Valuable information for the 1st time buyer or renter in New York

real estate

By HEATHER SENISON

A guide for first-time renters and buyers

Photo credit: Roommates Matthew Gorman, left, and Steve Kaliski hang out in their kitchen. (Charles Eckert)

It's no secret that the New York real estate market requires skill to navigate, but it's especially difficult for those who've never rented or bought property before.
While prospective renters and buyers can arm themselves with knowledge of market conditions, average rents, closing costs, inflation statistics and brokers fees, problems pop up in the process (the elevator broke, a co-op denies an application) that are hard to prepare for.
We spoke with real estate experts and a first-time renter to get advice for new renters and buyers, and to help experienced New Yorkers avoid repeating mistakes in the future.
The preparation
Gary Malin, president at CitiHabitats, said knowing the city's market conditions often doesn't arm prospective tenants and owners with enough information.

Read the full Story Here:  http://www.amny.com/urbanite-1.812039/a-guide-for-first-time-renters-and-buyers-1.4070135

Relocating or Moving to New York?

LANDLORDS in New York City can afford to be picky. With a vacancy rate in Manhattan of under 1 percent, apartments sometimes rent in hours, not days or weeks. Good tenants are not that hard to find. On top of that, evicting problem tenants can be expensive and time consuming.

So, most landlords here require a lot of information. They want to see a prospective tenant’s tax returns, pay stubs, bank statements, proof of employment, photo identification, and sometimes, reference letters from previous landlords. Everyone will run a credit check (many Manhattan landlords look for a score above 700) and just about all, from big management firms to small-time landlords, want to know that your gross income is somewhere between 40 and 50 times the monthly rent

Read the full story here: 
http://www.nytimes.com/2011/07/17/realestate/prospective-renters-have-much-to-prove-to-landlords.html?_r=1&ref=realestate

Rent Guidelines Board Approves Preliminary Range Of Rent Hikes

Market takes its toll on NYC trophy rents.: An article from: Real Estate Weeklyhttp://brooklyn.ny1.com/content/top_stories/138423/rent-guidelines-board-approves-preliminary-range-of-rent-hikes