Mistakes To Avoid When Buying/Selling a Home

Buying or selling a home is one of your biggest transactions you will ever make in your life time. There is need to be cautious on how you process the whole deal from mortgage financing to making the actual purchase or sale. Since you don’t specialize in real estate business, you need the help of an expert, in this case an experienced realtor. With hundreds of realtors in the market today, getting the ideal real estate firm New York can be quite daunting. A comprehensive research ought to be done to ensure you have value for money. To guide you in getting the best realtor in New York, we have highlighted some of the common mistakes both buyers and sellers make prior to the transaction.

mistakes to avoid
Mistakes to avoid when buying/selling a home

• Use my friend, he sells real estate’

Referrals and recommendations are good in every business, but friendship does not establish the credentials of professionalism. Do further research and use tough standards just like you would when evaluating the best attorney or doctor. Never make a mistake of mixing friendship with business. A good friend will understand that you are in business and will offer you the required credentials for listing. If the deal goes sour, will you want to ruin your family relationship or friendship? Make that consideration before hiring.

• I will hire the realtor with the lowest commission’

Buyers will want to minimize the cost while sellers aim at maximizing the profit. In this regard, both parties will look for a realtor with fair commissions. Instead of selecting a real estate firm New York based on commission charged, consider other factors like experience and professionalism. Most realtors use their own funds to advertise your home or look for a new home for you. Low commissions means low effort and more time wasted in getting what you deserve and expect.

• I want a realtor in my neighborhood’

This is yet another mistake most home sellers and buyers make. The knowledge of local market in real estate is not only understood by the locals but good researchers as well. He/she might be in your neighborhood but lacks the right skills to make a good deal. Do not let convenience be your primary reason of choosing a real estate firm New York.

• Selecting a realtor who sold more homes in the last period

This may sound interesting and promising, but it might not guarantee you the best deal. An agent may have listed 40 homes and managed to sell only 20 which can be above another realtor who listed 18 homes and sold all of them. Between the two, the one who sold 18 may have better marketing skills than the one who made more sales. Base your research on other professionalism skills to get the best deal.

• Hiring a part time realtor

When intending to get the best deal for your house being a seller or a buyer, you need someone who is actively following the trend in the market. If you are selling your home, you need an agent who is always available to show your house to potential buyers. When buying, a good realtor should always be updated with the latest listings and show them to you immediately.

Luxury Condominiums in New York City

New York is a dynamic city and its real estate scene thrives with luxurious and upscale condominiums. Most of these condos are located right at the heart of the city and having a luxury condominium in New York can be advantageous. You will be close to all the excitement that the downtown or the city can bring and ultimately, NYC never runs out of places to go to, things to do and people to see. new york luxury condominiums

A great tip, as given by the principal and co-founder of East River Partners LLC, Jody Kriss, is to always remember that before starting the actual hunt in finding the most perfect condominium that suits your needs, make sure that you get the pre-approval loan letter beforehand. This letter will give you an idea as to how much money you get to work with and it also heightens your credibility.

Once you’ve found the condo of your dreams, be sure to take all that this spectacular city has in store for you. New York City is yet but one of the most brilliant metropolises in the entire world and it represents world’s centers for myriads of things such as in business, culture, fashion and shopping! The Big Apple definitely offers great things to you and your family.

Many activities and events are being held within the city and most of them are child and family friendly. Cony Island of New York City is home to the Astroland Amusement Park which has New York City’s Landmark Cyclone Roller-coaster. Children’s museums are also within your reach like the the Brooklyn Children’s Museum and the Children’s Museum in Manhattan. Visit NewYorkKids.net if you want more information regarding NYC family shows, attractions, activities, shopping, museums, beaches and sports.

New York City is where lies the 843-acre refuge of the great Central Park. It is a luxurious oasis that is found directly at the heart of this wonderful bustling city providing an astounding 25 million annual visitors. It is the perfect place for relaxation or just enjoying some recreation. Activities done in the Park are of different varieties like horse-drawn carriage rides, Tai Chi, rock climbing walls, Music in the Park, chess, tennis, cross-country skiing, lawn sports, ice skating, birding, swimming, fishing, frisbee, soccer and football.

Another great thing that visitors love about NYC is that it beholds a diverse cultural activity. Visiting one of the world-renowned art and music museums, catching a Broadway musical or visiting the sophisticated and exquisite Metropolitan Opera could just be a few of the activities that showcase the entire world and you are guaranteed with a whole year of weekends of pure fun, entertainment and enriching events.

As you start looking for the perfect condo, just make sure to pay extra attention to location. Jody Kriss, a specialist in residential real estate development and investment in Manhattan and Brooklyn, is only one of the many that can escort you in finding the residence where you can fully experience the glamour and excitement in living at the heart of the world’s most busiest cities.

New York Real Estate: Jody Kriss

new york real estateThe New York real estate sector is very lucrative and this explains why top real estate tycoons have invested a lot in it. Out of these big tycoons who have a stake in the real estate sector in New York is one Jody Kriss, East River Partners LLC. He has built a stellar career in New York’s real estate for the last 16 years he has been actively involved in the sector. Below is a sneak preview of his illustrious career in the city of New York.

Who is Jody Kriss?
Jody Kriss is a real estate magnet who has been involved in the development and financing of some real estate that rank among the finest in the New York City. He graduated from the Wharton School in the University of Pennsylvania, a number one business school, in the year 1996. In his early years, Jody worked as a project manager and analyst for Athena Group which was developing real estate that was high-end in Manhattan. One of the notable properties that he was involved in was the 838 Fifth Avenue, which in the year 1999 was the first to reach the $2000 mark per square foot. He also worked with the APC Realty Advisors where he also contributed to a number of projects that included the successful conversion of a condominium in Tribeca measuring 100,000 square feet.

He also made partner during his stint at Bayrock Group, LLC where he was also instrumental in the development of some high profile real estate projects. He was one of the principle behind the development of a hotel based in Manhattan that rose 47 floors from the ground up. He also participated in a rezoning project that involved property measuring 13 acres at the Waterfront in Queens. He thrived well in the New York real estate property business that dealt in luxurious high-end properties. In 2010, together with Joseph Cohen, he founded East River Partners LLC as he wanted some change in his career.

East River Partners LLC
This real estate company has quickly earned success due to the high reputation it gets from Jody Kriss’s leadership as well as the great combination of an investment manager and a real estate developer. This has enabled the company to streamline its finance and development processes that are crucial in the real estate industry thereby making their buyers have the great experience when dealing via them. East River Partners aims at developing apartments that are family oriented and those that combine modern amenities with some historical architecture to bring out beautiful and great living spaces. ERP aims at developing properties in areas that are highly desirable and where the demand is equally strong. They also look at areas that have limited supply as Jody Kriss and his partner aim at bringing new opportunities and options to neighborhoods that need them.

Jody Kriss is working hard at changing the look of the New York real estate sector and with his partner at ERP, they have several exciting developments coming up. It is worth noting that since they formed their company, they have worked on the development of over eight properties in the areas of Manhattan and Brooklyn which are estimated to be worth well over $100 million. Due to his pursuit of excellence that is tenacious, his best is still to come and the real estate sector in New York will surely change for the better.

Jody Kriss East River Partners CEO

jody kriss east river partners ceoJody Kriss East River Partners CEO has over his entire 17 years long career been focused on financing and development of real estate in New York City.  Mr. Kriss  graduated in the year 1997 from The Wharton School of the University of Pennsylvania with a bachelor’s Degree in Finance. His former business school is considered among the top echelon as far as business education is concerned. He started his career as a Project Manager and analyst at the Athena Group where his most notable contribution was in executing the finance and development aspects of 838 Fifth Avenue. He is also credited for also being involved in a condominium at Central Park at 65th street, which was the first in the whole of New York City to reach the $2000 in sales mark per square foot back in the year 1999. He also had a stint at APC Realty Advisors where he worked as an associate and it is during this time that he oversaw several projects. The most notable project was the 100,000 square feet loft condo conversion that was based in Tribeca.

Making Partner
Jody was able to make partner being a co-founder of Bayrock Group, LLC due to his diligence and hard work. It was at Bayrock Group, LLC that he was a principal during the development of a 47-storey ground-up development of a hotel in the Manhattan area. He was also actively involved in the assembling and subsequent sale of a residential development site based in Brooklyn measuring 100,000 SF. Mr. Kriss was also involved in the re-zoning of a waterfront property in Queens measuring 13 acres. Bayrock Group, LLC was the company that developed the Trump SoHo Hotel.

Co-Founding East Rivers Partners
In the year 2010, Mr. Kriss co-founded ERP with Joseph Cohen and together they have worked tirelessly to earn quite a huge reputation for this company. ERP is a New York based company that focuses on acquiring and redeveloping brownstone properties in the areas of Brooklyn and Manhattan. ERP started off by redeveloping old buildings that are on four or five storey scale in some brownstone neighborhoods in Manhattan and Brooklyn. Jody Kriss East River Partners CEO has since 2010 managed to develop eight residential projects that are based in Manhattan and Brooklyn and all of them have an aggregated value that exceeds $125 million. Four of these ERP projects have been finished completely whereas the rest four are undergoing developments currently.

Mr. Jody Kriss has been very instrumental in shaping ERP’s focus in the real estate sector of New York. He has brought along a lot of experience in landmarks, assemblages, rezoning, BSA cases as well as other useful value adding aspects carried out on properties.

Currently, ERP has a number of projects in the pipeline some of them being in Park Slope and 415 East Sixth Street in Manhattan. The project in Park Slope will involve the development of four units that will be large and are expected to start selling at $1,550 per square feet. The project on 415 East Sixth Street is a synagogue that is the last remaining tenement in East Village and the project has already received approval from the Landmarks Preservation Commission. The synagogue will be retained in the ground floor while three loft apartments will be built above it. Jody Kriss East River Partners CEO, is not yet started as he has big aspirations that upon completion will change the real estate market in New York City.

New York Real Estate Trends

The New York real estate market is booming, with several developments that are coming up all over New York from Brooklyn to Manhattan. Real estate development firms in New York are keeping up with global trends in a bid to make their enterprises have a unique and competitive edge over the rest. To keep up with these global and emerging trends, the real estate development firms need to understand the various needs of their target group. Firms ultimately need to be concerned about the quality of space they aim to create for their clients. This ranges from the kind of developments put up; to the social amenities being provided by a real estate developer. This can be established through engagement with the client base to know exactly what they are looking for.

Recent developments indicate a growth in a high number of penthouses, luxury condos, apartments and even villas being established. With penthouses being put up on 520 Park Avenue to luxury condos along the 515 highline. These apartments have features such as private elevators, private outdoor space and their own fire pits. The wide range of amenities provided include gyms, steam rooms, indoor pools and kids play room. Some developments have features such as media rooms, library lounges and art galleries to cater for different tastes. A real estate establishment such as The Giovanni on 81 Fleet Place in Brooklyn holds close to 205 rental apartments that have amenities like yoga and aerobics studio, a media room, a game room, a residents’ lounge, a kids’ playroom, and an outdoor terrace with a barbecue grill, Wi-Fi in the common areas, supplemental storage, and bike storage area. This ensures that a wide range of occupiers are able to live within the establishment. This indicates that real estate development firms are able to target a wide range of clients thus establishing a niche of satisfied clients. Location is important when it comes to real estate, most development firms aim to establish buildings in areas that are close to business centers. This ensures that the clients are a close distance from their work places. Some establishments are near parks to ensure that the tenants have a good view.real estate trends

Other than the amenities offered and the location another good factor taken into consideration includes the price of the real estate development. Rental prices are usually driven up by different factors such as strong city economy and tight credit conditions. This would in turn mean if a real estate firms used a lot of money to establish a building they would have to sell and even rent these establishments at a high cost to the clients. This is seen in places such as Manhattan were rental prices continued to rise due to the state of the economy and credit conditions. In areas like Brooklyn rental prices are normally pushed up due to limited supply of residential areas and use of landlord concessions. Clients must choose the ideal developments that would suit their tastes and preferences considering all factors involved.