Canarsie L Train - Delays and Plans...

It looks like the MTA have scheduled the L Train repair to begin in the 1st Quarter of 2019. The good news is the preliminary plans include an elevator, larger mezzanine and more access stairs for the Bedford L station. These are much needed modifications with the increasing population in WB. See attached for a .pdf of the relevant pages from the recent Oversight Committee Meeting report. It shows the plans for the 1st Avenue and Bedford L modifications, timeline and next steps. The Canarsie section starts on page 29. 

Capital Program Oversight Committee Meeting - April 2016

While it may seem like the L Train is out for lunch, there have been many discussions about how Williamsburg businesses contribute to the tax base. With so many retailers, restaurants, developers and residents looking for relief during this time of repair, the word on the street is the MTA will provide other alternative to handle the traffic from Manhattan to WB. Only time will tell. Fingers crossed. See below for more details at Free Williamsburg...

Free Williamsburg - The MTA plans to Wait...

2015 - Multi-Million Dollar Club

What a great way to start the New Year!
I'd like to thank my customers, family and friends for making 2015 another successful year.

What the Heck is a Healthy Real Estate Market?

"A healthy housing market is both stable and affordable; homeowners in a healthy market should be able to easily sell their homes, with a low risk of losing money over the long run. So, in order to find the healthiest housing markets in the country, we considered the following four factors: stability, affordability, fluidity and risk of loss."

Sources: US Census Bureau 2014 American Community Survey, Zillow

Source Link

So.. Let's see if your real estate market is healthy..

The following helpful article from Bloomberg has already answered this question for us! See below a link to the article and a brief summary. Thanks, Anne Riley! Her Twitter---> (A_Riley17)

Montana Has Fewest Homes with Negative Equity

"The number of years residents live in their houses is one way SmartAsset measures a housing market's stability. The second factor it considers is the percentage of homeowners with negative equity."

Paying Up for a Roof Over Your Head

Assuming you were successful in selling your home (sorry, New Mexico) and purchasing a new one, just how much of your monthly household income should you expect to spend?

Complete Article Here

The Road to a Successful Closing - No Detours!

Dropbox Link to a PDF Version

Purchasing property in Manhattan can seem like a maze at times, but our helpful info-graphic above and our three critical "next steps" below will illuminate the proper path to a successful closing! Preparing financially is the most important aspect to purchasing an apartment and it is commonly left to the last moment by the majority of buyers. Below is designed to initially explain the three key components of every co-op purchase and what everyone will need to proceed:

Ø  Financial Statement – Full disclosure of your finances is required with every offer. Please note: When working as a buyer’s broker, I have a fiduciary responsibility to my customers through reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and duty to account. An accurate assessment of the following is required:

Liquid Assets (cash, money market and brokerage accounts)

Retirement Assets (or any other long term assets)

Income (salary, bonus, interest, dividends and any of miscellaneous income)

Liabilities (any debts)

Generally, co-op's will require supporting documentation once we have a fully executed contract of sale. Below are important ratios used by co-ops as a standard to qualify buyers. 

Debt to income ratio (typically needs to 28% or less) this is all of your monthly debt plus the new mortgage and maintenance/taxes divided by your total gross monthly income including any bonuses. 

Cash reserves – Most co-ops require 2 years of mortgage maintenance and taxes to be in “liquid” reserves after closing.  They do not consider IRAs, 401Ks Keoghs, TIA CREFFs, or Real Estate assets to be liquid, unless you are over the age of 65.

Ø  Pre-Approval Letter – It is important to know your borrowing potential, especially now with lender’s tightening credit standards. A mortgage banker will qualify you and indicate what documents are required and ask to pull your credit. This will offer you piece of mind, determine your purchasing power, define the current mortgage rates and help us determine your monthly expenses. This letter is also required with every offer.

Ø  Attorney – Once we have an accepted offer, they will offer important advice throughout the process and conduct due-diligence. This is a must expense for even the most savvy investors and it is highly recommended to use a Manhattan based real estate attorney who knows the business. They will look over the co-op’s minutes, budget, tax statements/returns, contract, and prospectus/offering plan. They will review all of the closing papers, walk you through the closing and will also advise you of potential risks.

Sold! Another Successful Transaction

353 East 72nd Street, 5B

This south facing one bedroom with wall to wall windows throughout is filled with sunlight and has beautiful tree top views. In this case, the unit was only on the market for 36 days! In today’s complex real estate market, it is imperative to work with an expert who understands the unique process of selling in your specific building and neighborhood. See the link below for more details about this sunny residence.

See Property Here!