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Charles how very Easter of you in that photo!
Oh yay; content!
My two cents:
Additional (video) SE answers at http://streeteasy.com/charles
and your lawyer's fiduciary is to you alone--his/her job is to keep you out of trouble--and s/he is comparatively cheap: couple 3 g's
negotiating an apt sale is not remotely rocket science--and RE brokers aint exactly rocket scientists. last thing i want is a screen, erected by some dope, between me and counterparty to a deal.
especially given that dope has serious conflict of interest with me--last on his/her mind is getting me the best deal--foremost is to get the deal done/get paid.
value added from a RE broker is simply a myth.
they can key sherpa, if you need that, but the rest is of little, and potentially negative value. and in a hot low supply mkt, who needs even a key-sherpa. your lawyer is best consult for negotiation and most else.
"One who is touted did the walk through and what's not, but I am still waiting for the bid...don't believe the hype."
Funny... same thing happened to me.
I wouldn't advise having different contractors come to the site at the same time. Let them come separately.
Ungdoo, I did a kitchen reno last year, and you definitely need them to come and see the space and walk through what you want done (in very specific terms). Based on the walk through, they submitted bids, then i checked references, etc. I did 4 of them, arranged them on the same day but at different times. Only 2 got back to me. One who is touted did the walk through and what's not, but I am still waiting for the bid...don't believe the hype. I was more than pleased with my guy. He did a couple of places for my friends so came highly recommended. Designed some custom things like vent covers and stuff for the window that he didn't charge me extra for. He wouldn't even let me tip him at the end. He also would check in and sent me updates with pictures on my phone (I was traveling for work for some of it). If you want more info, just let me know!
See our experience at link http://streeteasy.com/talk/discussion/37470-lessons-learnt.
happy to answer any questions.
Good luck ungdoo
I never thought of having them all at once at the same time.
I could live with #1. Of course if a family member moves in 2 years prior, etc. then that is a co-tenant of record.
#2 could work but we have to up the property taxes of the owner by he same amount.
#3 is fine too but them the property taxes, sewer bills, etc have to also increase 10% per year. Also the landlord has to pay a minimum wage increasing 10% per year.
#4 eliminate courts? No. Landlords can't be trusted.
Also no changes unless all violations are cleared and fines paid.
Would you be in favor of these rule changes?
1. No more succession rights. When the tenant of record dies their apartment goes back to the owner.
2. Minimum rents of $500/month.
3. 10% annual rent increases.
4. Eliminate housing courts, HPD and DHCR and taking the funds to establish temporary housing vouchers for the poor.
Having a two tiered system like we do today doesn't make sense. The cost to monitor it alone is enough to make it obvious that it doesn't work.
Usually co-ops will not allow wet over dry areas, so depending on where your closet is, the building may not allow it. I would check with the building before checking with contractors. Contractors will go by
building policy. Our building required self venting dryer and did not allow wet over dry, so its in the kitchen area.
Flarf, crescent22 and karhu - could you break down your estimates by project? I know that everything is more in NYC than you think it's going to be, but over 100K still seems high to me. Washer/dryers have been done before in the building and in the apartment line we are purchasing, so most likely feasible (though perhaps cost-prohibitive).
212 685 6358
100K plus is reasonable. New washer/dryer may not be feasible, depending on the location of the closet and building policy. You should get couple contractors walk through the site. I would recommend you to contact Indigo Blue Group at firstname.lastname@example.org or KB+ at email@example.com. They did couple jobs with similar size and scope of work.
$125-150 per square foot is my guess.
More of your questions answered via video at http://streeteasy.com/charles
Charles Todd Botensten
Licensed Real Estate Broker
Botensten Properties International
@douglasternnyc - One of the apts I'm interested in is listed on realdirect.com. Can you speak to how RealDirect brokers would be involved with closing a deal and working with the buyer? As a potential buyer, I'm a bit wary of how organized and truthful the seller would be about the property. Will the RealDirect broker be the point of contact to get the building financials, house rules etc? Will they also be the ones setting up the board meeting etc? Thanks in advance for your input!
I am the founder of RealDirect. We have worked with hundreds of sellers over the past 3 years and we are a licensed brokerage as well as a member of the Real Estate Board of NY. We work with sellers in both a full service "Agent Managed" capacity as well as our "Owner Managed" program. For owners who are inclined to sell themselves and have the time and ability to do so, the Owner Managed program is a great deal and has been very successful. We advise the sellers every step of the way, but they show their own properties (again with our guidance).
Of course not everyone is successful (although the vast majority are). Some Owner Managed sellers will try us simply to test the market at a very high price for a month, an if they don't get it, they de-list. Others have properties that are "under water" and need to net a certain price or they won't sell. Still others may think they have the time to show, but then they realize it's too time consuming. For those clients we offer them the option to switch to our Agent Managed program and get a refund on whatever they have paid against our commission.
If anyone has any specific questions about how we work, I would be happy to answer them in this thread or over email. And if anyone wants to speak to our sellers - active, closed or de-listed - I would be happy to put you in touch.
Nah: While I don't necessarily disagree with your recommendation for MOST sellers, I think your one-size-fits-all advice assumes too much about RealDirect's business model and the results it can yield for a suitable seller.
The linked listing showed beautifully, and sold for 3.6% above ask. It appeared on all the inter-broker databases; I think the buy-side commission split was 2.5%. The open houses were mobbed. While it's possible that Corcoran or Elliman could have done even better, the decision to use RealDirect seems to have worked out well for these particular sellers. The listing certainly did not suffer from a lack of exposure.
West 81st summed it up well actually. It is an assisted For Sale by Owner. That's what you get. It's not for everyone though. Keep in mind most New Yorkers, despite their Ivy league educations and other accreditations, generally have an inability to sell something as simple as lemonade to a group of 6 year olds so the FSBO concept usually falls flat quickly.
For the 1,585th time people, list your apartment with a big brokerage. People don't realize the impact in this market of trying to save a couple grand on the fee and when you should be paying a full 3% to a buying broker who just might have that buyer who pays 10% more than any other buyer.
Hmmm. Save 1% or 2% or make a possible extra 8% or 9% on the sale?
W81 -- I have done it every which way under the sun, and your assumption is about what everyone does, which I can't know -- but on the face of it, what you say sounds right.
Ali: You're right - the commission is on the deal sheet, so a savvy buyer can find it out before signing a contract. It's certainly worth asking. If it turns out that the listing broker is pocketing a full 6%, or even 5%, it might even be worth trying to renegotiate the price and make the broker eat the difference. I doubt it would work very often, but you never know.
My main point, though, was that a 50% commission reduction for a direct deal is rare, so "wad" was starting with a flawed assumption about saving 3% by going direct. Did I get that part right?
but you can take a $350 course:
about 2 weeks ago
Member since: Mar 2008
ignore this person
>As a longtime REBNY member, I disagree with W 81.In addition to what's citied above, REBNY also provides significant continuing education and forums to share best practices. The cost of that per salesperson is pretty minimal (my firm just paid my dues, so I don't remember if they were $325 or $350, but one of those numbers is correct.) The way I see it, do 10 deals a year and that's $35/deal, not a significant cost for being in an association that maintains professional standards.
DG Neary Realty
all 7 in a contract.... within one month .... it means all 7 units were underpriced
Yes , it is!
2 br 2 ba was priced 630-700k in 2008 , and now its 950k-1.19 mln in Harlem!
But isn't this in Harlem?
Within 1 month 6 apts went into the contracts.....
I recently renovated my bathroom (replacing all fixtures except tub, all tiling, no changes in rough plumbing). It was part of a broader renovation but the bathroom portion probably was just around 10k including materials.
Hi, I can't imagine bathroom to be done under 25-30k anywhere in Manhattan even with IKEA
Is that joke?
Hi, I can't imagine bathroom to be done under 25-30k anywhere in Manhattan even with IKEA
10K sounds about right for the bathroom plus another 5K if branch line replacement is mandated. The light fixtures and switches you could do yourself - thats what I did. It seems daunting at first, but after the first couple, its pretty straightforward. Otherwise, probably 1K-2K (depends on how many).
Painting: estimates are all over the place, but you are probably looking at 4K minimum, and a lot more if the walls are in bad shape.
So that leaves you with less than 10K for the floors and the changes to the layout. Depending on how straightforward the latter is, you may just about be able to squeeze it under 30k, but I wouldn't bank on it. Better to figure on 40k, in my opinion. The biggest factor on cost is going to be how the building treats you. If they do not require permits for the wall nor branch line replacement in the bathroom, you will end up at the lower end of the range.
Sure belgariad: my email is firstname.lastname@example.org
299 W 12th is a very nice building. No problems with the views, as NativeRestless has described.
I have relatives living there. No problems-- they are happy there.
Ricardo, not to worry about 299 W 12th. First of all its a whole avenue block away from where St Vincents used to be so there will be no impact its views. Secondly, the St Vincent's project didn't happen. The hospital was forced to close and super luxury condos are being developed on the hospital site. I agree that 299 is a really gorgeous building, I have never been inside but I grew up around the corner and it was definitely "aspirational".
I agree a2deuce, 175 should benefit from the new development, the new park, and the new lenox hill urgent care facility. time to get in is pobably now
One of my favorite buildings is 299 west 12th. Do you think this building will lose its magnificent views or desirability with the above-described hospital project? With that lovely little park across the street, none of the front facing units would, but how about the back? I remember seeing a beautiful alcove studio there, but it was on the back, and as gorgeous as the London Terrace development is, it looked like a huge prison from that vantage point.
Agreed! Rentals in those neighborhoods are more than a lot of great Manhattan neighborhoods.
Am I correct that rents in prime Brooklyn (Heights, Cobble Hill) have now crossed above or at least reached parity with Chelsea/Flatiron/Tribeca? Never thought I'd be priced out of Brooklyn back into Manhattan!
I moved into the Dunbar in March and I haven't had a problem with anyone in the area. Our apartment renovations were great and the space is unbeatable for the monthly rental price.
The train being 1/2 block away is perfect and runs express.
I'm not sure what is meant by "the neighborhood is just too far away from being good" but living in NYC means you need to keep your head up and be aware of your surroundings. I feel comfortable in this neighborhood and I actually enjoy it.
PS, the apartments in the Dunbar get amazing light at all hours of the day. My roommates room is orange and glowing in the morning and my room is beautiful all day ( i have two windows on each side)
What else can I tell you...
The trash in the stairwells is frustrating but some residents in my building sweep their floors if the super has not come by. Its a give an take as any non-luxury building would be.
I've gone to a lot of restaurants in the past month, everything is convenient and delicious. Jackie Robinson Park is a big plus for me. The view of Yankee Stadium is nice as well.
THe new building 305 WEST 150TH STREET is selling out fast......hopefully the new people there will start the momentum going to help improve the immediate neighborhood.
scared - this area is getting better but I wouldn't recommend it now (even though I own buildings in this section) - it's too early in the process I think
- the Dunbar complex has been a huge drag down on the neighborhood for decades so it's nice to see that the new owners are fixing it up. I love the PS90 renovations and would love to live in a building like it - but the neighborhood is just too far away from being good.
Once the gas stations are gone on 145th and condos are in place then it will be much better.
But I'll add - living right along Jackie Robinson park is worth considering now ......
How's this location.....are amenities and restaurants improving in this area of central Harlem?
I'm confused - why are you so confident that the prices will go down in the fall that you're willing to make the recommendation on streeteasy? What's to stop them from going up another $100 in July and not coming down at all in the fall? Waiting for renovated 2 bedrooms to get much cheaper than $1,800/month seems risky???
They should. Just include the letter in the package and make a note of it in the application regardless of whether they have a separate line asking for expected 2014 income.
I've posted here in the past and have gotten great information. To make a long story short, an ex and I purchased a co-op together nine months ago and now it's time for me to try to buy her out. I spoke with management and confirmed that a new application is needed despite my being a current resident.
I am putting together the application and am filling out financial info. My current salary is certainly rather low, however, in two months I will be starting a new job that is more than double my current yearly salary. I have a signed offer letter that dictates my new, much higher salary. With this income, it will be pretty obvious ( in my opinion) that I will be able to afford the apt. I will not have a mortgage, by the way, and will be buying her out fully in cash.
Can / will the board take my new offer letter into consideration? Anyone have experience with this?
It's owned by Con Ed, and isn't covered by the main building's landmark designation. You could safely assume that they'll eventually either develop it themselves or sell it off.
Anybody know what's going on with the parking lot across the street? Any developments in the works for that space?
My client purchased two apts that we converted in the building and she loves it, as a contractor we get to know the people who run the buildings pretty well and they have been great. Very nice people
MY apt. 8C is on the market for $799,000. It is a new gut renovated junior four, convertible two bedroom with balcony.
Any other negatives you'd care to share about the building? How's the sale going on your unit?
If u are interested in my apt., please email me at email@example.com.
latest price increase can be seen only for units that are not in a contract yet ,
price was not updated for units already in the contract...
but sales are slowing... new pricing is somewhat expensive for the harlem
Looks like not all the latest price increases are on Street Easy yet.
Last I have is they're still planning to start the closings in October;however, they are at the mercy of DOB at the end of the day.
Anybody has any updates regarding this building?
$605 was a great number for that unit. Too bad we didn't know soon enough.
is this building on a land lease?
Why are there so many units for sale right now?
The finances are excellent and the maintenance, at about $1.75/per ft, is completely acceptable and within the city's median range. There is currently a $27.00 fuel surcharge in place over the winter months, but not assessments.
How are the finances of this building? The main/cc appear to be slightly on the higher side. Are there any assessments in place?
Condos are exempt from the Rent Stabilization Code except when they
are occupied by carry-over stabilized tenants who lived in the condo on
the date it was converted from a rental building
you will not
Is there a way to tell or figure out if a new construction will fall under rent stabilization rules? Looking to purchase a new condo in one of the outer boroughs (in a small building, looking at ones with 8-12 units), and am wondering, should I eventually own to rent, if the unit will be subject to RS. Anyway to tell before the new construction is finished or before I purchase?
Thank you for any help! :)
rockrock, NYC Fire Code section 307.5 has what you need. In short: grill needs to be 10 feet from anything combustible (including the building) and you need a garden hose or portable fire extinguisher nearby.
Hey I have a natural gas line to my penthouse terrace. Am I good to go with a gas grill? I want to be legal
And I had a small grill too, with a 2 lb tank, and still felt plenty dangerous when it caught fire
Im sure it means all propane tanks "up to" 20 pounds.
The difference is it's easier to sneak in a 2 pound tank, fits in your pocket practically.
they reference 20# propane tanks, but are the little camping ones also illegal?
I bought Amica home insurance, after it was recommended several times by Consumer Reports over the years. It's top rated in the May 2014 issue. (based on reader survey/satisfaction). I've never had to use it, though.
CR also top rates USAA (but i think you have to have a military connection) and in 2009 Chubb was right up there, too, but isn't mentioned in the 2014 survey.
Folks -- I can help. I fully endorse what Tallisman says above. Condo/Coop Insurance is inherently complicated for many reasons. Condos/Coops in New York City are even trickier. Many good carriers have left the market after Sandy and won't write business anymore.
By way of introduction, I am an independent broker and president of my firm Prana Risk. I can help explain to you the differences between the standard/middle market and the more higher end products. I also work with AIG, Fireman's Fund, Chartis, and Chubb and they are all great higher end products.
I also have access to many middle market products. That being said, there are some large gaps with middle market products that are especially relevant in higher valuation apartments in locations like NYC.
Here is an example of one gap:
Most condo/coop policies are written on a named perils basis for dwelling (i.e. studs in coverage). What that means is that the peril has to be one of 17 or so covered perils in order for the claim to be paid. In the even of a claim, the burden of proof is on you, the insured, to show it is one of the covered perils. Now, to contrast, in a standard Homeowners policy, the dwelling is covered under what is called a "special form" -- which means everything is covered unless it is specifically excluded. This difference is HUGE and shifts the burden of proof on the insurance company.
The only way to get this "special form" coverage on the dwelling portion of your condo is to go with one of the higher end products. The products that are advertised on TV will not cut it. Nor will most brokers (sad to say, but true).
Now, most condo owners would view their asset equivalent to a Home in terms of worth, value, etc. Like a home, your condo/coop is likely your most valued possession. Why then insure it any less than if it were your home?
At the end of the day, I can walk you through a myriad of choices and explain the pros/cons of the product you are purchasing. More often than not, an insurance purchase is often rushed and poorly understood which can lead to unsatisfactory outcomes. My primary goal is to get you to fully understand the product you are purchasing, and to ensure you are comfortable with that product. I also try and assess your own personal risk tolerance. Sometimes I find that people are ok with the standard product -- and I am very pleased to offer it when they understand what they are purchasing. And the same goes true for a higher end product. It's just a matter of choice. But unlike a car purchase -- there is no test driving allowed here (and we hope there will never be one!).
Kindly get in touch for a no obligation consultation.
Tallisman: You still around? Would love to get your email add since I'm looking for a new broker
I have Chubb, 2BR about 800sqft
Annual Premium: $2466
1) Home - $400,000
2) contents - $250,000
3) Personal Liability - 1,000,000
4) Loss of Use - Actual Cost, until repairs complete
5) Deductible - 1,000
Let me know what I can do to help.
James Giacalone, Mortgage Banker
The Federal Savings Bank | 120 Broadway, 29th Floor, Suite #2950 | New York, NY 10271 | USA
direct: (646) 568-3644
Mortgage Broker here that does commercial loans.
E. S. Funding Co.
Try a mortgage broker.
I'm interested in finding more info on commercial loan rates (to acquire a small multi-family building) at varying LTV, along with a realistic estimate of closing costs. Any advice? Thanks.