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Evaluating the Coop Before You Buy – Part 2/2
Before you sign, be sure you’ve properly evaluated the building. Here is the second in a two part series of things to look for when conducting due diligence on your dream apartment. Policy changes: It’s easy to assume that things in a building will remain status quo when you buy. But be careful, boards change …
READ MOREEvaluating the Coop Before You Buy – Part 1/2
Updated kitchen, lots of light, close to subway. Perfect! Let’s buy it. And the maintenance is so low, what could be better? Turns out, a lot. How about a multi-million dollar litigation against the coop for which there is no insurance that could bankrupt the corporation if the plaintiff prevails? Let’s run through the basics …
READ MOREBefore the Renovation Begins
Most people who do an apartment renovation will tell you one thing when they are done: they’ll never do it again. But renovations can be successful, and the increase in market value can far outweigh the costs. So before beginning, here is a lawyer’s guide on the pitfalls that I have seen many clients make. …
READ MOREIn the Aftermath Of Sandy
As the recovery from Sandy continues, the financial impact of the storm continues to grow. Here is a brief legal guide that may help those most affected in making decisions. Flood insurance: It’s hard to learn after a storm like Sandy that typical homeowner / condo owner / coop owner insurance policies do not cover …
READ MOREDo No-Pet Policies Affect Market Value?
We get a lot of questions on the Saturday morning radio show I co-host (Eye On Real Estate, WOR710), but a recent caller posed one that got me thinking. She is considering a coop purchase in a building that does not permit pets. She is not a pet owner, so it won’t affect her directly, …
READ MOREThe Amazing Shrinking Apartment
You would think that the topic of measuring the square footage of an apartment would be without controversy. After all, measuring tapes don’t lie, so what’s all the fuss about? Well, like almost any other aspect of NYC real estate, this one has some quirks that can cause confusion. When buildings are first built, or …
READ MOREBuying New Construction Before It’s Built
One of the realities of the post-Lehman real estate world in the New York metropolitan market is that construction financing for new development dried up, resulting in a dearth of new construction/conversion projects coming on line. And for those already in the pipeline, homebuyers were less inclined to buy off “plans and specs,” having seen …
READ MOREWhy Deals Die and How to Avoid These Problems
It’s an unfortunate reality of the New York City marketplace that not all deals end up closing. But given the amount of work it takes to successfully market a property and find a willing buyer, just as much effort should go into ensuring that deal gets from the handshake to the closing table. Let’s start …
READ MORESecond Homes and the 1031 Exchange
A 1031 exchange can be used to defer capital gain taxes on the sale of property held for business, trade or investment. The guidelines for a successful exchange must be followed carefully or the IRS may disallow the exchange. I am often asked whether a property that is used by the owner as a vacation …
READ MOREThe Casual Landlord: Avoiding Tenant Problems Before They Start
Finding the perfect tenant can be challenging. Most landlord/tenant “situations” start out amicable, with each side excited about the prospect of the tenancy and with no intention of disputes. But don’t let that cloud judgement, a careful landlord will do her homework before opening the apartment to occupancy by someone who might not live up …
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