My favorite property of the month: www.citizennyc.com

Have you heard…

October 19, 2011

Corcoran Group Marketing has just sold out 17 Orchard Street, the boutique Lower East Side condo conversion by developer Cardinal Investments.

The seven-unit building, a factory built in the 1920s, sold out in less than a year for total sales of $7,100,000. The average price per square foot was $824.

Corcoran Group Marketing senior vice president Shelley O’Keefe directed sales at the property with salesperson Seema Aggarwal.

“The Lower East Side has always offered restaurants, shopping, history and culture, but high-end condominiums are still in short supply,” said O’Keefe.

“Since our buyers were already spending so much time in the neighborhood, choosing to purchase here was an easy decision.”

Well, with rates so low many buyers who are trying to enter the market are eager to get approved for financing. The problem is that most of the current lending market is reserved for refinancing – not new loans. Buyers are being affected all over New York City, stunned that with their stellar credit and great job history that they cannot capitalize on the low rates with a new home loan. If you are looking for a new home with financing, here are some tips:

1. When you identify a property you are interested in purchasing, find out when the last purchase in the building occurred and what financial institution financed that deal. You will most likely find your best loan options (and the most reliable bank to take you to closing) will be the one that has closed a loan in the building in the last 6 months.

2. Recognize that the bank(s) that will loan in the building you are interested in will not necessarily offer you the lowest rate. Every building in New York has different financials, operating budgets, taxes and debts. The banks are cracking down on who they will lend to and who they will not. Just because “X” Bank agreed to pre-approve you at 4.5%, they need to approve the building – and depending on the building, your rate may be affected.

3. Before you go to contract, make sure you can get a loan on the property and building you are pursuing. The bank should be able to tell you if they will loan in that building. If that is information you cannot find out, make sure you have a mortgage financing contingency in the contract!

The Corcoran Group has recently published their first quarterly report on the state of the market. With statistics for Manhattan and Brooklyn, The Corcoran Report is a great resource outlining market trends in rentals, condominiums, cooperatives and townhouses. Please click the link at the top for a copy of the report.

When you ask your friends and colleagues for letters, it is not always easy to guide them on how to write a stellar rec. Here are some quick tips you can pass on to your references;

1. Address the letter correctly. Whether it is Dear Mrs. Landlord or Dear Members of the Board, it is important to acknowledge your audience (and skip the urge to begin “To whom it may concern” as that will make them no longer concerned with you!).

2. Use letterhead. Whether it is a personal or professional recommendation, use your name, address and phone number to comprise the letterhead (no completely white headers, please).

3. Mention characteristics that would make your applicant a good neighbor. For example, “having shared an office with Ben as junior associates, I always appreciated his efforts to keep the space tidy and his coversational tone low.” Just remember to describe behaviors that may carry over to condominium or cooperative living.

4. Proof read the letter. Make sure there are no spelling or grammatical errors.

5. Be straightforward. This is not an essay writing contest. Using flowery descriptions or being verbose in text wastes time and dilutes the message.

Happy Applying!

Corcoran's Newest Iphone App Innovation

 Buyers and renters love acquiring the maximum amount of information possible to ease their concerns about a listing or confirm their desires about a particular neighborhood. But what happens when the Curbed article writer does not like your new favorite block? I wonder if innovation is going to taint some great properties. My jury is still out but I do appreciate the efforts to help out buyers and renters as we try and emphasize transparency in today’s market.

1. Storage! Many people resist the urge to store in order to avoid keeping unwanted items rather than just ditching them. But if you find it difficult to cut down on the clutter, when it comes to selling your home, it is imperative to get that “stuff” out of your space. Storage can cost as little as $29/month and can make a world of a difference. Rule of thumb – remove at least 2/3 of the items from bookshelves and tabletops.

2. Use Baskets! Have a lot of cds and dvds near the tv? Daily mail that you have yet to go through? Get a few decorative boxes or baskets with lids for a stylish way to hide the necessities.

3. You don’t have to be neat, Just look neat! Buyers WILL look in your closets, but they won’t open drawers or peek under your bed. If you are not a neat person by nature, just remember to keep the “line of sight” neat and tidy, putting the rest of the stuff out of the buyer’s way.

4. Give Yourself an Organizational Deadline! You can organize for weeks only to find yourself in a space that looks and feels the same as it did when you started. Make a goal and stick to it – you will appreciate your home more, and so will a buyer.

Good luck with the Fall Selling Season!

For more information or stats to help to with your search, feel free to reach me for the latest market report.

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