All Forum Posts by: Jason Lee

This is difficult to answer without more details. Number of beds and baths, neighborhood, doorman or walk up, etc. When was it last renovated? Does "unrenovated" mean original condition? 

It's nice to hear a glowing contractor referral. Thanks for sharing! Would you mind giving a little more detail on the type of work he's done for you and in which boroughs? Thanks!

Try Jane Carbonaro Law. If she can't help she can probably point you to someone that can.

What specifically are you looking for RE transaction or tenant/landlord, etc?

Ahhh... co-op sale + estate sale = good times!

The contract date is an on or about date. Either party can usually delay for 30 days, and if the sale is contingent on board approval, the sale can get delayed quite awhile. That doesn't even take into account the estate. It sounds like your attorney sent a time is of the essence letter, but even in those cases it could get tricky getting your deposit back since it's probably in escrow with the seller's attorney. Still, 1 year is a really long time to get to closing. On the bright side, median sales prices are up YOY in Queens and so the value of the apartment has probably gone up since you went to contract. If you take that into account plus your forcing appreciation with renovations, you will probably make out nicely. Good luck with the close!

I've completed the continuing ed classes in physical classrooms and online, and online just seemed so much more efficient. Unless you want to try to learn specifics about certain topics like distressed sales, etc and get the kind of color you can only get from an experienced instructor, then I would stick with online. I'm usually trying to cram it all in last minute. I've been happy with NYREI but haven't looked around too much. I'm pretty sure you need to hang your license somewhere to actually be able to renew with DOS.

JC condo prices are continuing to appreciate relatively quickly. If your condo value is still so low relative to the last peak I think I can guess which one it is, and it might have something to do with litigation and perhaps the condo not being warrantable. I'm a realtor and have sold condos recently in JC and they sold quickly and at significant gains compared to their 2007 prices. FYI median condo prices in Journal Square were up around 7% YOY in Q4. I suspect prices will continue to rise in your area but not another 30-35%. If someone offered you an investment deal where you lost $300-400 per month would you go for it? No. So why stick with this one? You're now putting good money after bad. There's a lot of discussion on these forums about minimum $100 per door or 2% rule, etc, but you're looking at a pretty sizable loss each month. Yes, sell.

@Dave Foster, thanks for correcting and explaining!

Most of the time when people ask if they need a buyers broker, I think they probably do. If you feel like want someone experienced guiding you through the process and making sure you don’t slip up somewhere and look out for your best interests, then yes. Having said that, I also agree there are very often times where the listing agent might be more willing to do a deal with a direct buyer because they are looking out for their own interests. Are there multiple offers? Is there a best and final scenario? If there is then your offer accompanied by a buyer broker might be less attractive. Also, these days it’s not uncommon (in residential deals anyways) for commissions to be smaller if there is no buyers broker in the deal, making it more attractive to the seller if you have no broker of your own. If the property has been listed for awhile then they will probably be happy to get a deal done whether you have your own broker or not.

Also, just because you don’t have your own broker doesn’t mean it’s necessarily dual agency. The seller could remain that broker’s client and you could simply be the broker’s customer. In the former the broker has a fiduciary duty to both you and the seller, in the latter their fiduciary duty is to the seller and not to you. I just wanted to point that out since most are very confused by it and assume the listing broker always represents buyers that don’t have their own broker. That’s not true.

Lastly, in many parts of Queens, co-broking is the wild west. I’m an MLSLI member, which covers Queens. Many Queens listing agents offer a very small co-broke to buyers brokers or sometimes none at all. In those cases your broker will ask you to sign a buyers broker agreement in which you would pay their commission. Perhaps another reason to try to go it alone.

Bottom line, this is complex transaction and you don’t seem too confident. Coming on here for info is a good start but I'd suggest you talk to some experienced agents in the area that have done a lot of mixed use deals.

1031 can’t be used for a primary residence. You’d have to rent it out first (for at least a year I think) and then do an exchange, but then you wouldn’t get the capital gains exclusion on sale of primary residence. It’s one or the other. I’m guessing the majority of your gain wouldn’t be taxable so I would probably just sell given the two options.

I used to live on the UWS for many years and I think I can guess your building… I lived pretty close by. I’m still up there all the time. Great area!

I have rented out and sold many apartments in NYC that have had the dining alcove converted to a bedroom. While it doesn’t sell or rent for as much as a true 2 or 3 bed it definitely will rent or sell for a premium over a true 1 or 2 bed. In your case you’d be at the lower priced end for a young family needing a 2nd bedroom (even a small one) and so the buyer/tenant pool will be much larger. If you’d like me to run comps for you for rent or sale just let me know.