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new york city apartments: Is Food the Way to a Broker's Heart? - 01/05/09 09:59 PM
If I walk into a new development building with a buyer in today's market, we will be treated like royalty. It's pretty much standard practice to be offered refreshments and the occasional bite to eat.
To set their development apart from the rest, the developers at 211 E 51st St are offering a hosted complimentary, personalized luncheon for small groups of buyers' brokers. The developer is inviting groups of brokers over for a catered lunch in the model apartment at the building. One of the reasons why the developer has chosen this method of promotion rather than just the typical open … (10 comments)
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new york city apartments: 250 Hours to Sell a Listing? - 12/26/08 12:33 AM
250 Hours to Sell a Listing?
I was reading an article that had really nothing to do with selling a listing, but within the article it stated that the average time it took them to sell one of their listings was 250 hours in today's market. That number got me thinking.
250 Hours! Is that an exaggeration or somewhat realistic? What activities are they including, do they actually log the hours they put it, or did they just make up the number arbitrarily because it sounded good.
So I have sat down and broken down the three major areas of the … (46 comments)
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new york city apartments: Why Should I Be a Sponsor on Localism? - 12/20/08 11:41 PM
I love Localism and the ability to focus on a specific neighborhood. Having the opportunity to post articles in a forum that is specific and relevant is a great way to connect with people from my community. I have posted articles in my neighborhood and have become a top neighbor by doing so. I have seen the opportunity to sponsor that community but am not fully convinced on the benefits of being the sponsor profile.
Other than just having my face and profile up there are there, what else can I do with being the sponsored profile? Does it help my … (11 comments)
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new york city apartments: WALKING AWAY FROM $152,000.00!! - 12/17/08 10:56 AM
Walking away from $152,000.00!!
When a buyer signs the sales contract in New York City they also make a deposit of 10% on the agreed upon sales price. Essentially this is their earnest money deposit. Considering that the average sales price is over a million dollars in New York City, this deposit can become a small fortune.
Some unfortunate new construction buyers have been forced to walk away from their contracts because at the time of contract signing they put down their 10% deposit and qualified for a specific loan program. While they were under contract and the building was going … (41 comments)
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new york city apartments: Chaos at the Closing Table - 12/16/08 08:47 PM
The closing table at a New York City closing is organized chaos to the casual observer. New York is an attorney state, no escrow companies who handle the closings in most of the rest of the country. Depending on the type of property being purchased will determine the specific players who will be at the closing, but let's take for example the co-op closing that I was at last week.
Both the buyer (husband and wife) our customers and the seller (husband and wife), both buyer and seller have the attorney's who have been representing them at the closing, the … (2 comments)
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new york city apartments: New York City First time home buyer and Investor MUST READ! The Financial Report of the Building pt. 3 of 5! - 12/11/08 09:37 AM
Part 3 - KNOW THE FINANCIAL REPORT OF THE BUILDING:
Whether you are a first time buyer or a seasoned investor buying a New York City Condo, Co-Op, Condop, or Townhouse it is important to understand the full financial picture of the building. When you are buying an apartment, besides buying the single apartment unit in the multi-dwelling complex you are also buying into a building. Having a financially sound building can help avoid any future unexpected costs. A number of common questions usually asked by prospective buyers are does this building have any upcoming assessment, what is the underlying mortgage, if … (5 comments)
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new york city apartments: Manhattan Prices Drop 8 Percent! - 12/04/08 02:59 PM
According to the appraisal firm Mitchell, Maxwell & Jackson the average home price in Manhattan has fallen 8.8% since the beginning of 2008. The number of contracts signed in September and October is 75% lower than the same time last year.
These numbers are not that surprising but are the first to specifically indicate that the once red hot real estate market has slowed down significantly . Manhattan is the epicenter of the financial markets and is directly affected by the job losses and turmoil. The lag time between properties going into contract and closing in Manhattan is significantly greater than … (9 comments)
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new york city apartments: What Makes New York City Amazing! The Macy's Day Thanksgiving Parade! - 11/27/08 11:15 AM
So a few days ago I decided I wanted to go see the Macy's Day Parade for the first time. Living in New York City I called the parade hotline wanting to know the logistics of what time the parade started, finished and most importantly what time do people start lining up to see it. The gentlemen said that people start lining up around 5am for a 9am start and about an 11am finish. I didn't know how I was going to convince my girlfriend to wake up that early to see that parade. Luckily we live in the Upper West Side … (17 comments)
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new york city apartments: New York City First time home buyer and Investor MUST READ! - 11/21/08 08:42 PM
This is Part 1 in a 5 part series focusing on what a first time buyer or investor should know before they purchase an apartment in New York City and the most common mistakes to avoid.
We will cover- Know What You Are Buying, Know Your Buying Power, Financial Report of the Building, Who is Managing the Building, Buying with your Head and your Heart, and more!
Understanding the Products: (Co-Ops, Condos, Condops, Townhouse)
Buying an apartment in New York City will be an exciting and also daunting experience. Because New York City offers a unique buying experience with many of … (13 comments)
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new york city apartments: The Me Too Clause - 11/20/08 08:41 AM
For the last 5 years buying a new development condominium in New York City was a sure fire way of seeing a great return on your initial investment. If you bought in at the early stages of the initial offering, you waited and as the building went up, so did the prices of the available units. So by the time you actually closed on your apartment your exact same unit would probably sell for 10-20% than what you bought it for. This was one of the big reasons why there are so many new development condominiums in Manhattan.
Now that the … (6 comments)
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new york city apartments: What Makes New York City Amazing, $801,000 for a Storage Room! - 11/17/08 04:36 PM
A basement storage room sold for $801,000.00 in the renowned Dakota apartment building. The Dakota, located on Central Park West in the Upper West Side, is most well known as the home of John Lennon and still is the current residence of Yoko Ono. The apartments sell for upwards of 10-20 million dollars.Now this was no ordinary damp tiny storage room. The room was about 800 square feet had 20-foot-high ceilings and two windows. There is a bathroom and electricity wired already into the unit. Despite The Dakota being one of New York City's most expensive and desired buildings there is … (6 comments)
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new york city apartments: What Makes New York City Amazing! - 11/16/08 01:21 AM
About two weeks ago I was reading an article about Donut Plant. Donut Plant is the promise land for the doughnut lover in all of us. Donut Plant has been featured on the Throwdown with Bobby Flay which Donut Plant won, and has gone global opening stores in Tokyo, Seoul and has plans for shops in New Orleans, Toronto, and Washington D.C. The biggest problem with Donut Plant is its proximity to where I live in Manhattan. I live on the Upper West Side and it's located in the Lower East Side. So I can't exactly just stop by and check … (11 comments)
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new york city apartments: Its Official...New York City Real Estate Downturn Begins - 11/09/08 10:18 PM
According to the New York Times, a crack in New York City Real Estate's mighty armor has finally showed its ugly face. On the front page of the New York Times real estate section states, " Even though the average price for a Manhattan apartment, at $1.5 million, is higher than it was a year ago, some New York neighborhoods have already started to feel the downward tug that has wrenched the housing market elsewhere in the nation."
Though this is the first major article stating that a downturn has begun, we have been seeing this for awhile now. Since the … (2 comments)
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new york city apartments: The Tide is Turning for New York City Rentals - 11/08/08 03:37 PM
"Why is it so hard to rent an apartment in New York City?" I had a young woman relocating from San Francisco ask me this question just a few weeks ago after we found her an apartment in the Upper West Side. The other statement I usually here is, "I'm so sick of looking for an apartment!" Despite the difficult nature of finding an apartment in Manhattan things might be getting a little bit easier.
As the Manhattan real estate market turns into a buyer's market, many buyers are becoming renters to wait out and see what happens to the market. … (4 comments)
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Morgan Evans-New York City Real Estate Expert
Manhattan,
NY
More about me…
Prudential Douglas Elliman
Address: 26 W 17th St Floor 7, New York, NY, 10011
Office Phone: (212) 321-7147
Cell Phone: (917) 837-8869
Email Me
New York City Manhattan Real Estate agent specialize in Manhattan Condominium market such as Resale Condominiums, New Construction condos and condops. We work with first time home buyers, foreign buyers, investors. We Specialize in neighborhoods: Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Greenwich Village, Soho, Union Square, Financial District in Manhattan.
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