Seema Aggarwal » real estate dogma

How to Write a Winning Recommendation Letter

seema.aggarwal — Thu, 10 Mar 2011 22:03:09 +0000

In the New York City real estate market, it is not uncommon for a building to require letters of recommendation for prospective renters or buyers. In a city so large, your building and your neighbors often comprise most of your community. Being a productive, thoughtful and responsible member of your community is particularly important when you live on top of each other!

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!

April 2010 Market Report – Sales Surge Across the Boards

seema.aggarwal — Sat, 22 May 2010 20:10:20 +0000

Based on new development condominium sales, all sales figures have gone up across the boards (except lower inventory!). Should be noted prices have stabilized for the most part. Most telling about this report is that many of last year’s sales were holdovers from pre-construction contracts signed before the market downturn. Today’s sales reflect a shorter contract period as inventory was built and contracts signed within the last few months.

2nd Quarter Corcoran Report

seema.aggarwal — Mon, 24 Aug 2009 01:06:10 +0000

Q2 Corcoran Report

Interested in moving? Want to see where to get the best deals? The numbers are out, and we have them first. With a definite increase in traffic and more buyers in the market, take note of that latest statistics in your neighborhood.

New NYC Trend – A Friendly Rental Market

seema.aggarwal — Tue, 10 Mar 2009 16:13:19 +0000

It was a fairly quiet change because many renters weren’t looking for it: the NYC rental market has become increasingly tenant-friendly in the last few months. For years, renters were giving up on the hopes of a changing tide. But times have changed, and the market has turned.

Take this listing for instance:

This one bedroom / one bathroom off of Fifth Avenue would have fetched $2700/month last year based on comparables within the building. Now, the owner is forced to offer it for $1999/month with one month free if rented in March. That is a decrease of $868/month or $10,416/year in rental income.

More articles on the NYC rental market:
The Real Deal, March 10th
New York Times, March 7th

What is a worse investment: stocks or real estate?

seema.aggarwal — Mon, 09 Mar 2009 03:35:56 +0000

Most people are very concerned about where to put their money these days. Two of the most common options are real estate or stocks. This chart of the past 33 years in the stock market shows that the market is currently operating at levels from 1996.

Dow Jones Industrial Average - The Last 33 years

If you purchased GE (General Electric) or Coca-Cola stock in 1996, and did not sell it, the value of those shares would be unchanged today. Stocks that seemed like a stable investment back then werejust that – stable and flat. Reflecting on the ups and downs in the housing market, the chart below shoes current housing prices equivalent to that of 2003.

US House Prices

If you purchased a $500,000 piece of property in 2003, with 20% down and a 30 year fixed-rate mortgage at 6%, the mortgage interest tax deductibility would have saved you $60,000 in 5 years. Combine that figure with real estate tax write-offs, depreciation, and the fact that you have a place to live. Not a bad deal.

NYC will always be a good long-term investment

seema.aggarwal — Sat, 07 Mar 2009 04:45:36 +0000

Well, this title says it all. I am not saying this because I am in the business of brokering real estate sales. I am saying this because I am a real estate investor.

History: it does repeat itself. Even when it seems history absolutely will not repeat, can not repeat…it does. Every time NYC real estate (specifically, Manhattan) has gone down in value by a significant amount (10%+), people who buy have come out ahead. In fact, when NYC real estate goes up by a significant amount (200%+), people who buy have come out ahead.

Is there a trend here? Absolutely, and it is not hard to recognize.