Manhattan is a buyer's market and with prices going down ... NOW is the time to buy!!!
If you need to move (downgrade or upgrade), if you're a first time buyer, now is a great time to buy. Mortgage rates are low and prices are negotiable.
While there are no fire sales, you can be assured that if you buy an apartment in Manhattan today, your property's value will greatly increase in years to come.
Before beginning, it is important to outline the different forms of ownership available to purchasers of Manhattan property. Those forms are Cooperative, Condominium, Cond-op, and Townhouse (both single and multi-family). Please see the notes at the end of this document for a full description of each form of ownership.
Preparation
Work with your agent to complete the following:
Speak with a Mortgage Lender/Broker and obtain written pre-approval for a loan. This helps you determine your purchasing power and enables you to act expeditiously and with confidence when you identify the property you would like to purchase. Additionally, a pre-approval assures the seller that you are qualified, providing you with an advantage when bidding on a home. This is especially helpful in a multiple interest situation.
Choose a Manhattan Attorney who specializes in residential Real Estate. As New York City has complex real estate laws, attorneys are utilized to close all real estate transactions. Time is often critical; be sure your attorney is available to move quickly. A relative or friend who is an attorney cannot handle the complicated New York City real estate intricacies unless they know New York City real estate law.
The customary deposit upon executing a contract of sale is 10% of the purchase price. Ideally, be prepared to have those funds liquid when you begin your search. The balance of the down payment will be due upon closing.
For Coop purchases, your total annual housing costs should not exceed 25-30% of your gross reported income, and your total debt should not exceed 35-40% (except in the case of substantial liquid assets). Housing costs include: mortgage interest, coop maintenance, secondary residences and any other mortgage in which your name appears.
In certain forms of ownership, offers are not only accepted based upon price, but upon the financial strength of the potential buyer. Therefore, be prepared to have your net worth statement with substantiating documentation (bank statements, brokerage statements & other financial documentation) available. In many cases sellers require you to provide this with your offer. Regardless of the outcome this information will be required for most purchases and financial institutions so having it prepared will also save you time in the future. Be assured your agent will safeguard this information in a confidential manner.
Review your credit report. Remove all disputed claims and clear up any debt if possible, especially outstanding credit card balances.
Guidelines to finding your home:
Define your search parameters. This typically includes price range, location, size, type of ownership and building amenities (if appropriate). Ultimately, flexibility will only work to your advantage.
Choose an agent to work with. Since agencies have almost all the same listings, working with one broker allows you to efficiently schedule appointments to see only those properties that meet your needs. In addition, working with more than one broker may actually prolong your search by having the same properties shown to you by multiple brokers or by having multiple brokers confuse other brokers by making appointments at different times for the same customer. Since property in Manhattan tends to sell rather quickly, prolonging the process may actually hinder you from seeing the property that best meets your needs. Lastly, by creating a good relationship with your broker, you assure that you are the first person they call when a new listing arrives on the market.
Talk to your broker. Be specific about your needs, price point, locations of interest and any other amenities you require in your new home or building. If you do not feel comfortable with your broker, do not hesitate to let them know so that they may have the opportunity to refer you to a colleague with whom you may be more compatible.
When scheduling appointments, try to be available during the week. In addition to evenings, early morning and late afternoon is a good time to schedule appointments, as more brokers are available during these times to provide access to their listings. In addition, by avoiding weekend and open house showings you allow yourself to view properties without fighting crowds of people (competition) and giving you more time to ask questions and get a "feel" for the property.
Once you identify the property - The purchase:
Submit a verbal offer through your Agent immediately who will then follow it up in writing. The offer will include such provisions as purchase price, down payment, amount of financing, included and/or excluded personal property (i.e. window treatments, lighting fixtures, etc) preferred closing date, current income (combined for couples), job description, net worth, and debt status (loans, credit, etc.). Once your offer is verbally "accepted" by the seller, your broker will notify the seller's attorney who in turn will draw up and send to your attorney the initial contract.
Keep in mind that sellers are allowed to hear ALL subsequent offers while your contract is negotiated (or finalized). In fact a seller may accept another purchaser's offer up to the point of a fully signed, executed and returned contract. This means that until your contract is signed by both you and the seller, your deal may not sustain as the primary deal. Therefore, instruct your attorney to proceed expeditiously.
Your attorney will review with you the contract, perform a "due diligence" reviewing with you the "financials" and/or "issues" of the building, and ask you to execute the contract and put forward a 10% deposit to be held in escrow until closing. Thereafter, the seller signs the contract and your attorney will deliver one original to you and one to your mortgage broker/bank.
Immediately apply for a mortgage (if applicable). Your agent will work with your mortgage broker/bank to coordinate the appraisal of the property and provide the bank with requested information on the building. The loan process typically involves several steps from application to appraisal and finally approval. This process may take up to 45 days to complete and hinges on your ability to provide all of the required financial data to your broker/banker in a timely manner.
While awaiting your mortgage commitment work with your broker to complete your board package (not applicable for townhouse purchases). Your broker will provide an application which varies from building to building which typically must be completed and returned to your broker (who will in turn deliver it to the appropriate party) within 10 days of receipt of the fully executed contract or 3 days for the date a bank commitment letter is received, whichever applies. A typical cooperative board package requires at the minimum, the following: Personal and Business Reference Letters (if necessary, we can provide you with sample reference letters to assist your friends and colleagues), Employment Verification Letters and/or Pay Stubs, Bank Verification and Brokerage Statements, Net Worth Statement (this mirrors the information requested by your bank), two-years tax returns and the mortgage loan application and commitment.
Board packages must not be taken for granted. All questions and requests for documentation must be complied with. Both the application form and the Net Worth Statement should be typed and the package should provide a clear and concise assessment of your qualifications to purchase.
Once completed, your broker will review the package in order to assure that all the required documentation has been supplied and presented in the manner requested by the board and then forward the package to the buildings managing agent or otherwise authorized personnel for processing.
Upon review of your board package, the board will typically schedule an interview to meet with you. Boards vary in the manner in which they meet with applicants so please check with your broker to find out how often the board meets or if they have a separate interview committee that meets on a case by case basis.
After the interview, typical notification of the board's decision is given to you or your Agent within 72 hours however some boards reserve the right to take longer.
Upon board approval, notify your attorney who in turn will coordinate the closing date. A typical closing can take up to 2 weeks to schedule so please keep this in mind when planning your move.
Prior to closing - The Inspection:
The day before or the morning of the closing (but usually after the seller has vacated), your Agent will accompany you on an appointment to inspect that the property is in the same condition or promised condition as stated in the contract. Be sure to check appliances and the removal of personal property, and that the premises are broom clean.
The Closing:
At any closing be sure to bring with you your driver's license or passport, your checkbook for any last minute adjustments, and all certified checks discussed with your attorney.
Cooperatives and Condops: The closing is ordinarily held at the office of the management company for the building. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, a representative from the managements transfer dept., and the Agent(s) involved in the transaction. At the closing you will first sign documents necessary to complete the loan transaction inclusive of a Security Agreement, Promissory Note, Stock Power, and an Assignment of Lease. Thereafter, you will sign all documents to convey the apartment and secure interest in the apartment such as Stock Certificate, Proprietary Lease and Consent and Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment.
Condominiums & Townhouses: The closing is ordinarily held at the office of the seller or lender's attorney. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, the title company closer and the Real Estate agent(s) involved in the transaction. At the closing you will first sign all documents necessary to complete the loan transaction inclusive of a mortgage and promissory note. Thereafter, you will sign all documents to convey the condo apartment to you including a Deed, Title Report, and Unit Power of Attorney. Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment or house.
Notes - Definitions of different forms of ownership
Cooperative
In this form of home ownership, one owns shares of stock in a corporation that owns the building. These shares are considered "personal property" similar any other shares of stock. For tax purposes, the IRS has recognized this form of ownership and under normal circumstances any mortgage interest incurred by an owner is considered tax deductible. The corporation (Coop) issues to each shareholder a "proprietary lease" which gives the shareholder the right to occupy their specific apartment. In addition, the corporation elects a board of directors who are responsible for overseeing the daily operations of the building, enforcing the by-laws, and acting of behalf of the shareholders to ensure that the building operates as an efficient entity. Owners pay to the Coop a maintenance fee, which pays for such items as; the buildings Real Estate Taxes, underlying mortgage, payroll, management fees, supplies and general maintenance. In addition, many coops accrue a contingency budget for future capital repairs. Typically, the portion of the maintenance that is attributed to the buildings Real Estate Taxes and mortgage interest are "tax deductible (td)" on your federal and state income tax returns. This "td" may change annually, as the mortgage on the building is amortized and Real Estate Tax charges change.
Lastly, but not least, as this form of ownership regards owning stock in a private corporation, approval to purchase such shares of stock must be granted by the board of directors. Thus, a purchase application must be submitted to the board requesting approval to purchase these shares. This application typically requires a minimum of the following: Net worth statement with full backup documentation (bank statements, brokerage and retirement account statements, etc.), 2 years tax returns & W-2's, verification of employment or accountants letter, 2 personal and 2 business letters of reference, landlord reference, a credit check authorization, and a completed application provided by the board. In addition, the board will require an interview in order to meet you and make any inquiries regarding the information you submitted or questions they may have. The board has the right to approve or deny any applicant without cause.
Condominium
In this form of home ownership one owns "Real Property" much like owning a house. The condominium residents elect a "board of managers" who are responsible for overseeing the operations of the building and enforcing the "house rules" of the building. The main difference between owning a "condo" and a "house" is, in addition to owning the apartment, you also own a small percentage of the "common elements" of the building such as the halls, stairwells, basement, etc. Each homeowner receives a separate property tax bill from the city for their unit. In addition, each owner pays a "common charge" to the Condominium association to pay for such items as: payroll, building maintenance and supplies, management fees, and building repairs. In addition, some condominiums maintain a "reserve fund" in order to pay for major repairs and improvements to the building. It is important to note that although the Real Estate Taxes you pay on a condominium apartment are tax deductible, the common charges are not as they are solely to pay for the building operation and are not attributed to any tax deductible expenses.
In recent years many condominiums have implemented a procedure whereby purchasers must submit an application to purchase. Unlike in a coop, the board of managers must either approve the applicant or exercise the condominiums "right of first refusal" to purchase the apartment from the owner. Although this is not a common occurrence, it is an option for the board should they choose to exercise it.
In most condominiums, the owner has the right to sublet or sell their apartment with either no board approval or with a minimum board review. In either case, the board must either approve the applicant or exercise their right of first refusal to match the purchase price. For this reason this form of ownership is very appealing to investors, foreign buyers and parents purchasing for their children
Cond-Op
By definition, a Cond-op is a residential Cooperative where the ground floor (typically commercial units) is converted into a separate "condominium" which is either owned by an outside investor or the original sponsor of the building. Thus, although the residential units are a coop, the commercial units are owned as a condominium by an entity other than the coop. Thus, the coop does not receive the benefit of the income from these units.
Many times, people will refer to Cooperatives that operate under Condominium rules as "Cond-ops". This is not accurate although you will hear this quite often. A Cooperative that operates under condominium rules is just that but may be inaccurately referred to as a "Cond-op".
Townhouse
This form of ownership provides the owner with a "fee simple" ownership of Real Property. The owner is responsible for payment of all Real Estate Taxes, maintenance and repairs of the property. The sale of the property may be conveyed to any party without prior approval by anyone other than the homeowner. There are two typical types of Townhouses; single family and multiple family. In a single family the property may only be occupied by one family although the entire house may be rented to another single (or family) user. In a multiple family residence, the owner may occupy (or lease out) one of the units while leasing out the other units as income producing entities.
For more information on purchasing an apartment in Manhattan, call Ross Ellis at 212-317-7828.
Sunday, February 15, 2009
Manhattan Rentals Now Bring Incentives And Negotiations
Residential rents in Manhattan have fallen and incentives like a month's free rent, an extra month of rent and no fee are becoming very common. Manhattan rental prices are down between 10 and 15 percent from 2007.
Halstead Property Manhattan 4Q Rental Report 08
In addition to Manhattan properties for sale, my company has a large rental department where we are constantly updated on the Manhattan rental market.
As of late, some landlords are offering an opt-out of lease if one loses their job. Although there are terms and conditions, that should ease a New Yorker's mind if they wish to rent an apartment.
Manhattan has become a renter's market as well as a buyer's market.
If you're a bit hesitant to buy now, why not consider a lower rent, upgrading to a larger apartment at a low rent, more incentives. It's all negotiable!
Tips on Renting Apartments in Manhattan
A Renter's Guide
Ross Ellis is committed to providing the same level of services to her customers seeking rental properties as she offers to those in the market for buying a home. Ross offers you an in-depth needs analysis prior to meeting with you, so she can guide you throughout the leasing procedures and assist you in securing your rental home.
Typical New York lease types:
The type of lease used in New York City may vary depending upon the type of building and the conditions under which it is rented. Often, landlords will include riders that may supersede or effectively change language in the lease. It is important to read the riders carefully because they can nullify any clause in the lease agreement. Both parties must sign any riders added to a lease.
REBNY Standard Form of Lease
This lease has its stabilized and non-stabilized variation and it is primarily used when renting in rental buildings as opposed to renting in a condominium or in a co-operative. When used for a rent- stabilized apartment, a rent-stabilization rider must be attached to the lease. Under the Rent Stabilization laws, the State of New York sets the annual rent increases and the lease is automatically offered for renewal each year
Condominium Lease Agreement (Blumberg Form A101)
This lease may contain a cancellation clause and/or require the lessee to pay any increases in condo charges in addition to rent. Most landlords will allow tenants to remove these two items from the lease. Whenever possible, Halstead recommends using REBNY Condominium Lease instead of the Blumberg form A-101.
Sublease Agreement (Blumberg form P193)
This lease form is used most often when renting in a co-operative apartment and in virtually all sublet situations. It is a one-page legal document and various riders are often attached. As in the case with the condominium leases above, Halstead recommends using REBNY Co-operative Sublease Agreement instead of the Blumberg form P-193.
Lease Agreement (Blumberg Form A55)
Predominately used for leasing Townhouses, Brownstones, and Single Family Structures. This lease is also easy to understand. Again, various riders could be attached and need to be reviewed prior to the execution of the lease.
Guarantors - Some landlords may request a lease Guarantor if the prospective tenant does not meet all financial requirements. A Guarantor is an individual that is qualified to guarantee the performance of the tenant. The Guarantor should earn enough income to satisfy the lease in case of default. Such income requirement is usually in the range of 80-100 times monthly rent. Landlords usually request that the guarantor be a family member living in the vicinity of New York City. Guarantors are usually asked to disclose detailed financial information and fill out a credit application as part of the approval process.
Negotiations - In the present rental market it's yours for the asking.
It is advisable that a tenant receives all promises of repairs and improvements in writing. This may be used as a rent negotiation tool if the tenant decides to pay for some of the costs of improvements. Lease renewal increases can be negotiated prior to signing the lease. It is advisable to consult with a rental agent regarding current market trends.
Short Term Rental Apartments - There is a limited supply of short-term furnished rentals. Prices tend to be much higher than a one-year lease and the supply is limited to the higher end of the market. For unfurnished apartments, tenants may rent furniture for a monthly fee. With basic furniture, the monthly cost of a rental package is about $400.00 per month for a one-bedroom apartment. As a general rule of thumb, one can estimate furniture rental costs as approximately 20% of the apartment rent. Ross Ellis will be happy to supply you with a list of reputable furniture rental companies.
When to begin your search - We strongly suggest that you do not begin your search any sooner then 4-6 weeks prior to your intended occupancy date. If you begin your search too soon, none of the apartments you saw during your home finding trip will be available when you are actually ready to sign a lease. Ross Ellis will work with you in a time efficient manner and will strive to minimize your costs by having just one home finding trip to New York City.
Building Types - There are three types of categories of buildings in which you can rent: a rental building, a cooperative, or a condominium. Each property has its own rules and regulations affecting the time frame in which a tenant will be able to move into the apartment. Ross Ellis will work with you and help you determine which type of accommodation best fits your lifestyle and occupancy date requirement.
Building Terms - Prewar Buildings are those built before World War II. These buildings tend to be less than twenty stories high and are recognized for architectural interest with features such as larger rooms and/or windows, hardwood floors and higher ceilings. These can be either doormen or non-doormen.
Postwar are larger buildings than the prewar ones, and they are built after WW2 through the 1970's. Most will have doormen. They can be found on most city blocks constructed of white, red or brown brick.
Modern Buildings are generally built from the 1980's through the present and tend to be either condominiums or luxury rentals. They are mainly hi-rises with doormen and/or concierge services. Many will house a health club and/or pool within the building.
Loft Apartments are usually large open spaces with high ceilings and big windows. They are predominantly located in the downtown neighborhoods of Manhattan and most do not have doormen.
Brownstones or Townhouses are usually 4 to 6 stories high and are either single-family homes or have been converted into multiple apartments (usually one per floor). Generally, these buildings offer a lot of charm with wood moldings, fireplaces and outdoor space, however they do not have doormen.
Walk-Up Buildings are no more than 6 stories high and have no elevator and no doorman
Studio is one or two rooms combining a living room and sleeping area. The kitchen may be within the same room or separate.
Alcove Studio (or L-Shaped) is a one or two room studio with a separate alcove which could be "walled off" and used as a sleeping area.
Convertible (or flex) is an apartment with either an alcove that can be "walled off" to create an additional bedroom, or whereby the living room is large enough to split, making an additional bedroom while still retaining some of the living room space.
Junior is similar to a convertible in that it is typically an apartment with an alcove adjacent to the living room.
Duplex or Triplex are apartments with two or three floor levels respectively.
Loft Area is an additional space created in apartments with very high ceilings. The loft area is usually constructed above the living room, accessible by a staircase or ladder and typically used for storage or sleeping space.
To find out more information renting in Manhattan with renter incentives, feel free to contact me at 212-317-7828.
Halstead Property Manhattan 4Q Rental Report 08
In addition to Manhattan properties for sale, my company has a large rental department where we are constantly updated on the Manhattan rental market.
As of late, some landlords are offering an opt-out of lease if one loses their job. Although there are terms and conditions, that should ease a New Yorker's mind if they wish to rent an apartment.
Manhattan has become a renter's market as well as a buyer's market.
If you're a bit hesitant to buy now, why not consider a lower rent, upgrading to a larger apartment at a low rent, more incentives. It's all negotiable!
Tips on Renting Apartments in Manhattan
A Renter's Guide
Ross Ellis is committed to providing the same level of services to her customers seeking rental properties as she offers to those in the market for buying a home. Ross offers you an in-depth needs analysis prior to meeting with you, so she can guide you throughout the leasing procedures and assist you in securing your rental home.
Typical New York lease types:
The type of lease used in New York City may vary depending upon the type of building and the conditions under which it is rented. Often, landlords will include riders that may supersede or effectively change language in the lease. It is important to read the riders carefully because they can nullify any clause in the lease agreement. Both parties must sign any riders added to a lease.
REBNY Standard Form of Lease
This lease has its stabilized and non-stabilized variation and it is primarily used when renting in rental buildings as opposed to renting in a condominium or in a co-operative. When used for a rent- stabilized apartment, a rent-stabilization rider must be attached to the lease. Under the Rent Stabilization laws, the State of New York sets the annual rent increases and the lease is automatically offered for renewal each year
Condominium Lease Agreement (Blumberg Form A101)
This lease may contain a cancellation clause and/or require the lessee to pay any increases in condo charges in addition to rent. Most landlords will allow tenants to remove these two items from the lease. Whenever possible, Halstead recommends using REBNY Condominium Lease instead of the Blumberg form A-101.
Sublease Agreement (Blumberg form P193)
This lease form is used most often when renting in a co-operative apartment and in virtually all sublet situations. It is a one-page legal document and various riders are often attached. As in the case with the condominium leases above, Halstead recommends using REBNY Co-operative Sublease Agreement instead of the Blumberg form P-193.
Lease Agreement (Blumberg Form A55)
Predominately used for leasing Townhouses, Brownstones, and Single Family Structures. This lease is also easy to understand. Again, various riders could be attached and need to be reviewed prior to the execution of the lease.
Guarantors - Some landlords may request a lease Guarantor if the prospective tenant does not meet all financial requirements. A Guarantor is an individual that is qualified to guarantee the performance of the tenant. The Guarantor should earn enough income to satisfy the lease in case of default. Such income requirement is usually in the range of 80-100 times monthly rent. Landlords usually request that the guarantor be a family member living in the vicinity of New York City. Guarantors are usually asked to disclose detailed financial information and fill out a credit application as part of the approval process.
Negotiations - In the present rental market it's yours for the asking.
It is advisable that a tenant receives all promises of repairs and improvements in writing. This may be used as a rent negotiation tool if the tenant decides to pay for some of the costs of improvements. Lease renewal increases can be negotiated prior to signing the lease. It is advisable to consult with a rental agent regarding current market trends.
Short Term Rental Apartments - There is a limited supply of short-term furnished rentals. Prices tend to be much higher than a one-year lease and the supply is limited to the higher end of the market. For unfurnished apartments, tenants may rent furniture for a monthly fee. With basic furniture, the monthly cost of a rental package is about $400.00 per month for a one-bedroom apartment. As a general rule of thumb, one can estimate furniture rental costs as approximately 20% of the apartment rent. Ross Ellis will be happy to supply you with a list of reputable furniture rental companies.
When to begin your search - We strongly suggest that you do not begin your search any sooner then 4-6 weeks prior to your intended occupancy date. If you begin your search too soon, none of the apartments you saw during your home finding trip will be available when you are actually ready to sign a lease. Ross Ellis will work with you in a time efficient manner and will strive to minimize your costs by having just one home finding trip to New York City.
Building Types - There are three types of categories of buildings in which you can rent: a rental building, a cooperative, or a condominium. Each property has its own rules and regulations affecting the time frame in which a tenant will be able to move into the apartment. Ross Ellis will work with you and help you determine which type of accommodation best fits your lifestyle and occupancy date requirement.
Building Terms - Prewar Buildings are those built before World War II. These buildings tend to be less than twenty stories high and are recognized for architectural interest with features such as larger rooms and/or windows, hardwood floors and higher ceilings. These can be either doormen or non-doormen.
Postwar are larger buildings than the prewar ones, and they are built after WW2 through the 1970's. Most will have doormen. They can be found on most city blocks constructed of white, red or brown brick.
Modern Buildings are generally built from the 1980's through the present and tend to be either condominiums or luxury rentals. They are mainly hi-rises with doormen and/or concierge services. Many will house a health club and/or pool within the building.
Loft Apartments are usually large open spaces with high ceilings and big windows. They are predominantly located in the downtown neighborhoods of Manhattan and most do not have doormen.
Brownstones or Townhouses are usually 4 to 6 stories high and are either single-family homes or have been converted into multiple apartments (usually one per floor). Generally, these buildings offer a lot of charm with wood moldings, fireplaces and outdoor space, however they do not have doormen.
Walk-Up Buildings are no more than 6 stories high and have no elevator and no doorman
Studio is one or two rooms combining a living room and sleeping area. The kitchen may be within the same room or separate.
Alcove Studio (or L-Shaped) is a one or two room studio with a separate alcove which could be "walled off" and used as a sleeping area.
Convertible (or flex) is an apartment with either an alcove that can be "walled off" to create an additional bedroom, or whereby the living room is large enough to split, making an additional bedroom while still retaining some of the living room space.
Junior is similar to a convertible in that it is typically an apartment with an alcove adjacent to the living room.
Duplex or Triplex are apartments with two or three floor levels respectively.
Loft Area is an additional space created in apartments with very high ceilings. The loft area is usually constructed above the living room, accessible by a staircase or ladder and typically used for storage or sleeping space.
To find out more information renting in Manhattan with renter incentives, feel free to contact me at 212-317-7828.
4th Quarter, 2008 Market Report
While real estate could be better across the country,the average price for Manhattan apartments only fell 2% from the 3rd Quarter of 2008.
Apartments sold during the 4th quarter spent 16 days longer on the market than a year ago, a 19% increase. Sellers received a bit under 95% of their asking price down from almost 98% in the 4th quarter of 2007.
I offer you the market report for 4th Quarter, 2008.
Apartments sold during the 4th quarter spent 16 days longer on the market than a year ago, a 19% increase. Sellers received a bit under 95% of their asking price down from almost 98% in the 4th quarter of 2007.
I offer you the market report for 4th Quarter, 2008.
Saturday, December 20, 2008
The Year Past – The Year To Begin
The holiday season of 2008 is an especially important one. The past year and most importantly the past few months have been historic.
The economy is the most volatile it’s been since WWII. People have lost jobs, homes and savings. Our country is facing many changes with President Elect Obama who will be inaugurated into office on January 20, 2009. We’re all hoping for the best.
People are worried and even scared, but is that any reason to be unkind? During 2008 I noticed an increase of people who are rude and don’t go the extra mile. Isn’t treating people with kindness and respect the way we all should be treating our fellow man?
I’ve especially noticed this behavior in customer service people, who on an average are rude, and don’t help. When you are in a service industry it is essential to give the best service one can offer. We’re all stressed, but if each one of us would remember that our customers are just as stressed, and deserve to be treated with the utmost respect, everyone would benefit. It’s our job to help them. And sometimes, going the extra mile really makes a difference.
As we put 2008 behind us, we can only be positive and hope for that 2009 brings a better economy, and easier times for everyone. And we must remember that when offering our services to customers, that we give them the very best. After all – isn’t that how we like to be treated?
Let 2009 be the year of concentrated kindness and respect for others. What a difference it will make!
The economy is the most volatile it’s been since WWII. People have lost jobs, homes and savings. Our country is facing many changes with President Elect Obama who will be inaugurated into office on January 20, 2009. We’re all hoping for the best.
People are worried and even scared, but is that any reason to be unkind? During 2008 I noticed an increase of people who are rude and don’t go the extra mile. Isn’t treating people with kindness and respect the way we all should be treating our fellow man?
I’ve especially noticed this behavior in customer service people, who on an average are rude, and don’t help. When you are in a service industry it is essential to give the best service one can offer. We’re all stressed, but if each one of us would remember that our customers are just as stressed, and deserve to be treated with the utmost respect, everyone would benefit. It’s our job to help them. And sometimes, going the extra mile really makes a difference.
As we put 2008 behind us, we can only be positive and hope for that 2009 brings a better economy, and easier times for everyone. And we must remember that when offering our services to customers, that we give them the very best. After all – isn’t that how we like to be treated?
Let 2009 be the year of concentrated kindness and respect for others. What a difference it will make!
Holiday Tipping in Apartment Buildings
The holiday season is here and it's time to start thinking about tipping for services in our apartment buildings.
For those living in Manhattan, holiday tipping is the norm and can seem endless.
While it's important to be generous, it's also important to be realistic about what you can afford. Especially in our current economic climate.
Tips in decent class buildings (not Park and Fifth Avenues) run between $20 and $300, and it's not uncommon for supers to accumulate well into the five figures.
Porters and doormen see anywhere between $2,000 and $10,000, depending on the size of the building.
Holiday tipping is a way to say ‘thank you' for services. And it's a big part of apartment service worker's compensation.
Some Manhattan apartment buildings pool tips so the workers receive one lump sum. Most leave it up to the individual resident.
I hope you will find the information below useful when tipping in your apartment building this holiday season!
Apartment Building Superintendent
$50-200. Tip less if you tip throughout the year.
Apartment Doorman/Concierge
$10-80 or more each, depending upon building. Those who serve you more should get a bigger tip.
Apartment Building Handyman And Porters
$15-40 each
Apartment Building Elevator Operators
$15-40
USPS Mail Carrier
Non-cash gifts with value up to $20. This is for mail carriers that you know and see regularly.*
UPS - Regular Driver
Has no formal policy. Drivers don't expect tips but can accept them.
Fedex
Not allowed to accept anything over the value of $75. No cash gifts accepted.
Newspaper Carrier
Daily - $25 - 50, weekend - $10
Regular Overnight Delivery Person
$10-30
Parking Attendants
$10-30 each
These are suggested tips for Manhattan. Tips will vary throughout the rest of the country. Most importantly -- give what you can. If you are giving less this year, include a postscript saying "Wish it could be more" and your gift will be very appreciated.
During this holiday season, remember to take time for yourself so that you're not frazzled when entertaining.
And keep in mind - if you're planning on putting your apartment on the market, the holidays are a great time to do this. People who look for a home during the Holidays are more serious buyers! Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!
Wishing you all the blessings of the holiday season,
Ross Ellis
Licensed Real Estate Agent
Halstead Property, LLC
Ask me about Love Our Children USA and Brokers Build at Habitat For Humanity
3rd Quarter Market Report _Manhattan Sales
I am pleased to provide the Manhattan Sales 3rd Quarter Market Report.
While the luxury market played a large role in increasing the value of the real estate market. The sales from those apartments have continued to aide the market, even as the national business media focuses on the ailing national economy.
Manhattan condo sales have slowed and inventory has grown, leaving developers to negotiate but not slash prices.
While the luxury market played a large role in increasing the value of the real estate market. The sales from those apartments have continued to aide the market, even as the national business media focuses on the ailing national economy.
Manhattan condo sales have slowed and inventory has grown, leaving developers to negotiate but not slash prices.
Holiday Giving
With the holidays upon us, it's a time to give gifts to our loved ones, friends and customers.
In a volatile economy gift buying could decrease for some. And at the same time there are wonderful groups doing important work whose donations are suffering.
This holiday season, rather than buying expensive gifts, I will be making donations to charity in the names of my loved ones, friends and customers. It's like giving twice!
Here is a list of top registered charities you may want to consider:
Alzheimer's Associaton
To eliminate Alzheimer's disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health.
American Cancer Society
The American Cancer Society is the nationwide community-based voluntary health organization dedicated to eliminating cancer as a major health problem by preventing cancer, saving lives, and diminishing suffering from cancer, through research, education, advocacy, and service.
American Heart Association
Our mission is to build healthier lives, free of cardiovascular diseases and stroke. That single purpose drives all we do.
America's Second Harvest (New name is FEEDING AMERICA)
The nation's leading domestic hunger-relief charity
Brokers Build
Brokers Build is a campaign for real estate brokers to raise $1M to build homes with Habitat For Humanity in New York City
(Full Disclosure - the writer of this blog is a Broker Who Builds)
Darfur - Not On Our Watch
Focusing global attention and resources towards putting an end to mass atrocities around the world.
Elizabeth Glaser Pediatric AIDS
The Elizabeth Glaser Pediatric AIDS Foundation seeks to prevent pediatric HIV infection and to eradicate pediatric AIDS through research, advocacy, and prevention and treatment programs.
Feed The Children
Feed The Children provides food, medicine, clothing, educational materials and other essentials to children and their families domestically and internationally.
Habitat for Humanity
Habitat for Humanity International is a nonprofit, ecumenical Christian housing ministry. HFHI seeks to eliminate poverty housing and homelessness from the world and to make decent shelter a matter of conscience and action.
Juvenile Diabetes Foundation
JDRF is to find a cure for diabetes and its complications through the support of research.
Love Our Children USA
The national nonprofit leader in breaking the cycle of violence against children. It has become the ‘go-to' prevention organization for all forms of violence and neglect against children in the U.S.
(Full Disclosure - the writer of this blog is the founder and chief executive officer of this charity)
March Of Dimes
Dedicated to improving the health of babies by preventing birth defects, premature birth and infant mortality.
MS Society
The MS Society is a collective of passionate individuals who want to do something about MS now-to move together toward a world free of multiple sclerosis. They help each person address the challenges of living with MS by funding cutting-edge research, driving change through advocacy, facilitating professional education, and providing programs and services that help people with MS and their families move their lives forward.
North Shore Animal League
North Shore Animal League America, headquartered in Port Washington, NY, is the largest no-kill animal rescue and adoption organization in the world.
ONE
ONE is Americans of all beliefs and every walk of life - united as ONE - to help make poverty history
St. Jude Children's Research Hospital
St. Jude is unlike any other pediatric treatment and research facility. With research and patient care under one roof, St. Jude is where some of today's most gifted researchers are able to do science more quickly. All patients accepted for treatment at St. Jude are treated without regard to the family's ability to pay.
Stand Up To Cancer
Stand up to cancer raised funds for research in unprecedented effort to end cancer's reign as a leading cause of death
Starlight Starbright Childrens Foundation
Enhancing the lives of critically and terminally ill children through granting wishes and hospital programs
Full Disclosure - the writer of this blog is a volunteer with this Starlight Starbright Children's Foundation)
Susan G. Komen For The Cure
The largest grassroot network of people working together to save lives, empower people, ensure quality care, and energize science to find a cure.
UNICEF
Raises funds for programs and increasing awareness of the challenges facing the world's children. The oldest of 37 national committees for UNICEF worldwide, they are part of a global effort to save, protect and improve children's lives.
For other registered charities please visit www.guidestar.org
In a volatile economy gift buying could decrease for some. And at the same time there are wonderful groups doing important work whose donations are suffering.
This holiday season, rather than buying expensive gifts, I will be making donations to charity in the names of my loved ones, friends and customers. It's like giving twice!
Here is a list of top registered charities you may want to consider:
Alzheimer's Associaton
To eliminate Alzheimer's disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health.
American Cancer Society
The American Cancer Society is the nationwide community-based voluntary health organization dedicated to eliminating cancer as a major health problem by preventing cancer, saving lives, and diminishing suffering from cancer, through research, education, advocacy, and service.
American Heart Association
Our mission is to build healthier lives, free of cardiovascular diseases and stroke. That single purpose drives all we do.
America's Second Harvest (New name is FEEDING AMERICA)
The nation's leading domestic hunger-relief charity
Brokers Build
Brokers Build is a campaign for real estate brokers to raise $1M to build homes with Habitat For Humanity in New York City
(Full Disclosure - the writer of this blog is a Broker Who Builds)
Darfur - Not On Our Watch
Focusing global attention and resources towards putting an end to mass atrocities around the world.
Elizabeth Glaser Pediatric AIDS
The Elizabeth Glaser Pediatric AIDS Foundation seeks to prevent pediatric HIV infection and to eradicate pediatric AIDS through research, advocacy, and prevention and treatment programs.
Feed The Children
Feed The Children provides food, medicine, clothing, educational materials and other essentials to children and their families domestically and internationally.
Habitat for Humanity
Habitat for Humanity International is a nonprofit, ecumenical Christian housing ministry. HFHI seeks to eliminate poverty housing and homelessness from the world and to make decent shelter a matter of conscience and action.
Juvenile Diabetes Foundation
JDRF is to find a cure for diabetes and its complications through the support of research.
Love Our Children USA
The national nonprofit leader in breaking the cycle of violence against children. It has become the ‘go-to' prevention organization for all forms of violence and neglect against children in the U.S.
(Full Disclosure - the writer of this blog is the founder and chief executive officer of this charity)
March Of Dimes
Dedicated to improving the health of babies by preventing birth defects, premature birth and infant mortality.
MS Society
The MS Society is a collective of passionate individuals who want to do something about MS now-to move together toward a world free of multiple sclerosis. They help each person address the challenges of living with MS by funding cutting-edge research, driving change through advocacy, facilitating professional education, and providing programs and services that help people with MS and their families move their lives forward.
North Shore Animal League
North Shore Animal League America, headquartered in Port Washington, NY, is the largest no-kill animal rescue and adoption organization in the world.
ONE
ONE is Americans of all beliefs and every walk of life - united as ONE - to help make poverty history
St. Jude Children's Research Hospital
St. Jude is unlike any other pediatric treatment and research facility. With research and patient care under one roof, St. Jude is where some of today's most gifted researchers are able to do science more quickly. All patients accepted for treatment at St. Jude are treated without regard to the family's ability to pay.
Stand Up To Cancer
Stand up to cancer raised funds for research in unprecedented effort to end cancer's reign as a leading cause of death
Starlight Starbright Childrens Foundation
Enhancing the lives of critically and terminally ill children through granting wishes and hospital programs
Full Disclosure - the writer of this blog is a volunteer with this Starlight Starbright Children's Foundation)
Susan G. Komen For The Cure
The largest grassroot network of people working together to save lives, empower people, ensure quality care, and energize science to find a cure.
UNICEF
Raises funds for programs and increasing awareness of the challenges facing the world's children. The oldest of 37 national committees for UNICEF worldwide, they are part of a global effort to save, protect and improve children's lives.
For other registered charities please visit www.guidestar.org
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