Q. I'm looking for a brand new condo, but at a couple of the developments I've checked out, the developer says buyers aren't allowed to "flip" their contracts or sell the apartment for a year after closing on it. Is this normal? Should I be worried about that kind of set up?
A. Don’t flip out. Yes, it’s normal for a developer to bar you from selling your unit while you’re still in contract, and it’s becoming increasingly common to extend this restriction until a year (or even two) after you close on the sale of your condo, say our experts.
New York City neighborhoods are constantly evolving. That said, real estate brokers would like some of the less desirable ones to change as quickly as possible. Here are 10 things you're likely to hear from a broker who's trying to sell you on an "up-and-coming" neighborhood.
A 1-bedroom/1.5-bathroom in this Midtown East condo building is up for auction this week. Go to PropertyShark.com to learn all you need to know about it before heading to the courthouse. (Note: Floorplan is for another unit in the same line.}
In this edition of the PropertyShark Foreclosure Spotlight, the focus is on a Midtown East condo up for auction on Wednesday, March 12. But should you hightail it to the courthouse steps? A look at the detailed property report from real estate data powerhouse PropertyShark.com may help you decide.
Address: 255 E.49th St. between 2nd and 3rd Aves. in Midtown East, Apt. 7B
Newlyweds Shirley Jian and Peter Chan just bought this $968,000 two-family home in Fort Hamilton, Brooklyn. They figure the rental unit will cut their costs in half--once the renovations are done.
Newlyweds Shirley Jian and Peter Chan just bought their first house, a four-bedroom, two-family in Fort Hamilton, Brooklyn for $968,000. They figure the duplex rental unit will cut their monthly costs in half. But not yet. They're currently upgrading the ground-floor space.
“Buyers like us need to make room in their budget for renovations and for the time it will take to do any work needed in the rental unit before it can be rented out," Chan says. They bought the house in December 2013, and expect to rent out the second unit in April.
The experience is likely familiar to anyone who recently bought a home with one or two rental units: Done right, it can help pay the mortgage and upkeep on your property. Done wrong, it can be a nightmare that sucks your time and money.
Six New Yorkers share their dream apartment overhauls:
Floorplan fix I would love to redo the layout of my apartment. I would actually reduce the size of the kitchen by half and use the second half for a new bathroom. Right now my kitchen is this odd, long shape that isn't really the best use of space. -Marni, Inwood
Debt ceiling I would love to have all the detailing in my pre-war apartment restored. The ceiling has beautiful details that deserve to be admired! Alas, this project is completly cost-prohibitive and I don’t see myself ever accomplishing this task! -Carol, Upper West Side
Around the end of February, the walls of our apartment start closing in on us and we get the itch for spring. Well, we’re still months away from lounging in the park, but how about a duplex living room to get that sense of freedom? We rounded up cavernous, double-height living rooms for you to stretch in--or at least stretch your imagination.
The idea is simple: It's a cutting board that locks into the counterspace in front of your sink, saving room. Because the cutting platform is inclined toward the sink, excess liquid from wet and juicy foods drips into the drain, and you can easily sweep food onto a plate or into a pot.
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