Tag: manhattan

Tips for New York Home Appraisal

If you are looking to buy a new home or just refinance your current mortgage, your lender will want to schedule an appraisal. This objective assessment helps to determine what your home is worth. Something that ranks high to all lenders is the consideration of collateral on their loan. Whether you are buying or selling, it will help you get a feel for how appraisals work. Here’s how you can prepare for your NYC home appraisal

What’s Involved? 

So what should you expect if you have someone come to your home to appraise it? An appraiser’s job is very similar to a home inspector’s position, with some tiny differences. Items that range from big to small will be taken into account by your appraiser, so that geometric mural that you did during the lockdown may need to go. 

Things That Go Into a Home Appraisal

While your potential buyer may love your place and decide that they are ok with your asking price, all lenders will require you to have your home appraised to determine its value. To help them arrive at an estimate, they will look at the following:

  • Your home’s exterior: The appraiser will look at just about every part of the construction of your home. From the roof to the foundation, walls, and flooring, these will all be the potential cause for the house’s value to decrease if the appraiser finds something wrong.
  • Size: A big part of determining the home’s value is the slot’s size and square foot of the lot. The more rooms and bathrooms that a house has can help to raise the value of the home. Knowing the floor area or FAR of the property will tell you if space has room for extensions, which can be another factor in the value. 
  • Condition: Just like your exterior, the appraiser will go over the inside of your home with a fine-tooth comb. The flooring, kitchen, plumbing, electrical, and lighting are all components that your appraiser will be assessing.
  • Improvements: Your appraiser can also help you determine what might need to be updated to increase your home’s value. Renovating a bathroom or adding an HVAC system can add years of life to the property, which helps increase the value. 

Who Receives the Appraisal Information?

The final verdict will be gathered by your appraiser and at the disposal of who ordered it; this is usually the lender. It is then up to them how the information is distributed, regardless of who paid for it. If the buyer asks for an appraisal, the lender is obligated by law to release that information. Your appraisal is valid for six months, but market prices can change quickly. Many lenders will only consider an appraisal to be valid for about three months. Any changes to the market or the property can drastically alter the value price. 

The Best NYC Neighborhoods To Live In

New York City is gigantic. If you’re thinking of moving into the city, you’ll have plenty of options to choose from in terms of the neighborhood you live in. While you may think you only have to choose between Manhattan, Queens, Brooklyn, the Bronx, and Staten Island, the fact of the matter is that there are several neighborhoods within these 5 boroughs. That’s a lot of options, and it’s important you pick the right choice for your budget and lifestyle. Here are a few of the best neighborhoods to live in within New York City.

SoHo

Located in Manhattan, SoHo stands for South of Houston and is one of the busiest neighborhoods in the city. If shopping is your thing, you’ll never get bored in SoHo as it features great high-end clothing stores as well as plenty of great food options. You’ll also be able to find various art galleries within the neighborhood and the architecture sets up a certain vibe if that’s your thing. Being located in Lower Manhattan, housing can become rather expensive and you’ll primarily find expensive lofts and co-ops.

Downtown Brooklyn

If you’re looking for a location based on convenience such as having plenty of transportation options, Downtown Brooklyn might be the place for you. It’s located right over the Brooklyn Bridge and in the past few years, thousands of new apartments have been made as the neighborhood grows. Plenty of subway and bus lines get off in the area, meaning you can get to Manhattan in about 15 minutes and also be close to other great neighborhoods where you can find options for dining and shopping. Due to the location’s recent growth, housing will likely be expensive, though not as expensive as SoHo.

Forest  Hills

If you’re looking for something a little more urban and not as much big city, Forest Hills in Queens might be a good spot to check out. The area features a fantastic view of the Manhattan skyline so you’ll be close to the city but not smack dab in the middle of all the commotion. The architecture is one of the area’s many points of interest and you’ll find many single-family homes as opposed to the many apartments deeper into the city. To top it off, the area is much cheaper than Manhattan or Brooklyn if you’re not trying to break the bank.

Tips For New Residents of New York City

So you’ve decided to take the plunge and choose to live in New York City. While this is an exciting choice, it’s oftentimes a gigantic change, especially if you’re coming from a small town or someplace more rural. While you might think making the adjustment will be easy, it’s almost guaranteed you’ll have a rough time if you’re moving there and have nobody to guide you. Luckily, there are plenty of guides that feature tips and tricks to help you adjust, with many of them coming straight from the mouths of both newer and older New York City residents. Here are a few of those tips and tricks.

 

Prepare Your Budget

You’ve probably heard about this but you won’t truly understand until you experience it; living in New York City can be expensive. Many times you’ll find that living in Manhattan and other parts of the city costs double of what it cost to live where people are previously coming from, unless they’re coming from an equally pricey area such as another metropolitan area. If you think you have enough money prepared for the adjustment, think again as you’re likely under prepared. 

 

Public Transportation

Owning a car while living in New York is often no fun at all. Many New York Residents have gotten used to taking public transportation. You have the option of taking a bus, taxi or the subway, and the options vary in price and where they’ll bring you. Since traffic is always so jammed up in the city, public transportation is likely your best option so it might be wise to figure out your favorite style of transportation and stick with it.

 

Feeding Yourself

Feeding yourself when moving into the city can be a little challenging at first. Depending on where you live, you’re likely not going to be able to go to the large grocery store’s you may be accustomed to. Oftentimes you’ll be walking to the closest bodega and only getting enough groceries that you can carry home to your apartment. If that isn’t enough to satiate you, you may be tempted to order take out or go to a restaurant. While that’s not necessarily a bad choice, it’s quite expensive and can add up quickly. It’s important to figure out this balance before you overspend by eating out all of the time.

Should You Buy Or Rent In NYC?

If you’re moving to New York City, one of the hardest decisions you’ll likely have to make is choosing between buying a home there or just renting one. Many different factors come into play when making this decision. Are you planning on staying in New York for a long time? Can you afford extra chargers such as utilities, food, entertainment, and property taxes? These are some of the common questions you should ask yourself before deciding if owning your home is worth it. It usually takes about 5.6 years in order to break even after buying a home in New York, so if you think you’ll be there that long or longer, buying may be worth it. To be sure, let’s take a look at some of the other benefits that come from both buying and renting in NYC.

Renting

While a lot of people say that renting is a waste of money in the long run, there are still plenty of perks that come with it, especially in a place like New York City. First off, by renting your home you can give the neighborhood or even the building you’re in a “test drive”. It gives you the chance to learn more about the area you’re in. Another great perk to renting is that in most situations the landlord will pay for most utilities outside of electricity and the internet. You may have to pay more for these units but overall this makes things like budgeting much easier. Renting also helps you get your money situation in order in case you ever decide you do want to buy.

Buying

One of the biggest perks of owning your home is the fact that you build equity. When you rent, the landlord builds equity, meaning you get nothing but the space you’re renting. Building equity is great because once the mortgage is paid off you can use that equity to borrow money for another large purchase in your life. Buying is also great because of the tax reductions you get, as well as the potential for the IRS not applying capital gains tax when you sell your house. Finally, the ultimate benefit of buying your home is the freedom you get. You can do whatever you want to your home when you own it, but when you rent it there are usually distinct boundaries.

NYC Neighborhood Guide: Where Tourist Must Visit

 

Planning a trip to New York City? Below you will find a handful of the top attractions, places to see, and which neighborhoods in New York to visit during your vacation.

 

Downtown

Financial District (Wall Street)

 

The financial district or better known as Wall Street encompasses the entire southern tip of Manhattan and is considered the economic capital of the country.

 

Things to do in the Financial District

 

You should take a trip to Battery Park at the southern tip of Manhattan for a stroll through flower gardens and waterfront landscape. Catch a ferry to the Statue of Liberty and Ellis Island to learn about immigration to the United States through NYC.

 

Explore the moving 9/11 Memorial & Museum, located on the former site of the World Trade Center. Here you’ll find a monument to the lives lost in 1993 and 2001 and learn about the brave history of those who lived through the tragedy and helped to rebuild this iconic part of NYC.

 

See what all the excitement is about at the headquarters of the New York Stock exchange. Stop by the impressive federal Hall building and be sure not to miss 40 Wall Street.

 

Little Italy & Chinatown

 

Little Italy and Chinatown are two distinct neighborhoods that represent two different cultures with an emphasis on one common thing. That thing being delicious, ethnic food.

 

Things to do in Chinatown

 

Be sure to stop by Mott and Grand Streets for exotic food stands busy markets and little shops. If you want a little cultural perspective and for a better understanding of Chinatown, the world’s largest Chinatown outside of Asia, visit the Museum of Chinese in America.

Things to do in Little Italy

 

Check out the boutique shopping scene in NoLlta (North of Little Italy). Then head to grab some delicious Italian cultured food at any of the popular restaurants along Mulberry Street. Then poke around the specialty shops to see all the imported Italian treats.

 

After you’ve shopped and tasted your way through the North of Little Italy, head to the Italian American Museum for a cultural account of Italian immigration to the United States.

2019 NYC Housing Predictions: What to Expect Next Year

The bumpy sales market that took place in 2018 has been a turbulent time for New York City real estate. Luxury prices have continued to sink, and transportation headaches have played a big role in driving market dynamics. Given that the housing market looks different than it did a year ago, here are six broader trends we see dominating 2019.

 

The Buyers Market is Staying

 

The number of homes listed for sale hit all-time highs during 2018, yet recorded sales throughout the city fell. More New Yorkers – seeking to accommodate a growing family, to relocate, or simply to cash out their investment – will inevitably look to sell in 2019, adding to a market that’s already saturated. These sellers will need to take much greater measures to move their homes.

 

Queens is the exception

 

The big outlier in the sales market in 2018 was Queens. Prices there have risen at a consistently faster pace than in Brooklyn or Manhatten, yet remain relatively affordable, with an average listing price of $657,000, compared to Manhatten’s $1.39 million and Brooklyn’s $950,000. Much of the enduring price growth in the borough is attributable to making up for lost time.

 

Downtown is the New Downtown

 

With interest rates and sales prices high, renting will remain more attractive than buying for many New Yorkers in 2019. We expect competition for rental units in many of the city’s priciest, most central neighborhoods to heat up next summer. Rents in newly chic neighborhoods in outer-boroughs now equal in many Manhattan neighborhoods. This past fall, median rents for 1-bedroom apartments in Dumbo, Downtown Brooklyn, and Long Island City exceeded those in Chelsea, Nolita, and the East Village, respectively. Outer-borough new construction may still offer more per dollar in terms of space and amenities, but with roughly similar median prices in many outer-borough and Manhattan neighborhoods, choosing among them has become a matter of preference than affordability.

 

Bedlam on Bedford Avenue

The popular commuting line, the L train, will shut down for 18 months beginning April 27. The market for nearby rentals has been weakening over the course of 2018, as longtime residents decamp for more convenient neighborhoods. Nonetheless, people still have a lot of interest in the neighborhood.

The Best Cheap Neighborhoods in NYC

For a certain rarified class home buyer, money is no object. For the rest of us, it’s nice to find a deal. However just because something is affordable, doesn’t mean it should be unappealing.

The following NYC Neighborhoods are calculated based on a cost-per-room metric, presuming that most homes are shared among families and roommates, the ease of their commutes, crime rates, noise complaints, green spaces, and bike friendliness.

From established enclaves like Forest Hills to up-and-coming areas like the Bronx’s Concourse neighborhood, these are places that balance both cost and quality of life.

Windsor Terrace

Tucked away at the southwestern end of Prospect Park, this tranquil spot feels more like a sleepy Hudson River village than the middle of Brooklyn. That small-town vibe can mean fewer shopping and nightlife options than other areas though. Prices remain relatively low compared to prime Brooklyn hoods.

Forest Hills

This leafy Queens spot is quiet, but not too quiet. The tree-lined neighborhood is more bucolic than most NYC hoods. There are also great shopping options such as Sephora, clothing stores, good ramen, and Chinese food, and good bars.

Roosevelt Island

A renovated Manhatten co-op for a mere $800 per square foot? Welcome to Roosevelt Island. This strip of land in the middle of the East River is technically part of Manhatten, making it one of the borough’s more affordable nabes. Data visualization designer Silvio DaSilva moved to the island from Chelsea at the end of 2016. She was immediately drawn by lower prices and what she says is a relaxed, almost suburban lifestyle.

The river views are good too. Linked to the city by the F train and the tram, the area draws steady interest from Queens residents and, occasionally, from mainland Manhattanites. That’s probably due to the spot’s unique vibe.

Bay Ridge

Rounding out the southwest corner of Brooklyn, Bay Ridge isn’t the most accessible of neighborhoods, but between its scenic harbor views, solid shopping, and dining scenes, and affordable prices, why would you want to leave anyway?

The neighborhood contains some of the city’s best Greek, Italian and Middle Eastern food. It also has a quiet, green, and authentic New York feel.

Clinton Hill

With an average price per square foot of $1,013, Clinton Hill doesn’t seem that affordable on the face of it. But with average prices per square foot in spots like neighboring Prospect Heights approaching the $1,300 mark, the area counts as something of a bargain.

It’s also one of the greenest neighborhoods in Brooklyn, with leafy streets and charming brownstones.


 

Top NYC Neighborhoods to Live in

New York City is one of the most expensive costs of living in the country, making it the ultimate challenge to find a place to live.

 

Many factors depend on where you want to live and where you can afford to live. Neighborhoods vary from their peak cost and downfalls when it comes to price, commute distance, transportation access, nightlife, and other lifestyle amenities.

 

A company that compiles information on cities called Niche, recently released its annual ranking of the best neighborhoods in New York City.

 

These neighborhoods range from historic to hip and pose their own identities and can offer residents a sense of home in a city of over 8 million people.

 

Below are the best New York City neighborhoods to live in:

 

Hell’s Kitchen

 

Hell’s Kitchen is also known as Midtown West, was once a poor and working-class neighborhood that has steadily gentrified over a couple of decades. This neighborhood is within close proximity to many Broadway theaters and the famed Actors Studio. The neighborhood then became a popular area for aspiring actors. Hell’s Kitchen has a shorter commute time and offers a lively nightlife scene for its residents.

 

Flatiron District  

 

This is home of the Flatiron Building, one of the older skyscrapers in the city, at the intersection of Broadway and Fifth Avenue. The Flatiron District features a great restaurant scene, upscale real estate, and an impressive stretch of shopping. It is also becoming known as a huge area for fitness clubs.

 

Greenwich Village

 

Greenwich Village possesses its own sense of character and charm within the city. The neighborhood has served as a home to the creative community, the LGBT movement, and New York University. The area is now a melting pot of its own, filled with bustling restaurants and venues while keeping its small community feel.

 

Brooklyn Heights

 

Brooklyn Heights is located just off the Brooklyn Bridge along the East River and has a historic feel within close proximity of Manhattan. The neighborhood contains more than 600 pre-Civil War houses and has become a popular neighborhood for families. The area has been called New York’s First Suburb.

Silicon Valley Bank Doubled Their Manhattan Office Space

svbThe West Coast established Silicon Valley Bank recognized for catering to tech firms has nearly doubled their Manhattan office space, taking over an entire floor at 387 Park Avenue South. This move is expected to bring New York City one step closer to the tech community.

Established in Santa Clara, California, the financial institution leased 20,000 square feet, relocating to the new space from the current 10,400 square feet space located at 303 Fifth Ave. After their move, Silicon Valley Bank will sublease their current space.

Matthew Leon, an associated with Newmark Grubb Knight Frank, help to broker the deal, negotiating on behalf of the building’s landlord TF Cornerstone, as well as Chip Sealy, an executive at TF Cornerstone. According to Silicon Valley Bank representative Robert Tunis, the intention of the move is to grow and become closer to clients they finance in the tech sector. Park Avenue South  has easily matured into one of the most essential for office space in midtown south, nestled in a neighborhood that’s become a home for multiple tech companies within recent years.

“It’s where their constituency is,” said Tunis, who along with Ferriello will handle the sublease of the bank’s space at 505 Fifth Ave. “This new office puts them closer to that. You go where your business is.”

This latest deal is just one of many signed with TF Cornerstone since their multi-million dollar renovation of 387 Park Avenue South, which involved installing a private roof deck, a new façade for the three lowest floors of the building, new elevators, and HVAC. Criteo, a tech firm, leased the top three floors of the building last year, which granted them exclusive access to the private roof space. Criteo later leased another floor, taking on additional square feet.

Only the ninth and a portion of the eighth floors are presently available at the 13-story property. Also, the third  floor will soon become vacant when SUNY Stony Brook’s 10-year lease expires at the end of the month.