We Take a lot of Pride in the ALL Board Packages We Prepare!

"First, I have to say your board package was beautifully put together.  I especially appreciated the highlighting and circling of the relevant totals in the bank and investment statements."

This is just one of many compliments we receive from brokers, agents and managing agents.

  

New Mortgage Rules

So here is a link to the new mortgage rules that have been established to prevent another credit crisis and protect individual buyers. One thing you will notice is the debt to income ratio cannot exceed 43%, Traditionally NYC co-ops want to see a D to I of no more than 25%. This rule established by co-ops certainly helped insulate NYC from the fall out we saw throughout many parts of the country. Co-ops also typically want to see 24 months of liquid savings available post close, This along with the D to I limit certainly helped many New Yorkers avoid a catastrophe. Having sufficient reserves, combined with an affordable payment should be the goal of all home buyers.

Mortgage Rules

Valuing Outdoor Space

This is a very informative piece by Jonathan Miller. We have covered this here previously, but it is refreshing to hear this from one of the most revered appraisers in NYC.

Understanding the Value of Manhattan Apartment Outdoor Space

2013 Holiday Tipping Guide-Happy Holidays!

BrickUnderground has again given us a comprehensive guide to holiday tipping. In speaking with building staff the number 1 complaint I always heard was a tenant/owner/shareholder did not tip at all. The takeaway, better to give something, even if you are embarrassed that it's not enough, than give nothing at all.

         Holiday Tipping Guide for 2013!

Holidays, What Holidays?

Well the market continues to stay very active, we signed 5 new contracts in the last 10 days. We continue to see multiple bids on most available listings from LIC to Brooklyn; Brooklyn remains one of the most active markets! Crown Heights is the new hot nabe to purchase a Brownstone, also seeing a lot of activity in Gowanus  (I bet most of you could not tell me where that is!).

As many who read this know I was advising buyers to hold off on purchasing in 2007, I actually started this company to offer an alternative model for renting an apartment in NYC. But in late 2009 I started representing buyers again and the rental business slowly faded away. I think this market is different, it is primarily being driven by inventory (lack of) and of course cheap money. We don't have the underlying credit issues we had going into 2008, also this "boom" is not country wide, NYC is red hot but most (not all) of the country is tepid at best when you really look at the data. Our typical client is not betting the "house" on real estate, they are allocating a reasonable % of their income/savings towards a purchase. Whether purchasing a stock or a home, you need to have adequate reserves and a stable, reliable income before jumping in.

Enjoy the Holidays, spend time with your family and take some time to "smell the roses"!

Best,

Keith

A great article on Mindfulness.

Be Here Now

I Have Been a Big Fan of "The Hunt" in the NYT's for Many Years! Very Cool to be Part of One!

The Hunt!

One of our many wonderful clients!