Anyone Ever Worked with Massada Homes (Jay Tsafrir or Elliot Nicks)?
Hi, I’m new to the forum but have been reading for a while. We are looking for a home to buy in Bed Stuy. We have been searching for six months. We recently met an agent by the name of Jay Tsafrir (also goes by first name Giyora, works out of Massada Homes) who sells…
Hi, I’m new to the forum but have been reading for a while. We are looking for a home to buy in Bed Stuy. We have been searching for six months. We recently met an agent by the name of Jay Tsafrir (also goes by first name Giyora, works out of Massada Homes) who sells “fully gut renovated” brownstones. He works with several different contractors, and showed us some works in progress (which confirmed that yes, they are indeed full gut renovations, with new everything). Some of the contractors work to preserve details, others do not. Regardless, we are just wondering if anyone has ever worked with him to buy a home, and if so, how was it? Thoughts, good and bad, appreciated. Another agent, Elliot Nicks does the same thing – so if anyone has any experiences with him, do tell.
Please know (and I know there are a lot of purists on this forum) we are also seriously considering buying a brownstone in “decent” condition and renovating it ourselves. We’re just trying to find out about this guy in order to know all our options here.
Thanks.
It would be a miracle if a home flipped by Massada had HVAC, so you don’t have to worry about that.
I think OP is asking if anyone has ever bought a home from them, and how was the quality under the covers?
Unfortunately, I haven’t bought from them although I think I have visited some, and there are one or two for sale near me in Bed Stuy, so I can’t answer your question. I would be interested to hear the answer too.
Occasionally one does see a home for sale that is in move-in condition, and whose renovation was handled by the person living in the home. I have to agree those are usually the highest quality properties and, ultimately, in the end, the most affordable. If a buyer doesn’t have at least $100,000 extra in cash to do their own renovation, then in my experience that is absolutely the best way to go. Just hold out, you will find it eventually.
Otherwise, there are the flipped properties from such as Massada, where you don’t know what is under the covers. Or the rest of the properties, which speaking realistically, are even worse than Massada. So much worse. Properties half-repaired and half-destroyed by handymen moonlighting as plumbers and electricians.
I can add that renovations done with the intent to create a sellable product at minimum cost is fundementally at cross purposes to what the home buyer really wants.
Assuming a job is done to code, and certainly many are not, that is still no gaurantee of quality.
There are different levels of quality for fixtures, although all levels meet code and no home purchaser understands the difference.
There isn’t that much difference in price between a 5 year and a 10 year hot water heater. Both meet code, both are new, but which is better for the buyer?
A home inspector might pickup that difference, but I gaurantee you that no home inspector would pick up the fact that the low bid HVAC contractor specced “builder’s grade” components. Every sophistication and efficiency that has been engineered in the last 20 years is missing from this bottom of the barrel equipment.
I only have specific information in a few trades, but there are analagous situations in every trade.
If you work with them you should make sure to see the renovation at each stage and insist that it is being done correctly and to code, get a contractor or architect to help you, along with a good lawyer. Make sure you have an escrow holdback to cover repairs once you close. As other people here have noted, these guys will seriously corners but you can make it work if you are very very vigilant and persistent and have someone knowledgeable on your team.
The “builders” who sell trough Massada make the most money by buying properties for very low prices.
They get the deals because they buy properties that can’t be bought with a mortgage (not in livable condition).
Once they get the property, they renovate and sell as fast as possible.
To sell fast you need to have a line of buyers. Because buyer’s financing is never a sure thing, it’s not unusual for them to have multiple contracts out for the same properties: If a buyer fails to get financing, there is one right after ready to go.
Likewise, is never too early to start showing a property… (mid renovation).
As long as you understand the way it works and you can live with this way of doing business, you can get decent deals. If you find something that you like, it’s sometime possible to make (small) changes to the renovation.
If you can afford the “corcoran” listings, go for it.
If you can only afford properties in the Massada price range, take the time to understand how this system works and how to get the most out of it.
good luck
I can only speak in general about buying a brownstone that’s been renovated by flippers/developers and I always have to say don’t do it. The only kind of fully renovated house I would buy is one that was done by the people who lived in it themselves as a home for a family, and for a length of time.
Developer/flippers cut a lot of corners traditionally to widen their profit margin. There can be a lot hidden in the walls your inspector can’t see so later on you have to rip it all open to fix it yourself. If you have the time to renovate a place yourself it’s a much better situation. I know somebody who worked on one of those flipper shows on TV and he said we wouldn’t believe the problems that were covered up, not fixed, in the renovations. Those houses were in other parts of the country not here, but it’s the same business model. Caveat emptor.
We were in a similar scenario, we were less than successful with them. The had a place they listed at 675,000 after renovation. We made a reasonable offer, a little under that, they responded that the “seller” was looking for more than asking but they would forward our offer and we would hear back in a week. I told them fine, we look forward to any counter offer. A week later I saw the place listed at 699,000 and last I check I think it was sold for 680,000. I had read previously that they try and get in as many offers to play against eachother to maximize the sale price. I’m not that bitter about that, but the whole time you get a vibe that these guys are slippery.
In a word these guys are SLICK! So just be very very careful.