One of the jobs of a seller's broker is to find those missing piece before the building's board does.
Usually somewhere around this stage, to help with due diligence, agents ask the potential buyer to consent to a credit check -- I'm not an attorney, but I would think at that point, you would want to have a signed consent to protect yourself.
As far as screening buyers and agents, how? Go to some open houses and see what the pros do, and the answer is nothing. When we were shopping I put fake names and emails everywhere I went, but we were serious (read: desperate) buyers.
Basically the way it works is, we assume anybody who will pay a lawyer at least $750 to review a seller's contract is probably a serious buyer. You can require all cash or 50% down to scare away weak buyers, but you must apply any policy consistently to every buyer or possibly face serious discrimination problems.
Going FSBO I might suggest you don't hold any open houses at all (again assuming Brooklyn). Just by appointment. Then you can get full name, address, telephone, employer before you let them in the door. That solves crowd control issues.
I hate our condo in Prospect Hts so we should be selling in 2 years, this is how I plan to do it FSBO.
You need to buy an ad in the New York Times if this is in brownstone Brooklyn. Actually our problem here in Brooklyn is crowd control. I went to an open house recently to investigate a new managing agent our board was considering, and basically it was take-a-number and wait in line to get in to see the apartment.
I may list a property soon and am planning on posting on Streeteasy/Postlets and want to get organized. Are there any apps to control your listings and help screen agents/buyers? There are a few flat fee MLS options and they seem to help setup the listings everywhere, but do not help organize when dealing with buyers.
I came across Cross My Place (xmyplace.com) but they do not have any active listings. Anyone know if they actually do help with distributing listings and have a useable app to negotiate with buyers? Any other options like them?
Can't trust all FRBO
Given the amount of FRBO junk you see on free sites (I'm looking at you, Craigslist), SE finds it easier to maintain the quality of their listings by weeding out those with no financial incentive toward honesty. You get what you pay for.
I'm not sure if I'm missing something, but I find it curious that StreetEasy charges $175 to list a for rent by owner, but as far as I can see if you're a broker a listing is free?
It would almost seem to me that the opposite would be the intuitive format. Encouraging FRBOs without broker fees would increase the range of options for people looking to rent. Or am I missing something?
ALL those other sites act or take credit as if they sold the house themselves. Giving them the credit when in reality you can do the same on your own, it will take longer without a broker sometimes but why let someone take credit just for listing it?
Some brokers will give you a discount commission if you give them the exclusive, everything is negotiable.
Not so sure about that, I've had friends use multiple FSBO services in NYC. The best value and service by far seems to be the guys at Hauseit.com
Reasons: They get you on OLR, Manhattan MLS, StreetEasy, Zillow, Trulia, Realtor.com, PropertyShark etc the list goes on ... plus they give you free managed open houses if you want, and they have excellent customer support. Also , the price is only a few hundred bucks for multiple months ... tough to beat
drc12a....I agree with jstreetdream...Demsker is the way to go....nbpny
"I am interested in selling my aprt w/out a broker."
You must not be in a hurry to sell.
oops, here is the link http://nbpny.com/FAQ/website
The application fees I've seen range from 300-600. Here, I'd be paying nearly 1100 on application fees for a condo. Ridiculous.
Yep, other states management companies charge as much as 10%. Here, they typically charge 2 -3%, hence the inflated processing, transfer, application charges.
These fees are not out of line. For the purchase of my last apartment, the managing agent also charged for detailed documents needed for "due diligence" by my lawyer. Otherwise, the managing agent only gave the lawyer a "fact sheet".
Not out of line. E.g., Elliman's application processing fee is $700 if there's a broker and $750 if not.
Managing agents don't make much money on annual charges, so it makes sense for them and for the owners to charge for piecework.
No reason for them to negotiate.
I'm purchasing a condo and need to submit a purchase application that will be submitted to the condo board for approval.
Here are some examples of the fees for submitting this application, as imposed by the management company:
$550 - Application Processing Fee
$550 - Closing Documents Processing Fee
Then various standard ones like move-in fees, credit report fees, etc.
Do these fees seem a little ridiculously high? Also, this is the first time I've heard of a "closing documents processing fee." I wonder if anyone has been able to negotiate these fees.
When you lived in a "neighborhood" and were part of it. Not like the Disney/Epcot NYC has become
about 3 weeks ago
Member since: Jun 2009
stop ignoring this person
No one wants to live in OLD New York. Only the OLD live in OLD New York. The young are in Dumbo, Williamsburg, Greenpoint & LIC.
When you say "young" do you mean funny-looking angry people from Tacoma, Washington?
No one wants to live in OLD New York. Only the OLD live in OLD New York. The young are in Dumbo, Williamsburg, Greenpoint & LIC.
Nonsense. They were online at Daitch and Bohack. Now you're online here on StreetEasy. So not a big change.
I miss when the crazy people weren't online because there was no online.
I purchased in a new construction building several years ago. The closing was delayed by this for a couple of months by this. Fortunately I took a mortgage through the bank the builder was using to mortgage the apartments he decided to keep as rentals (less than 20%). I didn't have problems with the bank over delays in the closing.
This past Monday June 29th we received the good news that the appraisal turned out to be good. We are buying a new construction apt in Park Slope. We were thinking we would be able to close by mid-July but we were told the condo declaration and tax lot assignment had yet to be done. The seller broker told us it was going to take 30 days or more. We are not sure about the timeline after that is taken care and if this process actually takes 4 weeks or longer. Has anyone gone through this? What steps did you go through after that was done from the purchaser perspective?
The landlord sold the land last November for $261,000,000. That'll make a good starting point when the co-op and new landlord get together to determine the value of the land, next time the rent resets.
She bought herself a new apartment (not in a land-lease building) last week: http://streeteasy.com/sale/1151309. It's nice to know where the money goes....
NWT, you might have saved me my retirement! The deep discount that a land lease building provides is an allure that can be hard to resist, especially if it appears to enable one to live better than one ever thought one could. But there's the rub, as the high living might not merely be illusory, but if the worse case scenario comes to pass, then the results cold be devastating.
I do agree, though, with your last 2 posts, i.e., that a particular market could present itself such that buying a land lease could work out to be a good gamble, but indeed a "gamble" is what it is. And I've decided that I don't have the stomach for it. I once pulled my offer on an apartment that had virtually all lot line windows, not that it was likely that a building would actually go up and force me to brick up the windows, but I decided that the anxiety of that possibility would ruin the joy of the apartment. I think that this is a similarly bad move for anyone who doesn't have the stomach for taking risks.
Or in other words, if the market is skewed toward buying rather than renting, then buy. Don't go half-assed and both rent and buy.
Right. For starters, look at what you're buying with any co-op or condo. There's the land component and the building component.
With a land-lease, then, subtract the land value from what the place'd be worth to you in a landowning co-op, and there's the price for the building you're buying a share in. Then subtract some more for the anxiety and the uncertainty in valuing land. (When leases reset, both parties get appraisers to value the land and fight it out.)
In a market where everybody's flinchy, it could work out, on the principle that the thing to buy is what's undervalued because nobody else wants it rather than for some intrinsic reason. The thing is, that same market would present plenty of other options, so why bother with an iffier one?
I'm getting the message loud and clear. It seems that there would have to be a massive discount to balance out the risks. NWT, based on your last comment though, you're suggesting that the best approach is to assume that, at the time of the renewal of the lease, your equity is gone so you go into a land lease deal with eyes wide open - and that, under this scenario, you basically tell yourself that you're a "renter" and the equity that you lost really is the tradeoff for the purchase price discount. Am I interpreting this correctly?
And, lastly, although there is a downside to buying into a building that has a very high maintenance because of an large underlying mortgage (assuming that you get a good purchase discount to account for the high maintenance), this is "apples and oranges" from the situation where the high maintenance is due to a land lease (I think that I'm stating the obvious here.).
"Here's a better PH for about the same price: http://streeteasy.com/building/56-east-11-street-manhattan/ph"
Can't compare, a whole different neighborhood, building (no doorman), looks like you have a view of the buildings water tower right out the window. Very awkward layout based on the floor plan. The building entrance looks like an SRO Hotel along with the yoga store directly to the right of the entrance. If that apartment is worth $5 million the real estate market has really gone insane.
For only $8MM more in the same building, you can have a seizure every day. http://streeteasy.com/building/the-centurion/phb
Maybe I haven't really assimilated the realities of the current New York City real estate market (being happily ensconced in the apartment I hope to live in the rest of my life) but there is nothing abut this place that says $5MM. Its perfectly fine, i like the layout and the kitchen and bathroom finishings look to be high, but not ultra high end. It look a very nice apartment for $2 MM, maybe $2.5. But unless I missing something huge (like there is private pool for thi apartment in the back, no way is it worth $5MM.
>The cave effect in the tiny LR/DR is because the window and terrace door are so small. The ceiling is about 10', but the concrete to support the setback above makes the window and door not only narrow but short.
Yup, I.M. Pei.
I'm all for wasting space (got 2 hallways and a foyer in my place), but those hallways just don't do it for me. Here's a better PH for about the same price:
I have a great floor guy, email me at email@example.com
Thank you, I will give them a call.
Primer05, any suggestions?
Contact Pepe at firstname.lastname@example.org or (347) 531-8812 He removed a damaged floor in my bedroom (220 sq.ft.), discarded the old wood, installed plywood underlayment and soundproofing, and a Turman 3.5" oak strip flooring for around $6,300. This also included extending the wood flooring into some very odd shaped closets. He could not install the flooring over the existing flooring because it was warped and buckled. This included hand crafting a new door sill into the bedroom. He also had to cut down 3 doors in the bedroom because the new flooring with the plywood was thicker than the old one.
This is a small firm that subcontracts on many very large jobs. They did an excellent job and were very orderly, assuring that deliveries and work did not impact the rest of our apartment. The owner visited twice before the job started: once to scope out the job and show us samples; once to show us exactly what we would get. He and the crew were very professional and respectful.
This firm also refinished the other floors in our apartment, not an easy job because many areas had stains more than 4 feet in diameter, and we did not have 230 amps. for his regular machines. You could still see some of the stains after sanding, so he blended colors for the floor so they appeared a uniform color. Excellent job there also.
I want to put a new hardwood floor over existing woodfloor in a prewar 2 BR. I went to a local shop they wanted 17k for 800 sqf of floor. Any recommendations for a reliable flooring company? Thank you!