Brokers Counsel Manhattan Home Buyers Against Too-Low Offers

With the summer selling season in high gear, brokers are up against an unwelcome obstacle: uninformed buyers who insist on submitting lowball offers.

Brokers say they struggle to educate buyers accustomed to controlling the market — some of whom made bargain bids on reasonably priced properties. They say that dealing with buyers in the summer season is a different beast. New apartment shoppers are in the mix, too, and inventory is still down in most parts of Manhattan.

Buyers still think they have the power prior to the market crashing, even more so if they have all cash, brokers say. One of their biggest challenges in closing sales is working with buyers who continue to offer 20 percent below asking price.

In reality, brokers know that owners are getting back more power, especially if their properties are in desirable locations, but many home buyers haven’t realized that yet.

The figures reflect some, but not all, of that sentiment. In the first quarter of this year, the number of Manhattan co-op and condo sales increased 14.9 percent compared to the previous quarter, rising to 2,311 sales from 2,011, according to Prudential Douglas Elliman data compiled by appraisal firm Miller Samuel.

Overall, average and median sale prices have budged less than 1 percent compared to the same time in 2011. Last quarter, the average sale price was $1.34 million, a 7.2 percent decrease from the previous quarter. The median sale price was $775,000, a 9.4 percent quarterly drop.

Jonathan Miller, CEO of Miller Samuel, attributes the price dip to the popularity of entry-level apartments, which comprise the second largest market share of home purchases in a decade.

Sales activity was weakened in the first quarter by the spate of bad economic news, from the S&P downgrade to Europe’s debt woes, which put the country in a tailspin in late summer and fall.

“We had this delay or pause in the fall, and now we’re catching up,” Miller said.

Brokers report a customary bump in activity in the first quarter compared to the previous quarter. The uptick ranged across the board, from a jump in the number of people at open houses to an increase in accepted offers and signed contracts.

Given the lag time between signed contracts and closed sales, not all of that activity showed up in Miller’s first-quarter figures. And although prices have dropped since the previous quarter, brokers suggest that deals signed in the last few months indicate an uptick in prices.

Brokers say that although deals are being signed, it is often only after wrangling with home buyers, educating them about the current dearth of inventory and convincing them to pay full asking price, or close to it, especially for prime properties.

Agents are advising buyers to bid higher and closer to the asking price. The recession is over and buyers need to think in terms of the ‘next real estate boom,’ agents say. That means, if they find a property they like, buyers need to bid close to the asking price. Otherwise, if they wait too long or continue bidding too low, some are missing out on great deals.

101 Warren St. – TriBeCa, NYC

101 Warren Street: Tribeca Luxury Living

Developed by Edward J. Minskoff Equities, the Tribeca residential building known as 101 Warren Street is an entire block of condominiums and rental apartments. Located at 270 Greenwich Street near the World Trade Center site, Hudson River esplanade, the Financial District and Battery Park City is across the street from Public School 234, a school known for its nautical theme designed by Richard Dattner.

The residence includes more than two hundred twenty condominiums and over one hundred thirty rental apartments. The entry-point for the rental apartments is separate from the rest of the complex.

Completed in 2007, the mixed-use complex that includes both living spaces and office space, designed by Skidmore, Owings & Merrill architect, Mustafa Abadan, boasts a Whole Foods Store and Barnes & Noble bookstore. Rising above a cluster of low-rise and mid-rise structures, the condominium tower has a distinctive checkerboard design covered with Indian granite and glass: The facades on the east and west are somewhat angled, and offer spectacular views.

Its interior, designed by Ismael Layva Architects and interior designer, Victoria Hagen, has a pine tree forest with 101 trees bedded in reddish river rock in the fifth floor atrium. There, you will also find an indoor/outdoor playground.

Amenities of the condominium complex include a doorman, a concierge, and a residential manager. Additionally, condominium residents can take advantage of the “Bloomberg Financial Lounge” which boasts an international newspaper service and a conference room known as the “Board Room” that has a screening area.

Other amenities are its 24-hour attended parking and glassed-in fitness and training facility. For outdoor enthusiasts, a garden maze, landscaping by Thomas Balsey Associates and sun decks give residents access to the out of doors. Some of its more luxurious appointments include the Joel Shapiro sculptures and Roy Lichtenstein tapestries in the lobbies.

Apartments designed with full-height windows, let in expansive light and city views, and they have ceiling heights from 10 to 12 feet. Imported wood, marble and Italian tiles grace the floors. Marble countertops, Sub-Zero, Miele and Bosch appliances complete the gourmet kitchens, some with eat-in alcoves. With multiple layouts to choose from, some of the 101 Warren apartments have great rooms that connect to libraries or extra bedrooms, others have entryways, and still others are two-floor duplexes. In the tower apartments, square-footages can range from 923 to over 4,000. Penthouse units include 20-foot-high out-door galleries.

Listed as one of the top-ten apartment buildings in New York City, 101 Warren’s for sale prices range from $1,832 to $2,192 per square foot. The location has perfect access to the financial district and public transportation.

Putting a Price on Central Park Views

Many New Yorkers these days would love to settle near Central Park. However, there are reports saying that the prices of apartments sold around this famous New York part is getting more expensive. The prices have doubled in a period of only one year.

According to a research conducted by the PropertyShark.com firm, co-op buildings around Central Park are more expensive compared to other buildings in New York.These gaps started in 2008, wherein the real estate business crashed.

However, it cannot be denied that Central Park is a tourist destination and it definitely attracts a great number of both foreign and local people. Living near Central Park is what people want most. It’s like their dream. Well, they cannot be blamed for this. Who wouldn’t want to live in buildings located near Central Park? The demand for properties near or around Central Park is increasing, thus, it is just normal if the price go up too.

The report compared the sales of these apartments along Central Park, as well as the sales in the same ZIP codes. But the size of the properties is not taken into consideration. The results show that an average sale price for apartments on the park border is around $1.85 million in the previous year. On the other hand, the surrounding ZIP code sales as a whole are only around $850,000. These include both the West and the Upper East Sides. There is definitely a huge difference there.

The average co-op price is $2.4 million, while the surrounding ZIP codes are around $795,000. As they say, 2008 is a time when the properties are most expensive, with a differential of 233%.

But what makes the buildings around Central Park appealing to people? Why are the prices so expensive? Well, for a fact, the park is known internationally. Central Park is always associated with New York City. It is the heart of the city. A lot of people come and go, but Central Park buildings never run out of residents. These things provide big advantages, attracting more and more people each year.

However, there are some points missed here. They are forgetting the Aldyn and Rushmore located on the West Side of New York, as well as other areas. Both the locals and the tourists who make a purchase on the West Side prefer the river views and the fresh air, rather than living in the heart of the City.

According to an appraiser and the President of a company called Miller Samuel Inc., Jonathan Miller, in other countries, people are indeed willing to pay more where there are views over water, probably around a river or at a harbor. These are other factors that agents should take into consideration.

In general, the prices of the properties or houses around New York vary from one building to another. There are many factors affecting the prices of buildings. Most often than not, the view of the whole city is being considered by the aspiring buyers. Near Central Park or not, it would be great to live in New York City.

Looking for Some Local Fun in NYC?

Bronx Zoo for the Animal Tales Extravaganza

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BamcinemaFest

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FHA Loan Guidelines: Clearing Up the Confusion

There’s a great deal of misinformation online today in regards to FHA loan guidelines. You’ll find conflicting information about down payments, credit scores, debt ratios, and every other aspect of the FHA’s lending process. This leaves home buyers wondering what’s true and what’s not. So here’s what you need to know about current FHA guidelines:

Down payment guidelines

When using an FHA mortgage loan to buy a house, you need to make a down payment of at least 3.5 percent. Most lenders feel confident that the 3.5 percent down-payment requirement will stay in effect for the rest of this year.

If your credit score is below 580, you might have to make a down payment of 10 percent. HUD states that borrowers with less than a 580 FICO score are required to put down at least 10 percent. But this requirement is something of a moot point. Mortgage lenders impose their own requirements, which are often stricter, on top of the minimum guidelines established by the FHA.

Credit score guidelines

Of all the FHA loan guidelines, the down-payment requirement is the one most firmly set in stone. However, credit scores vary depending on the particular lender you use.

Some lenders set the bar at a 620 FICO score for all of their mortgage products. Others are willing to go as low as 580 as long as the borrower has stable employment and income. Quicken Loans, for instance, states that borrowers may qualify for an FHA loan with a credit score of 580 and above.

Chad Baker, a loan officer with Prime Lending, states that his company “will provide FHA financing down to a credit score of 600.” He states further “there are mortgage banks that are providing FHA financing below a FICO score of 600.” So a credit score of 600 or higher is about the closest there is to a general consensus among lending institutions. Again, it all depends on which bank you use and how well you measure up in other areas.

Debt-to-income guidelines

This is one of the hazier guidelines of the FHA program. There seems to be a lot of leeway regarding the maximum allowable debt ratio, which is addressed further down. But first, here’s a quick definition of debt ratio:

The debt-to-income (DTI) ratio shows how much of your monthly income is going toward your debts. For instance, a DTI of 30 percent would suggest that you are using 30 percent of your income to pay your debts. In terms of the FHA, though, they calculate two DTI ratios. The first is the front-end ratio which includes only housing-related debts, such as your mortgage payment. The second is the back-end ratio which combines your housing debt along with your other debts, credit cards, car loans, etc….

For lenders, the combined number, the so-called back ratio, is the most important one in getting approved for an FHA loan. Some lenders say that 43 percent is the maximum allowable back-end ratio. Others say they’ve seen borrowers get approved through automated underwriting systems with combined DTI ratios close to 50 percent.

Of all the FHA loan guidelines, this one is the hardest to pin down. However, if you can keep your back-end ratio below 43 percent, you shouldn’t have any trouble qualifying for an FHA loan, as long as you meet all of the other guidelines mentioned above.

Amy Winehouse House on the Market for $4.2 Million

On July twenty third, 2011 the whole world said goodbye to the exhilarating and electrifying voice of Amy Winehouse. Unfortunately she couldn’t survive her excruciating battle with drugs and the death of this talented twenty seven year old singer left behind many grieving fans, family and a house, which is not less than a dream castle. The house also seems to be mourning the loss of its mistress as it is now devoid of all the musical laughter and symphonies which were once a part and parcel of the house. The walls which once heard the jazz rhythms and musical harmonies are now empty and despondent. The fans left thousands of gifts and flowers when Whinehouse died and paid tribute to the young legend and said their final goodbyes to the house.

Now the Whinehouse mansion waits for new faces in the hope that it will once again become inviting and cozy. The house, which stands gloriously in the Camden neighborhood London, was put up for sale by the family of Winehouse after her death. The family has put up an amount of $ 4.2 million.
Her parents felt that it was unsuitable for them to live in their daughter’s house after her death.

According to Graham Lock and other spokespersons that are in charge of the listing sites agreed that the architecture of the house is spell binding.

The house consists of three beautifully furnished bedrooms and a massive master suite. Many images and pictures of the house, inside and outside, have been posted on various websites. These pictures show that the expensive rock décor has been used in its construction. Moreover the kitchen comprises of sleek and stylish white and black tiles. In addition to this, there is a family room which immediately captivates the customer because of the shining red roofs and walls. On the whole the structure of the house occupies an area of twenty five thousand square feet.

When Winehouse rose to fame, she bought this house after the consent of her father and she paid a whooping price of 1.8million pounds. Unfortunately she didn’t live for more than a year in the house and said goodbye and left behind a forlorn house.

According to many reporters and spokespersons, the house is perfect for a family as it is cozy yet elegant. A sense of homecoming embraces a person as soon as he steps in the house. Moreover the state agents guarantee that its maervelous structure and finishing will bring happiness to those who become its proud owners.

The price told to the public is 4. 2 million dollars but Graham Lock was sure that the houses of the legends are normally sold at a higher price than the rate that is normally mentioned in the market.

No doubt that Amy Whinehouse was in a league of her own and her powerful yet melodious voice captured the souls of many people. The house itself can never diminish the love and emotions that are attached to the place and whoever will get the house will be lucky.

Middle-Of-Nowhere Mansions

Mansions in the Middle of Nowhere

When you picture a fabulously expensive mansion, the kind of luxurious home that costs $10 million dollars or more, you typically don’t visualize that home being located in a place like Big Chippewa Lake, Minnesota. But that is precisely where the gated compound known as Brentwood is located, two hours outside of Minneapolis. The Brentwood features numerous amenities, including a three-tiered screening room, billiards hall equipped with wet bar, master bathroom with a fireside Jacuzzi and 10-spigot shower, guest homes, lushly wooded surroundings, tennis court and boat dock.

It is hard to imagine why someone would put so much money into a property where the surrounding homes are not nearly as extravagant. In fact, the surrounding neighborhood and its lower home values, can often make it difficult to resell the more luxurious property for its true value. The answer for why someone would invest so much money into a luxury home that is like an oasis in a desert is often quite personal.

Your Own World

The family that built the Brentwood compound was a publishing family with deep roots in Minnesota. Creating their own world in a place where their family has deep history was more important to them than surrounding themselves with other, wealthy homes in a stereotypically wealthy community like Beverly Hills, California or Vail, Colorado.

Multiple generations of their family enjoyed this private, homey retreat by a beautiful Minnesota lake, and all of the joy and satisfaction that privacy and solitude within the expanse of nature can bring you. The family only decided to leave this compound when they outgrew it, and its secluded location makes it perfect for anyone who wants their own little world.

The Southways Estate

The Brentwood compound isn’t the only grand mansion located in the middle of nowhere. Another beautiful home, complete with period details and fabulous architectural history, is the Southways Estate. The Southways Estate was built by the Pilsbury family 1918 and was most recently occupied by the family of Minnesota Vikings co-owner James Jundt.

James Jundt attempted to sell this property in December of 2009 in a famous auction, but unfortunately was not able to sell it. It can often be difficult to tempt people without roots to a particular location to invest in expensive property.

The History of a Home

Part of what gives the Southways Estate its lofty price tag is its history and age. Other homes, with similar history behind them, can cost a significant amount of money despite being located in such unassuming locations as Foxburg, Pennsylvania or Door County, Wisconsin.

A restored 1828 home in Foxburg,, Pennsylvania, built by the descendants of George Fox, founder of the Quaker religion, sold for $24 million. In Door County, an eccentric mansion with a charming backstory and a great deal of the mansion’s contents, is worth $23 million. The home, called the Chateau du Luc, comes equipped with antique silver and cutlery, a collection of evening purses and a space in the family mausoleum for a dog.

The Problem With Reselling 

Even with character and backstory, reselling an expensive in a location as remote as Minnesota or Wisconsin, can be quite difficult. A lot of this is related to why the original families built these homes.

The people who built them have roots in the community, and want to live there, so when the home is resold, the people who buy it will also be people who want to remain in their own community. However, the hefty price tag can be off-putting for community residents, making resale difficult.

3 Home Design Ideas to Use Space More Efficiently

Most of the people these days have placed their office right on their own homes. But later on, the place becomes boring, and the person turns into someone unproductive. So, to make a home office better than ever, here are some ideas on the designs to help in livening up the place.

No matter what this office is for, either for hardcore daily work or simply a corner where people surf the Internet and pay the bills, it still needs to be presentable or stylish perhaps. There are many ways to innovate a home office. The placement of things really matters; even a number of added decorations can help change the aura. With the right touches, the home office can turn into a place where people would love to be at.

The first thing to look into is the number of people using the whole space. Are other members of the family allowed to use this area too? Consider if the home office can receive clients, especially for those who owns a business. If this is the case, it is best if there are more chairs on the area and a bigger space would really be necessary. Make the office more appealing and comfortable to visitors.

The style idea behind this is referred to as the blend in traditional elements. Mod chairs can be used and some white background can give out more energy for the place.

On the other hand, if this office no longer uses paper around, some furniture must be taken out. Sometimes, an office is more efficient if there’s less furniture around. A simple table and chair, plus a good lighting, might already be enough. There are some who even suggest that if a laptop is all that’s needed in the work, an office is not anymore necessary, might as well set up on the dining table.

The style idea behind this is using a wall-mounted lamp. This is best to save more desk space.

But there are a number people who really need a bigtorage area. If the work involves so many paper works and documents often come and go, there must be a systematic storage system. This is also necessary if important records need to be kept. Without a systematic storage system, everything will go haywire. However, to save more, try considering recycling old papers or excess documents. This might come in handy at times.

The style idea behind his is cubby-style shelving. There may be a lot of options for shelves or drawers, but this style of shelves is more interesting and neat. These cubbies actually take less visual space, but these things can definitely keep the place tidy.

When it comes to having a home office, it’s all about the aura. If the place is messed up, surely, no one can concentrate on working. It is best to keep the home office free from clutter, presentable and can stimulate people to work. A little style for a home office can totally make a difference; there is no doubt about that.

History of Battery Park NYC

Battery Park is the perfect respite from the winding, narrow roads of the Financial District, especially during the week when the streets are jam-packed. The park juts out at the southernmost point of Manhattan and has gorgeous flower gardens, lush trees and an amazing waterfront. Even if you just relax on one of the park benches for a few minutes, take in the scenic beauty, people watch or gaze at all the great historical sites in and around the park, you’ll start to feel the stress of the day begin to melt away.

On clear days, you can see all the way from Port Elizabeth’s cranes, which seem to mimic Lady Liberty’s stance, to Governors Island, a former Coast Guard installation, now managed by the National Park Service. You can also see hilly Staten Island in the distance, the Statue of Liberty, Ellis Island and the old railway terminal in Liberty State Park on the mainland in Jersey City, NJ. If you look in the opposite direction and gaze upon the city’s magnificent skyline, you can’t help but feel a sense of gratitude and appreciation for all of the history that surrounds you.

One of the park’s most interesting architectural structures is the Castle Clinton National Monument. It was one of New York’s Harbor Forts and was built just before the War of 1812 to defend the city. In 1823, the fort was deeded to the city and the following summer an entertainment center opened at the site and the name was changed to Castle Garden. From 1855 to 1890, the site served as America’s first official immigration center until Ellis Island opened in 1892.

Saved from demolition in 1946, the Castle was restored to its original condition. In 1975, the structure reopened as Castle Clinton National Monument. Today it houses the ticket office for the Statue of Liberty and is also the takeoff point for ferries going to the Statue and Ellis Island.

There are also several other impressive monuments and statues inside the park, including The Sphere, which stood for three decades on the plaza at the World Trade Center as a symbol of peace. Damaged but still intact after the towers collapsed, it was relocated to the park and serves as a temporary memorial to those who lost their lives.

The southern link in a chain of parks connecting Battery Park, north to Chambers Street, is Robert F. Wagner Jr. Park, which has a wonderful mix of gardens, well-manicured, open lawns and wide benches to view the harbor, the stream of runners and the in-line skaters on the promenade. At the southeast section of Battery Park, there is a brick structure with public bathrooms and a restaurant with breathtaking views from its flat roof.

http://www.fodors.com/world/north-america/usa/new-york/new-york-city/review-165762.html

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