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Investing in New York Real Estate

NYC-Apartment-BuildingFor those who have been keeping a watchful eye on the NYC real estate market, it is undeniable that the NYC rental market is strong right now while the mortgage rates continue to be low. With this in mind, we suspect more New Yorkers might be considering putting their money into investment properties.

And who could blame these New Yorkers for wanting to make NYC their first real estate investment? Not only is NYC home to the Big Apple and the Twin Towers but it is also a  beautiful state that has an endless number of attractions and upscale shopping opportunities. According to a recent report, NYC attracts more than 47 million tourists a year.

Ever since I moved to New York in 2001, the real estate market has not stopped growing. Despite some tragic incidents New York City has had to face in the past, the real estate market continues to go up, up, and up. The NYC market is going up so much that NYC homes are going for more than $5,000 per square foot. In 2001, homes were only worth $500 per square foot. According to a recent report, a well-priced apartment doesn’t stay on the market longer than 20 days. Talk about some remarkable numbers!

Here are some tips to make the most out of your NYC investment:

#1 Pick a good location

As an investor, it is important to make a neighborhood that will always be attractive to renters. Areas that good public school districts are often in demand by renters. And generally speaking, the closer to public transportation, restaurants and other amenities, the better. Now, If you can only afford to invest in a neighborhood that isn’t as high in demand as you would like, don’t worry. There is a possibility this area will become high in demand later in the future.

#2 Go condo, not co-op

Most brokers advise investors to look at condos not only because it makes up a third of the market but condos also have more flexible rules on renting out apartments. In NYC, very few co-ops welcome non-resident purchasers. Even if you have the money to purchase the co-op as an investment, co-ops have very restrictive rules as to how long you rent out the unit and as to how many times you can rent out the unit.

#3 Find an in-demand unit

The number one thing renters want from a NYC apartment is a large space they can live in along with a beautiful view of the city. The one thing investors care about is the price for the unit. When purchasing an apartment as an investment, be sure to remember that investors are required to pay per square foot, regardless of the number of bedrooms the unit has to offer. Renters, on the other hand, pay a premium for the number of bedrooms, regardless of the size. With that being said, you should look for a two- or three-bedroom apartment in a luxury building. These units are usually in high demand, making them easier to rent out.

Overall, everyone wants a piece of NYC. As an investor, all you need to do is find the right agent that will help you choose the best investment property.

These are just a few tips on how to get most out of your NYC investment. Contact us today if you would like to learn more about investing in NYC real estate.

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Updating Your New York City Apartment To Rent or Sell via NewYork.com

Gad Realty Broker and CEO Vanessa Gad has a new blog post on NewYork.com where she shares her real estate expertise on a monthly basis. Read more below:


This neat, clean room has splashes of color but isn’t overcrowded (Photo: irisphotos/Flickr CC)

When selling or renting an apartment you, naturally, want to get top dollar on your investment and have it move fast, but it’s often simply not enough to hire a real estate agent and have an open house. Some things are self-explanatory – like keeping the space spick-and-span and getting rid of personal affects – while others may be less obvious. Regardless of their scale, there are several changes that you can do to help sell or rent your place faster and for more money.

The power of scent

If you bake or burn incense in an apartment before an open housee, it will be an easier sell or rent. Prospective customers will often stay longer to look at the apartment thanks to a pleasant smell.

Make a splash with colorful accents

You should also consider dressing up the space with small decorative objects that can help. One of my agents got an exclusive that needed a special touch so he went to Bed, Bath and Beyond for quick pick-me-ups of bathroom carpets, vases for flowers and colorful accent pieces.

This messy, book-strewn apartment is hard to imagine as anyone else’s living space (Photo: walkering/Flickr CC)

Hire a professional stager

When the listing doesn’t look like it will sell or rent at top dollar in its current condition, then you’ll need to call a professional stager.  This person will store your own furniture and redecorate your apartment with theirs. Stagers really do have the magic touch. They will revamp your apartment and make it look like a brand-new listing. You likely won’t recognize your own place.

While staging can be pricey, the investment usually pays off because you will be able to rent or sell your place for even more money.  Of course, sellers often don’t understand the power of staging because they think their place is nice to begin with. One of my hardest jobs is telling my seller that his decorations are not up to date.

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Outdoor Space: Does It Add or Detract from an NYC Home’s Sale Price? via NewYork.com

Gad Realty Broker and CEO Vanessa Gad has a new blog post on NewYork.com where she shares her real estate expertise on a monthly basis. Read more below:


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(Photo: VRBO)

A private terrace is a perfect place to dine, relax and entertain no matter what city you live in. In New York City, that outdoor space goes beyond entertainment space and morphs into a truly special retreat from the city’s suffocating hustle and bustle. When you step out onto your personal patio,  it can feel like you own not just your apartment but a piece of the city itself.

An outdoor area is a valuable and rare feature in a New York City apartment. For one, it can significantly increase the size of your living space. I have a customer who has a 2,000-square-foot terrace, and her children bike, play ping-pong and throw a baseball out there – all without breaking anything in the apartment. This client is looking to move to get more indoor space, but it is been difficult as she can’t bring herself to give up the beautiful terrace. The good news for her, and others looking to sell properties with outdoor space, is that you will almost always get more money for an apartment with a sizable outdoor area.

One negative associated with larger outdoor spaces is that your monthly charges are likely higher than an apartment without, but it is well worth the expense, in my opinion, as it has both personal and resale benefits.

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A Realtor’s Look at the Upper West Side via NewYork.com

Gad Realty Broker and CEO Vanessa Gad has a new blog post on NewYork.com where she shares her real estate expertise on a monthly basis. Read more below:


(Photo: Gwen McClure/CUNY Photo Wire)

(Photo: Gwen McClure/CUNY Photo Wire)

New York may be a giant city, but it’s the individual neighborhoods and their character that make it the fabulous place that it is. The way to really see these neighborhoods in action — and more importantly real estate-wise to find your perfect neighborhood — is to walk from one to the next and observe the differences from block to block. New buildings, shops, restaurants, hotels, even pop-ups: The landscape is never the same twice.

One of my favorite neighborhoods, and where I live, is the Upper West Side. In real estate terms, the neighborhood has changed quite a bit since I first encountered it in 2001. At that time, I was looking for a place to buy, and I met with a friend, a selling agent for the Time Warner Center apartments. At that time the area’s median selling price was $500 per square foot, and she told me “I can sell you any layout, any square footage for $1,000 per square foot.” My husband told her she was crazy and wouldn’t be able to sell. Today you cannot find cheaper than $7,000 per square foot.

No address is tonier than the apartments on Central Park West. Most of these residences are pre-war, with very high ceilings. A couple of months ago I visited a townhouse from the 1800s, which faced the park. It had Tiffany-style inlay windows, 30 foot ceilings with original wood details, and going up the stairs, marble inlays of angels. Hard to beat, especially in a neighborhood where the Museum of Natural History, Central Park and Lincoln Center are within walking distance.

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The Headaches of Going Co-op via NewYork.com

Gad Realty Broker and CEO Vanessa Gad has a new blog post on NewYork.com where she shares her real estate expertise on a monthly basis. Read more below:


(Photo: Gene Krasko/tibidabobcn/Flickr CC)

(Photo: Gene Krasko/tibidabobcn/Flickr CC)

New York is one of the few U.S. cities that has co-ops, so it’s no surprise that many people know nothing of them. So what is a co-op? And why is it so unique? And is it better than a condo?

Let’s start with a definition of a co-op. In New York, when you buy an apartment in a co-op you own shares of the building — just like the stock market. This, however, comes with a few rules and regulations. You’ll need to be comfortable with the co-op board as they need to approve you before you can buy your co-op.

For instance, I had customers that wanted to buy in a highly selective Fifth Avenue co-op. I put their offer in, and the owner accepted the offer. It took us two months to get all the papers together for the board package, which was the thickest I’ve ever seen. Among other laws from this board included in the package was a rule prohibiting guests staying over for more than a week and a rule requiring the owners to hire their own doorman when having 10 people or more over for dinner. None of this mattered as the board rejected the packages (sans interview), and we never found out why because boards don’t have to stipulate the reasons for their rejection.

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How to Get the Apartment Rental You Want via NewYork.com

Gad Realty Broker and CEO Vanessa Gad has a new blog post on NewYork.com where she shares her real estate expertise on a monthly basis. Read more below:


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(Photo: Justin Sullivan/Getty Images)

Looking an apartment rental in New York can be stressful situation — so stressful, in fact, that many people settle for an apartment that they really don’t want.  Your apartment is your home, and you should neversettle for an apartment that does not fit your lifestyle.  The key to getting the apartment you really want is having a good agent and being willing to make decisions quickly.

The New York City rental market is in a unique place right now. First, living in the city itself is a more popular idea now as it’s ever been. Second, the housing recession has reached its end. And lastly, we’re still at the tail-end of some of the busiest months in New York real estate — May through September.

Find an Agent that Knows Your Target Neighborhood

First, you need to find an agent that knows the neighborhood you want to live in. He or she will be able to show you as many apartments on the market within your area as are available.

One Month Ahead Is Plenty of Time
If you are looking to move in November don’t start looking before September. It will be a waste of time! Whenever an apartment is well priced, in good condition and it hits the market, it will be gone in a day or two.

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Finding The Right Real Estate Agent via NewYork.com

Gad Realty Broker and CEO Vanessa Gad has a new blog post on NewYork.com where she shares her real estate expertise on a monthly basis. Read more below:


real-estate-broker_650Nobody said finding property in New York was gonna be easy, but one surefire way to ease the pain is to choose the right agent for you. If you’ve ever jumped into the New York real estate game you know that not every agent is out for your best interests and many seem to focus so much on their commission that they don’t take the time to understand your wants and needs.

A good real estate agent is one that understands your taste (modern or traditional, roughed-up or clean-as-a-whistle), listens to what you’re looking for (when you say you want a window in your bedroom, you mean it!) and, most importantly, sticks to your budget. If you are looking for a two-bedroom apartment for $1.2 million, many agents will email you listings for places $1.5 million and above. Crazy, isn’t it? Don’t settle on a broker until you find one that takes the time to listen to you and then shows you places you actually like that are within your budget.

A good real estate agent is one that understands your taste (modern or traditional, roughed-up or clean-as-a-whistle), listens to what you’re looking for (when you say you want a window in your bedroom, you mean it!) and, most importantly, sticks to your budget. If you are looking for a two-bedroom apartment for $1.2 million, many agents will email you listings for places $1.5 million and above. Crazy, isn’t it? Don’t settle on a broker until you find one that takes the time to listen to you and then shows you places you actually like that are within your budget.

Your agent also needs to know the market like the back of her hand. Insider info like how much more a place goes for when it’s on a coveted street or what demands you can make without breaking a deal is what you’re paying them for, so make sure they have it. An agent of mine took over an apartment that was on the market for more than six months and hadn’t sold; the new agent sold the apartment in less than two days with multiple bids and back-ups. How? She understood the market and knew how to fix the apartment listing in order to make it sell.

But none of this means anything unless your agent answers calls and emails within minutes.

 It shows you’re an important client, and in New York time is money and you don’t want to let that apartment you have your eye on slip through your fingers because your agent wasn’t responsive.

Nowadays, everybody has a real estate license but you’re not just looking for any agent, you’re looking for the best agent for you. So how do you find the perfect agent? The answer is simple: networking.

A lot of great agents are discovered by referrals from friends and family. Don’t let a social event go by without asking for real estate agent recommendations. When you find that “perfect” agent, you will build a relationship together and find yourself using them continuously.
You and your agent will become so close that they will not only know your needs, but also your wants.

Not every agent is right for every buyer, seller or renter. Take the time to find an agent who best suits you as a person. And when you do find that right fit, work hard and be loyal.

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NYC Important Phone Numbers

Moving to New York? Here are some important numbers you will need to get settled. From utilities to emergency numbers, you can find it here on this list.

Utilities

  • Con-Edison: 800-75 CON ED
  • Verizon: 212-890-1550
  • AT&T: 800-222-0300
  • Time Warner Cable: 212-674-9100
  • Gas or Electric Service Shutoff Hotline: 800-342-3355
  • NYC Heat Hotline: 311

Transportation

  • Subway and Bus Lost and Found: 212-712-4500
  • Port Authority Bus Information: 212-564-8484
  • Port Authority Airport Information: 718-244-4444 for JFK, 973-961-6000 for Newark, 718-533-3400 for Laguardia.
  • Amtrak (Penn Station): 800-872-7245
  • Long Island Railroad (Penn Station): 718-217-5477
  • Metro-North (Grand Central Station): 212-532-4900
  • New Jersey Transit (Penn Station): 800-772-2222
  • New York Waterway: 800-53-FERRY
  • Staten Island Ferry: 212-NEW-YORK
  • Taxi and Limousine Commission:] 311 or 212-NYC-TAXI

Other

  • US Postal Service: 800-275-8777
  • New York Public Library Reference Service: 212-340-0849
  • Manhattan Animal Shelter and Control: 212-722-3620
  • NYC Marriage License Bureau: 212-669-2400
  • Manhattan Time and Temperature: 212-976-1616

Emergency Phone Numbers

  • General Emergencies: 911
  • General Information: 311 (Call 311 for any city agency or related service and your call will be transferred to the appropriate department)
  • Police Headquarters: 212-374-5000
  • Crime Victims Line: 800-771-7755
  • Rape/Battered Persons Crisis Center Hotline: 800-621-4673
  • Sex Crimes Unit: 212-267-7273
  • Samaritans of New York Suicide Hotline: 212-673-3000
  • Emergency Children’s Services: 212-966-8000
  • Poison Control Center: 212-764-7667
  • Dental Emergencies: 212-573-9502
  • Doctors on Call: 212-737-2333
  • LIFENET Hotline for People Experiencing A Mental Health Crisis: 1-800-LIFENET

Manhattan Hospitals

  • Bellevue Hospital Center: 212-562-4141
  • Beth Israel Medical Center: 212-420-2000
  • Columbia-Presbyterian Medical Center: 212-305-2500
  • Harlem Hospital Center: 212-939-1000
  • Lenox Hill Hospital: 212-434-2000
  • Mount Sinai Hospital: 212-241-6500
  • New York Downtown Hospital: 212-312-5000
  • New York University Medical Center: 212-263-7300
  • St. Luke’s Roosevelt Hospital Center: 212-523-4000
  • St. Vincent’s Catholic Medical Center: 212-604-7000
Remote control: brokerages scrap storefronts in favor of virtual offices

Press – Gad Realty NYC featured in the Real Deal New York – February 2013

Gad Realty NYC was featured in New York’s Real Deal this month! Read the full article, “Remote control: brokerages scrap storefronts in favor of virtual offices” here –> http://therealdeal.com/blog/2013/02/06/remote-control-brokerages-scrap-storefronts-in-favor-of-virtual-offices/