Elika Real Estate https://www.elikarealestate.com New York City Real Estate For Sale Sat, 25 Mar 2017 14:04:56 +0000 en-US hourly 1 https://wordpress.org/?v=4.7.3 83770381 How to Break Your NYC Apartment Lease https://www.elikarealestate.com/break-nyc-lease/ Fri, 24 Mar 2017 14:10:28 +0000 https://www.elikarealestate.com/?p=12970 If you’re a renter, you’ve probably wondered multiple times how to break your NYC lease. The easiest way to get out of your apartment rental lease is the most informal: Just ask your landlord! Depending on the overall market, generally speaking, a landlord can raise the rent for a new tenant. Even a stabilized or […]

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If you’re a renter, you’ve probably wondered multiple times how to break your NYC lease. The easiest way to get out of your apartment rental lease is the most informal: Just ask your landlord! Depending on the overall market, generally speaking, a landlord can raise the rent for a new tenant. Even a stabilized or controlled apartment’s rent can be increased if renovations are done, so there is an advantage for a landlord to rent to someone new in a healthy rental market.

By and large, big landlords and real estate holding companies that own a lot of property have the resources to find new tenants quickly. They also are not prone to be overly burdened by an apartment standing empty for a month or even two. These companies are more likely to be more agreeable to ending a lease early.

 

Image by Sarah / Flickr

 

Smaller landlords, who cannot afford to have an empty apartment for even one month, might not be so agreeable. However, if you have a friend who wants to take over your apartment or you are willing to do outreach to find someone take over your space, this often lessens the negative impact of ending your lease. In this case, your landlord might be very willing to accommodate your request.

If you are moving out of the state or country for a new job, you may have a better chance at negotiating the termination of your lease. Splitting the cost of remaining rent with your landlord if you are near the end of your lease might be a satisfactory compromise.

The NYC Rent Guidelines Board has some answers to the question of how to break a lease: “Generally speaking, breaking a lease is like

breaking a contract, and the landlord can claim part or all of your security deposit for unpaid rent. The landlord could also go to court to enforce the terms of the lease (i.e., ask you to pay additional rent until a new tenant is found). Under current rulings, landlords also have no duty to promptly re-rent the apartment.”
 

Image: Pixabay

 

Of course, there are exceptions to every rule, and terminating a lease early without financial or other consequences are permitted in particular circumstances.

You may be able to legally move out before the lease term ends if you meet the following criteria:

You are beginning active military duty:

You are protected by federal law if your military duty includes the armed forces, the commissioned corps of the Public Health Service, the commissioned corps of the National Oceanic and Atmospheric Administration, or the activated National Guard.

 You are 62 or older and are moving into a senior residence:

Tenants 62 years of age or older who cannot live independently and are moving to a nursing home or other assisted living situation are protected by NYS property law.

You and/or your children are victims of domestic violence:

NYS property law provides for early termination rights for those tenants who are victims of domestic violence if the tenant has an order of protection.

Your apartment is uninhabitable (the landlord/unit has been cited with violations of the NYC health or safety codes):

You will likely be able to claim a case of constructive eviction if your landlord does not provide safe housing under local and state housing codes.

Your landlord is harassing you or violates your right to privacy:

If your landlord takes such actions as turning off your utilities or changes your locks without your consent, you might also be able to claim constructive eviction.

Remember that all these exceptions have related legal requirements such as the specific amount of notice you must give your landlord to terminate your lease and many other conditions. We firmly suggest you consult a tenant attorney, obtain pro bono legal counsel through the many legal nonprofit organizations in NYC, or seek advice/representation from a community housing advocacy agency.

Next time you are wondering how to break your NYC lease, Download this comprehensive guide to the rules and regulations related to tenancy in New York City, see the (PDF) NY State Attorney General’s Tenant’s Rights Guide.

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The Hendrik – 509 Pacific Street https://www.elikarealestate.com/hendrik-509-pacific-street/ Thu, 23 Mar 2017 14:15:22 +0000 https://www.elikarealestate.com/?p=12960 Long-time NYC developer Hopestreet has teamed up with Beyer Blinder Belle Architect & Planners to transform the streetscape of Boerum Hill. With an eye for detail and a passion for craftsmanship, the Hendrik offers traditional building quality, modern convenience, and close adherence to design principles in one of Brooklyn’s best neighborhoods. Architecture   Image Courtesy […]

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Long-time NYC developer Hopestreet has teamed up with Beyer Blinder Belle Architect & Planners to transform the streetscape of Boerum Hill. With an eye for detail and a passion for craftsmanship, the Hendrik offers traditional building quality, modern convenience, and close adherence to design principles in one of Brooklyn’s best neighborhoods.

Architecture

 

Image Courtesy The Hendrik

 
The theme of the building is Scandinavian-inspired minimalism with a focus on Danish modern design and a commitment to craftsmanship.

Beyer Blinder Belle left no stone unturned when they were designing the Hendrik. The building itself making a striking impact with handcrafted Petersen brick imported from Denmark, beautifully merging the Nordic inspiration of the building with the industrial past of the neighborhood.

Residences

The craftsmanship and exquisite design from Beyer Blinder Belle continue throughout all the condos at The Hendrik. Each unit focuses on light, openness, and space with 10-foot ceilings and wide plank white oak floors. Plus, each unit includes eight-foot, Wausau noise reduction windows, letting in the sunlight but keeping out the bustle and noise of the city.

 

Image Courtesy The Hendrik

 
The luxury continues into the kitchen where each unit has been outfitted with an unparalleled commitment to quality. The cabinets are lustrous hand-selected walnut, offset by the white Calacatta marble counters and backsplash. All the kitchens come with the best appliances on the market, with gas cooktop, fridge, dishwasher, and oven all provided by Miele (large capacity LG washer/dryer also comes as standard).

 

Image Courtesy The Hendrik

 
The master baths showcase further superb woodwork with walnut vanities, Corian counters, and brass fixtures provided by Hansgrohe giving the space a distinctly minimalistic, Nordic look. Each master bath is finished with a Calacatta stone floor with underfloor heating. In select units, residents can look forward to a soaking tub by Zuma.

 

Image Courtesy The Hendrik

 
Secondary baths and powder rooms also use walnut for the vanities, again completed with Corian counters.  However, this is offset with a modern dark hexagon Seta Nera stone tiling on the walls. The fixtures in the secondary baths are provided by Lacava.

Amenities

 

Image Courtesy The Hendrik

 
The Hendrik offers plenty of amenities for all its condo residents, from the dramatic, custom-dyed concrete floor and oak-paneled lobby to the roof terrace designed by award-winning landscape architecture firm MPFP.

Residents can look forward to a:

  • Fitness room
  • Library
  • Children’s play area
  • Lounge (for everyday use or private functions)
  • On-site parking
  • Viewing garden and rooftop terrace
  • 24/7 doorman
  • Bike storage and pet spa

Availability

The Hendrik is comprised of 33 two-four bedroom units. Currently, there are seven listed for sale, four units and three penthouses.

Units

Units start at $1.6 million for 2 bed, 2 bath on the fifth floor with just shy of 1,200 square feet of living space. Prices increase to $1.85 million for a slightly larger unit (1,327 square feet), which includes an additional powder room.

For larger units, the Hendrik currently offers a 3 bed, 2.5 bath at just under $3 million, which has 1,844 square feet of living space and a 386 square feet private terrace. They also have a 4 bed, 3 bath unit for $3.1 million. With slightly more living space (1,897 square feet) it does have a much smaller terrace at 52 square feet.

Penthouses

The penthouses start at $3 million for 1,761 square foot, 3 bed 2.5 bath unit on the corner of 3rd and Atlantic. The other penthouse options include a 1,621 square foot, 3 bed 2.5 bath unit with a 146 square foot terrace for $3.2 million and cap at just under $4 million for a 2,524 square foot, 4 bed, 4 bath duplex which has a 360 square foot terrace.

Neighbourhood

Boerum Hill has a small town ease, but the eclectic diversity and energy of the big city. Home to the historic brownstones, it’s at the epicenter of some of the city’s best restaurants, markets, cafés, and boutiques.  And with the Barclay’s Center and Brooklyn Academy of Music just moments away, there’s plenty right in your backyard to keep you busy.

The Hendrik ]  

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Working at Home: Practical Tips to Stay Disciplined https://www.elikarealestate.com/working-home-practical-tips-stay-disciplined/ Wed, 22 Mar 2017 14:18:39 +0000 https://www.elikarealestate.com/?p=12947 If you are one of the lucky folks who is working at home, chances are others may think you’re a freelancer who sits in their pajamas all day eating ice cream and scrolling through Facebook. That overview is not true, but let’s be honest, you’ve probably been caught out a few times in your jammies. […]

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If you are one of the lucky folks who is working at home, chances are others may think you’re a freelancer who sits in their pajamas all day eating ice cream and scrolling through Facebook. That overview is not true, but let’s be honest, you’ve probably been caught out a few times in your jammies.

I’ve created a pretty easy, not-too-rigid routine that helps me on stay on track.

 

Image by Inspiration de / Flickr

 

Timing Is Everything

I used to sit at my desk all day without a break, except to use the bathroom and look in the fridge. Recently I started using Flat Tomato, a time management tool app for your smartphone.

I set my Flat Tomato for 30 minutes and when its delightfully colorful and soothing alarm sounds, I get up and walk around my apartment and stretch. I often go outside for a 20-minute walk at lunchtime or take a longer walk after work. Exercise during the day, especially in a very sedentary job, is essential.

Portion control

Folks who sit in front of a computer with an endless amount of work need to apportion their tasks. Making a To-Do List is essential. Plenty of alleged how-to experts say the to-do list is a waste of time, but others say list makers are far more intelligent than the average worker.

I use old-fashioned paper and a pencil. But, for those who prefer to make lists on their devices, there are a range of apps for list making.

Prioritizing

Being able to prioritize what tasks you need to get accomplished, what you need to set in motion to future outcomes and what can wait until tomorrow – or next week – is essential.

The most obvious, and effective, way to prioritize is to keep a calendar. Whether it’s the Google calendar attached to your Gmail account, your iCalendar attached to your iOS devices, or any of these calendar apps, you definitely need to keep track of and be alerted to calls, meetings, deadlines, and other work. Then there is the old-fashioned paper calendar/planner, which I find to be particularly useful in tracking my daily progress.

Getting Dressed

Lounging around in your underwear or pajamas is comfortable, but not always conducive to getting work done. This isn’t to say you cannot be productive in undies and PJs, but taking a shower and getting dressed often goes a long way toward being more productive.

I have a very basic NYC wardrobe: A drawer full of black T-shirts, a couple pairs of dark blue Levi jeans, two comfortable dark sneaker-type pairs of shoes along with a pair each of rain boots and snow boots, and some very cool red cowgirl boots just for fun. That’s it. Really.

I’m a freelancer, and I wear what I want ­– if a potential client can’t handle it, then I don’t want to work with them. I know there are endless articles and blog posts online about “dressing the part,” but I don’t subscribe to that philosophy. I freelance for many reasons, and one of the most important is that I don’t have to dress up. Ever.

How to STOP Working

When your office is in your home, it’s hard to stop talking business on the weekend or resist peeking at your business emails in the middle of the night. Staying disciplined and having some fun after work while also sticking to a routine of sleeping through the night without looking at your devices is necessary for your mental health.

Here are some actions you can take to make these things happen.

  • – Separate your business email from your personal email. Use Outlook for business and another email provider is for personal emails. And, don’t set up an email client that sends both to the same place.
  • – Tell your clients you have a 24 or 48-hour (or even 72-hour) response time for non-emergency issues. And, stick to that timeframe. You can even put an out-of-office auto responder on your email letting folks know of your 48-hour response rule.
  • – Don’t sleep with your smartphone in bed or even nearby, keep it in another room. Nighttime is a good time to charge your phone – plug it in and put it on your desk. This will ensure you don’t look at it during the night.

So, if you are working at home and stumbled across this article while you were surfing the net, now is a great time to try any or all of these practical tips to stay disciplined.

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Mortgage Rates: Don’t (Necessarily) Fret the Fed https://www.elikarealestate.com/dont-necessarily-fret-fed/ Tue, 21 Mar 2017 14:12:22 +0000 https://www.elikarealestate.com/?p=12939 Unless you have living under a rock, you know the Federal Reserve raised interest rates at its March meeting. This news is particularly interesting to you if you are planning a home purchase. However, unless you are choosing an adjustable rate mortgage (ARM), you should know that there are more important factors that affect your […]

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Unless you have living under a rock, you know the Federal Reserve raised interest rates at its March meeting. This news is particularly interesting to you if you are planning a home purchase. However, unless you are choosing an adjustable rate mortgage (ARM), you should know that there are more important factors that affect your mortgage rate.

The Fed’s decision

At its most recent Federal Open Market Committee (FOMC) meeting, the central bank decided to raise short-term rates by one-quarter of a percent. It cited a strengthening labor market and economic activity expanding at a moderate pace. This is good news: the Fed acted to normalize interest rates in the face of a stronger economy to head off possible inflation down the road.

 

Image by Pictures of Money /Flickr

 

What determines mortgage rates?

Longer-term Treasury yields are an important component for fixed rate mortgages. But, while the Federal Reserve can directly affect short-term interest rates, it has less influence over longer-term rates. For instance, after the Fed announced its decision at 2 p.m. on March 15th, the yield on the 10 year Treasury note actually fell to 2.51% from 2.6% the previous day. There are many market-related reasons, such as the perception there will be lower inflation in the longer-term. Keep in mind; the yield jumped following the U.S. presidential election, approaching 3% by the end of the year from 2.29%. This was due to Trump’s large infrastructure spending plan and tax cuts would create inflation for an economy that was doing reasonably well.

While the 10-yearyield is important to look at, there are other things to watch. Banks package mortgages together into a something called a mortgage-backed security (MBS). This is a complex process, but these securities trade in the marketplace. Suffice to say; lenders keep on the eye at the yield these trade at to help determine the mortgage rate they want to charge.

How are MBS yields determined? Old fashioned supply and demand from investors. The rate has to be large enough to entice investors, but if the lender makes it too high, it will turn off borrowers. MBS traders look at the appropriate Treasury yield, so it is a factor, and it always trades at a higher yield than the comparable, risk-free Treasury security.

Lenders compete with each other, and one may want to offer you a lower rate to earn your business. You should note that the annual percentage rate (APR) and the mortgage interest rate are different. Both are important to know. Your monthly payment is based on the mortgage interest rate. The APR is the mortgage interest rate and other bank charges. This includes any points (upfront interest you pay at closing), closing costs, and other charges. An APR lets you do an apples-to-apples comparison. A bank may offer you a lower mortgage rate but charge more in closing costs, making your APR higher.

Dealing with higher rates

The rising Treasury yield pushed up mortgage rates in December. That month, the average 30 year fixed mortgage was 4.2%, up from 3.77% in November and 3.47% the previous month. This does not spell gloom and doom, though. It is still low by historical standards. For instance, in 2008, the average was 6.03% and much higher in some years before then.

There is not much you can do about mortgage rates. You can lock in a fixed rate for a short period of time, but this won’t help you if you aren’t ready to close pretty soon. But, you can use this as a negotiating tool, however. Many people jumped in to buy apartments over the last few years, taking advantage of an improving economy and rock-bottom mortgage rates. The higher rates may cool demand somewhat, meaning you are in a strong bargaining position as you compete with fewer buyers.

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The Nevins https://www.elikarealestate.com/the-nevins/ Mon, 20 Mar 2017 20:46:03 +0000 https://www.elikarealestate.com/?p=12881 The Nevins, located in the vibrant Boerum Hill neighborhood in Brooklyn is a 21 storey, 73-unit condo tower and a true oasis from the rush of the city.  Developed by the Israel-based Naveh Shuster Group in conjunction with Adam America Real Estate (AARE), the Nevins is setting a new standard for Brooklyn luxury condos. Architecture […]

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The Nevins, located in the vibrant Boerum Hill neighborhood in Brooklyn is a 21 storey, 73-unit condo tower and a true oasis from the rush of the city.  Developed by the Israel-based Naveh Shuster Group in conjunction with Adam America Real Estate (AARE), the Nevins is setting a new standard for Brooklyn luxury condos.

Architecture

 

Image courtesy of The Nevins

 
Isaac & Stern Architects are responsible for the building with Andres Escobar & Associates handling the interiors. Seeking inspiration from the tree-lined brownstones so iconic of Boerum Hill, the building’s porcelain and glass exterior balances minimalistic modernity with historic charm. Rising high above the city, residents can look forward to stunning views in a setting that blends the neighborhood while adding a striking addition to the Brooklyn skyline.

Residences

 

Image courtesy of The Nevins

 
The Nevins is comprised of 73 units ranging from studios up to full floor and duplex three bedrooms. But consistent among all the units is a sense of luxury and sophistication unique to this development.

 

Image courtesy of The Nevins

 
All the residences are outfitted with wide plank oak floors and enormous, thermally efficient windows for optimal light and temperature control. The oak continued into the kitchen, where white oak lacquered cabinets contrast Caeserstone Carrina quartz countertop for a beautiful, warm finish. And with fixtures from Grohe and appliances (including washer and dryers) provided by heavyweights like Bosch and Liebherr, it’s easy to see why these condos are so attractive.

 


Image courtesy of The Nevins

 
The master bedrooms are again designed to be light and bright, with large windows and oak floors creating a warm and relaxing environment.

 


Image courtesy of The Nevins

 
Finally, the master baths continue the Nordic-inspired wood and stone combination, with walnut veneer vanity complimented with a white Caesarstone quartz countertop. And with fixtures, toilet, and tub all from Signature Plumbing, you know that this is a time-less luxury.

Amenities

The Nevins comes fully equipped with everything you might need, no matter what your lifestyle.

 

Image courtesy of The Nevins

 
Stay fit in the residents-only gym, relax in the courtyard or rooftop terrace on a warm summer evening, or host a party in the beautiful resident’s lounge. And with a kids playroom, even the littlest residents will be happy.

Availability

Of the 73 units total, there are currently seven units available, covering almost the whole range of sizes the Nevins has (no studios are currently on offer).

Units start at $831,491 for a 1 bed 1 bath unit that totals 632 square feet. For a two bedroom, the price goes up to between $1.1 and $1.3 million for between 800 and 1,000 square feet. There’s also a larger 2 bed, 2.5 baths available for $1.8 million that comes in at 1,200 square feet with an additional 646 square foot private terrace.

And finally, there’s a single three bedroom unit available. It’s larger again at 1,600 square feet with a 105 square foot private terrace and has two and a half baths. It clocks in at $2.43 million.

Neighborhood

Boerum Hill is simultaneously connected to the city and removed from its hectic energy. Just two subway rides from Manhattan, you have all of New York City to play in.

But you don’t need to leave your neighborhood to get the good stuff.

From tiny artisan boutiques to countless up and coming restaurants and chefs, some of the best that the city has to offer is just down the street.
 
The Nevins ]

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BOUGHT & SOLD: Celebrity Real Estate Deals In and Around NYC https://www.elikarealestate.com/bought-sold-celebrity-real-estate-deals-around-nyc/ https://www.elikarealestate.com/bought-sold-celebrity-real-estate-deals-around-nyc/#comments Sun, 19 Mar 2017 14:18:06 +0000 https://www.elikarealestate.com/?p=12859 East Hampton 400 Hands Creek Road in East Hampton is Neil Patrick Harris and husband David Burtka’s new address. The Real Deal reported on the first of March that the couple paid $5.5M for the four-bedroom, 5,250-square-foot mansion. The couple’s estate, sitting on 13.5 acres, comes complete with a tennis court, cabana, rooftop hot tub, […]

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East Hampton

400 Hands Creek Road in East Hampton is Neil Patrick Harris and husband David Burtka’s new address. The Real Deal reported on the first of March that the couple paid $5.5M for the four-bedroom, 5,250-square-foot mansion. The couple’s estate, sitting on 13.5 acres, comes complete with a tennis court, cabana, rooftop hot tub, chef’s kitchen, wine cellar, four fireplaces, and several secluded gardens on the grounds.

 

Image by Rach / Flickr

 
According to Behind the Hedges, the property had an original asking price of $6.5M. It also has a radical pedigree: 400 Hands Creek Road is the former home of Grove Press Publisher Barney Rosset who won several First Amendment cases to be able to publish D. H. Lawrence’s Lady Chatterley’s Lover and distribute Henry Miller’s Tropic of Cancer in the 1960s. Rosset also helped bring the New Left increased prominence by publishing The Autobiography of Malcolm X as well as authors Che Guevara, Ho Chi Minh, Samuel Beckett, and Allen Ginsberg.

Upper West Side

Political satirist and commentator Samantha Bee and her husband Jason Jones purchased a co-op at 300 Riverside Drive in February for $3.7M. The top floor four-bedroom, 2.5 bath apartment has a living room that features a marble mantle that was originally in the famous Plaza Hotel and is large enough to accommodate a baby grand piano with loads of space to still entertain in style and comfort.

Curbed, reporting on the purchase, wrote that the place, at 2,000-square feet is “nice, but not over the top.” The kitchen has top-of-the-line stainless steel appliances, the space boasts several sets of French doors, the master bedroom has a half bath, and the apartment has a media room that is sure to be useful to the Full Frontal host.

 

Image by The Trevor Project / Flickr

 

Greenwich Village

Last October Ashley Olsen put down $6.75M for a 3,000-square-foot Greenwich Village condo at 37 East 12th Street. The two-bedroom, 2.5 bath spot features 11-foot ceilings, a private elevator and plenty of additional amenities.

The original asking price for the condo was $8.75M according to StreetEasy, which also reported that the space formerly housed an art gallery and is fitted with a reclaimed marble vanity from the Museum of Modern Art, among other fixtures, fittings, appliances, and objets befitting a modern gal-about-town.

 

Image by berbagi dolar / Flickr

 

Hell’s Kitchen

A $10 million penthouse in a posh Hell’s Kitchen condo building is comedian Trevor Noah’s new abode. Noah, who famously replaced Jon Stewart as host of “The Daily Show,” had apparently been renting a two-bedroom apartment in the same building.

 

Image by David Shankbone / Flickr

 
Noah’s residence, reported in the NY Post in September, is a 2,000-square-foot unit with high ceilings, grand columns, a steam shower in the master bathroom, and amazing views of the NYC skyline and Hudson River. The Comedy Central program host’s penthouse is located in The Stella Tower at 425 W. 50th Street.

Upper East Side

A five-bedroom condo in the Peter Pennoyer building is home to broadcast journalist Katie Couric and her husband John Molner. The couple spent $12.2M on the 3,966-square-foot spot at 151 E. 78th Street last March.

The 6sqft blog reported that the Couric/Molner residence boasts both entertaining and bedroom wings among myriad luxurious amenities and unique architectural touches by bespoke British design firm Smallbone of Devizes.

 

Image by Joella Marano / Flickr

 

NoHo

Jonah Hill is owner of a super-cool pad at The Schumacher in NoHo. The building, formerly a printing plant, has only 20 apartments. The NY Post reported last Fall that the busy comic actor bought the place at 36 Bleecker Street for $9.16M after selling his former place in SoHo. Hill gained about 1,200-square-feet and a very fancy upgrade worthy of an Oscar nominee.

 

Image by Adrian Cabrero / Flickr

 
Hill’s new digs boast vaulted ceilings, restored columns and beams, over-sized windows, a master suite with a super-bright bathroom along with a massive walk-in closet. The apartment also includes three en suite guest bedrooms.

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Passing Along the Ten Commandments from a Buyer’s Agent https://www.elikarealestate.com/passing-along-ten-commandments-buyers-agent/ Sat, 18 Mar 2017 13:40:29 +0000 https://www.elikarealestate.com/?p=12867 We have learned quite a bit in our 15 years in the real estate business. Not to brag or sound self-important, but this knowledge can be equated to the Ten Commandments, which we would like to hand down to prospective buyers. This is useful for both seasoned buyers and those dipping a toe in the […]

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We have learned quite a bit in our 15 years in the real estate business. Not to brag or sound self-important, but this knowledge can be equated to the Ten Commandments, which we would like to hand down to prospective buyers. This is useful for both seasoned buyers and those dipping a toe in the waters for the first time.

Real estate can be broken down into simple decisions about choosing the right property and purchasing it for the right price. There is money to be made if you concentrate on these two things. In other words, buy smart, and your patience will be rewarded when you sell high. This seems simple, but it is not easy to accomplish. We pass down our wisdom to help make you money. After all, knowledge is power.

 

 

  1. 1. Know a buyer’s agent function

Buyers deserve representation when purchasing a property. A buyer’s brokerage firm allows you to buy a home without worrying that your agent has a conflict and just wants to get you to shell out the highest price so he/she can get paid the largest commission possible. We do our job so buyers can have someone they can depend on. You know we are listening and understanding your needs.

We seek to do what is best for you 100% of the time and do not try to sell you a property that is not right for you. Not having your representative is similar to using and paying for the same divorce attorney as your spouse. Unlike a dual agency arrangement, a buyer’s agent owes his/her fiduciary duty to you. We provide detailed information to buyers in order for you to make an educated, informed, and risk-averse purchase.

  1. 2. Do not speculate on an offer

Trying to estimate a property’s valuation without running a comprehensive market analysis is baseless. Do not just consider an offer solely on comps. After all, this is based on past information. As your real estate buyers agent, we can help you use other factors, such as unique features. There are current market trends to consider, factoring in supply and demand. Consider that real estate data is a lagging indicator. Thus, reading between the lines is crucial to a successful purchase.

  1. 3. Not all square feet are created equal

Just like any product, there are very special properties, those that are decent, and true lemons that you should stay away from. We have built up the knowledge on how to decipher the difference through years of walking the streets, visiting a number of buildings, and viewing countless apartments. A seasoned buyer’s agent is your protection against the risk of buying a lemon.

 

Image by Jack Bricker /Flickr

 

  1. 4. Read marketing materials with a grain of salt

Marketing materials are made for the purpose of selling a property. Carefully note all the details when you visit to assess the apartment properly. If you do not get a good vibe when you walk through it, promptly turn around.

  1. 5. Buyers are Emotional

We do not want to sound like a heartless robot, but emotion can get in the way of making a smart decision. A disciplined buyer’s agent can protect you from making irrational decisions. A true buyer’s agent has no vested interest in any one particular property. It does not matter which property our client buys as long it is the right one for him/her at the right price, which should mean there is potential for capital appreciation. Quite simply, we want to see our clients make money.

  1. 6. Don’t believe the hype

Real news happens in real-time on the ground. Even in this era of 24-hour news cycles, in order to properly research a story, much of what you read in the mainstream media has taken days if not weeks to produce. These stories use real estate agents as sources, and their interests are not the same as yours. If you just believe the media message, which may not be timely or entirely accurate, you could make a foolish decision. Having a foot soldier (buyer’s agent) on the ground is your best chance of winning at real estate.

  1. 7. We understand the value of hard work

We don’t spend our time searching high and low for listings. We don’t call sellers and advise them on how to squeeze extra dollars from a buyer. Every waking minute is spent working solely for our buyers.

  1. 8. Reputable Resources

Working with reputable, experienced vendors saves time and money. An experienced buyer’s agent should have a vendors list that his/her clients can depend on without risk. Whether our customers need to remodel a kitchen, paint a room, redo the floors, or gut renovation, our vendors deliver superior results.

  1. 9. Buyers are not liars

Many real estate agents have the perception that buyers do not tell them the truth. Why should a buyer speak the truth to someone representing the seller’s best interests? As an exclusive buyer’s agent, our client understands that our fiduciary responsibility is to our clients 100% of the time.

  1. 10. Buy property for the long term

Our institutional and wealthy clients have generated stunning returns by holding the right properties for the long term. Compounding capital appreciation is the best yield in the game.

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The Sutton https://www.elikarealestate.com/the-sutton/ Fri, 17 Mar 2017 14:10:57 +0000 https://www.elikarealestate.com/?p=12770 The Toll Brothers City Living specialize in building luxury homes in urban markets, and The Sutton is one of their latest additions to NYC. Working with Incorporated NYC architecture and design studio and Goldstein Hill & West Architects (GHWA), The Sutton brings together some of the best in the real estate business to build something […]

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The Toll Brothers City Living specialize in building luxury homes in urban markets, and The Sutton is one of their latest additions to NYC. Working with Incorporated NYC architecture and design studio and Goldstein Hill & West Architects (GHWA), The Sutton brings together some of the best in the real estate business to build something incredible.

Architecture

 

Image courtesy of The Sutton

 

A joint effort from Incorporated NYC and GHWA, The Sutton is 29 floors and 90 units of pure, refined elegance. Featuring a Roman style hand-laid brick façade bookended by a dark, matte finish metal, the tower blends into the streetscape while still providing enough height for stunning views and amazing amounts of sunlight.

And with recessed windows and a tiered construction at the top, residents have plenty of privacy above street level.

Residences

The residences at The Sutton exemplify refined simplicity, providing a calm oasis away from the hustle of the street.

The pervading sense of calm starts as so as you walk through the door, with wall to wall white oak floors and floor to ceiling windows showing off an impressive view.

 

Image courtesy of The Sutton

 

In the kitchen, residents can cook up a storm on Gaggenau kitchen appliances and Watermark fixtures, with glass and marble countertops and backsplash adding a touch of modern elegance to the space. Custom wood cabinets lighten the space, so it’s warm and inviting as well as functional.

The master bath has been completed in the upmost luxury, with Watermark fixtures, black marble floors in a herringbone pattern, and marble subway tiling on the walls.

 

Image courtesy of The Sutton

 

Finally, the bedrooms provide the ultimate in city living. Generously sized and banded by oversized windows, they’re big, bright and comfortable enough for a king.

Amenities

The Sutton has a robust selection of amenities to make satisfy all your needs.

Relax in the resident’s lounge, complete with fireplace and a long table, great for a meal or just a change of scenery to get some work done. The lounge also has a full bar and kitchen for your convenience. Keep fit in the private resident-only gym, and spend a warm evening outside in the private garden.

 

Image courtesy of The Sutton

 

The Sutton also offers bike storage and on-site storage units, a children’s playroom, and a 24/7 concierge so you can feel secure in your apartment, as well as an on-site superintendent if anything goes wrong.

Availability

The Sutton has everything from one bedroom up to penthouses spread across its 29 floors, but currently, there are only six units available.

Units start at $2.3 million for a 2 bed, 2.5 bath, 1,428 square foot condo on the eighth floor, or just shy of $            3.4 million for a similar unit on the 26th floor.

A three bedroom unit start at $3.8 million for a 3 bed, 2.5 bath, 1,959 square foot unit on the 16th floor, and go up to $4.3  million for a 3 bed, 2.5 bath duplex on the 6th floor that has its own private terrace and comes in at 2,472 square feet.

Neighborhood

The Sutton is situated on the corner of East 53rd and 1st Avenue – one of the most desirable neighborhoods in the city.

Seven of the most prestigious schools in the city are in the neighborhood, as well as a number of excellently appointed parks for some relief from the crowds.

For the avid restaurant goer, the neighborhood has plenty of game, with some of the best in the city calling the area home. Local options include Smith & Wollensky, Ethos, and The Smith. Finally, the excellent transit connections turn all of NYC into your personal backyard.

The Sutton ]

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Seeking Deals in New Construction https://www.elikarealestate.com/seeking-deals-new-construction/ Thu, 16 Mar 2017 14:10:01 +0000 https://www.elikarealestate.com/?p=12758 There might be signs the red hot New York City real estate market is cooling off. At least there might be for those seeking a new development at the high end of the market. There are reports surfacing that developers are offering potential buyers a nice bag of goodies as an enticement. We explain how […]

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There might be signs the red hot New York City real estate market is cooling off. At least there might be for those seeking a new development at the high end of the market. There are reports surfacing that developers are offering potential buyers a nice bag of goodies as an enticement. We explain how you can use the current climate to save money.

New development market

 

Image by Paul Sableman / Flickr

 

There are a variety of real estate reports that show New York City’s real estate market, which had been ablaze, showed signs of stalling a bit in the fourth quarter. Miller Samuel showed new development sales falling 13.2% compared to a year ago, to 479 units, and the average number of days on the market increased about 21% to 181.

Overall, 12.9% of the total inventory were not involved in a bidding war.  But it was just 2% for the luxury market and none for new developments. There were a couple of sales above $60 million at 432 Park Avenue and a more than $40 million price tag reached at One57, Baccarat Hotel & Residences, and 4 East 66th Street.

However, experts believe this was due to prior contracts being signed. As these roll off, the real estate market is expected to return to a more normal level, with fewer bidding wars. Mortgage rates have spiked upwards, which does not help fuel sales. The national average is now well above 4% compared with the mid-3% level a year ago.

This figures to continue as more supply enters the market. Although the weather may be deceiving, spring is right here. This means a greater number of units listed, including more than 40 developments.

 

Image by Timothy Neesam / Flickr

 

Look beyond price

You may not see a more balanced supply/demand reflected in the price right away. Generally, developers are reluctant to drop the listing price since this reflects poorly. But, there are other ways you can benefit. Sometimes, you might have to merely ask for certain things.

Aside from price, there are other items you can negotiate. Keep in mind, developers obviously want to sell as many units as they can. Therefore, they may offer concessions such as paying the transfer tax, which is 1% of residential sales of $500,000 or less, and 1.425% if the value is more than $500,000. You may also ask the developer to pay your closing costs.

Watch the broker incentives

Developers have been offering special commission deals to brokers as an incentive to move the units. This includes a commission advance and special rates. The agent enriches himself or herself, but this means he/she may push a certain development that might not be right for you. Obviously, this does not benefit you, the buyer. With a buyer’s agent, you eliminate this conflict.

Watch the market

The economy is performing reasonably well, with the recent unemployment rate reading at 4.7%. Barring a significant change to the economy, it is hard to imagine sponsors looking to slice prices. But, things can change quickly. Therefore, it is important that you monitor market conditions, with the help of your buyer’s agent.

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How to Use Feng Shui to Make Your Apartment Full of Zen https://www.elikarealestate.com/use-feng-shui-make-apartment-full-zen/ Wed, 15 Mar 2017 14:10:47 +0000 https://www.elikarealestate.com/?p=12747 Feng Shui is an ancient Chinese principle promoting the intentional placement of furniture and decor to channel positive “chi”, or energy, into the home. The goal of this 3,000-year-old principle is to promote good health and luck. Whether you believe Feng Shui can bring good fortune to your life or not, one thing that is […]

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Feng Shui is an ancient Chinese principle promoting the intentional placement of furniture and decor to channel positive “chi”, or energy, into the home. The goal of this 3,000-year-old principle is to promote good health and luck.

Whether you believe Feng Shui can bring good fortune to your life or not, one thing that is certain is that the balanced arrangements and aesthetic principles of Feng Shui can make your home’s interior look great, as well as possibly boost your mood.

 

Image by Warren R.M. Stuart /Flickr

 

Opposites Attract

Feng Shui is based on the fundamental concept of Yin and Yang. As mutually dependent opposites, Yin and Yang must be kept in balance. If you study Feng Shui further, you will find that it is quite complex and that certain details vary from one school of thought to another. We’ve listed ways in which you can incorporate the more common principles of Feng Shui in your home.

Key Principles

Declutter: Getting rid of excess items will make your environment more harmonious. Removing unnecessary objects and furniture can open up opportunities for further improvements.

Make a clear view of the door: Do not obstruct your view of the entryway with objects or furniture. Feng Shui believes that blocking the doorway inhibits energy from entering the home. Your home office should have the desk situated to where you can see the door, and beds should be placed against the wall and face the door at an angle.

Furthermore, living rooms should have a balanced furniture arrangement. Chairs should be directed toward each other to encourage open communication. If the living room is connected to the home’s main entryway, the backs of chairs should face way from the front door.

Rounded corners: Sharp-edged furniture is associated with negative energy. Acquire furniture with rounded corners and circular tables to give the feeling of flow to the room.

Further Principles

Beyond strategic furniture placement, Feng Shui promotes the total functionality of the home.

Let there be light: The more natural sunlight you have, the more pleasing your home will be. Natural sunlight nourishes you with vitamin D, so it brings added health benefits. If some of your rooms lack adequate natural light, use natural light bulbs.

Have houseplants: Not only do houseplants help filter indoor pollutants like formaldehyde and carbon monoxide, they also bring good energy into your home.

Fix anything that is broken: Make the repairs that are necessary to having your entire home in working order. A home that is functional will help you feel more balanced.

Decorate intentionally: Rather than cover walls with anything that matches the room, use artwork and decorative items that have a special meaning to you. These items will become positive reminders of things you enjoy and value.

Find Your Zen

It’s easy to get started with the basics of Feng Shui to harmonize your home. Creating balance and restoring functionality are the first steps toward making your living space more orderly and pleasant.

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