November 16, 2009

Condo Contract Expiring

I went into contract on a new conversion condo unit on July 1st. My contract had a contingency that I could rescind and get my down payment back if the sponsor could not close prior to Jan 1st, 2010. With 30 day notice does that means I need a notice to close by Dec 1st or I can walk? This is only a couple of weeks away and I'm pretty sure that they're not going to have their paperwork in order in time. Since I've been in contract all the units next to mine have had their listing price reduced to the price that I had to negotiate the seller down to and I was considering trying to renegotiate if indeed I don't get a notice of closing by Dec 1st to get a better deal. I'd like to ask for the sponsor to pay for the transfer taxes and their own attorney's fees. Is it unheard of to reopen the contract to negotiation at this point? Does this seem reasonable in this climate?

November 13, 2009

New Development Advice

Hi all, I'm new to the forum, and could use some advice and referrals.

My husband and I are considering purchasing a condo in a new slope development. We would like a referral for (a) a top-notch inspector (esp one who is experienced at detecting developer shortcuts, hidden problems, such whether we will have to heat the whole block because they didn't put in sufficient insulation, etc), and (b) a solid lawyer experienced in negotiating protective financing in these situations (e.g. holding part of the purchase price in escrow for a couple years in case problems arise, etc).

Also, if there are particular threads on this forum about avoiding pitfalls when buying in a new development, we would gratefully appreciate tips on what to look at.

Any other advice would be welcome.

Thanks in advance

105 Lexington - Worth the Price?

I know 105 Lexington has been discussed on this site before, but just wanted to get opinions on the latest "deal". Corcoran is offering 10% off the agreed-upon selling price if you close withing 45 days.

Assuming you can actually close in 45 days (given all the Nov/Dec holidays), what are people's thoughts on the discounted price psf, given the neighborhood (which I'm not overly familiar with)? The $550k/$525k units are btwn 1100 and 1300 sq ft, so in the $450 psf neighborhood before the chop and roughly $405 psf after?

Also, would you rather live here or in "East Williamsburg" at the same price?

http://www.streeteasy.com/nyc/building/105-lexington-avenue-brooklyn

November 11, 2009

2-family vs single?

Wondering what the benefit is of owning a LEGAL two-family versus a single-family that is set up as a two. Is a legal two worth more when it comes time to sell? Anyone know?

November 7, 2009

Massada Home Sales?

Question 1: Does anyone have experience with this company?

Question 2: Does anyone have good recommendations for real estate agents serving Prospect/Crown Heights?

November 6, 2009

Where to Post to Sell Condo?

Folks,
Where's some good places to post a Park Slope condo for sale? I'm about to sell mine, and am casting around for ideas.
Thanks in advance for any suggestions.

November 5, 2009

Park Slope PPSF

I've recently started thinking about whether it is time to buy and I would like to ask for your opinions.

I am interested in the Park Slope area but even though prices appear to have dropped I do not know if they are at reasonable levels considering how much they've went up.

Trulia has a chart for average price per square foot in the Park Slope area,
http://www.trulia.com/real_estate/Park_Slope-Brooklyn/5202/market-trends/

At lot of the places I've been looking at are 2 bedroom 1 bath and they are all asking for around $600/sqf. According to Trulia that's 2006 levels. Isn't that near the peak of the bubble? or right before the burst?

Is it unrealistic to expect prices to be more in the 2004-2005 levels of $450/sqf?

What do you guys think?

Thank you
signed,
first time buyer

November 3, 2009

Deeding a Rental to a LLC

I am currently own a property for primary use, but want to convert it to a rental (it's a condo). I want to hold the title to the condo in a LLC to limit my liability while it's being rented.

My question is if 1) this will effect my current mortgage, 2) what effect will this have on my insurance policy and 3) what exactly is involved in the transfer?

I have read that it is simple as long as the LLC is owned solely by me as well.

Does anyone know about this?

Buying a Multifamily House

My husband and I are considering buying a multifamily house with another couple (two family). I am just wondering if anyone has any advice before we even start. Do we have to have the legal side drawn up BEFORE we apply for the mortgage, or is it possible for each couple to get a mortgage without that part done. Also what sort of downpayments are needed for a house as opposed to a coop?

October 29, 2009

First Time Seller

Hi,
I am considering selling my apartment in downtown BKLYN but am very confused about hiring a broker.
The first question that comes into mind is what is the average fee those guys charge? Is there a range? Can you negotiate?
Thanks!

Forum: Real Estate