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10016 : Real Estate Advice

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  • Local Info0
  • Home Buying10
  • Home Selling8
  • Market Conditions1

Activity 28
Thu Jun 15, 2017
Jack Ramone answered:
Hey Scott, totally get where you're coming from. You're doing a lot more than most people. It's probably a good idea to do a little bit of research before just putting your home out there!

Definitely have heard of Hauseit (tough not to as they're all over the web). If you just Google you can find their reviews:

https://www.trustpilot.com/review/www.hauseit.com

https://www.trulia.com/voices/Home_Selling/Has_anyone_used_Hauseit_to_sell_their_home_in_NYC_-867877

https://www.facebook.com/pg/Hauseit/reviews/

http://answers.angieslist.com/Any-Hauseit-reviews-NYC-home-sellers-q240848.aspx

This one I think may be actually by them: http://hauseitreviews.com/

This is a lively forum: http://streeteasy.com/talk/discussion/41463-hauseit-reviews-for-nyc

One thing I like about their approach which seems to be working very well is that they're not openly attacking other brokers. It seems like their partner brokers are real brokers who are agreeing to secretly do these reduced rate listings to add to their business. Very interesting... let me know what you think
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Tue Jun 13, 2017
Kathy Burgreen answered:
Sorry for the stupid answers from out of state realtors who don't know anything about New York City real estate and certainly don't sell homes worth $10 million. I'm a retired realtor in Westchester (NYC suburb) and life long resident of NYC and Long Island / Westchester. My reply - which is the correct one is as follows:

Yes you do need to be listed on the regular websites (Zillow, Trulia) AND the one that is exclusive to NYC - StreetEasy. StreetEasy is owned by Zillow now. However, you need to learn that regular websites like Zillow and Trulia cater to the average home buyer and seller. Meaning most buyers of luxury high end homes do NOT use Zillow or Trulia. They may or may not use Street Easy though.

Realtors marketing the luxury co-ops, condos and townhomes in NYC will use specialty marketing. Examples: golf courses, spas, corporate jets / airlines, private / less well known airstrips, private and boarding schools, the Theater District in Manhattan, Wall St., modeling agencies, the box seats at Citi Field and Yankee Stadium, the box seats at Madison Sq. Garden, art galleries, Tiffany's, Bloomingdale's, high end hair salons, private gym clubs, etc. AND of course - global marketing. Realtors connect with buyers in China, the Middle East, Japan, etc. Using all of these methods will generate buyers who are financially qualified to buy your home. This is far more effective than listing a For Sale by Owner ad in Zillow. You need to attract buyers with this kind of money and the only way to do that is have some brochures or glossy print ads where these buyers hang out.

My apologies for not replying earlier. I was having construction repair done and had to disconnect my computer, WiFi, etc. Anyway, one thing you need to know is NYC realtors who work with high end properties may make your life difficult selling by owner. It may not happen but I suspect they will steer their buyer clients to properties listed in the REBNY system and give their clients one excuse after another not to show your home for sale. Sorry but NYC realtors are ruthless, shrewd, brazen, etc. I've dealt with them so I know.

The other issue is commission fees are SUPPOSED to be negotiable as mentioned by a previous reply BUT in NYC especially with high end homes, that theory goes out the window. Realtors will be quick to point out that their specialty marketing costs $$$$. Before you list your home for sale, make sure you are priced to sell. If you own a co-op or condo, speak to the Board of Directors or HOA and ask them if they know what similar apartments like yours have sold for within the past few months. Remember, in a co-op, the Board has to approve buyers and they do see the contracts. If you can't get any answers, next best thing is to invite several realtors and ask them to price your home. DO NOT SIGN ANYTHING. Make up any story you want but your goal is for them to leave your house empty handed. See if you can get realistic pricing. Whatever you do, resist the extreme pressure to sign a listing agreement.
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Fri Feb 24, 2017
Graham Maitland asked:
Tue Jul 12, 2016
Kathy Burgreen answered:
Be very careful with this. Yes, you can buy a 2nd co-op apartment in the same building where you live. Beware you will face several issues:

1. Ask the members of the co-op Board if this is permitted. I don't know the House Rules for your co-op and you need to verify if this is permitted under the By-Laws. Also verify this with the co-op building attorney. Property Management does not need to get involved. Only the attorney.

2. Will the 2nd apartment (the one you plan to live in) be paid for in cash or will you need financing? If paying in cash - no problem. However, if you need a mortgage loan, beware that lenders will not have you own 2 apartments as primary residences. They may consider the 2nd apartment as an investment and charge you a higher interest rate + a higher down payment because it's not a primary residence.

Good Luck
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Fri Jun 10, 2016
Jennifer asked:
The sponsor selling the co-op apartment already owns 49% of the apartments in that building so I am having trouble finding a bank that will finance it. Can anyone give me advice on what…
0 votes 0 Answers Share Flag
Mon Dec 21, 2015
Scott Godzyk answered:
Trulia does not allow for sale by owner ads, only licensed agents can post homes for sale on Trulia
0 votes 12 answers Share Flag
Tue May 19, 2015
Leonard Cukaj answered:
Hello Hashem,
If you are looking to move in June, you need to start looking at apartments right now because it will take a few days for the application to go through and by the time you are done with looking at apartments and applying it will be June already!! ... more
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Thu Feb 26, 2015
Steve Riddle answered:
Hi Olga,.
the short answer is yes. But to You may contact me by clicking on my picture, Ill try to answer your questions in a more private fashion. There are many programs available
0 votes 5 answers Share Flag
Thu Feb 5, 2015
Vishal Singh answered:
Wed Jan 28, 2015
Vishal Singh answered:
You can call me 516-721-7249 based on your feed back I can tailor an apartment for you.
Best
Vishal
0 votes 12 answers Share Flag
Fri Oct 11, 2013
Karyn Hudgens-Gorman answered:
Hi Michellercr3- I see that you have been trying to sell your apartment for over a year. Did you know you would get more buyers interested if you had it with a realtor. Realtors are trained in just that....getting your property SOLD! They have a network they work with to find the right buyer for your apartment. I understand that you are trying to save money by NOT paying a commission, but, you obviously are having trouble selling and in the end have now paid mortgage payments, taxes and utilities for a whole year.
NAR has done a study showing how using a realtor can actually save you money in the long run by getting your property sold rather than sitting on the market for a year.
Do yourself a favor and list with a realtor. If you would like the name of someone in NYC that will get it done, give me a call 845-591-4724
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0 votes 16 answers Share Flag
Thu Oct 10, 2013
Ivan Cardona answered:
I don't understand what your actually asking? I deal with rental customers 90% of the time. Feel free to call me or email me at ivan@manhattanrentalapartments.com. I would love to know more about your rental needs. So ask away by contacting me. ... more
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Sun Feb 17, 2013
Andres Soto answered:
That depends on your market. Trulia is awful for Manhattan listings (StreetEasy & NYTimes are the best and highly used by buyers) but Trulia is helpful for those looking in Queens and certain parts of Brooklyn. ... more
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Sun Feb 17, 2013
Andres Soto answered:
I have a studio in Murray Hill which needs some work and is listed at $295,000. We currently have two offers on it. That will give you a rough bottom number. Feel free to contact me at 718-685-9617 or asoto@corcoran.com if you'd like to know what's been selling in your building. ... more
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Sat Dec 1, 2012
Jerry Feeney, Esq. answered:
Unlikely. By the "grace period," I assume you mean the period beyond the "on or about" closing date typically used in NYC real estate contracts. But unless your lawyer has effectively issued a "demand to close" setting "time of the essence," then the clock is likely not running. Moreover, the loss of lease will not prevent the transfer agent from issuing a new one. Typically transfer agents simply require the bank to sign an affidavit that they made a good faith effort to find it, but it was lost. There is a fee, but the transfer agent will then "replace" the lost lease, so it can be surrendered and a new one issued. ... more
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Tue Jan 31, 2012
answered:
There is one bank in the TriState area which will finance an investment cooperative that I am aware of. The rates are not market rates. You would be looking at paying at least a point higher for a 30 Year Fixed Rate. The first thing I would check on is whether the Cooperative will allow you to refinance a non-owner occupied tenant under the by-laws of the corporation which owns the cooperative. I have to assume right now you do not have a mortgage or do you? Call me anytime to discuss in private. Peter Brown 914-202-4861 ... more
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Thu Jul 28, 2011
Sdtrendy answered:
Thu Jul 28, 2011
none answered:
Thanks for your helpful advice, Joyce. I had not even thought about possible difficulty with reselling an income restricted apt. Luckily they seem to have raised the income caps. As I am now offering on another apt. with similar restrictions, your advice is even more timely. ... more
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Fri Jun 17, 2011
Mukul Lalchandani answered:
Although listing agents and owners would prefer not to get another buyer's agent involved, in the end it is about the commissions payable. However Agency Law in New York allows for you to have a buyers broker represent you at anytime of the process. I recommend two things: 1, Speak to a buyer's broker that has experience and isn't intimidated to get acknowledgement of representation and/or 2, Speak to the attorney that will be assisting you with the closing to explain to you your rights regarding agency law and representation.

Good Luck!
Mukul Lalchandani
Platinum Properties
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