Posted via email from
Tuesday, April 5, 2011
Sunday, March 27, 2011
Friday, March 11, 2011
What's keeping you up at night?
What's keeping you up at night? If you're a New Yorker, your answer is likely to be "stress," or "worry," or "overwhelming anticipation for what lies ahead." But what's missing from those responses? Noise! Even though we live in one of the busiest cities on earth, bustling with taxi horns, police sirens, and drunken street quarrels, it seems most New Yorkers can adapt... for the most part.
When attending open houses, many house hunters listen carefully for the street noise, especially if the apartment is on an avenue, rather than on a typically tranquil side street. They compare the noise with the windows open to that with the windows closed, and they imagine themselves going about their daily tasks and sleeping with that background noise. This ritual is completely natural, and often helpful, but it also helps to keep a few things in mind.
1) New Yorkers, by and large, can get used to pretty much anything, least of which is a bit of street noise. I live on a rather busy street, and I don't even notice the multitude of sirens passing my window every evening.
2) Pay attention to where the bedroom is. It's often in the back, away from the street, so street noise won't be a problem while you're sleeping.
3) For extreme cases, sound proof windows offered by companies such as City Quiet and Cityproof can work miracles. I had a client who rented a place on Sixth Avenue, on the fourth floor of a walk-up, in which both bedrooms were facing the avenue... and he wanted to make one of them a massage parlor. I thought he might be a bit nuts, but he had City Quiet windows installed, and you could hear a pin drop in that apartment... if it weren't for the mood setting nature sounds emanating from his stereo.
4) To minimize street noise, seek out high-floor apartments. If the view clears the building across the way, there will be no reverberating noise bouncing into your windows.
5) Pre-war buildings with thick walls are more likely to provide noise insulation between apartments. Some newer condo buildings are paying more attention to this as well. Renters... your job will be a little more difficult.
7) Nothing could be worse than your partner's snoring.
A bit of noise is ultimately part of the New York experience, and there are usually ways to muffle it. And if not, you'll probably get used to it... just ask a neighbor. But! If you're an insomniac who needs utter serenity to catch a bit of shut-eye, then be sure to tell your broker, and he or she will know how to adjust the search.
Posted via email from
Friday, March 4, 2011
If you're worried about bedbugs...
Over the past year, there has been an increasing volume of discussion around a certain critter in NYC homes... and unfortunately, for good reason. Bedbug complaints grew last year, and they're projected to rise again this year.
However, when searching for your home, there are a few things to consider. First, as of August of last year , landlords are legally required to provide you with a disclosure stating whether or not there have been any incidents of bedbugs in the past year. Also, while the bedbug registry may provide a starting point for your search, reports are not verified. Tenants could be mistaking rashes for bedbug bites, or they could just be seeking vengeance on their landlords. Also, at any evidence of bedbugs, landlords are required to do a thorough cleaning.
When purchasing, have your broker contact the appropriate people to dig up history of bedbug infestation, if any.
Now don't freak out too much. The vast majority of NYC real estate is free and clear of these little guys, and if you do happen to come across them, there are some prescribed measures to take. You should call your building management and proceed according to plans with which they should be familiar.
Preventative measures are also aplenty, including the subway icon protectabed. Again, the chances of you running into an issue are slim, but I want you to be as educated as possible so you can find your dream home! A smart apartment hunter is a happy one, so feel free to reach out with any questions, and until then... happy hunting!
Posted via email from
Tuesday, March 1, 2011
6 Ways to Make Your Home Look Brighter
Your chocolate painted bedroom may give you comfort and your candles may offer the right mood for a romantic evening at home, but when it comes to putting your home on the market, there is no exception to the rule: brighter is better. 
With so many large buildings in this city, only a small percentage of apartments get much direct sunlight, so the challenge becomes giving your home a cheery glow even if you don't have to don your shades every time you enter the living room. Luckily, there are several ways to do this.
1) Take a tip from Lalaland and substitute the natural with the artificial. Identify every less-than-bright area of your home and illuminate it with a lamp. In that lamp, don't put a low-wattage yellow bulb, but rather one that emits joyous white light. Then, before each showing, turn every single light on.
2) A strategically placed mirror will reflect the best rays into more sunlight-deprived areas of your home.
3) Choose bright colors. If you have a brown wall, repaint it white. Ifyour furniture is brown leather and black velvet, replace whatever possible with lighter-colored furniture and pillows. If necessary, rent the furniture!
4) Clean windows, walls, and floors. Clean surfaces will allow more light in and reflect it throughout the apartment.
5) Unless they are blocking a particularly ugly view, open all your shades all the way.
6) Be sure to do all of these things before your prospective buyer or renter ever steps foot in the apartment.
If you have any case-specific questions on how to make your home more appealing to apartment hunters, feel free to reach out for a free consultation.
Posted via email from
Thursday, February 24, 2011
Great article from the NY Times: "No Detail is Too Small" ((tag: nyc residential, nyc midtown, nyc chelsea, nyc soho, nyc west village, nyc upper west side, manhattan real estate, nyc real estate, manhattan apartments, new york, new york city, real estate
The Appraisal
To Sell an Apartment, No Detail Is Too Small
Donna Alberico for The New York Times
Jamella Swift, a broker at Citi Habitats, setting up an apartment to show in Bedford-Stuyvesant, Brooklyn.
On a recent Thursday morning, Jamella Swift, a Citi Habitats broker, was trying to anticipate every detail that would prevent a buyer from purchasing the two-bedroom condo she was selling in Bedford-Stuyvesant. She put a full-size bed in the bedroom so buyers wouldn’t think the room was too small. She dragged in a Lucite coffee table to create the illusion of a larger living space and set up three floor lamps to supplement the recessed lighting. Ms. Swift hoped that the $5,000 she had spent would help her land $395,000 to $425,000 for the apartment.
Donna Alberico for The New York Times
Jamella Swift, a broker, sets up a model apartment to show in the Bedford-Stuyvesant neighborhood of Brooklyn.
Donna Alberico for The New York Times
Jamella Swift, a broker, sets up an apartment for sale in the Bedford-Stuyvesant neighborhood of Brooklyn.
Ms. Swift learned how much details could detract from the value after representing a couple who was ready to buy an apartment for more than $7 million. The apartment had a rainy, musty smell that Ms. Swift thought the selling broker could have fixed by buying a dehumidifier. Ms. Swift’s client backed out.
“It could have been a done deal,” Ms. Swift said. Brokers say small moves can alter the ultimate sales price of an apartment by 5 to 10 percent. The calculations are irrational, and buyers are usually unaware they are doing it. But chipped plaster or broken bathroom tiles can knock $500 to $5,000 off an offer, $1,500 floating walls can add $50,000 to $70,000, and a $10,000 paint job easily adds $50,000 to the price, according to an informal survey of city brokers.
Some more recent examples they provided of real estate math:
Clutter: Subtract 5 to 15 percent. Douglas Heddings, founder of the brokerage Heddings Property Group, watched two West End Avenue apartments that were exactly the same come up for sale at the same time. One apartment, where the sellers cleared out all of their spare toys and books, sold quickly. The second, more cluttered apartment lingered on the market for more than a year and sold for 15 percent less.
Fresh towels and throw pillows: add $25,000. Geraldine Onorato represented a client selling a two-bedroom where the buyers received offers for no more than $450,000. Ms. Onorato spent $700 on a fresh bath mat and fluffy white towels and brought in an offer for $475,000.
Dirty rugs: subtract $5,000. Before Ivy Paterni, an agent with City Connections Realty, brought to market a one-bedroom apartment at 5 Tudor City, she knew buyers would focus on the off-white living room rug that had grayed with time. “Nobody wants to buy a home that at any point in its history was dirty,” Ms. Paterni said. She bought a sandy white $400 rug at Northeast Floor Covering, bought some extra plants and had the seller repaint the apartment neutral cream. She is listing it for $499,000 and estimates that without these changes she would have had to list it for $494,000.
Regrouting tile: add $100,000 (to a $3 million apartment, that is). Deanna Kory, a Corcoran broker, advised the seller of an eight-room apartment in the West 80s to spend a few hundred dollars on regrouting. “If you see a bathroom that needs a lot of grouting, you think it needs to be ripped up,” she said. She estimates that grouting, along with moving around furniture and adding lighting, will bring in at least $100,000 more for a $3 million apartment.
New fixtures and appliances: add $250 in rent. Chris Mercogliano, a local landlord, was shopping for a tenant for his $1,800-a-month two-bedroom apartment at 508 East 78th Street. He spent about $1,600: new outlets and light switches ($100), tiles for the kitchen and dining area ($500), four new light fixtures ($40), blinds for three windows ($75) and a new stainless steel stove, microwave and refrigerator ($1,000). It rented for $2,050 a month.
New lights: add $32,500. Michael Akerly of Rutenberg Realty had been trying to sell his two-bedroom apartment at 15 Broad Street for a year for $949,000. He received an all-cash offer for about $800,000 and a second offer for $885,000. He took it off the market, rented it for a year and paid a professional lighting designer $150 for advice. He spent $2,000 replacing his chandelier and ceiling fan with two large drum lights. In two weeks he had an offer for $917,500.
Replacing cabinets: add $107,000. Frances Katzen was recently selling a one-bedroom apartment in Murray Hill, at 245 East 35th Street, that she advised her client to list for no more than $310,000. After he spent $20,000 on new kitchen cabinets and paint, she listed it for $429,000, and it went to contract for $417,000.
An expensive shoe closet: worth every dollar. Michele Kleier of Gumley Haft Kleier has found that when buyers walk into a closet filled with Christian Louboutins, they are likely to pay more of a premium than what the seller spent on her shoe collection. She advises sellers, “You can buy 25 pairs of designer shoes, put them in your closet, and they’re going to get more than you spent on them.” That’s because, Ms. Kleier said, “people want to step into your life.”
Posted via email from
Wednesday, February 23, 2011
Friday, February 18, 2011
Monday, February 14, 2011
Hot SoHo Home for Rent on Spring Street
Available furnished at $5500/month for 3-5 months or $4700/month for 6+ months. Also available unfurnished for 12 months at $4700/month. Heat, hot water, and internet included. Click here for listing details.
Posted via email from
Thursday, February 10, 2011
Looking for volunteer opportunities in NYC?
I just registered for New York Cares, a not-for-profit organization that coordinates the needs and efforts of many smaller not-for-profit organizations in New York City. If you're looking for a way to volunteer in this great city, I'd highly recommend checking this out. There's no commitment necessary, there are projects everywhere at every time of day, and the website registration process runs like butter. Tomorrow I'm reading bedtime stories to young kids in Harlem, and my next project is helping adults learn basic computer skills. Each project is only a couple of hours, but added together, these many little projects make a big difference! Let me know if you have any questions! Otherwise, I hope to see you on one or more of these projects!
Posted via email from
Tuesday, February 8, 2011
How's the rental market doing? Here are your answers!
While there are several regular attempts to gauge Manhattan's rental activity, I still find Citi Habitats' Rental Market Report to be the most comprehensive and useful. Here are some highlights:
- Year-over-year average rents have increased in all categories.
- The percentage of apartments with concessions (free rent, no fee, etc.) is down to 22% from 60% a year ago.
- The December vacancy rate was approximately 1.21%
- Average rents increased steadily throughout 2010.
Friday, February 4, 2011
Remember those closing costs!
When buying or selling in NYC, it's very important to budget for all closing costs at the beginning of the process.
Thursday, January 27, 2011
How should I allocate my renovation budget?
While pricing and marketing sell an apartment, beautiful kitchens and bathrooms can add value and more an apartment more quickly!
Monday, January 17, 2011
How much should I offer?
Should I low-ball? Offer full price? How aggressive should I be? It turns out there's a relatively simple way to approach this issue!
Monday, January 3, 2011
How much is my home worth?
There are many tools out there, but the best one is just a phone call away.
Thursday, December 30, 2010
The NYC rich are choosing to rent rather than buy (temporarily)
Check out this Bloomberg interview:
Jake Nicholson
| Vice PresidentCharles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
M: 917.280.
4546Friday, December 24, 2010
Thursday, December 23, 2010
A stunning duplex on the 69th floor with views forever!
I really love my job when I get to see places like this. Listed by Prudential Douglas Elliman, this place is a real stunner.
| F: 917.522.9687
Jake Nicholson
| Vice PresidentCharles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
M: 917.280.
4546Tuesday, December 21, 2010
Attention sellers & landlords! Clean that apartment!
Jake Nicholson
| Vice PresidentCharles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
M: 917.280.
4546Thursday, December 16, 2010
Tipping Your Building Staff for the Holidays
Jake Nicholson
| Vice PresidentCharles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
M: 917.280.
4546Friday, December 10, 2010
Three Kinds of Rentals in NYC
Jake Nicholson
| Vice PresidentCharles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
M: 917.280.
4546Tuesday, December 7, 2010
Staging your home for more space = qucker sale = more $$
If there's one thing in we don't have in The Big Apple, it's space. Ironically, that is one of buyers' top priorities when searching for their Manhattan home. Due to our finite space limitations on this island, we can't expand the garage to fit that SUV or add a sun room, and we certainly can't lie about the size of an apartment, but we can make the most of what we have.
That's where staging comes in. It's just amazing what staging can do to make a place feel bigger and brighter, and therefore more appealing to buyers. Just remember that the moment you decide to sell your home, it is no longer yours! Don't get attached to that paint color or that lamp, because it's not about your preferences anymore. Rather, it's about making the buyer feel confident, comfortable, and happy, so that he or she is willing to spend the big bucks on your home. Check out this video. After about a minute of intro and exterior fixes, Sabrina gives some great tips any seller can use to effectively stage a home. Jake Nicholson | Vice President Charles Rutenberg Realty127 East 56th Street, 4th Floor
New York, NY 10022
M: 917.280.4546 | F: 917.522.9687
www.jakenicholson.com
Saturday, November 27, 2010
Stimulating the 5 Senses to Sell Your Home
I've said it before, and I'll said it again: buying real estate is a huge emotional investment. Therefore, an owner wishing to sell or rent an apartment must realize that he or she is not only selling space, brick, and mortar, but also (and most importantly!) emotions. A buyer will choose a smaller space because it "feels right" or an unrenovated kitchen because "I can make it my home." When you're selling real estate, you're selling emotions.
Once you, the owner, realize this crucial component to real estate sales, you will be able to use it to your advantage in many ways. One of those ways is to stimulate the buyer's five senses, the gateways into the emotional core. Here are some examples of how one might do this during the holiday season:
SIGHT: clearly the most obvious sense to stimulate. Not only should the seller do everything possible to make the space look BIG and BRIGHT, but he or she should also give clues to make it feel like home. During the holidays, scatter a few more reds and greens throughout the apartment with pillow covers or candles. Buy a few novelty holiday items with which to stage the apartment. However, don't go overboard, and stay away from strong religious overtones.
SOUND: Some quiet holiday music during the open house is likely to put a few smiles on the buyers' faces.
TOUCH: Be sure to keep the apartment at a comfortable temperature, so the buyers will feel a sense of relief when they step in from the cold. If you have a fireplace, light a fire to give not only heat, but a walcoming and warm glow. If your bathroom floors are heated, ask buyers to please remove their shoes when they enter the apartment. Throw a soft rug down in the living room.
TASTE: Providing buyers with a cookie and some cider or hot chocolate will not only make them feel more at home, but it will always result in longer visits, and a longer visit means an increased chance that the buyer will feel at home and comfortable.
SMELL: Potpourri and candles have significant aesthetic and olfactory benefits. Again, think holiday.
Massaging the buyers' five senses will give you the edge over the competition. Think about it. If you went to five houses, and only one was staged, smelled nice, had a warm fire, and offered your cider and holiday tunes, which one would you remember? Which one would you return to? Which one would you send your friends to? With smart pricing, excellent marketing, and a capable broker, you can get the buyers to come, and with a little attention to the softer side of selling, you can get them to stay.
Jake Nicholson | Vice PresidentCharles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
M: 917.280.4546 | F: 917.522.9687
www.jakenicholson.com
Wednesday, November 24, 2010
Do real estate auctions work?
You may have noticed ads in your taxi or on TV for real estate auction services such as Bid on the City, and you may have noticed that starting bids are often quite low, and that someone gets a real steal once in a while. I remember reading last year about how someone bought a 1-bedroom in a new development on the Upper West Side for under $50,000 at an auction. It seems like a great way to buy property at a discount, right? But then why do sellers continue to auction their properties?I was listening recently to a podcast by the Kellogg School of Management at Northwestern University, and it discussed auction pricing strategies in different markets. It's an interesting bit, and I recommend giving it a listen. It made several points, but the key point for me was that, given the right conditions, an auction with a very low starting bid can result in a higher purchase price than if the starting bid were closer to the seller's desired purchase price. However, this is only true when there is sufficient demand, meaning the demand significantly outweighs the supply.
For example, a decade ago in Manhattan apartments were flying off the market because the demand was very strong, and the inventory was finite. A 1-bedroom in the West Village may have benefited greatly from an auction with a low starting bid, because many buyers would see an opportunity to get a great deal, and they would make bids. That's stage one.
Then, other buyers would see the high number of bids on that property and deduce that this property must be something of exceptional value, which would lead them to place bids as well. Soon, you have a large number of bidders. According to studies, competition then becomes a large factor in driving up the purchase price. Winning has value to the buyer, and he or she is subconsciously willing to pay more to win. Also, when a buyer wins an auction, he or she will be more satisfied with the purchase.
In sum, both the buyer and the seller stand to benefit from such a scenario. While the buyer could potentially wind up with a great deal, the seller is actually likely to get a higher price than he or she would have otherwise achieved with standard marketing or a higher starting bid. This is the philosophy behind creating bidding wars as well - even without a typical auction, sellers will often price exceptionally low to encourage multiple offers and increase the ultimate purchase price.
Does this scenario apply in today's market? In most cases, no. Until demand rises again (and I don't think it has to rise very far), auctioning a property with a low starting bid might be a bit too risky for the seller, unless, of course, that seller is very motivated to sell the property very quickly. In my humble opinion, however, higher-end properties might still be able to use this tool, because their potential buyers still have disposable cash, and they are often eager to take advantage of the investment opportunities offered by current market conditions.
As with many real estate questions, the answer is on a case-by-case basis. If you are considering an auction as a possibility for selling your home, feel free to reach out for a free market analysis. Until then, Happy Thanksgiving!Jake Nicholson
| Vice PresidentCharles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
M: 917.280.
4546Monday, November 22, 2010
11 Reasons to List Your Home During the Holidays
Sure, there are fewer people looking for homes during the holidays, but there are other factors that make it a great time to list your home! | F: 917.522.9687
Jake Nicholson
| Vice PresidentCharles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
M: 917.280.
4546Wednesday, November 17, 2010
The Price Adjustment
There's a right way to adjusting the price of a sale or rental listing, and there's definitely a wrong way!
Tuesday, November 16, 2010
Monday, November 15, 2010
Loft vs. Sleeping Loft (big difference)
NYC real estate uses at least two very different definitions for "loft." Here, I show you the difference and tell you what to watch out for.
Sunday, November 14, 2010
Renovations - What Is Too Much?
Imagine your dream home. What kind of appliances does it have. How are the walls textured? Are you walking on oak, bamboo, or concrete? Do glass tiles cover all walls of your bathroom, just the shower, or nothing at all. Backsplash or not? Glass-top range or gas? Stainless steel or white? Granite or marble? Size, location, price... okay, so you have your perfect home all sketched out in your head. | F: 917.522.9687
Second question: how do you find that home? You won't. Whether you're buying a pre-war resale or a new-construction condo unit, any existing home is going to be built to someone else's specifications, and it will rarely, if ever, perfectly match your own. Naturally, this quandary leads most buyers to modify, or renovate their new home. They might switch out the dark cabinets for cherrrywood, or they might install tripple-paned windows to conserve electricity. Chances are you will change something about the next home you buy. The question then becomes, how much change is too much?
The answer depends on your situation. If you are absolutely sure that you are going to live in this home until you die, then you have unlimited freedom to do whatever you want with the space. Make your bedroom a triangle and put mirrors on all the ceilings if you want. It will have no financial bearing on your real estate asset because you will always be the only one living in it.
However, if there is a chance of someone else paying you to live in it, whether that person is a buyer or a subtenant, then your strategy should change. The most common mistake owners make is over-personalization. Sure, you may love the fact that you have your own personal steam room, but most other people might not be willing to pay for that. You may think the $150,000 you've put into making your home the ultimate urban oasis makes it unique and special, and therefore has gained at least as much equity upon resale. Sorry to tell you, but this is rarely true. In fact, over-personalization can really hurt your financial investment. Remember, buyers are looking to purchase their own space - not someone else's. They want to feel as if they have the apartment is their own to run with, not that they have to fit into someone else's custom finishes.
If you're a landlord renovating an investment, or if you could potentially want to rent your home in the future, keep updates clean, simple, and current. Renter's can't change anything about the apartment, so they are generally looking for a good, neutral, updated space - often with some "character" if possible (i.e. exposed brick, beamed ceilings, etc.), depending on the building type and neighborhood. Also, as a landlord, you will probably want to sell the unit at some point, so the above wisdom concerning selling applies to your investment as well.
In general, when renovating, you want to keep your future buyer/renter in mind. Who will be looking in this neighborhood, who will be looking in this building, and who will be looking in this price range? If, for example, you own a three-bedroom on Central Park South, then you probably won't benefit from installing 50' flat screens in your kitchen and bathroom or a kegerator in your closet. Similarly, turning the living room into a playground or the bedroom into a nightclub is probably not the wisest investment.
What's safe? Anything that maintains the original essence of the apartment and building, but also makes the space feel cleaner, brighter, and updated. Replacing an old electric stove with a stainless steel gas range is almost always a safe bet, as is replacing carpet with hardwood. Also, try as much as possible to personalize the space with removable furniture and decor, rather than with structural modifications, especially in New York City. This will also safe you the hassle of going through your board with every step of your renovation process.
As always, feel free to bounce ideas off me, and I'll be happy to give you my honest (if brutal at times) opinion.
Jake Nicholson
| Vice PresidentCharles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
M: 917.280.
4546/ nyc residential / nyc midtown / nyc chelsea / nyc soho / nyc west village / nyc upper west side
Subscribe to:
Posts (Atom)
Subscribe To Suite Nothings
Posts
All Comments