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Posts Tagged ‘full service’

The Sun is Shining, weather is sweet!

April 15, 2011 2 comments

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Blue Skies

This is a great image to head into the weekend with in our minds.

I love the spring and summer as it is a time of hope. There are many places one can think to live in NYC. the most in demand areas are Gramercy, Union Square, Chelsea and the Village. The blend of subway access, tons of restaurants and shops to discover, a hip crowd and the feeling of safety due to so many people constantly around enjoying the area gives a fresh feeling.

There are many tree lined and even some cobblestone streets in the West Village. New York is often thought of as a building of huge skyscrapers, but being in these areas gives a glimpse into New York’s past and a more warm and serene feeling amidst the hustle and bustle found in midtown.

The high demand and low supply of housing here makes for an interesting dynamic. The market rate rents are higher than most of the people looking can afford. The best “deals” are often still way higher than anywhere else in the city. People still will line up and often, if a place is solid enough in terms of location, quality and space, people get very creative in figuring out a way to secure it.

There is nothing better than the right location in this city. People travel as much as two hours each way to commute into Manhattan to earn a higher salary. There are things we all trade off on to live here. Some prefer to get a lower cost of living for better space and quality. While others pay premium for the best possible location and as a result, feel that the quality of life is improved.

While I can’t say which way is right for your particular situation, I can definitely find the best in either respect if you need to move. The sun is shining, let’s enjoy it!

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Rents are rising in Manhattan again!

March 20, 2011 Leave a comment

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I have watched the markets around the country plummet and not yet recover over the past six years. Here in Manhattan, that is just simply not the case. There is such an unbalanced set of supply and demand here that you can not imagine until you have lived here.

There are more people than there are apartments to rent. The vacancy rate citywide with rentals is below 1%. To give you an idea, one building in the Financial District that has 51 floors and 650 apartments actually has 3 vacant or soon to be vacant units to rent. That’s it until the next month’s renewals or non-renewals come in.

I got a client this weekend who called me on a three bedroom uptown. Upon talking to her I realized that she was actually trying to find enough space for FIVE people to share for under $3000! There are serious gaps in people’s perceptions of the market here.

Take a look at these statistics.
http://www.cityrealty.com/new-york-city-real-estate/carters-view/

The link above is great if you are thinking of moving into an apartment in Manhattan. I am quite sure many people feel that they can try to do it on their own without a broker. Do realize that it is possible, but you will have a long winding road. Even with a broker it is tough if he or she has no relationships or even worse, a bad one with the managing agents or landlords. There is very little time for the good apartments to be viewed and secured in this current market state. You must be pro-active and not reactive when trying to find a place during this time of year. There is only going to be less to choose from with each day and many young agents don’t realize the cycle of turnaround.

I hope that these facts are helpful in your securing a new home. If you need any help, I am here to guide you home!

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$1M NYC tour Pt.1-For savvy investors, now is the time!

March 17, 2011 1 comment

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The Manhattan market is saturated with the mundane. There’s a surplus of average inventory on the sales and rental end these days. Quality is at a premium and as such, so is the price.

With the start of the peak rental season upon us, a virtual feeding frenzy is beginning in the real estate market here. Rental vacancy rates below 1% always equate to an uber-competitive rental market. At the mid to higher end price points for rent here (4000+/mth), the question of making a purchase comes to mind for many families sure to be here for 5 years.

After all, with rates being so low and the out of pocket so high to rent here, doesn’t making that much cash translate to equity make sense? Many times I have seen a client remark, “With all the recession talk, THIS is all I can get for 1M these days?”. This is because entry level for studios in most luxury new development downtown is $650,000. It makes one wonder “what does $1M get you in NYC these days?”

So since New York City is really five boroughs, I have picked out the five best values within the budget, in residential homes, co-op/condo apts, retail and mixed use properties. This is aimed to educate you on the different levels of investing here. Today’s entry is for what I like to call Manhattan proper. While Curtis Mayfield made a great song called “Across 110th Street”, the areas that are always in demand and considered solid are below 96th street. I will follow up with Brooklyn, then Queens, the Bronx then lastly Staten Island.

Manhattan: This is a unique market and as such, it is very complex. See my post on Co-ops vs Condos for greater details on the particulars and differences.

Co-Op 950sf JR4 $649,000 Two blocks away from Central Park, this spacious 950+ square foot one bedroom is easily convertible to a fabulous Junior 4. Just put up a wall in the large windowed dining alcove and you’ve created a two bedroom home. The apartment offers a gracious layout including a large entry foyer, huge living room, versatile dining alcove and a tremendous bedroom. This sunlit home has been completely renovated featuring newly installed 5” wide oak plank floors, dental and new baseboard mouldings, gorgeous kitchen with ceramic tiled counters, backsplash and floors. The stunning bathroom has been re-done with floor to ceiling Carrera marble, double clear glass shower doors and a new vanity. Four huge closets including a walk-in, lovely custom drapes. Southern exposure… Additional amenities in this pet friendly luxury building include a concierge, 24 hour doorman and garage.

Click For Photos Click For Floor Plan

Condo 850 sf 1BR $849,000 This is a large one bedroom, in a PRIME Central Village location. There are low monthly costs here even though it is not a new development so this is a true find. The location here at the prestigious Randall House is central to everything the Village has to offer near Union Square, Whole Foods and cinemas, just steps to the N, R And 6 trains. Special features include a windowed renovated kitchen, a large living area, ample closets,  southern exposure for natural light and city-proof windows. This is in a Full-service, 24 Hour Doorman building with garage on premises and laundry in the building. Pet friendly as well!

Click For Photos Click For Floor Plan

These are just two examples of what your dollar gets you in NYC “Manhattan proper” right now. I made sure to give you the absolute best options for investment purposes factoring in lowest possible monthly cost, renovation conditions and most importantly, location. This affects value for both rental and resale.

Stay tuned for more updates on the $1M NYC tour!

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