Is 2010 a Happy New Year for NYC Real Estate?

It's been a tough year in NYC real estate, but there are optimistic outlooks for the new year. Shazia Khan from NY1 reported on RE experts' forecast for 2010. Steven Spinola, President of Real the Real Estate Board of New York says, "sales are up dramatically from a year ago, city-wide condo sales are up 64 percent, co-op sales are up 30 percent versus where they were a year ago."

And data from the Manhattan Market Rental Report shows hope for improvement for the new year. With all the great incentives being offered to rental buildings, it's interesting to know how long these steep discounts will last. So if you're a renter looking for a steal in Manhattan rental apts, it's best to seize the opportunity before it's too late.

It may possibly be a Happy new year in NYC real estate after all. From everyone at Bohja Realty, Happy Holidays!

If you're currently looking to rent an apartment in NYC and always dreamed of living somewhere with decent amenities such as: a doorman, laundry, elevator (yes those stairs are a pain!), you'll notice some sweet deals for rentals in luxury apartments. Not only are they renting, they're renting fast. Many of us, who are nowhere near millionaires, now have a chance to experience "luxury" living at an decent price. Let's face it, you're bound to pay more for these types of conveniences so don't assume you're going to pay incredibly low rent, and the overall cost of moving is not cheap. But many apartments are now offering NO FEE rentals - you're saving 15% of yearly rental to pay a broker fee - as well as 1 to 2 months free on rent. Sure, it may not seem much, but split your yearly rent into 13 or 14 months and you'll save a good chunk each month for something else. Noah Rosenblatt, from UrbanDiggs , discusses the decrease in Manhattan rental rates and points out that the concessions , or incentives, are key on getting new leases as well as renewal of current leases which will soon end.

Don't forget that the NYC rental market is unlike any other out there. In order to ease stress of having all proper documentation, it's best to have all your paperwork ready for review:

* Employment history
* Security deposit (in case there are damages to the apartment) and/or
broker fee
* Good credit, always good to know your most updated credit score
* A yearly income of at least 40-50 times the monthly rent
* A letter of employment which will list your salary and length of
employment
* If you are a student, you’ll need a **guarantor to co-sign the lease.
* Pay stubs
* Tax returns
* Any other assets you have
* Contact information of previous landlord
* Application fee (usually includes credit check)

**a guarantor must make a yearly income of at least 80-100 times the monthly rent and must have the same documentations as a potential tenant. If you decide to live with a roommate, landlords may accept the combination of both incomes to meet the requirements. More info here

Deal or No Deal

Similar to the game hosted by Howie Mandel, buyers are given a choice when looking to purchase a place and decide whether or not an apartment is a deal. But unlike the game where the contestant is removing cases based on a process of elimination and taking a gamble on losing a large amount of money, buyers in real estate are well aware of every listing available to choose from and will carefully decide which home to pick based on the pros and cons.

An interesting article in NYMagazine showcases 3 great properties at a discounted price compared to similar listings in the area. But there's always a drawback on each apt, and this has hindered many buyers from ultimately choosing it. It's fair to say it depends on the person's preferences. One may choose heavy traffic and noise versus quiet streets if it meant getting a steal on the price of the property. Others may consider the view as a key factor in the decision making process, even if it meant missing out on a huge savings.

So take a look at the places listed and give us your thoughts based on the price and drawback. Is it a deal or no deal?


$459,000
55 East End Ave., Apt. 2L
The Problem: Nasty View


$1.775 million
114 Summit St., Carroll Gardens
The Problem: Road Noise


$549,000
205 W. 95th St., Apt. 5B
The Problem: Bad Block

Comment from viewers and full descriptions on NYMag here
*Photos courtesy of NY Magazine

Finding a home with the perfect commute

It's not here yet but you can feel it. Winter is vast approaching and the thing most dreaded is the commute to work. Imagine the cold wind biting against your face as you scurry down the streets to catch your train or bus. As a commuter myself, I've experienced the long and tedious commute time from traveling one borough to another. Think of the value of your home if it's near public transportation, not to mention the incredible amount of time you save getting to and from your job.

Take this home for example. It's conveniently located within short walking distance to the Long Island Railroad. Catch the express train and you'll be taken directly to Penn Station in 25 minutes. Not only do you get to own a home in one of the most sought out neighborhoods in Queens, you'll have more than one method of public transportation nearby. Queens buses, express buses to midtown/Wall St., 2 major highways are all in close proximity to your home. The great eateries along the strip of Bell Boulevard make it a very attractive area to live. Take it from me, as well as millions of other commuters, I would much rather invest in property which offers a shorter commute time, as well as nearby shops convenient to get to.

Finding potential in an outdated apartment

It's no surprise that it's currently a buyer's market and there are a slew of apartments to choose from. It's easy to be lured by all the new and renovated homes that have little to no fixing required. And although it really depends on the type of personality you may have, the "work" involved in fixing outdated homes can hinder someone from realizing the amazing potential it has. Take an example of two apartments for sale:

A. luxury 750 sq ft. 1 bedroom apt with fully renovated kitchen/bath/closet - $700K

B. older apt with outdated kitchen/bath appliances. 650 sq ft. 1 bedroom - $600K

Clearly you're paying for the square footage as well as the granite top counters, kohl bathroom sink and fixtures. But if you have a little creativity in you and can see the bigger picture, these projects can be done on your own for less than the amount you may spend on an already decorated home.

Sure, it's easy to opt for the convenient and hassle free apartment, but even if you see a home that needs some work, you have all the freedom to really create the dream room whether it's your bedroom, livingroom, kitchen, etc. You have the power to add your own personality through colors and design. If you're not too keen on renovating and remodeling, designers are always a good way to get expert advice. And in the current market, there's bound to be great deals on home decorating projects offered by companies.

Welcome to Bohja Realty

Hello and welcome to our first blog post for Bohja Realty. If you've stumbled upon this blog while searching on the web for apartment listings in NYC, you've come to the right place. Bohja (pronounced Bõhjâ) by Korean definition means, "C'mon and take a look". Our mission at Bohja is to make the apartment hunting and selling process as painless as possible by providing insight into all aspects of the apartment, enabling our clients to make informative and confident real estate decisions.

We've all noticed Manhattan real estate prices dropping the past year, and although this may not sit well with current sellers, it's a great time for prospective renters or buyers who want to find that steal. Many listings are now owner/management paid, so in other words, you don't have to pay a broker's fee! So save yourself the time, hassle, and stress of hunting for that perfect apt. and leave it to the agents at Bohja Realty. contactus@bohja.com