Are you in the market for a NYC condo apartment? Are you looking for something sparkling new, sleek and dynamic?

Consider a NYC Green Home. Featuring all of the amenities of traditional doorman, luxury hi-rises; eco-friendly buildings offer something even more: peace of mind.

Set your mind at ease. Not only will you purchase a home which is built from re-used, recycled, reusable or sustainable products, a home in which the air and water is filtered, and the rainwater reused to keep the grounds beautified, but you will also purchase a house in a micro-market that seems to be weathering the current economic downturn. According to Lydia Depillis’ article in the November 13, 2008 “New York Observer Article” the market for environmentally friendly housing in New York City is “…going strong: Driven by growing demand for eco-friendly living and working space, developers are forging full steam ahead on plans to obtain green certification.”

With many new LEED certified buildings in Manhattan, Queens and Brooklyn, you’ll have a variety of neighborhoods and styles to choose from. Of course, you’ll have to do your due diligence by reviewing the building’s financials and having a lawyer look over your contract before purchasing.

Have questions? Want more information on LEED certified buildings? Would you like a tour of the newest eco-friendly condos? Ask Lala.

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You don’t have the time to do your own thorough search.  You don’t know if you’re getting access to all the listings.  You are dealing with too much back and forth between different agents – who you know all share the same listings.  And negotiating… you don’t even know where to start.  Does paying more up front give you a discount on the rent or purchase price?  If so, does it still give you a discount if you have bad credit?

There are many reasons to hire a real estate professional to help you with your search.  It’s picking the right person to handle all your real estate needs that really matters.

Here are some considerations in finding the right agent or broker:

1. Does your agent have access to all the co-brokered listings?
2. Do they have expertise in the areas you would like to live?
3. Are there other agents in the company that would help manage your search if your agent becomes unavailable?
4. Is your agent punctual in responding?
5. Does your agent seem to understand the market?
6. Does your agent have the support of his/her agency? If this is a less experienced agent, do they have the advice of more experienced agents at their company?
7. Is your agent always reachable?
8. Does the agent you’re working with have the upper hand on technology?

The right agent will show you apartments in your budget and just above your budget to allow for negotiations.  To figure out your budget, they will ask you questions about your income and assets.  If you’re buying there will be additional inquiries into what you have to put down, where money is coming from and what assets you will have after down payment, closing costs and other charges associated with buying a co-op.

It is important to work with the agent you feel comfortable with.  Real estate professionals work on commission, and commission alone.  If you searching for the right agent do so only in the preliminary process.   Due to REBNY rules, all REBNY members share the same listings.  Stick with the agent you have come to know and trust.  Of course, if your agent is not representing your interests, it is always advisable to find a new agent as quickly as possible.

If you have any questions, Ask LaLa!

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Are you concerned about whether you can sell your apartment if the market slows down? New research shows you how to present your apartment to buyers and end up with a win-win transaction, even if the market as a whole is going nowhere fast.

An interesting story in the Baltimore Sun this week reveals exactly what it takes to make homes sell quickly. (And in Baltimore’s soft housing market, if you don’t sell your home quickly it will sit there forever – the average time on the market is now more than three months.)

In November, about 13% of Baltimore-area homes sold within two weeks. You might think that, just by the law of averages, someone had to find the right buyer on Day One – but this wasn’t random variation. When the Baltimore Sun analyzed the data, they found the fast-selling homes weren’t unusual properties. They were typically older houses, with prices just about 1% below the citywide average. The reason they sold quickly was that the sellers were especially smart.

Here’s what the reporters learned:

Rule #1: Pay very, very close attention to comparable sales, and price your home slightly below comparables. Don’t ask for more than the market will bear. And watch out for psychological barriers like round numbers – $699,000 seems like a better value than $700,000.

Rule #2: Show your home to best advantage, both in person and in the photos you take. Make whatever cosmetic improvements you can, and get rid of the clutter.

Rule #3: Market aggressively.

It didn’t seem to matter whether the owners undertook major renovations or not. Some buyers are looking for a home in walk-in condition, while others want a chance to remake it according to their own tastes. The article gave examples of both.

What everyone wants is a good deal. As a smart seller, that’s what you can give them.

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Have you ever wondered why you can’t get heat or air conditioning, as you please, any time of the year? In October, Manhattan buildings switch over from air condition to heating, and in May, buildings switch from heat to air conditioning.

A few weeks ago, our new development condo hunting with an out of town buyer educated us to the difference between 2 pipe and 4 pipe systems. Here is a simplified explanation — a building requires a pair of pipes to deliver heat or air conditioning. So, with only a single pair of pipes, the building can only deliver heat or air conditioning, not both at the same time. With 4 pipes, the building maintains two sets of pipes, one set for heat and one set for air conditioning. So a resident could have heat in one room and air conditioning in another room.

Why is 4 pipe desirable? Because, nowadays especially, when so residences have so many large window with intense sun, it is lovely, in the winter, to turn on your air conditioning!

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When I’m inspired to cook, I cook alot. The kitchen heats up, and I turn on the fan, located under the microwave. I’ve always wondered, just what is that puff of warm air that poofs right into your face. I accepted it as a given that all Manhattan apartments “filtered” and recirculated the yucky cooking fumes. Last week, we had occasion to really find out which Manhattan condos have external venting of kitchen exhaust. And we didn’t find many.

The Laurel condominium at 400 E. 67th Street is a winner with both external kitchen exhaust venting and 4 pipe HVAC — so owners get nice, clean air, and a custom controlled temperature throughout the apartment.

The Centria at 18 W. 48th Street, just occupied sin April 2007, also has external venting — this is interesting because the Centria kitchens tend to be small Pullman kitchen with little counter space and half size dishwashers.

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REQUIRED DOCUMENTATION
You can improve your chances of getting the apartment you want by having on hand the following Documentation required by nearly all Landlords.

1. Letter of Employment.
2. Pay Stub.
3. Photo Identification: A valid Driver’s License, Passport, or Student ID.
4. Co-Applicants: also must provide the above documentation.
5. Guarantors: If you do not meet the minimum income requirements (varies from 40 – 50X monthly rent) as required by a particular landlord or have a credit problem, a Guarantor may be required. The Guarantor, or co-signor, is usually a family member who agrees to guarantee the terms and conditions of the lease in case you default. Your Guarantor must earn between 75 and 100 times the monthly rent and have a solid credit history. Many landlords require that the Guarantor live in the tri-state area – New York, New Jersey, or Connecticut. Your Guarantor must provide:
a. A copy of the first two pages of their most recent Federal tax return
b. A completed application form as a Guarantor
c. If Guarantor is self-employed, he must provide a letter from an attorney or accountant verifying his annual income.

THE APPLICATION PROCESS
This will be required for the Application Process
1. Application Form: Includes past employment information, previous addresses and landlord information, credit references and financial assets, including savings and checking account numbers.

2. Credit Check: A credit check will be run for each Applicant and Guarantor, and Guarantor, if applicable.

3. Deposit Money: At the time of submitting your Application, you will need one month’s rent and one month’s security in the form of a bank certified check, traveler’s checks, money order, wire transfer. Landlords will not accept personal checks for the initial rent and security deposit.

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Here is a question I received from a renter a few days ago: If a broker has shown me an apartment that is generally a no-fee apartment, how soon after he shows it to me may I go directly to the apartment to rent it on my own? In other words, how long does a broker have rights to a fee after he shows an apartment?

Good grief. There is a general perception that real estate agents are untrustworthy. Unfortunately, many consumers take advantage of agents, also.

Here was my response to this renter: Some brokers work by having you (the renter) sign an agreement, so you should check that agreement. In any case, personally, I think you have a moral obligation to pay the broker a commission. Would you like it if one of your clients tried to end run you? If you think for some reason the broker did not earn his commission, talk to him or his manager.

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Man’s best friends though they may be, dogs have a tendency to be loud at odd hours, which can cause disturbances in close-quarters residences such as apartment buildings. Large dogs are also capable of causing substantial physical damage to property and people. Certain landlords recognize that small dogs and small pets don’t have as much problem potential, and thus accept dogs that weigh 20 pounds or less. Pet policies vary from building to building, and it may even make a difference whether you’re the owner or lessee of an apartment. If pets are in your life, check carefully with the landlord, managing agent or broker before making a renting/buying decision.

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Every day, we hear another story of a buyer losing an apartment to a higher bidder. On the high end, for those prewar three bedroom, $3 million apartments, sellers are actually getting more than the asking price! It’s a crazy and fast market. If you believe that prices aren’t coming down (Manhattan’s not going to get any bigger), the longer you’re on the sidelines, the more expensive it will be to get in. What should you do? Well, you can double up in your current apartment, or sleep on the living room couch. Determined you need to move? Here’s what to do: 1) Bite the bullet. Sit down and calculate what you can afford. 2) Know the market. You’ll feel a lot better about what you pay if you know that’s where the market is. 3) Get creative. If you fall in love with a building and lose the bid, contact other owners in the building. Remember, everyone has a price. Maybe someone who was not contemplating a sale will be urged to sell at the price at which you want to buy. How should you negotiate? Hmmm. That’s the $64,000 question, or should we say the $800,000 question. In this tight market, you’re darned if you do and darned if you don’t offer the Asking Price. If you do offer the Asking Price, the seller may think the apartment is worth more, and heaven knows where that’ll end. If you don’t offer the Asking Price, chances are someone else will… This takes us back to the first point. Know the market. Your first offer should reflect the value at which you assess the apartment.

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By “good” apartments, you probably mean inexpensive, of livable size, and in a safe neighborhood. Alas, “good” apartments are difficult to come by on this tiny island of Manhattan… With a vacancy rate of 3%, apartments are indeed scarce. But take heart – “good” apartments, for the lucky few, can be found by word of mouth, in newspapers, in listing services such as New York Magazine’s listings powered by MLX.com and through brokers. What’s your best chance of finding a “good” apartment?
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1) Know the market so you can recognize a “good” apartment when you see it.
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2) Be prepared to move on a good apartment as soon as you see it – or someone else will.
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3) Make sure your credit is impeccable. Landlords can afford to be picky about the tenant they choose.
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4) Cross your fingers.
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With consistent effort on your part and a little bit of luck, the right apartment can be yours.

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