Queens auction produces $3M in winning bids

This Long Island City house fetched the highest price among eight properties at auction.

With three of 11 properties withdrawn, the estate auction of ultimately one co-op and seven houses in Queens netted $2.944 million for the city today.

The total topped the collective minimum price of $1.991 million by nearly $1 million.  The gain amounted to 48 percent more than the sum of what Queens Public Administrator Lois Rosenblatt terms the “upset price.”

Properties on the block ranged in price between $120,000 and $600,000 in neighborhoods including Long Island City, Jamaica and Jackson Heights.

Below are the results: Continue reading

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Out and About: ‘Affordable’ co-op needs fix-up

Kitchen of 775-sf apartment on Manhattan’s Upper West Side.

Some Manhattan apartments in popular neighborhoods actually are affordable for buyers whose incomes put them in the middle class.

However, many of those units have less realized than actually fulfilled potential such as one in the low 90s close to Central Park.

The co-op is in one of the formerly city-owned buildings transferred to a Housing Development Fund Corp. and thus is known as an HDFC apartment.

HDFC apartments come with income restrictions, but they are reasonably liberal.  The latest median income standards Continue reading

Estate auction of Brooklyn houses set for Dec. 18

2343 60th St., Brooklyn, to be auctioned for at least $590,000.  (Source: Kings County Public Administrator)

2343 60th St., Brooklyn, is on auction block. (Source: Kings County Public Administrator)

Ten Brooklyn houses are to be auctioned on Dec. 18 by King’s County Public Administrator Bruce Stein.  It is the first such estate auction by the city in that borough since last June.

The properties, which were owned by individuals who died without wills, have minimum bids ranging from $175,000 to $890,000.

At 51 Havermeyer St., a three-family attached row house is the property with the highest opening bid.  With 3,525 square feet of living area and annual taxes of $3,910, the brick house was owned John Krantz.

Also on the block Continue reading

Weekly Roundup: New. . . rent data, celebrity moves, U.S. market reports, interest rates, generation of investors, forecasts and more

November rents in Manhattan ease slightly as Sandy contributes to drop in inventory

Almost burned, one tenant unscathed after renting out apartment via Airbnb

Mayor calls for immediate redrawing of FEMA flood maps

Sunlight in apartments comes at a cost

NY Fed’s interactive tool provides housing market data

Insurance won’t cover loss in event of apartment misuse

Many of the city’s newest transplants favor Manhattan

His new home is, strangely, no fixer-upper

London house of singer who died tragically young sold at auction below original asking price

Retired Yankee’s condo sale long way from home run

Chef’s purchase Continue reading

Buying in trust, foreigners can save on taxes

Part 2 of 2

(Flickr photo by allie_caulfield)

Foreign buyers who successfully cross financing hurdles then need to consider the most prudent way to hold title to real estate.

Lawyers often advise investors — whether foreign or domestic — to purchase property as a limited liability corporation (LLC).

The chief advantage is that LLCs shields their members from financial claims in excess of the value of the real estate.  In other words, an individual’s others assets are protected.

However, Continue reading

Foreigners: apartment buyers with special needs

Part 1 of 2

(Flickr photo by allie_caulfield)

The foreign buyers you read about who are purchasing super-luxury apartments that are sky-high not only in location don’t concern themselves with financing their purchases.

Nor do those whose chief interest is to park their funds in a safe place seek out lenders.  (Of course, foreign buyers may have in mind a safe haven for their funds as well as a desire to increase their investment with financing assistance.)

But for foreigners who want a modest pied-à-terre or perhaps housing for their children attending school in the U.S., a mortgage can be important.

They may be able Continue reading

A home stager offers good advice for free

Karen Ginsberg

The first seller’s “don’t” offered by New Jersey home stager Kristine Ginsberg of Morris County is the one I liked the most.

In a blog post, she begins by saying that sellers shouldn’t think that they know more than their broker, insisting on a higher price than the broker advises.  Says Ginsberg:

They are the experts and know the market.  This is the most important “don’t” when selling your home, bar none!

It is good advice, though the notion of using what a professional suggests is hardly novel.

In her blog, the stager also distills some of the most important measures an owner can take to ensure a successful sale.  Continue reading