coops: Guarantors and Parents buying homes for Children
- 11/28/11 01:41 AM
Over the years I have sold and rented many apartments where a guarantor was needed. I have also sold apartments where parents and/or trust funds bought the apartment outright for an adult child or beneficiary.
In a condo it is very simple. A parent can buy for an adult child. A corporation and or a trust can buy a condo. Some condos have applications but many don't or have very simple applications. I recently had a condo transaction where the couple obtained a mortgage from their parents. As far as the seller, listing agent and the condo were concerned it … (2 comments)
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coops: Manhattan Neighborhood: Central Park South
- 09/30/11 03:20 AM
Central Park South
Midtown Central, 59th Street from Fifth Avenue to Eighth Avenue.
Central Park South is short, however, for only three blocks there are co-ops and condos offering perhaps the most famous views of Central Park -- trees framed by the skyline of Central Park West on one side and Fifth Avenue on the other.
Whether you’re looking for a full-time home or a doorman pied-à-terre, prestigious hotels such as the Plaza and the Ritz-Carlton are offering condominium residences for sale; neighboring Columbus Circle buildings like the Time Warner Center have similar stunning luxury properties for sale and … (7 comments)
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coops: What is a Condop?
- 09/20/11 03:10 AM
What is a Manhattan Condop ?
A condop is a residential building or portion that includes cooperative and condominium ownership structure. The condominium has a residential cooperative unit separate from the commercial unit and or garage unit. During the late 1980's several new developments were built as "condops" they were "hybrids" because the developer had an underlying mortgage on the residential portion of the project. The residential unit is legally a cooperative. Owners are shareholders in a corporation.
A condo can not have an underlying mortgage. I was an original owner/shareholder in one of the first luxury condops constructed on … (20 comments)
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coops: Neighborhood Report: Apartments on Central Park West
- 09/15/11 09:24 AM
View from 25th Floor San Remo Tower Penhouse
Central Park West runs along Central Park from west 59th street to West 110th street. The 8th Avenue subway B & C trains run along Central Park West.
Upper West Side zoning does not permit buildings to be taller than approximately 20 stories between 72nd and 96th Streets except the Art Deco Twin Tower buildings from the 1930's on Central Park West. The set back towers can go up to 30 floors.
The buildings are mostly pre war buildings. The Upper West Side's Central Park West is home to some extraordinary buildings. Landmarks of Art Deco, … (11 comments)
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coops: Selling Manhattan "AS IS" Caveat Emptor (let the buyer beware)
- 03/25/11 04:47 AM
I usually preface my blog posts and comments with the statement: "Real Estate is Local." Laws vary from state to state. Real estate practices vary from state to state. Real estate practices vary within a state. New York City has many of it's own laws and regulations and Manhattan is a unique place in the real estate Universe. New York is a *Title state many other states are **Escrow states.
In Manhattan we sell properties "AS IS." What does "AS IS" Condition Mean?
Contract contains "as is" language - "official notice" of the property's condition. The purchaser must rely upon its … (11 comments)
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coops: REBNY (Real Estate Board of New York) Saves Flip Tax
- 02/02/11 11:13 AM
Buildings with flip tax exempt from proposed FHFA ruling that would have restricted financing Sigh of relief for NYC’s residential real estate industry REBNY members warned legislators of proposed ruling’s crippling impact
Yesterday, the Federal Housing Agency published a proposed rule that would limit Fannie Mae, Freddie Mac, and The Federal Home Loan Banks from dealing in mortgages on properties encumbered by certain types of private transfer fee covenants and in certain related securities. Addressing the concerns raised by REBNY, the proposed rule now excludes private transfer fees paid to homeowner associations, condominiums, certain tax-exempt organizations that use … (1 comments)
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coops: Manhattan Real Estate Q&A: What is a Restrictive Covenant?
- 01/08/11 12:14 PM
Q: What is a Restrictive Covenant?
A: Manhattan housing is primarily made up of coop and condominiums. Both coops and condos in Manhattan have restrictive covenants.
The legal definition for a restrictive covenant: "A provision in a deed limiting the use of the property and prohibiting certain uses".
Most all condominiums in Manhattan have the restrictive covenant: First Right of Refusal.
Most coops in Manhattan have the restrictive covenant: Right to Refuse.
Many people confuse the two different covenants. First right of refusal means the condominium has the first right of refusal on an offer but they would have to buy the condominium … (6 comments)
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coops: Buying? Selling? Renting? Leasing? Have it Your Way in Manhattan, NYC
- 11/29/10 03:30 AM
I just read an article in The Real Deal about 10 US cities where it is sensible to rent. According to data compiled by Trulia, NYC ranked number one on a list of national cities that are most ideal for renting. The list was based on home prices vs rental prices. All of the cities where it makes sense to rent have a strong housing market, local economy and good jobs. While it may be a buyer's market in many places, those places with high home costs, renting is a viable option since it will cost less to rent than to … (25 comments)
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coops: Manhattan Market Monthly Snapshot - August 2010
- 09/14/10 01:55 AM
I welcome the opportunity to answer any questions about the monthly snapshot or the Manhattan market generally.
Courtesy of:
Mitchell Hall, Associate Broker, The Corcoran Group
Apartment and Townhouse listings by email
How much is your Manhattan apartment or townhouse worth in today's market?
My Listings Testimonials Latest Corcoran Report View My Blog
… (0 comments)
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coops: FHA Loans No Big Deal in Manhattan Because All Real Estate is Local
- 08/03/10 03:25 PM
There has been a lot of discussion lately about FHA loans. There have been numerous articles not only in respected publications like the NY Times and the Wall Street Journal, but from local blogs and websites. Many seem to confuse Manhattan with the 4 other boroughs that make up the City of New York. There are many single family houses in Queens and Brooklyn, the Bronx and Staten Island. In Manhattan about 75% of available housing is in rental buildings. Of the approximately 25% of housing available for ownership about 70% are cooperatives. * FHA does not give loans in … (10 comments)
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coops: New Rules for Manhattan Apartment Buyers and Sellers
- 01/14/09 11:11 AM
For the past decade sellers had the power in the NYC real estate market. No longer can sellers dictate every aspect of the transaction. No financing contingencies, shopping around offers, listing brokers double ending deals are no longer the norm.Currently buyers have the upper hand. Buyers are putting in low offers and they are getting countered. Developers are offering incentives and are marketing value rather than luxury.Buyers are putting in multiple bids on several properties just as sellers were accustomed to receiving multiple bids and playing buyers against each other.It won't last for ever as real estate goes in cycles. It … (17 comments)
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coops: Bush's Mortgage Plan could be a Boon for NYC Co-ops
- 02/14/08 11:03 AM
President Bush's plan to relieve mortgage debt could be a boon to NYC co-ops. The Mortgage Forgiveness Debt Relief Act of 2007 will allow co-ops to raise rents for their retail tenants, which could bring in more money to pay for staffs, and capital improvements and can lead to reduced monthly maintenance fees, the New York Sun reported.The federal 80/20 law had mandated that no more than 20 percent of a coops income could come from outside sources including commercial tenants. This law had become a problem for many coops that include retail space in their buildings since retail rents have gone … (2 comments)
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coops: Coop Rights Bill: Update
- 06/27/07 09:15 AM
The NY Sun reported about the bill that would affect coop boards that has long been stalled is now getting support from law professors.The proposed law would require coops boards to put in writing their reason for rejecting a purchaser applicant from their coop. There is still opposition saying the law goes to far. I was quoted in the article.They called me about the board interview process and how I prepare a buyer for the interview.It's best to really keep your mouth shut, only answer questions, and not elaborate on things," a broker with Coldwell Banker Hunt Kennedy, Mitchell Hall, said. … (3 comments)
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coops: "Recent Sales Information" Now On NYC's Department of Finance Website
- 06/02/07 11:39 AM
Last August, a state law went into effect allowing the city to make co-op sale prices available to the public. I wrote a blog about the new transparency Coops sale prices public record. I've also wriiten several times about ACRIS the city's Automated City Record Information System.
While it is great that the information is public it is difficult to use and understand by most non real estate professionals. First you need to know the block and lot number for records you are looking to locate once you find the record it only has a sale price and does not give any … (2 comments)
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coops: Transparency and Accountability in NYC Coops? I hope so it is the 21st Century
- 04/24/07 04:25 PM
One of the first blogs I ever wrote was last July about a new law that would make the once secret Co-op sales prices public for the first time under a bill by the Albany legislature. The bill was awaiting signing by Governor Pataki and was strongly supported by Mayor Bloomberg.
When the law passed I wrote another blog in August NYC-Coop-Law-brings-Manhattan-Real-Estate-into-the-21st-Century. Before the law was passed there were many in the real estate industry that were opposed to the new transparency law. They liked having secret information that was how business was always done in Manhattan and they liked it.
Janny Scott of The … (5 comments)
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coops: New Construction Resales - A REAL DEAL!
- 04/08/07 12:39 PM
New Construction Resales in Manhattan - Save Thousands of Dollars in Closing Costs
Seller Pays New York City and NY State Transfer Tax except when Buying from a Developer/Sponsor.
If you're looking to buy new construction you might save thousands of dollars by buying a resale in a brand new building. When a buyer purchases a condo or coop in a new development directly from the sponsor (developer) the buyer is usually required to pay New York City and New York State transfer tax.
When buying from a sponsor in a coop, (unsold shares) the transfer tax is not only the percentage of the sale … (1 comments)
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coops: Foreclosures? 100% Financing? Sub Prime? NIMBY
- 03/15/07 06:59 PM
Foreclosures? 100% Financing: NIMBY: Not in my Backyard - It's a BULL Market!
Manhattan is an island.
There has been much media attention including some great blogs from activerain members like Brian Brady. Many of the headlines are negative some predicting a slow down in the economy the stock market has already become volatile and is in a correction.
I know in many markets the fall out must be terrible. Fortunately in Manhattan nothing can be further from the truth. Our market is on fire. Inventory is very low. We are experiencing multiple bids, no contingencies, full ask and over. … (30 comments)
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coops: How Much Is That View Worth To You?
- 08/28/06 06:23 PM
In May 2003 a study was conducted by Michael H. Schill, director of the Furman Center for Real Estate and Urban Policy at New York University; Jonathan Miller, president of Miller Samuel, millersamuel.com a leading Manhattan appraisal company; and Ioan Voicu, a research fellow at the Furman Center. nyu.edu
The study looked at Manhattan Apartment attributes and ammenities in features ranging from the age of building, fireplaces, terraces, condos vs coops, views, financial requirements, square footage, doorman etc. and gave each a premium.
The study found there is a 15% premium for condos over coops. Some say there is a premium for … (3 comments)
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coops: The "Flip Tax" Creative Financing or a Coop Cop Out ?
- 08/27/06 12:42 PM
The flip tax is a transfer fee that many new york coops and condos impose on shareholders and owners. In the early 80's when many rental buildings converted, huge profits were being made by former renters who bought their units at inside prices and then resold them. Called "flipping" The boards decided to impose the transfer fee and call it a flip tax on sellers to disuade flipping.
Due to high oil costs, insurance particularly terrorist insurance, neccessary repairs and increases in expenses many buildings need to build their reserve fund and are trying to impose flip taxes. In order for the flip tax to … (29 comments)
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coops: Understanding (and loving) Manhattan
- 08/16/06 06:06 AM
Before you come to love Manhattan, you must understand our peculiar housing market. Manhattan is a unique place in the real estate universe. Not only does it have a large rental market (75% of the available housing units vs. about 5 - 10% in other markets), but it has ownership and other important differences that are often puzzling to newcomers.
Showings normally 9 - 5 p.m. (7p.m. the latest)
Most co-ops have restrictions on showing times that vary widely, but must be adhered to. Some buildings do not even allow weekend showings.
Sunday Open Houses are the way to go
Condos and some co-ops … (2 comments)
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