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.

Immigration Uncertainties Impact Real Estate, Mirador Real Estate’s Paul Magyar Comments in DNAinfo

Foreign investors have been a significant part of New York City’s real estate market in recent years, but Donald Trump’s immigration policies are beginning to change that. DNAinfo reports that international buyers are becoming hesitant to purchase property because they’re uncertain they, or their family members, can attain the necessary visas to enter and live in the United States.

In the article, real estate expert Jonathan Miller estimates that foreign buyers “make up between 15 percent of the market, as a baseline — and as high as 85 percent of the buyers in certain new developments around ‘Billionaire’s Row’ in Midtown,” numbers that could fall as the Trump administration attempts to lower immigration. In addition to the controversial travel ban, the administration has sought to limit H-1B visas, which are intended for highly skilled foreign workers.

The story is illustrated with a number of anecdotes, one from Mirador Real Estate’s Paul Magyar, who explains that a New York University student from China recently had to back out of a deal for a three-bedroom in the East Village due to visa issues. Read the article here.

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Mirador Featured in DNAinfo about New York Becoming Dog Friend

Apartment hunting in New York can be difficult for dog owners. Many buildings have restrictions on the number and kind of dogs they’ll allow residents to have, and the facilities are rarely accommodating for pooches. Small elevators and bathrooms often mean renters can’t keep large dogs, or more than one, in their homes.
There’s good news for dog lovers, many  buildings across the city are specifically targeting pet owners by lessening restrictions, lowering fees, and offering more space and facilities. As DNAinfo reports, “With the current rental glut, especially in the high-end of the market where prices are slipping and concessions are rising, dog-friendly policies are the latest incentive to lure tenants, experts say.”
One of the experts featured in the article is Mirador Real Estate’s Managing Partner, Karla Saladino. Karla tells DNAinfo, “It used to be maybe one dog was allowed in, and ‘We’re going to weigh it, interview it and analyze it.’ Even a year ago, it was very hard to find something if you had a 40-pound dog or a Lab retriever. It was like, ‘What three buildings can we visit?’ Now it’s 10 buildings.”
The website also spoke with Anna Sankova, an agent for Mirador Real Estate, who relates an anecdote about finding a home in New York for a couple from Boston and their two mini Australian Labradoodles. “We found them an apartment within one weekend while they were visiting,” Anna says. “More landlords, especially in condos, were willing to take two dogs, which was surprising to me. It was not the case before.”
Read the entire article – and see a picture of those adorable Labradoodles – here.

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Mirador Featured in CityBizList for Hiring New Leasing Manager and Agents

Mirador Real Estate is excited to announce the recent hiring of Christine DeFrancesco Henriquez as the new Leasing Manager for Midtown East. Christine will oversee the Midtown and Upper East Side territory, she comes to Mirador with 15 years of real estate experience.

Additionally, the firm is pleased to announce two new agent hires, Rafal Zbrzezny, an agent with nine years of real estate experience, and Kireolos ‘Kiro’ Zakhary, who, following 14 years of experience in hospitality, joins Mirador from Platinum Properties. Read more about Mirador’s new team members here.

 

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.

New York’s Mirador Real Estate Forges Strategic Alliance with New Jersey’s ERA Justin Realty Co.

Mirador Real Estate is proud to announce our new strategic alliance with ERA Justin Realty Co., a residential brokerage that operates across the entire Northern New Jersey area. This partnership will allow us to expand our reach into the New Jersey markets, while we in turn will work with ERA Justin Realty Co. to enable their expansion into New York. Our firms will share resources, marketing strategies, and outreach to better serve clients who have a foot in both states and help them find the best real estate opportunities wherever they need.

Jennifer Darby Metzger, owner of ERA Justin Realty Co, said, “It is unusual to find a partnership with a similar vision and set of values, but that is how we felt with Mirador Real Estate, and we are happy to be aligning ourselves with them to provide additional resources for our crossover clients.”

Mirador Real Estate’s managing partner, Karla Saladino, agreed, saying, “I’m approached often about forming alliances, but often they wouldn’t be an appropriate fit for our team. When I met Jennifer, I knew this alliance was exactly the right match I had been looking for in New Jersey.”

Read more about the strategic alliance at Citybizlist.

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.