The Deposit

The application deposit has been the center of many people's dissatisfaction with real estate brokers, but this is usually because they don't fully understand the purpose of the deposit.
When I take an application for one of my listings, I always take a $500 cash deposit. I always give a receipt, which explains that upon approval, the deposit will be credited toward the broker fee. If the application is rejected, the deposit will be refunded to the client. This deposit allows me to take the apartment off the market for 24-48 hours while the applicant gets the necessary paperwork assembled. The same principle applies to purchasing a property, but more money and more time are involved.

What sometimes frustrates clients and what sometimes makes them call us names is when they put down a deposit, submit an application, get approved by the landlord, and then change their minds about the apartment and expect their deposit to be refunded. 1) If the deposit were refundable at any time, it would be purposeless. One of its functions is to be sure the applicant is serious. 2) By the time the application is approved, the apartment has often been off the market for 3-7 days. That's lost time, and as we all know time=money for the landlord.

This may sound a bit harsh, but I think it makes sense. Lesson? Only apply for an apartment if you're sure you want it. Also, there are indeed some fishy brokers out there, so know that if your application is rejected, your deposit should be refunded to you in 99% of cases.

Beautiful 1-bed in Chelsea for whaaa?

$1850. That's right. Just on the market at 20th St. and Seventh Avenue. Bright, clean, NEWLY RENOVATED one-bed with closets. Amazing location, amazing price. Call me for a viewing or if you know someone who might be interested.

Bergen County

My mom just sold her condo and wants to move near the city, so I'm scouting out new neighborhoods for her. I checked out Englewood and Tenafly recently, both in Bergen County, NJ. Beautiful residential parts, but the downtown areas I saw didn't seem to match the wealth and beauty found in the hills. Did I miss something? If you have a recommendation for a fun but upper-echelon town (not entirely single-family homes and grocery stores) near NYC, please enlighten me.

And by the way, if anyone wants to buy a house in Jersey, I'll get my NJ license quickly and help you out in a hurry. :)

Jake
917 280 4546

2-bedroom on Broome*W/D*D/W*Outdoor Space*NO FEE

I just got a new exclusive at Broome and Bowery. It's a great no-fee deal: one king bedroom with walk-in closet, one queen-bedroom with big closet, wrap-around chef's kitchen, washer dryer, ans semi-private roof access. Call for a viewing or for more info.

Jake
917 280 4546

Hot weather, hot market

Even on one of the hottest days of the year, people are out there looking for apartments. To all you landlords and brokers - advertise heavily! The fish will bite!

Jake
917.280.4546

Is the 15% broker fee history?

A client asked me this recently, and the short answer is no. There are still plenty of people paying the 15% fee for the right apartment, and 15% is still the standard on which negotiations and concessions are based.

HOWEVER, negotiations and concessions are much more popular that they were a year ago. (Though they are not as popular now in the high season as they were a few months back.) This results in half-fees, 10%, 8.3%, one month, 1.5 months, and finally everyone's favorite - no fee. You can hope to get some sort of discount in many (but not all!) cases, but the magnitude of that discount depends on who has the listing, what type of listing it is, who the landlord is, and how flexible/desperate that landlord may or may not be.

Too confusing for you? Throw me any questions you might have.

Jake
917.280.4546

Village duplex with private roof deck

I just saw a cool 2-bedroom/2bath duplex on Carmine St. yesterday. And it has a private roof deck with great southern views. Asking $3900 and the owner is offering to pay 1/2 month toward the fee, but I bet we could probably get more. If you know anyone who might be interested, give me a call.

-Jake

New exclusives

I just got two new exclusive listings on restaurant row:

$1999 1-bed reno bath, reno kitchen, deco fireplace, great light and storage

$2100 1-bed GUT RENO; new electric, new kit, new everything; quiet, faces green back

Both NEGOTIABLE

A fast market!

Things are sure moving quickly right now, at least in the rental world. I have a furnished studio on Thompson and Bleecker, and I received a deposit yesterday from the first person I showed it to! Granted, it is cute and at a good price for a furnished apartment in a great location - $1850.

The are real pictures of this incredible apartment with PRIVATE ROOF DECK. Unbelievably unique place in Chelsea. Slanted ceilings, WASHER/DRYER, skylights, DISHWASHER, and great closet space throughout. Historic Townhouse once owned by the author Clement C. Moore. Private entrance leads you to your 2 bedroom, one bath home on top floor of townhouse. 16' ceilings in living room. High-end patio furniture stays on roof deck. A very special opportunity! Ask about owner concessions. Contact Jake for an individual viewing and to discuss your personal real estate needs. I look forward to helping you find your new home.

http://www.citi-habitats.com/viewlisting.php?adID=608181

Beautiful, Charming large 1 bedroom in the heart of Chelsea . (approx. 767 Sq ft) Sunken living room, wood floors, high ceilings, renovated kitchen with granite counter top & back splash, top of the line renovated bathroom with window; Tumble marble and mosaic tiled from floor to ceiling, rain shower head, x-large stylish sink & lots of storage. The apt is in an art deco building,Oak elevator, live in super, with a new laundry room & much more. Storage and bike storage also available. Contact Jake for a private viewing and to discuss your real estate needs. I look forward to helping you find your new home in New York. (close)