Buyer search mistakes….

1. Not getting a preapproval – Preapprovals serve two prime purposes, they tell you what you can afford and they give a seller some assurance that you will get your mortgage. Working with our one can cause you to waste a lot of time search thru home you cannot afford or looking at homes that are less expensive and less suitable or offering on homes and not being able to get a mortgage.
2. Picking the wrong agent – You need to be comfortable that you agent has your best interest in mind, the experience to advise you during the search/purchase process, and the skill set to help you get what you want. The right agent can save you significant time and money.
3. Going to the wrong lender – Making a deal for home of your dreams, and then not being able to get to the closing table is frustrating for everybody. We can suggest lenders that we know from experience are honest, efficient, provide great rates and VIP treatment. And, if there is a problem, you will know on the front end.
4. Fixating on price per square foot – the square footage in listings is often estimated, sometimes by people with no idea of how to estimate. In smaller condos and co-ops, it is often layout that is more significant. These measurement mistakes may put appropriate homes outside of your search parameters.
5. Timing – You should not purchase a home simply because you are desperate to buy a home, nor should you pass up a totally appropriate home because you have not “seen enough”. Discuss the probability of finding your dream home in your market, at a price you can afford, with your agent.
6. Not discussing your potential offers with your agent – If you have chosen the right agent, use their skill set to help you get what you want. They can often get an idea of what a seller is really looking for and their temperament. Insulting or angering a seller is not a good way to start.

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Changing Market Conditions…

As brokers/agent, we are constantly asked about market conditions in Riverdale/Fieldston, by buyers and sellers alike.  We express our feelings about the market, but what do we really have to back up our opinions?  I think it is time to add a little support to our feelings and see what has really been happening over the last 2 years.  To do this I reviewed all of the closings classified by the city as Riverdale or Fieldston.  In looking at the co-op sales, I decided to remove the sales of the units in Knolls Cooperative since they are limited-price cooperatives and not free-market pricing.  All sales on Broadway as well as vacant land and parking spaces have also been excluded. 

I present what I found with a recommendation that users review with great caution. Due to the relatively small number of sales and the wide price range, it can be difficult to reach any firm conclusions in most categories. The Riverdale/Fieldston community contains many diverse homes.  In looking at the single-family homes closed in this 2-year period, prices ranged from $312,500 through $4,650,000 for 62 homes.  Multi-family homes showed somewhat similar diversity; 21 homes ranging from $197,000 through $940,000. 42 Condominiums were sold during the 2 year period.  They ranged from $120,000 through $1,781,000.  Of course the new buildings were at the high end and older condo buildings tended to sell for less, with the Hayden being an exception. 

The large volume of co-ops in Riverdale, provides us with a larger group of sales to analyze.  Over the 2 years, there were 513 sales.  As we know, there are all sizes of co-ops, from studios through large combined units.  Some are in walk-up buildings and some have 24/7 doormen. Some have pools and some do not.  It is possible that if two large combined units in doormen buildings closed in one quarter and 3 or 4 studios sold in a different quarter, these would tend to skew the results.  The records provided by the city do not provide the information necessary to price these by square foot or by room count.  In 2012 the city stopped indicating the square footage for condominiums as well.

With all of the above disclaimers, the data appears below, average Selling Price (Avg$) is in thousands and average per square foot (sf$) is rounded :

QTR           Single-Family                                        Multi-Family                           Condos                                    Co-ops

              #     Avg$    sf$     AvgLot                 #     Avg$    sf$     AvgLot #      Avg$   sf$                        #              Avg$

 

1/11     6    1,159   307     9,156                   2      455     295     4,204          4        765    482                               83            250

2/11   11    1,455   491   11,043         3      765     297     2,398          4        803    555                         60            252

3/11     9    1,240   510     9,240                   5      700     211     3,315          9        614    478                               54            276

4/11     6       986   345     6,081         2       505    198     2,630           5        714    500                        49            251

Total Residential Sales for 2011  294 units @ $116 Million

 

1/12   11      880  321      6,109         2       625     202     6,271          2         368                          53          250

2/12   13   1,328  341   14,717         1       583     380      2,126          5         760                                  62            248

3/12   13   1,248  415   10,304         4      560      225      3,107          5         595                  84            262

4/12   12   1,185  389   9,916           4      513      219      4,936          8         605                                  78            255

Total Residential Sales for 2012  344 units @ $129 Million

 

 

What do you read in these numbers?  

What I see:

The last 6 months represents the best 6 months of the 2 year period for co-op sales.

2012 appears to have been a good year for single-family house sales. Almost a 20% increase in total sales dollars.

Almost ¼ Billion in residential sales for the 2 year period.

17 % increase in co-op sales dollars in 2012 vs. 2011.

 

Let me know what you see in these numbers.  Most importantly, what do you think 2013 will bring?

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Field-Golden Team website

Field-Golden Team website

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It is possible to see every listing available from Montauk to Putnam County, including Manhattan, Riverdale, Westchester, and the Bronx, including pictures and monthly charges.  You can do this by going to our website, www.Field-Golden.com.  On the right side, click  the “JOIN TODAY” button.                       .

You only need to provide name, email, and phone number.  Thereafter, if you login when you do a property search, you will see all available listings, regardless of the brokerage representing the property.  On future visits, click on login. Please remember your password!

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The latest news from the Real Estate Board of NY

First Half Sales of All Homes in New York City

First half sales and average sales prices of all homes in New York City have been rising steadily since the lowest point of the recession in 2009. In the first half of 2009, 13,903 sales were recorded, with an average sales price of $652,000. The first half of this year registered combined sales of 20,563, up from 18,753 during the first half of 2012 and an average sales price of $792,000—up from $756,000 the previous year.
Manhattan and Brooklyn have seen the biggest increases in first half sales and average sales prices of all homes since the financial crisis. Sales in Manhattan have doubled since 2009, with 6,550 sales recorded in the first half of this year, up from 3,276 during the first half of 2009. The average sales price of all homes in Manhattan has been rising steadily over the past four years—culminating at $1,452,000 in the first half of 2013, an increase from $1,361,000 in 2009. Brooklyn sales of all homes increased 62% in the first half of 2013—up to 5,139 from 3,166 during the same time period in 2009. Since the first half of 2009, the average sales price in Brooklyn rose 20% to $618,000 in the first half of 2013.
Below are graphs depicting the increase in sales and average sales price for the first six months of each year since 2009 in each borough and citywide.
Sales and Average Sales Price by Year Citywide
Year Sales Average Sales Price
2009 13,903 $652,000
2010 20,599 $719,000
2011 18,930 $740,000
2012 18,753 $756,000
2013 20,563 $792,000

Sales by Borough and Year
Year Manhattan Bronx Brooklyn Queens Staten Island
2009 3,276 983 3,166 5,141 1,337
2010 6,224 1,207 4,653 6,572 1,943
2011 5,863 1,040 4,730 5,649 1,648
2012 6,046 1,058 4,700 5,877 1,072
2013 6,550 1,092 5,139 5,934 1,848

Average Sales Price by Borough and Year
Year Manhattan Bronx Brooklyn Queens Staten Island
2009 $1,361,000 $361,000 $512,000 $413,000 $395,000
2010 $1,369,000 $355,000 $533,000 $393,000 $405,000
2011 $1,389,000 $348,000 $555,000 $392,000 $410,000
2012 $1,395,000 $327,000 $564,000 $394,000 $427,000
2013 $1,452,000 $349,000 $618,000 $413,000 $424,000

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The latest from the Real Estate Board of NY

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Changing Market Conditions in Riverdale / Fieldston

As brokers/agent, we are constantly asked about market conditions in Riverdale/Fieldston, by buyers and sellers alike.  We express our feelings about the market, but what do we really have to back up our opinions?  I think it is time to add a little support to our feelings and see what has really been happening over the last 2 years.  To do this I reviewed all of the closings classified by the city as Riverdale or Fieldston.  In looking at the co-op sales, I decided to remove the sales of the units in Knolls Cooperative since they are limited-price cooperatives and not free-market pricing.  All sales on Broadway as well as vacant land and parking spaces have also been excluded.

I present what I found with a recommendation that users review with great caution. Due to the relatively small number of sales and the wide price range, it can be difficult to reach any firm conclusions in most categories. The Riverdale/Fieldston community contains many diverse homes.  In looking at the single-family homes closed in this 2-year period, prices ranged from $312,500 through $4,650,000 for 62 homes.  Multi-family homes showed somewhat similar diversity; 21 homes ranging from $197,000 through $940,000. 42 Condominiums were sold during the 2 year period.  They ranged from $120,000 through $1,781,000.  Of course the new buildings were at the high end and older condo buildings tended to sell for less, with the Hayden being an exception.

The large volume of co-ops in Riverdale, provides us with a larger group of sales to analyze.  Over the 2 years, there were 513 sales.  As we know, there are all sizes of co-ops, from studios through large combined units.  Some are in walk-up buildings and some have 24/7 doormen. Some have pools and some do not.  It is possible that if two large combined units in doormen buildings closed in one quarter and 3 or 4 studios sold in a different quarter, these would tend to skew the results.  The records provided by the city do not provide the information necessary to price these by square foot or by room count.  In 2012 the city stopped indicating the square footage for condominiums as well.

With all of the above disclaimers, the data appears below, average Selling Price (Avg$) is in thousands and average per square foot (sf$) is rounded :
QTR Single-Family Multi-Family Condos Co-ops
# Avg$ sf$ Avg.Lot # Avg$ sf$ Avg.Lot # Avg$ sf$ # Avg$
1/11 6 1,159 307 9,156 2 455 295 4,204 4 765 482 83 250
2/11 11 1,455 491 11,043 3 765 297 2,398 4 803 555 60 252
3/11 9 1,240 510 9,240 5 700 211 3,315 9 614 478 54 276
4/11 6 986 345 6,081 2 505 198 2,630 5 714 500 49 251
Total Residential Sales for 2011 294 units @ $116 Million

1/12 11 880 321 6,109 2 625 202 6,271 2 368 53 250
2/12 13 1,328 341 14,717 1 583 380 2,125 5 760 62 248
3/12 13 1,248 415 10,304 4 560 225 3,107 5 595 84 262
4/12 12 1,185 389 9,916 4 513 219 4,936 8 605 78 255
Total Residential Sales for 2012 344 units @ $129 Million

What do you read in these numbers?

What I see:

The last 6 months represents the best 6 months of the 2 year period for co-op sales.

2012 appears to have been a good year for single-family house sales. Almost a 20% increase in total sales dollars.

Almost ¼ Billion in residential sales for the 2 year period.

17 % increase in co-op sales dollars in 2012 vs. 2011.

Let me know what you see in these numbers.  Most importantly, what do you think 2013 will bring?

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Tappan Zee replacement update

An update on the Tappan Zee replacement
The project has been approved and permits should be issued very soon. The approvals were actually received in record time (less than 10 months!). The total cost will be approx. $4 billion. This is, as it turns out, good news, and is almost $2 billion under the expected price. Construction is expected to start this year, probably in August, and take just over 5 years to complete. The actual construction costs are $3.1 billion, but related costs will bring the total to the $4 billion. The new bridge will use the same approximate right-of-way as the existing bridge and will handle 8 lanes of traffic +a cycling lane. There will also be a provision for public transit. The other side of all of this good news, is that the tolls are expected to come close to rivaling those on the GW Bridge. Now if the state can just solve the traffic issue at the I80/I287 split.

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Present your Home for Maximum Value

By Fred Golden

Prudential Douglas Elliman

 This is the beginning of the Spring selling season.  This time of year, inventory expands rapidly as growing families make the decision to move before the start of the next school year and put their homes up for sale. If you really want to sell quickly and get the best price, you need to prepare your home for sale.  It is usually not necessary to spend a fortune to get your home ready for the market

 CLEAN: Get rid of the stains, the dust, the mold, the mildew. Clean those carpets. Wipe down the walls. If necessary, wash the windows and get the upholstery cleaned too. Much of what determines if a home will sell and how fast is the first impression it creates in a potential buyer’s mind.

 PAINT: A new coat of paint can work wonders. And, if you are painting, lighten up the colors and the atmosphere at the same time.  Dark and depressing are not sales tools. If you have outside doors and trim, paint them as well. A home that sparkles on the outside can help draw buyers.

 LIGHT: Again, dark and depressing are not sales tools.  Replace blowout bulbs, think about replacing 60 watt bulbs with 75s, 75s with 100 watt bulbs.  If necessary, replace fixtures that provide insufficient lighting.  It is no necessary that they be new, just tasteful and bright.

 OUTDOORS:  If you have a yard, give it a little attention.  Spruce it up, trim the plants, remove the weeds.  Make certain that the lawn and hedges are trimmed.  These are the 1st thing potential buyers see.  If the outside is unkempt, they are entering the home with a negative already on their mind. They are likely to feel that if the outside has not been cared for, the inside has not either.

 WORKING APPLIANCES: Again, as soon as a potential buyer sees something that does not work, they will mentally start to question the upkeep of the entire house!  We all know how hard it can be to regain credibility once you lose it.  Be sure you do not lose yours.

 REPAIR: Leaks, blown fuses, tripped breakers, slow flushing toilets… Make these problems go away before you start showing your home.

Fred Golden is part of the Field-Golden team at Prudential Douglas Elliman and can be reached at 917.620.4907.  The team may also be found on Facebook at www.facebook.com/Field.Golden. Prudential Douglas Elliman is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity. 

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Do you fee trapped in your current home?

By Fred Golden

Associate Broker

The Field-Golden Team

Prudential Douglas Elliman

This is a re-post of an article that appeared on CNN Money.  Not something I usually do, but it may be important to many of my readers and I did not want them to miss it.

By Josh Garskof, CNNMoney.com
January 23, 2012

You don’t have to be underwater on your mortgage to feel trapped in your home.

Now may be a less than ideal time to put a house on the market or to take on big debt — icing your plans to trade up or build an addition anytime soon. But that doesn’t mean you’re stuck living in an uncomfortable home.

For a few hundred to a few thousand dollars, you can make your place “live” bigger without actually making it bigger, says architect Sarah Susanka, a small-space specialist and author of “Not So Big Remodeling.”

Call it thinking inside the box; here are nine creative solutions for cramped homes.

1. Multitask the dining room …

Cost: $500 to $2,000

If you have an eat-in kitchen, your dining room is probably used for special occasions only.

“Why have a prime spot sit vacant except for two or three holidays a year?” says Susanka.

Use it every day as an office or homework room without giving up dinner-party capabilities. Install doors ($300 to $500 each, with labor); add shelves or a cabinet for supplies; and invest in fitted pads to protect the tabletop.

For more flexibility, try a table like homedecorator.com’s $629 Mission Table Cabinet, a sideboard that — amazingly — telescopes into a full-size dining table.

2. … and the guest room

Cost: $100 to $3,000

Stop dedicating a whole room to infrequent out-of-town visitors.

With a decent air mattress,futon, or pull-out couch, you can lose the spare bed and use the room for day-to-day needs. (If you go with an air mattress, make sure to choose one with a built-in reversible motor to simplify the inflating and deflating.)

Add furniture, and what was only a guest room can double as a media or game room or home office.

3. Add a powder room

Cost: $3,000 to $6,000

Adding a first-floor powder room is simple if you have an unfinished basement or crawlspace for running the new pipes. Look for an existing room — a coat closet, say — and you won’t have to build walls.

To save more, forgo the tile. The minimum space required by code is typically 2½ by 4½ feet, but you can often get an exemption to go even smaller.

4. Build a home office closet

Cost: $100 to $3,000

If your family is already bursting the seams of your abode, a home office might seem out of the question. But every household needs at least a small desk for paying bills and to anchor a wireless Internet system — and you can often fit it all in a closet or armoire.

At its simplest, all you need are five or six deep, sturdy shelves made from wood or a composite product, which can total less than $40 at a home center. In a closet, set the lowest shelf at 30 inches high so you can wheel up a chair.

5. Bring the laundry upstairs

Cost: $5,000 to $7,000

Hiking up and down the stairs with laundry is enough to make anyone wish she could trade up. Instead, just move the machines.

Today’s full-size high-efficiency washers and dryers are all designed to stack. You can steal the space — a little more than four square feet — from a closet, hallway, or nook.

You’ll need to run new pipes and wiring, so being near an existing bathroom helps keep costs down, says Raleigh, N.C., architect Tina Govan. Make sure to include a drain pan to collect overflows or spills.

6. Open the floor plan

Cost: $2,000 to $4,000

A choppy layout of undersize rooms can make any house feel claustrophobic.

“People like the look of older homes, but not the way they function,” says Seattle architect Thomas Lawrence.

To open your floor plan without major expense, remove doors from rooms that don’t need them. Interior walls can come out for $2,000 to $4,000, unless they support the building or contain pipes — in which case a window or pass-through may be a more feasible solution.

7. Use built-ins to replace a closet

Cost: $4,500 to $6,000

If you choose to eliminate a closet to expand or enhance your living space, create some built-ins to get back the lost storage. A run of four- to 10-inch-deep shelving along a wall has almost no effect on the size of a room, says Corvallis, Ore., architect Lori Stephens.

And it can handle many times the capacity of a closet. You might spend $4,000 removing the closet and another $2,000 on new built-in cabinetry, or just $500 if you use assemble-it-yourself home-center cabinetry, such as the Billy collection from Ikea.

8. Build a bump-out

Cost: $6,000 to $12,000

Another trick to expand a home without a full-blown addition is called a bump-out. You hang extra space off the side of the house, sort of like an oversize bay window.

Structurally, it can’t extend more than about three feet from the existing exterior wall, but it can run nearly the whole length of the building — enough space to add an eating area to your kitchen or a closet to your master bedroom suite.

Because there’s no foundation work, a bump-out costs about $150 a square foot — or just $100 if you can tuck it under an existing roof overhang.

9. Finish non-living spaces

Cost: $15,000 to $30,000

Converting a full-height basement or garage into living space gets you an addition at half price. You’ll need a floor, ceiling, walls and more, but no structural work, no foundation, and no roof, so it’ll cost $50 to $100 a square foot — vs. about $200 for a true addition.

Attics are fair game, too, but more complicated because you may need to add a stairway and probably extend the plumbing, heating, and cooling systems a flight up. Doing all that brings the cost to around $150 a square foot.

 

Fred Golden is part of the Field-Golden team at Prudential Douglas Elliman and can be reached at 917.620.4907.  The team may also be found on Facebook at www.facebook.com/Field.Golden. Prudential Douglas Elliman is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity. 

 

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