Goodmorning! Here is an update and my opinion with 36 years of experience.
Since I have appraised over 4,000 homes to date and testified in State Supreme Court as an expert witness on appraising, here is current analysis of house prices in the
Middle Village areas.
1) attached two bedroom homes....
Ranch/Bungalows one level from Handyman specials which I believe should be in the $450k range in the general areas of Middle Village. To modern move in condition ranges of $515k-$525k.
Attached two bedroom homes-two levels-duplex's like off Eliot Avenue areas.
Complete gut job homes around the $500k range.
Homes with original kitchens & baths, but improvements that are important like, new roof, new gutters, leaders, pointing completed, upgrading of electric 60 amp to 100 amp service, should be about $550k.
More updated with Kitchens& baths around $575k ranges.
*IMPORTANT FACTOR WITH ANY HOME FIRST AND FOREMOST IS LOCATION..........
CONVENIENCE TO STORES, PARK, SCHOOLS, BUSES, EXPRESSS BUSES MAKES A WORLD OF DIFFERENCE.
2)THREE BEDROOM HOMES..........
ATTACHED TOWNHOMES...Without private yards, off Eliot Avenue areas....
Needs work but not a disaster interior wise, $585-$600k ranges.
With private yards off the kitchens, same ranges as above to alittle more modern in the $625k-$650k ranges.
DETACHED 3 BEDROOM HOMES-FRAME- Clean move in condition $600k-$615K.
Modern $625-$640k ranges.
Deatched Brick Homes-Tudors/Fireplaces, large private yards/driveways,etc..
Ranges $700k-$800k ranges.
*Next week I will discuss Two family homes.......................
JIM TURANO/BROKER*DIVERSE REAL ESTATE*
CELEBRATING MY 36 YEAR IN THE BUSINESS
First time in 20 years, there is a tremendous shortage of Apartments like this.
House rentals, 6rooms-3bedrooms, 5rooms-2 beds. and even 3 rooms-1bed.
Since last year in September the amount of tenants coming from Williamsburg and Greenpoint areas has been record breaking. The rents in those areas drove tenants out by the thousands to other areas like Ridgewood, Maspeth, Glendale, & Middle Village,NY.
In turn rents have gone up in the areas I service mentioned above.
The competition now for attaining an apartment for tenants is enormous.
For example- a two bedroom apartment with a absentee landlord, that welcomed a family and a small dog was shown 13 times in 3 days, and was rented in 72 hours.
The only one couple who got the apartment with 2 kids and small dog, was a couple who had in their hands, a credit report, the security and the first months rent.
The rest had to think about it, had to get the money, had to get a credit report, or couldn't really do all of the above.
In 17 days statistically, apartments will start coming in again slowly. The reason, is most tenants who do move wait until Summer is over. So for those looking be prepared real soon.
Have your finances in order, get a free credit report from credit KARMA.COM to have it ready.
Realistically, if you have 1,2,3 children, but two cats and or two dogs, you have a mountain to climb that is high and very hard.
35 years ago you could see two, three apartments to make up your mind.
Today, if an apartment comes in, it is like throwing a basketball up in the air while 20 couples are all standing around waiting to grab that ball. That is the way it is now!
Save time, effort, and be prepared or you will have great difficulty attaining an apartment.
The Real Deal-Update Real Estate Although many clients take vacations, Homes are still selling and quickly. This is the first year ever, that the following seems to be happening to many sales agents in our Communities.
Clients sell their property, or Buyers buy properties, go to contract and then go away on vacations. Closing delays, and or extensions are being asked for by the buyers.
The one and only Bank this year that appraised a home lower than the purchase price was none other than BANK OF NEW YORK. After going to contract, imagine the price had to be reduced by the seller for the deal to go through. This happened to a close friend who just told me this.
Many homes are priced right by the agents and Brokers, and the experienced buyers recognize this from their experiences. But you do have 10% of homeowners who dictate to the agents/Brokers the above and beyond normal asking prices. And these out of area Realtors take anything just to hang their sign on the property. Making matters worse, when buyers call the number, sometimes no call backs, or if they do call back the price is mentioned and no appointments are made do to the high price quoted. Complete waste of time.
New record sale prices happening each week especially in Middle Village,NY.
Convenience is key. Schools are key. Shopping is key. Juniper Valley Park is key. Our nursery schools and transportation are key. Of course the taxes are also key. Last but not least, mortgage rates are between 4-4.25%. This is the first biggest buying trend since the 1980's.
If you drive around, you will see where homes were for sale, and now they are being completely gutted.
*PRICING A HOME CORRECTLY FROM THE VERY BEGINNING LEADS TO A QUICK SALE.
LOCATION IS EXTREMELY IMPORTANT ALONG WITH CONVENIENCE.
Most home in the area are about 75 years old, and some need updating, but to get a tax write off and upgrade your home little by little is better than paying $2,000 dollars in rent.
Our area is so special, and in demand that I can not remember the last time in a decade when I used Multiple Listing Services. They need MLS in Long Island for sure between $12,000 taxes and $10,000 flood insurance premiums. If you buy and live in Middle Village you are near 5 highways. By express buses to Manhattan 20-25 minutes. Driving to Manhattan the same.
If you live and buy in Long Island, you become a prisoner of the Long Island Expressway Parking lot. (besides the high taxes&flood insurance)
Attention buyers! If you have been looking and haven't bought yet, try to make the time and find that house today. Prices are only going higher.
JIM TURANO/BROKER*CELEBRATING 36 YEARS IN THE BUSINESS THIS SEPTEMBER*
Diverse Real Estate-any questions feel free to call any time seven days per week.
Read more:Glendale Register - entry The Real Deal Real Estate update
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all sales agents
COPY AND PASTE........BE THE BEST YOU CAN BE......NEVER QUIT......
This September is my 36 year in the Business. I started in 1979 with Jim Phillips at Queens Tudor Realty on Eliot Avenue. I attended a half dozen seminars to better my self. Learned from the top agents at the time. When you are a new agent you have no bad habits. And there was enormous competition within at the time. However, it was a matter of survival, to go out and try to attain listings, and jump into the waters of Real Estate.
I went door to door introducing myself and handing out my card. I checked the bulletin boards daily at Met Supermarket, Silver Barn and laundromats.In addition when the Ridgewood Times came out on Thursday, I circled every by owner ad there was. In was consitancy and patience with my determination to succeed. There were no computers back then. And we certainly didn't need Multiple Listing services. The key was to get the listing, advertise on your own and sell the house before another agent within sold it. And I still think MLS is a waste of time. In a Hot market, if you or your co-workers can't sell a new lisitng, something is terribly wrong.
I spared no expense in advertising from the get go. First in Middle Village or any surrounding area to advertise on Channel one which was the Real Estate Channel. Having three consective ads in a row being shown 24/7 on Television. Yes it cost back then almost $500 hundred dollars per month but I attained a tool, recognition, and an easy way to attain more listings than anyone else.
Once I walked in for a presentation to attain a listing, I asked if I could turn their television on.
Once they saw my commercials they immediately said you'll advertise my home for free on televion? Once I said yes I would I started to attain exclusive after exclusive.
From not knowing a thing about Real Estate, I became the leading listing agent averaging 36 exclisves a year. The point is you have to make things happen. And seeing so many homes per year giving 'free' appraisals, I got the feel of appraising faster. The only comps then where the homes we sold in the area. Not so easy like today having the computer do the work and you go with a bunch of papers for an exclusive presentation. But there was one more natural quality that you either learned on your own, or from seminars, and that was how to 'melt' the ice with strangers sitting across the table quickly.
You must be in control, and you must show professionalism while being interviewed by owners. You must be strong, and do the talking including answering questions. You can not let owners dictate to you period. If you come across as a knowledgable Realtor, one that the owner wants in their corner to get the job is done. If an owner brings up a competitor, or lets you know that another agent is coming also, never knock the competition. Just do a better job by knowing your competition.
EXAMPLES: Besides appraising the home, complementing, and giving examples of other similar homes sold recently, be sure to give an example of what their closing costs are going to be.
You may stand out by your presentation by being informative to a seller.
Lastly time wise and commisions to be charged. In a hot market today you are fortunate to get 3 months as an exclusive, so take it. And some owner will pay 5% commission, but if they ask for less, you can try 4.5% and see if it works, but never ever refuse 4% as requested by an owner.
Agents who have sat in an office for decades depending on owners to walk in to list their homes, or agents waitng for the one call for you to go get a house listing, have wasted their careers.
In the late 70's and early 80's owners would walk in to list their homes. Today, you need to go get the lisitngs. When you do, have as many open houses as possible, while introducing yourself to neighbors at the same time. If you become dependent on customers walking in, collecting customer data cards of what customers want to buy, and you soley depend on MLS, you in my opinion are wasting your time. To many years of MLS lsiting agents never return calls, make it difficult for you to get an appointment and how many times agents from other Real Estates tell you it's accepted offer, in contract,and on and on.
You may work for a good Broker, have a nice office, but seem to be unhappy. This is normal and for those of you who have been in the business for deacdes & should know immediately that it is not your office, or your broker, it is you. I am a hands on broker. I appraise, do open houses, meet and greet the owners so that they will surely tell their neighbors about me. You must do everything yourself, because it is not going to fall in your lap. Imagine how many owners and neighbors I meet each and every week since 1979. What better PR is that compared to brokers sitting in their office waiting for the agents to make them money. Some homeowners have never seen the brokers of four realtors in our own area. You have to be a walking advertisement, whether a Broker or Agent 24/7.
YOUR CHOICE. COMPLAIN ABOUT IT OR DO SOMETHING ABOUT IT.
I tell it like it is. Like it or not.
About three to four Realtors has this listing.
79 street, off Penelope Ave. by P.S. 49.
3 rooms+base.+yard. Rent $2,000 ?
Ok here we go............
Asside from a very small apartment, tiny basement-one small room,+washer/dryer-which is a plus, you do get a garage & yard. It is completely renovated to.
Problem is to try and get a normal Queen size bedroom in the only bedroom there is.
The apartment is almost ready with last minute painting to be done.
So far since last December 2013 the work has been ongoing on this apartment?
Eight to nine months of mortgage payments layed out.?
Rent price was $1800 originally, but now Landlord, new Owner was advised by her accountant to put it on the market at $2,000.00.
Of course the owner listened to her accountant.
This is a rare case, where someone from a totally different area buys a home for investment in another area. Secondly it is taking over nine months to remodel. Third and last, the owner does not ask the local Realtors which there are more than a half dozen in the neighborhood for free advice where to place the rent at, instead listens to her accountant who knows nothing about this Community, or about rental prices.
I saved the best for last. Owner/Landlord requests at least an 800 credit score to qualify for the apartment.
BELIEVE THIS OR NOT.
This is part of the Business that is more than unpleasant for all agents to have to go through.
SOME PEOPLE DO NOT BELONG INVESTING IN PROPERTIES AND BEING LANDLORDS.
CAN'T MAKE THIS STUFF UP!