Archive for May, 2008
Bay Ridge is for Bay Ridgians*, Peace, Quiet, and Lots of Rental Space for Your Money
May 30th, 2008
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
A Tenant’s Conundrum: Why should I pay a broker’s fee?
May 23rd, 2008
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
Apartment hunting in downtown Brooklyn? Which neighborhood is most likely to accept your pet?
May 16th, 2008
A welcome by-product of our research report (Landlord in Brooklyn? Rely on Statistics instead of Gut) is a valuable set of data that may help those of you looking to rent in downtown Brooklyn decide which neighborhoods to consider…
Read on if any one of these amenities is number one on your “take it or leave it” apartment hunting list:
- outdoor space
- granite countertop in kitchen
- stainless steel appliances
- dishwasher
- washer/dryer
- favorable pet policy
So, without further adue, if the amenity most prominently featured on your list of must-haves is…
… outdoor space, you are most likely to find an apartment in Windsor Terrace, and least likely to find one in Boerum Hill.
… granite countertop(s) in your rental kitchen, you are most likely to find the apartment to your liking in Brooklyn Heights, and least likely to find one in Boerum Hill.
… stainless steel appliances in your kitchen, you are most likely to find an apartment in Boerum Hill, and least likely to find one in Park Slope.
… dishwasher in your rental kitchen, you are most likely to find an apartment in Windsor Terrace, and least likely to find one in Park Slope.
… washer/dryer, you are most likely to find an apartment in Brooklyn Heights, and least likely to find one in Clinton Hill.
And finally, if you happen to have a pet, you are most likely to find an apartment in Cobble Hill or Windsor Terrace, and least likely to find one in Fort Greene…
Good luck hunting!
research@idealpropertiesgroup.com
Landlords: How does you rental apartment stack up?
May 16th, 2008
It’s no longer a secret that demand for higher-end residential units in Brooklyn persists. But how do you, the landlord, stack up against your competition? Why would a tenant decide to rent from you, and not from your neighbor?
For Brownstone Brooklyn property owners this is not always an easy question to answer. Traditionally, they will live by the rules of “the gut” and let this weird monosyllabic word lead their decisions in the domain of rental unit renovation.
Sure, each and every landlord’s objective is to improve their property as much as necessary for it to be rentable. But with the increased demand for higher-end rentals in the competitive markets of downtown Brooklyn—as well as tenants’ increased expectations—knowing just what to include, and what to exclude is no longer a shotgun decision.
When spying through your neighbor’s windows fails, it’s probably time to bring out the big guns: turn to statistics! So, keep on reading if you want to learn how to stay ahead in this super competitive rental environment…
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On May 12, 2008 Ideal Properties Group LLC released a comprehensive research report on rental amenities in Downtown Brooklyn, and their role in rental unit improvement decisions. (Q1 2008)
Titled “Landlord in Brooklyn? Rely on Statistics instead of Gut,” the report’s goal was to help bridge the gap in knowledge how Brooklyn rental property owner’s improvement dollars could be best spent. (The findings featured in the report are presented here in entirety.)
Data featured in the report was based on information supplied by owners/landlords/property managers of 752 residential rental units that were available for rent, and listed as such, by Ideal Properties Group LLC during the period of time beginning January 1, 2008, and ending March 31, 2008. The records were statistically measured against occurrence and neighborhood prevalence.
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Boerum Hill
If you are a residential landlord (or management company) in Boerum Hill, here are some useful pointers that may make the difference in the speed at which your units rent.
Outdoor space: Only 5% of your competitors offered apartments with outdoor space. Whether this was due to the time of the season or not, is a different question altogether—but an abysmally small percentage of units offered any outdoor space. For the purposes of this study, “outdoor space” included back yards, roof decks, balconies, terraces—either exclusive or shared.
Kitchen
- Countertops: If you haven’t already updated the kitchen counters in your rental units, you may want to hold off on investing into granite. Only three percent of high-end rental units in your neighborhood feature granite countertops.
- Stainless steel: It would probably be prudent to invest into stainless steel appliances—67% of apartments in your area come equipped with these shiny symbols of high rental status.
- Dishwasher: Approximately one third of rental kitchens in Boerum Hill come with a dishwasher.
Washer/Dryer: One third of all rental units in your neighborhood offer the convenience of having a washer/dryer either in the unit, or on premises. (For the purposes of this study, the exact location of the washer/dryer was deemed irrelevant.) If you wish to stay competitive, you may consider redoing that empty basement and installing a few washer/dryers. This may allow you to more readily attract tenants, and keep your existing, good tenants happy.
Pet policy: 33% of rental apartments in Boerum Hill accept pets (some dogs, others cats, and yet others accept all these lovely four-legged companions). For the purposes of this study, whether a landlord accepted cats, dogs, or any combination thereof was deemed irrelevant, as well as the number of pets allowed.
Brooklyn Heights
If you are a residential landlord (or management company) in Brooklyn Heights, we have only two words for you: kitchen, and pets.
Outdoor space: Approximately 36% of your competitors offer apartments with outdoor space.
Kitchen
- Countertops: Majority of rental units in your neighborhood (71%) have granite countertops in their kitchens. If any of your rental units are about to undergo renovation, consider investing in brand new countertops (even if granite is not your primary choice, a similarly higher-end finish would be much appreciated by your tenants-to-be). The time is right to think Ceasar stone, recycled concrete or any other finish material you come up during your research.
- Stainless steel: 57% of apartments in your area come equipped with stainless steel appliances—this would suggest that people looking to rent in Brooklyn Heights expect to see them as part of standard offer in the area.
- Dishwasher: Even a larger percent of rental units features dishwashers—64%. Again, this would imply that if you wish to meet the expectations of those looking to rent in your neighborhood, a dishwasher in your rental kitchen is a must.
Washer/Dryer: 71% of rental apartments in Brooklyn Heights feature this time-saving amenity. Clearly, it cannot be worked around—your building needs at least one communal machine.
Pet policy: Landlords and property owners/managers in Fort Greene, Windsor Terrace, Cobble Hill, and Prospect Heights are more likely to accept pets that accompany people who are looking to rent. In Brooklyn Heights, only 36% of landlords welcome pet owners as tenants. Know your competition—and maybe by offering a positive option to pet lovers, you may speed up your rental process, and retain your good tenants longer.
Carroll Gardens
According to our statistical research, Carroll Gardens is indeed an outdoor-lover’s paradise. On average, Carroll Gardens consistently delivers—reasonably pet-friendly, reasonably well-equipped high-end units abound.
Outdoor space: 54% of rental units in Carroll Gardens come with outdoor space. Back yards, roof decks, balconies (exclusive or shared) dominate the apartment rental offer. Only Windsor Terrace outdoes this petite neighborhood in the amount of outdoor options on offer.
Kitchen
- Countertops: Granite countertops are an avoidable amenity—only 27% of Carroll Gardens’ apartments feature them.
- Stainless steel: Nearly a half of all rentals in the area feature stainless steel appliances (45%). Equipping your rental apartment with one may provide you the competitive edge.
- Dishwasher: Apparently all apartments that have stainless steel appliances, also have a dishwasher. (45%). Another possibly prudent investment.
Washer/Dryer: 27% of rental units in the area feature washer/dryers (on premises, or in unit). Not overly important? Or maybe the landlords believe that tenants seeking the outdoors really don’t mind doing their laundry outdoors as well?
Pet policy: Over a third (36%) of rental apartments in Carroll Gardens accept pets. Given the overwhelmingly larger amount of outdoor space on offer, this comes as a bit of a surprise.
Clinton Hill
Clinton Hill’s landlords make up for the lack of high-end units with their welcoming stance toward pets.
Outdoor space: Only 12% of rental units on offer in the first quarter of 2008 had outdoor space.
Kitchen
- Countertops: Sixteen percent of rental apartments offered granite countertops. Definitely not a priority on landlords’ list. This would suggest few high-end renovated kitchens in the area, but could also provide you, the landlord, with a major advantage. Investing into a granite countertop may help you stand out (easily, and without too much financial burden) from the rest of the crowd.
- Stainless steel: 24% of apartments feature stainless steel appliances.
- Dishwasher: Dishwashers seem to be pushing their way into the standard list of amenities in this area. 28% of rental kitchens have one.
Washer/Dryer: Not many landlords offer this treasured option to their tenants in Clinton Hill: only 16% of rentals allow the tenants to do their laundry on premises, or in their own apartment.
Pet policy: What the area may lack in high-end amenities, a welcoming pet policy (40% of units) rectifies. If you are a landlord looking to have your apartment rented swiftly, welcome the pets! Compare favorably to your competition.
Cobble Hill
A third of all Cobble Hill’s rental apartments allow pets, and very few feature outdoor space. The lack of outdoor space is outweighed by useful kitchens, more than half featuring a dishwasher.
Outdoor space: Only 17% of rental units in Cobble Hill offered outdoor space.
Kitchen
- Countertops: A third of rental apartments in the area feature granite countertops.
- Stainless steel: Only 17% of units feature stainless steel appliances (an easy way to distinguish your offer from your competitors!)
- Dishwasher: A half of all rental units has a dishwasher. The appliance is beyond any doubt on its way to becoming a standard expectation.
Washer/Dryer: One third of Cobble Hill apartment rentals features a washer/dryer.
Pet policy: 50% of Cobble Hill landlords accept pets. Staying in this bracket will allow you greater exposure, and better retention of tenants you want to keep.
Fort Greene
Fort Greene seems to have cut out its niche from the surrounding neighborhoods by offering their tenants the most time-saving feature possible: washer/dryer in unit (or on premises). At the same time, the neighborhood’s landlords seem to be the least pet-friendly crowd.
Outdoor space: One third of rentals in this neighborhood (33%) features outdoor space.
Kitchen
- Countertops: Fort Greene matches its neighbor, Clinton Hill’s low percentage of granite countertops: only 16%
- Stainless steel: 20% of rentals feature stainless steel appliances.
- Dishwasher: Apparently, all 20% of renovated units that feature stainless steel appliances, also include a dishwasher.
Washer/Dryer: Second only to Brooklyn Heights, a staggering 60% of Fort Greene apartments have a washer/dryer (easily beating Boerum Hill, Carroll Gardens, Clinton Hill, Cobble Hill, Park Slope, Prospect Heights and Windsor Terrace!)
Pet policy: Fort Greene landlords are not inclined to accepting pets. Only 13% or rental units welcome your non-human companions.
Park Slope
Park Slope’s property owners seem not to believe the hype of renovated kitchens that feature stainless steel appliances, dishwashers, and/or granite countertops. They are not overly inclined to have a washer/dryer installed on premises (or in rental units) either. Our guess is that they believe in the “location, location, location” mantra.
Outdoor space: Nearly a third (29%) of rentals available in the first quarter of 2008 offered outdoor space.
Kitchen
- Countertops: Very few landlords in the area have invested their renovation dollars into this feature—granite countertops are as sparse as 8%.
- Stainless steel: Park Slope is proudly featured last on our list of rental units with stainless steel appliances: only 13% have them.
- Dishwasher: Dishwashers closely echo the stainless steel appliance situation: only 13% of rental apartments boast one.
Washer/Dryer: Local landlords are not big believers in this amenity either—barely 16% have one installed in their building.
Pet policy: A somewhat surprising finding showed that 31% of Park Slope’s property owners would welcome a tenant with a pet.
Prospect Heights
Prospect Heights landlords are pet-friendly, and mindful of their tenants’ time, which they help them save by standard offer of laundry facilities.
Outdoor space: 24% of Prospect Heights rental units offer one form of outdoor space or another.
Kitchen
- Countertops: A mere 4% of local landlords invested into granite countertops. This may be the amenity that could help a renovation-savvy landlord shine.
- Stainless steel: 24% of units featured stainless steel appliances.
- Dishwasher: An equal number of rental kitchens (24%) included a dishwasher.
Washer/Dryer: Over 1/3 (38%) of Prospect Heights rental units have a washer/dryer in unit (or on premises).
Pet policy: More than a third of local landlords will welcome your pet. 34% of rental units welcome cats, or dogs, or cats or dogs.
Windsor Terrace
Clearly catering to family-style tenants, this quaint neighborhood favors outdoor space (and allows pets to populate it!), helpful dishwashers, and washer/dryers.
Outdoor space: 67% of rental units offer outdoor space!
Kitchen
- Countertops: Granite countertops, featured at one third of apartments, cater to possibly a comparable number of tenants who engage in the art of cooking.
- Stainless steel: Kitchen appliances are not necessarily stainless steel (only 17% are), but…
- Dishwasher: … the majority of Windsor Terrace kitchens (67%) features a dishwasher!
Washer/Dryer: A half of all rental units in Windsor Terrace features a washer/dryer.
Pet policy: 50% of landlords in the area welcome pets.
The report brought about a reverse set of questions that those looking to rent in these areas may want to check out… here
For more information, or to request a copy of the report:
research@idealpropertiesgroup.com
Top Rental Producer… Secrets?
May 9th, 2008
So, the REBNY top rental producer conference (Inside Secrets of Top Brokers: Six Figures Doing Rentals, May 8, 2008) went off without a hitch. As many of our agents fall into this category, and some of our newer members are on their way to the crown—we were fully represented.
This evening allowed industry professionals at the top of their game to trade war stories, and to pull away the curtain off how “the other guy” does it. Well—the answer is far simpler than one may think. No, it’s not the powerful affirmations said into the mirror while doing your morning flossing; or the next great self-help book guaranteed to miraculously increase your revenues. It’s a two-step process that must be done every day.
Step One: Work really, really hard.
Step Two: Always put your client’s interest ahead of your own.
Then, why are there so many unsuccessful agents in our city? I’ll let you answer that.
The fact remains that when you make a client a member of your team, instead of an opposing player—a powerful acronym… (T.E.A.M.—together everyone achieves more!)… is reinforced, and the commission checks closely follow.
Park Slope grows….again! The 4th vying for its spot under the Sun
May 2nd, 2008
Ah…Park Slope. The beautiful neighborhood populated with generations of Brooklynites and Manhattan transfers is our borough’s little slice of heaven (go ahead, ask any of the locals!)
Rife with tree-lined blocks, gorgeous brownstones, and tons of thriving businesses, Park Slope is a much desired locale, a locale that seems to be continually expanding and bursting at its outer seams. Ask the old-schoolers, and they’ll tell you the Slope begins and ends around 7th Avenue. Their younger ilk will claim 5th Ave as their stomping grounds. According to countless city maps, Park Slope spans from Prospect Park West to 4th Avenue, and is bordered by Flatbush Avenue to the north and Prospect Avenue to the south (although this has been subject to fuzziness as of late, as over the years landlords and brokers have pushed the line further and further south in an effort to better market their properties.) While no one can refute the eastern boundaries near Prospect Park, many still sniff at the notion of 4th Avenue being a part of their neighborhood. But 4th is here to stay… and just like any other Brooklyn “nouveau,” it’s growing!
A curious phenomenon.
With Park Slope on the east and Boerum Hill and Gowanus to the west, 4th Avenue is a major player in the Downtown Brooklyn community. Being the principal thoroughfare from Atlantic Avenue to Bay Ridge, the avenue boasts heavy vehicle traffic during rush hours, and remarkable foot traffic throughout the day.
Not that 4th Avenue is Brooklyn’s Champs Elysees, but city planners seem to have noticed some likelihood at sparkle-to-be: in 2003, the avenue was rezoned so as to allow for seemingly unhindered residential development.
At around this time last year, without fanfare or any reasonable doubt, New York Post definitely declared the “Fantastic 4th” an indivisible part of Park Slope: “Once-gritty stretch of Park Slope booms with new condos & hot spots,” the paper rejoiced…
While some see the 4th as nothing but a noisy, greasy remnant of the vanishing times of a torturously long period of industrial decay—developers see it as a goldmine. Over the last few years alone, we have seen at least five sparkling-new developments on or near 4th Avenue, with at least three to six projects already in progress or on the way! That’s probably close to 500 new apartments—and given the proximity to Park Slope “Proper” developers expect new residents to fall all over themselves to secure one.
The influx of new residents, hungry for entertainment and shopping venues, was echoed in intensified commercial entrepreneurship: scores of new cafes, new delis, new restaurants and bars…new whatevers!… have sprung up almost overnight. Oh yeah, and two new hotels have joined in the fun. Two hotels!! Honestly, who woulda thunk it?! Now when your in-laws come a-callin’, you can send them to your choice of either the Holiday Inn or Hotel Bleu… instead of ceding your bed to mortal enemies.
Newcomers are quickly realizing the benefits of 4th Ave living. Even in new luxury construction, apartments tend to be cheaper than their brethren just a few blocks over. Amenities are abound, and all the fun things those Center-Slopers tend to partake in (i.e.—park activities, enjoying Restaurant Row, shopping at the latest environmentally-conscious boutique, generally being Slope-ish) are within easy reach. Also, what 4th may lose on aesthetics it easily wins with transportation. Multiple train stops allow quick access to Atlantic Terminal—rightfully dubbed “the Grand Central of Brooklyn,”—which in turn makes getting to the rest of the city a ridiculously fast undertaking.
The days of the filthy tire shop and the sketchy bodega are numbered, my friends. 4th Ave is happening right before our eyes, and it won’t be long before it is as recognizable and user-friendly as the rest of the Park Slope avenues. Then the Slopers will need something else to cast their disdain at.
3rd Ave, perhaps?
