Renting an NYC Apartment: Standard Procedures and Tips for Navigating the Real Estate Market

Finding an apartment in New York City can be a daunting task, especially for first-time renters. The city’s high cost of living and competitive real estate market can make it challenging to find affordable housing. We will explore the standard procedures for renting an apartment in New York City and provide some tips on how to navigate the city’s real estate market.

Renting an NYC Apartment: The Basics

The first step in renting an apartment in New York City is to determine your budget. Many new renters in New York are surprised to find out that the standard procedure for renting an apartment in NYC is to make 45 times the monthly rent in annual income. For example, if the monthly rent is $2,000, you would need to make at least $90,000 per year to qualify for the apartment.

While having good credit score and some money saved in the bank help, landlords want to see that you are financially secure and have money coming in on a monthly basis to pay the rent.

Once you have determined your budget, you can start your search for an apartment. There are several ways to find available apartments in NYC, including online listings and real estate brokers. We highly recommend working with a qualified real estate agent to help find your apartment as we have access to more inventory than someone not in the industry. In fact, changes to popular sites such as StreetEasy in recent years now require agents to pay if they want their listing to appear on the site.

Working with a real estate agent in a competitive and complex market like NYC is crucial to helping you through the process

When you find an apartment you are interested in renting, you will need to submit a rental application. The application typically requires proof of income, a credit check, and references. If you are approved for the apartment, you will need to sign a lease agreement and provide a security deposit, which is usually equivalent to one month’s rent.

Your real estate agent will help you negotiate terms of the lease.

Navigating the NYC Real Estate Market

The NYC real estate market is notoriously competitive, which can make finding an apartment challenging. However, there are several tips you can follow to increase your chances of finding an apartment that meets your needs and budget.

One tip is to start your search early. The NYC real estate market moves quickly, and apartments can be rented within hours of being listed. By starting your search early, you can get a head start on other renters and increase your chances of finding an apartment before it’s rented. Additionally, this will help you get a sense of the type of inventory that exists within your desired price range.

The New York City rental market moves very quickly - having all your documents and financial information prepared before your search is important

Another tip is to be flexible with your search criteria. It’s unlikely that you will find an apartment that meets all of your requirements, so be prepared to compromise on certain features. For example, if you are looking for a two-bedroom apartment but can only afford a one-bedroom, consider a convertible apartment or a studio with a separate sleeping area.

Finally, be prepared to act quickly when you find an apartment you are interested in. Have all of your paperwork and finances prepared before you start your search so that you can submit an application as soon as possible. This can increase your chances of being approved for the apartment and securing it before other renters.

Renting an apartment in New York City can be a challenging process, but it’s not impossible. By understanding the standard procedures for renting an apartment in NYC and following some tips for navigating the real estate market, you can find an apartment that meets your needs and budget. Whether you are a first-time renter or a seasoned apartment hunter, there are resources and tools available to help you find the perfect apartment in the Big Apple.

Questions about renting in NYC or looking to find your next apartment? Get in touch with us today.

Top 10 Spring Cleaning Checklist Items to Prepare for Listing Your Home in the Spring Market

Spring is the perfect time to list your home on the market, as the warmer weather and longer days tend to bring out more buyers. However, before you can list your home, you need to make sure it's clean, organized, and ready to show off. In this blog post, we'll outline the top 10 spring cleaning checklist items you should do to prepare to list your home during the spring market.

Declutter and Organize

One of the most important things you can do when preparing to sell your home is to declutter and organize. We cannot stress this enough! Buyers want to see a clean and spacious home, so make sure to remove any excess items, such as old magazines, books, and clothes. This will also make your move easier when it comes time to pack.

Deep Clean

Spring is the perfect time to refresh your home with a deep cleaning. Scrub the floors, walls, and baseboards, and do not forget to clean the windows, blinds, and curtains. If you don't have time to do it yourself, consider hiring a professional cleaning service.

Repair and Replace

Walk through your home and make a list of any repairs that need to be done. This could include fixing leaky faucets, replacing broken tiles, and patching holes in the walls. Also, consider replacing any outdated fixtures or appliances, such as light fixtures or kitchen appliances.

Paint

A fresh coat of paint can do wonders for a home, and it is a relatively inexpensive way to update the look of your home. Stick to neutral colors, such as beige or light gray, as they appeal to a wider range of buyers.

Enhance Curb Appeal

The outside of your home is the first thing buyers will see, so it's important to make a good impression. Make sure your lawn is mowed, trim any overgrown bushes, and add some colorful flowers to the front of your home. Also, consider power washing the exterior of your home to remove any dirt or grime.

First impressions are important when listing your home, and curb appeal is important for both listing photography and when prospective Buyers arrive

Clean Carpets and Floors

Dirty carpets and floors can be a major turnoff to buyers. Consider renting a carpet cleaner or hiring a professional service to deep clean your carpets. If your floors are looking dull, consider refinishing or replacing them.

Stage Your Home

Staging your home can make a big difference in how it looks to potential buyers. Remove any personal items, such as family photos, and add some neutral decor, such as throw pillows and vases. Also, make sure each room has a clear purpose and is arranged in a way that makes sense.

Buyers can have a hard time envisioning themselves in a home if all the rooms are empty. Staging brings the property to life in a relatable way.

Staging your home helps Buyers visualize the various rooms of the house

Check the Lighting

Good lighting can make a home feel warm and welcoming. Make sure all of your light fixtures are working, and consider adding some additional lighting to darker rooms. Also, consider replacing any outdated or unattractive fixtures.

Check the HVAC System

Buyers want to know that the HVAC system is in good working order, so make sure to have it checked by a professional. Also, replace any dirty air filters and consider adding some air fresheners to keep your home smelling fresh.

Get a Home Inspection

Before you list your home, consider getting a home inspection. This will give you a better idea of any repairs that need to be done, and can also help you price your home correctly.

In conclusion, preparing to sell your home in the spring market takes some work, but it's worth it to get your home in top condition.

One of the benefits of partnering with The Victoria Shtainer Team is the comprehensive, exclusive program we are able to offer our Sellers – Compass Concierge. If the above list sounds daunting, Compass Concierge helps take the burden off your shoulders without the need to front money for repairs needed to get the most value out of bringing your home to market.

By following these 10 spring cleaning checklist items, you'll be well on your way to listing your home and getting it sold quickly.

The Most Coveted Neighborhoods for Luxury Real Estate in New York

The Most Coveted Neighborhoods for Luxury Real Estate in New York

There isn’t a person who would not want to own real estate in NYC. It is one of the most popular cities in the world and the desired place to be. Needless to say, with such popularity comes a premium price. New York City is known for its high-end luxury real estate, with some of the world’s most expensive and coveted neighborhoods. From Uptown to Soho to Noho and Brooklyn Heights—NYC has it all. These neighborhoods are famous for their exclusivity, high property values, and access to top-rated schools, restaurants, and amenities. If you're in the market for a luxurious home in the Big Apple, take a look at some of the most coveted neighborhoods for luxury real estate in New York.

Uptown, Manhattan

Covering the Upper East Side and Upper West Side, this area is home to some of the most prestigious addresses in the city. Uptown is known for its tree-lined streets and elegant brownstone houses, as well as luxury apartment buildings with stunning views of Central Park and the Hudson River on the Upper West Side and East River on the Upper East Side. Many of these buildings offer high-end amenities such as fitness centers, rooftop decks, and concierge services.

Uptown, Manhattan has great views of the city whether you enjoy the skyline, water views, or both!

Residents of Uptown enjoy the convenience of being close to world-class shopping and dining destinations, including Fifth Avenue and the Upper West Side's Columbus Circle. The area is also home to world-famous attractions such as the Metropolitan Museum of Art and the Lincoln Center for the Performing Arts.

Cobble Hill, Brooklyn

This neighborhood has a rich history, charming tree-lined streets, and a wealth of cultural amenities. In addition to that, it is located in the very heart of Brooklyn. One of the main draws of Cobble Hill is its close proximity to popular destinations such as Brooklyn Bridge Park and the Brooklyn Bridge. This area is also home to numerous art galleries, boutique shops, and trendy restaurants, making it a popular destination for both tourists and locals.

Cobble Hill offers a mix of beautiful townhomes, brownstones, and high-rise apartments. These properties feature stunning architectural details, large outdoor spaces, and modern finishes. Prices for luxury real estate in Cobble Hill can range from $1 million to over $10 million, depending on the size and location of the property. Despite its high price tag, Cobble Hill remains a popular choice for luxury buyers because of its excellent school district, vibrant community, and easy access to transportation.

NoHo, Manhattan

NoHo, or North of Houston Street, is a luxury real estate neighborhood in the Lower East Side of Manhattan. It is known for its trendy and upscale atmosphere, with high-end shopping, dining, and entertainment options throughout the neighborhood.

One of the main draws of Noho is its proximity to other popular neighborhoods in Manhattan, such as SoHo, Greenwich Village, and the East Village. This makes it a convenient location for those who want to be in the heart of the city but still have the privacy and exclusivity of a more upscale neighborhood.

NoHo is also home to some of the most expensive real estate in the city, with many properties offering luxurious amenities like rooftop pools, fitness centers, and concierges. Most of the properties in Noho are luxury condominiums, with some of the most sought-after buildings being The Mercer, The Greenwich Lane, and The Greenwich Court. The neighborhood is also known for its vibrant arts scene, with numerous galleries, performance spaces, and studios.

Tribeca, Manhattan

Located in Lower Manhattan, Tribeca is known for its cobblestone streets, trendy restaurants, and celebrity residents. It's home to some of the city's most expensive real estate, with multi-million dollar lofts and apartments in converted warehouses.

TriBeCa, or Triangle Below Canal Street, is also known for its boutique shops and vibrant nightlife scene. Property values in TriBeCa are among the highest in the city, with many apartments going for over $2 million. 

SoHo, Manhattan

Another fashionable neighborhood in Lower Manhattan, SoHo is known for its upscale shopping and dining options. It's home to many high-end boutiques, galleries, and historic cast-iron buildings that have been converted into luxury lofts. SoHo, or South of Houston Street, is a popular neighborhood for young professionals and artists. The real estate in Soho offers many apartments well over $1 million.

 Upper East Side, Manhattan

The Upper East Side is one of the city's most affluent and iconic luxury neighborhoods in New York. It is famous for its tree-lined streets, upscale boutiques, and high-end apartment buildings. It is home to multi-million dollar mansions, apartments, and townhouses being the norm. It is also home to many of the city's elite, with luxurious pre-war apartments and mansions lining the streets. The Upper East Side also has many prestigious schools, including the Dalton School and the Spence School, making it a popular neighborhood for families.

SoHo is the best choice for upscale shopping and fine dining

Brooklyn Heights, Brooklyn

This historic neighborhood is known for its brownstones and panoramic views of the Manhattan skyline. It is a popular neighborhood for families and young professionals and has a thriving arts and culture scene. The real estate in Brooklyn Heights is among the most expensive in Brooklyn, with apartments costing over $1 million.

Which one of the hot neighborhoods for luxury real estate in New York will you call home?

Deciding which neighborhood to call home in NYC can be difficult – that is where we come in!

As NYC real estate experts, we can help you narrow down your “must haves” and “nice to haves” and map those to the city’s various neighborhoods so you can make a decision with confidence.

GET READY TO MOVE IN

Once you have picked the neighborhood that best fits your needs, you want to make sure to move in style as well. You will most likely have lots of valuable possessions and furniture that you do not want to get damaged. Make it a priority to turn to skilled people, especially if you are making a long distance move to NYC. Hiring the best movers is a must.

2022 Holiday Tipping Guide

The Holiday Season has officially kicked off. With Black Friday and Thanksgiving over, holiday decorations are going up across town. With the arrival of the Holiday Season comes the question on the mind of many - “How Much Should I Tip?”

Building staff in Residential New York City buildings have been essential to all residents throughout the evolving pandemic. Building Staff have been responsible for increased cleaning protocols, receiving and managing an exponential increase in deliveries, and checking in on vacant apartments for residents that have escaped to second homes.

We’ve adjusted our annual tipping guide to account for the inflation being experienced in 2022. Giving additional this year will be appreciated by workers bearing the brunt of increased prices. If you are considering giving more this year to your valued Building Staff and are concerned they will expect this amount in future years, consider stating in your note with the tip how grateful you are for all they’ve done during this challenging year to set expectations. 

Our friends at Brick Underground publish a go-to holiday tipping guide, which has been circulating since 2013. We condensed it, and put our take on what is appropriate as you budget for your holiday tipping. Remember, these are simply guidelines. There are many factors that can influence the tipping decision such as the size of the building (a larger staff equates to smaller individual tips), level of service, seniority, and time in building. Additionally, owning versus renting in a building can play a big factor as well.

Of course, if you live in a building with a part-time doorman, virtual doorman, or no staff at all, the below levels could be adjusted downward.

Renters: Tips do not have to equate to the dollar amount you are paying each month for rent. If you receive a lot of packages, have a stroller that is carried in and out of the building, etc., factor this into your tip. 

It is recommended that you tip in cash. Doorman, Concierge, Supers, etc. all of bills to pay like you and I- they are not looking for fruit cakes, cookies, or homemade gifts at the holidays!

Many buildings have organized drop off locations for your tips so you can safely give to your Building Staff rather than direct contact due to public health guidelines.

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Tipping Guidelines

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Super: $175-$225
Doorman/Concierge: $150-$200
Package Room: $75-$100 per individual*
Housekeeper: 1 Week Salary
Dog Walker: 1 Week Salary
Garage Attendant: $75-$125
Personal Trainer: $125
Personal Assistant: 1 Week Salary
Hairdresser: $80-$120

*In the post-pandemic world, it is important to remember all the people fielding the large increase in orders you are placing and the sheer volume of orders they are now receiving, just for you alone. From Uber Eats to Amazon and every shopping destination in-between, there is no denying that we all place significantly more online orders than prior to the pandemic. We recommend tipping Package Room staff more than previous years. In most buildings it will be the package room employees, however, Doormen/Concierge are likely fielding these requests after hours.

When: Most building staff will prefer to receive their tips in early December so they can plan their own holiday spending accordingly. Tips account for a large part of building staff’s anticipated income at this time of year.

This guide was presented in 2018 and has been re-shared to include updated information, most recently from 2021

Unexpected Costs to Prepare for When Buying a Home in NYC

Whether you are just beginning your home search in NYC, or you have conducted multiple real estate transactions in the Big Apple, it is important to be aware of or reminded of what costs to expect when buying a home in New York City that may have been glossed over when determining your budget.

Down Payments in NYC On the Rise

The initial investment or down payment is often the largest cost for homebuyers. How much of a down payment you'll need to make is determined by the property's value and the loan's terms. The standard down payment required by banks is typically 20%, however, this number is a guideline today as many lenders offer various mortgage products that have lower (or higher) down payment requirements. Because interest rates have climbed throughout most of 2022, some buyers are opting to put a larger down payment on their purchase than they might have when rates were 2-3% in order to reduce their monthly mortgage cost.

All over the country, the typical down payment is much below 10%. You may buy a home in New York City with as little as 0% down (with a VA loan) or as much as 50% down (for the most competitive co-ops).

Ensure to work with both your Real Estate Advisor and Lender as you work to set your budget, factoring in the type of building at which you are looking as well as current interest rates.

 Charges at the Start of a Loan

Most of the NYC buyers chose a mortgage as a way to finance their desired property. Mortgage rates have been fluctuating in recent years because of the Pandemic followed by high inflation. Mortgage loan origination fees typically range from 1% to 2% of the loan amount, with the higher number covering the higher costs associated with in-house processing and underwriting. If your financial standing is solid, you may be able to bargain (or shop about). If the seller wants to attract buyers in a competitive market, they could offer to cover the origination fee.

Tax on mortgage recordings

Mortgage recording taxes are assessed according to the loan amount, not the purchase price. 1.8% for loans under half a million dollars and 1.925% for loans above it apply to condominiums and one- to three-family residences, respectively. Since cooperatives do not qualify as "real property," they are excluded from this regulation.

Calculating taxes can be a daunting project, and you can easily get lost in the numbers. via

Reserves as unexpected costs to prepare for when buying a home in NYC

Liquidity needs after closure are another name for reserves. Cash, cryptocurrency, equities, and bonds are all examples of liquid assets. To convince the board of a New York City co-op that you won't have any trouble making your mortgage or maintenance payments after closing, you should have two years' worth of living expenses in liquid assets.

You can fund an escrow account with your savings as well. Non-mortgage costs, including:

• real estate tax

• common charges/monthly maintenance

• insurance premium
  

  The mortgage servicer may add these costs to the monthly mortgage payment. All of these charges will be included in your one monthly mortgage payment. Since just one payment is required, the procedure is simplified. The lender will separate the charges and pay them as appropriate. This way, you will know in advance what to prepare for when buying a home in NYC.

Paying duties on transfers

The seller is typically responsible for paying the New York City Real Property Transfer Tax. However, the transfer tax is the buyer's obligation when newly constructed condominiums or sponsor units are sold for the first time. If the purchase price is more than $500,000, you may expect to pay a tax of 1.425%, but if it's less, you can expect to pay 1%.

Moving expenses

Most people leave thinking about moving costs at the very last minute. So, moving expenses can come rather unexpectedly to them. Even more so because if you don't plan and end up moving on short notice, you'll have less choice in terms of moving companies and more bills to pay. If you're moving long distance to New York, make sure to look for affordable help, meaning, start searching for reliable movers as soon as possible.

Renovation Costs Can Add up Quickly

Depending on how well the actual property goes with your end vision, you'll need to adjust and invest in some renovations. Of course, you expect the major ones, but it's important to put on paper how much money you will put into them. Also, minor things like pet-proofing your apartment can come to mind at the very last minute, and you might end up costing you more than expected.

 Legal costs

When purchasing a home in New York City, you must hire a real estate attorney. The purchasing procedure in New York City is more complicated than in other markets, making the assistance of an attorney essential. A real estate lawyer's fees are often structured differently from those of an hourly rate law firm. You may expect to spend between $1,500 and $4,000. The most you should ever pay is $5,000. Avoid anybody who offers to act on your behalf for a few hundred dollars.

A good lawyer can help you with all the unexpected costs to prepare for when buying a home in NYC.

Warranty on title

Title insurance shields you against any financial obligations the previous owner may have left on actual property, such as a condo or townhouse. You must set aside a few thousand dollars to guarantee a clear title. In other words, less than 1% of the buying price). On a $1,000,000 property, this may cost upwards of $4,000. But your peace of mind is worth much more than that.

Final thoughts

As you see, there are a lot of unexpected costs to prepare for when buying a home in NYC. You need to consider all of these to avoid any unpleasant surprises. You can always call a reliable real estate agent and ask for help when in doubt.

How to Pet-Proof Your New Manhattan Apartment

How to Pet-Proof Your New Manhattan Apartment?

Finding an apartment in a pet-friendly building in Manhattan can be challenging. So, if you managed to find one, you are lucky. Whether you own or rent, protecting your home from damage is important, and this includes damage caused by your furry family member. That is important because any damage can reduce property value or cause you to lose your deposit. Here are some tips on how to pet-proof your new Manhattan apartment.

Tips on how to pet-proof your new Manhattan apartment

Anyone that has had a puppy or kitten knows that pets are very similar to toddlers. They are very curious and love to explore any new place. Unfortunately, just like toddlers, they can also be unintentionally destructive. It is natural to scratch all surfaces and chew on various items. Not to mention that pets can also be pretty clumsy, like toddlers. A dog might accidentally break things with its tail, while a cat might break something while jumping on furnishings. At the same time, they can also get injured in the process. So, here are some tips on how to pet-proof your new Manhattan apartment.

Choose the right flooring

If you own a pet, flooring is the first thing you should address in your new Manhattan apartment. You need floors that won't scratch, stain or retain odors, so you must analyze your options and decide which would work best. Here are some of your best options:

●      Laminate floors are one of the best solutions for pet owners because they are easy to clean and water resistant. Plus, even if they scratch, it’s not that noticeable. However, they can become slippery when wet, which can be uncomfortable and dangerous for your pets. Therefore, make sure you keep them dry while your pet is around.

●      Vinyl floors are efficient since they can withstand clawing and are easy to clean. Furthermore, one of the best parts about this material is its quietness. That means it will reduce clawing and jumping noises. But once again, you must keep them dry. Otherwise, they can lift and produce mildew.

●      Carpets are a great solution, particularly for tenants. Since you cannot redo the entire flooring in your rented apartment, you can at least protect it. One of the most significant advantages of carpets is that they are much more comfortable for you and your pet. However, the downside is that they quickly absorb fluids, thus retaining odors and staining.

●      You can invest in a waterproof carpet if you’re worried about frequent peeing incidents. Of course, this is not as soft and comfy as a traditional carpet, but it’s practical in cases like this.

Carpets help protect your floors and are more comfortable for your pet and yourself.

Pet-proof your furniture

Both cats and dogs love sofas and comfy chairs. The problem is that they cover them in pet hair and sometimes even potty stains. Not to mention that cats enjoy scratching your furniture. So, how can you protect your furnishings? Firstly, make sure that you groom and brush your pets regularly. Do not forget to trim their nails as well. Secondly, use lots of washable blankets and slipcovers. Thirdly, spread lots of scratching posts or chew toys around the house to provide an alternative for your pets.

Remove fragile items from your new Manhattan apartment

If you have valuable and fragile furnishings and home accessories, removing them from your apartment might be the best option. Because accidents happen, no matter how many safety precautions you take. So, you should consider renting some storage to ensure the safety of your belonging. Plus, you never have enough storage space when you live in an apartment. So, if your home is getting smaller by the day and you can never find what you need, that’s a clear sign that you need some extra storage.

Protect your pets from electricity

Electrical wires and cables are hazardous. On the one hand, they represent a tripping hazard for your pets. Because, just like toddlers, when pets get excited, they don’t pay attention to these things. On the other hand, they love chewing on and playing with everything that isn’t a toy, so they risk getting electrocuted. Therefore, you should use floor cord covers or hide wires and cables behind baseboards.

Hide or remove anything that might be toxic

We all love decorating our apartments with plants because they brighten up the place, look great, and can increase oxygen levels. However, our furry friends also enjoy chewing on them. The problem is that many indoor plants are toxic for pets. So, you should do some thorough research before buying plants. Of course, if you have a dog, you can also solve this problem by positioning the plants out of reach. Unfortunately, this doesn’t work for cats since they are good climbers.

Make sure you decorate your new Manhattan apartment with indoor plants that are not toxic for pets.

Moreover, it’s not just plants that you have to worry about. Cleaning products are just as toxic for animals as they are for humans. So, you should keep them under lock and key. Furthermore, you should hide away food as well. Anything left out in the open can become a target for your pets. And it’s not just that they will gain some weight, but some human food can harm pets. Therefore, if your Manhattan apartment has ample storage space, you should use it.

Conclusion

As you’ve seen, pet-proofing isn’t all that different from child-proofing.  When it comes to how to pet-proof your new Manhattan apartment, you have to consider the safety of your pet and your belongings. However, be advised that no matter how many safety measures you take, accidents can still occur.

Guide: Celebrate Father's Day in NYC & The Hamptons

Father’s Day is Sunday June 19th this year, and whether you are in New York City or The Hamptons, here are a few ways to celebrate Dad.

Enjoy an NYC Beer Garden

via Grimm Ales Instagram

Many are surprised at the number of beer gardens located throughout the city. Enjoy the June weather and some brews with Dad. Grimm Artisanal Ales in East Williamsburg is a cool spot that mixes up experimental flavors with a unique setting that features graphic art. You’ll also find work of different graffiti artists on their cans. They also have 160 oak barrels for aging sour beer…truly a unique find in NYC!

990 Metropolitan Avenue

Shou Sugi Ban House

via Shou Sugi Ban House Instagram

Give dad the gift and experience of relaxation at The Hamptons go-to wellness destination. The wellness program is inspired by the principles of Wabi-sabi and traditions that value simple beauty and healing properties found within the natural world. Shou Sugi Ban House’s spa and wellness offerings include massages and hydrotherapy.

337 Montauk Highway, Water Mill

Dinner at Kassaki

Via Kassaki Instagram

Enjoy a sushi dinner at this Water Mill spot. Kassaki focuses on Omakase sushi and Kaiseki traditions. A 16 course tasting experience is offered which includes the chef’s choice of three appetizers, 13 pieces of nigiri and a dessert.

670 Montauk Highway, Water Mill

Explore Governor’s Island

via Governor’s Island Instagram

Hop on the ferry to Governor’s Island to enjoy the many activities and exhibits. There are multiple events occurring over Father’s Day weekend including the NYCRuns Father’s Day 5K & 10K, FAD Market Pop-up, and the NYC Lavender Festival.

Merchants Cigar Bar

via Merchant Cigar bar Instagram

What’s more classic than this Upper East Side cigar bar? Treat dad to the special Surf, Turf, and Smoke experience. This will include a choice of a MCB 1996 series cigar, a selection of spirit tastings with choices ranging from scotch to tequila, and a curated dinner.

1125 1st Avenue

6 Ways to Prepare for a Competitive Home-Buying Season in NYC

In general, the home buying market in New York City can be highly competitive. This is due to the high demand and low supply of properties. And when it comes to luxury real estate, things are no different. Moreover, high-end homes are unique, so they are highly sought after, just like any rare item. It's also important to note that, according to the experts, 2022 will see a rise in both real estate prices and investments. So, here are six ways to prepare for a competitive home-buying season in NYC.

Check your finances

As we all know, buying a home is never cheap. It is particularly so when you're looking for luxury real estate in New York City. Therefore, before you start visiting open houses, you must determine your budget limit.

• Analyze your finances carefully to see what you can afford and how much you’re willing to invest. Take into consideration your savings, income, and expenses.

• It would be best if you also took into account potential additional costs. For example, you might be keen on old architecture, but you have to consider the costs of renovation.

• If you're not ready to invest so much money at once, you can consider mortgages. And in this case, it’s essential to get a pre-approval. This way, you’ll know exactly how much money you can get.

• It's also advisable to look at some of the prices on the luxury real estate market. This way, you’ll know what to expect.

To prepare for a competitive home-buying season in NYC, you first must determine your budget limit.

Prepare for a competitive home-buying season in NYC by hiring the best Agent to Represent You

If you're not a professional realtor, you'll need help tackling the competitive home-buying market in NYC. Real estate professionals can offer you advice and help you find your dream home. Due to their experience and access, an agent can filter the market for your preferences and set up showings for you.

Moreover, it’s good to know that luxury properties are not always publicly put up for sale. And you only hear about some of them through word of mouth. Therefore, having a well-connected team of real estate professionals is essential. So, choose wisely if you don’t want to miss out on your dream home.

While researching professionals, it's also good to look at moving companies. Buying a home might take some time, but it's good to be ready. The professionals at Roadway Moving advise that if you leave it for the last moment, you won’t be able to find the best services and offers. So, do some market research for this as well.

Put together a team of real estate professionals to help in this process.

Determine what you want

Once you've determined your budget and found the right team of professionals, you have to figure out what you want. And don't just say a mansion or a penthouse. You have to be specific. Otherwise, not even the best team of realtors will be able to find the right home for you.

What’s important here is to understand what luxury real estate means for you. Is it the size of the house or the location? The high-quality materials that were used to build it? Or is it the specific amenities? Your definition of a high-end property can even combine all of these aspects. But in any case, you have to put it all down on paper and sleep on it. Don't make rash decisions. After all, this is a significant investment, so it has to be a good fit.

Choose the right location

Before you start your house hunt, it’s good to narrow down the location. Each of the five boroughs of NYC indeed has its unique features. Nevertheless, you have to find the perfect place for you. To do this, you should first explore on your own. Visit each borough to get an idea about the landscape, the community, the social life, the schools, etc. Afterward, consult with your team of real estate professionals. Their experience and inside knowledge can help you make an informed decision.

To prepare for a competitive home-buying season in NYC, you should narrow down the location.

Learn to be patient

Buying a home is a considerable investment, particularly if you're buying luxury real estate. Therefore, you should avoid making any rash decisions. Take your time to analyze your options. If you don’t find the right fit as soon as expected, don’t despair. These things take time. And don't get discouraged if someone else beats you to it. It's essential to be sure before placing an offer.

However, it’s also good not to be too picky and wait too long. Yes, the home you’re buying should satisfy all your needs, but there’s no such thing as a perfect house. So, you should be willing to make some small compromises. Otherwise, you might never find what you’re looking for.

 Learn to negotiate

Just because you're buying luxury real estate doesn't mean you shouldn't get a fair price. Therefore, don't skip the negotiation once you find a home you like. This is where your Real Estate Broker will be a huge asset to you as they are a negotiating expert and know the market prices well. They can advise you on what to submit for the strongest offer to win the property. It's also good to know how much competition you have. If the property is highly sought after, you might not have any other option than to place a higher offer.

Final thoughts

Because of the high demand and low supply, the housing market in New York City can be very competitive. Besides, finding the right home is never easy. So, what can you do to prepare for a competitive home-buying season in NYC? Determine your budget, seek professional help, identify what you want, and narrow down the location. Being specific is key. It's also essential to take your time and not make rash decisions. And in the end, make sure you get a fair price.

5 Holiday Scented Candles You Need for Your Home

Fragrance is one of our favorite and easiest ways to transform the feeling of a space. The power of scent transports us to another world and connects us with memories.

Whether you are looking for the smell of a freshly cut Christmas Tree or a crackling fire, these candles will add an instant touch of the Holidays to your home.

Flocon Candle Limited Edition

Each year Diptyque released a limited-edition candle for the season, and this year it is Flocon. The flacon, or snowflake, candle reveals notes of white musk mixed with honeyed accents of mimosa and winter bloom.

Available at Bluemercury

Jo Malone Glowing Embers Candle

Evoke the aura of a cozy den or library with a crackling fire, fresh log just tossed on, with this hand-poured candle from Jo Malone. Glowing Embers has very strong notes of smoke (in a good way) and woods.

Available at Bluemercury

NEST New York Holiday & Birchwood Pine Scented Candle

Perhaps the most fitting and synonymous with Holiday candles is the Birchwood Pine scent from nest. Fill your home with the aromatic scent of a freshly cut tree. This special Holliday set includes both Holiday and Birchwood scents.

Available at Nordstrom

Cire Trudon Christmas Gloria Candle

Enjoy not only a luxe seasonal fragrance, but also a beautiful blown glass vessel from what is rumored to be Marie Antoinette’s favorite candle company. Christmas Gloria from Cire Trudon is a woody-heavy scent with notes of spice throughout.

Available at Saks

Maison Francis Kurkdjian Pain D'Épices Candle

This candle will evoke all the childhood memories of building a gingerbread house filled with sweet delights. Pain d’epices has notes of orange, honey, cinnamon, and anise.

Available at Saks Fifth Avenue

Shop these candles and other Holiday fragrance picks for your home:

2021 Holiday Tipping Guide

The Holiday Season has officially kicked off. With Black Friday and Thanksgiving over, holiday decorations are going up across town. With the arrival of the Holiday Season comes the question on the mind of many - “How Much Should I Tip?”

While some traditions will be put on hold, other traditions synonymous with the Holiday Season will continue, one of which is Holiday Tipping. 

One could argue that Tipping is even more important this year than ever before - it has been a challenging year for all, and for those that are fortunate and have the ability to tip those that have helped throughout the Pandemic, this is the year to do so.

Building staff in Residential New York City buildings have been essential to all residents through the COVID-19 pandemic. Building Staff have been responsible for increased cleaning protocols, receiving and managing an exponential increase in deliveries, and checking in on vacant apartments for residents that have escaped to second homes.

We’ve adjusted our annual tipping guide to account for 2020 - some of the individuals that are key in a typical year such as your Manicurist may not have played a role in 2020 because of the Pandemic. Additionally, if you are considering giving more this year to your valued Building Staff and are concerned they will expect this amount in future years, consider stating in your note with the tip how grateful you are for all they’ve done during this challenging year to set expectations. 

Our friends at Brick Underground publish a go-to holiday tipping guide, which has been circulating since 2013. We condensed it, and put our take on what is appropriate as you budget for your holiday tipping. Remember, these are simply guidelines. There are many factors that can influence the tipping decision such as the size of the building (a larger staff equates to smaller individual tips), level of service, seniority, and time in building. Additionally, owning versus renting in a building can play a big factor as well.

Of course, if you live in a building with a part-time doorman, virtual doorman, or no staff at all, the below levels could be adjusted downward.

Renters: Tips do not have to equate to the dollar amount you are paying each month for rent. If you receive a lot of packages, have a stroller that is carried in and out of the building, etc., factor this into your tip. 

It is recommended that you tip in cash. Doorman, Concierge, Supers, etc. all of bills to pay like you and I- they are not looking for fruit cakes, cookies, or homemade gifts at the holidays!

Many buildings have organized drop off locations for your tips so you can safely give to your Building Staff rather than direct contact due to public health guidelines.

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TIPPING GUIDELINES

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Super: $150-$200
Doorman/Concierge: $100-$150
Package Room: $50-$75 per individual*
Housekeeper: 1 Week Salary
Dog Walker: 1 Week Salary
Garage Attendant: $50-$100
Personal Trainer: $100*
Personal Assistant: 1 Week Salary
Hairdresser: $75-100*

*In the post-pandemic world, it is important to remember all the people fielding the large increase in orders you are placing and the sheer volume of orders they are now receiving, just for you alone. From Uber Eats to Amazon and every shopping destination in-between, there is no denying that we all place significantly more online orders than prior to the pandemic. We recommend tipping Package Room staff more than previous years. In most buildings it will be the package room employees, however, Doormen/Concierge are likely fielding these requests after hours.

Additionally, if someone such as a Trainer has moved to a Virtual Model and you continued to use their service, we recommend continuing to tip these individuals.

When: Most building staff will prefer to receive their tips in early December so they can plan their own holiday spending accordingly. Tips account for a large part of building staff’s anticipated income at this time of year.

This guide was presented in 2018 and has been re-shared to include updated information