What Is a Broker's Fee and Why Should NYC Apartment Hunters Be Concerned?

Living in New York City can be an expensive endeavor. The cost of living is among the highest in the nation. With an average of $3,000 a month on rent, this is far from cheap. For apartment seekers, finding an affordable yet nice apartment can seem like a fool’s errand.

Recently the Department of State issued a new guidance to help renters. For years, apartment seekers accepted the outrageous fees that come with living in this city. This new ruling has banned the ridiculously high fees incurred on searchers. The joy of this ruling was short-lived, however. Due to a legal challenge by the Real Estate Board of New York, the rule is in limbo. This now puts the apartment lookers in an awkward position. They may choose to hold off while the court case plays itself off, hoping that the rule is upheld.

The broker’s fee

A broker’s fee is a commission or finder’s fee for the real estate agent. Typically, this fee equates to 12 to 15% of the rent. Many residents have voiced displeasure with this added cost since it is unique to New York City. Few other cities have similar ordinances. This fee, along with the first month’s rent and a security deposit, can add up and place large financial burdens on the new tenant. The ruling, should it remain, would take the burden off the resident and onto the landlords themselves. For now, however, the potential tenants will have to pay the fee until the injunction is lifted.

Gray area

Renters may choose to bypass the middleman and look for the apartment themselves or search online. This can be a bit tricky as agents are not clearly defined, leaving some gray area. During a survey, Curb.com some renters claimed that they were pressured by landlords to sign an agreement naming a broker. For many renters, there is not much that they can do.

How will this new ruling work?

Many New Yorkers are optimistic that the court cases can work out in their favor. Even if it does, some express caution regarding it. If landlords are required to cover the broker’s fee, they could offset the cost by raising your rent.

There are numerous factors that go into apartment hunting such as, proximity to work, neighborhood, size, and more. If you have an apartment that checks most of the boxes, it might be difficult to abandon this apartment because of the raised rent prices. This is a very real possibility for apartments that aren’t rent-regulated. Many landlords already practice this by including it in their monthly rent. If the new rule takes effect, many fear that landlords could lobby the Rent Guidelines Board could raise the rent capacity.

Improving your apartment’s value

For renters looking to move, they can do a lot to help the next tenant and the landlord. Even simple home repairs and new amenities can increase your apartment’s value. Many homeowners invest in renovations. For example, a home’s value can jump up 150% by investing just a little on the property landscape.

The bathroom is another room that often needs renovations. Over 80% of homeowners admit to replacing bathroom features during the renovation process. These ideas can also apply to renters. Investing in your apartment will go a long way to secure that you receive your security deposit back. For landlords, it can help make the apartment look more appealing and attract more interest.

Communication

The tenant and landlord relationship can be a mixed bag. Some tenants complain about landlords who are nowhere to be found while others complain about those who are unnecessarily strict. Landlords often lament about tenants who cause problems or are back on their rent.

Open and honest communication between each other is essential. This is especially true before they move in. When a client is interested in an apartment, they should exchange phone numbers for quick and easy communication. Text messaging is extremely effective since they are opened and read at a 98% rate. People do not read their email nearly as often and sometimes they do not have the time to commit to a minutes-long phone call. Text messaging is a quick and easy form of communication and establishes a quality landlord-tenant relationship.

Alternative options

There are also movements and policies looking to help out renters. In a Slate.com interview, a broker mentioned an idea that had been circulating. Putting a cap on broker fees could be a win-win for all involved. The cap could be no more than one month’s rent. This way the renter could avoid a large financial burden, the landlord can easier fill an empty apartment and the broker will still get paid.

Whether the restraining order is lifted, or a new broker’s fee cap is implemented, apartment hunters face a lot of questions. There may be not much they can do, but research is definitely important. They should do their due diligence and decide what apartment may be best.

5 Reasons Why New Yorkers Should Try Golf This Summer

By Peter Minkoff

The glorious, sleepless city of New York sure has so much to offer to its residents and lucky visitors, but few consider the slower side of the city for their hectic pace of life. There’s always another brilliant museum to check out, a foodie spot to ravage, and yet another pub to visit. New York is many things, but static isn’t one of them. With that in mind, slowing down is rarely an option, and many locals rarely give into that opportunity, which is precisely why golfing is the perfect way to see that other, soothing side of New York, and give in to its many acres of fresh green.

So far, if you’ve ever organized a perfect golfing holiday, you know just how restorative this kind of a slow-paced adventure can be. You should take the same detailed approach to planning your golfing sessions in the city, and you might become an avid golfing aficionado soon enough. Here are a few key reasons to get you to try this wonderful activity in this very city.

Get away from the noise

Green stretching for miles around you is as serene as any place can get. The nature of the game keeps the players mostly quiet and focused, letting you enjoy the meditative moments while you wait your turn or simply soak in the sun. The Bronx, for example, hides the extraordinary Van Cortlandt course, the oldest one in the country, and it’s easy enough to reach even without a car.

Venturing into these areas outside of the city’s bustling center is a perfect way to get to know New York from an entirely new perspective, sans the traffic chaos and the busy cafes.

Spend more time outdoors

New York is home to many beautiful gardens and parks, and it is certainly not a concrete jungle that prevents its residents from enjoying the lavish greenery each summer brings. However, let’s face it, not too many New Yorkers find the time for outdoor activities in the first place, which is another great reason to add golfing to your list – you’ll get to add some light exercise to your schedule and enjoy the sun.

If you’re new to the sport, make sure that you find out more about the necessary gear for golfing, such as quality gloves which can help you perform better and improve your grip. Much like the clubs that you use for each different situation, your accessories will be pivotal for your game and they’ll enable you to make the most of golfing to begin with. 

Make valuable connections

We’ve all seen those classic movie scenes where the most influential politicians and business folk gather on a course for a game of golf, only to decide on the fate of an entire corporation or the government, for that matter. Sure, you don’t have to have such a high position to make a difference in your own career, and golfing is a perfect way to have a secluded area to talk business with your potential partners and investors. 

Plus, this is where you can make connections beyond the course and move up in your profession. Memberships are also extremely valuable, since you can gain access and socialize with other members who can make all the difference in your professional life. 

A wholesome way to bond

Family time for a fast-paced New Yorker means everything, and when you have a chance to add some variety into your schedule, your loved ones, your kids and your spouse will genuinely appreciate the effort and the new experience. Golfing can be a truly wholesome family activity to bring all of your loved ones together, away from the street crowds and the city noise. 

Yes, Central Park is always a great option, but taking summer golf lessons can become a learning and a bonding activity in, let’s say, Times Square, on a beautiful rooftop of a hotel! You can always try to find a new golfing spot in New York, to keep things diverse and fun for you and your youngsters. 

Challenge yourself 

You can waste your time cursing and blaming the wind or your least favorite putter for shifting the route of your golf ball, or you can take a moment, breathe, and restore your composure to give it another go. The art of golf requires so much patience and poise, that people often find it as frustrating as it is delightful. Even the most patient of people will find themselves grinding their teeth when they’re about to tee off against their opponent.

That’s why this sport is a constant source of challenges, but not merely in the form of testing out new golfing clubs or changing your technique. It’s mostly about your mindset, staying humble when facing your failures, and recognizing opportunities to calm yourself when you feel the need to raise hell. 

Many people take golf for granted. That is, until they actually try their hand at the sport and discover the many alluring aspects of it, together with its potential to reduce your stress levels and provide you with a simultaneously meditative and stimulating activity. New York’s hidden golfing gems can attest to the beauty of this sport, so make sure to add it to your must-try list of activities and see how quickly you fall in love.

Howard Morrel and Leslie Hirsch Join Compass

Last week Compass, announced that nationally renowned agent team led by Howard Morrel and Leslie Hirsch. The team has sold over $2 billion in New York City real estate and was ranked as #11 in resale volume by The Wall Street Journal's Real Trends.

Howard Morrel

"We analyzed how we could increase efficiency and expand market share and Compass was the perfect fit," said Howard Morrel. "We are excited to work among our peers in an atmosphere that promotes growth with integrity. Here at Compass, we'll integrate world-class marketing, industry-disrupting technologies, and a human touch to optimize how we assist our clients." 

The long-term business partners, Morrel and Hirsch specialize in luxury condominiums, townhouses, and multi-family sales and have represented many notable figures in business, music, entertainment, and sports. They have also developed a specialty practice serving the real estate needs of family offices, trusts, estates, and guardianships. Morrel is an attorney, registered under Part 36 as a fiduciary real estate agent for court-appointed guardians. 

Leslie Hirsch

As founding members and lead brokers, Morrel and Hirsch paved the way for Engel and Völkers’ success in New York City. Joining Morrel and Hirsch on their move from Engel and Völkers to Compass are Alina Pogoroleva, Farbod Yarahmadi, Tanya Tang, Shawna Tamayose, Leda Gorgone, Minni Chalana and Morella Navarro. The multi-lingual team is composed of industry veterans who service a large client base with roots in New York, Miami, Los Angeles, China, Washington D.C., South America, Russia, and Western Europe.

"Our team is distinctively able to service a broad scope of buyer and seller clients by offering the most extensive network of in-house and external experts who have expansive international market knowledge, and who are equipped to navigate sensitive family issues," said Leslie Hirsch. "Our commitment to high-level bespoke service sets our team apart."  Among Howard and Leslie's most notable recent transactions is the sale of 101 E 63 Street for $18 million to buyer Tom Ford. The Upper East Side townhouse was designed by famed architect Paul Rudolph, the former Dean of the Yale School of Architecture and was the former residence of the designer to the stars Halston. Their current portfolio includes multiple million-dollar homes in Manhattan and Brooklyn.

Morrel is known industry-wide as an acclaimed "brokers' broker" and mentor to many. Morrel, Hirsch and their team will work out of Compass’ 10 E 53rd Street office.

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How to make your living room more luxurious than ever

When you think about it, the living room is one of the most important parts of your entire house. It’s that one room where you enjoy your free afternoons, spend time with your family, and entertain guests. This means that is should be not only comfortable but also attractive. After all, the whole house will be judged by the appearance of your living room. But combining all of it in one interior design project can be quite a complicated task. Especially when you want it to look luxurious. Luckily, there are a few simple steps you can take to completely transform the space around you.

Lighting can transform the whole room

When you decide to redecorate your living room, the best place to start is with lighting. The point is that good lighting can make the whole space look completely different even when you don’t change anything in the entire room. Go with more transparent curtains to let as much daylight in as possible. Otherwise, the entire room can look dark and unappealing. And if there’s a staircase in the living room, choosing curved glass railing over metal or wooden one can be a better option as well. This way, nothing will stop the light from dispersing throughout the room, and you’ll avoid dark corners. But don’t forget to choose efficient lamps as well, just remember that you shouldn’t pick them solely based on their design and decorative value, lighting should be first and foremost practical.

Add fabrics and colours

When it comes to adding character to your living room, it’s all about the details. Without decorations, the whole room will appear empty and uninteresting. But it’s important to remember that even everyday objects can have decorative value if you use them well in your interior design plan. Adding interesting and eye-catching patterns is definitely a great way to create a unique look. You can be creative when choosing curtains and fabrics for upholstery, but be careful with the colours. Bright and bold shades may work great in modern interiors, but when it’s luxury you’re after - colourful decor is not the way to go. That’s why it’s important to make sure that all the elements in the room look good together and their culours complement each other.

Be creative with your decorations

Choosing decorations for your living room can be quite a complicated task. There’s a chance that you already have many ideas or even chosen items that you’d like to place in the room, but you should always consider whether something will fit in well with the rest of the interior. Hanging paintings and photos on the walls is a good idea, but if you want to create something unique, don’t just base your project on popular trends and ready-made solutions. One of the most effective ways of transforming a room is by placing an aquarium in it. But before you place the fish and plants in the water, make sure you have all the necessary equipment from an experienced manufacturer, like https://www.aquael-aquarium.co.uk/, to ensure that you invest your money in high-quality products.

But you cannot start redecorating with the sole aim of giving your living room a makeover and making it look stylish and luxurious. It’s equally important to make it comfortable. Otherwise, neither you nor your guests will be happy to spend your time there.

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Outdoor Spring Cleaning Checklist

Winter is ending, and spring is just around the corner; that means it’s time to get outside and start cleaning up the yard. This is especially necessary if you live in a cold climate where snow and ice have ravaged your home. Maybe you didn’t get all the leaves off the lawn before the first snow. Now is a perfect time to rake or mow and let the grass grow. Winter takes a toll on a home’s exterior, so it will need some time and attention to look good again. Check out this outdoor spring-cleaning checklist and make your property shine.

Wash the Windows and Doors

Take off all the screens and give the windows a good wash with soap and warm water. Dirt and weird fuzzies collect in between the screens and windows. That dirt attaches to the glass like glue and is tough to get rid of. Cleaning the screens and getting rid of the dirt will make it like new. You’ll be able to see out of the windows once again. This is an easy little trick to freshen up the house.

Clear the Walks and Driveway

Leaves, dirt, salt, and water coated the sidewalk, porch, and driveway for months. Get the broom out and sweep them all clean. Then, get a pressure washer and blast away what’s left. This is a good time to inspect the driveway for cracks and holes. The temperatures are at a consistent level to seal coat or patch the driveway or do some general maintenance on it. Sealcoating is a great way to make the exterior look brand new.

It is preferable to use pressure washer soap while washing your driveway and walks with your pressure washer to make them cleaner and more pristine. The most effective and efficient pressure washing soap is also environmentally friendly. Check the best pressure washing soap from Hotsy Equipment Company.

Wash the Patio Furniture

Hopefully you didn’t leave your patio furniture out all winter, but if you did, clean it. Get the hose out, pick up some soap and rags, and clean it all. No one will want to sit on dirt-covered furniture that looks awful and feels even worse. Shine it up and get it ready for summertime barbecues and patio parties.

Pull Any Dead Plants and Flowers

Any shrubs or flowers that are dried up and dead in the flowerbeds have to go. Don’t leave them there hoping they will grow back; make them grow back by pulling the dead brush. This makes room for the new spring flowers to come up and bloom. The dead plants look awful and only get in the way.

Clean the Gutters

Cleaning the gutters is a nasty chore, but it must be done. Get the ladder out, put on some gloves, and prepare to get dirty. Who knows what landed in those things over the winter, but it sure won’t be pretty. Get up there and pull it all down until there’s nothing left. You want the spring rains to make their way into the downspouts and away from the foundation.

Douglas Elliman Honors Top Agents in New York City at The Ellies

On March 3rd, Douglas Elliman, the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume, celebrated the firm’s world-class agents from around the nation at its annual awards ceremony – The Ellies. Top performers from New York City, including Manhattan and Brooklyn, were among the honorees at this year’s event held at Mohegan Sun in Uncasville, Connecticut.

Dottie Herman and Howard M. Lorber

“Every year, our skilled and talented agents prove their status and reputation as best in class, and 2019 was no exception. We are thrilled to celebrate the extraordinary results of their hard work at the 2020 Ellies,” said Howard M. Lorber, Executive Chairman, Douglas Elliman Realty, LLC.

Nationwide sales for Douglas Elliman in 2019 totaled $28.7 billion as the company continued its nationwide growth into new markets. The firm was responsible for 44,726 sales and rental transactions, and was ranked the number two brokerage in the nation by sales volume.

Oren Alexander and Tal Alexander, founders of The Alexander Team, based out of Miami Beach and New York City, received the first-ever National Ellies Award.

“Our agents continue to perform at the top of the market in New York City, and have closed out another incredible year due to their dedication and effort,” said Steven James, President and CEO of Douglas Elliman’s New York City brokerage. “We’re thrilled to celebrate their talents and I look forward to seeing the success and tremendous achievements that 2020 will undoubtedly bring as well.”

In Manhattan, the Alexander Team, led by Tal Alexander and Oren Alexander, earned the award for Top Team by Gross Commission Income after a record-breaking year and Ann Cutbill Lenane was crowned the Top Individual Agent by Gross Commission Income. In Brooklyn, The Scott / Robles Team, led by Aran Scott and Anthony Robles, took home the award for Top Team by Gross Commission Income and the award for Top Individual Agent by Gross Commission Income went to Rebekah Carver. I’ve included the press release below and attached for your review.

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You Can Now Live In The Towers of the Waldorf Astoria

Last week, the iconic Waldorf Astoria New York launched the sales of the building’s condominium residences, The Towers of the Waldorf Astoria. The celebrated New York City landmark will introduce an unprecedented residential lifestyle to the heart of Midtown Manhattan, offering residents a world of exclusive private amenities along with special access to the best in-class services found only at the globally-renowned Waldorf Astoria New York.

The Waldorf Astoria has been a beacon of timeless glamour and luxury for nearly a century—home to Hollywood’s elite, host to countless world leaders, and the site of cultural events and galas that hold a special place in the hearts of New Yorkers and visitors from around the world. When the Waldorf Astoria opened on Park Avenue to rapturous reviews in 1931, it was the largest and tallest hotel in the world and is currently New York City’s largest privately-owned landmark.

Now, with residences for sale for the first time, buyers from New York and all over the world can call it home.” The sophisticated residential interiors and amenities by internationally renowned designer Jean-Louis Deniot, the visionary behind some of the world’s most opulent private homes, create a truly modern experience within the building’s historic framework.

Because of the generous scale of the property, residents will enjoy the highest number of service staff of any super-luxury residential building in New York, including a dedicated onsite concierge. One of the most unique features of the residences at The Towers of the Waldorf Astoria is the concierge closet, which is integrated into the design of the entryway in every home. The closet is used for the secure and private delivery of packages, laundry, and room service, and is accessible from both the common corridor as well as inside of the home. Residents will have exclusive access to over 50,000 square feet of private residential amenities, ranging from health and wellness to entertaining and business spaces, all brilliantly designed by Jean-Louis Deniot.

Waldorf Astoria New York set the standard and defined hotel service at an ultra-luxury level, and future residents of the condominiums will enjoy priority access to the unrivaled services of the hotel, including signing privileges at restaurants and bars, preferred pricing, and a la carte services like housekeeping and 24-hour in-residence dining. In addition to the 50,000 square feet of private residential amenities, residents will also have access to 100,000 square feet of amenities at Waldorf Astoria New York, including the hotel’s restored landmarked heritage spaces, spa, restaurant and bars. “Waldorf Astoria New York is our flagship and origin story, and we look forward to reopening its doors to welcome guests to the iconic landmark which is integral to the fabric of our brand as well as New York,” said Dino Michael, global head of Waldorf Astoria Hotels & Resorts. “We are thrilled to offer a new residential component to the hotel, which will inevitably infuse a new life and spirit to the space and inspire us to bring our iconic ‘True Waldorf Service’ to the next level for residents.”

Douglas Elliman Development Marketing is the exclusive marketing and sales agent. “This will be an exciting opportunity for buyers to own a piece of New York City history. We aren’t just selling extraordinarily beautiful residences, amenities and services; we're offering the opportunity to buy into a legacy that can never again be duplicated,” said Dan Tubb, Senior Director of Sales at The Towers of the Waldorf Astoria. “There is no more glamorous residential lifestyle in New York City, and we are very excited about bringing The Towers to the market after receiving thousands of inquiries from as close as Park Avenue to the far corners of the world.”

The Towers of the Waldorf Astoria will offer 375 residences starting from $1.7 million. Occupancy is projected for 2022.

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Avoid These Mistakes When Selling Your House

Honest Mistakes

Selling a house is a big process that can take a long time and be very complicated. However, there are things you can do to reduce associated complication and expand the level of profit you’re able to achieve. In this writing we’ll briefly cover several common mistakes home sellers make, and what you can do to avoid them.

Listing Too Soon, Or Out Of SeasonA home that’s going to be sold shouldn’t simply be listed the moment you decide to sell it—not unless you’re perfectly satisfied with leaving as much as $50,000 on the table. Some people don’t have a problem with that—this is often the case when there’s a contentious divorce. Whoever has executive power in the previous house generally wants to get rid of it.

However, unless you’re in the midst of some situation like that, or you’re looking to flog off an as-is property, you don’t want to list until the time is right. When will the time be right? Well, when you’ve got landscaping of the property at its best, when you’ve fixed all the little issues that you’ve been procrastinating, and when any appropriate remodel has been finished.

Repair windows and tiles on the roof. Replace lightbulbs. Is the basement unfinished? Finish it. Paint the outside, paint the inside. If the lawn’s a terror, rip it out and install wood chips, cement, sod, or something else for the new homeowner—whatever is most salable in your region. Sometimes an addition as simple as a solar array can triple associated investment.

If you install a DIY 3.1 to 5.0 kWh solar array, you can get the job done for around $5k to $10k by yourself, and it will bring between $10k and $30k to your property, depending on your state, and perhaps a tax break. This is a weekend (two weeks, maximum) job that can take a serious dent out of the realtor commission. Lastly, list in season—generally, that’s springtime.

Not Working With Home-Selling Agencies

Home selling agencies know the value of your property in reference to the community it is a part of. They know the trends of real estate in the municipality you’re local to. They know what sort of repairs or augmentations can maximize your listing. They also know little things like where tax issues lie. For example, in New York, properties are taxed higher when they’re over $500k.

This means if you list it at just under $500k, you can get the lower tax-rate. For properties on the line, if you choose to go lower, you may be able to skip out on associated taxes perfectly legally. Getting help from the right agencies can be key in seeing such savings. Also, agencies can help you move a property faster.

There are specific options out there for those who need to sell a home quickly, such as House Heroes down in Miami. Sometimes there just isn’t all that much to be done prior listing because you’ve maintained the premises well to begin with. Whatever your case, consultation from professionals can definitely inform your selling tactics, and perhaps provide better profit.

Remember, real estate agents operate at a commission. So if you can legitimately expand the pricing on your home and sell it, they stand to benefit as well. However, they’ll know when such a listing isn’t realistic as well. Still, it can be worthwhile to seek consultation from family and friends who have been down this road and aren’t professional realtors.

Failing To Factor In Closing Costs

Closing costs on your property will be between 1% and 20%, depending on how fast you sell, and what resources you use. If you’re extremely savvy and rurally located, you might see little closing costs outside associated taxes.

If you use realty groups for an as-is property, then closing costs directly and indirectly can be quite high. Factor these in so you’re not surprised. Generally, if you do the job right, you can expect closing costs to be in the 5% to 8% range.

Here are some examples of closing costs that you should take into account outside your property’s price: 

• Title search: USD$75 to USD$100

• Title insurance policy: USD$800 to USD$900

• Appraisal fees: USD$300 to USD$500

• Loan origination fees: 0.5% to 1% of loan amount 

• Deed recording fees: USD$12 to USD$15 (may differ extensively)

• Taxes: 1% to 5% 

• Surveys: US national average of USD$512

• Discount points: 1% of the mortgage amount for each discount point 

• Credit report charges: USD$25 to USD$125

Before closing the deal, both parties, the home seller and buyer, must be aware of the exact amount of these closing costs. 

Closing costs are also different from one state to another. For instance, the northeastern part of the United States has the highest closing costs, even higher than the national average of USD$5,749 because of higher average prices in their market.

Spending On Extensive Repairs

Every property seller would want to obtain the highest ROI possible from a home sale. But when your house you want to sell requires a lot of repairs, you may want to think twice about the cost it entails. First of all, your house doesn’t have to be in perfect condition before you could sell it. Second, spending on repairs isn’t always practical nowadays, especially if you have a tight budget. Major repairs, such as roof repairs, plumbing and electrical repairs can cost hundreds or even thousands of dollars.

Moreover, spending on repairs won’t guarantee a higher property value. While it may help you find potential buyers faster, there are other ways you can sell quickly without spending a dime. For example, if you’re in Burlington, VT, you can look for Burlington cash house buyers that will buy your house as-is. 

‘As-is’ cash buyers are usually real estate investment companies that buy homes as they are, even if there are damages. They earn decent ROI by buying and selling properties. Here are the advantages of dealing with cash house buyers:

• Repairs are not needed at all

• No need to pay any closing fee

• Get fast cash

• Stress-free home sale transactions

• No need to hire agents and pay commissions

• You can skip staging 

So, if you don’t want to spend on repairs or are in a hurry to close the sale, you can find home buying companies online to sell your house as-is. If you’re in Gainesville, Florida, check out the Sell Your Gainesville Home Today website, and find out how you can speed up your home selling process. After submitting your property’s information, you can immediately start the assessment and negotiation process, receive a fair cash offer, and close the sale within two weeks.

Maximizing Profit On Your Property

When you factor in closing costs, work with professional agencies, and prime your property for value prior listing, you’re ideally situated for the outcome you’re trying to achieve. Selling a home is complicated, and it’s easy to make mistakes. But if you do your homework, get consultation, and take your time, you can avoid leaving money on the table.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

How To Land Your Dream Apartment In A Competitive City

Multiple Tactics

The best apartment for you isn’t going to be the same as the best apartment for your cousin, brother, sister, or mother. Similarly, the best tactics for you in securing that living area will differ. You’ve got to take into account your commute, your budget, the community, how long you plan on staying there, pets, and many things.

The “perfect” apartment can be hard to find, and it can take time. However, you can definitely find it—you’ll just have to be strategic. Following we’ll briefly cover several tactics to help you find the most appropriate leasing situation for you or your family.https://pixabay.com/photos/bedroom-bed-room-home-interior-690129/

Working With Local Resources To Inform Your Choice

You don’t have to search for an apartment in a vacuum. As a matter of fact, there are plenty of options out there for those who aren’t sure what the local market looks like. Realty solutions aren’t merely for home buyers; apartment hunters can save time and find better units through such resources as well. As a point of reference, consider theurbanavenue.com.

Resilience, Looking At Multiple Properties, Avoiding Pressure

One thing you definitely shouldn’t do is allow yourself to be pressured into buying a given unit. Especially if you’re in a larger city, this is a sure way to pay more for less. Any municipality with more than 150,000 residents inside an area that’s around fifty square miles will likely have exactly the sort of unit you’re seeking somewhere, and within your time frame.

It’s hard not to be pressured when the financial clock is ticking. This is one reason you shouldn’t go apartment hunting until you’ve got a month or two to find the ideal unit. Sometimes you’re not in that situation, but if you’re seeking something specific, you should try and give yourself as much time as you can.

Look at no fewer than five properties. To determine which five, line out for yourself parameters beforehand. If you have pets, make that one of your defining factors. If you’ve got a long commute, be sure you factor that in. If you’re working in the center of town, consider that as well. Sometimes an apartment that’s further away is more expensive because of the commute, even if rent is lower.

Are you seeking amenities like a pool, a workout facility, a common area, dining on-site, or proximity to entertainment? Well, be sure you factor these things in too. Once you know everything you need, then you look at units that fit your parameters. Again, look at a minimum of five, weigh the pros and cons, and choose the one that’s ultimately the best buy.

When It’s Possible To Pay More, Property Is Secured

Landlords are running a business. Businesses are always expensive. If there is no regular profit, the business implodes—businesses must profit to survive. So if a landlord has a choice between a tenant who will pay the advertised price, and one who for some reason wants a specific unit so much they’re willing to pay more for it, you can bet they will go with the tenant who is providing greater profit.

Certainly there are some provisos here. For example, if someone seems like they’re willing to pay more for some underhanded purpose, that may make a landlord suspicious. But paying an extra $50 a month is $600 a year for the landlord. An extra $100 a month is an extra $1,200 for the landlord. So if you’re in a contest for a specific unit, being willing to pay more can secure it for you.

A word to the wise: if you seek an apartment in the off-season, it will likely be listed at a lower rent anyway, allowing you to pay essentially what you would have anyway by offering to increase your monthly rent in such a bidding situation. However, this isn’t likely going to happen. Still, seeking units in the off-season is a great way to save./

Finding Your Best Living Solution

Local resources can be a key means of helping you inform your choice—there are apartment realty groups that know all available properties, and can help you narrow down options to those which best match your ideal. Next, if you’ve got the budget, be willing to pay more in a “bidding war”.

Finally, be sure you look at more than one unit. A minimum of five makes a lot of sense. Inform your choice through defining specific features your apartment must have beforehand. If you follow these suggestions, you should be able to find the most appropriate apartment for you, for your family, or for whatever your particular living situation happens to be.

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How to Spend More Time Outside in NYC This Spring

The great outdoors, for many people, means camping, hiking, climbing mountains, fishing, and other outdoor leisure activities that are not necessarily leisurely. Still, we yearn for the relief, the health benefits, and the joy of being outside. With 80% of Americans living in urban areas - in most cases far away from lakes, mountains, forests, and campgrounds - regular outdoor leisure activity seems only a remote possibility. But it doesn’t have to be that way, especially if you’re in New York City.

Benefits of Spending Time Outdoors

According to studies, spending time outdoors reduces the risk of a number of serious conditions and diseases. High blood pressure, type 2 diabetes, cardiovascular disease, and stress were all found to be reduced in study participants who spent significant amounts of time outdoors. These participants also reported greater overall health. In addition, spending time outdoors has social and intellectual benefits, and can save money otherwise spent on diversions that occur indoors.

Spending Time Outside in New York City

Getting some air every day is not a problem for New Yorkers: few populations commute by foot as regularly as New Yorkers do. But what about deliberate leisure time outdoors? New York’s arts, dining, and entertainment industries compete hard for the locals and visitors who pass through the five boroughs daily. It’s nearly impossible not to be seduced by the city’s theatres, galleries, museums, restaurants, and other attractions. But there are ways to get the very best of New York while getting as much of the outdoors as you need. Read on for some outdoor activities that are as good in New York as they are anywhere in the U.S.

Eating and Dining

If you’re pining for wine and fine dining, New York is the place for you. But that doesn’t have to mean a couple of hours inside Gramercy or Le Bernardin. Locals love lounging and dining high over the city in the evening spring air at one of the city’s many rooftop bars. Unbeatable views of the city and acclaimed chefs are regular features of these unique New York eateries. And, of course, many of New York’s most renowned restaurants offer alfresco dining on their sidewalk or courtyard patios: great for being outside, great for dining, and great for people-watching. More budget-friendly but equally as delightful are the many opportunities to have splendid spring picnics in New York City’s parks. From Central Park to Washington Square, dynamic and storied city parks abound in the Big Apple. Grassy, popular, and never out of style, New York’s parks offer necessary daylight and a little dose of dirt, which is good for you! Soil as in found in parks contains about 0.01% of the Earth’s supply of water. And each park is surrounded by some of the best street food, sandwich shops, delis, and pizzerias in the world. Take something to go, or fix your own favorites at home and pack them up for the park and a nifty New York picnic. Another popular way to get the best of fresh food and fresh air is to visit one of the many recurring street fairs which feature a treasure trove of food trucks, street vendors, and carts offering international foods of all kinds. Eat on the go, take your treasure to another outdoor destination, or linger trying everything available while shopping among the many varied vendors.

Shopping

Street fairs and flea markets offer far more than fine food, of course. From flowers and incense to jewelry and art, New York’s outdoor markets, bazaars, fairs, and flea markets have a little bit of everything and something for everyone. New York is one of the most diverse and international cities in the world, and it’s in the street markets that that is most evident. Handmade goods, imported goods, organic produce, and crafts beyond compare are all artfully displayed, reasonably priced, and fun just to wander by and gawk at. If you’re into antiques, these markets represent the best bargains. Outdoor flea markets and bazaars are legion: most New York City neighborhoods have one or more, sometimes seasonally. Spring is a great time for shopping outdoors in New York.

Bicycling

New Yorkers love bicycles. Many use them as a vital part of their transit or commute. Just 10 minutes of activity like cycling each day improves muscle distribution, flexibility, and cardiovascular fitness. Bicycling provides fresh air, sunlight, and a more intimate way to roam New York than other means of wheeled transportation. Bicycle tours are available to those wishing to learn more about the city while getting some great exercise and sun, whether you’re local or a visitor. There are vistas for the visual and new avenues for the adventurous, and even opportunities to cycle to work or other engagements. As any New York insider may tell you, the greatest advantage of using a bicycle for commuting around the city is that you don’t have to deal with parking. Cyclists also face less stressful traffic and spend a great deal less on fuel, car services, taxis, rideshare services, buses, and the subway. Why wouldn’t you cycle around New York City?

Outside of the City

New York City has one dynamic advantage that very few seem to appreciate: New York State! It really is the best of both worlds: within minutes of the city are delightful destinations for all of those things that city dwellers often consider remote: camping, hiking, climbing mountains, boating, swimming, boating, and fishing, among many others. Excellent choices exist for kids who grow weary of the limits of the city over breaks and vacations: recent surveys revealed that almost 12 million American kids counted fishing among their leisure activities. The state is rich with rivers and boasts a surprising number of lakes as well, and they’re great for a number of different kinds of fishing.

From the Country to the City

If you’re reading this in preparation for spring in New York as a local, a nearby visitor, a remote visitor, or a metro-dwelling frequent visitor, you may already be aware that New York is not just tall buildings, fantastic food, and marvelous museums. If you’re considering moving to New York and making sure you won’t be stuck inside all year round, you’re not alone. American homeowners move a lot: every six years or so, on average. And many of them move to New York. Still others own property in New York to occupy during the winter months, or they rent seasonally. Nearly two-thirds of New Yorkers rent, with the average rent being around $3,000 per month. Well worth it for the glories of the greatest city in the world - indoors and outdoors.

Closings Commence at Quay Tower

RAL Companies and Oliver’s Realty Group announced today that closings have commenced at Quay Tower, the final new waterfront condominium offering at Brooklyn Bridge Park in Brooklyn Heights, located at 50 Bridge Park Drive. The building is marking several closings that rank among the top in the borough’s history, including a penthouse that is the most expensive residential sale ever in Brooklyn. 

“Quay Tower sets the new standard for living in Brooklyn, and we are eager to welcome our residents home to this exceptional building,” said Robert Levine, President and CEO of RAL Companies. “With sweeping views of Manhattan, Brooklyn, and beyond, beautiful interiors, and exclusive amenities, this quality of design and finish has never existed in Brooklyn. We have seen incredible interest from buyers, who are falling in love with the incomparable lifestyle that we have at Quay Tower and are subsequently setting borough-wide sales records.”

“We’re excited to see Quay Tower’s extraordinary, one-of-a-kind homes come to life with the arrival of our first residents,” said David Wine, Managing Partner at Oliver’s Realty Group. “Our residents will experience a waterfront lifestyle of health and wellness that is unmatched in New York City. Quay Tower’s amenities and exclusive partnerships coupled with Brooklyn Bridge Park’s outdoor activities—including five themed playgrounds, a dog run, and various athletic fields—means New Yorkers and their families can enjoy the ultimate in indoor/outdoor living.” 

Standing proudly along Brooklyn Bridge Park’s Pier 6, Quay Tower is a visually striking 30-story, 126-residence condominium designed by ODA’s Eran Chen, which features unrivaled views of the New York Harbor and Manhattan and Brooklyn skylines. The luxuriously appointed interiors, designed by the California modernist AD100 firm Marmol Radziner, were meticulously crafted to provide a sense of relaxed luxury for residents. A thoughtful floorplate means no resident shares a corridor with more than two neighbors; from two-bedroom homes with spacious, windowed master baths and wide-open views to four-bedroom residences that are redefining the offering in this borough, sales to date have confirmed buyers’ interest in Quay Tower.

Select west-facing residences also feature the privacy of direct elevator entries and the utility of suburban-style mudrooms—perfect after a day in Brooklyn Bridge Park. Residents are welcomed home to gracious floor plans with jaw-dropping views, as well as custom finishes of the highest quality. The kitchens include an integrated Gaggenau appliance package, custom white oak cabinetry, and white Princess Quartzite countertops. Meanwhile, spacious master suites feature oversized bathrooms adorned in Alabastrino Rustico travertine.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

How Much Does It Cost To Sell A House In New York

The Short Answer

If you’re selling a home in New York, it’s going to cost you between 1% and 20% of the list price. Expect the final selling cost to be right around 10%. This website showed how a home that was listed at $323,797 cost $43,713, meaning in this specific instance, closing costs were 13.5%. That’s pretty high, but it won’t be the case for all properties.

New York is more than the sprawling, tightly-packed metropolis presided over by Lady Liberty. It’s a state with cities north of NYC, and rural areas in the country. So what is really meant by “New York”? Is it the state as a whole, metropolitan areas, or rural areas? Depending on your definition, average costs to sell a house in New York will differ.

Statistically, that which is going to be more expensive will involve sales toward metropolitan centers. There are a variety of reasons for this. Taxes are certainly a consideration. Also, realtors are going to generally have a higher commission because for them to sell a house requires they expend more resources. Accordingly, they must increase their commission fee.

In the country, sellers may not even go through a realtor. Their selling costs are likely going to be much lower. The lion’s share of expenses related to property sale come from three primary areas, which we’ll cover in this writing. Those areas are: taxation, realtor commissions, and the cost of repair or refurbishment of property prior sale.

Taxation

You’re going to be taxed for the sale of any property; however, you can mitigate this. A 1031 exchange allows you to turn money from the sale of one property directly into another; you can legally avoid some taxes this way.

Just to give a clear idea: expect taxation to be 1% of property value for anything $500k or under, and 1.425% for anything higher than $500k. In New York there’s additionally something called a “transfer tax”. There’s a .4% transfer tax on the price of purchase, and it jumps up to .65% if property value is higher than $3,000,000. You can read more about that here.

What this means is that you can actually save money by listing your property under what it’s value is, if you’re right on that $500k line. 1.425% of $501k is $7,139.25. Meanwhile, 1% of $499k is $4,990. So by “losing” $2k, you “save” $3k. See how that works?

Get consultation from attorneys, realtors, friends, and family to help you find the best possible listing price in terms of associated taxation. It’s also worth noting that in addition to direct taxation, there are attorney fees you might as well consider a “collateral” tax. These are going to be $1.5k to $4k. Expect a flat fee from many attorneys.

Another pro tip is to ensure a cost segregation study is conducted to help alleviate any potential tax burden you may incur come tax season. Always use a licensed professional to accomplish this task as it can become a complicated endeavor to separate personal property assets from real property assets.

Commissions

Realtors are going to take a commission that’s between 5% and 10%, depending on the realtor, and the size of your property. It’s actually possible to conserve some of that cost with a really big property owing to the associated size of the commission.

That is to say: a realtor has to be a poor businessman to pass on a commission because you won’t give them their normal rate, if that commission is higher than what they’d get on multiple smaller properties anyway.

So if you had a property worth ten million dollars, and the realtor insisted on a 6% fee, you might be able to get that down to 3% and still keep your realtor—they’ll make more on the big property even at a reduced percentage than they would on several smaller ones; so you’ve got some negotiation ability.

For most, though, you can expect realtor fees to be between 5% and 10% in New York. Of course, through sites like ISoldMyHouse.com, you can totally sidestep realtor commissions.

Repair Expenses

Repairs and refurbishment can be more or less than realtor fees or taxes, depending on the extent of repairs or remodeling involved. This will differ per property; but you can expect it to be somewhere between 1% and 5% of total property value, generally.

Maximizing Property ProfitConsider expenses of repair, taxation, and realtor commissions as you look into selling your New York property. The way you sell, and your location, can determine what it costs you to sell your property. If you do it all yourself and avoid realtors, then effect a 1031 exchange, you can conserve the lion’s share of closing costs. But there will always be some.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.