Guide Me Home to Manhattan Luxury - Home

Need Property Management? Beware.

2009-01-05T16:58:00Z

The State of New York requires licensing on a range of professions. This process is to ensure the public is working with only competent individuals who are held accountable for their actions.

One license the State does not offer is Property Management. To qualify to perform management services, the only requirement is that the service provider holds a real estate license. While this does help protect the consumer, especially in the area of handling of funds, there is much more that goes into being a professional, full-service property manager.

Trusting your investment or your home to someone requires the highest comfort level with a person or organization. When searching for a property manager, check that he/she is working with a reputable, well-known company. If you are considering a real estate agent, check that the brokerage firm has the ability to handle the specific needs of a property management service, such as the operation of an existing management company. Keep in mind that real estate agents cannot perform services except through their brokerage firm.

A professional property management service should have a ready list of service professionals (such as plumbers, electricians, cleaning companies) to handle any property related situation. They should also have an accounting division to ensure all funds are managed appropriately and regular reports should be sent to you. As with any professional you hire, you should look for someone who dedicates full-time to management instead of someone who offers the service on the side.

Affiliations and memberships can also serve as a guide to selecting the right management company. Managers should hold membership in local real estate affiliations, but should also participate in property manager specific memberships.

Halstead Property’s Management Company offers professional property management services for buildings and individual units in existing full-service apartment buildings. The President, Mr. Paul Gottsegen is an Honorary Member of the New York Building Manager’s Association, an Honorary Associate Member of the Scandinavian American Building Managers Guild and holds the national designation of Certified Property Manager (CPM) from the Institute of Real Estate Management based in Chicago, IL. Mr. Gottsegen was awarded in 2006 the CPM of the year.

To learn more about building management services, click here.

To learn more about individual unit management, visit the investor services section of Halstead’s website.

Posted By: Sharon Michnay

GET OUT OF THE RUT

2008-12-30T15:12:00Z

One of the beauties of living in Manhattan is that there are wonderful restaurants wherever you live and wherever you happen to be. Although we eat out frequently, most of the time it’s in our neighborhood or wherever happens to be near the movie, concert or ballet we’re attending. That leaves out large swaths of the city and since we tend to be creatures of habit, unless we make an effort we end up in a rut.

My solution to this is what I call the “monthly destination restaurant.” Every month I make a reservation via OpenTable.com to dine in a restaurant that is off our beaten track. It becomes a special evening and we’ve been to some beautiful restaurants with wonderful food. Most recently we ate at Almond, a restaurant so new that it has yet to be Zagat rated. Located in the flatiron district, it is a beautiful space which is simple, elegant and relaxing at the same time.

We were warmly greeted and to show what a small world it is, there was a holiday card on the reception desk with pictures of our friends’ children. It turns out that our friends know one of the owners and both of us had kept the card on view because we loved the pictures of the children.

The menu was well designed with both familiar dishes and interesting combinations of foods to appeal to more adventurous eaters. Service was friendly and discreet. Nobody hung over us yet we felt that all our needs were anticipated. Best of all the food was delicious!

My “monthly destination restaurant” has kept us from getting into a rut, although we still enjoy our neighborhood places just as much.

Posted By: Judith Saunders

Retirement in Manhattan

2008-12-24T16:55:00Z

A growing number of retirees are discovering the pleasure and convenience of retiring in Manhattan. The proximity to cultural attractions, classes, more classes, even more classes, lectures, health clubs and sporting events, coupled with the convenience of public transportation, contribute to an amazing quality of life for active retirees. Many wonderful activities are even free. In addition, there are many opportunities to contribute the knowledge and experience gained over a lifetime by volunteering. It is easy to find an activity that provides satisfaction and structure.

Car ownership becomes optional when there are car sharing services, www.zipcar.com, which provide cars at various locations around Manhattan that can be reserved online for as short a time as an hour and include fuel, insurance and upkeep. Even the inability to continue to drive a car does not hamper a Manhattanite’s activity. In addition to convenient shopping and restaurants, anything one could want can be delivered simply by making a phone call or ordering online: www.freshdirect.com. You never even have to go into a supermarket.

For those used to maintaining houses it is a new-found joy to have all maintenance matters taken care of by building staff. They will find that three of the nicest words in the English language are “call the super.” With less responsibility comes tremendous freedom. No lawns to mow, no gutters to clear, no snow to shovel.

When health issues arise there is no place with better medical care, available caregivers or more accessible activities.

A less obvious benefit is that you are surrounded by all kinds of people at all stages of their lives. From young singles to young families to empty nesters, it runs the gamut. No isolation in age-restricted communities can match the multitude of opportunities to interact and avoid isolation.

Posted By: Judith Saunders

When is the perfect time to buy? Now!

2008-12-23T15:30:00Z

On an interview with Fox5 News, Diane Ramirez advises that there is opportunity in this market and now is the time to buy real estate. Low interest rates and pricing are bringing buyers into the real estate market. At the moment though, they seem to be mostly looking. Ramirez believes that in a year or two, those who continued to rent or decided not to invest right now will be asking themselves why they didn’t. It won’t be the first time that question has been asked in reference to Manhattan real estate.

Watch the interview:

Diane M. Ramirez Featured on Fox 5 News

Posted By: Sharon Michnay

Mortgage Rates Lowest in almost 40 Years

2008-12-22T21:32:00Z

Records are being set by the Federal Reserve with its recent cut of interest rates to almost 0%. A year ago, a 30-year fixed-rate mortgage averaged 6.14% and today the national average is 5.17%.

Mortgage Rate Hits 37-Year Low

Record Low Mortgage Rates

Posted By: Sharon Michnay

HOLIDAY LISTINGS

2008-12-19T21:13:00Z

During the holiday season many sellers take their homes off the market in the belief that there will be no activity. It is a time when many people are away, entertaining at home or just don’t want to bother keeping the apartment in viewing condition.

Actually, those purchasers who are looking at homes during the holidays are generally very serious about buying. They’ve put aside or postponed other considerations and devoted time to look at properties. In addition, they are more emotional during the holiday season and might be more willing to pay your price. Sellers have to take this into account. What might be a temporary inconvenience could result in the sale you want.

Posted By: Judith Saunders

It's beginning to look a lot like Smack Down

2008-12-17T22:23:00Z

As this year in Real Estate comes to a close there is desperation in the air and from an unexpected corner. Surprisingly it is the buyers, not the sellers, who are misbehaving. When the sellers had the upper hand, buyers did their best to impress with politeness, over-ask offers, full disclosure. Now that buyers are in the driver’s seat it seems that many are out for revenge. There are the low offers, a perfectly understandable fear-based reaction to the economic conditions, but buyers should understand that no amount of bullying will force a seller to accept a low offer. Bribing the broker with money under the table to “push” a low offer through is another path destined for failure. The renegotiations that have gotten so much publicity may have a favorable outcome when conditions have changed significantly, (i.e., a contract signed last summer with a long lead time to close) but will probably kill the deal when the tactic is attempted the week or the day after receiving an accepted offer. And these are just a few of the items on top of the “Do Not Try” list.

With sellers dodging hardballs left and right, buyers may discover that sensitivity will buy more and cost less than arrogance. When an offer is reasonable but below asking the seller may reduce the price to test the market before accepting. Don’t assume the price drop indicates immanent foreclosure; it’s not an invitation to reduce the offer even further. A seller has a right to realize the maximum value for their asset and offers (what buyers are willing to pay) is the best way to validate the right number. Buyers have the right to be skeptical about fair value or multiple offers but threats, deadlines and ultimatums will just close doors when the point of negotiations is to keep all possibilities open. In other words, patience, honor, flexibility, consideration, good faith and fair play will probably produce better results than a battering ram.

Understandably buyers feel beaten up from the highly competitive market but jump into the ring with good intentions, not to play smack down with the sellers. Now buyers have opportunity on their side, the pressure is off, they can afford to relax, comparative shop, negotiate for the right price on the right property. A down market is a great moment to trade up, the lowest interest rates on record offer additional incentive and the surplus inventory offers more choices. Times are probably too tough to expect generosity to prevail but there is no excuse for acting like a thug. Backing a seller into a corner with scare tactics or trying to extract an extra point of flesh in retribution for lost bidding wars may provide a small amount of satisfaction but will probably sabotage the chances of finding a home. When making an offer, try walking in the seller’s shoes, imagine being on the other side of the table. If sympathy is too much of a stretch, at least show respect. Now that “best and finals” have joined the ranks of Christmas past, the buyers have a chance to show off. Hopefully they can show off their purchasing power and still be good sports.

Posted By: Madeleine Dale

Ownership style best for investments

2008-12-16T21:15:00Z

When searching for an investment property in Manhattan, which type of property should you consider? There are two primary forms of ownership to be aware of when performing your search.

Cooperatives: Generally referred to as “Co-ops”

A majority of Manhattan apartments are in co-ops. Most co-ops require that an owner occupy their apartment as a primary residence and limit renting to one or two years.

Condominiums: Generally referred to as “Condos”

Most new construction and conversions are condominiums. Condos rarely have policies limiting the leasing of apartments.

If your investment strategy involves leasing the apartment, chances are you will need to purchase a condo. Most websites do not inform searchers of a buildings specific leasing policy, so make certain to inform your real estate agent of your plans.

For more detailed information on forms of ownership in Manhattan, visit our online buyer’s guide at: Halstead Property Manhattan Buyer’s Guide

Posted By: Sharon Michnay

We’re proud to be a part of New York Town

2008-12-15T21:05:00Z

We’re proud to be a part of New York Town Many songs have been written about New York, but this one is simply my favorite. The many ‘Big Apple’ references are great material for a walking tour – even if Gimbel's Department Store is gone from modern day Herald Square.

For anyone who will be visiting Manhattan during the holidays, this song also contains some great advice to help you get where you want to go – whether it be the East Side, the West Side or Uptown and Down.

Enjoy.

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Posted By: Sharon Michnay

River View Therapy

2008-12-15T15:24:00Z

In difficult times, or any time, there is no therapy like the serenity of a river view. As if to compensate for the city’s stresses, ribbons of water wrap Manhattan and meet in a bow of the New York Harbor. Of all the water that borders New York City, the mighty expanse of the Hudson is the most spectacular.

With a girth to rival the Mississippi, the Hudson is far more interesting because of its dynamic tidal currents. Extending 315 miles from its source in the Tear of the Clouds Lake to the New York Harbor, the stretch along New York City is actually a Tidal Estuary. The Native American name for the river Muh-he-ken-ne-tuk means “river that flows two ways” and depending on the time of day the current races north towards Troy or South to the Atlantic. From hour to hour and season to season the Hudson changes; sparkling with morning sunlight, white caps dancing in the wind, glassy smooth in calm, banked in fog, frosted by ice flows, or breathtakingly wide open. With the axis of Manhattan Island tilting slightly North East the force sunsets can be spectacular right up to the last long fingers of light stretching across the water. In the concrete jungle of this city, the oversized canvass offers the best chance to watch the uninhibited forces of nature at play.

Representing two river view properties (see links below) I have had an opportunity to experience the value of this view. It doesn’t take a Zen master to appreciate the hypnotic tranquility; everyone who enters these apartments pauses at the window. At 33 Riverside on the 7th floor the trees of Riverside Park in the foreground set off the lights of the New Jersey skyline across the water: . Though the apartment at 749 West End Ave is perched on a high floor, floor-to-ceiling windows bring the river right into the room.

I’ve saved the most captivating part for last; a river comes with bridges and boats. Looking north, lights span the George Washington Bridge so at night it becomes one of the wonders of the world. The tugs maneuvering huge barges parked up and down the Hudson put on a constant show as do the busy ferries darting back and forth, the cruising Circle Line, the brave little kayaks, the sleek yachts and the lazy sailboats. I will watch a boat transfixed, wondering where it came from, where it is headed, marveling at the serendipity of being able to observe part of its journey. With a view of the Hudson, every moment is a photo op, though a picture or ten thousand words can never quite capture the power of the moment. The next time someone says “there’s nothing like a river view” believe it.

Posted By: Madeleine Dale

Thoughts on Conversions

2008-12-09T17:30:00Z

Recently conversions have made a comeback on the upper west side. The term refers to a residential or commercial building which changes to individually owned units when the landlord, owner or developer “sponsors” or finances the conversion from the previous use to individually owned co-op or condo properties and offers properties in the building for sale. In 2008, the West Side saw an unprecedented number of pre-war and post-war rental buildings convert to condos and these apartments account for a significant slice of the inventory currently available.

Historically, buyers on the West Side have had to choose between a pre-war co-op or a condo in new construction. By default, buyers who preferred turn-of-the-century or art-deco architecture faced board restrictions on sublets, liquidity requirements of at least one year’s mortgage and maintenance in reserve after close, financing requirements sometimes as much as 50% down and an extensive application process. The new condo conversions increase opportunities to purchase pre-war apartments without the co-op hurdles. Also, this inventory comes renovated (or with the option of a renovation) with features like washer/dryers, central or thru- wall air conditioning, spa baths and vented stoves - packages which are difficult to find in traditional pre-wars. Finally, many of the developers now offer very attractive incentives, like financing or rent-to-own options, to make ownership to a reality.

To evaluate the risks along with the opportunities buyers should know how a conversion differs from an established co-op. Generally rentals are maintained with an eye towards profit while co-ops are non-profit corporations run in accordance with the needs of their residents. To prepare a rental building for sale, a sponsor will pour money into upgrades, but the one-time cash infusion is often qualitatively different from years of tender loving care by attentive shareholders. While conversions appear fresh with newly painted hallways and glitzy lobbies, co-op boards tend to spend on infrastructure maintenance, like risers to enhance water pressure. Though it varies from building to building, the established co-op with an understated lobby may have concentrated on less visible improvements with the long term goal of keeping maintenance increases down and the reserve fund healthy.

Before committing to any purchase it is important to get beyond fancy finishes and look under the hood. In New York City, due diligence begins with the offering plan which details the condition of the building and outlines the developer’s cosmetic and capital improvements. For new conversions an attorney will often recommend hiring an engineer to evaluate the building infrastructure. In an established co-op the engineer’s second opinion is considered redundant since the managing agent will have years of minutes which document conditions and show the track record of board responses to issues raised by residents. A co-op will also have financial statements detailing annual expenditures, everything from taxes to oil, and sources of revenue. A balanced budget proves that maintenance income adequately meets the costs of running the building. Potential purchasers in a new conversion will not have the benefit of these records and will have to rely heavily on their attorney to decide if the projected budget is realistic.

While the new conversions come with generously endowed reserve funds, going forward, the new board will face choices about how to allocate expenses. Over the years, the needs of the residents determine agendas, i.e., playroom v. roof garden, storage v. gym. Of course, the amenity package is one of the main attractions for buyers, and many conversions come fully loaded, but gyms and roof gardens involve upkeep and can lead to expensive monthly charges that more conservative buildings have opted to avoid in favor of controlling costs.

Finally, most of these new condos convert using a non-eviction plan which means that the rent-stabilized and rent-controlled tenants remain in residence along side new owners. As the owner of the rental units, the sponsor is responsible for paying the common charges so be sure the sponsor/developer is solvent enough to cover years of ongoing outlays. The percentage of owner occupancy is difficult to project in the early stages of an offering and when rental tenants remain in more than 50% of the units the sponsor often retains control of the board and can influence board decisions. As the renters leave, the sponsor sells the units but this is a gradual process and can take years before owners get control of their board.

To avoid surprises, ask questions. Ask about property taxes, about operating expenses, about sources of revenue, about the reserve fund, about control of the air rights and storefront leases. Make sure the sponsor/developer’s initial cash infusion has covered the majors (boiler, roof, elevators, plumbing and electrical risers, etc.) that the reserve fund will cover future projects and that the operating budget is realistic. Finally, shop around for the right fit. Every building has a personality, those intangibles which become apparent from the first steps into the lobby and if something doesn’t feel right it may never feel like home.

An older established building will have had years to define its character, financial history and budget priorities prospective purchasers should review to get comfortable with the community they will join. A new conversion comes with more unknowns, but buying into an initial offering is exciting. The new owners move in together within a time frame of a few months, get in on the ground floor of forming a new community and have a clean slate to determine how to run the building going forward. Pre-war co-op, pre-war conversion, post-war condo, its all good and thanks to the new conversions there is more inventory to explore and with more options, a better chance of finding the perfect home.

Posted By: Madeleine Dale

Real Estate Investing Still a Good Idea? Consumers think so.

2008-12-08T23:10:00Z

The difficult housing market has made for some great articles about real estate investing. A recent Wall Street Journal article tackled the question.

The article focuses on the disparity between how typical Americans and economists view the value of using a home in an overall investment strategy. Homeowners believe that they will see a return to increasing home values faster than the economists and also believe that homeownership is still a viable road to building wealth.

Economists do predict that housing prices will rise again, but that increases will not reach the percentages we have seen over the past few years. Predictions ranged from inflation adjusted rates of 2.5% - 4% annually. Although that is quite different from the 40% increases some experienced in the real estate boom, I would have difficulty finding anyone who would say that a return to a more stable and realistic market is a bad thing.

Posted By: Sharon Michnay

Mortgage applications increase substantially

2008-12-03T15:46:00Z

The Federal Government has moved to provide assistance to the housing market and announced their plan to purchase up to $600 billion dollars in debt. In response, rates for a 30-year fixed mortgage are the lowest we’ve seen in three years, prompting double the mortgage applications last week as reported by the Mortgage Bankers Association.

Read the full article on Bloomberg

Posted By: Sharon Michnay

Skating Without Ice

2008-12-02T16:36:00Z

Taking a break from Holiday Spending? Try skating at the Museum of Natural History. The location couldn’t be more pleasant. Built on the plaza overlooking the Museum Park, tucked beside the Planetarium, the rink is sheltered from the wind and has plenty of seating outdoors or at the café inside. After dark, the polar bear statue takes your breath away. With the full glory of the Planet Earth as a backdrop, the sparkling bear literally twinkles against the glowing Galaxy like a new constellation. The rental equipment is included in the price of admission and the skates are top notch. I went over Thanksgiving weekend and there were no lines but the real surprise was that there is no ice. The synthetic year-round surface was chosen as environmentally friendly but be warned that it is not particularly user friendly. The plasticy texture is both slippery and sticky at the same time. So its not cold and its not wet - a good thing if you fall – but definitely takes getting used to. Even with skates sharper than a Sushi chef’s knife you just can’t get an edge. Some visitors compared the surface to skating on linoleum tiles. The “ice” patrol giving pointers advised struggling skaters to bend their knees, “really bend those knees and dig in.” With no glide, every circle takes a lot of effort as exhausting as in-line skating up a very steep hill. This surface really works those quads but since speed is practically impossible there is not much chance of being mowed down by hot shots. Little ones taking baby steps and beginners shuffling along the boards did just fine. From the sidelines you see lots of people on their butts but that’s par for most skating rinks. This may not be the place to show off a triple axel but it is fun and a beautiful spot to get outside for exercise or just watch.

Entry to the Polar Rink is from the stairway in front of the Nobel Prize Statue or through the Museum at the Columbus Ave Time Capsule Entrance. The session fee, $10 per adult ($8 for members) includes skates. Sessions begin on the top of the hour and last 45 minutes. Call (212) 769-5200 for hours of operation.

Posted By: Madeleine Dale

Talking Turkey about the Thanksgiving Day Parade

2008-11-25T15:36:00Z

My favorite place to watch the parade is from a balcony at 80 Central Park West (68th street). It’s the only 1960s white, brick building on CPW and some consider it an intrusion to the pre-war skyline but the apartments are great and on floors three through nine you can practically reach out and touch the balloons. For those who prefer the long view, terraced apartments in buildings like the Century or the Majestic offer a perspective for blocks and blocks and some buildings like 41 CPW have roof gardens with a bird’s eye view of the entire procession as it winds around Columbus Circle and down towards Macy’s. If you don’t live on the parade route or get invited to a party with a view, don’t despair. There is a knoll in the Park that runs from 67th to 69th street which puts you above the heads of the crowd standing in the bleachers, even the ones with toddlers on their shoulders. On 67th street, at Tavern on the Green, a path immediately right of the entry leads up to a playground. This excellent perch provides a clear vantage point where the park drive creates a break in the bleachers and foliage. If there is no standing room left, go North around the perimeter of the playground. The 69th Street park entrance has another break in the bleachers but then the topography descends below street level and the only vantage point is on the Park Drive facing the Dakota (a popular spot, so go at your own risk and go very early). If you’ve overslept and the barricades are up already and the crowd is too dense to get within a 1/2 block of Central Park West, try the 81rst Street entrance (above the Parade start) and pick up the bridal path that runs parallel to Central Park West. It’s a nice walk that leads right under the Park Drive and the 72nd Street crowds. Just follow the balloons overhead for a few blocks and pick a spot on the hill near the playground. And remember, it’s a secret, so don’t tell anyone but don’t forget to wave to the folks on the balconies at 80 CPW.

Posted By: Madeleine Dale