I’m excited to share a video from my second live television segment for Fox Business which aired the evening of Friday, May 3rd. “Spare Change” is a fun, informative financial segment which covers multiple dimensions of current events and financial news hosted by anchor Melissa Francis. Watch as we discuss topics from Reese Witherspoon’s arrest to Maker’s Mark’s marketing blunder.  With fellow guest Remi Spencer, we shared insight and laughs on everything from marketing and branding to how current events affect your wallet.

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

On the Market
The New York Times
Tom Postilio and Mickey Conlon’s listing at 100 West 58th is highlighted in the latest “On the Market” feature.

Cornering the Middle
The Real Deal
In this year’s rankings of New York City’s most influential real estate firms, CORE has been named the “Number 1 Mid-Size Real Estate Firm” in Manhattan. The new ranking signals CORE’s substantial increase in the value of is current listings.

Executive Travel Luxury Report
Executive Travel
In the latest edition of Executive Travel, Emily Beare is interviewed.  As the market for luxury real estate continues to evolve, Emily discusses this sophisticated buyer’s market.

On Friday, April 26^th, Jarrod Randolph was featured on FOX Business’ “Spare Change” with Melissa Francis.  Airing live, Jarrod was featured on the segment discussing business-related current events and trends.  Along with Zerlina Maxwell, Jarrod and Melissa discussed topics including Bill Clinton joining Twitter to Tim Cook’s $500,000 auction for hopeful bidders to win a meeting with the Apple CEO over coffee. Jarrod was also featured recently on CNN with reporter Zain Asher, discussing the current real estate market and the city’s lack of inventory.

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.

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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.

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

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 Tomate.  The 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 20^th 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.

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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.

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In 2009, there were more than 10,000 Manhattan apartments for sale. This year, there aren’t even half that many. On Tuesday, April 2nd, Jarrod Guy Randolph was featured on a CNN Money segment about the creative measures brokers must take in Manhattan’s current low inventory market. In the segment, “NYC Brokers Get Creative to Score Listings,” Jarrod was interviewed by CNN reporter, Zain Asher. Strategies Jarrod has employed include schmoozing with doormen who know “everything that’s going on in their building” to sending strategically targeted letters. Jarrod has been able to remain successful even in one of the worst markets. His creativity even allowed him to score a gorgeous $1.975M listing at 456 West 19th Street. Watch Jarrod’s interview on CNN Money below.

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

Condo Project Makes Splash After 25 Years
The Wall Street Journal
Reba Miller is interviewed on re-launching sales at Morgan Court after units were renovated. The building, once made famous in the 1993 film “Sliver,” is now undergoing renovations and generating interest in the New York City real estate market.

Living Large
CBS 2
Emily Beare takes viewers on a tour of a stunning property at 407 East 75th Street.

New York City is Expensive – But Not That Expensive Compared to Monaco, Hong Kong, and Five Other Cities
New York Daily News
Jarrod Randolph comments on the buying power in New York’s high-end real estate market.  According to experts, “New York’s relative affordability for the global elite is a cyclical thing.”

For better or worse the New York City market is changing.  Morgan Brennan, a Forbes Magazine real estate correspondent, quotes in a recent tweet, “’seller’s market’ developing as housing inventory hits a 13-year low, says N.A.R. Translation: sales up, prices up.”  This low inventory and increase in prices has the educated consumer scrambling to find the right apartment at the right price with the right luxurious aspects to justify paying more.

Aside from making a smart financial play when buying in today’s market, one should look at the tangible and intangible aspects of a property that make it special.  If you are paying top dollar you want to make sure that you can eventually sell again for top dollar in the future.

To do so you have to take into consideration what “luxury” really means and how it affects value.

Building: When you find a property that you love and its top dollar you have to work in reverse.  Remove yourself from the apartment and take a look at the aesthetic of the building, hallways and lobby as you also live in those spaces.  Those areas are part of the package and should also be at a high standard of quality. (more…)