Many cosmetic changes can be made with minimal time and expense. Buyers will be comparing your property to competing properties. So here are a few practical tips to help yours stand out above the rest.

Unclutter
Eliminating clutter will make your property feel larger and brighter. If your property is uncluttered and neutral, prospective buyers can explore it comfortably and envision it with their own personal touches.

Repair
Making certain repairs will present your property in a more positive light to prospective buyers, and can also add to its value. If you think something is too much trouble to fix, chances are buyers will too.

Clean
Presenting a clean home to a buyer shows them the home has been valued and well cared for.

Curbside Appeal
   ::  Keep the lawn mowed and the steps swept.
   ::  Store hoses neatly; be sure sprinklers don’t water walkways.
   ::  Repair gates, fences, sidewalks and driveways.
   ::  Remove or replace dead or dying plants.
   ::  Cut back shrubs obscuring windows.
   ::  Add color with blooming flowers.
   ::  Clear yard of all debris.
   ::  Apply fresh paint as needed and replace damaged bricks or
          wood siding.
   ::  Repair any cracked or broken windows and be sure the
           faucets or sprinkler systems are in good working order.
   ::  If you have a pool, be sure it sparkles. Keep the patio area
          neat and yard furniture in good repair.

INTERIOR APPEAL

Overall
   ::  Wash windows.
   ::  Clean or replace carpets.
   ::  Paint rooms in neutral colors.
   ::  Be sure all electrical systems are in working order.
   ::  Clean drapes and window treatments.
   ::  Clear out all excess items.
   ::  Clean floors.

Kitchen
   ::  Clean appliances, cabinetry and floors.
   ::  Clean and clear countertops.
   ::  Repair faucets and appliances.

Bathrooms
   ::  Polish the floor, mirrors and fixtures.
   ::  Repair grout and caulking.
   ::  Repair running toilet or faulty plumbing.
   ::  Replace or clean shower curtain.

Closets
   ::  Replace burned out light bulbs.
   ::  Hang clothes neatly.
   ::  Store shoes in boxes neatly on shelves.

Garage
   ::  Keep the floors clean and swept.
   ::  Store or neatly arrange all items.

PRIOR TO SHOWING

Outdoors
   ::  Be sure the entrance and walkways to your home are 
          clean & inviting.
   ::  Store hoses neatly and be sure sprinklers don’t water 
          the walkways.
   ::  Remove newspapers, bikes and toys.
   ::  Park extra cars away from the property.

Inside
   ::  Quick once over with the vacuum.
   ::  Place fresh flowers in the main rooms.
   ::  Put dishes away.
   ::  Make beds and put all clothes away.
   ::  Open drapes and turn on lights.
   ::  Straighten closets and open doors slightly.
   ::  Kitchen and bathrooms should shine, trash should be 
          emptied and personal items should be put away.
   ::  Turn off television.
   ::  Play soft music on the radio/stereo.
   ::  Keep pets out of the way and pet areas clean and odor free.
   ::  Secure jewelry, cash, prescription medication and 
          other valuables.
   ::  Put laundry away.
   ::  Keep the temperature comfortable. A crackling fire in the 
          fireplace is appropriate on a cool winter day.

IMPORTANT REMINDERS

   ::  Potential buyers usually feel more comfortable if the owners 
          are not present.

   ::  If people unaccompanied by an agent request to see your 
          property, please refer them to me so that I can prequalify 
          them. I’m only a phone call away.

   ::  Leave a number where you can be reached if you are leaving 
          town, even for a weekend.

Source: www.elliman.com 

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In Case You Need Further Assistance, Please contact us:

CJ MINGOLELLI, Associate Broker - 212.321.7117
send email >

MARCO HERRERA, Lic. Real Estate Salesperson - 212.321.7107
send email >

-

by Bruce-Michael Gelbert

On January 11, the Metropolitan Opera revived Giuseppe Verdi’s “Stiffelio” (1850) and Plácido Domingo, protagonist of the 1993 Met premiere and 1998 revival, this time presided in the pit. For the work, Verdi set the then contemporary tale of a German protestant minister, Stiffelio (Stiffelius), also called Rodolfo Müller, whose wife, Lina, has an affair with Raffaele von Leuthold, a young nobleman, in her spouse’s absence. Lina’s father, Count Stankar, avenges the family ‘honor’ by killing Raffaele and Stiffelio, inspired by the Book of John, Chapter 8, about Jesus refusing to condemn “l’adultera” (the ‘adulteress’)-”Quegli di voi che non peccò,/la prima pietra scagli” (Whichever among you is without sin, cast the first stone)-’pardons’ Lina. Verdi predictably ran afoul of the Italian censors with this controversial subject and, dismayed by the disfiguring changes they demanded, withdrew the opera after its first productions-in Trieste, and in Napoli, the Papal States, and Bologna (as “Guglielmo Wellingrode,” about a minister of state, a version Verdi loathed), and finally in Barcelona-and extensively reworked it for an 1857 premiere in Rimini, as “Aroldo,” now with a more remote, 12th century setting and a Saxon knight, returning from the Crusades, instead of a clergyman, as central figure. The lost score of “Stiffelio” resurfaced in the 1960s and the opera has since been presented in a number of cities, including Parma, Köln, New York (in Brooklyn and Manhattan), Boston, and London, in editions reflecting increasing scholarship.

After a somewhat tentative start, during which soprano Jennifer Check, in the supporting role of Dorotea, Lina’s cousin, made one of the strongest impressions, the performance caught fire in the duet, which becomes a trio with Stankar (Polish baritone Andrzej Dobber), in which Stiffelio (José Cura), discovers that Lina (Sondra Radvanovsky), is missing her wedding ring and explodes with fury. Radvanovsky offered beautiful high, quiet singing in Lina’s first act prayer, and her ensuing confrontation with Dobber’s unforgiving Stankar boasted the requisite blood-and-thunder and sensitivity alike, in good measure. The first act’s climactic largo septet and chorus-in which recurring lines “Fatal, fatal mistero/tal libro svelerà” (This book will reveal a fatal mystery) refer to a copy of Klopstock’s poetic and religious “Messias” (Messiah), in which an intimate letter from Raffaele to Lina is hidden-and the ensemble’s stretta, both forcefully kicked off by Cura, were as grand as they should be, thanks to the aforementioned singers and Michael Fabiano (debut) as Raffaele, Phillip Ens as the older preacher, Jorg, and Diego Torre as Lina’s other cousin, Federico, guided by Domingo.

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LOCATION: Fire Island Pines, Fire Island
PRICE: $875,000;  TAXES (month - approx.) $417
STYLE: CONTEMPORARY

ROOMS: 6

BEDROOMS: 3;   BATHROOMS: 2
LOT SIZE: 75′ x 125′

See more information about this property | View more images

……………………………………………………………………………………………………

       
DESCRIPTION
3 Bedroom, 2 Bathroom, Horace Gifford designed home with a solarium on the garden side. Open-living floorplan style main room, Living-room, Dining-room, Kitchen with large fireplace and vaulted ceiling. Beautifully appointed. This home also feature a beautiful Spa!
 
          
AMENITIES
:: Gourmet style kitchen
:: Manicured Garden
:: Solarium
:: Fireplace
:: Spa
:: Open Style Main Room

The end of the Federal Reserve program that buys mortgage-backed securities will drive rates higher because private buyers will demand more return than the Fed.

“Extraordinary resources have been put into keeping the rates down and supporting the mortgage markets and it’s hard to imagine that the rates can go much lower than they are,” Crews Cutts said. “Anything we get at or below 5 percent is a gift at this point.”

Source: Washington Post, Dina ElBoghdady

:: Week-to-week mortgage applications rise 14.3%: MBA (Marketwatch.com)

:: More homeowners get long-term help (CNNMoney.com)

:: New York City property values edge higher to $797 billion (Reuters)

:: Five Key Housing Issues to Watch in 2010 (WSJ.com)

:: Will bonuses save the day for Manhattan real estate? (CNNMoney.com)

On an unadjusted basis, the index rose 10.4 percent, but was down 52.3 percent compared with the same week a year ago.

Much of the decline compared to the previous year pertained to refinances. The unadjusted purchases index increased 9.8 percent compared to the previous week and was down 19.1 percent from a year ago.

Interest rates decreased last week:

30-year fixed-rate mortgages decreased to 5.00 percent from 5.13 percent.
15-year fixed-rate mortgages decreased to 4.33 percent from 4.45 percent.
1-year ARMs decreased to 6.72 percent from 6.83 percent.

Source: Mortgage Bankers Association

 The rules are different in New York City than in other parts of the country!

For the inexperienced some of the differences may be perplexing, however, we can guarantee that if you do your homework and keep this guide handy, the process will flow much more smoothly. Our job at Douglas Elliman is to help you determine which type of apartment is suitable for you, to assist in neighborhood selection, to educate you regarding real estate prices, and to pair you with the agent that best matches your style and preferences. New York is a city comprised mainly of cooperative and condominium apartments with a smaller selection of private homes, which we call townhouses or brownstones. Most important is understanding the differences between the types of apartments you will find in Manhattan.

Co-operative Buildings

Cooperatives are not a new concept, although they seem to be a type of ownership that is more common in New York City than elsewhere in the United States. In New York City, approximately 80% of our apartments available for purchase are in cooperative buildings, while 20% are in condominiums. This means two very simple things to potential buyers in New York City:

1. There is more inventory to choose from if the buyer includes co-ops into the mix of properties, and

2. Prices are, in general, more attractive for cooperatives - simple supply and demand.

Cooperatives are owned by an apartment corporation. Individual tenants do not actually “own” their apartments as they would in the case of “real” property. Owners, (shareholders) of co-op apartments, actually own “shares” in the corporation which entitles them to a long-term “proprietary lease.” The corporation pays the total amount of the building’s mortgage (importantly, a cooperative may have an underlying mortgage on the entire building, whereas a condominium building must be owned outright), real estate taxes, employee salaries, and other expenses for the upkeep of the building. The tenant-owner, in turn, pays a portion of these expenses as determined by the number of shares the tenant owns in the corporation. Share amounts are dictated by apartment size and floor level.

The considerations when buying a cooperative are:

1. The Board of Directors has the right to “approve” or “reject” any potential owner. The board, elected by all of the tenant-owners of the co-op, interviews all prospective owners. It has the responsibility of protecting the interests of all tenant-owners by selecting well-qualified candidates.

2. The quality of services and the security of the building are kept at high standards.

3. Portions of the monthly maintenance are tax deductible. Each building has its own tax structure, but all co-ops offer a tax advantage. Shareholders can deduct their portion of the building’s real estate taxes, as well as their proportionate share of the interest on the building’s mortgage.

4. The amount of money that may be financed is determined by each cooperative. Some buildings require substantial down payments. Generally speaking, in Manhattan prospective purchasers should be prepared to “put down” at least 20 to50% of the purchase price (depending on the building) when purchasing a cooperative apartment.

5. Subleasing a co-op must be approved by the Board of Directors of the cooperative. Each corporation has its own rules, and they should be examined if a potential owner intends to sublet.

With this in mind, it is important to remember that co-ops are the norm here in Manhattan, not the exception. However, before beginning a search for a cooperative apartment, think about the financing limitations and theapplication and interview process.

Condominium Buildings

While condominiums are quite common throughout the country, they are a rather new concept for New York City. A condominium apartment in Manhattan is real property. The buyer gets a deed just as if he were buying a house. Since this is real property, there is a separate tax lot for each apartment. Hence, this meansthe buyer pays his own real estate taxes for the property. An owner will also pay common charges on a monthly basis. Common charges are similar to maintenance in a cooperative. However, they will not include real estate taxes since these are paid separately, nor will they include the building’s mortgage and interest given that a condominium, by law, cannot have an underlying mortgage. Condominiums are attractive for a variety of reasons:

1. Financing the purchase of a condominium apartment is governed by the financial markets not a board of directors and thereby much more flexible than in a cooperative. Generally, a buyer can finance up to 90% of the purchase price.

2. An approval process is usually required, and most condo boards are requiring application packages with financial disclosure.Generally, however, the requirements are not as rigorous as the co-op boards. A board meeting may or may not be required. The length of time for approval varies from building to building, but it is usually not as long as a co-op approval process.

3. There is greater flexibility in sub-leasing your apartment. This makes condominiums the better choice for investment property.

4. They are the ideal choice for non-U.S. citizens or for those with their assets held outside of the United States given that co-ops are unlikely to approve a buyer whose funds are not in the U.S.

Given that there are fewer condominiums than cooperatives and that they are “easier” to purchase, they are generally more expensive than co-ops. Additionally, monthly combined common charges and real estate taxes in a condo are typically less than a co-op’s monthly maintenance charges, again resulting in higher purchase prices.

Steps to Purchasing an Apartment

The steps to purchasing a co-op or a condominium in Manhattan are very similar. Let us assume that you have found the property on which you wish to place an offer and that you have spoken to a bank or mortgage broker (if financing) to determine a comfortable financing price level.

1. Offers are made orally in New York City. When you have found the right property, a bid or offer will be placed through your agent. They will convey your offer to either the seller’s agent or to the seller directly.
 

2. The seller may “counter” your offer. This will begin a negotiation process that will eventually lead to a “meeting of the minds,” at which point price, terms, and closing date have been agreed upon.
 

3. A real estate attorney is required in all property transactions in New York City. Contact an attorney familiar with real estate in Manhattan to represent you. The seller’s attorney will begin preparation of a contract of sale, and during that time your attorney will begin to examine the financial condition of the building in which you wish to purchase. Your real estate agent can assist you in finding experienced attorneys.
 

4. After your lawyer concludes that the financial condition is satisfactory, that the by-laws of the building are acceptable to you, and that the contract of sale is also acceptable, your attorney will allow you to sign the contract. At that time you will usually be required to present a deposit of 10% of the purchase price. The contract plus the deposit will then be forwarded to the seller for signature . This money will be held in the seller’s attorney’s escrow account until closing. It is important to note that until all parties have signed the contract, and it has been delivered, the seller can still entertain and accept other offers.
 

5. If financing, you should move forward with your loan application. Your real estate agent can assist you in finding a mortgage broker . It is advised that you pre-qualify for a mortgage with a brokerage firm prior to beginning your housing search.
 

6. You will, by now, have received from your real estate agent the board requirements and application materials. The application materials can be similar for a cooperative and condominium. However, the actual process is quite different. You will need to complete all of the required materials which typically include: an application, a financial statement signed by a CPA, all requisite support for your financial statement, three years of tax returns, bank statements, letters of personal and financial reference, letters of professional reference, the contract of sale, bank documents (if financing) indicating that your loan is in place, etc.
 

7. When your “package” is finished, it will be reviewed by a Douglas Elliman Manager, and then, assuming it is complete, it will be forwarded to the managing agent for review. Upon determination that it is in order and that credit checks were acceptable, it will be forwarded to the Board of Directors. No applications will be accepted by a Managing Agent unless they are complete.
 

8. In the case of a cooperative, if your application meets initial approval, you will be invited to be interviewed by the Board or by an interviewing committee. This is a serious matter and not to be taken lightly. It should be treated as a business meeting.
 

9. After approval by the Board, you are ready to begin planning for a closing!

In the case of a condominium, there is generally no formal interview. Your application will be reviewed, and if all required materials are included and in order, an approval is typically granted.

The entire process can move quickly in a condominium, and assuming a loan can be secured in a timely fashion, one can move from contract to closing in about 60 days. However, the cooperative process is more involved, and 60 to 90 plus days is not unusual.

Source: www.elliman.com

……………………………………………………………………………………………………

In Case You Need Further Assistance, Please contact us:

CJ MINGOLELLI, Associate Broker - 212.321.7117
send email > 

 MARCO HERRERA, Lic. Real Estate Salesperson - 212.321.7107
send email >

LOCATION: Cherry Grove, Fire Island
PRICE: $795,000;  TAXES (month - approx.) $100
STYLE: BUNGALOW

ROOMS: 5

BEDROOMS: 2;   BATHROOMS: 1
LOT SIZE: 75′ x 95′

See more information about this property | View more images

……………………………………………………………………………………………………

DESCRIPTION
Beautiful west end 2 bedroom, 1 bathroom bungalow, recently renovated, situated on a large property - an incredible gem next to the national seashore parklands. Open floor plan living - living/dining/kitchen great room, with glass surrounds. Incredible light, air. House has been meticulously redesigned, updated and maintained. Hardwood floors throughout. Excellent outdoor space, with room to spare, and extremely quiet. Being sold fully furnished.

AMENITIES
:: Large property
:: Satellite
:: Hardwood floors
:: Dishwasher
:: Air Conditioning
:: Washer & Dryer
:: Multiple decks

Rental price indicators below prior year quarter, stable since third quarter

All rental price indicators, excluding concessions, were below levels seen in the same period a year ago, but showed signs of stability since the prior quarter. Rental price per square foot was $47.02, down 4.6% from the prior year quarter and down 1.7% from $47.84 in the prior quarter. Average rental price fell 4.3% to $3,789 in the fourth quarter from $3,958 in the prior year quarter, but saw a nominal 0.8% uptick from $3,759 in the prior quarter. The smaller price declines and mixed results from the prior quarter suggest near term stabilization in prices.

Rental activity well above last year as inventory drops sharply

Days on market was 76 days in the fourth quarter, 3 weeks faster than the 97 days on market during the same period last year. Coming from abnormally low levels of activity in the same period last year, the number of rentals surged 47.5% to 2,456 units from 1,665 units in the prior year quarter and saw a 3.6% seasonal decline from 2,549 units in the summer. As a result of more rental activity over the year, listing inventory declined 21.3% to 5,225 units from 6,640 units in the same period last year.

Prudential Douglas Elliman Real Estate markets report prepared by Samuel Miller - See Full Report >