Tuesday, October 26, 2010
Friday, October 22, 2010
Questions to Ask Before Listing?
Choosing the right Realtor to sell your home can be difficult, especially when they all sound so convincing. The following list of questions will not only help you select the right Realtor, but will also help you get the very best from the agent you choose.
1. Do you work as a full-time Realtor?
2. Do you handle incoming property inquiries?
3. How many listings do you have at this time, and how does this work to my benefit?
4. Do you have a help system to see that no details are overlooked?
5. How many potential buyers and sellers do you speak with each day? Each week? Each year?
6. In what ways will you encourage other Realtors to sell my home?
7. Do you have references that I can check?
8. How will you set my listing apart from the crowd with out costing me more money?
9. What is my property worth? What listing price do you recommend? How did you arrive at that price?
10. How will you assist in my relocation plans?
11. Do you have a written plan of action designed specifically to sell my property?
12. How will you give interested buyers 24 hour access to my property?
13. How will you make information on my property available to out-of-town buyers?
14. How do you promote properties on the Internet?
Thursday, October 21, 2010
What's the difference between a Foreclosure, Short Sale and REO?
Foreclosure : where the bank takes possession of the property because of non-payment for a long period of time or an unapproved short sale.
Short sale: Occurs when the lender agrees to take less than the full loan payoff of an owner’s property. The homeowner is most likely behind on payments and owing more than the home is worth.
REO (“real-estate owned”) also known as bank-owned property: when homes go into foreclosure they are sold at a trustee sale, if no one purchases it at the trustee sale, they become REO properties. Later they are often listed by Realtors hired by the bank.
Tuesday, October 19, 2010
Monday, October 18, 2010
Saturday, October 16, 2010
Fee vs. No Fee apartment?
I get this question all the time from clients, Fee vs. No Fee apartment? Why would anyone who is looking for an apartment wants to pay fee? This is why; Most of the apartments that are available in Manhattan are FEE apartments. Since for last year the vacancy in Manhattan dropped under 3%, And since New York City is an anomaly in this sense. As well Manhattan is not like another city, it’s the capital of New York City and one of the largest demanding city in the United States to live in. I personally believe it’s all about supply and demand.
What does Fee really mean? Fee is normally 15% of one year’s rent, for example if an apartment is $2,500 apartment a 15% Fee would be $4,500. However, there are ways to not pay fees for an apartment but very limited. One is to go directly to the owner of the apartment. The other one is if an owner offers brokers an OP. OP is when owner payment for an apartment and OP is usually equal to one month of rent, or 8.33 % of a year’s rent. By reimbursing the broker, as a result the broker does not need to charge the tenant.
Friday, October 15, 2010
Co-op Vs. Condo
Are you tired of paying rent and ready to purchase your own apartment? Learn about the differences between condominiums and co-op apartments and decide which one is right for you.
What is a Co-op?
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| therealdeal.com |
In New York City, 85% of all apartments available for purchase (and almost 100% of pre-war apartments) are in co-operative buildings.
When you buy a co-op, you don’t actually own your apartment. Instead, you own shares of a co-op corporation that owns the building. The larger your apartment, the more shares within the corporation you own. Monthly maintenance fees cover building expenses including heat, hot water, insurance, staff salaries, and real estate taxes
Advantages of Buying a Co-op
· Co-ops are generally less expensive than comparable condominium apartments.
· Some of your monthly maintenance fees are tax deductible.
Disadvantages of Buying a Co-op
· All prospective purchasers must be approved by the Board of Directors. The Board approval process is often time-consuming and rigorous -- requiring extensive information regarding finances, employment, and personal background. Some selective New York co-op boards have turned down even celebrities.
· Monthly maintenance fees for co-ops are much higher than for condos. This is because the monthly fee includes part of the underlying mortgage for the building.
· Many co-op boards limit the amount of the purchase price that can be financed and require higher down payments than are usually required for condominiums.
· It is harder to sub-lease a co-op. Each co-op building has its own rules, but many limit or forbid subletting.
What is a Condominium?
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| therealdeal.com |
Condominiums are becoming more popular in New York City as new residential buildings are constructed. Unlike co-ops, condo apartments are "real" properties. Buying a condo is much like buying a house. Each individual unit has its own deed and its own tax bill. Condos offer greater flexibility, but are often priced higher than comparable co-op apartments.
Advantages of Buying a Condo
· In most cases, buyers can finance a larger portion of the purchase price (up to 90%) and put less money down.
· With a condominium, you don’t have to deal with board approval.
· Condo apartments can be freely sublet, giving you more flexibility.
· Monthly maintenance fees for condos are much lower than for co-ops.
Disadvantages of Buying a Condo
· Condos are generally more expensive than comparable co-op apartments.
· Monthly maintenance payments are not tax-deductible.
· There are fewer condos available in the New York City real estate market, which limits your options.
Information is provided by http://manhattan.about.com.
Interesting new development in Chelsea.
This building will look like a big piece of "Swiss Cheese". I just thought it would be an interesting topic to blog about. I'm a huge fan of unusual building designs. Check it out and let me know what you think.
Execellent Building in Upper Chelsea For Rentals.
The Beatrice.
Perkins Eastman designed 835 Sixth Avenue, a new 53-story, 620,000 sf mixed-use tower in Manhattan’s thriving Chelsea neighborhood. The building comprises 302 luxury rental apartments, a 290-key hotel with banquet facilities and meeting rooms, two floors of restaurants, retail space, a parking garage, and a 10,000 sf urban plaza.
The building’s design allows residents, hotel guests, and visitors to utilize all of its facilities. The landscaped plaza between 29th and 30th Streets is open to the public and leads to a lobby entrance of the base. The building has a first floor with two separate lobbies, one for residents and one for the hotel/retail area. Both the 20,000 sf restaurant and the retail space on the first floor are visible from street level due to the glass curtainwall exterior. On the 53rd floor, a lounge and terrace provide sweeping 360-degree views of Manhattan and beyond. Other amenities include patios with pools, spas, and private landscaped terraces.
Avoid the Top 10 Selling Mistakes
Serious about selling your home? Before you sign anything, read about these common mistakes that home sellers make:
1. PRICING TOO HIGH:
It's no secret, price is everything. Overpricing does more to discourage buyers than any other single factor. When you overprice, you put your home in competition with homes that may be newer, larger or have more amenities than yours. You help your competition sell their home. This leads to long days on the market, and costs you, the seller, money in the long run. Make sure you get your pricing advice from a professional agent who knows the market.
2. POOR CONDITION:
A home that is in ill repair, or otherwise poor condition, does not excite buyers. A home like this is looked at by buyers as a work project and money pit. Having your home in good repair and great showing condition will significantly improve your chances for a sale at top dollar value. Having your home pre-inspected by a termite and dry rot inspector will also have a positive impact on buyers.
3. POOR CURB APPEAL:
Most buyers today want to drive by. If your home is an attractive drive-by, it will gain more attention and certainly more showings. Doing the little things to help your home's curb appeal will make a huge difference.
4. DREARY DARK HOMES DON'T SELL:
Buyers like updated, light and bright homes. Dark carpets, paint, and curtains are often buyer turn-offs. Go through your home and remove clutter; touch up and update paint, counter tops, and carpets. Open your home up and make sure the sun shines in. Offensive odors from pets and smoking are also huge turn-offs to most buyers. Rid your home of offensive smells by burning scented candles and create a pleasant aroma. The most important rooms to concentrate on are the living room, family room, kitchen and master bedroom. Your entire home's atmosphere is set off by these rooms.
5. DON'T OVER-IMPROVE:
Get your home in good showing condition, but don't over do it. Huge projects such as complete remodels of kitchens, adding decks, and expanding room sizes may not pay back your investment. Before you jump into a huge improvement project, get some good advice.
6. BE FINANCEABLE:
Bad roofs, exterior paint, or structural problems may make your home un-financeable. The wider the scope of financing that your home can qualify for, the higher the overall market value. Remember -- government programs like VA and FHA will be the most picky.
7. GET GOOD ADVICE AND GOOD MARKET EXPOSURE:
Hiring a professional agent will help you get your home priced right, and will also get you started with the best fix ups. A strong agent will get your home exposed to the largest number of potential buyers. Paying the agent fee is often the least expensive part of selling your home. Trying to sell your home yourself can be costly. Most 'for sale by owner' homes close for less than comparable homes listed with an agent, and you have no representation.
8. DON'T BE PRESENT DURING SHOWINGS:
When your home is being shown, go for a drive or a walk. Take yourself, your family, and pets and let the agent and their clients have the freedom they need. An agent can +++++always do their best job of showing your home when you are not underfoot. Buyers are more at ease and much more likely to spend time looking at your home's features and benefits.
9. LET YOUR AGENT DO THE NEGOTIATING:
If there is ever a good reason to have a veteran agent working for you, it's during the negotiation of your home sale. A good negotiator can mean thousands of dollars to you, and will protect your interests. Don't let your emotions run wild during negotiations. Try to separate your emotions from your business side. Remain cool and calm during this time.
10. ACT FAST WITH OFFERS:
When you do get an offer on your home, act quickly and decisively. Letting offers sit around without acting can be a huge mistake. Things can change quickly in the mind of a prospective buyer. Acting quickly while the excitement and interest level are at a high point
Thursday, October 14, 2010
Why me?
As a bond real estate agent, I have productively targeted the latest advertising Internet market to drive potential client to online listings. My unique marketing strategy is tailored to meet your needs and leverage the strengths of your home. I am unlike any other realtor in the area when it comes to real estate sales, rentals and marketing strategies. I will work hard to satisfy your needs.
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