Brooklyn Real Estate Q&A and Info

The New York Daily News reports that according to the Real Estate Board of New York’s quarterly report, the average home price in Brooklyn fell 3% to $582,000 for the first three months of 2008.   In contrast, apartment prices rose 13%.  Good news for all the Condo and Co-op owners.

The same report shows that Manhattan Real Estate prices have continued to soar, with the average home price reaching a record $1.6 million .  The board said the prices of co-ops, condos and townhouses were up a staggering 41% over the $1.1million in the first quarter of 2007.   Congratulation to all you Manhattanites.

According to an article in the New York Post on April 29, New York-area foreclosures are up 34 percent for the first quarter of this year, which is far lower than the national rate that roughly doubled over last year.  In Brooklyn, one in every 241 homeowners is now in the foreclosure process. That is more than double the number of Brooklyn households in that situation a year ago.

This is not good news, however, it could be worst.  The article also brings out that the state with the most foreclosures is Nevada, where one in 54 households is in foreclosure.  Now that’s bad.

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Happy Earthday,

Even though we live in a large urban center where there isn’t much green, we can still be good citizens of Earth and do our part to help clean up our environment.  Here are a few tips on being green in Brooklyn.

1. Use Compact Florescent Light Bulbs - According to www.energystar.gov,  if every American home replaced just one light bulb with an ENERGY STAR qualified bulb, we would save enough energy to light more than 3 million homes for a year, more than $600 million in annual energy costs,
   and prevent greenhouse gases equivalent to the emissions of more than 800,000 cars.  That’s amazing!
2. Unplug Appliances That Aren’t Being Used.  Many appliances, such as blenders, draw electricity even though they are not in use.  Unplug and save energy.
3. Use a Notebook Instead of a Desktop.  Notebook computer’s use less energy then a desktop computer.
4. Recycle.   In New York City, every resident must recycle paper, cardboard, beverage cartons, bottles, cans, metal, foil, and fall leaves.  For more information on what and how to recycle, go to  nyc wastes less.  Now that you know what and how to recycle, a good questions is, why bother?  It takes less energy to make recycled products then create products from virgin materials.  In most cases, making products from recycled materials creates less air pollution and water pollution than making products from virgin materials.   We all want clean air to breathe and clean water to drink, so recycle!
5. Use Glass Storage Containers Instead of Plastic.  Storing food in reusable glass containers instead of plastic wrap or plastic “tupperwear” helps the environment.
6. Turn Lights Out When You Leave a Room.  Leaving a light on when there’s nobody around to make use of it is a waste of energy that you will definitely feel in your wallet
7. Take 4 Minute Showers.   By reducing your time in the shower from seven minutes to four, you could save over 6,604 gallons a year.
8. BYOB (Bring Your Own Bag) When Shopping.  The plastic bags you carry your groceries home in are horrible for the environment.  Bring your own cloth bags to the store instead.
9. Install a Dual Flush toilet.  If you are remodeling your home or apartment, considering installing a dual flush toilet.  It often takes far less water to get rid of “number one” then it does for “number two”.    Studies of dual flush toilets show that using a dual flush system can reduce water consumption by up to 67%.
10. Take Public Transportation.  To me, the price of gas is making riding the bus or subway look better and better all the time.

These are just a few suggestions on how to help keep Mother Earth clean, beautiful and life sustaining.

It depends.  When you purchase a co-op apartment, you are not actually purchasing the physical space, you are purchasing the shares of the corporate that are associated with the unit.   Because you don’t own the apartment outright, your ability to rent, or sublet, your apartment depends on the rules set out by the corporation. 

Many co-ops require that you live in the unit for a certain amount of time before you are eligible to sublet it, typically one year. There is usually a sublet fee imposed on the shareholder for subletting. Many co-ops also limited the amount of time that you can sublet your apartment before you are required to either move back in or sell the unit.

There are many nuances associated with owning a co-op, some good, some bad. That’s why its so important that you, or your attorney, thoroughly reads the Proprietary Lease, the House Rules and the Board Meeting minutes, before you sign on the dotted line.