Buying in a Building with a Pool: Mirador’s Kireolos Zakhary Gives Expert Advice in Brick Underground

A common dilemma facing house hunters in New York City is whether or not to buy in a building with a pool, and how much this amenity will add to costs. Mirador Real Estate’s Kireolos Zakhary tells Brick Underground that the pool itself does not add dramatic increases to overall prices. “The pool is just one of the many amenities. The value of the unit is determined with everything else – not only the pool,” Zakhary explains.

However, since buildings with pools usually offer a bundle of other luxurious amenities, the prices of units with pools tend to be naturally higher than those that do not. Buildings with pools are also more common in expensive areas such as “neighborhoods with higher concentrations of new developments or condo conversions,” Zakhary notes, like Tribeca, Chelsea, and the Upper West Side.
 For more advice and to view listings for units with pools, read the full article here.

Common Questions Not to Ask Your Broker, Mirador’s Jessica Milton Featured in Brick Underground

Brick Underground recently polled prominent brokers to find out “the most outlandish requests new NYC renters make.” Those new to the city often have unrealistic expectations of the real estate market, the agents say, such as hopes of fitting a king-size bed into a tiny apartment, or getting a pad with a private outdoor space.

One of the featured brokers is Mirador Real Estate’s Jessica Milton. She says the most common unrealistic question she hears from renters is whether they can use their roommate’s guarantor as their own. “Leases cannot be guaranteed in part,” she tells Brick Underground. “If you all don’t make 40 times the rent combined, then you all need a guarantor(s) who earn 80 times.”

Jessica also notes, “This year, a lot of first-time apartment shoppers seem to be looking to move in and then think they can just sublet for the summer and move back in come September. While this is possible, it’s not practical and most landlords will not allow this.”

Read the full article here.

Jess brick20underground20logo202016

Mirador’s Paul Magyar Featured in Brick Underground on Renting Vs. Buying

Owning a home has long been part of achieving the American Dream. But in New York City, the practical reality is that renting a condo or apartment can often be a better deal than buying real estate. Brick Underground recently examined this issue in the article “In defense of renters: Why buying property isn’t always the right decision.” The publication turned to Mirador Real Estate’s Paul Magyar to explain why people who want to invest in New York properties might not see the returns they expect.
With real estate prices booming across the entire city, Paul tells Brick Underground that investors are unlikely to see the value of their property significantly increase. “That idea of a diamond in the rough doesn’t exist in Manhattan anymore,” Paul says. “Theoretically, it’s still there in the outer boroughs, and in places like Jersey City, but they’re fewer and farther between.” Just to recoup closing costs will take at least five years. And if you overlook the surrounding air rights and a new building eventually blocks your view, the value of your property may actually go down. Read the entire article here.

Mirador’s Neeta Mulgaokar Featured in Brick Underground on Buying a Home with a Tenant in Place

Brick Underground’s Buy Curious column recently turned to Neeta Mulgaokar, an Associate Broker for Mirador Real Estate, for her expertise on buying property. The column weighed the pros and cons of the question, “Should you buy a home with a tenant in place?” As Neeta explains, the answer depends on a number of factors regarding the apartment, the tenant, and the purchaser. Here, she explains the potential advantages of saying “Yes”:

“If the property is an investment, a tenant in place could be fantastic,” says Mulgaokar. That obviously depends on “what terms the tenant has agreed to and whether the tenant has a history of being a quality tenant,” she says, explaining that “quality is objective and depends upon whether the tenant has historically paid rent on time, followed the building’s rules, and/or maintains the condition of the apartment.”

Furthermore, Mulgaokar says that “an investor should analyze whether these criteria are being met in addition to whether the tenant is paying market rent. If the rent is under market but the quality of the renter is high, the investor should make a cost-benefit judgement call as to what is most important in the long run.”

For more advice on purchasing homes with existing tenants, read the rest of the article here.

 

Mirador’s Dr. Lynn Saladino Featured in Brick Underground on How to Thrive When Making an Unplanned Move in NYC

When most people move apartments they imagine something bigger and better, unfortunately that’s not always the case. Sometimes apartment moves are a result of a split with a partner, career demotion, or some other less-than-ideal reason, that represents a personal setback.

Mirador Real Estate’s Health and Wellness Consultant Dr. Lynn Saladino spoke to the Brick Underground about ways to transition to a new not-so-perfect place. She said, “a lot of times it feels like this new place will represent the lifestyle you’ll have for the rest of your life, but it’s important to remember this is a for a year or two,” says Saladino, “Put a time limit on how long it’s going to be, and realize you can revisit it next year.” To read all of Lynn’s tips, check out the full article here.

 

Mirador’s Dr. Lynn Saladino Featured in Brick Underground on Splitting Expenses When Moving in with a Partner Who Owns Their Own Apartment

Moving in with a partner is often an exciting time, however, when moving in with someone that owns their own apartment, the question often asked is whether or not the partner should pay towards the mortgage like they would pay for rent. While this may seem like a good idea in the beginning, if the relationship goes south, the person moving out may feel like they are entitled to some of part of the equity invested in the apartment. Many couples are looking at alternative ways to make the living expenses equal without having to pay into the other person’s mortgage.

Mirador Real Estate’s Health and Wellness Consultant Dr. Lynn Saladino spoke to the Brick Underground, and gave her professional advice for couples looking to move in together. “….The key is finding a balance that makes sense for both of your budgets, and feels fair to everyone involved,” says, Saladino.  “Don’t assume anything…it’s really important to lay this stuff out clearly in the beginning so that it feels fair. If it bothers you in the beginning it will bother you every month when you’re paying bills.” To read more about what to discuss when moving in with a partner, and hear more from Dr. Saladino, check out the full article here.

Mirador’s Jeffrey Hannon Featured in Brick Underground on Fireplaces in NYC

The idea of cozying up next to a crackling fire conjures up the feeling of warm, happy memories; but in the city that never sleeps a fireplace quickly loses its romantic appeal when tenants are faced with maintenance costs and the actual task of finding a fireplace, something that is becoming harder to find after a 2014 measure was passed banning all new construction of woodburning fireplaces.

In order to find out more on woodburning fireplaces, and where to look for them, The Brick Underground spoke to Mirador Real Estate agent Jeffrey Hannon. In the article he discusses the best places to find woodburning fireplaces, the appeal for tenants to have a fireplace in the City, and how landlords and coops approach existing fireplaces. To read more about what Jeffrey has to say, check out the full article here.