The Real Estate Broads of New York

Imagine you've been searching for your dream home and with all the bidding wars and lack of inventory you wonder if you'll ever find an apartment. Then it happens. You find this hidden gem that somehow everyone isn't clamoring for and you fall in love. You make an offer, it gets accepted and as your attorney handles all of the due diligence and is negotiating the contract on your behalf your dream of the renovations while moving a small fortune of money over to your account to get ready to wire your deposit as you sign on the dotted line, but then the unthinkable happens….your attorney finds out the apartment is no longer available as those dirty bastards send out multiple contracts and your dream apartment is now gone. Today we are talking about the very unfortunate event unbeknownst to you that can happen when there are multiple contracts out on a property and yours is not the one that makes it to the finish line.

Typically an offer is accepted, due diligence is done, and then after the contract is negotiated everyone signs, and the buyer signs with a deposit. Sellers are allowed to send out multiple contracts, and then sellers countersign the one they want to move forward with, and then everyone is" in-contract". It's perfectly legal and sometimes when we start hearing crickets between the buyer signing and the seller signing it might be due to this.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at [email protected]

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Not moving in or out of NYC but looking for real estate help? Contact us! We work with a large network of agents and we will help you find the perfect broad (or bro) to help.

Imagine walking into a building, loving the style, decor, and vibe. The lobby is stunning and you're greeted by a doorman and a concierge. There is a resident's lounge, a manicured roof deck with barbecues, a screening room for movies, a fitness center, a sauna, a pool, and a playroom are just a few of the amenities the building has to offer. You then go into another building only to find a bowling alley, a pet spa, access to a private and highly acclaimed sommelier on-demand, in-house IV drips for the health-conscious, a private restaurant only for residents, an indoor skate park and the list goes on and gets crazier as you go to each building. Your head is spinning, what's a buyer to do? These are some of the amenities that NYC's finest buildings can boast about, but are they a reason to buy in a building and pay even more money for an apartment and how does this affect your investment?

Living in a fully stocked building does not come cheap and often these amenities go unused. It's nice to imagine that a squash court or a golf simulator is only an elevator ride away. You may not play but maybe by moving to this new address you'll take up a new hobby and meet new people along the way. Give it careful consideration because you will be paying for these added features as part of your monthly costs. Lifestyle and amenities go hand in hand, give it careful consideration.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at [email protected]

If you enjoy this podcast, please tap on the stars below and consider leaving a short review on Apple Podcasts. It will take less than 60 seconds, and it makes a difference in helping us bring you more content.

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

Not moving in or out of NYC but looking for help? Contact us! We work with a large network of agents and we will help you find the perfect broad (or bro) to help.

Winter, spring, summer, and fall. All you have to do is call and agents will be there to list your home! That's what James Taylor said, right? Ok, maybe not but there is a best time to list and it's not about if agents will come to look at your home because we work all the time. It's more important to think about, will buyers come? Getting buyers into your home and strategizing about the best time to list should be based on what you are selling so that if you time it right you can create a flurry of activity of buyers to give you the best chance of getting offers and getting the best possible price. It comes up all the time, what is the best time to list. Today we are talking about the seasonality of listing that is very specific to NYC and what typically works the best and when.

When to list is almost as important as pricing. There is a seasonality to buying and selling but it may not be what you think as New York City operates to the beat of a different drummer and has its own rhythm. There is a window by which to optimize market activity. Understanding seasonality is important for achieving a buyer's and seller's goals. This is more of a science than an art, but knowing the nuances of the market is critical for a successful outcome.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at [email protected]

If you enjoy this podcast, please tap on the stars below and consider leaving a short review on Apple Podcasts. It will take less than 60 seconds, and it makes a difference in helping us bring you more content.

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

Have you ever had a few million bucks just itching to leave your pocket? Maybe when you did you thought hey I'll go to NYC and buy an apartment and get a huge discount? Think again. We all know "cash is king" as who doesn't love cash, but it's more buyers pay in cash here than you might think and it doesn't always mean you will get a big discount or that if you are bidding against other buyers that you will be the one who gets the property. Today we are discussing cash vs financed offers and what to consider regarding each of these forms of payment when buying in NYC.

In a competitive market, it is hard to beat an all-cash offer. Many people do not have the means to pay all cash and need to finance their purchases. When making an offer, where obtaining financing is critical to the buyer, this is called a contingent offer. A non-contingent offer is when a buyer will secure a mortgage but for whatever reason, fails to do so, will need to pay cash at closing. If you are a cash buyer, you still need to consider your post-closing liquidity when you are purchasing in a co-op as opposed to a condo that does not have the same financing constraints that a co-op does.

A seller may be tempted by an all-cash offer because the process to close is going to be quick and often without an appraisal. But not always does the cash offer win the bid. Often offers could be lower because buyers feel that cash offers a certain amount of advantages. This is not always the case. A seller and their broker will analyze the buyer's profile to ascertain the likelihood of the buyer's ability to secure financing. There is no general rule or practice about this. It really is transaction-specific.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at [email protected]

If you enjoy this podcast, please tap on the stars below and consider leaving a short review on Apple Podcasts. It will take less than 60 seconds, and it makes a difference in helping us bring you more content.

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

Organic supermarkets, Broadway, restaurants that everyone knows vs hip bodegas, experimental art, and newer cafes. Everyone wants to live there vs some people who don't even know where it is. Living off the 1,2,3 vs the K, G, or Q lines. Today we are talking about how to pick a neighborhood with a focus on established areas vs more up-and-coming neighborhoods and what to consider when sorting through all of it.

There are so many things to think about when picking a neighborhood. You want to consider work, enjoyment, things you like to do in the neighborhood, and what your daily needs are. Think about what's most important about where you live so that you can focus on that. We all live differently so you want to flush it out.

Balancing personal happiness versus making money means you have to know what's most important to you. Up-and-coming neighborhoods typically appeal to people who are willing to go without all the services that more established neighborhoods have. Typically you will make more money on a property if you buy in an up-and-coming neighborhood and sometimes it's only a few years before it becomes more popular.

If you decide to live in a more established neighborhood you can still make money on your purchase as those values go up too so if you don't want to be a trailblazer that's fine too. Think about how this neighborhood is going to work for you.

We always advise you to walk around a new neighborhood that you're not familiar with at different times of the day. Go there on the weekend as well as during the week so that you can see if you feel comfortable.

Prioritize your list of what you want in a neighborhood and know the order of importance on that list so that you can make sure you get what you want.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at [email protected]

If you enjoy this podcast, please tap on the stars below and consider leaving a short review on Apple Podcasts. It will take less than 60 seconds, and it makes a difference in helping us bring you more content.

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

Your boss pulls you into their office and says you have the opportunity of a lifetime but you need to move to London. The market in NYC is suddenly very hot and you consider is this a time to cash out or will the market get even better and should I wait to sell? You're thinking about retiring to somewhere sunny but maybe you want to be a landlord as who knows you might come back one day. Today we are talking about should I rent or sell my apartment?

We always ask owners, do you need the money right now, and if not and you are deciding to rent it out, what is the price you need so that you can cover all of your expenses on the property?

Think about if you want to be a landlord and understand the responsibility that comes along with it. The rental laws here are very tenant-friendly and they change all the time so if you are going to become a landlord you want to understand and know the current laws. Think about the wear and tear on the apartment if you are going to become a landlord. Your building will also require that you pay fees to allow you to rent it out. There are tax advantages to becoming a landlord so check with your CPA about how it can be a benefit for you.

If you decide to become a landlord expect the unexpected and make sure you have a good super or use a property manager if you don't have time to manage it yourself. Full-service buildings are the easiest ones to manage.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at [email protected]

If you enjoy this podcast, please tap on the stars below and consider leaving a short review on Apple Podcasts. It will take less than 60 seconds, and it makes a difference in helping us bring you more content.

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

Attorneys. We hate them. We love them. However, we need them. They can be costly, but being cheap can be very expensive. Here in New York when a real estate transaction happens it involves attorneys on both sides of the table. A good one can be worth its weight in gold and a bad one can really leave you in the dirt. Today we are talking about why using a good New York real estate attorney is imperative in order to ensure you have a successful outcome when you are on either side of the table in a real estate transaction.

It's imperative to hire an attorney who understands the workings of New York City Real estate. They are your gatekeeper to owning a sound investment. Walking through a property is not enough, you need to look under the hood. A good attorney will know the right questions to ask the building's representatives about the health of the property. Having an attorney with local knowledge is KEY. Real Estate in New York City is specific to itself. The documents that are part of the due diligence include financial statements, offering plans and amendments to those plans and the attorneys that do this all the time can efficiently go through all of this and then let you know more about your investment. They often will read board minutes to see if any expenses are coming down the road for you and if the building doesn't allow that then they will send a questionnaire that asks all the important questions so that you are covered.

A knowledgeable attorney can save you a lot of time and money. Don't be penny wise and pound foolish.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at [email protected]

If you enjoy this podcast, please tap on the stars below and consider leaving a short review on Apple Podcasts. It will take less than 60 seconds, and it makes a difference in helping us bring you more content.

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

You've just made an offer. You're very excited about getting a response back and hopefully getting it accepted. However, the offer is quite low, also known as a low ball offer. We had so much to say about submitting an offer as a buyer and what happens specifically when you make a lowball offer that we decided to continue this topic today. If you're making offers we know you want to make a deal, it just depends on how will you get there.

If you are buying and you have a timeline in terms of when you need to move out of your current home, a rate lock on a mortgage, or your rental is ending then it can be tricky when making low ball offers. They typically don't work unless the property has high days on market, needs a gut, or has something very undesirable like facing a brick wall. In order to make low ball offers work, it's best if there are some comparable sales that actually support the offer and it's best if you have time and patience. Disciplined buyers who are not in a rush and really don't have a great reason to move often can do this. There is a chance of experiencing property fatigue as at some point you might get sick of the process. Sometimes you need to have a few of these experiences to then come up in price. Also, with rates so low coming up in price if you are financing does not equate to much.

If you are an investor you might consider an undesirable apartment in a very desirable neighborhood and you might only be thinking about the end price but again tenants won't necessarily want to rent the space and when you sell it you won't make as much.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at [email protected]

If you enjoy this podcast, please tap on the stars below and consider leaving a short review on Apple Podcasts. It will take less than 60 seconds, and it makes a difference in helping us bring you more content.

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

You've been searching for your dream home. You walk into a place that is perfect. The list price is high but you had stated this was within your budget. You tell your broker you are ready to make an offer and when you share that number with your broker to their horror….you have decided to make a low ball offer! So now what? There are many buyers that think that offering a price that's way low gives them a huge advantage? Are they right? We are going to unravel what typically happens with low ball offers, why they might sometimes work but the majority of the time they don't and share how they received on the other side.

There is always a disconnect between buyers and sellers on price. Making a low-ball offer can damage your chances of being considered a real or serious buyer. In a very active market, which much of the country is experiencing right now, it could put you in a non-compete situation. If you really make a wildly low ball offer, a seller often won't give you a counter which means you will be bidding against yourself which is never a position you want to be in.

Often we find, really low ball offers to mean that you will pay more at the end of the day. We have both seen buyers make lowball offers and wind up paying to ask. We have worked with buyers who lose property after property with low ball offers and at some point, we think maybe they should revisit their price point so that they can make offers that might work versus continually making unrealistic offers.

When the day count is high and the asking price is crazy that's when a low ball offer makes more sense as then you can back up the offer with relevant comps. It doesn't mean you will get it, but at least it can be justified.

When making an offer, you want to put your best foot forward and make an offer based on comparables. You're trying to make a deal and a good deal is when both sides feel the deal is fair.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com and please subscribe and download so that we can keep bringing you more great content.

You can also email us at [email protected].

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, and Spotify so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.

Imagine the being you love most in the world not being able to live with them or even worse having them ruin your chances of getting your apartment! We are not talking about a crazy partner or an eccentric roommate, instead we are talking about your pets. NYC has gotten tougher with each year in terms of what buildings will allow and won't allow regarding your pets. Today we are talking about pets in buildings and what to consider when you and Fido need to find a home.

The general guidelines for pets in buildings is there are pet policies and often there are weight, breed restrictions and the number of pets that you're allowed. If you are a renter in a condo sometimes they only allow owners to have pets but renters are not allowed. It's also important to know that if you have emotional support animals you are allowed to live everywhere and typically you have paperwork to prove this. You and your pet cannot be denied.

As an owner, a pet policy can either add or detract from the value of your home. If you don't like pets you can opt to live in a building that doesn't allow any pets but know that building rules do change and you might wind up owning in a building that changes the pet policy. Typically it's harder to find buildings that allow pets. You want to follow the rules in buildings with pets as the building can ask your pet to leave if you don't follow the rules.

Make sure that you have the most current rules on pets as often what a listing says about an apartment might not be up-to-date. Be responsible for your pet and remember you're living with other people and while they might live in your building that allows pets they might not like them so be respectful of others.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com and please subscribe and download so that we can keep bringing you more great content.

You can also email us at [email protected].

Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, and Spotify so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.