Ask an Expert: What do co-op boards look for in reference letters? Q.  What sort of things do co-op boards look for in reference letters?    Are reference letters from out of state…... Read more >

Ask an Expert: What do co-op boards look for in reference letters?

Q.  What sort of things do co-op boards look for in reference letters?    Are reference letters from out of state acceptable? I've only been in New York for six months and I don't know that many people here other than through work.

A. Relax: Out of state reference letters shouldn't be a problem in most buildings, according to our experts.

"While it’s great if you’ve been a New Yorker for awhile, already owned shares in a co-op, know someone in the building, or have some other bond that will create a comfort level with the board, being a recent transplant is not necessarily a negative," says real estate broker Gordon Roberts of Warburg Realty. "Your letters would reflect the transition and demonstrate some continuity."

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Ask an Expert: Battle of the outdoor spaces--backyard/patio vs terrace/roofdeck. Real estate experts weigh in on what is the optimal outdoor space - a ground level backyard or a higher level terrace -…... Read more >

Ask an Expert: Battle of the outdoor spaces--backyard/patio vs terrace/roofdeck.

Real estate experts weigh in on what is the optimal outdoor space - a ground level backyard or a higher level terrace - and discuss the pros and cons of both. Privacy, light, and wind are some of the things to consider when making a decision.
Q. After 12 years in a building with no outdoor space, my husband and I are determined to buy an apartment with a private outdoor area. What are the pros and cons of a patio/backyard versus a terrace/roofdeck?

A. There is a considerable difference between owning a ground-floor outdoor space and one many stories above, says our experts, and each will cost you.

"Be prepared to pay dearly for it, and sadly, be prepared to compromise," says real estate broker Gordon Roberts of Warburg Realty.

For the rest of the article, please see http://www.nydailynews.com/life-style/real-estate/battle-outdoor-spaces-backyard-roofdeck-article-1.1326372?localLinksEnabled=false

 

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Ask an Expert: Do all co-ops have the same ridiculous liquid fund requirements? Q. I'm searching for an apartment to buy and I'd like to know how to find coops that don't require 1 or 2 years mortgage…... Read more >

Ask an Expert: Do all co-ops have the same ridiculous liquid fund requirements?

Q. I'm searching for an apartment to buy and I'd like to know how to find coops that don't require 1 or 2 years mortgage and maintenance in liquid funds. This seems like a ridiculous request if you have the equivalent in a Roth IRA which would be accessible.

I've found one co-op that will consider far less with 10 years or greater employment history with one's current employer.  What other options are out there and how do I find them?

A.    This requirement is not unusual--nor is it universal. The challenge is finding a more flexible board, say our experts.

"There are plenty of co-ops whose rules are more lenient," says real estate attorney Adam Stone of Regosin, Edwards, Stone & Feder. "But those generally will not be the Fifth Avenue or Park Avenue buildings. It may not be possible to know a building's particular rules before going to see the apartment. But once you know who the managing agent is you can request a copy of the coop application and ask if there are any predetermined guidelines for applicants."

A listing probably won't discluse this info, but you may find a hint.

"You might focus on buildings that allow 80% financing as a possible indicator of a more flexible board," says  real estate broker Gordon Roberts of Warburg Realty. In addition, he says, "the listing broker is probably your best resource if you’re searching on your own, especially if they have prior experience in the building."

For the rest of the story, visit http://www.brickunderground.com/blog/2013/03/ask_an_expert_liquid_fund_requirements

 

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Ask an Expert: What should we watch out for when buying a sponsor-renovated apartment? Typical shortcuts in sponsor renovations include cheap tiles, fixtures, and cabinetry, according to real estate experts.…... Read more >

Ask an Expert: What should we watch out for when buying a sponsor-renovated apartment?

Typical shortcuts in sponsor renovations include cheap tiles, fixtures, and cabinetry, according to real estate experts.

BY TERI KARUSH ROGERS / BRICKUNDERGROUND.COM

There are several precautions you should take when considering if you should buy a sponsor-renovated apartment, real estate experts say.

Q. We are thinking of buying a co-op that was renovated by the sponsor. It's a middle-of-the-road renovation that isn't really our style but we're prepared to live with it for a few years until we can afford to redo it.

Our main concern, since the sponsor is a little on the sleazy side, is to make sure they didn't take any shortcuts, especially on the bathroom and kitchen.
What sort of things should we watch out for?

A. There are several, some more consequential than others, when looking at a sponsor apartment, say our experts. A sponsor apartment is a unit owned by the original owner or corporation responsible for turning a building from a rental into a co-op.

"You'd want to know that the renovations were legally permitted, approved by the board, and undertaken by licensed contractors," says real estate broker Gordon Roberts of Warburg Realty.

For the rest of the story, please visit brickunderground.com

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10 apartment staging mistakes that can cost you a sale You’re ready to put your apartment on the market. Now take a long, hard look. Is it ready to meet the public? Does it even know what to say to…... Read more >

10 apartment staging mistakes that can cost you a sale

You’re ready to put your apartment on the market. Now take a long, hard look. Is it ready to meet the public? Does it even know what to say to the public?

Ideally, according to stager Cheryl Eisen of Interior Marketing Group, your apartment should say “a stylish person with impeccable taste lives here." Unfortunately, observes Eisen, "most homes I see that are not professionally staged look like Pottery Barn meets grandma’s hand-me-downs."

Note that staging is not the same thing as interior design, says Susan Goldstein, design director of Studio D.
“Interior design is geared to the homeowners taste and personal desire," says Goldstein, while "staging is about putting enough furniture in a space so that buyers can envision themselves living in the home and how their own furniture will fit in."

Staging is a form of "visual merchandising,” says real estate broker Gordon Roberts of Warburg Realty. “The object of staging is to flatter the apartment but not be too obvious about it, like being properly dressed without drawing attention to what you’re wearing."

Visit http://www.brickunderground.com/blog/2013/02/10_staging_mistakes_that_can_cost_you_a_sale for great tips

 

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NYC Renovation Questions: Murphy beds may be more practical than you think Q. I’m about to move into a tiny studio, and am considering a murphy bed. What should I know? A. Murphy beds -- also known…... Read more >

NYC Renovation Questions: Murphy beds may be more practical than you think

Q. I’m about to move into a tiny studio, and am considering a murphy bed. What should I know?

A. Murphy beds -- also known a hide-a-beds or wall beds -- are most attractive when they're part of a built-in case or cabinet (fixed or attached) to your apartment wall. The idea is that when folded or in the closed position, no one would ever know that the cabinet is indeed a Murphy bed.

Built-in storage, usually flanking either side of the bed, is completely customizable and designed to work with your individual space. This removes any dorm-like feeling or the hideous “bed in a closet” that has been associated with Murphy beds of yore.

For the rest of the story, please visit: http://www.brickunderground.com/blog/2013/03/murphy_beds_may_be_more_practical_than_you_think
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Ask an Expert: We're leaving New York. Should we sell our Brooklyn condo or rent it out? Owners should consider several factors when deciding if they should rent or sell their vacant unit, such as building…... Read more >

Ask an Expert: We're leaving New York. Should we sell our Brooklyn condo or rent it out?

Owners should consider several factors when deciding if they should rent or sell their vacant unit, such as building fees, the stresses of landlording, and the market.

Q. We are moving to another state and debating whether we should sell or rent out our Brooklyn condo. What should we consider when making our decision?

A. You'll need to consider everything from how much you stand to profit under each scenario to your own appetite for the ups and downs of landlording, say our experts.

"First and foremost, you should seek advice from their financial planner and tax advisor to see what makes the most sense for your particular situation," says real estate attorney Adam Stone of Regosin, Edwards, Stone & Feder. "Meaning does it make financial sense to keep the apartment as an asset, or would it make more sense to sell, liquidate, and diversify?"

Next, suggests real estate broker Gordon Roberts of Warburg Realty, "have the apartment evaluated by real estate brokers with a track record in your neighborhood - say, three brokers from different firms who specialize in rentals, and three others who specialize in sales. Get their opinion of value, and ask for recent comparables. In the current market, chances are that all of them will say they can easily find a buyer or tenant for you."

Visit http://www.brickunderground.com/blog/2013/03/ask_an_expert_were_leaving_new_york_should_we_sell_our_brooklyn_condo_or_rent_it_out for the rest of the story.

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Ask an Expert: Should we sell our apartment when there's competition in the building? Q. We were planning to put our apartment on the market next month; however, two other one-bedrooms in our line were…... Read more >

Ask an Expert: Should we sell our apartment when there's competition in the building?

Q. We were planning to put our apartment on the market next month; however, two other one-bedrooms in our line were put up for sale last week. They're asking about 10-15% less than what we were planning to list ours for.

Both are on higher floors than ours and need a decent amount of work, while ours was gut reno'd two years ago.

What is the impact on the price we're likely to get? Is it better or worse to wait until they sell before we put ours on?

A. Among other things, the answer depends on how fast you want to sell, the quality of your renovation, and how much better the view from you neighbors' higher-floor apartments really is, say our experts.

Assuming your apartment isn't overpriced, "having two other apartments in your line for sale at the same time as yours is not necessarily a bad thing because buyers like to comparison-shop," says real estate broker Gordon Roberts of Warburg Realty. Moreover, he says, "if open houses are scheduled so all three are open for inspection at the same time, you could get additional traffic."

But as much as buyers love competition, notes real estate broker Mike Akerly of Akerly Real Estate, "if your listing is overpriced, it will not sell before your neighbors’ apartments and may not sell at all."

Much depends on the quality of your renovation, says real estate broker Shirley Hackel of Warburg Realty.

For the rest of the article, please visit http://www.brickunderground.com/blog/2013/02/ask_an_expert_should_we_sell_our_apartment_when_theres_competition_in_the_building

 

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Painting your apartment to raise its resale value Beyond a deep clean-and declutter, and a fair price, a fresh coat of paint is the single biggest thing you can do to boost your apartment’s appeal to…... Read more >

Painting your apartment to raise its resale value

Beyond a deep clean-and declutter, and a fair price, a fresh coat of paint is the single biggest thing you can do to boost your apartment’s appeal to buyers.
Bear in mind that painting to sell is not the same as painting for pleasure. Here are a few pointers:

• Neutral colors may not be exciting, but they’ll make your space look bigger and brighter, and help create a blank canvas on which buyers can imagine themselves living and working. For a tailored look, broker Gordon Roberts of Warburg Realty recommends: “... painting the walls light tan, and the trim—doors, windows, window frames, baseboards, moldings—a bright white.”

For more great tips, visit brickunderground.com

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Ask an Expert: We want to buy a co-op as a pied a terre. What does it take to get approved? Q. My wife and I want to buy an apartment in Manhattan to use on the weekends. We would rather buy a co-op as…... Read more >

Ask an Expert: We want to buy a co-op as a pied a terre. What does it take to get approved?

Q. My wife and I want to buy an apartment in Manhattan to use on the weekends. We would rather buy a co-op as they're more affordable than condos, but many co-op buildings don't allow pied a terre purchases and some say they'll consider on a 'case-by-case' basis.

What criteria do boards consider? How can we help ensure that we'll be approved?

A. Co-op boards have two primary reservations about residents who intend to use the apartment as a secondary residence, say our experts.

"Some are concerned that pied a terre purchasers will not be able to afford a second home if financial trouble comes and that it will take second priority," says Roberta Axelrod, a real estate broker and asset manager at Time Equities. "Some are concerned that it is simply a cover for investors who will rent out the apartment or use it as a hotel--either for money or for friends and family."

Documenting that "you can afford the apartment and being willing to pay a year's maintenance up front or put some money in escrow does the trick if the concerns are financial," says Axelrod. "Explaining who will be using the apartment and under what circumstances can be very helpful for use concerns."

An acceptable explanation might be, "We want the apartment so that we can stay over after going to the opera, and we will not have guests in the apartment when we are not there," says Axelrod.

Agrees real estate broker Shirley Hackel of Warburg Realty, "If you can show that you have a business in New York, and you will be using the apartment a night or two a week, and that you and your spouse are cultural aficionados with season weekend tickets to the opera, theater and ballet, and that your grown children live happily in their own apartments, you’re likely to be considered favorably. If the board, however, is left to imagine that you will be giving the keys to your children, relatives and friends, you can be sure your application to purchase will be rejected. You need to provide the board with a comfort level that your use of the apartment won’t create either noise disturbances or traffic distractions to shareholders."

For the rest of the story, please visit http://www.brickunderground.com/blog/2013/01/ask_an_expert_buying_a_pied_a_terre_in_a_coop_building

 

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Ask an Expert: What are the best businesses to have below an apartment building? Real estate experts say that grocery stores, restaurants and bars are the least desirable tenants to have below a building…... Read more >

Ask an Expert: What are the best businesses to have below an apartment building?

Real estate experts say that grocery stores, restaurants and bars are the least desirable tenants to have below a building from a quality of life perspective.

Q. What are the best and worst kinds of businesses to lease out the commercial space beneath our co-op, in terms of quality of life for residents, financial security for our building, and resale value of apartments?

A. Our experts agree that grocery stores, restaurants and bars are typically the least desirable from a quality of life perspective.

Restaurants and bars in particular "have to be the worst because of late hours of operation, noise potential, and pest potential," says New York City real estate attorney Adam Stone of Regosin, Edwards, Stone & Feder. "They are also the types of businesses that have a smaller chance of succeeding and higher rate of turnover."

On top of that, they can do a number on resale values.

"Buyers have a strong bias against restaurants, bakeries, supermarkets and food shops because of garbage disposal, pest control and odor issues," says real estate broker Shirley Hackel of Warburg Realty.

Their concerns are well founded, says pest control expert Gil Bloom of Standard Pest Management. Moreover, he says, oftentimes a food establishment's need for "storage and, worse, refuse storage exceeds their allotted space, which can then spill over into building areas. These establishments can tax the waste system and discolor the exterior sidewalk with pest attracting grease and debris."

Real estate broker Gordon Roberts of Warburg Realty notes that though restaurants raise some serious concerns, these anxieties are not necessarily insurmountable.

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Renovating your kitchen with resale value in mind The kitchen is the most expensive room you’ll ever renovate, especially in NYC. Figure on $15,000 to $25,000 for an inexpensive renovation of the average…... Read more >

Renovating your kitchen with resale value in mind

The kitchen is the most expensive room you’ll ever renovate, especially in NYC. Figure on $15,000 to $25,000 for an inexpensive renovation of the average
7-by-9-foot apartment-sized kitchen, $40,000 to $75,000 for a midrange job, and $100,000 and up for a top drawer do-over.

If you’re planning to sell within the next five years— before most kitchens tend to look dated or worn—here are a few tips for recovering as much of your investment as you can:

• Don’t put a luxury kitchen in a lower-end starter apartment—you probably won’t recover your investment. Generally speaking, try not to spend more than 5% of the sales price of your apartment. But don’t under-renovate, either.

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Ask an Expert: Should I buy an apartment in a self-managed building? Q. I'm selling my co-op in a large full-service building and thinking about buying a duplex in a small (12 units), self-managed co-op. …... Read more >

Ask an Expert: Should I buy an apartment in a self-managed building?

Q. I'm selling my co-op in a large full-service building and thinking about buying a duplex in a small (12 units), self-managed co-op. 

What are the risks and benefits of buying into a building that's not professionally managed? Are there any specific questions I should ask to make sure the building is being run well?

A. The main advantage of a self-managed building is that, in theory, your monthly maintenance charges should be lower without a managing agent on the payroll. But these types of buildings--typically small ones without many units to share the cost of a managing agent--definitely demand a higher level of scrutiny, say our experts.

Let's start with the reserve funds, which tend to be on the skimpier side.

"A building with only 10-12 units usually doesn’t have much of a reserve fund or cash balance," says New York City closing attorney Adam Stone of Regosin, Edwards, Stone & Feder. "They often get by month to month and a benefit of that is keeping monthly common charges down. But if the building needs $100,000 for a new roof, for example, you know who they will come looking to for your share of that."

Hire an engineer to inspect the building, says Stone.

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Ask an Expert: Should I buy an apartment in a self-managed building? Q. I'm selling my co-op in a large full-service building and thinking about buying a duplex in a small (12 units), self-managed co-op. …... Read more >

Ask an Expert: Should I buy an apartment in a self-managed building?

Q. I'm selling my co-op in a large full-service building and thinking about buying a duplex in a small (12 units), self-managed co-op. 

What are the risks and benefits of buying into a building that's not professionally managed? Are there any specific questions I should ask to make sure the building is being run well?

A. The main advantage of a self-managed building is that, in theory, your monthly maintenance charges should be lower without a managing agent on the payroll. But these types of buildings--typically small ones without many units to share the cost of a managing agent--definitely demand a higher level of scrutiny, say our experts.

Let's start with the reserve funds, which tend to be on the skimpier side.

"A building with only 10-12 units usually doesn’t have much of a reserve fund or cash balance," says New York City closing attorney Adam Stone of Regosin, Edwards, Stone & Feder. "They often get by month to month and a benefit of that is keeping monthly common charges down. But if the building needs $100,000 for a new roof, for example, you know who they will come looking to for your share of that."

Hire an engineer to inspect the building, says Stone.

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NYC Renovation Questions: What should I know about replacing wood floors in a pre-war apartment? Q. I am buying a prewar apartment and the hardwood floors do not appear to be in good condition. What should…... Read more >

NYC Renovation Questions: What should I know about replacing wood floors in a pre-war apartment?

Q. I am buying a prewar apartment and the hardwood floors do not appear to be in good condition. What should I know about replacing them? How can I keep costs down?

A. The first thing to know--whether you plan to replace the floors or just refinish them--is to do it before you move in, says architect Tom Degnan of Degnan Design Group. You'll want to avoid the inconvenience and hassle of moving your furniture out of your apartment, as well as the dust and dirt caused by sanding and refinishing.

Cost-wise, according to Michael Savino of MD Floors, expect to pay between $2 to $4 per square foot just for the existing floors to be removed and disposed of.

New floors will start at about $15 to $18 per square foot and go up from there depending on variables including species, cut, pattern, complexity of the stain and the choice of new floor stain color and the finish (polyurethane, tung oil or wax). This cost includes sanding and finishing.

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NYC renovation bloopers: 6 great ideas you'll regret having Q. I'm looking to renovate and don't know where to start. Are there any seemingly great ideas that have gone awry I should be wary of? A. Even…... Read more >

NYC renovation bloopers: 6 great ideas you'll regret having

Q. I'm looking to renovate and don't know where to start. Are there any seemingly great ideas that have gone awry I should be wary of?

A. Even the most premeditated renovation can spawn some regrets in the aftermath. And when you're paying NYC prices, that's definitely something you want to avoid if you can.
Start by asking each of the professionals involved in your project to point out aspects that may bear rethinking.

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Is it better to buy an apartment with a lax co-op board? Q. From a resale perspective, is it better to buy into a building with a liberal co-op board or a strict one? A. While there is no clear answer…... Read more >

Is it better to buy an apartment with a lax co-op board?

Q. From a resale perspective, is it better to buy into a building with a liberal co-op board or a strict one?

A. While there is no clear answer to your question, our experts put forward several persuasive theories:

Liberal. "Given the choice between a liberal and a strict co-op board in general from a market perspective, it is better to have the liberal board," says Roberta Axelrod, a real estate broker and asset manager at Time Equities. "Purchasers want to be approved and sellers want their buyers approved. Owners want to be allowed maximum freedom to live in their units as they choose to and are wary of buildings that are overly restrictive. On the other hand, no one wants to buy into a building where owners can't pay their maintenance so there needs to be a balance between no review and a building that gets a reputation for being overly strict. It is always best to have a board which is in line with the norms of the market."

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NYDailyNews.com   Ask an expert: Will a European kitchen hurt my home's value? Experts weigh in on if an alternative kitchen layout will hurt your resale value   Q. I'm planning to remodel my…... Read more >

NYDailyNews.com
 
Ask an expert:

Will a European kitchen hurt my home's value?

Experts weigh in on if an alternative kitchen layout will hurt your resale value
 
Q. I'm planning to remodel my kitchen in the European style, including a built-in wide fridge under the countertop, and a separate cooktop and oven. It will be beautiful and expensive, but not a traditional American kitchen. How will that affect the resale value of my apartment?

A. To the extent that it turns some buyers away from your apartment, a European-style kitchen--particularly the refrigerator you have in mind--will likely have a depressing affect on your resale values, say our experts.

While your separate cooktop and oven may actually "be viewed as a plus in the American market," says Roberta Axelrod, a real estate broker and asset manager at Time Equities, the same is not true for your refrigerator.

"The under-the-countertop fridge may be off-putting to some buyers wired to stand in front of an open fridge and stare at its contents," says real estate broker Gordon Roberts of Warburg Realty, who recommends a traditional upright fridge. That said, he observes, "if space is limited, a below-countertop fridge could be a clever and attractive solution."

Real estate agent Deanna Kory of Corcoran agrees that the amount of available space will play a huge role in how buyers perceive your kitchen.

"Often, European-style kitchens seek to maximize small spaces with seemingly non-traditional placements of appliances," she says. "The only instance in which this would negatively affect resale value is if the unit’s square footage allows for a larger kitchen. If the apartment does not permit a larger kitchen then it lessens the negative impact--but if it is possible to expand, buyers typically like to have standard size kitchen appliances and good size working spaces. For whatever reasons, tall, but narrow fridges seem okat if the space will only permit such."

If you own a condo, or in the rare co-op amenable to pied a terres, your eventual buyer may be a European looking for a pied a terre.

Manhattan appraiser Jonathan Miller of Miller Samuel agrees that renovations should generally conform to local tastes.

"A rule that I and most appraisers live by is, 'The more personalized the upgrade, the less it contributes to the value of your home,'" says Miller, who presumably would express the same view of a koi pond installed in your living room.

"Highly personalized improvements tend to appeal to a smaller subset of your housing market than upgrades done in a neutral way," says Miller. "Neutral in this context means what most buyers in your market tend to want, not what you want. The more people there are who want a certain style of upgrade, the more they will pay for it."

 

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Ask an Expert: How much is a dining room worth? Q. Percentage-wise, how much more should I expect to pay for an apartment with a separate dining room, versus a standard 2 bedroom, where you basically…... Read more >

Ask an Expert: How much is a dining room worth?

Q. Percentage-wise, how much more should I expect to pay for an apartment with a separate dining room, versus a standard 2 bedroom, where you basically eat in your living room?

What about a true eat-in kitchen, where you can put a whole table, not just a couple of stools next to a counter?

A. In space-deprived New York City, you will certainly pay more for the privilege of noshing in an area specifically designated for that activity, agree our experts. 

How much more is a little harder to pin down.

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Ask an Expert: Is it ok to put a kid in a windowless 'bedroom'? Q.  I've seen some apartments advertised as one-bedroom with a "home office" that can be used as a bedroom. Often they're used as children's…... Read more >

Ask an Expert: Is it ok to put a kid in a windowless 'bedroom'?

Q.  I've seen some apartments advertised as one-bedroom with a "home office" that can be used as a bedroom. Often they're used as children's rooms, which is what my wife and I are thinking of doing.
Is it legal to put a child in a windowless "bedroom"? Is it safe? (I'm thinking about fires, air quality etc.) Pricewise, what's the right discount for this type of apartment versus a "true" two-bedroom?

A.   These "home offices" are often found in office buildings converted into residential use, where apartment layouts tend to be deep and narrow, says real estate broker Gordon Roberts of Warburg Realty. He notes that many adults claim these spaces as master bedrooms because they have a "cocoon-like blackout-quality."

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Ask an Expert: Botox for co-ops worried about younger, sexier condos Q. My co-op wants to stay competitive with newer condos in our downtown neighborhood. In what order would you rank the following projects…... Read more >

Ask an Expert: Botox for co-ops worried about younger, sexier condos

Q. My co-op wants to stay competitive with newer condos in our downtown neighborhood. In what order would you rank the following projects in terms of their effect on resale values:  Lobby and hallway renovation, roof deck addition, elevator replacement, playroom/gym addition?

A. Our experts agree that there is no one-size-fits-all answer, so you may want to convene a few real estate brokers who've done business in your building for a mini-focus group on what would benefit your building the most.

Generally speaking, the cosmetic condition of the lobby, hallways, and elevator should be your top priority.

"In a perfect world, assuming money is not an issue, the curb appeal of a building is extremely important," says Dan Wurtzel, president of Cooper Square Realty.

If the lobby and hallway are really "blah or look poorly maintained, potential buyers are likely to draw negative conclusions about the building as a whole," says Gordon Roberts, a real estate broker with Warburg Realty.  "It needn't be an ostentatious renovation. Improved lighting, clean wall surfaces, polished floors can all add to a welcoming atmosphere that communicates that it's a 'nice' building."
Also, notes Roberts, "many people would be willing to overlook a so-so lobby in favor of a smooth, worry-free elevator....so if the elevator is molasses-slow breaks down a lot, and gets feedback like 'This is the worst elevator of all time and I'm afraid to go in it,' it would be worth it to address that deficiency first."

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Ask an expert: Why am I having trouble selling my apartment? Q.  I've been trying to sell my Upper East Side one-bedroom for 4 months. I've had 6 open houses, no offers, and very little feedback…... Read more >

Ask an expert: Why am I having trouble selling my apartment?

Q.  I've been trying to sell my Upper East Side one-bedroom for 4 months. I've had 6 open houses, no offers, and very little feedback one way or the other. I did everything my broker suggested in terms of staging, purging, and freshening, and lowered the price a total of 10%.
Right now it's just below the price that an apartment two floors under mine sold for last spring.  (In case you were wondering, we are NOT affected by the Second Avenue subway construction.)
Any suggestions? How do I know if the problem is the price, the apartment, or the broker?

A.  It's tough to tell without seeing your apartment and studying the comparables, say the experts, but price is the most likely culprit, particularly if you based your asking price on the spring sale in your building.

"Over the last few months, from the spring 2011 season to fall 2011, the market saw a substantial shift.  In some cases prices were down 10 percent," says real estate broker Deanna Kory of The Corcoran Group.

More specifically to your situation, it's a buyer's market for Upper East Side one-bedrooms right now, says real estate broker Gordon Roberts of Warburg Realty.

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The New York Times Market Ready Reupholstering a Built-In Banquette Market Ready is a series of articles on strategic home repairs and redecorating that can be done to prepare a home for…... Read more >

The New York Times
Market Ready
Reupholstering a Built-In Banquette
Market Ready is a series of articles on strategic home repairs and
redecorating that can be done to prepare a home for sale.

Q. I have a built-in banquette in my kitchen. Should I reupholster it before trying to sell my home?

A. If you have a kitchen banquette that’s covered with stained or worn fabric, it may be a good idea to reupholster it before opening your home to potential buyers.

“Oftentimes banquettes have a lot of food stains on them, or kids have been standing on them,” said Gordon Roberts, a managing director at Warburg Realty in New York. “They can just look really beat up. That can be a distraction if the rest of the kitchen is showing well.”

In that case, Mr. Roberts recommended re-covering it, because “it’s a relatively inexpensive thing to do, and it will freshen a kitchen up,” making the whole room look more appealing.

But if the rest of the kitchen is in poor condition as well, he said, reupholstering the banquette might not be such a good investment. “If the kitchen is really old and needs to be gutted,” he said, “then reupholstering the banquette is not going to save the day.”

Philip Gorrivan, a New York interior designer who frequently uses banquettes in his projects, said that they can be a good selling point because they are a very efficient use of space. “I always tell my clients they should have them,” he said.

For a high-traffic area like the kitchen, Mr. Gorrivan said, he almost always has banquettes upholstered in a fabric that’s suitable for indoor and outdoor use. “It’s engineered really well, and any stains come out of the fibers,” he said. “It lasts forever.”

Indoor-outdoor fabrics have come a long way from the stiff, uncomfortable textiles of yesteryear, he added. “You’d be amazed: usually, you can’t even tell that it’s an outdoor fabric,” he said. “They’ve gotten so good and so chic that you can even get indoor-outdoor velvets.” Some of his favorite manufacturers include DeLany & Long, Duralee, Knoll and Perennials.

If you’ve already selected a fabric that isn’t naturally stain-resistant, Mr. Gorrivan said, you could have it treated by a fabric protection service like Fiber-Seal, “but I really think that indoor-outdoor fabric is a better way to go.”

Mr. Gorrivan recommends a fabric with a small-scale pattern or subtle color variations, rather than a solid color. “The more texture or pattern, the more sins you can hide,” he said. “I would go with a tight, textured pattern, like a nice weave.”

You might also want to take a close look at the condition of the upholstery in the rest of your home, even if you’ll be taking most of it with you. If your furniture is dirty, most of it can be steam-cleaned, Mr. Roberts said. “The couch, the chairs and the slipcovers.”

It doesn’t cost much, he said, and it will help give buyers the best impression of your home.

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Ask an Expert: My lot-line windows are about to vanish. Do I have to tell buyers? by Teri Karush Rogers | 8/31/11 - 7:52 AM Q.  My apartment is on the market, and I recently learned that the building…... Read more >

Ask an Expert: My lot-line windows are about to vanish. Do I have to tell buyers?
by Teri Karush Rogers | 8/31/11 - 7:52 AM

Q.  My apartment is on the market, and I recently learned that the building next door is planning to add three more stories and that my apartment will lose two east-facing windows.  Do I have to tell prospective buyers? 

A.  Maybe, and regardless of whether you have to, you probably should, say our experts.

Although New York is still generally a "buyer-beware" state, says real estate lawyer Alan Fried, and "while generally a seller is not obligated to voluntarily disclose negative conditions about a property being sold--other than a few government-required disclosures like lead paint--a seller may not actively conceal a condition or make affirmative misrepresentations."

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Ask an Expert: Buying a co-op when you're self-employed Q.  I've been an independent marketing consultant for five years and I want to buy an apartment. Income-wise, I had one bad year three years…... Read more >

Ask an Expert: Buying a co-op when you're self-employed

Q.  I've been an independent marketing consultant for five years and I want to buy an apartment. Income-wise, I had one bad year three years ago but other than it's been pretty steady at around $225,000 a year. Still, I've heard co-op boards have a bias against self-employed buyers. Should I even bother looking at co-ops? If so, do you have any suggestions for how to present my income and self-employed status in the best light?

A.   Co-ops have historically been cautious about approving freelancers and entrepreneurs, but the times they are a-changin', according to some of our experts.

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Q. When picking an agent to sell my apartment, how much does it matter whether the agent has sold in the neighborhood before? A.  "While it's not absolutely critical that an agent has prior experience…... Read more >

Q. When picking an agent to sell my apartment, how much does it matter whether the agent has sold in the neighborhood before?

A.  "While it's not absolutely critical that an agent has prior experience in your building or neighborhood, it can certainly be an advantage," says Manhattan real estate broker Gordon Roberts.
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Ask an Expert: How many sales is too many? Q. Future buyer here. Should I have concerns about buying in a building where a large number of units are being sold in a one year period? For example, I looked…... Read more >

Ask an Expert: How many sales is too many?

Q. Future buyer here. Should I have concerns about buying in a building where a large number of units are being sold in a one year period? For example, I looked at 200 W. 20th.  Have to wonder if it's due to shareholders wanting to move up to a larger unit, or something negative like bedbugs.

A.  Should you be concerned? Maybe. Maybe not. Due to the variety and depth of our experts’ very interesting responses (six from real estate brokers, three from real estate lawyers and one from an appraiser), we’re departing from our usual format and printing each reply individually.

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Shirley Hackel and Gordon Roberts on today's brickunderground Q.  If I go to an open house on my own and sign in under my own name (i.e., without listing a broker, because I’m not working with…... Read more >

Shirley Hackel and Gordon Roberts on today's brickunderground

Q.  If I go to an open house on my own and sign in under my own name (i.e., without listing a broker, because I’m not working with one), can the seller’s broker stop me from bringing in my own broker later? Or can I bring in my own broker at any time?

A.  According to the real estate brokers on our expert panel, it’s perfectly okay to bring in your own broker later even though it may make the seller’s broker (who stands to earn the entire commission instead of half by representing both sides) a bit cranky.

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Ask an Expert: Is central air necessary in a high-end renovation? Q: Is it necessary to install central a/c in a high-end renovation? How much does it cost, and what’s the premium on resale? A. Most…... Read more >

Ask an Expert: Is central air necessary in a high-end renovation?

Q: Is it necessary to install central a/c in a high-end renovation? How much does it cost, and what’s the premium on resale?

A. Most buyers expect central air in high-end renovation unless it’s technically impossible to install, according to our experts.

“Window units are decidedly down market,” says real estate broker Gordon Roberts. “In general, luxury climate means comfort which is state-of-the-art, efficient and felt, but not seen or heard.”

Real estate broker Deanna Kory says central a/c seems very important “for mint renovations of $3.5 million and up. Some buildings won’t allow it so through-wall is second choice.”

If you’re still not sure, consider the potential competition when it’s time to sell. “Are there other units in the building with central air?” says Roberts. “Then you should probably follow suit. And if you’re already thinking about resale, what are the comparables in your neighborhood? Is central air the norm in properties you’d hope to be commensurate with?”

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Should I paint my exposed brick wall before selling? Q. I own a junior one-bedroom in Manhattan that I'd like to put on the market within the next year. The apartment overall is in mint condition and…... Read more >

Should I paint my exposed brick wall before selling?

Q. I own a junior one-bedroom in Manhattan that I'd like to put on the market within the next year. The apartment overall is in mint condition and I wouldn't expect whomever lives here next would need to do much (if any) work before they move in.

However, I have one wall that is exposed brick that I'd really like to paint white. I've asked around, and most people say that I shouldn't paint over it, and then they wax poetic about how much they love the look of exposed brick in general.

I, too, am fond of the look. However, my wall is not is the static, neat looking kind that most people think of.

It's messy with mortar caked over the brick in some places, the bricks are different colors in spots and (most significantly) there are several areas and large holes that have been cemented over the years that make the whole wall just look messy.

Would painting the brick negatively affect my resale value when it comes time to put it on the market? In photos, the wall will probably look great, but up close, it's like a hot mess.  What do buyers think when they see exposed brick or when they see it painted?

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Could Your Dog Pass a Co-op Board Interview? You know how co-op board interviews are this intimidating New York Thing that rich people worry about? Well, it's not just people -- we read yesterday that…... Read more >

Could Your Dog Pass a Co-op Board Interview?

You know how co-op board interviews are this intimidating New York Thing that rich people worry about? Well, it's not just people -- we read yesterday that people's dogs are now having to pass these interviews along with their humans. It's true! If you're trying to get into a co-op and your dog is a bit barky or likes to jump -- basically, if your dog sometimes messes up and acts like a dog -- you may be out of luck. We asked around and found out some advice for making sure your doggy passes its interview.

Gordon Roberts, a broker with Warburg Realty, told us that "as a broker, I try to smooth the way for the meeting." This includes helping the owners prepare a "profile" of the dog for the board to look at pre-interview.

"New York is so atypical of other real estate markets," Roberts said. "This is kind of an 'only-in-New-York' thing.'" I'll say!

We also spoke with Andrea Arden, a professional dog trainer. She said that demand for co-op board interview training has gone up in the past five years. She trains dogs in things like "elevator etiquette," "walking nicely," and being able to be quiet when they're alone. Apparently, sometimes during an interview, the humans will just put the dog alone in a room to test whether or not it will bark. "There's not always much you can do," she said. Besides muzzling the dog, I guess.

Arden sets up sort-of "rehearsals" in which the dog is led through a series of situations that mimic a potential meeting. Dogs also take a "Canine Good Citizen" test that some co-op boards look at. "People are now doing things to build their pet's résumé," Arden said. Dogs! With résumés! Maybe we should just give up and consider them people now.

Let's get servicey: What breeds are a better pick for this kind of thing? Arden said that dachshunds, beagles, and Yorkshire terriers, while small, are a pretty barky little group of dogs. Which, clearly, you're not really going for. On the other end of the spectrum, there are some bigger dogs that "co-op boards will automatically raise an eyebrow about."

Dogs are also taught something called "hand targeting," which is basically a doggy handshake in which the dog uses its nose and gently nudges your hand. This is radically different from our family dog's greeting method of knocking you down to the ground while licking your face, and much more appropriate for polite society.

Rich-people buildings are weird. Their doormen play Tooth Fairy, and your dog needs a résumé to get in. Maybe just get a cat? Though surely that's a whole other can of Fancy Feast.

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Fresh Start Fridays: Washer/dryer included Friday, June 18, 2010 Two-bed, two-bath prewar 2nd-floor walk-up on a cul-de-sac on East 72nd Street (in one of the Upper East Side's "Black and White" buildings)…... Read more >

Fresh Start Fridays: Washer/dryer included
Friday, June 18, 2010

Two-bed, two-bath prewar 2nd-floor walk-up on a cul-de-sac on East 72nd Street (in one of the Upper East Side's "Black and White" buildings) overlooks East River and features oversized windows and a roomy kitchen with under-the-counter outside-vented washer/dryer.  $950,000, $1,794/mo maintenance.  [Warburg]

 

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When is a two-bedroom too small to sell? Q. I'm looking at buying a two-bedroom apt in Park Slope, but the bedrooms are extremely small (5'10"x14'1" and 8'2"x14'1").  I need a two-bedroom and can't…... Read more >

When is a two-bedroom too small to sell?

Q. I'm looking at buying a two-bedroom apt in Park Slope, but the bedrooms are extremely small (5'10"x14'1" and 8'2"x14'1"). 

I need a two-bedroom and can't really afford anything bigger, but do you think that the small bedrooms are going to make it difficult to resell in the future or are there enough buyers in Park Slope that would find this layout and lower price range desirable?

A.  That all depends, say the brokers we checked in with.

“A small two bedroom if priced right will always have a buyer,” says Terry Naini, an agent who works in brownstone and downtown Brooklyn.  “That said, the specific location, condition, and health of the building are paramount.”

A small two-bedroom close to multiple train lines and the park with low monthly charges will sell easier than one that is further from the trains, with high carrying costs in a walk-up building, notes Naini.

Manhattan broker Gordon Roberts wondered if your two-bedroom is actually a one-bedroom in disguise.

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My elderly neighbor is a safety hazard Tuesday, April 6, 2010 Q.  Last night our elderly neighbor went out and left her dinner cooking on the stove, causing a panic when the hallway filled with smoke…... Read more >

My elderly neighbor is a safety hazard

Tuesday, April 6, 2010
Q.  Last night our elderly neighbor went out and left her dinner cooking on the stove, causing a panic when the hallway filled with smoke and bad smells and set off smoke alarms. 
Fortunately the super was around and let himself into her apartment to shut off the stove before things got worse.  But who knows whether we'll be so lucky next time.
What do people do about elderly neighbors' safety (and their own)?

A. This situation is unfortunately common. But it's possible to preserve dignity and safety at the same time.

As a first step, your managing agent and/or board members should meet with your neighbor to share their concerns and suggest some safety measures, says property manager Michael Wolfe. Some suggestions include stove timers and smoke alarms as well as automatic water valve shut-offs to prevent accidental floods.

It may also be time to reach out to your neighbor's family.

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