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Market Conditions in 14204 : Real Estate Advice

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  • Home Buying1
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Activity 13
Tue Dec 6, 2011
First Last answered:
Here's the best advice there is: Find a good property manager first. You're going to need one anyway, unless you plan to move to Buffalo.

In New York State property managers have to have real estate license(s). So any PM can help you buy a property.

Look up property managers on the web and start calling, finding out how many properties they manage, and if they have any current clients who want/need to sell. You want a property manager that's more than a 1 person office, but I've had good luck with small offices (3-4 person operations). So ask for the names of the employees, the name of the bookkeeper.

Check references!!! For property managers call their clients who have had them at least 2-5 years. You must, must, must, check references. Also search the web for reviews. Avoid new PMs.

Then ask for a copy of the property management agreement, and read it carefully, and compare it with other agreements. There may be several tiers of service available, depending on how involved you want to be. Fees range from 7% (the lowest I know of) to 15%, and average around 10% of gross rents.

These agreements vary *hugely*. There is no such thing as a "standard property management agreement."

Somebody who wants to be your PM is not going to sell you a problem property unless they are stupid, and your reference check has already screened out those kind. Because the income stream over time is worth a lot more than the one time sales commission, and nobody wants to manage a headache.

If possible, once you've done all that, make a trip to Buffalo to meet with the PM. You can buy sight unseen and hire sight unseen, I've done it, but it's more fun and more effect long-term to get to know the people you're working with.

Do this right, do it yourself, and you'll be very pleased with how things go for you, I predict.

Karla Harby, VP
Charles Rutebenberg Realty
New York City
kharby@crrnyc.com
... more
0 votes 7 answers Share Flag
Thu Sep 16, 2010
Joe Sorrentino answered:
Nothing like Fla. We never had the spike so not seeing too much of the drop other than people that bought at inflated prices and have to sell now. A lot of refi's going on right now because of the low interest rates which mean that homes that should be going on the market are being refinanced and those sellers are not going on the market for the next couple of years. Call me if you would like to talk:
716-998-5637
Joe Sorrentino
Assoc. Broker
MJ Peterson Real Estate
... more
0 votes 3 answers Share Flag
Sat Apr 10, 2010
Anna M Brocco answered:
Since no local answers yet--Any local agent can help you--contact any realty office(s) and inquire or contact any local Trulia contributor(s) directly and ask--
0 votes 1 answer Share Flag
Tue Apr 6, 2010
Anna M Brocco answered:
The decision to buy or rent is one only you can make, unfortunately none of us knows for sure where the market will be tomorrow--consider--It’s all about costs and lifestyle. Costs—financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation. ... more
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Mon Jan 11, 2010
Michelle & Tom Stone answered:
Dear Moonlht40:

We can help you with that, please contact us at (716) 572-3485 and we can discuss the sale of your land further.

Thank you very much!

Sincerely,
MICHELLE & TOM STONE
"THE STONE TEAM"
Hunt Real Estate ERA
... more
0 votes 1 answer Share Flag
Mon Jul 13, 2009
Joe Sorrentino answered:
buffaloniagarahomes.com
or; mjpeterson.com

Joe Sorrentino
Associate Real Estate Broker
MJ Peterson Real Estate
0 votes 0 Answers Share Flag
Thu Oct 23, 2008
Michael Wichrowski answered:
A property's assessed value is determined by a public tax assessor for the purposes of taxation. It is good to know what percent of valuation your city or town uses to determine tax rate. You can find this out by looking at your tax bill or contacting your town or city assessors office. The New York State Office of Real Property Services has plenty of information on assessed value.

Market value, which is not the same as assessed value, is the agreed upon price between a fully informed, willing buyer and a fully informed, willing seller, neither party being under duress (such as divorce or relocation).

Differences between the two will vary as the market value shifts. If the market value for your area climbs on a steady basis your locality my reassess everyone (thereby increasing property tax revenue). If the market value declines steadily you may want to petition your assessor's office for a change in assessed value. Your property may also be reassessed if you do home improvements which require a permit.
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Sun Oct 19, 2008
Thomas McGiveron answered:
Pieter,

Welcome to America! What is your business?

Call me at 1800 541 7356, ext. 51 or just email me.

I will find you an excellent broker to work with. Why go there and meet with multiple brokers - blind as to their expertise. I'm not in Buffalo - but I know where to look to get you the best broker. ... more
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Sat Oct 18, 2008
Gail Gladstone answered:
Realtors, by law, cannot comment on neighborhoods or school districts. Feel free to go to www.GailGladstone.com and click on "community information."
0 votes 3 answers Share Flag
Thu Aug 28, 2008
Barbara Feuerstein answered:
Isabel, I think your question got lost by Trulia, and got into the Buffalo, NY area, not NYC. You did mean Harlem in New York City, didn't you?
I have 2 questions about your idea. First, if you rent a home, what will make it available to you for a month in the summer? Were you looking for a vacation rental situation that would rent by the month? Does anyone out there know if Harlem has this?
Second, how would you keep up the maintenance on the place when you are so far away?
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Thu Jul 17, 2008
Gail Gladstone answered:
Are you a Realtor? Call your MLS. LIBOR does it automatically when you file your photo on line with the Board
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Tue Apr 12, 2011
Henry Cunalata answered:
Do you mean NYC? If so please specify a town or zip code because the prices vary greatly. Better yet, how much do you want to spend monthly on housing?

Please contact me at henry@henrycunalata.com or please visit please my website ... more
0 votes 3 answers Share Flag
Tue Apr 12, 2011
Julie answered:
I don't think you are going to get an exact dollar amount answer with just a zip code. In the 14215 zip code rents can range from $700/month to practically unrentable. The neighborhood really varies from block to block. ... more
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