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Home Selling in 10038 : Real Estate Advice

  • All19
  • Local Info1
  • Home Buying8
  • Home Selling4
  • Market Conditions0

Activity 4
Wed Jun 1, 2016
Ab4 asked:
Hi, your last update on my property, which is listed for sale, shows incorrect open house hours. According to your listing it will show from 12 to 12.... Please correct the message you are…
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Sun Sep 21, 2014
Yasua Hirose answered:
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Wed May 4, 2011
Michael Charles answered:
because you don't want to be caught in a situation where the buyers is offering a lower price which he/she will always do when they speak directly with the home owner because they assume you desperately need the money and have no choice but to take it or leave it. Having a broker insures that the price you set for sale will be stressed firmly to all buyers who usually respect and don't go against until an offer has been made and closing begins . Its the same reason why people like having a lawyer or a secretary of state to the president. It is always better to have someone carry out your agenda of what price you want and the credential needed to acquire before a purchase can be made because they cant go against it until they finally meet you, the owner and those who qualify gains access to sit down and do business with you which you'll be happy to deal with than having to do it your self and have people make offers you really don't want to have to accept which could delay the process for months or even years that you'll eventually have to settle with less which can become frustrating. Then your calling us to sell your property at last minute expecting a fast miracle after having it visible on the market so long which makes it more hard to sell because many now know of this property before hand and will be blunt with us about there past experiences dealing with you and what they will only offer, which is never the price you want again. ... more
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Wed Feb 9, 2011
Jeff Brenner, MBA answered:
Hi Notsosure,

I remember you were interested in buying a condo in the civic center area on Manhattan. I hate to be the one to make you painfully aware of just how expensive Manhattan is, but there really is no such thing as a 2 bedroom condo in downtown Manhattan for $525,000. $525K is a healthy price for a single-room studio. Even a one-bedroom condo is going to set you back about $850K.

Our 4th Quarter Sales Market report breaks this pricing down by neighborhood, size, etc. and should be very informative:

http://www.citi-habitats.com/media/pdf/SMR_Q4-10_resale2.pdf

Bottom line, you should estimate approximately $1100 - $1200 per sq. ft. for a condominium downtown.

On the flip side, rents are very high in Manhattan too and with vacancy rates hovering at the 1% point, it's one of the easiest places on earth to get and keep a tenant. Here are the average rents in Manhattan aggregated as of January 2011:

http://www.citi-habitats.com/media/pdf/RMA_1-11.pdf

So you can see an average studio in Tribeca / Soho rents for $2289, and the average studio in the Lower East Side rents for $1883 per month.

In either case, the critical factor will be your mortgage and mortgage interest because foreign buyers can face substantially higher financing costs than domestic buyers. Feel free to contact me ( jbrenner@citi-habitats.com) for a referral to a mortgage broker who specializes in finding the best financing arrangements for foreign buyers.

One of my clients is actually from Australia, and she purchased a one bedroom condo in midtown. I also helped her find a well-qualified tenant who is now happily renting the unit from her. This buyer chose to make an all-cash payment which has allowed her to achieve an immediate positive cash flow.

Best regards,
Jeff Brenner, MBA
Senior Associate - CitiHabitats | CitiSales
Apartments | Townhouses | Multifamily
Rentals, Sales and Investments
By Referral Only
"Platinum Production Award - 2009" | "Top Rental Production"
"Top Overall Production (Sales + Rentals) Award - 2008"
Mobile 646-496-5333
jbrenner@citi-habitats.com
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