The Bedford House has its charms--really it does--but some problems too. There's a decided dip in the floor on the second floor, and it has no backyard to speak of. And the kitchen is some old auntie's dream kitchen of 1969. That being said, the house has a nice feel, a dry basement, and fairly new mechanicals. Bedford's a little busy, too, so that may be part of it. I liked the house and if it had a backyard, it might have been mine....

Posted by: Minmin at November 29, 2008 5:05 PM in response to Open House Picks

Sorry about the deal falling through.

Regarding your question: It depends whether you are looking at a small self-managed building, or a larger one. You want to see that it's mainly owner occupied--the higher that percentage is, the easier it will be for you to get a mortgage. You want to see the minutes and the amendments to the offering plan, basically to get a sense of whether the building is well run, keeping up-to-date not just on day-to-day operating expenses, but capital projects as well. You want to get a sense that there are no huge capital projects looming. You do need to see a healthy reserve, but how a building determines what is healthy varies quite a bit.

Try to get a sense of the building...go back and talk to the residents when you can. Good luck!

Posted by: Minmin at November 24, 2008 6:28 PM in response to Evaluating Condos, Coops

You can try, but I don't think you'll be successful. A mechanic--after my partner did $2800 worth of damage by driving into a crater on the BQE...1 tire on the spot, one tire a week later, then the real fun began. My mechanic told me that poor roads is the real source of mucho car damage. Unfortunately, unless your car ends up in the hole (and on the news like that car when the steam pipe blew near Grand Central Station, it's really your word against theirs. Good luck. You KNOW I feel your pain!

Posted by: Minmin at November 19, 2008 6:15 PM in response to Pot Hole Damage

Here's the link (I think).

http://www.nytimes.com/2008/11/16/realestate/16deal1.html?ref=realestate

Posted by: Minmin at November 19, 2008 11:35 AM in response to Insurance Against Falling Prices?

I'm pretty sure it was in the New York times real estate section of about a week ago. It was in an article on incentives for skittish buyers.

Posted by: Minmin at November 19, 2008 11:28 AM in response to Insurance Against Falling Prices?

I really like the floorplan...with pantry. Ok, maybe the "service core" could be added to the kitchen, but all the rooms are good size. The poster who mentioned the lack of powder room did make a good point, but it would be easy enough to make the maid's room bath into the bath used as powder room, since it only involves a slight jog through the kitchen, or take out one of the walk-in closets (but why???) to make a direct corridor entrance. Did anyone notice that the maid's room size is only a bit smaller than some of the second bedrooms in the new "luxury" condos????

Posted by: Minmin at November 18, 2008 5:44 PM in response to Co-op of the Day: 1 Pierrepont Street

"One of these things is not like the other. One of these things just isn't the same. Can you guess which thing is not like the other. That's the name of this game."

Posted by: Minmin at November 12, 2008 12:02 PM in response to A Mediterranean Makover

What of the fact that from some neighborhoods in Brooklyn and Queens that it takes considerable time AND numerous bus transfers before you can even get to a subway to get to the city? Do Park Slopers realize that it can take over one and one half hours for some outer borough people to get to Manhattan via public transportation? I am opposed to east river tolls or congestion pricing UNTIL the New York transportation system actually grows up and becomes a world class one. Once it's like London's or Tokyo's then I'll be behind congestion pricing and East River tolls 100%. New Yorker's are far too complacent about how substandard the transportation system actually is!

Posted by: Minmin at November 10, 2008 7:12 PM in response to East River Bridges May Not Be Free For Long

I think Matt deserves an explanation from ConEd, and maybe a break as well, in the sense that he has thought (and has asked for confirmation from ConEd) over the years about his admittedly low bills. At the very least, they should give him a number of months to pay off the bill without incurring interest charges or penalties. For starters, they've screwed up the billing to date, he has to be careful they haven't screwed up again.

Posted by: Minmin at November 10, 2008 7:04 PM in response to Con Edison charging for 2 years of back charges

I agree...it's understaged, and there are a lot of chairs...but look more closely. There are some NICE chairs there. An Eames or two, and a couple of other name-chairs. (And three or four Ikea stools). I think the owners picked 'em off the street, and now has to figure out what to do with them. I actually like the layout, and if the light is good, it could be amazing. It is a bit awkward walking right into the kitchen, but it would be easy enough to put up a wall there, and there's a coat closet, landing spot by the entrance. That being said, it's overpriced, but I think they'll find a buyer.

Posted by: Minmin at November 4, 2008 9:49 AM in response to Condo of the Day: One Main Street, #3A

Parrotgirl-- Where are you? Have you spoken to lawyers or anybody else? More comfortable with you decision? Just curious.

Posted by: Minmin at October 9, 2008 1:55 PM in response to Front Page Forum: Walk Away from Downpayment?

Try a big hepa filter for now.

Posted by: Minmin at October 8, 2008 4:57 PM in response to new Victorian stinks of cat pee and poo...maybe mold too??

Regarding renegotiations: DEFINITELY try for something, but don't piss them off with the little stuff, mention it, move on and focus on big(ger) ticket items. That way you look good, but also savvy.

They might not want to make a concession on price...however, they might be able to make some sort of contribution towards your closing costs, etc. You should also check to see what the property last changed hands for.

Talk about scary! Imagining coming to a deal on the day the market tanks. Yikes. But if you like the place, feel the offer is reasonable in the long run, and you don't anticipate (but who does?) being out of a job, I say, go for it! Otherwise, walk. I did it some years ago, and don't regret it.

Posted by: Minmin at October 8, 2008 4:55 PM in response to cold feet? entering contract-negotiating?

DUMBO: $7,000,000. Now that's "dumb-o." And Stoner says "its new owners, who work in finance, are planning a gut reno." Maybe we should amend that to "WERE planning a gut reno."

And while I'm talking about finance, what does everyone think about Fuld getting socked in the kisser at the Lehman Brothers gym? (that and the post-punch, post hearing comment from some other wag.)

Posted by: Minmin at October 7, 2008 3:27 PM in response to Last Week's Biggest Sales: Dominant Dumbo

Parrotgirl--sounds like you've got some soul searching going on. I think my advice would be to gut it out, especially if you love the apartment AND the neighborhood. The poster who talked about "zero equity with a tax deduction" is on to something. Sure, it might be a wiser decision to walk if you wanted to flip for a killing, but if you live there only for 5-7 years, I think it will all balance out. You'll probably have less equity than you would have if you bought before prices were run up, but more in line with what gains have been historically.

I'm not sure if this is possible, so I appeal to the closing savvy people out there--but do you think she could renegotiate the amount of the downpayment? If the 20% is set by the developer/owner not the mortgage bank, she probably could. I'm sure they'd still like to keep a sale rather than lose one at this point, even if they get to keep 10% as damages.

Posted by: Minmin at October 7, 2008 10:47 AM in response to Front Page Forum: Walk Away from Downpayment?

I think it's an attractive apartment, but it's really more of a junior four than a true two bedroom...doesn't the bedroom off the kitchen reek of converted "dining area." But it could work as a two bedroom, if the small bedrooms work for people, and the price isn't bad. That's an interesting comment about whether now is the time for a "starter" apartment. I really have to think about that.

Posted by: Minmin at October 1, 2008 2:06 PM in response to Co-op of the Day: 147 South Oxford Street, #3C

...but of course, there can be corrupt boards, but that's a different thing entirely.

Posted by: Minmin at September 30, 2008 8:24 AM in response to Common Charges Increase on Coop

Hi Bolder, OP and others:
Co-op board members DO know when increases are coming...they have to vote on it after all, but if they are a responsible board (a board's primary duty is FIDUCIARY, after all), they set the maintenance once a year, after reviewing the budget from the previous year and discussing proposed increases. If they get it right (and there are no UNEXPECTED increases...ie fuel prices skyrocketing), there should be no additional increases until after the next year's budget meetings. If there are unusual or unexpected increases, there may be a special assessment.

The suspicion should be placed on the seller and possibly the agent, and nowhere else.

If you are buying a coop, definitely review the financials, but also ask when increases generally happen and are any planned, do they have any notice of impending increases, and is there any capital work in the offing. In other words, frame the question as many ways as possible so that if the agent has the information, s/he has to reveal it. But Bolder's right: costs have gone up. Expect maintenance to go up too.

Posted by: Minmin at September 30, 2008 8:22 AM in response to Common Charges Increase on Coop

I think high-end appliances are a mixed bag. As I mentioned in my Drimmer's response, I have mid-range appliances (Bosch stove, micro, dishwasher) and a higher-end refrigerator (Liebherr). I've had no problems with the Bosch appliances at all, and like the way they look, but it's true, they look mid-range not big bucks.

I love my Liebherr, but it's had some problems. Why do I love it? It absolutely fits into a rather narrow space. I definitely paid extra for the footprint I wanted. Also, food lasts forever. OK, not forever, but for MUCH longer than any other fridge I've had. THe problems include a seal that tore, ice build-up on the back wall (from an air leak from the icemaker), and other more insignificant probs with icemaker. Service from the company has been amazing, so on balance, I am very happy with it. If a cheaper refrigerator $1000-2000 range had fit, I'd have purchased it, but it didn't.

Posted by: Minmin at September 23, 2008 1:19 PM in response to High end appliances

I disagree to some extent with the criticisms of coops above. Yes, there can be bad boards; yes there can be bureacratic and/or corrupt boards; and yes, landlords got into the cooping business to make money; I think I even agree that a private house is better,but that does not mean that EVERY coop is evil and poorly run.

In this financial climate, a coop can be a better investment than a condo for at least two reasons 1) 20% equity (minimum, usually) when you get through the door 2) ability to "correct" shareholders who renege on paying their maintenance. I'm sure lots of people read the NYTs articles some weeks back about how condos in Fla are in terribly dire straits, not only because of units nearing foreclosure, but because those owners aren't current on their maintenance which negatively affects how the building can be run. And of course, there's the not insignificant reason that a family or single person with an income in the range of 70-100,000 can get into some nice

I think that the resident directors of too many boards do forget that the sponsor's interests aren't EXACTLY like theirs.

Posted by: Minmin at September 23, 2008 1:13 PM in response to co-op harassment

Looks more like a 6 family plus retail, if you count the doors. Someone in the hood should check out the meters.

Posted by: Minmin at September 22, 2008 1:15 PM in response to A Brownstone [Still] Dies in Brooklyn

Again, I was responding to something in your message: the comment about the 99cent stores. After I posted it, I realized I could have said hardwares store or fruitstand, or at least added them in addition to my first two examples.

How do you know that about immigrants and moderately income folks largely not considering the outside aesthetics when choosing a place to live? That argument was made by housing advocates in the 1920s-1930s, to which Eleanor Roosevelt made a famous rebuttal. I WOULD argue (agree) that lower income people don't have as many choices they CAN make, but that does not mean they are not without capabilities of aesthetic discrimination. And DIBS is right...do we know anything about the developer's altruistic motivation? I think not.

Posted by: Minmin at September 22, 2008 12:19 PM in response to A Brownstone [Still] Dies in Brooklyn

Riffing on what an earlier poster (Schultz) had written, which you had seemed to respond to. I maintain my position, though.
A 99-Cent Store can morph over time into a boutique, or a restaurant. It's highly unlikely that this building will ever improve AND it IS possible to make moderate housing that maintains some standards. (My example of the development on EP is just ONE example. There are others.)

Posted by: Minmin at September 22, 2008 11:56 AM in response to A Brownstone [Still] Dies in Brooklyn

Sorry. I missed that you had received the letter approving the project. Good luck getting through it.

Posted by: Minmin at September 22, 2008 11:48 AM in response to co-op harassment

Oh, and I'm SURE that's an illegal curb cut! (Call 311 to plant a tree.)

Posted by: Minmin at September 22, 2008 11:43 AM in response to A Brownstone [Still] Dies in Brooklyn

BLECH....

And Benson, while I am not averse to moderate-income housing, this IS an abomination. It can be done with class and style and pizazz...think about the infill apartments on Eastern Parkway as it curves around when you're heading towards Crown Heights. Respectful! The developer here is testing the limits not at all respectful of his surroundings. You say that people who don't like the product can take their money elsewhere, well, this guy is TAKING the neighbor's money with him.

Posted by: Minmin at September 22, 2008 11:43 AM in response to A Brownstone [Still] Dies in Brooklyn

I had a great experience with Drimmers...from start to finish. I especially liked that they sent out someone to VERIFY whether the appliances (the refrigerator) would fit.

THat being said, I have had some issue with my refrigerator (a Liebherr, which I love), but I have had the service people out a number of times. I don't hold Drimmer's responsible for that, it's the service company.

I made sure that I was there when delivery was made AND DID NOT (in this case and others) take anything I was not satisfied with. I've pissed off more than one delivery person, but who cares, ONCE I SIGN for it, it's mine, and then it's a matter of fixing, unless you can get the dealer to trade. Were you there for delivery? Or did you rely on the contractor? Also who installed the equipment? If it was your contractor, they are responsible. I looked through the brochures for LOTS of equipment: ESPECIALLY for the large refrigerators, there's a LOT on stabilizers and brackets and the like. I think your contractor has a lot to do with your dissatisfaction. BUT there's a chance you got bum appliances too.

I didn't like EBA at all. THey were completely hard sell, and incredibly rude when I didn't want top top of the line on all my appliances...Except for the fridge, I went high middle. My best service though HAS to be at Sears...

Posted by: Minmin at September 22, 2008 11:37 AM in response to Unfortunate experience with Drimmer's

You should have received a letter to the effect that your renovation was approved. Until that letter is received you do not yet have the permission to proceed. The rules are designed to protect all shareholders (co-owners). That being said, the management company IS probably delaying (inadvertently, purposefully, etc) and there's also a good chance that the documents provided to you are not as clear as they need to be. However, without the letter saying you can proceed, you can't, so they are fully within their right to stop you. However, you don't want to antagonize them further...BH76 is right...find out what to do to make things right, THEN do what Denton suggested: run for the board.

Posted by: Minmin at September 22, 2008 11:28 AM in response to co-op harassment

I agree---why couldn't they even offer it for people to MOVE? Whose to say they couldn't have sold it for a sufficient amount of money to do what they want, too?

Posted by: Minmin at September 22, 2008 11:23 AM in response to On to the Afterlife for Green Church

Re the Lafayette Avenue situation, this is actually (believe it or not) the homeowner's responsibility. They have the responsibility of keeping the sidewalk in front of their houses free from trip hazards. In some cases, I think people are able to get the city to do something to help them out, but more often than not it's a matter of patches.

Posted by: Minmin at September 19, 2008 3:13 PM in response to Whose Tree Is It, Anyway?

There are regulations against illegally cutting city trees.... I think the person SHOULD call 311. I've seen places where people have cut down street trees so they can park in front of their house. That really makes me angry.

So she should complain. Maybe nothing will be done, but maybe it will. In addition, the OP should write a letter to the synagogue, informing them of the illegality of their action, and reminding them that being neighborly means being neighborly to all neighbors. The OP should also mention the problems with the way that the synagogue takes care of its own property, especially concerning health issues.

Posted by: Minmin at September 19, 2008 12:09 PM in response to Whose Tree Is It, Anyway?

I'm with workingworking. Enough eye-pollution. OR, if it's inevitable, any chance we could make the add SMALL so there's less visual pollution. How about sponsored mirrors on the subway? It's been done successfully in Japan.

Posted by: Minmin at September 15, 2008 11:56 AM in response to Your Ad Here? Should Trash Cans Take Ads?

I have large porcelain tiles that REALLY looks like slate. Quite reasonable in price, not so hard on the legs. (Much cooking is done in this kitchen). Also, the contractor went for quite narrow grout lines so there hasn't been a problem with keeping the grout clean, and I went for a grout color that complemented the gray tile (it's a kind of light reddish brown, it doesn't stand out as too dark nor is it too light the way that much white grout is.) I love the look of wood in a kitchen, but I've also seen how grungy it gets if you don't wipe up spills quickly.

A previous poster's comment about just finishing off a sub floor was a neat idea, but I know I'd be happier with a finished floor.

Posted by: Minmin at September 15, 2008 9:58 AM in response to A penny for your... kitchen floor??

but there's the rub--this is a jr4, not really a family sized apartment in the sense you mean, and in the apts you mention, the second bath is generally tiny and off the tiny room just off the kitchen.

Posted by: Minmin at September 11, 2008 9:22 PM in response to Co-op of the Day: 40 Prospect Park West, #6K

It's an overpriced junior four with a decent layout. Note that kitchen, bath and jr-room (the original dining room, now the baby's room) are have a view of brick walls, probably that of another wing of the building.) Don't get me wrong, I like the apartment, just wouldn't want to pay three quarters of a million for it.

Weighing in on the bathroom issue: Quasi-yuppie here (then and now) who grew up in a very old house and relatively large house with lines that pretty much made extensive additions impossible. It was only after some creative INTERIOR redesign that my parents managed to put in a half bath on the first floor, meaning the family still only had one shower/tub to share. No AC except window units in two of the bedrooms. I'm with oohlala...the disdain with which people use one bath as a deal-breaker is pretty funny. I wouldn't if the residence had everything else I wanted. Let's be realistic...in NYC, what percentage of pre-war apartments have more than two bathrooms???

Oh, and I still hate AC.

Posted by: Minmin at September 11, 2008 7:32 PM in response to Co-op of the Day: 40 Prospect Park West, #6K

There's a similar situation (or two) in Queens. The difference is that the pastor is not involved in the pillaging.

Posted by: Minmin at September 9, 2008 8:13 AM in response to Final Prayers for the Green Church?

Wow. The fact that you filmed the walk through suggests to me that you feared this scenario in advance. I say get the lawyer's letter and threaten action. Most leases clearly say that security deposits cannot be used to cover "normal wear and tear," and the vast majority of the "damage" you mention seems to be exactly that. Also, I'm not sure of the NY regulations on this, but in many municipalities, tenants are entitled to a freshly painted place, regardless. (Which would absolve you and your wife of any costs related to repainting, assuming you left the walls as you got them.)

But, speaking as a former renter with one odd landlady, why did you just spackle the paint holes and not paint over them???

Posted by: Minmin at September 9, 2008 8:10 AM in response to Security Deposit

Now that you've got the squatter out, you've got to move one of your own family members back in. If that's not immediately feasible, you might even consider getting a security system (CCTV) which you could monitor in case the guy decides to move back in or cause damage to the house.

Posted by: Minmin at September 2, 2008 3:27 PM in response to Need advice on evicting squatter

Two additional comments re HPD buildings.

To answer broadwayron, your income CAN go above the stated income level after you purchase, move in. There's no penalty for that, as far as I know.

In response to Bolder's question about what the seller paid, there are all sorts of scenarios. (Too lazy to P-shark it right now.) If the seller is one of the original owners, s/he may have paid as little as $250 (!!!). The city sold distressed/foreclosed buildings to tenants (urban homesteaders) for about that much in the originally years of the program. The low price was justified by the fact that the owners of record had given up on the buildings. These buildings are generally in once-very-blighted neighborhoods.

Posted by: Minmin at August 29, 2008 2:45 PM in response to Co-op of the Day: 154 South 3rd

"Is a flip tax assessed on the sales price or the profit?"

--Depends on how the building's articles of incorporation are framed. My gut feeling, though, is the LARGER flip taxes tend to be on the PROFIT. Not the sales price. It's paid by the SELLER, not the buyer, though of course the seller will try to build it in, right?

Posted by: Minmin at August 29, 2008 1:46 PM in response to Co-op of the Day: 154 South 3rd

Now THIS apartment makes me shudder! It looks tiny, dingy, and really isn't affordable for a lot of people, especially those under the income cap.

Re the 40% flip tax. It is huge, but probably makes sense given the way the building is structured. This is probably written into the proprietary lease/articles of incorporation as one way to 1) keep the building affordable 2) relatively maintained. If it's an HPD building--sounds like it--the maintenance is probably around $400, which is enough to pay the basic bills, but not enough to do capital improvements. Taking 40% as flip probably makes it possible for the building to do serious capital improvements without mortgaging the building (thus keeping maintenance down) or having an assessment (ditto, though different). We looked at a wreck in Manhattan with a 30% flip task and an asking price of about $500,000 IN AN "income-restricted building." And when I say wreck, I mean take this apartment and imagine it MUCH worse.

There are a variety of cut-off points for the affordable. In some places it's 50,000ish, others 65,000, and so forth, but the asking prices aren't anywhere near what would be affordable (ie 3 times more than the income cap.). Oh well.

Posted by: Minmin at August 29, 2008 1:02 PM in response to Co-op of the Day: 154 South 3rd

Egypt--If you don't mind, could you give us a ballpark figure on how much the "fortune" was in your condo conversion"? Also, what made it a nightmare? Was this just the lawyer's fee or did it involve any renovations as well. I don't know anybody who did this in NY, but I do know people in California who bought as "tenants-in-common" and then did the condo conversion. I would think that that could be a trickier situation, since both 'T-i-C' would probably want to maximize their investment. Gemini10 already has an apartment in her house, so renovation costs would probably be minimal.

Posted by: Minmin at August 20, 2008 8:48 PM in response to Selling My House

Another possibility would be dividing the building you currently own into two condo units. You'd have to consult with a lawyer, which wouldn't be cheap, and--if you like your current tenants and they are viable financially--you'd have a built-in probable purchaser. I think you'd get a decent return--but it would allow you to stay in PS.

Posted by: Minmin at August 19, 2008 1:54 PM in response to Selling My House

Compare the two photos--Mr. B's and Bibi's on the Realtor's site. Gotta love those fish-eye lenses. Do they THINK we can't tell???!!!

Posted by: Minmin at August 15, 2008 8:49 AM in response to House of the Day: 132 Cambridge Place

I wouldn't worry too much about it. An engineer's report would also give you and the other owners a sense of how much life is left in the systems that have been replaced. You could refer to it as part of your capital program. If the work was done in 1986, some of these systems will be nearing the end of their life. Could you perhaps link it with an energy audit with one of NYSERDA's partners?

Posted by: Minmin at August 15, 2008 8:45 AM in response to Inspection Requested by Insurance Company

Also try the "Build it green" warehouse in Queens. THey may have some.

Posted by: Minmin at August 14, 2008 8:35 AM in response to old pink shower tiles

It's more the being "strung on the line" that is so irritating. Or bidding and negotiating in good faith only to find out that the sellers aren't playing by the same rules. THAT's what's annoying, and probably unethical. I got "fished" on a property a few years back. The sellers (FSBO) took my offer, kept giving me reassurances that it had been accepted, after some price adjustments, then I saw they had posted another open house in the NYTs. I went to the open house just to piss them off: "So, does that mean that my offer has been turned down." It worked. It was a great place, but I just pulled out of their game once I realized how they rolled.

Posted by: Minmin at August 13, 2008 10:03 AM in response to Shenanigans at 279 Clermont Avenue?

It's more the being "strung on the line" that is so irritating. Or bidding and negotiating in good faith only to find out that the sellers aren't playing by the same rules. THAT's what's annoying, and probably unethical. I got "fished" on a property a few years back. The sellers (FSBO) took my offer, kept giving me reassurances that it had been accepted, after some price adjustments, then I saw they had posted another open house in the NYTs. I went to the open house just to piss them off: "So, does that mean that my offer has been turned down." It worked. It was a great place, but I just pulled out of their game once I realized how they rolled.

Posted by: Minmin at August 13, 2008 10:02 AM in response to Shenanigans at 279 Clermont Avenue?

Thank you Gabby and welcome Lisa~

Posted by: Minmin at July 31, 2008 12:52 PM in response to Changing of the Guard

Chaka--why do you say "coops"? The trend today is condo, I think because of the ridiculously high premium on condos in NY that real estate developers have convinced New Yorkers is reasonable? 10%-20%, maybe. 30%-50%? Hah! But, if I were an investor, sure I'd love that kind of return. If he does go condo, I wager that few of the current residents will be able to get their finances THAT much in order.

Has anyone read about how the multitude of foreclosures in the condo market in Florida and elsewhere have really put a crimp in the buildings' ability to be maintained properly, and have also meant that the residents who aren't deadbeats are hit with paying for their buildings scofflaws. In this market, I think a coop could even be a better investment.

Posted by: Minmin at July 31, 2008 12:45 PM in response to $58 Million, Rent-Stabilized Apartment Portfolio Trades

There were gray parrots near my last place of residence and a mockingbird colony lives on the current street. One mockingbird--now gone, I think, since I no longer hear him, had the BEST sounds ever in the early morning and evening. He'd go through a repetoire of sounds that included grackles, sparrows, trills,and car alarms. Yeah, there's my city bird!

Posted by: Minmin at July 31, 2008 10:46 AM in response to Closing Bell: The Brooklyn Parrot Guru

How about putting the dumpster in front of the OTHER neighbor's? *the one who's not complaining.

Posted by: Minmin at July 30, 2008 10:15 AM in response to complaining neighbor

I don't think that a "real professional" is needed for this, as long as things are carefully outlined at the outset. How soon do you hope to close on this property? My advice would be to do the following. However, you need to TRUST each other very much. 1) Open a joint bank account with the person who is lending you the money. If it's a sibling or a parent, that shouldn't be too difficult. Keep the money in the account for awhile. (Alternately, have your name put on the account where the money is coming from.) 2) Draw up an agreement...vinca and slopefarm have good advice concerning what to include. I suggest a "start" date for repayment, that is about 6 months to a year after the mortgage starts. That gives you some time to get back on your feet after the initial house expenses. Make sure that your relative gets a favorable rate of return. It may be a kind of favor, but it's still YOU using HIS/HER money. You should also make a reasonable term for repayment. If your relative is not getting a percentage of the sales profit, I wouldn't make him/her wait to long for the money. Then, when you start paying back, you pay it into the joint account. Good luck!

Posted by: Minmin at July 30, 2008 10:11 AM in response to How to pay back family investor for downpayment contribution in 20 years?

And the upper west side has no RS residents? (I know plenty of people on both the UES and UWS who live in rent stabilized apartments). Think of all the anti-social tendencies those folks have.

Polemicist is right to some extent: if the average RS rent is $900 (a total guess--I know of RS rents in Bed Stuy and Crown Heights that range from 900-1200) it does mean that the rate of increase will be slower until a majority of them approach $1700-1800, when the dollar amounts of the percentage increases will be fairly high, and push them into non-stabilized land. Is this a bad thing? I don't think so.

Posted by: Minmin at July 28, 2008 4:17 PM in response to Condo of the Day: 255 Eastern Parkway, #C16

Is it the sort of place where she could take in a roommate? or two? Better to share a dwelling with semi-strangers than lose it and get bad credit in the meantime.

Posted by: Minmin at July 24, 2008 6:58 AM in response to Legitimate Foreclosure Counseling

One bedroom at 600 s.f?? That's a large studio. How is it that the size of the average American house has increased some 40% in the last 20 years and the size of the average apartment in NY has decreased by almost the same amount AND storage is replaced with extra bathrooms and w/d. (I like both, don't get me wrong, but isn't there a way to have both).

Re the resales: the income restriction is one point to consider, but there may also be a penalty (usually fairly modest) if you "have" to sell. Check the prospectus. You should also note how long after the closing date they provide for you that they STILL can close without penalty. It can be fairly long and your money is tied up during that time. It's only after that point that you can break a contract without losing deposit.

Also to consider: by the time the building is finished, your 1.5 year old may be a 2.5 or 3 year old who probably needs a little room of her own. (Rather mommy and daddy need a room of their own, baby stuff doesn't need to take over the remaining space). Good luck!

Posted by: Minmin at July 18, 2008 4:52 PM in response to "Winning" HPD Lottery for the Toren

Back to building codes: fire department access is one of the greatest concerns regarding the building code changes.

Posted by: Minmin at July 16, 2008 9:27 AM in response to roof rights in a condo?

You should look at Habitat, a publication that covers issues of concern to people in condos and cooperatives. Also look at the New York Council of Condominimums and Cooperatives and Cooperator.com.

There will be legal costs involved, in addition to the costs associated with the actual roof area. The articles of incorporation will have to be changed so that roof rights are assignable, and--more importantly for you--assignable to you. Then a price has to be assigned. I have heard figures of one half the average price per square foot of interior dimensions. I don't know this for a fact, but it might give you something to work with.

Finally, you should note that the building code has recently been updated and roof structures are more highly regulated than they have been. Food for thought! Keep us posted.

Posted by: Minmin at July 16, 2008 9:20 AM in response to roof rights in a condo?

Here's the link (I think).

http://www.nytimes.com/2008/11/16/realestate/16deal1.html?ref=realestate

Posted by: Minmin at November 19, 2008 11:35 AM in response to Insurance Against Falling Prices?

Thank you, Minmin! I just found it myself.

Posted by: zuzubird at November 19, 2008 12:02 PM in response to Insurance Against Falling Prices?

A lawyer buddy of mine once told me that the issue is that if the city knows about the pot hole and failed to fix it then you might have a case. If no one reported it, then they're not liable.

Suggest you report it to 311 and see. At least the next person might benefit from your kindness. Good luck!

Posted by: Johnny at November 19, 2008 6:31 PM in response to Pot Hole Damage

you also have to act quickly and file a notice of claim w/in 90 days.

Posted by: slick at November 19, 2008 9:31 PM in response to Pot Hole Damage

Try these two links:
http://www.comptroller.nyc.gov/bureaus/cac/faq.shtm#three
http://www.comptroller.nyc.gov/bureaus/bla/auto_damage_claim.pdf

From the first link: My car hit a pothole. What agency do I notify to get the street repaired? The City Department of Transportation (DOT) is responsible for correcting all roadway and street deficiencies, such as potholes. To report such problems, contact Diane Poland, DOT Director of Litigation Support, at the agency's headquarters, at 40 Worth Street, 9th Floor, New York, NY 10013, or call (212) or (718) CALL-DOT / 225-5368. To file a claim for damages to your vehicle, download the Automobile Property Damage Claim Form and fact sheets.
DOT is also the place to report a traffic light that isn't functioning properly. If you are aware of such a problem,  call the agency's 24-hour hotline at (212) or (718) CALL-DOT / 225-5368.

Posted by: vinca at November 19, 2008 10:06 PM in response to Pot Hole Damage

I had a similiar experience about 2 weeks ago. I filed a claim with my insurance company who paid up.

Posted by: carroll2stones at November 20, 2008 9:25 AM in response to Pot Hole Damage

Bwahahahaha! You will have more luck asking stones to hemorrhage.

Posted by: Bklyn Fire Alarm Guy at November 20, 2008 5:17 PM in response to Pot Hole Damage

There's some kind of standard ratio -- like $10,000 per apt or some such thing, can't recall. You can google it online. There is also a book called "Buying or Selling a Condo or Coop in Manhattan." Also check the online guides on Corcoran.com. Your lawyer is supposed to look over the finances and tell you if the building is sound before you sign a contract.

Coops are very different from brownstones, obviously. The purchase and sale process is lengthy because of the coop board approval process. And the coop board can kind of make life somewhat difficult with arbitrary rules and charges you can't do anything about. OTOH, it's also nice to have everything taken care of, like roof leaks.

Another big difference is that coops sometimes require high down payments and reserve funds in the bank at closing. But with all the new requirements for mortgage loans these days, that difference may be narrowing.

Ask about recent repairs (boiler, roof), what percentage of the building is owner occupied, whether subletting is allowed, and how much the maintenence is. You will also have to deal with noise above you unless you're on the top floor, and you may have to carpet much of your apt depending on whether management enforces the rules. If you are planning extensive renovations, you will need board approval, and some coops require you to be present while the work is done. There are also charges to move in and out and so on.

Posted by: mopar at November 24, 2008 6:46 PM in response to Evaluating Condos, Coops

In addition to the good points made, check on J-51, 421 abatements and their expirations. Get a look at the previous year's Minutes of a co-op. And have a decent lawyer on deck. Good luck.

Posted by: buttermilk channel at November 24, 2008 8:50 PM in response to Evaluating Condos, Coops

Serpentor,

Sorry to hear about your deal, but you may have avoided a nightmare. Hard to know how to count those chickens. Some good advice above on coops.

Posted by: slopefarm at November 24, 2008 9:56 PM in response to Evaluating Condos, Coops