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5 Emotional Mistakes Sellers Make

17 April, 2013 posted by: CORE

Selling a home is often seen as one of the most stressful financial decisions in one’s life.  Committing to such a long-term decision regarding this type of investment, with so many variables to consider may lead to poor or ill-thought out decisions, if a seller is not careful. Trulia recently published an article detailing the 5 mistakes sellers often make when putting a home on the market.  With this list in mind, sellers can keep an eye on these common pitfalls during the process of selling their home.

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1.    Price reduction paralysis.  Wikipedia defines panic as “a sudden sensation of fear which is so strong as to dominate or prevent reason and logical thinking, replacing it with overwhelming feelings of anxiety and frantic agitation consistent with an animalistic fight-or-flight reaction.”  But there’s a real estate-specific reaction to panic that the infinitely wise Wiki editors left out: freezing up entirely.

In cases of overpricing, the seller has most often started out as overconfident in their home’s prospects on the current market.  But as the days on the market turn into weeks, or even months, that overconfidence morphs into panic: panic that the place will only get a lowball offer, panic that the place won’t ever sell, panic that the seller will be stuck in the property, panic that the seller’s future life or career plans will be ruined.  This is a panic that snowballs into increasingly disastrous hypothetical scenarios, and fast. Read the rest of this entry »



 

One Museum Mile Celebrates Spring

16 April, 2013 posted by: CORE

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Last Wednesday, New York City’s Central Park Conservancy hosted “Central to Spring”,  a kickoff event to welcome the new season at the Park. Residential buildings surrounding the Park, including One Museum Mile, hosted residents and guests for cocktails and hors d’oeuvre as a way to support the Central Park Conservancy and celebrate spring in one of the world’s greatest parks. In addition to the gatherings within each building, guests were invited to watch a fireworks display that took place within Central Park.

Guests at One Museum Mile mingled on the building’s expansive rooftop before heading down to see two units of the 18th floor that housed live music in one room, and a preview screening of the building’s appearance on Selling New York in the other. One Museum Mile’s sales team members, Tom Postilio, Natalie Rakowski, Parul Brahmbhatt, and John Harrison were all present to toast to the season and join in the celebration. Click the break for a look inside the event. Read the rest of this entry »



 

CORE in the News

15 April, 2013 posted by: CORE

A sampling of last week’s press coverage of CORE and CORE properties.

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Art of the Deal:  Condo Sales Pitches Include Pricey Paintings and Massive Murals
New York Post
One Museum Mile is one of several New York City residential properties featuring exquisite artwork to attract potential buyers.

New Development
Brokers Weekly
Last week, new development project 93 Worth reached a rate of over 70% sold and in contract units, signaling the growth and demand of new development inventory in the Tribeca area.  ”We are seeing an influx of interested buyers who currently live in Tribeca and are looking to buy new inventory,” said Shaun Osher.  ”Buyers are drawn to the building’s exceptional restoration and its prime location where a tremendous amount of residential and commercial growth has occurred.”

23 New Developments Hitting the Market This Spring
Curbed
In a Curbed property round-up of New York City new developments, 241 Fifth was featured.  One of several buildings under construction in the Flatiron area, the transformation of 241 Fifth was recently documented in this time-lapsed video.



 

Avoiding Major Pitfalls at the Closing Table Townhouses

12 April, 2013 posted by: Jarrod Randolph

Greenwich Street

Part III of the “Avoiding Major Pitfalls at the Closing Table” series covers townhouse sales.  This type of property is a beast of its own nature.  Unlike condominiums and cooperatives, you are your own management company and superintendent.  This means you have to make sure all City, DoB and utility-related items are in place in order to have a successful closing. These tips will help you prepare:

PART III: Townhouses

  • Judgments Against Seller: Check for any judgments against the seller.  They must be resolved to receive a clear title.
  • Survey/Encroachment: It is best to conduct a survey prior to closing so you can determine if there are any encroachments on the property or any adjacent properties. The title company will need to have documentation at closing to record any agreed upon survey changes with adjacent properties.
  • Environmental Control Board Violation: Sellers should make sure there are no fines against the property no matter how small.  It will be found on the title continuation and must be paid to receive a clear title.
  • Sidewalk Violation: This is a major issue in townhouse closings. If the City has filed a violation prior to contract signing it is the responsibility of the seller to remedy it. If it is not remedied, some lenders will not allow the closing to take place until it is fixed.
  • Mechanic’s Lien: The title search will pull up any liens and the seller should be aware prior to closing so they can resolve each lien.  This is needed to receive a clear title.
  • Open Building Permit: As a seller, make sure you have sign offs from the building department to show that all your work permits are closed.  Sometimes title reports will have conflicting information.
  • Water Bill: The seller should attain the last water bill from the City and make sure it is paid to date.
  • Covenants and Restrictions: This may reflect that there are set back lines and restrictions as to what the property can be used as.  What may happen is that the title company may need to provide affirmative insurance in the lender’s title policy for these recorded documents. As a buyer, you should check to see if you will need this insurance ahead of time.

Read the rest of this entry »



 

What’s New: Brooklyn Beauty

11 April, 2013 posted by: CORE

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Penthouses are known to have some of the best views when it comes to living in New York City, and this duplex penthouse at 2 Northside Piers is no exception to the rule. Listed by CORE’s Ralph Modica and Vickey Barron, this Williamsburg manse offers expansive views of Manhattan that can be seen from practically anywhere in the apartment. In addition to floor-to-ceiling windows, this 3-bedroom, 3.5-bathroom home offers a large terrace and two separate balconies that would have anyone ready to soak up the sun and fully take advantage of the home’s postcard views.

Interested in the interiors of this $3.25M space? See more photos after the break. Read the rest of this entry »



 

Avoiding Major Pitfalls at the Closing Table Co-ops

10 April, 2013 posted by: Jarrod Randolph

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Part II of the “Avoiding Major Pitfalls at the Closing Table” series takes a look at cooperative closings.  Since the form of ownership is very unique, the mistakes that can take place are vastly different than those of a condominium.  You are purchasing shares in a corporation and the information provided must be completely accurate in order to make sure ownership is passed on correctly.  Take a look:

PART II: Co-ops

  • Stock and lease: Make sure all names on the stock and lease are spelled correctly.
  • Surrender of old stock and lease: You must have this or a lost stock and lease affidavit at the closing to be able to close. If you have financed, the bank should prepare this. If not, you should have one on hand from your original purchase.
  • New Assessment: Before you get to the closing table, inquire if there are any new assessments.  After the contract is signed, a newly imposed assessment may be the responsibility of the purchaser.
  • Maintenance Increase: Inquire about any maintenance increases between contract signing and closing.  They happen frequently and will effect the amount of the checks drawn for closing.
  • Flip Tax: In your initial offer you should clarify and agree on who will pay the flip tax.
  • UCC-1 Financing Statement: Make sure the name of the cooperative is spelled correctly on the statement.
  • Maturity Date of Proprietary Lease: If you are financing, the proprietary lease must remain in affect beyond the loan term.  If it is not, the managing agent will need to provide a letter to the lender’s counsel stating so.

Read the rest of this entry »



 

Celebrating National Architecture Week

09 April, 2013 posted by: CORE

8 HouseThe beginning of this week marked the American Institute of Architects (AIA) National Architecture Week – a week devoted to taking a moment to “showcase the talented architects who’ve made positive contributions to our communities and society in general.” Throughout the nation, AIA is engaging cities and communities to explore both old and new architectural treasures through local AIA Chapter events. For those of us who may have a busy workweek, AIA has made it easy for us to enjoy the celebration at our computers by regularly updating their Pinterest page and other social media outlets with beautiful imagery of structures throughout the world.

If you still need an incentive to engage in National Architecture Week, the AIA is hosting a contest on Instagram and Twitter called the Architecture is Awesome Sweepstakes.

In an effort to pass along the word on this week-long celebration of all things architecture, tell us about what buildings inspire you.



 

Our Story: Core Brand Video

08 April, 2013 posted by: Shaun Osher

It seems appropriate that, as CORE embarks on opening our office on the Upper East Side, we debut our brand film. Our original vision for the company and brand remains the same as it was eight years ago…

Shaun Osher is the Founder and CEO of CORE



 

CORE in the News

08 April, 2013 posted by: CORE

A sampling of last week’s press coverage of CORE and CORE properties.

Jared Kushner, Joseph Meyer, Jack Cayre, Shaun Osher

Introducing the Upper East Side’s New CORE
In celebration of CORE’s new Madison Avenue office, our good friends at The New York Observer hosted a night of mingling, good food, and outstanding conversation last Wednesday at Rouge TomateThe New York Observer was also celebrating the launch of their new lifestyle section “NYO”, with guests of the party getting a first look at the new publication.  Guests included CORE brokers and staff, industry professionals, developers, architects, members of the media, and other invited guests.

Living Large:  A Townhouse in the Sky
Adrian Noriega’s penthouse listing at 15 West 20th Street was the highlight of last week’s “Living Large” segment with Emily Smith.  The Flatiron District home, equipped with over 2,000 square-feet of terrace space, private elevator access, and several other upgraded amenities, represents the best in luxury city living.

Read the rest of this entry »



 

Avoiding Major Pitfalls at the Closing Table Condos

08 April, 2013 posted by: Jarrod Randolph

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Last month, I participated in an exciting continuing education course for brokers at the Real Estate Board of New York (REBNY).  It was set up as three mock closings: one for cooperatives, one for condominiums and lastly, one for townhouses. I played the part of the purchaser in each and several of my industry peers played sellers, attorneys, closing agents and brokers.  It was incredibly fun and funny as we covered many of the issues that can go terribly wrong at a closing, how to prevent them and also how to remedy each problem case by case.

It was such an impactful course that I wanted to share with you the lessons learned.  Beyond the people and basic documents involved in a closing, there are some minutiae you should look out for as it can delay or postpone your ability to close as scheduled.

I will cover the three different closing outlines in a three-part entry over the next few days to help prepare you for the closing table.

PART I: Condominiums

  • ACRIS Document: It is pertinent that the purchaser have pre-registered transfer tax documents on ACRIS transfer tax forms for a condo closing.  This is how your purchase is filed with the city.
  • Loan Payoff/Line of Credit: The seller’s attorney must order payoff letters for all loans and lines of credit. These letters state that there is a freeze on the loans or lines of credit the day of closing thus giving you the set payoff figures for which your bank checks are cut.
  • Wavier of Right of First Refusal/Common Charge Letter: The wavier of right of first refusal must come for the condo board stating the right is waived and they approve the sale – it is the only way to close. The common charge letter states that the CC’s are paid at least up to the closing date.  If they have not been paid and the letter is not up to date, money may need to be left in escrow until the issue is cleared.
  • Unpaid Real Estate Taxes: It states in the contract that the taxes must be paid prior to closing.  It is pertinent that you confirm the taxes are paid and there are no penalties prior to closing.  It is the seller’s responsibility to pay them.
  • Work Permits: Check with the DOB and make sure there are no open work permits registered to the apartment. Most title companies will not allow a closing unless all permits are closed.

Read the rest of this entry »



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