When I became a real estate agent in 2005, my first training was to familiarize myself with the real estate of New York. That is no easy feat and it involved climbing lots of stairs and bluffing my way into hundreds of buildings to see many more apartments than I could hope to count. My photo collection includes hundreds of apartments, and hundreds more if I hadn't lost some photos to corruption.
What I learned was that, in addition to certain neighborhoods having various charms and amenities, the housing shares certain characteristics. People who don't live in these neighborhoods are sometimes shocked, for instance, that nothing in their price range has laundry in the building, or an elevator, or everything is dark. A real estate agent can end up turning off a client by doing nothing more than showing an uneducated client exactly what they are asking for in terms of price, location and number of bedrooms.
I sometimes get a call from an interested party who declares that their last broker "only showed me garbage." When I probe a little more deeply into what they asked for, I quickly realize why.
My favorite request is a brownstone "with lots of light".
Brownstones are long, narrow townhouses that typically have a north-south orientation. This means two things: 1) the only windows are typically in the living room and the bedroom, leaving the kitchen, bathroom, and half the living room fairly dark UNLESS the apartment is on the top floor. But that of course means walking up 2-3 more flights of stairs; and 2) one of the rooms with windows will usually be very dark because it's facing north. To make things even worse, the side of the apartment that faces the back of the building may face nothing but a brick wall because in some parts of Manhattan (Upper West Side!), there isn't much of a backyard separating the buildings.
And this is only when you are lucky enough to find a floor-through apartment! If you end up with a half floor-through, then you get one set of windows out the front, and one room (usually the bedroom) with one measly window on a (poorly named) airshaft - might as well have it bricked up for all the light it brings! So, when someone calls me up and specifies a brownstone, I have to groan just a little bit.
But other types of buildings have their own issues. More on that next time....
Wednesday, June 10, 2009
Wednesday, June 03, 2009
My Favorite Time of Year!
This is my absolute favorite time of year. The weather has turned warm but not too warm (except for a random few days), the trees are lush and green, and being outside is just a pleasure. And, yes, we are heading into the busy season for movers.
Many people have asked me what I expect this summer to be like. Well, according to two well-known market observers - Citi Habitats and the Real Estate Group of New York, May 2009 was the first month in which New York's vacancy rate went down since early 2008. Does this mean we've turned the corner?
Once again, I have to say that I don't know. We're not going back to the days where apartments are on the market for an hour before garnering 4 applications. At the same time, I did rent an apartment last week that had been on the market a mere 2 days! So... the good ones out there don't last for long.
And while by and large renters are only answering ads that say "no-fee", a good majority of the apartments out there are still officially "fee" apartments, though the fees may be reduced or the landlords convinced to pay them. So, at least for the next couple weeks, landlords don't have the same vice grip on the necks of renters that they used to... but renters shouldn't wait for the market to dip, because the softness might have already rung out. Remember, you never truly know the market bottom until you've missed it!
Enjoy this gorgeous weather, and go see some apartments!
Many people have asked me what I expect this summer to be like. Well, according to two well-known market observers - Citi Habitats and the Real Estate Group of New York, May 2009 was the first month in which New York's vacancy rate went down since early 2008. Does this mean we've turned the corner?
Once again, I have to say that I don't know. We're not going back to the days where apartments are on the market for an hour before garnering 4 applications. At the same time, I did rent an apartment last week that had been on the market a mere 2 days! So... the good ones out there don't last for long.
And while by and large renters are only answering ads that say "no-fee", a good majority of the apartments out there are still officially "fee" apartments, though the fees may be reduced or the landlords convinced to pay them. So, at least for the next couple weeks, landlords don't have the same vice grip on the necks of renters that they used to... but renters shouldn't wait for the market to dip, because the softness might have already rung out. Remember, you never truly know the market bottom until you've missed it!
Enjoy this gorgeous weather, and go see some apartments!
Wednesday, May 06, 2009
Spring Cleaning, Spring Dreaming
So we've begun the transition from bitter winter to summer heat. I'm dismayed that it's going to be one of those years where it's in the 30s one minute, and the 90s the next. Sure, right now it's in the 50s and 60s, but the humidity and wind make it feel much colder, yet I'm sweating all at the same time!
Well, Sunday was a soggy day and during the lulls of my open house, I started thinking about my OWN real estate - my 1 bedroom coop in Kensington, where I've lived the past 8 years this June. I bought it when I was 24 (yes, you do the math!), and it's served me and my sweetheart well. But it's definitely looking lived-in now, and nowhere so much as the bathroom.
Our bathroom was straight outta the 80s when I bought it. Actually, that's rather new for my building, where many of the units still sport their vintage 30s enamel soaking tubs in cranberry, and sometimes salmon pink or lime green art deco era tile as well.
My bathroom was obviously redone in the 1980s, but with powder blue-gray tile all throughout the shower, walls, and floor, and a shallower tub (still long and deep enough to accommodate my 6'3" sweetie, who loves to soak!) also in powder blue-gray. A captain's sink (suspended from the wall, with no vanity underneath to hide the pipes) matches. You'd think that a Civil War enthusiast chose the color scheme.
I have long harbored dreams of doing a designer rehab throughout my little home - it could be maximized to so well will all the amazing technologies that we have now. At the very least, I want to strip the moldings and window frames to get the globs of dried paint off them. But the bathroom, that place that you go for peace in all the urban lore, it brings me deep sadness... probably because of all the blue-gray!
Let's face it, in today's economy, income is a precarious thing, and I'd be a fool to undertake such a renovation at the moment. I mean, that room needs a gut renovation. I'd love to re-orient the tub to the back of the bathroom so that I can rip out the sink and have a real vanity. And possibly even (gasp!) a single-unit washer/dryer tucked under part of the vanity! The art-deco laundry hamper - currently housing our excess toilet paper - would go and make room for a larger set-in cabinet that could hold most of our medicines and some towels. Oh, to have some real color in the bathroom, but not much. I love cobalt blue and probably a border of that with black accents against classic New York subway tile.
But again, that's easily a $25,000 renovation, much of it eaten up by the custom bathtub and moving the plumbing. Not really something I can take on right now, and not a do-it-yourself type project either, since there's only one bathroom in my apartment and two people depend on it.
But.... I realized that just replacing the sink might have a nice warm-fuzzy feeling effect. The sink is really an eyesore and just about the most inconvenient thing about the bathroom. Since it's completely off the floor and has no vanity underneath, there's no storage at all - we are stuck stuffing the cleaning supplies in the linen closet, which is stuffed enough. And there is absolutely no room on top of the sink for anything except our toothbrushes. The two tile cup/toothbrush holders that stick out six inches above the sink mean we can't put anything over two inches tall on the back part of the sink, which is the only flat part of the sink where we can put things. And guess what? The holes in the toothbrush holder don't fit today's toothbrushes! also, they are so close to the medicine cabinet that opening the cabinet will knock any cup we put on top of the holder off onto the floor. At least twice a day, I knock a comb, razor, or even toothbrush off whatever precarious perch where we've managed to balance it. And I'm the CAREFUL one in the house!
Not to mention the grime that accumulates under the sink as a result of both shower spray and sink spray that makes it's way underneath. Simply put, practically useless.
That said, I endured it for over six years because it worked. Until one day, I realized that the cold water wouldn't shut all the way off. Odd that it would be the cold water, but then again, we use that faucet more than the hot water. The super very agreeably changed a washer and all was well. But just last month, it started happening AGAIN! Less than two years later, the cold water washer has gone on us. Now, I don't pay directly for my water - the bill is paid through the co-op maintenance, but I am concerned about conserving water - and money - for all of us. And I learned that, due to the fact that the sink has its faucets in a lateral position instead of a vertical, and I have to realize that the likelihood we'll have another leaky faucet soon after repair is very high. So the sink, it has to go.
So, spring dreaming and lulled by the rain that tapped on the windows of my giant duplex townhouse rental, I logged onto the Lowe's and Home Depot website and started pricing out sinks. And what I found was: I can get a "placeholder" sink for under $200, vanity, basin and faucets all included. I figure that installation would be a similar amount or less, making this a very doable improvement. Not that I'd want to just sell my apartment that way, but I'd sure feel better selling it that way than with the crappy sink I've been subjecting myself to all those years.
AND I can remove those horrid useless holders myself with my Dremel tool and patch the space with plain black tiles until I'm ready to gut the place. oh, I can hardly wait for that day. But until then, I'm going sink shopping, and no one can stop me!!!!!
Well, Sunday was a soggy day and during the lulls of my open house, I started thinking about my OWN real estate - my 1 bedroom coop in Kensington, where I've lived the past 8 years this June. I bought it when I was 24 (yes, you do the math!), and it's served me and my sweetheart well. But it's definitely looking lived-in now, and nowhere so much as the bathroom.
Our bathroom was straight outta the 80s when I bought it. Actually, that's rather new for my building, where many of the units still sport their vintage 30s enamel soaking tubs in cranberry, and sometimes salmon pink or lime green art deco era tile as well.
My bathroom was obviously redone in the 1980s, but with powder blue-gray tile all throughout the shower, walls, and floor, and a shallower tub (still long and deep enough to accommodate my 6'3" sweetie, who loves to soak!) also in powder blue-gray. A captain's sink (suspended from the wall, with no vanity underneath to hide the pipes) matches. You'd think that a Civil War enthusiast chose the color scheme.
I have long harbored dreams of doing a designer rehab throughout my little home - it could be maximized to so well will all the amazing technologies that we have now. At the very least, I want to strip the moldings and window frames to get the globs of dried paint off them. But the bathroom, that place that you go for peace in all the urban lore, it brings me deep sadness... probably because of all the blue-gray!
Let's face it, in today's economy, income is a precarious thing, and I'd be a fool to undertake such a renovation at the moment. I mean, that room needs a gut renovation. I'd love to re-orient the tub to the back of the bathroom so that I can rip out the sink and have a real vanity. And possibly even (gasp!) a single-unit washer/dryer tucked under part of the vanity! The art-deco laundry hamper - currently housing our excess toilet paper - would go and make room for a larger set-in cabinet that could hold most of our medicines and some towels. Oh, to have some real color in the bathroom, but not much. I love cobalt blue and probably a border of that with black accents against classic New York subway tile.
But again, that's easily a $25,000 renovation, much of it eaten up by the custom bathtub and moving the plumbing. Not really something I can take on right now, and not a do-it-yourself type project either, since there's only one bathroom in my apartment and two people depend on it.
But.... I realized that just replacing the sink might have a nice warm-fuzzy feeling effect. The sink is really an eyesore and just about the most inconvenient thing about the bathroom. Since it's completely off the floor and has no vanity underneath, there's no storage at all - we are stuck stuffing the cleaning supplies in the linen closet, which is stuffed enough. And there is absolutely no room on top of the sink for anything except our toothbrushes. The two tile cup/toothbrush holders that stick out six inches above the sink mean we can't put anything over two inches tall on the back part of the sink, which is the only flat part of the sink where we can put things. And guess what? The holes in the toothbrush holder don't fit today's toothbrushes! also, they are so close to the medicine cabinet that opening the cabinet will knock any cup we put on top of the holder off onto the floor. At least twice a day, I knock a comb, razor, or even toothbrush off whatever precarious perch where we've managed to balance it. And I'm the CAREFUL one in the house!
Not to mention the grime that accumulates under the sink as a result of both shower spray and sink spray that makes it's way underneath. Simply put, practically useless.
That said, I endured it for over six years because it worked. Until one day, I realized that the cold water wouldn't shut all the way off. Odd that it would be the cold water, but then again, we use that faucet more than the hot water. The super very agreeably changed a washer and all was well. But just last month, it started happening AGAIN! Less than two years later, the cold water washer has gone on us. Now, I don't pay directly for my water - the bill is paid through the co-op maintenance, but I am concerned about conserving water - and money - for all of us. And I learned that, due to the fact that the sink has its faucets in a lateral position instead of a vertical, and I have to realize that the likelihood we'll have another leaky faucet soon after repair is very high. So the sink, it has to go.
So, spring dreaming and lulled by the rain that tapped on the windows of my giant duplex townhouse rental, I logged onto the Lowe's and Home Depot website and started pricing out sinks. And what I found was: I can get a "placeholder" sink for under $200, vanity, basin and faucets all included. I figure that installation would be a similar amount or less, making this a very doable improvement. Not that I'd want to just sell my apartment that way, but I'd sure feel better selling it that way than with the crappy sink I've been subjecting myself to all those years.
AND I can remove those horrid useless holders myself with my Dremel tool and patch the space with plain black tiles until I'm ready to gut the place. oh, I can hardly wait for that day. But until then, I'm going sink shopping, and no one can stop me!!!!!
Saturday, May 02, 2009
THIS is why I live in New York
Things have certainly been tough in NYC for a while. According to StreetEasy, about 400 more properties are coming on the market every week, and the time on market can be over 6 months! Prices have come down about 25%. Q1 2009 was slightly better than Q4 2008 in terms of closings and contracts signed.
On the rental side, vacancies are up and rents are down. People are renewing leases for LESS than the previous year's rent - good for them! Others are downsizing, or upsizing to more space for the same price. And I am seeing more people moving back to Manhattan from Brooklyn!
The truth is that while collectively we are in a world of hurt, the recession is really good for a lot of people. They are able to live New York, the way they always wanted to (perhaps the way they used to!).
I myself have been living New York this last week participating in what has become a New York staple: the Tribeca Film Festival. I have seen 7 movies and many actors and directors, some of whom I even got to talk with. I'm not a huge film festival junkie, but I decided for no good reason to volunteer in 2008 and had so much fun I went back in 2009. And I have had a great deal of fun!!! The weather has been gorgeous and I finally fulfilled another first, which was to eat at Bubby's (yes, 12 years in NYC and never eaten there until last week).
This last week, though a lot of work (especially squeezing in real estate showings all around!), has really refreshed me and made me proud to be living in New York again. Yes, things are tough for all around, but it's just incomparable to anywhere else!
On an annecdotal level, I have been seeing more people truly interested in buying. Some were always kind of off in the distance, but several customers have contacted me in the past month, interested in actively searching for the right apartment to buy. And it's a good time. There's no saying that this is the market bottom, but I feel reasonably comfortable saying that we're close to the bottom of this cycle, and anyone who is interested in buying can feel comfortable doing so if they have a reasonable down payment and their credit has stayed intact.
I'll be posting my latest listings in Gramercy and Chinatown soon!
On the rental side, vacancies are up and rents are down. People are renewing leases for LESS than the previous year's rent - good for them! Others are downsizing, or upsizing to more space for the same price. And I am seeing more people moving back to Manhattan from Brooklyn!
The truth is that while collectively we are in a world of hurt, the recession is really good for a lot of people. They are able to live New York, the way they always wanted to (perhaps the way they used to!).
I myself have been living New York this last week participating in what has become a New York staple: the Tribeca Film Festival. I have seen 7 movies and many actors and directors, some of whom I even got to talk with. I'm not a huge film festival junkie, but I decided for no good reason to volunteer in 2008 and had so much fun I went back in 2009. And I have had a great deal of fun!!! The weather has been gorgeous and I finally fulfilled another first, which was to eat at Bubby's (yes, 12 years in NYC and never eaten there until last week).
This last week, though a lot of work (especially squeezing in real estate showings all around!), has really refreshed me and made me proud to be living in New York again. Yes, things are tough for all around, but it's just incomparable to anywhere else!
On an annecdotal level, I have been seeing more people truly interested in buying. Some were always kind of off in the distance, but several customers have contacted me in the past month, interested in actively searching for the right apartment to buy. And it's a good time. There's no saying that this is the market bottom, but I feel reasonably comfortable saying that we're close to the bottom of this cycle, and anyone who is interested in buying can feel comfortable doing so if they have a reasonable down payment and their credit has stayed intact.
I'll be posting my latest listings in Gramercy and Chinatown soon!
Tuesday, February 24, 2009
STILL AVAILABLE - 1700 - Surprisingly Spacious 2 room studio in Chinatown
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Central heat
Thursday, February 05, 2009
Enjoy Spring & Summer in Manhattan
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Saturday, January 03, 2009
Embark Upon Your New Year's Direction
Happy New Year to all!!!
Well, since my last post, things have been pretty hectic, and not in a good way. As I predicted, the market has fallen quite a bit more, and companies are struggling to keep pace through layoffs. Everyone seems paralyzed, unsure of what comes next.
This is where I say to you: there is more opportunity now than before! The stock market as of Dec. 31 had fallen 33% in the previous 12 months. The rest of the country's real estate market has fallen anywhere from 10%-45% over the previous 2 years. Yet, remarkably, the five boroughs held on.
Sure, there was some crumbling around the edges as subprime mortgages and overleveraged investors began to fail. But it wasn't until that fateful week when Bear Stearns finally faltered that we saw the house collapse.
A great many people, gurus of our economic days from Robert Schiller to Robert Kiyosaki, have predicted this would happen. Indeed, it is happening sooner than even they thought it would. But though it is painful, in the end, there will be opportunity for those of us who are looking for our next step up the ladder to financial prosperity and freedom, or just to a comfortable home.
I was lucky - my rental properties are rented and I am even or above water in their values due to the fact that I bought them a few years ago. But they are illiquid investments - I probably could not sell them now if I had to. Thus, I hold them off the market. My stock portfolio took a hit, but I had sold many commodity-oriented stocks in July and have since been sitting on cash as well.
I am now looking to jump back into the stock market, and I think, that anyone who managed to preserve some liquidity should as well. Yes, the market for both real estate and stocks could and well may continue to fall, but this is hardly a reason to sit paralyzed on the sidelines, or to put aside life plans. Very few people manage to hit a market bottom on the nose - usually we miss it, sometimes we miss the first third of the new bull market before the media and society as a whole realizes what is happening. And the most rapid gains are always at the beginning. Personally, I'll gladly risk a further 10% drop to realize a 25% gain.
Perhaps, with the small rally that happened on January 2nd, we are finally turning around. But likely not. The market will likely continue down for a couple more months, then mill about for maybe 12-18 months, and most people will sell at this point and go into cash and bond investments that yield nothing. But then the market will turn up. Inventories and labor markets will have equalized, new companies will have been started from the dregs of the old - sublet office space, resold office furniture and equipment, fire sale services unneeded by failed predecessors. From the ashes of the old rise the beautiful newborn phoenix.
Another interesting note is that some of my friends who live in the midwest are reporting a mini-rally in real estate. My friend who lives in an upscale suburb of Detroit told me that several houses in her neighborhood had finally sold after two years of being on the market. Another friend who is a real estate agent in St. Louis suddenly has multiple offers on two of her listings and offers out for buyers on three more houses. It looks to me like some of the midwest has finally hit the comfort zone for these people. Good for them - they are seizing their opportunity.
However little the underlying capitalization of a stock may be, it is unlikely to go to zero, particularly if a company has little debt on its books (so do your due diligence!).
And real estate will never go to zero, because you are buying something tangible. The question is, at what price are you comfortable enough to purchase? When prices hit there, that is when you should pounce. Do not play the waiting game for too long, because none of us can predict the market bottom. If you want to find your new home, define what you want, what you need and what you can afford. Then go out and buy it. If you truly find what you want and need at the price you can afford, it will not seem too high even if the market does drop further. And you will never regret it.
Keep your head about you and seize your opportunity!
Well, since my last post, things have been pretty hectic, and not in a good way. As I predicted, the market has fallen quite a bit more, and companies are struggling to keep pace through layoffs. Everyone seems paralyzed, unsure of what comes next.
This is where I say to you: there is more opportunity now than before! The stock market as of Dec. 31 had fallen 33% in the previous 12 months. The rest of the country's real estate market has fallen anywhere from 10%-45% over the previous 2 years. Yet, remarkably, the five boroughs held on.
Sure, there was some crumbling around the edges as subprime mortgages and overleveraged investors began to fail. But it wasn't until that fateful week when Bear Stearns finally faltered that we saw the house collapse.
A great many people, gurus of our economic days from Robert Schiller to Robert Kiyosaki, have predicted this would happen. Indeed, it is happening sooner than even they thought it would. But though it is painful, in the end, there will be opportunity for those of us who are looking for our next step up the ladder to financial prosperity and freedom, or just to a comfortable home.
I was lucky - my rental properties are rented and I am even or above water in their values due to the fact that I bought them a few years ago. But they are illiquid investments - I probably could not sell them now if I had to. Thus, I hold them off the market. My stock portfolio took a hit, but I had sold many commodity-oriented stocks in July and have since been sitting on cash as well.
I am now looking to jump back into the stock market, and I think, that anyone who managed to preserve some liquidity should as well. Yes, the market for both real estate and stocks could and well may continue to fall, but this is hardly a reason to sit paralyzed on the sidelines, or to put aside life plans. Very few people manage to hit a market bottom on the nose - usually we miss it, sometimes we miss the first third of the new bull market before the media and society as a whole realizes what is happening. And the most rapid gains are always at the beginning. Personally, I'll gladly risk a further 10% drop to realize a 25% gain.
Perhaps, with the small rally that happened on January 2nd, we are finally turning around. But likely not. The market will likely continue down for a couple more months, then mill about for maybe 12-18 months, and most people will sell at this point and go into cash and bond investments that yield nothing. But then the market will turn up. Inventories and labor markets will have equalized, new companies will have been started from the dregs of the old - sublet office space, resold office furniture and equipment, fire sale services unneeded by failed predecessors. From the ashes of the old rise the beautiful newborn phoenix.
Another interesting note is that some of my friends who live in the midwest are reporting a mini-rally in real estate. My friend who lives in an upscale suburb of Detroit told me that several houses in her neighborhood had finally sold after two years of being on the market. Another friend who is a real estate agent in St. Louis suddenly has multiple offers on two of her listings and offers out for buyers on three more houses. It looks to me like some of the midwest has finally hit the comfort zone for these people. Good for them - they are seizing their opportunity.
However little the underlying capitalization of a stock may be, it is unlikely to go to zero, particularly if a company has little debt on its books (so do your due diligence!).
And real estate will never go to zero, because you are buying something tangible. The question is, at what price are you comfortable enough to purchase? When prices hit there, that is when you should pounce. Do not play the waiting game for too long, because none of us can predict the market bottom. If you want to find your new home, define what you want, what you need and what you can afford. Then go out and buy it. If you truly find what you want and need at the price you can afford, it will not seem too high even if the market does drop further. And you will never regret it.
Keep your head about you and seize your opportunity!
Monday, October 20, 2008
Historic Times Are Upon Us.
I hope everyone has been following the historic events that are upon us these past few weeks. Everyone is asking the same question: "How did we get to this point?" Unfortunately, we don't like the answers that the experts are bound to give us.
I've heard a lot of theories from a lot of people in the past few weeks about whose fault it is: Wall Street was being too greedy, homeowners were being too greedy, the fact that the middle class is increasingly shrinking and that so much wealth is concentrated among so few people in this country. This last idea is very interesting to me because it is true, but it is also emblematic of the problems that I feel have truly brought us to this point: the lack of financial knowledge and sense of entitlement among Americans, and the pervasive desire for safety and security (ie, jobs) at the expense of innovation and progress.
If you study history, there are very few periods where a secure middle class exists. Most of the capital (ie, farmland) was in the hands of the ruling class and there was little leverage available, so barriers to entry were very high. The middle class began when professional guilds and merchants emerged. The ultra rich non-aristocrat business man did not really exist until other types of capital became available to own (intellectual capital, merchant ships or factories) and capital became available (such as the formation of corporations by the pooling of many investors' money).
Throughout history, the middle class has also been "squeezed" by the adaptation of the old guard to the innovations of the times. Once the big guys get the gist, they swallow or copy the innovator. Constant innovation is required. The same is true today. Those who have the ability to recognize changes and work with them are the ones who will be able to survive the constant storm as it roars around us. Those who have given up their desire or ability to innovate, and instead are happy with "a good job" are the ones with the least security, because when the market changes, they can't change with it.
In fact, an argument can be made that the distortion of certain industries which have been slowly dying for years though government subsidy is what really caused the bubbles we have had recently. Under the humanitarian banner of "saving jobs", we prop up many industries, which then have no reason to innovate. The steel industry, automobile industry and airline industry are obvious examples. I'm sorry, but no one has a born right to a specific job. Subsidies have a place in business when the government wants to make new technology viable (such as cleaner energy), but the politicians have to have the gonads to end these subsidies when the industry can support itself. And they also need the strength to withhold subsidies to industries on life support. Let the owners of these companies come to them with truly innovative ideas that will change the course of those industries, not with a hand out for a bailout.
There is no question that we are going to suffer for the next few years. But how can we avoid this happening again? We need to get back to roots. I almost feel like some kind of "entrepreneurship service" should be required of young Americans. Instead of being trained to seek jobs, young Americans should be required to come up with and run a business for a year or two. It might be a one-person freelance business, or a consumer product business that is destined to become a juggernaut. The passion and energy of young people gets wasted in "entry-level" jobs that, from my own experience, never translate into upper management jobs anyway. To gain admittance to that rich table, you really need to be lucky or connected, it seems to me. But to be the chief architect of your own creation, that is a feeling that would keep many college students from ever seeking their first job.
Unfortunately, I am cynical as to the ability of the masses to govern themselves into that situation. Individually, you or I may be willing to take on the sacrifices necessary to turn around what is right now a broken system that has been leaking at the joints for decades. But politicians cannot do so, because they want to be re-elected. Every so often, we need someone who doesn't care about the quid pro quo system to shake things up. Abraham Lincoln did it, as did Franklin D. Roosevelt. Bush could have been the one to do it - indeed, we all thought our first MBA-possessing president would be an excellent choice to provide leadership on financial policy and regulation. Instead, he expanded the powers of the presidency in ways that no one wanted and hastened the decay inside our financial systems with the strain of two foreign wars. It's hard to say if the current crisis will allow the next president to push through serious reform, although honestly I can't see that either candidate has a good plan for such reform. But we should hope.
In the meantime, those of us in the tenuous middle class need to make the right decisions for us. It's hard to summon up the fortitude to invest in the stock markets right now, but it might be a good idea to do so, particularly if you are under 30.
The real estate market inNew York held steady through most of this mess but has finally begun to slow down. While most transactions that were already in contract continue to close, sales activity is considerably slower at open houses around the city, and the fall selling season has been given up for lost by many agencies. If you can afford to wait it out, you would be wise to do so. If you must sell, do not try to get the maximum for your home. Instead, price strategically near the median of comparable properties. If you are in a situation where only the top dollar will pay off your mortgage, call your mortgage company immediately to discuss the situation with them. They are available and ready to help you; it is in their best interest to do so.
However, if you are a buyer with a solid down payment available to you, this is a great time to look. The owners who have their properties on the market at this time have to sell, and they are going to listen to fair offers. Talk to your mortgage broker to keep your approval up to date, and start shopping.
One quick note of hope: my good friend emailed me a few days ago. She lives in a highly-priced suburb in Michigan, one of the hardest-hit states due to the years of bleeding auto jobs. She recently noticed that several higher-end homes that had languished on the market for two years or more were now all sold. To me, this little annecdote could be a ray of sunshine peaking through the clouds. If it has gotten so bad in most of America that people are finally buying again, we may have reached the bottom. Look for little nuggets like this, gird your loins, and listen to your gut!
I've heard a lot of theories from a lot of people in the past few weeks about whose fault it is: Wall Street was being too greedy, homeowners were being too greedy, the fact that the middle class is increasingly shrinking and that so much wealth is concentrated among so few people in this country. This last idea is very interesting to me because it is true, but it is also emblematic of the problems that I feel have truly brought us to this point: the lack of financial knowledge and sense of entitlement among Americans, and the pervasive desire for safety and security (ie, jobs) at the expense of innovation and progress.
If you study history, there are very few periods where a secure middle class exists. Most of the capital (ie, farmland) was in the hands of the ruling class and there was little leverage available, so barriers to entry were very high. The middle class began when professional guilds and merchants emerged. The ultra rich non-aristocrat business man did not really exist until other types of capital became available to own (intellectual capital, merchant ships or factories) and capital became available (such as the formation of corporations by the pooling of many investors' money).
Throughout history, the middle class has also been "squeezed" by the adaptation of the old guard to the innovations of the times. Once the big guys get the gist, they swallow or copy the innovator. Constant innovation is required. The same is true today. Those who have the ability to recognize changes and work with them are the ones who will be able to survive the constant storm as it roars around us. Those who have given up their desire or ability to innovate, and instead are happy with "a good job" are the ones with the least security, because when the market changes, they can't change with it.
In fact, an argument can be made that the distortion of certain industries which have been slowly dying for years though government subsidy is what really caused the bubbles we have had recently. Under the humanitarian banner of "saving jobs", we prop up many industries, which then have no reason to innovate. The steel industry, automobile industry and airline industry are obvious examples. I'm sorry, but no one has a born right to a specific job. Subsidies have a place in business when the government wants to make new technology viable (such as cleaner energy), but the politicians have to have the gonads to end these subsidies when the industry can support itself. And they also need the strength to withhold subsidies to industries on life support. Let the owners of these companies come to them with truly innovative ideas that will change the course of those industries, not with a hand out for a bailout.
There is no question that we are going to suffer for the next few years. But how can we avoid this happening again? We need to get back to roots. I almost feel like some kind of "entrepreneurship service" should be required of young Americans. Instead of being trained to seek jobs, young Americans should be required to come up with and run a business for a year or two. It might be a one-person freelance business, or a consumer product business that is destined to become a juggernaut. The passion and energy of young people gets wasted in "entry-level" jobs that, from my own experience, never translate into upper management jobs anyway. To gain admittance to that rich table, you really need to be lucky or connected, it seems to me. But to be the chief architect of your own creation, that is a feeling that would keep many college students from ever seeking their first job.
Unfortunately, I am cynical as to the ability of the masses to govern themselves into that situation. Individually, you or I may be willing to take on the sacrifices necessary to turn around what is right now a broken system that has been leaking at the joints for decades. But politicians cannot do so, because they want to be re-elected. Every so often, we need someone who doesn't care about the quid pro quo system to shake things up. Abraham Lincoln did it, as did Franklin D. Roosevelt. Bush could have been the one to do it - indeed, we all thought our first MBA-possessing president would be an excellent choice to provide leadership on financial policy and regulation. Instead, he expanded the powers of the presidency in ways that no one wanted and hastened the decay inside our financial systems with the strain of two foreign wars. It's hard to say if the current crisis will allow the next president to push through serious reform, although honestly I can't see that either candidate has a good plan for such reform. But we should hope.
In the meantime, those of us in the tenuous middle class need to make the right decisions for us. It's hard to summon up the fortitude to invest in the stock markets right now, but it might be a good idea to do so, particularly if you are under 30.
The real estate market inNew York held steady through most of this mess but has finally begun to slow down. While most transactions that were already in contract continue to close, sales activity is considerably slower at open houses around the city, and the fall selling season has been given up for lost by many agencies. If you can afford to wait it out, you would be wise to do so. If you must sell, do not try to get the maximum for your home. Instead, price strategically near the median of comparable properties. If you are in a situation where only the top dollar will pay off your mortgage, call your mortgage company immediately to discuss the situation with them. They are available and ready to help you; it is in their best interest to do so.
However, if you are a buyer with a solid down payment available to you, this is a great time to look. The owners who have their properties on the market at this time have to sell, and they are going to listen to fair offers. Talk to your mortgage broker to keep your approval up to date, and start shopping.
One quick note of hope: my good friend emailed me a few days ago. She lives in a highly-priced suburb in Michigan, one of the hardest-hit states due to the years of bleeding auto jobs. She recently noticed that several higher-end homes that had languished on the market for two years or more were now all sold. To me, this little annecdote could be a ray of sunshine peaking through the clouds. If it has gotten so bad in most of America that people are finally buying again, we may have reached the bottom. Look for little nuggets like this, gird your loins, and listen to your gut!
Monday, June 23, 2008
Manhattan Rentals Take A Breather
This is all anecdotal, but here we are in the middle of the traditional heavy season, and something is happening that I haven't seen in the past three years. Apartments are actually on the market for 7 days or longer, sometimes up to a month. Looks like we are FINALLY seeing some relief from the overheated conditions that have been occurring for the last two years! I suppose that I should be unhappy, but really I'm not. I'm relieved that I can take clients to several apartments (including the ones that I actually publicize on my website!) and let them think about what they like.
Now, the sudden increase in choice of apartments does not mean that suddenly New York apartments have gotten any better! The majority are still small, quirkily laid-out, and have limited light. So if you previously had a budget for a closet, that doesn't mean that you can now find a palace! But it does mean some of the following things:
In Brooklyn, the opposite seems to be the case. Apartments in the northern end of Brooklyn continue to rent for more than they did last year. A lot of the more affordable southern areas have increased in price as they become more popular. One bedrooms in the Ditmas Park area, for instance, have increased by $150-$200/month over last year. From my experiences, it appears that a lot of people in that price range are still moving into the NYC area, at least, more than are moving out. The city government bears me out on this: according to them, more than 26,000 people moved to New York City between April-June 2008. So housing will continue to be in demand.
Now, the sudden increase in choice of apartments does not mean that suddenly New York apartments have gotten any better! The majority are still small, quirkily laid-out, and have limited light. So if you previously had a budget for a closet, that doesn't mean that you can now find a palace! But it does mean some of the following things:
- You may be able to get a little more space for the same price.
- Landlords may be willing to negotiate slightly on asking price (depending how long it's been on the market)
- Landlords (particularly in big developments) may be willing to pay part or all of the brokerage fee.
In Brooklyn, the opposite seems to be the case. Apartments in the northern end of Brooklyn continue to rent for more than they did last year. A lot of the more affordable southern areas have increased in price as they become more popular. One bedrooms in the Ditmas Park area, for instance, have increased by $150-$200/month over last year. From my experiences, it appears that a lot of people in that price range are still moving into the NYC area, at least, more than are moving out. The city government bears me out on this: according to them, more than 26,000 people moved to New York City between April-June 2008. So housing will continue to be in demand.
Friday, May 16, 2008
Is the Worst Over? Understanding the Confusion...
Last week I received a Wall Street Journal article via email from one of my mortgage broker contacts titled "The Housing Crisis is Over." In this May 6, 2008 article, a case is made that as of April 2008, home prices across the country have likely hit their lowest in the cycle. There are two reasons for that: the mortgage industry is starting to unfreeze, and the drop in prices have finally made homeownership affordable again.
That said, it's highly unlikely that the markets will race back to resume their levels achieved in 2005-2006. But, it does mean that the real estate markets across the nation are going to become more liquid, homes will start moving again and people will be able to get on with their lives.
In New York, we never really had it so bad, thank goodness. Prices remained about level, barely inching up, but at least units were moving. We were able to credit that to our high homeownership in co-ops; as difficult as they are to get into, the high down payment requirements and stringent financial requirements may be what saved us in the end.
On the other hand, we have not been immune, particularly since the Bear Stearns fiasco. When that happened, banks put a number of loans that were in underwriting on hold, as well as home equity lines of credit. As of April 2008, the average time on the market (from putting the property on the market to contract signing) is four to six months. So we are feeling some fallout at this point. Still, people are out shopping. They're taking longer to do it and waiting to pull the trigger.
Yet the market is not completely dead. Housing starts across the country were up 8.2% in April, when economists expected a further drop of 1.4%. (Wall Street Journal, May 16, 2008). So homebuilders are starting to decide to build homes again. They are still down from two years ago, but this is still positive news.
I think New York's velocity will pick up soon. It's true that Bear Stearns made 20,000 people lose their jobs, but over 12 million people are employed in New York City, so that's not a huge dent. Those people will be reabsorbed into the marketplace. Other Wall Street workers may have received smaller bonuses, but they still got bonuses this year. So, maybe not this spring, not this summer, not even this fall or winter, but eventually the market will pick up and go on as it has before.
For the home buyer or home owner wondering what all this means - I say, look at the little picture for now. Don't worry about whether the national market has hit bottom or not; worry about whether it makes sense for you to buy or sell your property. If you are thinking of buying and are planning to live in your home for at least 4-5 years, then you are likely to be safe from the current market doldrums, and in fact will have advantages of more choice, more time to make a choice, more negotiability and amazingly low interest rates. If you need to sell, then with proper planning, correct pricing of your property, good choice of a real estate agent, and possibly by being more flexible about fixing up the property, you will get your property sold.
That said, it's highly unlikely that the markets will race back to resume their levels achieved in 2005-2006. But, it does mean that the real estate markets across the nation are going to become more liquid, homes will start moving again and people will be able to get on with their lives.
In New York, we never really had it so bad, thank goodness. Prices remained about level, barely inching up, but at least units were moving. We were able to credit that to our high homeownership in co-ops; as difficult as they are to get into, the high down payment requirements and stringent financial requirements may be what saved us in the end.
On the other hand, we have not been immune, particularly since the Bear Stearns fiasco. When that happened, banks put a number of loans that were in underwriting on hold, as well as home equity lines of credit. As of April 2008, the average time on the market (from putting the property on the market to contract signing) is four to six months. So we are feeling some fallout at this point. Still, people are out shopping. They're taking longer to do it and waiting to pull the trigger.
Yet the market is not completely dead. Housing starts across the country were up 8.2% in April, when economists expected a further drop of 1.4%. (Wall Street Journal, May 16, 2008). So homebuilders are starting to decide to build homes again. They are still down from two years ago, but this is still positive news.
I think New York's velocity will pick up soon. It's true that Bear Stearns made 20,000 people lose their jobs, but over 12 million people are employed in New York City, so that's not a huge dent. Those people will be reabsorbed into the marketplace. Other Wall Street workers may have received smaller bonuses, but they still got bonuses this year. So, maybe not this spring, not this summer, not even this fall or winter, but eventually the market will pick up and go on as it has before.
For the home buyer or home owner wondering what all this means - I say, look at the little picture for now. Don't worry about whether the national market has hit bottom or not; worry about whether it makes sense for you to buy or sell your property. If you are thinking of buying and are planning to live in your home for at least 4-5 years, then you are likely to be safe from the current market doldrums, and in fact will have advantages of more choice, more time to make a choice, more negotiability and amazingly low interest rates. If you need to sell, then with proper planning, correct pricing of your property, good choice of a real estate agent, and possibly by being more flexible about fixing up the property, you will get your property sold.
Sunday, February 10, 2008
Renovations - striking a balance
I recently had a call from an acquaintance who purchased a co-op apartment a couple years ago. This person's lifestyle had changed up a bit and he was thinking about converting his one bedroom apartment into a two bedroom by splitting the bedrooms. He had done careful planning and measuring and was able to arrange the rooms so that a window and closet would be available in each room. His question to me was: how would this affect the eventual sale price of his apartment?
The most general answer is that renovations generally affect sales prices positively, but it depends on the type of renovation and execution. Then, I ask another question. Once answered, the homeowner will have a better idea of what to do and how.
How long are you going to be living in this home?
Food for Thought: If you feel like you will be moving within the next 2-3 years or less and selling your home for any reason (need more space, plan to relocate, etc.), then any renovations you do should take into account the next owners of the space. For instance, if you divide your bedroom into two rooms, make sure that you frame the wall in a way that minimal damage is done to the underlying floor and walls. This way, the extra walls can be removed so that the next resident can choose his preferred layout.
Likewise, refrain from making statements that are too bold in kitchen and bathroom renovations. Choose neutral tile colors such as earth tones in the kitchen and clean colors such as blue or black and white in the bathroom. This will appeal to a wide range of future buyers (who won't feel like they need to gut the apartment) and will still give you a fresh new home that you can enjoy. If you feel the need for bold choices, express your style with paint colors and furniture, items that will be easy to change for the next homeowner.
If, however, you plan to live in your home for a fairly long time, feel free to make more customized renovations, choosing bold tile colors and building in customized fixtures. It is, after all, your home for the foreseeable future, and you should enjoy it to the utmost!
The most general answer is that renovations generally affect sales prices positively, but it depends on the type of renovation and execution. Then, I ask another question. Once answered, the homeowner will have a better idea of what to do and how.
How long are you going to be living in this home?
Food for Thought: If you feel like you will be moving within the next 2-3 years or less and selling your home for any reason (need more space, plan to relocate, etc.), then any renovations you do should take into account the next owners of the space. For instance, if you divide your bedroom into two rooms, make sure that you frame the wall in a way that minimal damage is done to the underlying floor and walls. This way, the extra walls can be removed so that the next resident can choose his preferred layout.
Likewise, refrain from making statements that are too bold in kitchen and bathroom renovations. Choose neutral tile colors such as earth tones in the kitchen and clean colors such as blue or black and white in the bathroom. This will appeal to a wide range of future buyers (who won't feel like they need to gut the apartment) and will still give you a fresh new home that you can enjoy. If you feel the need for bold choices, express your style with paint colors and furniture, items that will be easy to change for the next homeowner.
If, however, you plan to live in your home for a fairly long time, feel free to make more customized renovations, choosing bold tile colors and building in customized fixtures. It is, after all, your home for the foreseeable future, and you should enjoy it to the utmost!
Friday, January 25, 2008
Points and Their Uses
Even though I am not a mortgage broker, I do counsel people a lot with respect to the actual cost of renting or owning an apartment. One question I get asked a lot is "What are points?"
In mortgage terms, a point (literally a percentage point) is essentially prepaid interest - you pay a percentage point of the mortgaged amount at closing, and in return, you get a reduced interest rate for the life of the mortgage.
Here's an example:
You are taking a mortgage of $100,000 to complete the purchase of a new apartment (cheap apartment, but these do exist!). You qualify for a 30 year fixed mortgage (360 monthly payments) at a rate of 6% with no points. Your monthly principal and interest payments will be $600 for the life of the loan.
Then, your loan officer asks you if you want to pay a quarter point to lower your interest rate. You can pay 1/4 of 1% of $100,000 ($250) at closing, and in return your interest rate gets lowered to 5.75% for the life of the loan.
Using a mortgage calculator like the one found here, we can see that at 5.75%, your mortgage payments will go down to $584, a difference of $16 from the 6% rate.
If you divide 250 (the interest that you prepaid) by 16 (the amount you save per month), you will get 15.65 (rounded up to 16), the number of months it will take for you to break even on paying the point. Every month afterward, you are saving $16 by having paid that extra $250 at closing.
If you stayed in that same property for the entire 30 year life of the loan, and did not prepay it, you will have saved $5,504 by paying $250 at closing.
You could also purchase a half-point for $500. This would bring your interest rate down to 5.5% and your mortgage payment to $568 per month. This prepayment would also pay for itself in 16 months, and you would save $11,608 over the life of the loan.
The question is: How long do you plan to own the property (for residence or investment)? Most people who go ahead and buy properties are going to stay there for at least 16 months, although unforeseen life changes can alter that.
Keep in mind also that you can get the same interest savings by paying approximately $9 extra principle with your mortgage payments every month, a total of $609 per month. But, if you are short on extra cash at the time of closing, that may be the way you choose to go, particularly if your expect your income to rise over the years.
In the end, each individual buyer has to make his own decision. If you are looking for every to keep your monthly obligations low, it might make sense to pay a quarter or half point to get your interest rate lower. But, if you don't have that extra money to put to closing costs, and you think your income will rise over time, you might as well pay no points and then commit to pre-paying your principle to achieve the same interest savings. Or, you can pay the point, then commit the entire extra $25 /month to prepay your mortgage, resulting in further interest savings. None is a bad idea.
In mortgage terms, a point (literally a percentage point) is essentially prepaid interest - you pay a percentage point of the mortgaged amount at closing, and in return, you get a reduced interest rate for the life of the mortgage.
Here's an example:
You are taking a mortgage of $100,000 to complete the purchase of a new apartment (cheap apartment, but these do exist!). You qualify for a 30 year fixed mortgage (360 monthly payments) at a rate of 6% with no points. Your monthly principal and interest payments will be $600 for the life of the loan.
Then, your loan officer asks you if you want to pay a quarter point to lower your interest rate. You can pay 1/4 of 1% of $100,000 ($250) at closing, and in return your interest rate gets lowered to 5.75% for the life of the loan.
Using a mortgage calculator like the one found here, we can see that at 5.75%, your mortgage payments will go down to $584, a difference of $16 from the 6% rate.
If you divide 250 (the interest that you prepaid) by 16 (the amount you save per month), you will get 15.65 (rounded up to 16), the number of months it will take for you to break even on paying the point. Every month afterward, you are saving $16 by having paid that extra $250 at closing.
If you stayed in that same property for the entire 30 year life of the loan, and did not prepay it, you will have saved $5,504 by paying $250 at closing.
You could also purchase a half-point for $500. This would bring your interest rate down to 5.5% and your mortgage payment to $568 per month. This prepayment would also pay for itself in 16 months, and you would save $11,608 over the life of the loan.
The question is: How long do you plan to own the property (for residence or investment)? Most people who go ahead and buy properties are going to stay there for at least 16 months, although unforeseen life changes can alter that.
Keep in mind also that you can get the same interest savings by paying approximately $9 extra principle with your mortgage payments every month, a total of $609 per month. But, if you are short on extra cash at the time of closing, that may be the way you choose to go, particularly if your expect your income to rise over the years.
In the end, each individual buyer has to make his own decision. If you are looking for every to keep your monthly obligations low, it might make sense to pay a quarter or half point to get your interest rate lower. But, if you don't have that extra money to put to closing costs, and you think your income will rise over time, you might as well pay no points and then commit to pre-paying your principle to achieve the same interest savings. Or, you can pay the point, then commit the entire extra $25 /month to prepay your mortgage, resulting in further interest savings. None is a bad idea.
Friday, January 11, 2008
Thoughts for Sellers on Agent Commissions
I certainly understand why people try to save money by doing a For Sale by Owner (FSBO). Others turn to agents who agree to take a smaller percentage in compensation. I have no problem with sellers who choose these type of agents, so long as they realize what it might mean.
What I'm talking about is broker cooperation, or co-broking as it's called. What that means is that there are two agents involved in the transaction - one on the seller's side (the listing agent) and one on the buyer's side. The typical way that it works is this: The seller's agent is responsible for advertising your property as they see fit (fodder for a future post). One way they can advertise is by placing the property on a multiple listing service (MLS), but that's optional.
Some seller's agents may tell their sellers that "if the buyer is interested, he will come to me without the agent", but this is only true a small percentage of the time. Buyers choose to work with their own agents because they want someone in the transaction who is working only for them.
That's right - when there's only one agent on the transaction, that agent suddenly is not able to give his all for either buyer or seller, because as a dual agent, he has to protect the interests of both parties. This means he can't give you advice in pricing negotiations, among other things. Buyers know that listing agents are working for the seller, so they want to work with their own agent. So yes, it's possible that those buyers may abandon their agents to buy a property through a non-cooperating agent, but you better believe they'll be at the end of their rope before they do.
Some discount selling agents will offer a property for co-broke only after 6-8 weeks on the market, and some never do. Think about that - do you want to be the seller whose property can't sell after 8 weeks, and then know that your property is finally being opened up to buyers with their own agents?
I've heard some agents say - "sure we can work together, but your buyer has to pay your fee". Hmm, let's think about this: if a buyer pays his agent's fee, he has to come up with it in cash at the closing table. On the other hand, if the seller pays the fee, it gets paid from his proceeds at the closing table - the seller (usually) doesn't have to come up with cash to do this, just gets a little less. Essentially, the buyer mortgages his half of the commission. That's why the seller traditionally pays the fee - generally banks don't agree to pay an agent's commission with the mortgage, and if the buyer pays it out of pocket, then it lessens the housing price he can afford.
What I would suggest to sellers who are shopping for a listing agent is the following: ask if an agent co-brokes. If they do right away, then great! If they don't, tell them that you expect them to. I've heard some agents give excuses such as "a lot of times buyer's agents don't qualify their clients well, and you can get into a contract that falls through because the buyer couldn't get the mortgage." Well, there's a really simple way to combat that - before the contract is signed, have your agent request documentation verifying income and assets from the buyer (or agent, if applicable). That way, you'll know what you're getting. And if you do go with a non co-broking broker, then make sure you understand exactly what your agent will do to promote your listing.
As a member of the Real Estate Board of New York (REBNY), my firm offers listings for co-broke immediately. We also earn our fees by making sure that all our listings are advertised with professional photos, layouts and virtual tours. Our website is one of the top three most visited in New York City and has recognition throughout the five boroughs. The search is easy and can be done by street address. Print advertising in leading newspapers is automatic every week. In addition, I do postcard mailings and extensive Internet advertising. And most importantly, I'm very careful to make sure that listings are priced correctly to attract the most buyers. I also counsel sellers on things they can do to help their property sell faster and for more money.
The old adage holds true: You get what you pay for. I welcome the competition, because I know who will come out on top!
What I'm talking about is broker cooperation, or co-broking as it's called. What that means is that there are two agents involved in the transaction - one on the seller's side (the listing agent) and one on the buyer's side. The typical way that it works is this: The seller's agent is responsible for advertising your property as they see fit (fodder for a future post). One way they can advertise is by placing the property on a multiple listing service (MLS), but that's optional.
Some seller's agents may tell their sellers that "if the buyer is interested, he will come to me without the agent", but this is only true a small percentage of the time. Buyers choose to work with their own agents because they want someone in the transaction who is working only for them.
That's right - when there's only one agent on the transaction, that agent suddenly is not able to give his all for either buyer or seller, because as a dual agent, he has to protect the interests of both parties. This means he can't give you advice in pricing negotiations, among other things. Buyers know that listing agents are working for the seller, so they want to work with their own agent. So yes, it's possible that those buyers may abandon their agents to buy a property through a non-cooperating agent, but you better believe they'll be at the end of their rope before they do.
Some discount selling agents will offer a property for co-broke only after 6-8 weeks on the market, and some never do. Think about that - do you want to be the seller whose property can't sell after 8 weeks, and then know that your property is finally being opened up to buyers with their own agents?
I've heard some agents say - "sure we can work together, but your buyer has to pay your fee". Hmm, let's think about this: if a buyer pays his agent's fee, he has to come up with it in cash at the closing table. On the other hand, if the seller pays the fee, it gets paid from his proceeds at the closing table - the seller (usually) doesn't have to come up with cash to do this, just gets a little less. Essentially, the buyer mortgages his half of the commission. That's why the seller traditionally pays the fee - generally banks don't agree to pay an agent's commission with the mortgage, and if the buyer pays it out of pocket, then it lessens the housing price he can afford.
What I would suggest to sellers who are shopping for a listing agent is the following: ask if an agent co-brokes. If they do right away, then great! If they don't, tell them that you expect them to. I've heard some agents give excuses such as "a lot of times buyer's agents don't qualify their clients well, and you can get into a contract that falls through because the buyer couldn't get the mortgage." Well, there's a really simple way to combat that - before the contract is signed, have your agent request documentation verifying income and assets from the buyer (or agent, if applicable). That way, you'll know what you're getting. And if you do go with a non co-broking broker, then make sure you understand exactly what your agent will do to promote your listing.
As a member of the Real Estate Board of New York (REBNY), my firm offers listings for co-broke immediately. We also earn our fees by making sure that all our listings are advertised with professional photos, layouts and virtual tours. Our website is one of the top three most visited in New York City and has recognition throughout the five boroughs. The search is easy and can be done by street address. Print advertising in leading newspapers is automatic every week. In addition, I do postcard mailings and extensive Internet advertising. And most importantly, I'm very careful to make sure that listings are priced correctly to attract the most buyers. I also counsel sellers on things they can do to help their property sell faster and for more money.
The old adage holds true: You get what you pay for. I welcome the competition, because I know who will come out on top!
Thursday, January 03, 2008
The Triborough Award
This post is a few weeks late, since we're now into the new year, but I couldn't help giving myself one little pat on the back - I call it the triborough award. Last month, I happily helped my friend close on a place on East 226th Street - a four bedroom house for under $300,000. Yes, that's right! The house needs TLC, but the neighborhood has a lot of friendly people, it's reachable from the subway, and just four blocks from the Metro North. This was the first year that I completed a transaction in Brooklyn, Manhattan, and the Bronx. 3 boroughs, hence, the triborough award. Yes, I made it up. But it feels really good to say I've done that.
For those of us who are in relentless pursuit of space, I highly suggest the Bronx. It's no further away than Inwood or Washington Heights. My friend purchased in Wakefield, but he drives to work every day and doesn't work in Manhattan, so it works for him. But near the new Yankee Stadium, there are a LOT of bargains too. Given how crazy expensive it is in Manhattan, Brooklyn, Queens and Western New Jersey, I think it's really something look at. And with my newfound experience, I feel comfortable helping anyone who's looking to buy in the Bronx. Please drop me a line!
For those of us who are in relentless pursuit of space, I highly suggest the Bronx. It's no further away than Inwood or Washington Heights. My friend purchased in Wakefield, but he drives to work every day and doesn't work in Manhattan, so it works for him. But near the new Yankee Stadium, there are a LOT of bargains too. Given how crazy expensive it is in Manhattan, Brooklyn, Queens and Western New Jersey, I think it's really something look at. And with my newfound experience, I feel comfortable helping anyone who's looking to buy in the Bronx. Please drop me a line!
Monday, November 12, 2007
Cold Weather Q&As
Is this a good time to buy?
If you are looking for a home that you plan to live in for several years (minimum 5-6), then you will not suffer from any negative price trends, since you will have use of your home while prices are recovering.
If you are looking for an investment, then you need to be extra picky about the exact property that you purchase - making sure that the cash flow will be sufficient to cover the mortgage payments and other carrying costs. This way, you can keep and rent the property indefinitely in the case of a negative price trend.
Is this a good time to sell?
In New York City, the time on market appears to be holding steady. However, as we head into the holiday season, more casual buyers may put their home searches on hold until after the New Year. If you must sell due to relocation or other personal reasons, pay special attention to how your property is positioned against its competition - the other properties available for sale. Pricing is key to selling your property quickly during the slower winter months, but rest assured that transactions are happening.
If you are thinking of selling an investment property, consider the amount you are hoping to get for it versus the amount of revenue it generates. Pricing appropriately for a cashflow property will bring an investor much faster than pricing in the hopes that a developer will come along intending to convert to condos.
Is this a good time to rent?
This is the BEST time of the year for renters, and it stays good right up until around February 15. That's because rents are a little lower, and more negotiable. And more landlord incentives for agents (ie, paying our fees so you don't have to) and renters (free rent, etc.) pop up during this time. In fact, we saw them coming out a little early this year in Manhattan. In the outer boroughs, they are fewer and further between, but can be found in Downtown Brooklyn and Long Island City, Queens.
A lot of people prefer to look for new apartments in the summer, but moving in the offseason means better prices all around. Bundle up and give it a try!
Contact me today to strategize the best move for you.
If you are looking for a home that you plan to live in for several years (minimum 5-6), then you will not suffer from any negative price trends, since you will have use of your home while prices are recovering.
If you are looking for an investment, then you need to be extra picky about the exact property that you purchase - making sure that the cash flow will be sufficient to cover the mortgage payments and other carrying costs. This way, you can keep and rent the property indefinitely in the case of a negative price trend.
Is this a good time to sell?
In New York City, the time on market appears to be holding steady. However, as we head into the holiday season, more casual buyers may put their home searches on hold until after the New Year. If you must sell due to relocation or other personal reasons, pay special attention to how your property is positioned against its competition - the other properties available for sale. Pricing is key to selling your property quickly during the slower winter months, but rest assured that transactions are happening.
If you are thinking of selling an investment property, consider the amount you are hoping to get for it versus the amount of revenue it generates. Pricing appropriately for a cashflow property will bring an investor much faster than pricing in the hopes that a developer will come along intending to convert to condos.
Is this a good time to rent?
This is the BEST time of the year for renters, and it stays good right up until around February 15. That's because rents are a little lower, and more negotiable. And more landlord incentives for agents (ie, paying our fees so you don't have to) and renters (free rent, etc.) pop up during this time. In fact, we saw them coming out a little early this year in Manhattan. In the outer boroughs, they are fewer and further between, but can be found in Downtown Brooklyn and Long Island City, Queens.
A lot of people prefer to look for new apartments in the summer, but moving in the offseason means better prices all around. Bundle up and give it a try!
Contact me today to strategize the best move for you.
Monday, September 17, 2007
Slim Pickings in Brooklyn
The evidence here is annecdotal, but it's starting to get a lot slimmer pickings in Brooklyn right now. Previously, listings were plentiful in the pleasant and affordable neighborhoods of Kensington, Ditmas Park, Midwood, Sunset Park and Bay Ridge. Apartments ranged from the extremely affordable $900 to approximately $1150 for a spacious one-bedroom. Then, two things happened during the summer:
First: buildings rented up like wildfire! Several buildings in the Ditmas Park area had multiple listings through the summer (we're talking 15 or more listings at any one time), but they all rented within two weeks at the end of August. Agents are waiting for the next listings in these buildings like fledgling birds awaiting their mother's return to the nest.
Second: Prices went up. I work with a lot of people who, realizing that they were priced out of Park Slope/Cobble Hill/Brooklyn Heights, have settled on Ditmas Park as a viable alternative. Unfortunately, 1-bedroom apartments have risen in price. Apartments closest to Cortelyou Road and Stratford Road (where Vox Pop and the majority of hot shops and restaurants are located) are renting for $1150-$1350 now. Over towards Ocean Ave, studios and small 1 BRs are renting for $1100 minimum, with larger, spacious 1 BRs starting at $1200 and going up.
People who contact me looking for new apartments have been pretty disappointed, and I don't blame them. Most people have a primary concern of being too far from Manhattan. Even though the Q train is amazingly fast, even from Ave J, it's a long way to go in the eye of someone who's perhaps moving in from out of town, or possibly a recent college grad who basked in the glory of the Village, but can't find affordable housing there outside the dorms and other student housing. I suggest other nice apartments to them such as Sunset Park or Bay Ridge, but quite frankly there's not much left there either. Bay Ridge has really gotten pricey, particularly in the choicest areas near Shore Road. There are great apartments available on the east side of Fourth Ave, but people have proven strangely resistant to that side. It honestly boggles my mind, considering how much closer to the subway these apartments are. If interested, check out the link: http://www.citi-habitats.com/viewlisting.php?adID=651097.
Sunset Park is another area that people seem ready to shun without even peeking. While it's true that Fourth and Fifth Avenues are bustling and seem busy, the side streets sport shaded brownstones interspersed with small and medium-sized apartment buildings. I was surprised and impressed to find a Starbucks in the 50s on Fifth Avenue, with more undoubtedly along the way. Sources tell me that the Chinese food there is just as good as what you find in Chinatown, and the Indian food is yummy too! 36th Street is an express stop for N and D trains, so you won't have far to walk. This neighborhood is one that I have definitely not explored enough yet, but I encourage all the bargain hunters who don't want to be "too far away" from Manhattan to make a bee line over and check it out!
First: buildings rented up like wildfire! Several buildings in the Ditmas Park area had multiple listings through the summer (we're talking 15 or more listings at any one time), but they all rented within two weeks at the end of August. Agents are waiting for the next listings in these buildings like fledgling birds awaiting their mother's return to the nest.
Second: Prices went up. I work with a lot of people who, realizing that they were priced out of Park Slope/Cobble Hill/Brooklyn Heights, have settled on Ditmas Park as a viable alternative. Unfortunately, 1-bedroom apartments have risen in price. Apartments closest to Cortelyou Road and Stratford Road (where Vox Pop and the majority of hot shops and restaurants are located) are renting for $1150-$1350 now. Over towards Ocean Ave, studios and small 1 BRs are renting for $1100 minimum, with larger, spacious 1 BRs starting at $1200 and going up.
People who contact me looking for new apartments have been pretty disappointed, and I don't blame them. Most people have a primary concern of being too far from Manhattan. Even though the Q train is amazingly fast, even from Ave J, it's a long way to go in the eye of someone who's perhaps moving in from out of town, or possibly a recent college grad who basked in the glory of the Village, but can't find affordable housing there outside the dorms and other student housing. I suggest other nice apartments to them such as Sunset Park or Bay Ridge, but quite frankly there's not much left there either. Bay Ridge has really gotten pricey, particularly in the choicest areas near Shore Road. There are great apartments available on the east side of Fourth Ave, but people have proven strangely resistant to that side. It honestly boggles my mind, considering how much closer to the subway these apartments are. If interested, check out the link: http://www.citi-habitats.com/viewlisting.php?adID=651097.
Sunset Park is another area that people seem ready to shun without even peeking. While it's true that Fourth and Fifth Avenues are bustling and seem busy, the side streets sport shaded brownstones interspersed with small and medium-sized apartment buildings. I was surprised and impressed to find a Starbucks in the 50s on Fifth Avenue, with more undoubtedly along the way. Sources tell me that the Chinese food there is just as good as what you find in Chinatown, and the Indian food is yummy too! 36th Street is an express stop for N and D trains, so you won't have far to walk. This neighborhood is one that I have definitely not explored enough yet, but I encourage all the bargain hunters who don't want to be "too far away" from Manhattan to make a bee line over and check it out!
Wednesday, July 18, 2007
43rd & 9th Ave Is a Great Place to Be
Yesterday I had the good fortune to be an extra on the set of Law & Order: SVU. The shoot was on the sound stage in Bergen, NJ. When that happens, L&O provides a courtesy bus for those of us who live in New York without a car. So it was that, at 6:30AM, I arrived at West 43rd Street and Ninth Ave in Manhattan.
I must confess that as a real estate agent, I haven't worked much in that neighborhood. Quite frankly, most of my clients lately try to live in Gramercy or the East Village. And as usual, the budgets are on the low end (low meaning under $2500 per month for a one-bedroom apartment, which is low for Manhattan these days as the current average is just over $2700 per month). Most of them are students going to one of the Village-based colleges (NYU, New School, SVA), so I understand why they would want to live there. But, with the amazing price jumps year after year, I have to wonder why they wouldn't want to consider one of the other affordable parts of Manhattan.
The three most affordable parts of downtown Manhattan are: Lower East Side, Hells Kitchen, and Murray Hill, with parts of the Financial District in fourth place. The reason for this? Well, the first two had a reputation for shabby housing: walk-up tenements with little to no renovation, and the neighborhoods had little else to recommend them, since the retail basically consisted of discount retailers, bodegas and, in the case of Hell's Kitchen, a lot of peepshows.
Well, being there the other day sure opened my eyes. When I moved to NYC in 1997, the Kitchen was shaking its image as a haven for the adult trade, but didn't have much to convince me to go beyond Eighth Ave. In the years since, a lovely restaurant row has popped up from 42nd streets to 50th or so, and condos have been in the neighborhood for the last 10 years as well. I was thrilled to discover a Starbucks at the very corner that I was meeting the bus (for, at 6:30 AM, I need an incentive to stay awake). Ninth Ave looks remade, from the corner of 42nd as far as my eye could see. Buildings have been rehabbed and new retail spreads north. Starting on 43rd streets, the charming tree-lined townhouse streets remain intact between Ninth and Tenth Aves. And yet, the subway is only a couple blocks away! It's truly a great place to be for theater lovers. Party-goers will find it easy to get downtown, but the Kitchen (or Clinton, if you want), will not feel isolated in their own neighborhoods either.
Rents in this neighborhood remain lower than other parts of the city. A real one bedroom can be found for $2300, a two-bedroom for $2800. So, if you have been looking for a nice neighborhood, go one block beyond busy Eighth Ave and you'll find it.
I must confess that as a real estate agent, I haven't worked much in that neighborhood. Quite frankly, most of my clients lately try to live in Gramercy or the East Village. And as usual, the budgets are on the low end (low meaning under $2500 per month for a one-bedroom apartment, which is low for Manhattan these days as the current average is just over $2700 per month). Most of them are students going to one of the Village-based colleges (NYU, New School, SVA), so I understand why they would want to live there. But, with the amazing price jumps year after year, I have to wonder why they wouldn't want to consider one of the other affordable parts of Manhattan.
The three most affordable parts of downtown Manhattan are: Lower East Side, Hells Kitchen, and Murray Hill, with parts of the Financial District in fourth place. The reason for this? Well, the first two had a reputation for shabby housing: walk-up tenements with little to no renovation, and the neighborhoods had little else to recommend them, since the retail basically consisted of discount retailers, bodegas and, in the case of Hell's Kitchen, a lot of peepshows.
Well, being there the other day sure opened my eyes. When I moved to NYC in 1997, the Kitchen was shaking its image as a haven for the adult trade, but didn't have much to convince me to go beyond Eighth Ave. In the years since, a lovely restaurant row has popped up from 42nd streets to 50th or so, and condos have been in the neighborhood for the last 10 years as well. I was thrilled to discover a Starbucks at the very corner that I was meeting the bus (for, at 6:30 AM, I need an incentive to stay awake). Ninth Ave looks remade, from the corner of 42nd as far as my eye could see. Buildings have been rehabbed and new retail spreads north. Starting on 43rd streets, the charming tree-lined townhouse streets remain intact between Ninth and Tenth Aves. And yet, the subway is only a couple blocks away! It's truly a great place to be for theater lovers. Party-goers will find it easy to get downtown, but the Kitchen (or Clinton, if you want), will not feel isolated in their own neighborhoods either.
Rents in this neighborhood remain lower than other parts of the city. A real one bedroom can be found for $2300, a two-bedroom for $2800. So, if you have been looking for a nice neighborhood, go one block beyond busy Eighth Ave and you'll find it.
Wednesday, July 11, 2007
Homes Priced Too Low??
While the real estate markets across the country appear to be stagnant, two articles have highlighted the fact that in New York, and certain other local markets across the country, the markets are doing quite well.
The first article appears today in the New York Times on the front page. It's titled "Can't Sell Your Home? Maybe It's Priced Too Low". When I saw the headling on the print edition of the paper, I thought it was going to be some kind of critique on various pricing strategies. Instead, it turned out to be a broadly-focused (if that's possible) article on how highly-priced homes are selling very well, and still selling above asking prices in some cases, in New York, San Francisco, Seattle, and other areas where there are high concentrations of affluent people. It notably excepted Washington DC and San Diego from this trend (much to my mother's dismay - she's a real estate agent in Washington DC).
The article offers little explanation for this trend except that people who were already doing well for themselves seem to be doing better. I'm not sure if this is true, but I can't think of a better explanation. It stands to reason that someone who had enough money to have a lot of investments is probably going to be doing pretty well right now. In addition, the article mentions foreigners coming in and buying homes in areas where they may travel or work often, such as New York or San Francisco. It's hard to believe that a $3 million condo would look like a bargain, but if you make allowances for the exchange rates, taxes in their native countries, and the fact that certain countries put restrictions on foreign ownership of property, it starts to make more sense.
The second article appears in this month's edition of The Real Deal, the New York City real estate trade publication, titled "Residential Market Weak In the Middle", discusses the same trend in Manhattan. It appears that in addition to the typical high-end buying that continues to push average and median prices up in New York, lots of first-timers are jumping in feet first as well. So, you have lots of activity under $600,000, and lots over $5 million. What's in the middle? Most of the new construction condo price points. The larger choice there seems to be causing a little slack in the sales prices and timelines, but one look at another article "New Condo Filings Fall Off" suggests that in a year, this might not be the case. Apparently, attorney general applications for new offering plans have fallen by 50% (2800 units as opposed to nearly 5000 a year ago). What does this mean? It means that there is not as much competition coming online for the condo units that are currently on the market, or about to come on the market. In market-speak, Manhattan will be able to "absorb" the current units, and that may put us back where we were in terms of low inventory two or three years ago. Co-op units are already extraordinarily low - people who are not in the market for new construction have been facing bidding situations for several months now, since the beginning of the year.
Now, this doesn't mean we will get back to the hot hot market of 2004-2005. That was insane. For one thing, a lot of purchasing power rides on the interest rates and the economy. Interest rates popped up a bit a couple weeks ago (affecting a couple of my buyers in the $400K range), and that can affect the monthly payments buyers can afford. But overall, the New York market seems cautiously optimistic that values will hold for the near future, and that gives buyers enough confidence to go ahead with their life plans.
As always, please email me to discuss!
The first article appears today in the New York Times on the front page. It's titled "Can't Sell Your Home? Maybe It's Priced Too Low". When I saw the headling on the print edition of the paper, I thought it was going to be some kind of critique on various pricing strategies. Instead, it turned out to be a broadly-focused (if that's possible) article on how highly-priced homes are selling very well, and still selling above asking prices in some cases, in New York, San Francisco, Seattle, and other areas where there are high concentrations of affluent people. It notably excepted Washington DC and San Diego from this trend (much to my mother's dismay - she's a real estate agent in Washington DC).
The article offers little explanation for this trend except that people who were already doing well for themselves seem to be doing better. I'm not sure if this is true, but I can't think of a better explanation. It stands to reason that someone who had enough money to have a lot of investments is probably going to be doing pretty well right now. In addition, the article mentions foreigners coming in and buying homes in areas where they may travel or work often, such as New York or San Francisco. It's hard to believe that a $3 million condo would look like a bargain, but if you make allowances for the exchange rates, taxes in their native countries, and the fact that certain countries put restrictions on foreign ownership of property, it starts to make more sense.
The second article appears in this month's edition of The Real Deal, the New York City real estate trade publication, titled "Residential Market Weak In the Middle", discusses the same trend in Manhattan. It appears that in addition to the typical high-end buying that continues to push average and median prices up in New York, lots of first-timers are jumping in feet first as well. So, you have lots of activity under $600,000, and lots over $5 million. What's in the middle? Most of the new construction condo price points. The larger choice there seems to be causing a little slack in the sales prices and timelines, but one look at another article "New Condo Filings Fall Off" suggests that in a year, this might not be the case. Apparently, attorney general applications for new offering plans have fallen by 50% (2800 units as opposed to nearly 5000 a year ago). What does this mean? It means that there is not as much competition coming online for the condo units that are currently on the market, or about to come on the market. In market-speak, Manhattan will be able to "absorb" the current units, and that may put us back where we were in terms of low inventory two or three years ago. Co-op units are already extraordinarily low - people who are not in the market for new construction have been facing bidding situations for several months now, since the beginning of the year.
Now, this doesn't mean we will get back to the hot hot market of 2004-2005. That was insane. For one thing, a lot of purchasing power rides on the interest rates and the economy. Interest rates popped up a bit a couple weeks ago (affecting a couple of my buyers in the $400K range), and that can affect the monthly payments buyers can afford. But overall, the New York market seems cautiously optimistic that values will hold for the near future, and that gives buyers enough confidence to go ahead with their life plans.
As always, please email me to discuss!
Sunday, July 08, 2007
Rents Are Up in Brooklyn...
So as most of the places I've been renting to clients these days have been in Brooklyn, I have noticed with amazement just how expensive this little borough is getting! I mean, rents in Brooklyn Heights and Dumbo are almost to the $3000/month mark for some of the new construction apartments and condos that are going out on the rental market. Pretty crazy.
But even down in my little neck of the woods -- that being Windsor Terrace, Kensington, and Ditmas Park -- rents are much higher than two years ago. Right now, in Kensington you are lucky to get a one-bedroom for $1300/month. In Ditmas Park, I don't see them below $1200/month. Two bedrooms in Kensington are pushing $2000. We have some $1600/month two bedrooms in the Ditmas Park area over on Ocean Avenue, but since most people want to live on the "cool" side, down near Coney Island Ave, they can be a hard sell (although the gorgeous renovations and the promise of a dishwasher has been enough to get a lot of people interested!).
For my money, I think the next coolest place in Brooklyn is going to be the Brooklyn College area. Yes, the neighborhood is on Flatbush Ave and Bedford runs right down there as well. The campus is open for people to walk through during the days, but at night or on weekends, only people with BC ids can get in. But that doesn't change the fact that there's already a Starbucks over there, and a Shakespeare & Co book store, aimed at the students. Now, a full-sized Target is in construction, probably going to open late this year. There are lovely leafy streets on the east side of Nostrand, along Aves I, J, and K. I got a Zipcar from there once, and it was very pleasant! Nostrand along BC campus is going to be amazing. Right now, there are a lot of local businesses, and I think if there were just a few extra boutique retail businesses, a lot of people would wake up and realize how nice it is down there. But we'll see. For now, the busy-ness of Flatbush Ave keeps people on the other side of Ocean Ave, near the Q train. But I see it coming!
But even down in my little neck of the woods -- that being Windsor Terrace, Kensington, and Ditmas Park -- rents are much higher than two years ago. Right now, in Kensington you are lucky to get a one-bedroom for $1300/month. In Ditmas Park, I don't see them below $1200/month. Two bedrooms in Kensington are pushing $2000. We have some $1600/month two bedrooms in the Ditmas Park area over on Ocean Avenue, but since most people want to live on the "cool" side, down near Coney Island Ave, they can be a hard sell (although the gorgeous renovations and the promise of a dishwasher has been enough to get a lot of people interested!).
For my money, I think the next coolest place in Brooklyn is going to be the Brooklyn College area. Yes, the neighborhood is on Flatbush Ave and Bedford runs right down there as well. The campus is open for people to walk through during the days, but at night or on weekends, only people with BC ids can get in. But that doesn't change the fact that there's already a Starbucks over there, and a Shakespeare & Co book store, aimed at the students. Now, a full-sized Target is in construction, probably going to open late this year. There are lovely leafy streets on the east side of Nostrand, along Aves I, J, and K. I got a Zipcar from there once, and it was very pleasant! Nostrand along BC campus is going to be amazing. Right now, there are a lot of local businesses, and I think if there were just a few extra boutique retail businesses, a lot of people would wake up and realize how nice it is down there. But we'll see. For now, the busy-ness of Flatbush Ave keeps people on the other side of Ocean Ave, near the Q train. But I see it coming!
Wednesday, July 04, 2007
Strange, New Market...
Lately I've been venturing into a brave new world... the Bronx. With a friend we've been looking at homes for sale in the Bronx. Though there has been a run up in value in the past several years, the values there are much more affordable than Manhattan, Queens or Brooklyn. We found entire HOUSES with driveways and backyards for under $400,000! The neighborhoods that we have been looking in have mostly been Baychester and Wakefield. They are nice neighborhoods with lots of green. Some are a bit far from the subway, but the 5 and 2 trains run up there. I highly recommend this neighborhood to anyone who wants a real house. Don't get me wrong, there are plenty of $600,000 and up houses, but there are some well below. Usually they are bungalow type houses on narrow lots, but it's a mansion compared to what you can get for similar $$ in Manhattan or parts of Brooklyn! And no messy fussy coop boards like in Queens (I can't believe how fussy those coop boards are!). And the agents are faster to cooperate as well. (yay!).
So, there's my latest recommendation for you all.... Until next time.
So, there's my latest recommendation for you all.... Until next time.
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