Today is new headshot day

Happy Monday everyone.  In celebration of the back to school season upon us, I've decided to update my profile picture.  I had this head-shot taken earlier this summer to use on marketing materials.  So, here it is...now my blogger profile picture as well. 

For the rest of the story....I spent this summer with my hair piled on top of my head to beat the heat.  This past weekend it was finally a bit cooler but my hair kept blowing into my eyes, my nose, and my mouth.  So I am now seriously contemplating a shorter sassy cut for the fall.  The bottom line?  New Headshot Day may come again before the end of the year.  Stay tuned.  =)

Astoria Three Family Home Available

Today, I'd like to present a Three Family Home available for purchase in Astoria.  See the full listing on LoopNet (follow the snippet below). The savvy buyer can purchase this property and keep it configured as an income property with three rental units above owners quarters on the ground floor.  Another option is to combine the owners quarters with the first floor rental apartment to create a duplex with access to a deep terraced garden. 

If you've been looking for a property that is both an asset and a home, this could be the opportunity you've been looking for.  Contact me today for more details!  You can email me at  rebekah@tmrp.com. 

If you're looking for other opportunities to own and invest properties in the NYC area - I'd love to talk with you.  Contact me today!

Commercial Real Estate

28th Avenue and 41st Street

StreetViewed!

Remember when "google" became part of our vocabulary?  You know, after meeting someone all the sudden, it was time to go home to google them?

Not long ago, another google word crossed the boundary into my own vocabulary - StreetViewed.  Well, I've always been a big user of Google maps.  I've used the 'my places' feature to visualize sales data - current listings, recent sales, development sites, etc.    I've also used StreetView to explore neighborhoods during a home search - neighborhood features, building facades, and nearby properties.

So, I've known for awhile that the unexpected can be preserved as part of the image for a particular address.  But until recently, I'd never actually seen the image capture in action.

Picture this (no pun intended):  My business partner and I were standing in front of a building for a pre-closing walk thru.   As we chatted, a little green and white car with California plates and a huge apparatus (best word I could come up with here) motored up and idled in front of the building.  It paused long enough for me to get a picture of it - and then it moved on.

My conclusion:  Being 'StreetViewed is the ultimate in candid camera!

Here's the photo I took of the StreetView car.  Now, I'm curious how often do street view images capture people taking a picture of the StreetView car itself? :)

Can you beat the Summer Sizzle in the Rental Market?

Anyone that has searched for a rental apartment (and a budget other than unlimited) know how difficult the search can be. Apartments are rented the day they come available - or even beforehand. Trade-offs in space, location, features, amenities, and price are expected. Why is it so challenging to rent in NYC? Fundamentally, its about supply and demand.


The Wall Street Journal reports that 'The apartment vacancy rate in New York City continues to be the lowest in the nation, according to a new report...only 2.8% of the city's apartments were vacant during the second quarter, according to a new report.'


Crain's reports 'Last month, the average monthly rent for an apartment rose 8% to $3,358 from the same month last year, just $36 shy of the all-time highest monthly rent, recorded in May 2007.'

Remember Econ 101, limited supply can drive prices higher.  What's a renter to do when their budget can't grow with prices?  Use focus and speed to combat rising prices.  

Last summer, vacancy rates were similarly low in the West Village when my family needed to find a new apartment in the West Village.  I think a few tips we followed back then can pay off even more for renters today.  

First, we established our maximum budget and agreed to a list of top three priorities.  We agreed to compromise on any other aspect of the apartment.  (One note:  originally our budget was about 10% lower, but decided to increase it after seeing 20+ apartments in our initial budget without finding a fit.)  Our priority list was very simple:

1. No more than two flights up in a walk-up
2. A living room at least 15' x 15' square 
3. Two bedrooms - with one that could fit king-size bed (even if nothing else fit)

During our search, we saw every ad on craigslist, streeteasy, OLR and more.  I walked the streets and called the numbers on signs, I spoke to doormen and shop keepers to see if they knew of any apartments coming available.  Suffice to say, we did our homework.  Our homework also included preparation of our tax returns, and other financial documents.  Finally, we specifically agreed to apply immediately for an apartment that fit our priority list, even if only one of us saw the apartment.   

I walked into what is now our apartment at 5:45pm on a Tuesday and told the owner immediately that we'd like to apply (I was alone).  By 10am the next morning, we fully completed the rental application and provided copies all of financial documents needed to approve our application.  By 5pm that evening, we had signed leases.  

The bottom line:  When you are a savvy renter, get the edge in a tight market by being willing to make tough trade-offs, have all your documents ready to go and be ready to rent on the spot.  

Read more about the current rental market in Manhattan at: the Wall Street Journal (subscription required), Crain's

As Investors, Chinese Turn to New York

Chinese banks have poured more than $1 billion into real estate loans in New York City in the past year. Investors from China are snapping up luxury apartments and planning to spend hundreds of millions of dollars on commercial and residential projects like Atlantic Yards in Brooklyn. Chinese companies have signed major leases at the Empire State Building and at 1 World Trade Center, which is the centerpiece of the rebuilding at ground zero.


Even one of the region’s fastest growing construction companies is Chinese. The company, China Construction America, has won contracts on major public works projects, including the Tappan Zee and Alexander Hamilton Bridges, the No. 7 subway line extension and the $91 million Metro-North Railroad station at Yankee Stadium.


Read full article:  As Investors, Chinese Turn to New York

BBLs and ACRIS - more than alphabet soup of property records!

I've spent much time mucking around property records as of late.  It goes with the territory!  Lately though, I realized that I've become quite familiar ACRIS - the web based search system for researching property records.  While the system is completely free and open to the public, it does require familiarity with the the Borough, Block, and Lot (BBL) system that the City of New York uses to organize property records.  

The Borough, Block and Lot system is oriented around fixed chunks of land that are each subdivided into individual sections.  This approach contrasts the one designed for movement - street addresses - which is oriented around the arteries for traffic flow.  

A lot is typically an individually owned piece of land (condo units are also assigned individual lot numbers) & generally corresponds to a single tax bill.  A block is a group of lots that are bounded on four sides by streets.  For example, in Manhattan the block bounded by Lenox Avenue and Adam Clayton Powell Boulevard, West 118th, and West 119th is Block 1903.   In this block, individual lots are numbered starting at 001 and counted as the lots wrap around the block.  

Writing BBL numbers: 

A quick note about writing BBL numbers (from the Department of Finance). The Borough number is always first:

1 = Manhattan
2 = Bronx
3 = Brooklyn
4 = Queens
5 = Staten Island

The Block number is second and can be up to 5 digits.
The Lot number is last and can be up to 4 digits.

Using BBL numbers to search property records

Many city agencies make public records available online to be searched via BBL number. For example, the Department of Finance collects property taxes and other property-related charges. It also maintains land title records and tax maps, conducts lien sales, and collects Real Property Transfer and Mortgage Recording Taxes. Anyone can easily research these property via  ACRIS.  

The Automated City Register Information System (ACRIS) allows searches of property records from 1966 to the present(and more) for Manhattan, Queens, Bronx, and Brooklyn.  Simply type in the Borough, Block, and Lot and all sorts of information like recorded mortgages and deeds is instantly at your fingertips.  No BBL number for the property in question?  Never fear!  ACRIS also can convert a street address to a BBL number.  It's a simple as that.  

Now, go try ACRIS out....see what you can find.  Start here: 

http://a836-acris.nyc.gov/Scripts/Coverpage.dll/index

Michael Stoler Real Estate Report: Where the Demand Is Coming From

The current issue of the Commercial Observer contains an Michael Stohler's analysis of demand in the investment sales market.  The overall message is "global, local investment up over 2010."

In fact, various figures quoted by key industry players shows volumes are "up" in several different ways.

• Jones Lang LaSalle reported $49B in the second quarter for US investments
• Cushman & Wakefield reported commercial property sales up 152% over last year
• Eastern Consolidated reported $9.4B in $10M+ transactions

The article continued to cite several different drivers for this increase in volumes, including:

• Recapitalization
• Purchases by institutional investors, REITs and sovereign wealth funds
• Hotel purchases

Read the full analysis online: Michael Stoler Real Estate Report: Where the Demand Is Coming From

Acing the Open House: Have a game plan

Today's 'Getting Started' in the New York Times focuses on Acing the Open House.   The article considers an open house as a great information gathering opportunity to complement online searches.  Some of the tips from the article include:

• Have a game plan
• Explore available styles/features
• Picture yourself living in a space
• Learn more about a building

The article offers several great tips for what to do during an open house. But, it didn't give as many tips on creating a game plan before the open house.  A good game plan makes for savvy buyers & sellers.  So, that got me thinking about what makes a good game plan - and what tips on creating a game plan I can share.  

The process of creating a game plan helps to make the most of a time investment in attending open houses.  So, my best tip is a simple one:  When planning to visit open houses, take just a moment to clarify which aspect of the real estate market is to be explored, such as:

• Available apartments in a neighborhood
• Popular styles and features
• Current asking prices
• Similar or convenient neighborhoods
• Different living spaces

Once this goal is established, finishing the game plan is straightforward.  First, pick out open houses for interesting properties.  Next, organize the visiting schedule.  Finally, determine where to focus attention during each open house.  (Refer back to the article for some good pointers here - from considering the style & features; to imagining life in the space; to understanding building financials.)  


Here are my tips to help make the open tour go smoothly or to get the most of each visit:

• Consider both proximity and open house times when planning a route.  
• Schedule is 15 minutes per open house and 15 minutes transit.  (Consider time a beverage/snack stop along the way too.)
• Try to confirm the open house schedules in the morning of the visit.
• Remember to take along the addresses, the apartment numbers, and the mobile phone number for the agents hosting the open houses.
• Identify 2 or 3 properties to visit time permitting - sometimes open house plans change.
• Don't rely solely on memory to recall the features of each properties visited, bring a pen.

Don't forget - Whether casually exploring a neighborhood or actively searching for the perfect property, a buyer's agent can be a great resource!  

Find the full article on the NY Times site:

Strategies for Acing the Open House

By JOSEPH PLAMBECK

Published: August 5, 2011

For first-time buyers, open houses can also be overwhelming, so it is critical to have a game plan

Behind the Numbers: Number of Residential Properties For Sale in Several Neighborhoods, July 2011

It comes as no surprise that the overall number of properties for sale (listings) declined during the period of May thru July 2011.  (Anyone that has been in the city knows the commitment it takes to search for an apartment in the recent heat.)  I do anticipate that number of listings  will jump in September/October as everyone settles into the rhythms of the fall season.  But, different neighborhoods posted different levels of decline in listing volumes.  

See the graphic, local numbers, and insight into the differences after the jump