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General Area in 10007 : Real Estate Advice

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Activity 155
Sat Mar 1, 2008
Pierre Calzadilla answered:
I do not know if your citizenship affects your ability to buy insurance on a property you own here in the U.S. I am not familiar with this situation, in the sense that I never had to inquire for a client - my first instinct is to recommend you to your attorney for your purchase, the condo board, or just call state farm, or some other major insurance carrier and see what they say. Another thought, is to call your local Embassy office as they may have familiarity with this issue, or can offer assistance. ... more
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Sun Mar 6, 2011
Aileen-Manhattan-NYC answered:
Shelly,

New York City can be a great location for investment rental property. "Rentals in the city comprise close to 70% of NYC's housing stock." Even with the high percentage, rentals remain in demand. Only .8% (less than 1%) of the rental property is vacant. NYC has international and national status as the historical center of finance, home to the U.N., home to a plethora of universities, colleges, professional and graduate schools, and is world-renouned for its shopping, its theater and its landmarks. All of this makes it attractive to tourists, investers and renters.The average sales price for the 2Q was $1,333.316.00. If you are ready to purchase keep in mind the median sales price is $895,000, a 7.2% increase since the beginning of 2007. The rumor going around with my collegues is that it's only going to go higher because of the currently low inventory. There was only 5,237 units available in 2Q.

Let me know if you need help finding property. There are still deals to be made.
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Mon Feb 1, 2010
Ruthmarie Hicks answered:
In Westchester houses do exist in your price range, but in general, they are very small or they are in need of serious fixing. You might consider a condo or a coop to build some equity first. The further away from Manhattan you go, the less expensive it gets. Tarrytown, Ossining are possibilities - but the homes would be very very small. ... more
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Sun Mar 29, 2015
Greg Kiely answered:
Heather,

I am a native of Fairfield County, CT but I know many people who are from Bergen County, NJ and Westchester, Putnam and even Dutchess County, NY. Most people decide between CT/Westchester and NJ/Long Island by which train station they work closest to. People in Wall Street come into Penn Station and take New Jersey Transit or LIRR to get there. People who are commuting to Mid-Town come into Grand Central which is fed by Metro-North.

When my family decided to move (we lived in Darien and Trumbull) we moved way down the shoreline to Madison which still had a large population of NYC Commuters. As simple as it sounds, pick your train station and follow the lines out. Towns like Westport, Fairfield, Southport, CT are beautiful but you'll pay waterfront prices. Trumbull, Wilton, etc... are one layer in from the water and more reasonable. Westchester County is also very expensive, so maybe going to Putnam or Dutchess will make more value sense.

Of course, most communities in LI (Cold Spring Harbor, Garden City, etc..) are just as beautiful and accessible to the city. Same with Jersey and towns like Upper Saddle River and the surrounding towns.

You have so many options, and so many transportation choices. Most of these towns are all populated by NYC commuters and have very strong school systems, good safety records and all of the other desirable features buyers look for. At the end, take the location that will allow you the simplest access to and from work so you can spend as much time with your family as possible.
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Tue Sep 4, 2007
Terrabella Realty asked:
We have many homeowners from the NY area looking to buy in Aventura, Florida. What are some of the most important features the community has offered or needs to improve? We look forward...
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Tue Aug 28, 2007
Sylvia Barry, MAS,CIPS,SRES answered:
Our brokerage does not routinely consult with attorneys for our marketing and advertising. We do have our guideline and the understanding of ethics on what can and can not be advertised, both from our brokerage and from Realtor Associations such as NAR, CAR, and MAR (Marin).

If I have specific questions about certain marketing and advertising materials, I will first consult with my broker, then our attorney if needed

As a very reputable firm, they support me and they will not let me out in the cold if needed and that's why I choose to be associated with them..

We do have to pay for our E&O insurance, which covers a lot more. .

Sylvia
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Thu Aug 30, 2012
Deborah Madey answered:
This varies slightly according to geography. I am not in NY, so please factor a margin for that in this answer.

Square feet would include everything above grade, and not a basement or attic. It would include hallways and bathrooms on the main floor. An appraiser generally measures the exterior of the main floor of the house as his/her starting point in determining square footage.

In some MLSs, a bedroom in a finished basement may not be counted in the total bedroom count. In other MLSs. such could be counted. I have heard of areas where finished basements that had a full walk-out could be included in the square footage for MLS purposes.

In NJ, many of our listings are absent a square footage count, because many of our homes are older. If the square footage is available from the tax assessor, agents will input that number. Calculaitons can vary slightly and for that reason, many agents will not provide a total square footage, but provide each individual room measurement.

An attic which has been completely finished for living space with permits can be counted as living space and included in the total square footage.
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Wed Sep 26, 2007
Deborah Madey answered:
I thought someone from NY would have answered this by now about NYC. I will leave the NYC tips to them.

Just outside of NYC, consider Hoboken or Jersey City. Path trains and ferry service make it an ideal location for communting to the city, yet the communities can be exciting themselves. If you want to venture further from NYC (1hr) Red Bank, NJ was voted the "hippest town in NJ" and is a regional center for peforming arts, antiques, cafes and shopping. It is situated at the end of the Navesink River, and there are high rise coops and conds within a short distance of the train station. Great place to visit for the weekend also.

Deborah Madey - Broker
Peninsula Realty Group, Inc.
New Jersey
(732) 530-7755
Deborah@PeninsulaFirst.com
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Thu Oct 15, 2009
Victoria Lorusso answered:
Activerain is a terrific resource and it's free. It generates traffic to my web site both from fellow agents and the general public. If you go to my web site, on the left side you'll see a link to the site. Enjoy! ... more
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Sun Aug 5, 2007
Deborah Madey answered:
You can consider Connecticut, Long Island, Staten Island, Westchester County, Northern NJ, or Central NJ. Our brokerage firm covers northern NJ and central NJ. I am now a resident of Monmouth County, and could live anywhere. Prior to living here, I lived briefly in Connecticut, spent many years in Southern CA, and have my roots in the midwest. I will share with you a bit about Monmouth and I am sure you will hear from others about other communities.

Monmouth County, New Jersey is where the Jersey Shore begins, consists of 53 towns and boasts miles and miles of beaches, boardwalks and shorelines. The expansive parks and recreation system provide countless opportunities for all ages and all interests. Monmouth County is home to many horse farms dotting the picturesque landscape. Red Bank is a town of 12,000 that sits at the head of the Navesink River and serves as a regional “downtown” center with shopping, theaters, coffee houses, and restaurants. The waterfront park is home to several events including the Jazz Festival, Movies in the Park, and a spectacular 4th of July Fireworks show. Throughout the county, you can take your pick among the many shopping centers, malls, and the like. You will find a vast range of housing choices and pricing. A link below will help your with housing information.

We have many residents who have moved here from Northern NJ, NYC and Westchester County. Where in NYC your husband will influence your choices for where you want to live. Ferry transit time is 40 minutes to downtown NYC and 55 minutes to midtown. Commuting to the city by train or car will at the one hour mark and exact time will vary by time of day. Transportation links found at the end of this post.

We have a relo package that we can snail mail to you if you think you would like to learn more. Simply call or email us with your mailing address.

Deborah Madey - Broker
Peninsula Realty Group, Inc.
New Jersey
(800) 973-5855 (732) 530-7755
Deborah@PeninsulaFirst.com
Relo@PeninsulaFirst.com

About Monmouth County:
http://www.co.monmouth.nj.us/index.asp

Profiles of Towns by Town Names:
http://www.momls.com/communities.shtml

Housing: The link will take you to a page letting you search Northern NJ, Middlesex County, as well as Monmouth County.
http://peninsulafirst.idxre.com/idx/search.cfm?cid=3705&bid=59&menuItem=AddAdvSearchProfile

Ferry info:
http://www.seastreak.com/SeaStreak/default.htm

Alternate ferry info - (Belford, NJ to NY)
http://www.nywaterway.com/ferry/

Transportation schedules from anywhere in NJ to NYC via train or bus:
http
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Tue Mar 27, 2012
Bill Carroll answered:
Geographically, The Hamptons are considered the southern edge of the South Fork of Long Island running as far west as Remsenburg all the way east to East Hampton. The "easy commute" Hamptons would usually be considered Remsenburg, Westhampton, Westhampton Beach, Quiogue, Quogue,East Quogue and Hampton Bays.Moving East from Hampton Bays, There are only two arteries of traffic and they have been known to clog quite severely in the summer months.
Although Quogue and East Quogue border each other, there is a marked difference in property values between the two. Living accomodations, tax base, house age/size,rental income dollars, and appreciation rate are all considerations.In fact, all the vilages and towns I mentioned will vary to some degree. They all, however enjoy the same stretch of beautiful Dune Rd. ocean beaches. The public beaches here can only be described as superb.
When buying a home that may in the future be used as a rental property, the things to be considered are proximity to the beaches, number of bedrooms and baths, inground pool, and tennis court to mention a few.
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Sun Aug 5, 2007
Pierre Calzadilla answered:
Ooph, no Riverdale is by no means the Upper West Side - other than it literally being "UP" the "west side" it is NOT the upper west side. The upper West Side is to the West of Central Park, up to Washington Heights. Riverdale is WELL north of this area. ... more
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Tue Sep 11, 2007
Irene Robertson answered:
Try these sites:
http://www.retail-officespace.com/
http://www.jfwrealty.com/
http://www.nyc-officespace-leader.com/
http://manhattanoffices.reachlocal.net/
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Sun Aug 5, 2007
Mitchell Hall answered:
The city has different programs for low income and middle income housing. There is the Mitchell Lama program which offers limited equity ownership and also subsidized rentals. Contact HPD, NYC Housing preservation and development. Usually there are lotteries and waiting lists up to 10 years. ... more
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Fri Nov 11, 2011
Pierre Calzadilla answered:
OOOh fun question: Here is my take on it. First off I am licensed in NY as a real estate agent - I am born and bred in a Manhattan co-op, and am still a life long NYC resident. That being said, the hottest seller continues to be 1BR and Studio Apts, they never stay on the shelves long. For many reasons, 1 - cheapest entry into Manhattan, 2 - easy to rent, 3- many young people are not married and do not foresee kids asap, so it is a perfect buy. NYC is a very popular destination for people coming to "live in the city" from all over the world. This lends itself to a constant demand for affordable property, and the stuido/1BR fits the bill.

Your question has some other facets which complicate the issue. I would say condos and lofts are more popular than coops, but the sheer volume of coops lends to more sales of coops. The consumer prefers condos due to their less restrictive ownership rules, although that also seems to be changing.

Buyers are coming from everywhere, we are more than a U.S. destination, we are a world destination. So eastern europeans are the fastest group coming into the city in general, and for the outer boroughs as well. The caribbean community continues to flourish as every other community does too. It's not like we are Phoenix - who goes there? i dunno... NYC attracts from all over the U.S.

Buyers do expect higher grade in new construction. Granite, Vikings, built in appliances, Sub-Zero, etc are expected in any new unit as are hardwood floors. Again, NYC is not a "new" city - many of our buildings were built long ago, so renovations are frequent. Brownstones are better if they are original, but that also depends on the buyer. Hope this helps.
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Thu Jul 25, 2013
Mitchell Hall answered:
The name is an abbreviation of triangle below canal. Tribeca, Manhattan's downtown neighborhood runs from Canal Street south to Park Place, and from the Hudson River east to Broadway. Tribeca's charming cobblestone streets are lined with spacious residential loft buildings that were converted from industrial warehouses. Click the link below for Tribeca neighborhood report. ... more
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Mon Aug 27, 2012
Mitchell Hall answered:
Brownstones were built in the late 1800s and early 1900s as single-family homes made of brownstone. Brownstones have "charm", high ceilings, architectural details, and often wood-burning fireplaces. ... more
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Tue Aug 17, 2010
Susan Milner answered:
Fri Nov 11, 2011
Mitchell Hall answered:
Morningside Heights is the academic quarter of Manhattan. It overlooks the Hudson River on one side and Harlem on the other. Morningside Heights is currently home to about 35,000 people, and over the years has housed a long list of famous individuals, intellectuals, students, charming bookstores, cafes and bars as well as world-renowned institutions, including: Columbia University, Barnard College, Manhattan School of Music, Cathedral of Saint John the Divine and Grant's Tomb ... more
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Thu May 17, 2007
Mitchell Hall answered:
New Yorkers love the grit-and-glamour of the Meatpacking district. Located in the far West Village right below West Chelsea and at the southern end of the new High Line park.
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