Sunday, December 19, 2010

NYS real estate agency law: Have you heard about the changes?

Beginning January 1, 2011, New York State Real Property Law will bring changes that increase the transparency of the real estate process and offer increased protections for consumers and real estate brokers.

These amendments will impact real estate brokers by requiring that agency disclosure forms be completed for all residential transactions and permitting consumers to give their advance consent to dual agency representation.

Prior to the amendment, verbal consent for agency disclosure was accepted for multifamily buildings over four units. The new law specifies that a written agency disclosure form must be used for all residential transactions. In addition, the amendments have created a section on the agency disclosure form where consumers can give their advanced consent to being represented by two agents from the same real estate broker in the same transaction.

By law all parties must sign these forms. For more information please visit http://www.dos.state.ny.us/ for the revised forms, the text of the revised statute and the Frequently Asked Questions section.

For more information or a consultation feel free to email me at Halstead Property

Sunday, October 10, 2010

First time home buyers: How to make an offer


You’re buying your first home and you want to make sure you make an offer that is right for you!

Of course the first step is to determine your budget. Will you be making an all cash purchase? How much cash will you be able to put down? How much of a mortgage will you need from the bank? Have you been pre-approved for a mortgage?

Most first-time home buyers have no idea what to expect. And that’s to be expected. Thus my recommendation for working with a professional and experienced real estate agent – whether you’re buying your first home or your tenth.

A good real estate agent will help you throughout the entire transaction and the offer is critical. You can make an informed decision on the seller’s asking price by reviewing recent, comparable sales in the area, the market, and other variables by working with your agent.

Based on many factors, no two home purchases are alike. This information will help you to be well positioned in making a “smart offer” on the home you want to purchase.

I use the term “smart offer” because too often people get carried away with “the bargain.”

I had a client who made a $900K offer on a $1.6M home which I advised him against and of course, he lost the home. When we found him the next apartment, he listened to my advice and made a “smart offer” which saved him over $300K with various negotiations.

Read More Of This Article By Clicking Here

Sunday, September 19, 2010

Real estate agents: Ask to see their license so you know they are legitimate and professional


According to the NY Post and the Manhattan District Attorney’s office, Lawrence Paul posed as a real estate agent and escorted a potential renter to an apartment on East 116th Street with the promise that a similar property would be available in a week and accepted their deposit check of $2,900.

On moving day, the apartment hunter learned that the apartment was already occupied and that the real estate agent was nowhere to be found.

As reported by the NY Post Paul was arrested on Monday and was charged with grand larceny.

As a professional and licensed real estate agent in the State of New York, I am appalled by this story and the fact that anyone would commit such a horrible act.

You will find that the majority of real estate agents and brokers in Manhattan are very reputable and take pride in their work!

To be sure you are working with a real and professional real estate agent, ask to see your agent’s license card. We are required to carry it with us at all times. Most of us are also proud members of the REBNY – the Real Estate Board of New York and take our licensure and our work very seriously.

Be sure your agent or broker is with a legitimate real estate firm and a member of REBNY. Check out their web sites with those companies.

If you are looking to rent or purchase an apartment in Manhattan, call me. I’d be proud to show you my license and assist you in finding a legitimate home where you can build your dreams.

For more information or a consultation feel free to email me

Ross Ellis is a proud member of the Real Estate Board of New York

Sunday, September 5, 2010

As much as the nation is in an economic turndown, Manhattan is a completely different market.

And while some are making the decision to downgrade from their classic six or larger apartments to smaller homes in the city, there will always be those who want the ultimate in luxury.

From a 6-story townhouse in lower Manhattan priced at $25,500,000, to a 3 bedroom/3 bath condo on the Eastside priced at $7,000,000, to a 2 bedroom/3 bath Soho loft priced at $4,350,000 some still want their luxury.

And for those who want the ultimate – their very own private island, there’s an island in the thousand island region of New York that comes with a 6,500-square-foot mansion on 1.3 acres — ten bedrooms, four bathrooms, plus a boat house and dock for a mere $1,950,000. About an hour-and-a-half drive from either Syracuse or Montreal.

These are just a sample of New York luxury properties, and there are more on the market.

And for those who don’t want luxury and prefer smaller more affordable homes – no worries. They are available in Manhattan.

No matter what type of property you’re considering, if you’re in the market I would be delighted to assist you. Do feel free to E-mail me.

Visit my Website and blogs at newyorkcityrealestatenews and Active Rain

Ross Ellis is a proud member of the Real Estate Board of New York

Saturday, August 28, 2010

A Tour of Just a Few of Manhattan's Neighborhoods

As a professional real estate salesperson, it’s my job to know all of Manhattan’s neighborhoods, and I wanted to share with my readers just a few of the places where I spend time.

I live in the Sutton Place area and spend time on the Upper Eastside and Upper Westside of Manhattan shopping and visiting friends. In between is the Time Warner Center at Columbus Circle at Central West and 59th Street which is always a fun place to shop, dine and enjoy wonderful jazz concerts. And Central Park is directly across the street.



About Sutton Place: Sutton Place is the wide (north/south) avenue that runs only two blocks, from 57th Street to 59th Street, along the East River. The stretch that continues below 57th Street down to 53rd Street is called Sutton Place South. North of 59th Street, it continues as York Avenue. The greater Sutton Place area is bounded on the east by the East River and on the west by Second Avenue, and is coextensive with Sutton Place and Sutton Place South (i.e., 53rd Street to 59th Street). Sutton Square is the cul-de-sac at the end of East 58th Street, just east of Sutton Place.







About the Upper Eastside: A primarily residential and commercial neighborhood between Central Park and the East River. The Upper East Side lies within an area bounded by 59th Street, 96th Street, Central Park and the East River. The Upper Eastside is abundant with restaurants, movies, shopping, museums and so much more.








About the Upper Westside: A neighborhood between Central Park and the Hudson River above West 59th Street and below West 125th Street. It encompasses the neighborhood of Morningside Heights. This is also primarily a residential and commercial neighborhood. Restaurants are everywhere on the Upper Westside, and in the summer outdoor cafes are plentiful. It offers shopping, movies, Lincoln Center, gorgeous sunsets and more!







About Time Warner Center: The Time Warner Center is a mixed-use skyscraper across from Central Park consisting of two 750 ft towers bridged by a multi-story atrium containing retail shops and restaurants, as well as the Mandarin Oriental Hotel.

Living in this wonderful city and knowing its neighborhoods allows me to fully help my each and every one of my customers. It’s a great time to live in Manhattan.

I hope you enjoyed learning a little about the neighborhoods I visit. If you’d like to learn more and looking to purchase a condo or coop and would like to know more about homes in Manhattan please contact me today at 212-317-7828.

Balducci's is coming back to New York City

One of New York City’s favorite gourmet food stores left Manhattan last year. Now Balducci’s is coming back to the Big Apple!

Best known for their fabulous selection of meats, cheeses and Italian delicacies, Balducci’s was a New York staple.

Crains just reported that in the fall Balducci’s plans to open as many as three new locations and is looking at properties in Midtown, on the Upper East Side and the Upper West Side.

With Trader Joes now on the Upper West Side, Fairway opening next year on East 86th Street and Whole Foods opening on East 57th Street in 2012, it’s time for Balduccci’s to make a comeback!

Watch for Balducci’s to return in a neighborhood near you soon!

Visit my Website

Tuesday, August 3, 2010

Condo sales in Manhattan: Almost double from last year

According to a report in the Wall Street Journal the New York real estate market is holding up compared to other slowing cities across the U.S.

Radar Logic’s RPX index, as reported in the Wall Street Journal showed overall, Manhattan condo prices rose 6.7% to $1,017.49 per square foot in May compared with the year-earlier month when Manhattan sales dropped to the lowest level.

READ ENTIRE STORY HERE

Monday, July 5, 2010

New York restaurant week summer 2010: July 12th-25th as only New Yorkers can do



Every year, twice a year, New Yorkers and those visiting Manhattan get the opportunity to dine in some of the "best of the best" restaurants for a three course prix-fixe lunch at the amazing price of $24.07. Some restaurants even offer a three course prix-fixe dinner for $35.00.

This summer's Restaurant Week takes place between July 12th -25th.

Dine at the best New York City restaurants with the best chefs! Whether it's at Mario Batali's Del Posto, Morimoto New York, Patroon, 21 Club, Spice Market, Daniel Boulud's Café Boulud, One If By Land Two If By Sea, Nobu, Asia de Cuba, Aureole, The River Café, Aqauvit, or Danny Meyer's Gramercy Tavern, Eleven or any of the other restaurants offered, you can't go wrong. You'll not only save a lot but have a gastronomic feast.

New York City Restaurant Week Summer 2010 to view restaurants and make reservations visit nycgo.com

If you're thinking of moving to Manhattan, it's not only a great way to try out our incredible restaurants, but it will help you relax over a sumptuous meal after browing apartments all day with your broker to decide where you want to live.

READ MORE OF THE ENTIRE STORY HERE

Thursday, July 1, 2010

“Every King Needs A Castle” and Halstead woos basketball star LeBron James to move to NYC

LeBron James is a free agent and rumors are abuzz that he may be headed to New York City.

Every king needs the perfect home and that’s why Diane Ramirez, President, Halstead Property has taken steps to offer LeBron James Halstead’s services with promised to donate Halstead’s company commission on James’ new home to the charity of his choice, noting that the commission “could be a six-figure number.”

In the video below “Every King Needs A Castle”, Diane Ramirez opens the video from a Brooklyn basketball court that offers a good view of the downtown skyline. She sings the city’s praises and says, “We want to help the King find his castle.” Then she passes the ball to Mr. Starks, who reminisces about better days for the Knicks. “Man, in the ’90s, we owned this town, there was nothing like it,” he says. “We were kings.” And she added that it’s time to crown a new king.

READ THE STORY HERE

Sunday, June 27, 2010

Rent board fattens city tenant’s wallets – just a bit!

On June 24th, the NYC Rent Guidelines Board adopted renewal lease guidelines for rent stabilized apartments, lofts and hotels.

One million rent-stabilized city tenants caught a break last night when the Rent Guidelines Board voted to hike rents by 2.25 percent and 4.5 percent for one- and two-year lease renewals, the lowest increases since 2002.

According to the NY Post, “They threw a bone to the tenants and threw the owners into the water,” fumed Jack Freund, executive vice president of the Rent Stabilization Association, which represents 25,000 landlords.

READ MORE OF THIS STORY HERE

Painting your NYC apartment used to be easy… now you need to know the rules!

New York City has always had the one of the strictest lead-paint laws in the country and now according to a new Environmental Protection Agency, there’s a new regulation put in place as of April 22nd which has contractors and building managers concerned.

Since April 22nd, all professional renovation projects in apartments and homes built before 1978 (when the use of lead in paint was banned) that test positive for lead have had to meet federal guidelines and be performed by workers certified in lead-safe practices.

The new rule “The Renovation, Repair, & Painting Rule” requires owners to follow lead safe work practices when disturbing a painted surface (sanding, demolition, renovation, repair, etc.) in pre-1978 housing (“target housing”) and child occupied facilities. The rule will change make a remarkable difference in the way property managers, renovation and remodeling contractors, maintenance workers, painters and other specialty trades do business in housing built before 1978 and child occupied facilities. It includes new training requirements, additional notifications and disclosures, new work practices, new clearance requirements and expanded records requirements. Property managers and owners should be diligent in making sure their building staff and outside contractors thoroughly understand their obligations under the new EPA rule.

READ MORE ABOUT THIS STORY HERE

Saturday, June 12, 2010

Some Presidents affected by housing crash, yet more New Yorkers plan to buy homes

U.S. presidents live in homes that most people dream about. Yet, according to Forbes Magazine, it seems that a few presidential manses have shed value in the economic downturn.

Zillow reported that the value of President Obama’s home in Chicago is off by 20%.

Even the value of Camelot, the Kennedy compound in Hyannis is reported to be down 25% to 30%,” says Amy Massey-Weider, who runs the Century 21 Shoreland real estate brokerage in nearby Hyannis. The news is good for those who dream of buying a little slice of the shores where the Kennedys live and play.

Read more of the story here

Wednesday, June 9, 2010

Whole Foods Coming to East 57th Street

After a major budget cut, and a reduction in size of a Whole Foods Market slated for East 57th Street, the city and the World-Wide Group cut the ribbon on a $500 million, 900,000-square-foot mixed-use development as reported by The Real Deal.

The project which was initiated in 2008, fell apart when the economy turned bad.

Then World-Wide and the New York City Educational Construction Fund regrouped, slashing the budget by $100 million, reducing the size of Whole Foods space and cut the amount of excavation required by 30 feet through the redesign of the entire retail space and the space for two schools.

New York City Schools Chancellor Joel Klein told the Real Deal that "The partnership between ECF and the World-Wide Group, is ECF's largest ever, and is a model for how the public and private sectors can work together to help our communities."

The development at 250 East 57th Street will roll out in two phases.

Read more of the story here

Wednesday, June 2, 2010

Manhattan condominium sales continue to pick up momentum



According to an article in the Wall Street Journal, March, condo sales activity more than doubled, rising 101.2% compared with a year earlier. This was reported to the WSJ by the RPX index designed by Radar Logic Inc. Sales in March were down 6.6% when compared with a month earlier.

The report goes on to say that existing unit sales increased 154% in March from a year earlier, and that new unit sales declined 25% in March.

According to Radar Logic, there was also a shift towards sales for small and inexpensive condo units in the $400,000-$600,000 range.

They say that condo prices, as measured by square foot, were down 14.9% in March compared with the same month a year ago.

Radar Logic also reported that prices declined in seven of the eight neighborhoods they tracked. The biggest decline was on the Upper East Side, where average prices fell 28.8% to $925.93 a square foot.

The only neighborhood that posted an increase in prices was the East Village/Lower East Side, where prices per square foot rose 1% to $903.64.

Despite the large year-over-year increase in sales activity, Radar Logic reports that sales remain low in comparison to the top sales activity in 2007.

Sunday, May 16, 2010

Fannie cuts Battery Park City a break

Thanks to Fannie Mae, Battery Park City residents hoping to sell their apartments can breathe a little easier. Fannie Mae is going to back loans in this waterfront neighborhood now that it has completed its review of the neighborhood’s ground leases.

Battery Park residents live on land leases which means they have to pay rent for the land their buildings stand on. Each of the dozen or so buildings in the area has its own ground lease. Those ground lease fees are factored into the residents’ monthly payments and could more than double as the leases expire in 2011. That potentially steep rise would have to be taken into account in the underwriting of loans in the neighborhood.

Fannie Mae has been reviewing these ground leases for the past two months and is now sending a letter to the lenders who have originated—or have expressed interest in an intent to originate—mortgages secured by condominiums in Battery Park City, informing them that the ground leases on the established condominium projects have been reviewed and are acceptable. Fannie May said they will continue to accept deliveries of eligible loans secured by condominium units in Battery Park City.

Friday, March 12, 2010

The Real Estate Board of New York asks New Yorkers to help build a new subway station



In 2005, the New York City Council approved the rezoning of Hudson Yards, in hope of transforming Hudson Yards into a vibrant extension of Midtown’s business and residential districts. The project would bring new life into the neighborhood.

To better serve the neighborhood and to boost its rebirth, the city decided to extend subway line No. 7 which would bring a new subway station to 41st Street and 10th Avenue.

Yet, the Hudson Yards Development Corporation, the nonprofit that oversees the development of Hudson Yards’ plans now lacks the funds needed to build the subway line extension.

In order to get funding for the project, the Real Estate Board of New York (REBNY) has formed a coalition to restore the subway stop and is seeking federal funds so that the No. 7 extension line stops west of its current terminal in Time Square.

To read the rest of this story Click Here

Sunday, March 7, 2010

Bloomberg Signs Tenant Screening Agency Disclosure

Recently, New York City Mayor Michael Bloomberg signed legislation requiring realtors and landlords to disclose contact information for tenant screening agency that will screen rental applicants.

Introductory Number 5-A sponsored by NYC Council members requires landlords, realtors, and others who rent residential properties to disclose the contact information of the tenant screening agency that they use to investigate potential tenants. Realtors and landlords often use tenant screening agencies to determine if a potential tenant has appeared frequently before housing court, but their determinations are not transparent; reports do not provide context on why the tenant appeared in court, and few tenants even know that such a report has been compiled.

"Introductory Number 5-A sheds light on this process. It requires that all rental applications contain contact information for the tenant screening agency that the landlord will use, as well as a disclosure of the rights afforded to potential tenants under State and Federal law. This information will also have to be posted in the offices of realtors and others who accept rental applications. This legislation will encourage tenants to exercise their rights to inspect their reports and ensure that the information contained therein is accurate

Saturday, January 16, 2010

Talking To Kids How To Cope With The Earthquake in Haiti

It is heartbreaking to hear about the devastating earthquake in Haiti. At Love Our Children USA our hearts go out to everyone who has been so tragically impacted by this unspeakable disaster.

Natural disasters can be especially traumatic for children of all ages. Experiencing a devastating earthquake, a dangerous or violent flood or any violent act of mother nature is frightening even for adults -- and the devastation children and teens hear and read about can be long lasting and upsetting.

When an entire community is impacted, it undermines a child’s sense of security and normalcy. Many unique issues and coping challenges must be presented, including issues associated with specific types of natural disasters ... where will people relcoate to when their home and/or community have been destroyed, what happens to their family and friends, and a myriad opf questions. It is up to parents to lessen the trauma for kids in a way that they can handle their emotional reactions and coping techniques.

Children look to the adults in their lives for guidance on how to manage their reactions after the immediate threat is over.

Always reassure your children that they are safe. Teach kids that earthquakes are a part of nature and can be unpredictable.

Parents, teachers, and other caregivers can help children and youth cope in the aftermath of a natural disaster by remaining calm and reassuring children that they will be all right. Immediate response efforts should emphasize teaching effective coping strategies, fostering supportive relationships, and helping children understand the situation and their reactions.

Schools can help play an important role is in this process by providing a stable and familiar environment. Through the support of caring school personnel, kids can return to normal activities and routines (to the extent possible), and be presented with an opportunity to change a frightening event into a learning experience -- even a fundraising experience.

For older kids, this can be a good opportunity to help them turn a passive viewing experience into one where they funnel the emotions from some disturbing media images into positive action. This can be done by helping to raise money through local organizations.

Don't let kids under seven watch the news. Turn off the TV and radio news. Read the newspaper out of range so that kids can't be frightened by the pictures. Children this young don’t need to see or hear about something that will only scare them. Should you choose to discuss the tragedy with your kids, try to anticipate their questions and come up with honest but age- appropriate answers.

Read more at Love Our Children USA's web site and on my Examiner.com article at http://bit.ly/8h0wn9