Share Your Thoughts on the Exciting World of Real Estate in Brooklyn, New York
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Aug
08
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Digital Passer-by Beware: Ideal Agent at Work! |
“Safety First!” is our agent’s motto… See for yourself, and you be the judge why the rest of the office thought this photo deserved admiration and publication.
Thanks to our trigger-happy office paparazzo Yuliya, you all get to enjoy, and we all get to share.
Ideal Agents
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Aug
07
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Can we work something out just between the two of us? |
You have just read the most innocent-sounding question the distant resonance of which most real estate agents dread.
This week’s nomination for the coveted “Rotten Apple of the Month” goes to a client who was shown a commercial property a few weeks ago… Having disappeared off the face of the planet for a number of weeks (after a number of showings of properties they professed to have “really, really liked,”) the client magically reappeared earlier this week.
Their re-emergence on the client scene in and of itself wouldn’t have warranted this write-up, had they actually contacted their agent. Instead, they contacted one of the properties’ owners directly, suggesting they would like to “cut the broker out of the picture.”
Interesting world we live in, where we don’t mind paying for services such as dog walking, but we don’t care to pay a fee where the service has been provided with utmost care and professionalism, and where corresponding fee was dully earned…
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Aug
01
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There’s always a rotten apple… |
… in a barrel. Be it a barrel of real estate agents, a barrel of landlords, or a barrel of tenants-to-be.
It would be a big fat lie, or at least a willful misrepresentation, to say that all of us (agents/brokers) are great.
Some of us are still in the training stage, on our way to a fully rewarding professional destiny… and have no clue what we’re doing.
Some of us unwillingly disregard our manager’s warnings for the day.
Some of us fail to get fully familiar with all the particulars of listings—or we may forget to pass crucially (or seemingly crucially) important information on to our clients.
By virtue of being human ourselves, there are days when we get up and start the day off by hating it. There are days when our boyfriends tell us they’d like to start seeing other people. There are days when our beloved pets die of cancer. There are days when our mothers manage to convince us to visit the family friends we never liked. There are days when the lunar cycles are just simply off.
But most of those days are rare.
And most of our work days are great, because we work in a great firm. We joke around, we tease each other, we share details about listings, we share our professional and private stories.
And most of the clients we encounter on a daily basis are great people, in need of a good, honest, professional service. And the “most” in the previous sentence can be hypothetically quantified at 99.9%
But there’s always that .01%
What a small number, and what a big pain!
We all surely agree that reality warrants a dutiful blog entry whenever identified. So, from now on, we promise to bring you a monthly “Rotten Apple of The Month” column… We will faithfully record events and situations, take a vote on the one deserving of a blog mention, and present the “rottenest” entry to our blog readers.
This month’s rottenest client will remain a secret, because we’re still trying to get one of our agents off the ledge of mental distraction.
Cheers.
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Jul
11
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With out-of-state tenant activity on the rise, Brooklynites continue to rent…. |
…in their borough.
Let’s see who explored the borough as a rental destination, where they come from, where they were looking to move, and where they ended up (if they ended up) moving…. in Q2 2008.
Statistical analysis of this quarter’s tenant activity reveals the geographic profile of residential rental clientele in downtown Brooklyn. Cross-referenced with actual rental information, the data provides a glimpse into the otherwise elusive relationship between apartments looked at and apartments rented…
As per our previous quarterly report, in 2006, Manhattanites lead the wave of interest in downtown Brooklyn’s rentals. Only 19 percent of people looking to rent in the area were then-Brooklyn-dwellers. The number dramatically rose in 2007, reaching 52%. The trend continued in the first quarter of 2008: 61% of Brooklynites decided to remain firmly planted in the borough, and to give Brooklyn’s landlords their vote of confidence.
The Quest
This quarter’s data shows that Brooklynites are still exploring Downtown Brooklyn’s rental apartments, but that the number of out-of-staters looking to rent in the area has dramatically risen (20% compared to 9% in Q1 2008).
Interestingly, having examined and considered the available rental offer, those from out-of-state end up renting in the area more readily than their local counterparts.
Explored vs. Rented
It would certainly seem that tenant of Q2 2008 is a savvy and increasingly selective shopper: for example, only 18% of those who looked to rent in Park Slope actually rented in the neighborhood.
Given the continued escalation of rental prices, tenants appear to consider available rental offers in hopes of finding a better/more suitable location/deal/set of amenities—in short, a choice superior to their current one—yet a surprisingly high 82 percent of tenants who looked at Park Slope apartments seems to have chosen to stay put and renew their lease for another term.
In short, statistics show that a lot of people looked to rent in Park Slope, but few decided to pull the trigger.
Slightly higher percent (21%) of those who looked to rent in Brooklyn Heights actually rented in Brooklyn Heights.
Throughout Q2 2008, those who did move apparently concentrated on traditionally more popular areas of Downtown Brooklyn. From verbal testimonies obtained from clients who moved, it could be further deduced that a tenant needed to be genuinely “blown away” by “the perfection of” location and/or amenities to make the decision to move.
Top Destinations
Attracting 42% of the entire pool of explorers of rental apartments in Downtown Brooklyn, Park Slope confirmed its leading position on the list of neighborhoods that received attention in Q2 2008. Distant second were Fort Greene and Cobble Hill, each receiving 12% of renters’ attention.
research@idealpropertiesgroup.com
Comments: Brooklyn Sting: Driving Up Downtown, Neighborbee Blog
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Jun
27
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I don’t get it: Why would one choose to rent? |
Nearly every real estate agent out there is trying to convince their clients that buying makes more sense than renting. But… in the heated Brooklyn real estate market, an argument can be made to the exact opposite… without much effort.
We compiled an exhaustive, handy list that strongly builds the case for rentals in the borough—whether any (or all) items on the list outweigh ownership or not… we leave to you to decide.
The list also includes quotes from some of our clients and friends, who went through the trouble of explaining why they prefer (or have no choice but) to rent.
We thank them all for their time and willingness to share their views—and in particular, we extend our thanks to: Gene T., Miranda D., Kim, Nicole Yolanda, Jonathan S., Mr. Klein and Mrs. Schwartz, Jacob W., Josh F., Francis, Frances D., Mr. Steinaker, Tonya F., Miss Koralenko, Dexter H., Janine L….
The list is sub-categorized based on common denominators…
Convenience
Affordability
Location Advantage
Investment Preference
Flexibility
Few Buying Opportunities (”Frustrated Buyer Syndrome”)
We’d like to hear your reasons why (or why not) rental would make sense. Help us grow the list…
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Jun
20
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Divorced… or about to get single again? Now what? What do you do with your rental apartment? |
On June 14th, Brooklyn Paper cited Kings County Supreme Court sources and declared Brooklyn the city’s “Splitsville” central. The borough’s divorces are up 30% in four years—and the “sad trend” was graphically illustrated through an appropriately colored, blue chart.
It’s not too big of a secret that divorce and real estate often mingle in not-so-pleasant ways: disposition of a formerly happy family home often causes a host of problems in a divorce proceeding and divorcees’ life-to-come.
When it comes to marriages, real property is typically an emotional possession; but from the practical point of view, it is extremely difficult to divide between formerly emotionally engaged parties. Real property is not easily converted to liquid funds; it is expensive to maintain, and implies tax liability. Rental apartments, on the other hand, are not as emotionally imposing on either party, and could be fairly easily replaced with a smaller, more appropriate unit in case of urgent need.
From a point of view of real estate professionals, we get typically involved in rentals to divorcees with the acute awareness of the utmost of urgency and tightest of deadlines. Divorced people need to rent immediately, and tend to be less demanding in terms of amenities—what they traditionally require is speed, and immediacy of attention.
For the sake of brevity, we will only address situations involving rental properties; broken relationships are hard enough—can you imagine when a mortgage is involved? Ouch.
First, what to do when one person must go, and the other decides to stay? If the lease cites both yours, and your ex (or ex-to-be) spouse’s names—have it redone. Most landlords will want to have only the remaining spouse’s name on the lease. Most landlords will also be understanding of the situation and would want to make sure to make the process relatively painless.
Whichever party stays in a rental apartment—covering the rent can become an issue, and so what are they to do…
…but get a roommate! Picking up a stranger or a friend to split the cost of a rental apartment in the heated Brooklyn rental environment is the most logical course of action; as agents, we find this to be the most frequent path taken. Living with a loved one—and usually a combined income—normally allows one to live in a preferred neighborhood in a decent size apartment. When love goes to hell in a hand basket, however, suddenly affording the same type of domicile can become tricky without the help of a second party. Picking up a roommate can boost your budget from, say $1,300/month, to $2,600/month, thus allowing one to stay in their neighborhood of preference, close to friends and favorite hot spots. I, personally, have been with my roommates for quite some time at three different abodes, but all have been in the area we love precisely because of the point mentioned above. It’s much, much easier to get a two- or three- bedroom place for a $1,000 each than it is to find a one-bed (or a studio even!) for $1,000 by yourself.
Divorces and split relationships are traumatizing and painful enough, so moving out alone can realistically only compound the situation. One should attempt to keep the stress level to a minimum by picking up a roommate and getting a new place to call home immediately. Who knows, it may just end up being the ultimate bachelor/ette pad!
Licensed Real Estate Salesperson
Ideal Properties Group LLC
mcolombo@idealpropertiesgroup.com
917.757.4958
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Jun
16
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Who Recently Moved to/within Downtown Brooklyn***? |
This report examines the profile of tenants who moved to (or within) Downtown Brooklyn in the first quarter of 2008…
(***For the purposes of this Report, “Downtown Brooklyn” includes nine neighborhoods in the borough: Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, Fort Greene, Park Slope, Prospect Heights, and Windsor Terrace.)
Let’s meet Downtown Brooklyn’s typical tenant of Q1 2008… He or she:
- is 21 to 25 years old
- is one half of a couple (roommate or family)
- lived in Brooklyn before
- works freelance in entertainment industry
- makes $50,000
- needs no guarantor to be approved for an apartment.
Age
According to Ideal Properties Group LLC documentation, it would seem that young adults prefer to move during cold months. 93% of those who rented an apartment in Downtown Brooklyn were 21 to 35 years of age. The single largest sub-group within this category is that between the ages of 21 and 25—this age group makes up 42% of all those who moved to (or within) the area from January 1, 2008 through March 31, 2008.
Status: Singles v. Couples/Roommates
Singles appeared to prefer staying put during the cold early months of 2008. Couples and/or roommates make up three quarters of those who moved into a rental unit during Q1 1008.
Previous Residence
Brooklynites kept on dominating the rental market during the first quarter of 2008. 47% of all those who rented an apartment during this time—previously lived in Brooklyn. The second largest group were Manhattanites, at 27%.
Occupation
Freelance writers and entertainment occupations were on the move in the first quarter of 2008. 33% of tenants who moved to (or within) the area were employed by the entertainment industry. In general, creative professions seem to have moved more than others—24% were those employed in art, design, and architecture fields; and 9% in advertising and media.
Median Income
Median income of people who moved to (or within) Downtown Brooklyn in Q1 2008 was $50,000.
Gender
It seems that moving didn’t discriminate along gender lines during the first quarter of 2008: 51% of those who moved were male, while the remaining 49% were female.
Guarantor***
18% of people renting in the area in Q1 2008 used a guarantor during the rental approval process. Half of the guarantors were female (the other half male), and a guarantor’s median income was $425,000.
***Guarantors are usually required by local landlords when an applicant for a rental unit either makes less than 40 times the rental amount, has blemished credit, or no credit. Should a tenant default on rent payment, a guarantor would guarantee rent payment by assuming full financial responsibility associated with the rental… for the entire lease term. An income of approximately 80 times the monthly rent is required to qualify to act as a guarantor.
research@idealpropertiesgroup.com
Comments: Who Rents Here?, Brownstoner
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Jun
06
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Do you speak the Code? |
Can you decipher residential rental Adspeak?
Ever falling behind in our race against time, we all tend to cut verbal (and written… and typed…) corners by inventing ways to speed up our communication. Abbreviations and acronyms help us appear masters of the keyboard, they help us seem indisputable experts in our respective fields; they make us look more “in on the game”…
And when we don’t know their meaning, they make sure to help us reach the farthest corners of frustration.
We abbreviate our emails, our text messages, and we speak in code. And real estate professionals join in the fun.
Here are some of our usual suspects – and if you encounter others, let us know. Chances are we’ve seen (or used) them before…
a/c – air conditioning
appl – appliances (e.g. refrigerator, stove, dishwasher, microwave…)
apt – apartment
avail - date when the apartment will be available for rent
ba – bathroom
balc – balcony
br – bedroom
bldg – building
DM – doorman
dr – dining room
dplx- duplex (bi-level) apartment
d/w – dishwasher
EIK – eat in kitchen
elec – electricity
fpl – fireplace
full bath - bathroom with a sink, toilet and bathtub/shower or stall shower
furn – furnished
half bath – washroom with a sink and toilet
H/HW – heat and hot water
hook-up – electric and plumbing in place for tenant to install a washer and dryer
hw or hrdwd – hardwood floors
kit – kitchen
kitchenette – super small kitchen (under 50 sq ft)
lr – living room
PS – public school
REBNY – The Real Estate Board of New York
RR – railroad apartment
sec dep – security deposit
sep – separate
ter – terrace
twnhse – townhouse
unfurn – unfurnished
util – utilities
wbfp – wood-burning fireplace
w/d – washer and dryer
yd – yard
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May
30
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Bay Ridge is for Bay Ridgians*, Peace, Quiet, and Lots of Rental Space for Your Money |
When I moved to New York City two years ago—and caught up with some of my old college friends—their responses to me living in Bay Ridge ranged from the sardonically witty “So are you going to have babies?” to the predictably humorous “Isn’t that like really far?”
I’m happy to report that my answer to either question is a big fat “No.” After a true apartment hunting frenzy (we literally hit the pavement for a week!) my boyfriend and I realized that as much as we love Park Slope, the deals were to be found elsewhere… We were your conventionally demanding duo: we wanted lots of space and we wanted to pay next to nothing for it. We landed in Bay Ridge, and realized we were only 15 minutes—by train or car—to Park Slope.
Without even a dab of regret, we went for it… and now I’d like to enlighten our readers as to why exactly Bay Ridge turned out to be a great choice for us. As in any other dizzyingly plotted fable: in Bay Ridge, you get twice the space for half the rent you would pay in Fort Greene, Cobble Hill, Park Slope and similar rental environments.
To illustrate my point: my friend lives in a fabulous building on Shore Road (read: Bay Ridge in its prime!), and rents a 900-square-foot monster of an apartment for $1,300. To intersperse this fable with reality, her apartment has brand new kitchen appliances, a gargantuan bathroom and living room. To add financial insult to rental injury, she pays no utilities (EVERYTHING is included in rent!)!
My friend walks outside of her apartment, and hops on the express bus to Manhattan, which takes about a half hour to reach its destination. To most of us mortals in NYC, this may seem like an eternity—but if you happen to be in possession of inexhaustible optimism—you can think about unique opportunities to catch up on all of those endless stacks of books you’ve been meaning to finish, or think about quiet one-on-one time you get to tune out… OK, come on, you can make your iPod your best friend… and watch the Brooklyn scenery go by with a “whoosh.”
It is true: Bay Ridge has all of the shopping, restaurants, and bars you will ever need. Within a 20-block radius you have four Starbucks, four grocery stores, and a whole (Third) avenue of delicious, mouth-watering eateries. (Just counting them makes me ravenously hungry!)
Add to the list two New York Sports Clubs, a host of boutique shops, numerous hair salons—my personal favorite being the Bodhi Salon—and a couple of great spas, yoga classes, and body-and-soul pampering massage parlors…!
Of course there is also the 86th street with its lineup of unavoidable institutions of American taste: Gap, Century 21, Nine West…
Another great amenity is Shore Road, home to early morning joggers, bikers, and your everyday Bay Ridgians enjoying their cups of coffee, relaxing on benches, and starting their days by taking in the gorgeous landscape.
Bay Ridge is a neighborhood with a strong sense of community—Bay Ridgians take pride in being a part of Bay Ridge. When street fairs or parades occur everyone comes out to join the festivities and it all turns into a real-life version of that TV show Cheers: you get to know everyone’s name and they all somehow become an extension of your family.
A lot of people haven’t really caught on to the fact that Bay Ridge exists. Maybe that’s exactly what’s keeping the community intact in its authenticity.
The truth is that it’s great to spend your workdays in this hectic pretext of a city of ours, but that it’s equally great to come home to the peacefulness of the Ridge.
* Bay Ridger or Bay Ridgian? We had a lengthy discussion about this in the office—if you have a better handle on this, let us know. And let us know what would make you the ultimate expert in the matter.
Ideal Properties Group
310-795-4596
mshandles@idealpropertiesgroup.com
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May
23
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A Tenant’s Conundrum: Why should I pay a broker’s fee? |
Because if you don’t, you’ll have to do it all by yourself (including having to deal with an occasional shady/greedy property manager/landlord/professed landlord’s neighbor’s ex-wife/landlord’s slightly but lovingly deranged cousin and who knows whoelsenot)
This is the question that virtually every apartment-hunter asks themselves at the very beginning of their quest for a new apartment. We’ve all asked ourselves this question at one time or another: even us, the agents… prior to becoming real estate professionals.
But from this side of the fence the field is clear, and the vision less blurred. Now I know what type of preparation and what amount of work rests behind a single real estate agent.
Yes, sure, I may end up spending a half an hour with you, my dear client—and at the end of our search (if we’re both lucky and if I’ve done my research and preparation properly, the search will be short) you will owe my firm and me a fat check for our services.
So here comes the list of pro’s (the con: minor and temporary dent in your bank account balance)
More often than not, we are the first to know when a property becomes available—it’s simply our job to know. Quite often, we learn of availability the moment the current tenant decides they’re off to Hawaii for a year of sabbatical from work or love.
We preview apartments so you would know what you’re getting yourself into. We do our best to save you from finding yourself staring at a glorified windowless basement apartment with yellowing carpet spot-burnt by cigarettes of ten generations of tenants, or at even more impressive formica-clad kitchens dating back to 1972.
We make sure the apartments are available to be shown when you have the time to see them. We do your share of calling, leaving messages, re-calling, jotting down times, re-scheduling, canceling, re-scheduling, and downright begging for appointments or keys (try nailing a busy landlord down for a lengthy, one-on-one viewing appointment time in July, Park Slope, Brooklyn!)
We know Brooklyn, its school zones, and those new restaurants or bars that opened on your fav block…
And when we find you that unforgettable Parisian-style getaway from work in this fabulous borough (and believe me, we do), we don’t just run away with your hard-earned money.
We assist you in filling out and collecting all the necessary paperwork (see our April 25th’s blog!) and do our best to get you approved. We tell your landlord-to-be—just as they’re reviewing your documents—that you’re a decent human being who goes about their life paying their bills on time.
We are here to negotiate your position, and give you a fighting chance in a crazy, heated rental market.
And that’s gotta be worth something to you.
Or you can go back to browsing all those lovely hundreds of misleading “no fee” (and this really under inverted commas!) ads out there—God knows there are too many to miss!
Happy hunting!
Kelli Malcolm
Licensed Real Estate Salesperson
Ideal Properties Group LLC
kmalcolm@idealpropertiesgroup.com
917.975.0607
