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.
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 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.”
Mirador Real Estate has long offered a wide range of marketing services for our clients. To bring these services together under one roof, we recently launched our brand-new Development Marketing Division, which will increase awareness of major developments among their target audiences through national advertising platforms, digital marketing campaigns, and numerous other endeavors. The Division is already hard at work for its first major partner: the Highgrove, a luxury rental development in Stamford, CT.
In its most recent issue, industry magazine Mann Report Residential highlighted our partnership with the Highgrove. The article quotes Kevin Saunders, the Highgrove’s Business Manager, as saying that the goal of the partnership is to enable the property to have “a more global presence and reach an even larger client base.” The article also quotes Mirador Real Estate’s Managing Partner, Karla Saladino:
“We are asked to apply our unique marketing initiatives–we have over 150 of them–to projects all over the world, but Highgrove was the first one that compelled us to prelaunch our marketing division ahead of the originally planned Q2, 2017 schedule to service it,” says Karla Saladino, managing partner. “While we are only about 50 percent done with the implementations I feel the building deserves, we are excited to share this unique project, which is unlike anything we get to see in New York City for the price point.”
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.”
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.
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.