Category Archives: Manhattan Real Estate

NYC real estate – Busy Doctor Office For Sale – Buy property & get FREE business

Professional building – medical / dental use. Currently configured as 3 exam

109 Lafayette St. #804-805

109 Lafayette St. #804-805

rooms, a large waiting room, a reception area, and 2 Offices. This office can be a terrific office for any doctor, dentist, or other professional in the wellness field. The office faces south and west, overlooking city view. Conveniently located corner of Lafayette St and Canal St, the location is terrific – easily accessible close to many types of transportation.

It is a Condo Apartment , monthly maintenance/cc is $455  plus $632 monthly tax. The square feet is 1,000 (approx).  Please contact Shirley at

109 Lafayette St. #804-805 Lobby

109 Lafayette St. #804-805 Lobby

schow@elliman.com , 516-639-6807 or Diana at Diana.wu@elliman.com  516-320-0231.

Manhattan Real Estate – Do you make a Right Offer?

How Do You Know You Made the Right Offer for a home?

The rules of the game here in Manhattan are very different from any other place. Therefore, doing your homework OR finding the right broker for you are very important. Our job is to help you determine what kinds of apartments and neighborhoods are suitable for you, and to guide you in regards to the property price, in order to select the best match for your real estate needs and budget.

When there is a “perfect” home comes on the market.  One of those homes that is difficult to comp.  It seems to be a little overpriced, but not grossly so. What will you do next?

  1. You can wait awhile, see it sit on the market, and watch the price drop
  2. You can make a low offer and waiting for either counter offer or rejected.
  3. Or you can overpay for the house.

Otherwise, If you are not sure that you are making the right offer for your next home in Manhattan, please hire a real estate broker who not only can help you to find perfect home for you but also help you buy it at perfect price and help you go thought all the closing process without any headache.  We are the real estate broker who studies home and price every day; we will assist you to make right decision.

There is a tip for you is, if it is a very unique home that you love so much, you may consider making full price offer right away instead later on if there is another buyer step in, then that would be either you have to pay more for the unit or become backup position.

Since in Manhattan the buyers don’t have to pay commission to your broker, why don’t you heir the broker to help you not only save your money but also hassle Free.

I have the privilege work with The Voda Group at Prudential Douglas Elliman. The Voda Group has been the top, award winning sales team at Prudential Douglas Elliman since 2003. We pride ourselves as specialists in Manhattan real estate sales.  We are confident that the value of service and skill we deliver is unparalleled. You can also view my profile, other properties and contract signed at http://www.elliman.com/real-estate-agent/diana-wu/4623.

 

 

NYC Real Estate – What is Pied-à-terre

Pied-à-terre is French for ‘foot of the ground ‘. It is a residence that you only use occasionally. It is usually an apartment located in a large city such as Manhattan some distance away from an individual’s primary residence. Generally the term pied-à-terre is understood to mean that the unit will not be your primary residence. You only live there part time of the year.

Some of the co-ops don’t like pied-à-terre residents live in the building. They are fear by neighbors that apartment become an inn for primary owner’s friends and family. Especial college age children of the owners may move in because of nearby University or college. Some co-ops, they don’t want to be considered a dormitory. Some co-ops may require primary owners to live in their apartment for at least a year or two before renting it.

Each co-op may have somewhat different rules. Generally co-op isn’t an investment property in that you’ll be renting it out. Some co-op may just be used by you & extended family for business & visits to the city. Usually co-op doesn’t want an empty building with units only used a few weeks every few months.

If a building does not allow pied-à-terre, ask your agent to inquire and provide you with a precise definition of what the particular building means by that rule since it is a subjective term that readily can be interpreted differently from one building to the next.

Condos have generally been the pied-à-terre locales of choice. Once you own a condo, after all, you essentially own a house that neighbors can’t meddle with as is often the case in co-ops.

Real Estate – DOWN MARKET TIPS – Cleaning the Slate

By Kenneth B. Schwartz – ATTORNEY ADVERTISEMENT

Deficiencies are a big thing these days with values on a steady decline and mortgages staying put or even going up by leaps and bounds, especially when a borrower defaults and interest piles on, together with taxes, late charges and whatever. So … how can you figure the bottom line, that outer most number when all’s said and done? And what might it take to make a deficiency go away,  never to return? Here we go.

To Figure the Deficiency

Like foreign or domestic beers, don’t think you can mouth “deficiency”, swoosh it around and always arrive at one set formula for every single case. It doesn’t work that way.

If we’re talking a foreclosure sale with one mortgage only, then just take what’s due including principal, interest, late fees and whatever – back out property value and there you have it. Lots of issues for everyone to argue about, but the raw math isn’t complicated. Say it’s a subordinate mortgage that gets nothing at the sale – then arithmetic wise it gets even easier, all balances remain and that becomes the deficiency.

On short sales, “deficiency” will mean the amount being due after all’s said and done and your deal closes. On a first mortgage, it’s usually a small portion of the overall balance. As to second mortgages and subordinate liens like IRS or NYS, normally it amounts to a much greater percent.

How Deficiencies Arise

Deficiencies can come about in three ways:

1. Foreclosure – Property goes to foreclosure sale and lender goes back to court within 90 days to say the property wasn’t enough to cover what’s due, so give me a money judgment to cover the balance. Court hears evidence and decides. Ouch. But hey, if 90 days pass and lender lets it go, then you’re off the hook.

2. By Consent – Short sale takes place and lender delivers a release of lien, not a release of liability. Lender then has the option to either seek collection on the unpaid balance – the deficiency – or to walk and do nothing. Lender will have six years to make up its mind. Sometimes its possible to settle with a lender prior to closing on a short sale and to agree upon the terms of repayment, however this would most often happen on subordinate mortgages only, rather than on first mortgages.

3. Lawsuit for Money Judgment – Lender pursues collection under the promissory note by suing for a money judgment – rather than bringing a foreclosure. This might happen most commonly on a second mortgage when the property’s under water and little, if anything would remain after the first mortgage gets paid.

Curing a Deficiency

Fear no deficiency. They are very much curable if you follow our six point plan:

1. Short Sale – Get a short sale done and your deficiency will likely disappear. Your final result will depend upon several things like the sales price, BPO, HAFA approvals and your specific lender.

2. Standing and Other Defenses – Your lender may lack the legal ammo that’s necessary to proceed against you in court.  Will they admit it? Of course not. Though defenses may come in a variety of forms, “standing” has played a huge role over the last few years as lenders scramble for just the right papers to show they own the mortgage which they seek to enforce. If they come up dry – give them a kiss on both cheeks and say goodbye.

3. Compromise – Faced with a deficiency, you can always give in and settle – often for a fraction of what’s due with little or no interest.

4. The Ninety Day Wait – Lenders have 90 days after the foreclosure sale to seek a deficiency judgment. Beyond that – no deficiency, ever. So … should you hold your breadth and count the minutes? Play it safe and settle? Hmm … no rash moves.

5. Chapter 7 Bankruptcy – A complete liquidation in bankruptcy can wipe out all personal obligations, including a deficiency.

6. Bankruptcy Cramdown – A special procedure in a business reorganization to cut the mortgage in two, one being a mortgage for the property’s value and the other an unsecured debt for any excess – the deficiency. The unsecured portion will then get settled along with other unsecured creditors for cents on the dollars.

Income Taxes

From Forgiveness of Deficiency

No income tax if all your liabilities are greater than everything you own – value wise. And if it’s your principal residence and you fit the mold – no reporting to IRS. So, yipee and hip, hip hooray.

Signing off till next time. And here’s to your next closing.

To contact Kenneth B. Schwartz (Law Offices of Kenneth B. Schwartz) regards any Specializing in Real Estate at SchwartzEsq@aol.com or calls him at 516-333-7020. Don’t miss out there is a FREE seminars. Contact them to find out more info.

 

 

Real Estate – Announcement from Advertise Investment Real Estate!

Its time for you to use a real estate website that lets you market all types of real estate for free! Commercial and residential properties for sale, commercial properties for lease, all free of charge. Postyourpropertieshere.com has the easiest, fastest real estate listing feature online, allowing you to list your real estate for sale in seconds! By Amy Woods

NYC Real Estate – What you can get $1,249,000 – Upper West Side

Here is a rare opportunity to own a pre-war 2 bedroom, 2 bathroom home in

111 W 94th St #4C

111 W 94th St #4C

the heart of the Upper West Side. Every inch of this sunny apartment has been tastefully renovated. An elegant entrance gallery leads to a bright living space with separate dining area and two generously sized master suites creating a style of living enjoyed by very few city residents. The sweeping ceilings in this distinct pre-war residence, make the large rooms feel even larger. Characterized by pre-war details, this home abounds in such delightful elements as beautifully restored doors and detailed hardwood floors, baseboard and ceiling moldings. The windowed exquisitely renovated kitchen is a gourmet chef’s dream with custom Poggenpohl cabinetry, marble countertops and state of the art appliances including wine refrigerator. The kitchen is open to a beautiful dining area ideal for family gatherings and entertainment.Other highlights include renovated windowed bathrooms, abundant light from bright North, South and West exposures, built in speakers, closets galore and a pin-drop quiet interior. High efficiency Bosch washer/dryer and electrical upgrades complete the picture. A low maintenance is an added plus!
This wonderful art deco, elevator coop is located on a quiet tree lined block steps from Central Park, Whole Foods Market, transportation, shopping and dining.

The Co-op Apartment minimum down is 20%, monthly maintenance/cc is only $1,280 (including tax). Tax deductible is 57%. It is 2 Bed and 2 Bath at price of $1,249,000. PressThis to read Manhattan Real Estate Glossary. For more detail, please contact me at diana.wu@elliman.com or 516-320-0231 (Diana), I will email you more info. 

NYC real estate – Pros and Cons of FHA Loans

What is FHA loan? The definition from Wikipedia is “A FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower’s behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well. The program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance. Some FHA programs were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by borrowers. Over time, private mortgage insurance (PMI) companies came into play, and now FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI. The program has since this time been modified to accommodate the heightened recession”.

The disadvantage to use FHA loan is:  An FHA loan may not offer enough money if you need a large mortgage. In addition, the upfront mortgage insurance premium (and ongoing premiums) can cost more than private mortgage insurance. Especial in Manhattan most properties are apartments. Not all the buildings got approval for using FHA loan. Therefore use the local mortgage broker to get better loan for you.

Some Progressive Marketing Techniques You Can Use To Get More Exposure

Dear For Sale By Owner,

I’ve noticed that you’ve been trying to sell your property NYC.  Here Are Some Progressive Marketing Techniques You Can Use To Get More Exposure For Your Property:

  • Create a single property website using a service like Realbird.Com, that allows for you to syndicate your property to 20+ search portals. This great service also integrates with a stats tracking service that gives you the ability to watch visitors to your listing page in real time, giving you valuable insight into how interested internet based buyers are in your property.
  • Create a video of your property and post it to Youtube. Did you know that Youtube is the second largest search engine in the the US? Yep, getting your property onto youtube and properly title could go a long way toward getting you organic search exposure. And you don’t even need a video camera to create the video! You can use a free service like Animoto to create a video photo slideshow… or a free service like Screenr.Com to give a photo tour of your property as you talk about its better features…
  • Post Your Property To Craigslist, but do it right! Sure, we know you’ve probably been using craigslist already, but have you been Titling your Craiglist posts so they stand out? Or in such a way that you can benefit from the organic search juice craigslist is capable of getting you… Have you been making it possible for visitors to your listing on craigslist to join a list to be notified about upcoming open houses at the property? Why not capture your prospective buyer and engage him/her with some modern follow up!
  • Run A Locally Targeted Facebook Ad For Your Property. In no time, you can have an ad for your property live and viewable to thousands of Facebook users in your area! You’ve seen those ads on the right side of facebook right? Your property can be there in 15 minutes!
  • Run a Google Adwords Campaign For Your Property. You can position your property so it shows up at the top of the page anytime someone uses google to search properties in your area. (For some strange reason, most agents still don’t do this for their individual property listings, so you shouldn’t have too much price competition. )
  • Create A Blog or Facebook Page For Your Property… Get people to subscribe or become a fan in order to learn about how the sale is going! Here’s a link to a service that creates great looking Facebook Pages built for Lead Capture.
  • Find some local blogs in your area. Comment on them, be sure to use the Website for your single property page so when folks see your comments and want to know more about you… they see your property! You can also approach local bloggers and offer them advertising $$$ in return for a banner ad on their site. Many bloggers we know would be thrilled to pick up $20-$50 in return for plugging your property to their readership! You can also try a service like BlogAds.Com to execute this step.
  • Create a Twitter account for your Property! Then use a great service like Tweetspinner.Com to make your property automatically “follow” other twitterers in your area! Yeah, for real… you can do this!
  • Google – “Real Estate In” Your Area. Then go to every agent’s website you find and “Friend” him/her. Moving forward, be sure to drop a line or 2 about your property to your Facebook profile on a daily basis. Sure, agents will see your property and approach you for your listing… But the best among them will keep your property in the back of their mind in order to do the best possible job for their buyer clients.
  • Create A Mobile Website For Your Property, That Is Accessible Via Text Code. Then email a bunch of renters around town with a quick postcard that offers pictures of your great property via a Text Response… Or you can do something funny like this – “TEXT 4528 To 411669 To See What Your Landlord Is Doing With Your Rent Money Right Now.” When folks enter the text code, you can receive a phone number in Real Time! Then all you have to do is invite your prospects to take a look at your property…
  • And finally, if you exhausted the options above, and your property still isn’t sold, send me a email at diana.wu@elliman.com,  so we can talk about the nifty stuff I haven’t shared with your here!  Dear For Sale By Owner,I’ve noticed that you’ve been trying to sell your property NYC.  Here Are Some Progressive Marketing Techniques You Can Use To Get More Exposure For Your Property:
    • Create a single property website using a service like Realbird.Com, that allows for you to syndicate your property to 20+ search portals. This great service also integrates with a stats tracking service that gives you the ability to watch visitors to your listing page in real time, giving you valuable insight into how interested internet based buyers are in your property.
    • Create a video of your property and post it to Youtube. Did you know that Youtube is the second largest search engine in the the US? Yep, getting your property onto youtube and properly title could go a long way toward getting you organic search exposure. And you don’t even need a video camera to create the video! You can use a free service like Animoto to create a video photo slideshow… or a free service like Screenr.Com to give a photo tour of your property as you talk about its better features…
    • Post Your Property To Craigslist, but do it right! Sure, we know you’ve probably been using craigslist already, but have you been Titling your Craiglist posts so they stand out? Or in such a way that you can benefit from the organic search juice craigslist is capable of getting you… Have you been making it possible for visitors to your listing on craigslist to join a list to be notified about upcoming open houses at the property? Why not capture your prospective buyer and engage him/her with some modern follow up!
    • Run A Locally Targeted Facebook Ad For Your Property. In no time, you can have an ad for your property live and viewable to thousands of Facebook users in your area! You’ve seen those ads on the right side of facebook right? Your property can be there in 15 minutes!
    • Run a Google Adwords Campaign For Your Property. You can position your property so it shows up at the top of the page anytime someone uses google to search properties in your area. (For some strange reason, most agents still don’t do this for their individual property listings, so you shouldn’t have too much price competition. )
    • Create A Blog or Facebook Page For Your Property… Get people to subscribe or become a fan in order to learn about how the sale is going! Here’s a link to a service that creates great looking Facebook Pages built for Lead Capture.
    • Find some local blogs in your area. Comment on them, be sure to use the Website for your single property page so when folks see your comments and want to know more about you… they see your property! You can also approach local bloggers and offer them advertising $$$ in return for a banner ad on their site. Many bloggers we know would be thrilled to pick up $20-$50 in return for plugging your property to their readership! You can also try a service like BlogAds.Com to execute this step.
    • Create a Twitter account for your Property! Then use a great service like Tweetspinner.Com to make your property automatically “follow” other twitterers in your area! Yeah, for real… you can do this!
    • Google – “Real Estate In” Your Area. Then go to every agent’s website you find and “Friend” him/her. Moving forward, be sure to drop a line or 2 about your property to your Facebook profile on a daily basis. Sure, agents will see your property and approach you for your listing… But the best among them will keep your property in the back of their mind in order to do the best possible job for their buyer clients.
    • Create A Mobile Website For Your Property, That Is Accessible Via Text Code. Then email a bunch of renters around town with a quick postcard that offers pictures of your great property via a Text Response… Or you can do something funny like this – “TEXT 4528 To 411669 To See What Your Landlord Is Doing With Your Rent Money Right Now.” When folks enter the text code, you can receive a phone number in Real Time! Then all you have to do is invite your prospects to take a look at your property…
    • And finally, if you exhausted the options above, and your property still isn’t sold, send me a email at diana.wu@elliman.com,  We would be eager to provide a free analysis of your property, and discuss our marketing strategy with you.

NYC Real Estate – An Advice for Purchasing Home

I am constantly running into prospective home buyers who want to purchase a house but they haven’t a Pre-approval letter from lender.

They talk with me to persuade me to take them out looking for a house! But when the subject of their CREDIT and MORTGAGE APPROVAL comes up, it may answer like, “I believe everything is fine, let’s just go house shopping first and after I found the property I like, I will pursue the Mortgage!” But the disappointment would be like this, those house hunters either lost the chance to purchase the home they like due to the timely of the pre-approval process or they can’t qualify for a Mortgage for this particular home that they like so much.

Why need pre-approval before search:

-Do not wasting your time
-You will know how much money that you will be eligible to borrow
-You will know what price range you can afford
-You will action quickly, when you find the home you love
Seller will be more likely to accept an offer from a pre-qualified buyer.
-If you see some errors on your credit report, you can resolve them right away

The fact is, most of us, unless we are paying cash, will need a Mortgage and Mortgage Approval! Why not deal with it up front so that the path is clear for your next home purchase. PressThis to read Tips for Reinforce Credit Score to Buy your Dream Home.

 Other Useful Article:

–          How to Get Pre-approval

What can you buy in NYC For $849K, Manhattan New York

:One block from Bryant Park.Close to Times Square, Theaters, Penn Station,

Bryant Park tower, 100 W 39th St, #39E Fashion Center

Bryant Park tower, 100 W 39th St, #39E Fashion Center

New York Public Library, Grand Central and Rockefeller Center”, say YoonJung (Nicole) & Avi Voda of The Voda Group with prudential Douglas Eilliman. “The 44-story, mixed-use, Bryant Park Tower has 93 condominium apartments on its 10 top floors. The lower floors are occupied by a Marriott Residence Inn, an “extended-stay hotel” that was the chain’s first in the city. The hotel entrance is at 1033 Avenue of the Americas. The condo apartment entrance is at 100 West 39th Street. The apartment portion of the building has a doorman, a concierge, a health club, free laundry facilities and parking.Oversized windows, bamboo floors, separate dining/office area, fabulous closet space, sleek translucent Italian ice-glass doors and limestone thresholds. White oak cabinetry, white marble countertops, lightolier lighting and appliances. Soothing spa-like bathroom outfitted with an ivory porcelain floor, suma tub, heated mirrors and italgraniti ceramic tile.Spectacular city views of Empire State building, Chrysler building, new Setai hotel, Bryant park, even Central park and East River”.

The Condo Apartment minimum down is 10%, monthly maintenance/cc is only $895 plus $96 monthly tax. The square feet is 710 (approx). It is 1 Beds and 1 Baths at price of $849,000.

For more detail, please contact me at diana.wu@elliman.com or 516-320-0231 (Diana), I will email you the info

Other useful Topical:

Manhattan Real Estate Glossary – the dish on Condos, Co-ops, Condops, Townhouse & Brownstone