Renting in Brooklyn

As Realtors®, we take our job as well-informed assets to our clients very seriously. We spend hours reading real estate industry publications, newsletters, and scouring internet real estate websites to stay on pace with current market trends.

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Recently, a matter of great concern to a lot of people has been the scarcity of apartments in Brooklyn. It’s true! The vacancy rate in our great borough is very low, and great apartments get rented almost immediately.   You can boil it down to displacement due to Hurricane Sandy’s destruction, or just the fact that Brooklyn is HOT!

Who wouldn’t want to live here? Brooklyn has everything; Amazing culture, fantastic dining and nightlife, convenient transportation options, and proximity to Manhattan.

So, if you’re looking for an apartment, where does that leave you?

Don’t despair. If you are looking to rent, Northern Brooklyn is experiencing a building boom. Amenity-packed luxury high-rise rental buildings are sprouting up everywhere. Many new construction buildings are offering great incentives like a month of free rent or a year of parking, and we can definitely help you get in on that. Also, spring and summer are seasons of major turn-over in the Brooklyn rental market.

Now let’s say you are not looking for a new construction property, or are trying to get deeper into Brooklyn. What are you to do? Be prepared, and be in

  • formed! It’s a good idea to start your apartment search about 3 weeks before your desired move-in date. Looking earlier can lead to a lot of disappointment as what is available today will not be tomorrow. Great apartments don’t stay vacant for long, so if you see something you love, you have to be ready to jump on it.

In terms of preparation, below is a checklist of what will be necessary to rent the apartment of your dreams. It’s a good idea to have all these items ready when y

  • ou go to view an apartment.
  • Credit Check/Application Fee (usually about $50 per applicant)
  • Salary Verification- Paperwork proving you earn 40X the monthly rent, ie., 3 recent paystubs and 3 most recent bank statements
  • Cancelled Rent Checks
  • Photo ID
  • W-9
  • Letters of recommendation from current landlord (especially when credit is an issue)

If you have a guarantor, you will also need the following information about them:

  • Credit Check/Application Fee
  • Salary Verification- Paperwork proving your guarantor earns 80X the monthly
  • W-9

Finding the right apartment is a lot of work, and we’re here to help you through the whole process. Call us any time at 718.488.0800, and happy hunting!

Posted in Brooklyn, Brooklyn Apartments, Brooklyn Properties, Brooklyn Real Estate, Brooklyn Rentals, Carroll Gardens, Cobble Hill, Real Estate | Tagged , , , , , | 1 Comment

Happy New Year News

Happy New Year!

We are excited to report that, just as we suspected, our favorite borough, Brooklyn, is booming!

According to Property Shark, most Brooklyn neighborhoods are seeing a rise in residential property values. You can follow this link to the interactive PropertyShark.com map.

 

BrooklynRealEstatePriceMap

Map Courtesy of PropertyShark.com

Williamsburg saw the biggest changes, with prices per square foot climbing by 174% since 2004. Other big winners include Prospect-Lefferts Gardens, with 63% growth, Gowanus with 52%, Fort Greene with 51%, and the majority of North-West Brooklyn (including our ‘hood, the always lovely Carroll Gardens) at a comfortable 20-30% climb.

At Awaye Realty, we’re not surprised. Just a stone’s throw from Manhattan, Brooklyn is a vibrant tapestry of geography, architecture, and people. There is something in our beautiful Brooklyn for just about everyone. From thriving artists’ communities to quiet ocean-side living, Brooklyn has it all! Brooklyn is also quickly becoming one of America’s cultural Mecca’s.

We’re improving every day. Now proudly boasting our own basketball team with the Brooklyn Nets, rumors are swirling that we’ll be getting Islanders Hockey soon, too. Brooklyn’s Business Improvement Districts have been attracting more and more businesses and consumers.

Our borough is healthy and exciting. People from all over the nation want to live here. If you are looking to sell, now is a great time to cash in on your investment. If you’re looking to buy, Brooklyn shows no signs of slowing down and interest rates are at record lows.

We hope this year brings you joy, health, love, and success.

Warmest Regards,

The Awaye Realty Team

 

Posted in Brooklyn, Brooklyn Apartments, Brooklyn Condos, Brooklyn CoOps, Brooklyn Properties, Brooklyn Real Estate, Brooklyn Rentals, Carroll Gardens, Cobble Hill, Mortgage Rates, Real Estate | Tagged , , , , , , , , , , , , , , , , , , , , | Leave a comment

Rags to Riches

In September 2009, Awaye Realty Management, LLC took over the management of two 18-unit buildings at 427 and 433 Dean Street. At the time, rents were at a minimum and credit-worthy tenants were unknown to the building.
427-433Dean
In November 2012, the buildings were sold for a record price of $8.7 million. This can be directly attributed to the management techniques of Awaye Realty Management, and the leasing procedures of Awaye Realty. Together, we substantially increased the value of the buildings for both the landlord and the tenants.

Awaye Realty Management was responsible for not only maintaining the properties, but for giving them a facelift, as well. We encouraged renovations of all apartments that became vacant. Units were cleaned, painted, and equipped with top-of-the-line appliances and finishes. This created a wealth of Park Slope rental units that are on par or beyond anything else on the market in the neighborhood. Naturally, this was reflected by a much higher rent roll.

Awaye Realty was able to successfully market vacant units, and fill the buildings with qualified, quality tenants. We reduced apartment vacancies, eliminated rent loss, drove additional creditworthy renters to the buildings, expedited leases, and removed financial and credit risks on new tenants.

427-433 Dean Street has been acquired by an investment firm that pored over the numbers for months prior to making their purchase. Awaye Realty facilitated the sale, and we are proud to say that all parties walked away happy.

Posted in Brooklyn, Brooklyn Apartments, Brooklyn Condos, Brooklyn CoOps, Brooklyn Properties, Brooklyn Real Estate, Brooklyn Rentals, Carroll Gardens, Cobble Hill, Mortgage Rates, Real Estate, Uncategorized | Tagged , , , , , , , , , , , , , , , | Leave a comment

Happy Thanksgiving!

Thanksgiving is upon us, and though it hasn’t been the easiest time, we at Awaye Realty are finding so much to be grateful for.

It’s been three weeks since Hurricane Sandy, and we’re still reeling.

Like many of our fellow New Yorkers, the Awaye Realty family has seen our share of devastation. Many of us live in hard-hit areas like Sea Gate, Bensonhurst, Brighton Beach, Staten Island, and Mill Basin. We’ve seen the water rise, braved the darkness and the cold caused by electrical outages and broken boilers, and have had to pump water out of our basements. We’ve endured the gas lines and struggled with public transportation in the aftermath of the storm. Yet all in all, we feel very fortunate.

We have friends and family in Belle Harbor, Breezy Point, and New Dorp that were not as lucky. Thousands have seen their lives washed away with their homes. Our hearts go out to them.

As a Brooklyn Real Estate firm, we have been inundated with calls from people who have lost their homes and are trying to relocate. We have stepped up our inventory so that we can better assist our clients in these trying times.

Rentals are going fast, and many are getting frustrated by landlords’ reluctance to rent apartments for short-term leases. We are doing the best we can to help people in dire situations, and last week we had a visit from FEMA agents who informed us that the Federal Government is going to start offering landlords incentives to lease their units for shorter terms. We will keep you abreast of these developments as we become aware of them.

In the meanwhile, we encourage everyone to help in whatever way they can. We have compiled some links to volunteer and donation opportunities. If you are a victim of Hurricane Sandy, we’re providing links to services, as well.

Volunteer Opportunities:

http://www.nycservice.org/register

http://newyorkcares.org/volunteer/disaster/?gclid=CO-q0PWD0rMCFQYb6wodskMA3Q

http://www.ujafedny.org/hurricane-sandy-volunteer-opportunities/

https://statenisland.recovers.org/

http://nytm.org/blog/entry/12-01-2012/update-on-ny-tech-opportunities-to-help

http://interoccupy.net/occupysandy/

http://teamrubiconusa.org

Donate:

http://www.redcross.org/templates/render/render.jsp?pageId=11400031&scode=RSG00000E017&subcode=paiddonationsearch&gclid=COuDhfeE0rMCFYh66wod_msAwg

https://donate.salvationarmyusa.org/disaster

Victims:

http://www.disasterassistance.gov

http://www.fema.gov/register.shtm

 http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Disaster-Assistance-and-Emergency-Relief-for-Individuals-and-Businesses-1

http://www.coned.com/customercentral/lawclaims.asp

Posted in Brooklyn, Brooklyn Apartments, Brooklyn Condos, Brooklyn CoOps, Brooklyn Properties, Brooklyn Real Estate, Brooklyn Rentals, Carroll Gardens, Cobble Hill, Mortgage Rates, Real Estate, Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , | Leave a comment

Pricing Your Home To Sell

How is the price set?
It is absolutely crucial that the price of your real estate property reflects current market conditions. Your home’s list price should be based on the most recent comparable sales in your neighborhood. Awaye Realty Real Estate Professionals will provide you with a free comparative market analysis.

Be careful to ground the price of your home in facts, not emotions. A home that is priced too high will languish
on the market. The longer your real estate property doesn’t sell, the less attractive it is to real estate buyers who may be wondering if there is something wrong with the property.
What is the difference between a real estate property’s list, sales price, and appraised value?
The list price is how much a house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions.
If you are a real estate seller, you may need to adjust the home’s listing price if there have been no offers within the first few months of the real estate property’s listing period.
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The appraisal value is a certified real estate appraiser’s estimate of the worth of a real estate property. This price point is based on comparable real estate sales, the condition of the property, and numerous other factors.
How do you prepare a house to sell?
Curb appeal is everything. You should do everything you can to put you real estate property’s best face forward. Though cosmetic, the attractive presentation of a home for sale is crucial to get close to your asking price or sell as quickly as possible. Small, inexpensive changes can make a huge difference in how your home for sale appears to real estate buyers.
Here are some simple steps you can take:
• Make sure that the exterior of your home is neat. If you are selling a home, make sure the sidewalk is swept, there’s no trash around, and that all greenery is pruned.
• Co-Op and Condo owners should make sure the hallways leading to their units are clean
• Be sure that the doorbell works.
• Make sure your real estate property is neat. Clutter can make any space look smaller and less desirable.
• Real estate buyers notice windows and floors first. Make sure they’re clean.
• Clean and spruce up all rooms, furnishings, floors, walls and ceilings. It’s especially important that the bathroom and kitchen are spotless. Organize closets.
•  Make sure the basic appliances and fixtures work. Get rid of leaky faucets and frayed cords.
•  Make sure the house smells good! Hide the kitty litter, bake some cookies, or light a few candles.
• Put fresh flowers throughout the house. A small touch of elegance goes a long way when selling real estate.
How to sell a slow mover?
Price and condition are the two most important factors in selling a home. If your home is sitting on the market, your first step should be to lower your price. Address all cosmetic defects that can be repaired.
Call us at 718.488.0800 for a FREE market analysis of your home.
Posted in Brooklyn, Brooklyn Apartments, Brooklyn Condos, Brooklyn CoOps, Brooklyn Properties, Brooklyn Real Estate, Brooklyn Rentals, Carroll Gardens, Cobble Hill, Real Estate, Uncategorized | Tagged , , , , , , , , , , , , , | Leave a comment

Awaye Realty End-of-Summer Update

Hello Everyone!

It’s been a long time since we’ve blogged, but we have a good reason: We’ve been really busy this summer!

The Awaye Realty Team has rented dozens of apartments all over Brooklyn in these past few months. Since June, we’ve sold a wide variety of properties ranging from co-ops around $100K, to investment properties worth over $10 million. It’s been a stellar season!

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The new awayerealty.com

We’ve also been busy launching the new and improved awayerealty.com. The site went live August 29th, and we can hardly contain our excitement! We hope that the new awayerealty.com is a boon for you, our clients. We have designed the site to be a resource for home buyers, sellers, and renters.

The new awayerealty.com features information about current real estate market conditions, how home values are calculated, home selling tips, answers to frequently asked questions, and more. We have also researched and written about 46 neighborhoods in Brooklyn, so now you can be a Brooklyn expert just like us.

The most exciting new feature of the new awayerealty.com is that it allows you to become a true real estate insider. We now provide you with access to hundreds of real estate listings all over New York City through our MLS (Multiple Listing Service) partners. That means that you can now browse almost every listing available on the NYC real estate market.

We hope that you take advantage of our new site, and would love to hear your feedback.

We promise to post more frequently, but in the meanwhile, have a wonderful Labor Day weekend, be safe, and enjoy the weather while you can!

Posted in Brooklyn, Brooklyn Apartments, Brooklyn Condos, Brooklyn CoOps, Brooklyn Properties, Brooklyn Real Estate, Brooklyn Rentals, Carroll Gardens, Cobble Hill, Mortgage Rates, Real Estate, Uncategorized | Tagged , , | Leave a comment

Is it a Good Time to Buy a Home?

We’re often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don’t know where the bottom is until you see it in the rear view mirror, meaning until you’ve missed it!Image

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.” To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give us a call if we can be of any assistance in determining how much home you can afford in today’s market. 718.488.0800

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