Tag: realestate

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Should I rent or buy an apartment in New York City?

So it’s been a most unusual spring in New York City. The timeline for renters has been turned on its ear. In the past starting a search for a “straight rental” 7 weeks early would have ended in frustration. I used to beg people to search 3.5 weeks before their move date, when they would have the most options and leverage.

Now any good apartment has applications within 48 hours of being listed. Even less sometimes. And on May 6 we are already seeing listings on StreetEasy for JULY!

As a listing agent I don’t think that is the most effective time, you want something to hit the market at at the time the most and best qualified renters are looking, but perhaps I will be singing a different tune soon. I just took an application for an off market listing for July 16.

Buying in Manhattan and inner Brooklyn and Queens is different in so many ways from the rest of the US. But with the rental market almost absurd, more relocation clients are starting to wonder, ‘Should I buy?”

While the rental market is out of control, the sales market still offers some deals. The rest of the US is in a sales frenzy, but a number of factors make Manhattan different.

The market was soft before the pandemic, the pandemic hit harder and longer here, and finally– the investment market here is different than the rest of the country, where investors will offer competitive cash for almost anything and do the deal in warp speed.

A few things to know.

If you are browsing I suggest using a NYC-centric search tool. Line City is good, StreetEasy is popular, you can also use almost any REBNY agency site. Try to avoid Zillow, which is the same data as StreetEasy but can be confusing.

The cheapest deals you see probably have a big asterisk. They are income-restricted, or occupied units with a tenant that is rent regulated, or cash-only.

Then you need to think about co-op versus condos.

If you are looking in the lowest price ranges most apartments will be co-ops not condos. To make this post efficient I linked an article that explains that. Many of the least expensive co-ops may have policies that make them less flexible as an investment property, which is another major difference with NYC. Condos are simpler to qualify for and to rent out, but they tend to be more expensive. Another key factor is the monthly building charges. Those have more to do with the co-ops finances than the size of the apartment or the amenities.

Even with all of that– there are appealing studios in the 300K range…check out this sweet sunny studio. Parents who are buying for an adult child or people wanting a second home in the city should discuss those plans with an agent.

So while buying still requires a down payment and a vision of your future, if you are moving to NYC it may actually be the more sensible and rewarding option.

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NYC Rental Real Estate Agent: Why Pressuring People is Dumb

Always be closing!

You have heard that motto. The most important part of a sale is making sure it happens.

But I think in real estate pressure doesn’t work. I see people do it, I kind of admire the moxy, but it is not for me.

If you are looking for an apartment right now you are under enough pressure. Apartments are renting crazy fast. Often it only takes one hour of showing. If you have not looked in a while or are new to NYC, buildings that don’ have elevators or dishwashers may be a shock to your system.

When you pressure people, deals fall apart. I truly want people to only apply for the places they want with the terms they are willing to close the deal with.

Somewhere out there is an article saying you should negotiate after you put in your application. IGNORE THAT ADVICE. That is the surest way to lose an apartment you want. You should ask for any concessions, special requests, and a specific move date when you apply, not after.

I keep this blog going in the hopes that apartment seekers will be better informed.

I look for people who are confident the apartment is right for them and are want to close the deal.

If you are unsure about your roomate, or your guarantor isn’t sure they want to be responsible or you need a corporate guarantor like Insurent, or you are not sure you really want to move, figure out those things before you start making appointments and applying.

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Getting out: How can I break a lease in New York City?

So one of the best kept secrets of Manhattan real estate is that it can be easy and inexpensive to break a lease by using a real estate agent.

If your apartment is a good value, a real estate agent like me will be happy to list it at no cost to you.

Even better, we pay of all of the advertising costs on places like Craigslist, Facebook, StreetEasy, Zillow, Renthop and Naked Apartments.

You will first need to check with your landlord for their lease break policies. Some landlords will charge you a fee for breaking a lease, and some may have restrictions on how your lease break can be advertised.

The rest of the transaction is painless.

Realtors want listings, I am no exception.

I will list your property, take pictures and video, screen prospective tenants, set up showings, negotiate terms, help them complete an application, and get approved. Your listing will be in the REBNY database and other agents will be able to bring their clients to the table as well.

If your listing is an attractive one, you should be able to easily find someone who will put down a new deposit, pay the rent, pay the broker fee, and minimize any cost to you.

If you are looking to list a lease break please call me at 929-429-0240 or email sgoldklang@corcoran.com.

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Fake Ads for New York City Apartments: Bait and Switch

So what is the most frustrating thing about apartment hunting in NYC?

Fake ads!

They give renters unrealistic expectations, and can lead you down a time-wasting rabbit hole.

Very simply, some agents find it more efficient to make up ads for apartments that don’t exist to lure you in. Once they have you baited, it is time for the switch.

As an agent, dealing with other agents fake ads is frankly my least favorite part of the job. We have a database of almost every apartment in NYC, and if I am spending energy trying to figure out the history of a fake ad, that’s time I could have used making calls to find you real options.

Fake ads also start popping up when you are looking for something that is either very rare or does not exist. When you have a tight budget in popular locations, fake ads are all of a sudden everywhere.

People don’t really do fake ads for 6 thousand dollar one bedrooms, because there are plenty of real ones. But 1800 no fee studios in swanky neighborhoods? 2500 two bedrooms with huge living rooms near NYU?

That is when the fakes start popping up.

This is where honest communication between agent and client is key. If you really need a bigger place than your budget allows, discuss more affordable neighborhoods, or perhaps switching from elevators to walk-ups.

Unfortunately instead of making hard decisions about priorities and compromises, some clients jump on the web and start showering you with phony listings. It’s hard to blame them, but it rarely moves things in the right direction. I also like to keep things positive, and having to explain that there are a lot of fake ads, makes me feel like a Bachelor contestant dissing her housemates.

There are websites that are reasonable to use in other cities, but in NYC are fake ad breeding grounds. Realtor.com, Apartments.com, to name a few. I get a big chunk of my business from Rent Hop, but there are also a lot of stale ads there too.

Localize boasts all their ads are honest, last week the featured property in the facebook ad was a 3 bedroom, 2 bath with, stunning arched windows in Tribeca for 3200 dollars. You do the math. People can advertise a magic golden unicorn in the basement, and there is little that can be done.

Some agencies actually instruct new salespeople to never delete an ad, just redirect clients to something else when they call. There is an apartment I rented in January, somebody’s fake ad for it was there months later. I wrote the agent saying please, my clients don’t need people buzzing their door to see their apartment, a month later, it was still there!

Agents will slightly change the number of an address, to try to hide what they are doing. I once got a call from a client at 7 AM, because the EXACT SAME APARTMENT she was applying for was ACROSS THE STREET BUT THIS ONE HAD A LAUNDRY ROOM! Nope, it was a jazzed up fake clone.

If you want to search I like Line City, or ask me to set up a customized drip for you in my two data bases.

The realization that some real estate ads are fake is a hard one, it’s not the better side of our industry, or humanity for that matter.

However it’s one of the most important pitfalls to avoid, especially if you are looking in a competitive category and have limited time in NYC.

#kindnesswins