Leela's Profile
Author's Posts
November 9, 2009
Ripping Out Cheap Floors?
We saw a brick house today that we liked very much except for the cheap wooden floors. They look like they have been installed right over the original floors. How massive a job is it to have them ripped out and is there any chance the original floors will survive that? If they don't, has anyone been able to install new floors that look like original floors?
September 19, 2009
Cost of a live in nanny?
Does anyone know a typical weekly salary for a live in nanny in Brooklyn? Do they cost more than live out or less because room and board are provided?
August 17, 2009
Renting the Basement?
We are considering looking at properties in Ditmas Park. However, the homes tend to be one families costing about a million dolars. Is it feasible to rent the basement for some extra money to contribute to the mortgage or is that hugely illegal? Are there any legal two families in that neighborhood?
May 18, 2009
Renovating in the Griffin?
I live in a one bedroom apartment in the Griffin in Fort Greene (101 Lafayette). I'm interested in renovating and I'd like to speak to someone who has renovated in that building before. I just don't have a clue where to begin or how much it will cost. Anyone from the Griffin on here?
March 9, 2009
Making an Offer?
We've seen something we like very much but cannot afford the asking price. How much lower than asking can one offer? Specifically, could someone offer $1 -1.1 million on something that is asking $1.295 million or will the owners just get upset and offended?
March 2, 2009
jumbo loans
Does anyone know what the cut off for a regular mortgage is and when you hit the range of jumbo in NYC? also does anyone have information on conforming jumbos?
February 14, 2009
good elementary schools?
We are trying to sell our place and move. We would ideally like to go somewhere where there are relatively good public schools. Do people have any recommendations of schools they are happy with? We are in Fort Greene now. We would like to live in Clinton Hill but I have heard that the schools there aren't the best - is that true?
November 25, 2008
where to get the best mortgage rate?
Does anyone have any suggestions for a mortgage of $700k on a 2 family for $1.1 million? Does this have to be a jumbo mortgage with a higher rate? I saw on bankrate that garden city mortgage has the lowest rates, has anyone ever worked with them? I got a breakdown from victor angel at manhattan mortgage sometime ago and the rate was 6.75 and closing costs 29K. Finally, does anyone have experience with trachtman and bach or commerce bank?
August 7, 2008
Affordable daycare?
Does anyone know of a reasonably priced daycare in Fort Greene/Clinton Hill or nearby areas? By reasonably priced I mean $1000 a month as opposed to $1600 a month. I am open to "home" daycare.
July 29, 2008
Sell to buy?
Does anyone have experience with needing to sell in order to buy? Are sellers open to waiting or do you have to sell first and hope you will then find something? I would not have the $$$ to front without selling first but I'd like to find something I want before selling my place.
Author's Comments
We had a very good experience with a broker from Brown Harris Stevens named Angela Ferrante. She's incredibly hard working, very genuine and honest and got a good offer on our place after three weeks. My guess is that buyers probably trust her.
Posted by: Leela at November 14, 2009 10:27 AM in response to First Time Seller
My friend Julye does it through a service. I don't remember the name of the service but her number is 917-549-3996, she's great with animals!
Posted by: Leela at May 18, 2009 1:53 PM in response to Dog Walkers?
Thank you everyone for your comments, they're extremely helpful. I have yet to buy anything in this market so negotiating is pretty new to me. Last time I purchased was in 2003 when you had to offer at least the asking price at the first showing, then brace for a bidding war.
Posted by: Leela at March 9, 2009 9:43 AM in response to Making an Offer?
Thanks for the information. Also does anyone know of any reasonably priced private schools that they like?
Posted by: Leela at February 19, 2009 11:50 AM in response to good elementary schools?
Thanks for the information. Also does anyone know of any reasonably priced private schools that they like?
Posted by: Leela at February 19, 2009 11:50 AM in response to good elementary schools?
Thanks for the information. Also does anyone know of any reasonably priced private schools that they like?
Posted by: Leela at February 19, 2009 11:50 AM in response to good elementary schools?
Slopenick, may I ask what rate you got with T & B? Thanks.
Posted by: Leela at November 26, 2008 10:28 AM in response to where to get the best mortgage rate?
Thank you ClintonHillLady. I found the number and got ahold of Lanice - sounds great!
Posted by: Leela at August 27, 2008 12:26 PM in response to Affordable daycare?
Responses to Author's Forum Comments
Christopher, just remember that tax evasion can put you behind bars.
Posted by: lechacal at March 9, 2009 1:07 PM in response to Making an Offer?
Fair market value is determined by what a willing seller will accept from a willing buyer. That is how market prices are set for gods sake. Your offer is only a lowball if there are other buyers willing to pay more. Obviously you dont know what other buyers will pay, which is why you dont ordinarily lowball on a property you want. Sellers do get emotional when they see buyers valuing their property for less than they they do - but that is their issue. A smart seller should put feelings aside. If all offers are low, thats an indication that they overvalued their property.
If you really really want the property, I would offer no less than 1.1; if you are a bit less enthusiastic i would ask them to pay all associated closing costs. If you can go either way, I would go lower than 1.1 on the offer.
Posted by: saminthehood at March 9, 2009 1:29 PM in response to Making an Offer?
Woman up and bid half off peak comps. DO NOT LET THE MARKET FUCK WITH YOUR EMOTIONS. Find three comparables, take the average and chop it in half. Can you afford that? Go for it! (YOU CAN WALK if they reject you. You will always find something better. The longer it takes, the cheaper it will be. The market is in freefall.)
Market uncertainty (it was upwards before the peak - now it is downwards) must be priced in. You don't even have to speak to anyone. Just email or text-message the broker with you number. "Bid = X". That and your qualifications are the only things that matter in your communication to the seller. Short and sweet. Consise. Save the drawn out correspondance for the contract and close.
YOU CAN DOOOOOOOOO IT!!!
***Bid half off peak comps***
Posted by: Brownstones Half Off at March 9, 2009 1:43 PM in response to Making an Offer?
...If you can't afford 1.295, then you probably can't afford 1.1. Don't do it to yourself. Rent in the mean time. Good things come to those who wait.
***Bid half off peak comps***
Posted by: Brownstones Half Off at March 9, 2009 1:46 PM in response to Making an Offer?
So, what would be an "offensive" bid on a high-maintenance apartment that's been cut from $550 to $520K -- would it be insane to bid what I can actually afford, which is about $380?
Posted by: zuleika at March 9, 2009 1:49 PM in response to Making an Offer?
So, what would be an "offensive" bid on a high-maintenance apartment that's been cut from $550 to $520K -- would it be insane to bid what I can actually afford, which is about $380?
Posted by: zuleika at March 9, 2009 1:51 PM in response to Making an Offer?
Brownstones Half Off,
You said "Find three comparables, take the average and chop it in half"
You are saying if the 3 comps average out to 1.2 you would offer around $750k?
where's the rolling eyes emoticon when you need it?
Posted by: christopher at March 9, 2009 2:21 PM in response to Making an Offer?
zulelka, if comperable apartments in the same building have recently sold for $550 or so, then $380 would be ridiculous, yes. But if they've recently sold for $200, you'd be overpaying. ASK HAS NOTHING TO DO WITH PRICE.
Posted by: mopar at March 9, 2009 2:54 PM in response to Making an Offer?
Thanks, Mopar. I think that comparables are selling for about $500 now. I thought maybe I should factor in an expected fall in price of 20% or so, too.
But probably I should just wait another few months and see if the apartment is still on the market.
Posted by: zuleika at March 9, 2009 3:06 PM in response to Making an Offer?
"You are saying if the 3 [highest] comps average out to 1.2 you would offer around $750k?"
Yes Sir. That's a little more than half but you get the picture. Pay any more than that and the market will be rolling its eyes at you when you try to resell to break even, let alone for a gain, within the next ten years.
***Bid half off peak comps***
Posted by: Brownstones Half Off at March 9, 2009 4:47 PM in response to Making an Offer?
We had a very good experience with Angela Ferrante of Brown Harris Stevens.
Posted by: Leela at November 14, 2009 10:30 AM in response to Choosing a Selling Broker