Because of the Independence Day holiday, this abbreviated post contains only the past week’s most essential news.
Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out the other of today’s posts and look for Out and About, which I postponed to bloviate on pressing news, early next week.
Construction activity rises, but new starts of residential building dip below previous two years
The value of construction projects commenced in New York City rose 15 percent in 2010 thanks to non-residential and public sector building, while new residential construction starts continued to slide, according to the New York Building Congress.
Residential projects worth $2.21 billion began last year, which was down from $6.03 billion in 2008, at the tail end of the construction boom, and $2.58 billion in 2009, according to the analysis.
Unsurprisingly, federal tax credit caused spike in last June’s sales
The U.S. tax credit for first-time homebuyers had more Continue reading
by Ron Gitter
What appears to be the beginning of a beautiful landlord-tenant relationship can turn ugly faster than you think. So notes lawyer Ron Gitter, whose sage advice has graced this blog before and whose Web site contains much more valuable information.
Perform your due diligence when you intend to hand over your precious property to a stranger, or even a friend or relative, he counsels.
For your peace of mind and financial security, consider all the issues that might have an impact the tenancy. Be upfront about any conditions in the apartment that may be of concern to the tenant.
At the same time, there is no reason for your relationship with your tenant to be of the love-hate variety: He or she gets to live in a great apartment in the Big Apple and you receive a significant and, sometimes, obscene amount of rent.
Where we live, that’s peaceful coexistence. The 10 or so suggestions below should ensure that war doesn’t break out:
1. Comply with all condo rental requirements: You must submit a rental application to the managing agent. Even before the lease is signed, make sure that your proposed tenant understands that financial disclosure, various documentation and a background check may be required prior to the building’s approval of your tenant.
2. Check the creditworthiness of your tenant: Continue reading
A week or two ago, my friend Cora adopted a fluffy calico cat she named Blanche. Perhaps a year old, Blanche joins Jiggy the pug and Derwood the gray-and-white American short-hair cat in the rent-stabilized studio that Cora has called home for decades.
Cora happens to be 66, and she is hardly alone–among humans as well as animals. In fact, a new survey commissioned by AARP has found that 40 percent of Americans 65 and older own a pet. Of those, 27 percent have a dog and 19 percent, a cat. Continue reading