Brooklyn Real Estate Q&A and Info

This question comes up all the time, especially when I am working with a buyer who is looking to purchase a property that has “rent regulated” apartments, a term that encompasses both rent controlled and rent stabilized apartments.

The New York State Division of Housing and Community Renewal (DHCR) is responsible for the enforcement of the rent regulation laws, and can reduce rents and/or penalize owners that break them.

Rent Control

The older of the two rent regulation laws, rent control generally applies to buildings constructed before 1947.  It limits the amount an owner can charge tenants for rent, restricts their ability to
evict tenants, and ensures that they provide their tenants with essential services.

A maximum base rent (MBR) is established for each rent controlled apartment and if the landlord provides essential services and has no violations, every two years the rent can be adjusted up to 7.5 percent to reflect changes in operating costs.   Tenants can challenge the rent adjustments if they are not receiving the services they are entitled to.

With DHCR approval, rents can also be increased because of increased fuel costs, owner hardship, if the owner increases services or equipment, makes capital improvements to the entire building, or makes improvements to an apartment.

Rent Stabilization

Generally, rent stabilization covers buildings built after 1947 and before 1974, and apartments removed from rent control.  There are approximately one million rent stabilized apartments in New York City.

Rent stabilization also limits the amount an owner can charge tenants for rent, restricts their ability to evict tenants, and ensures that they provide their tenants with essential services.  Once a year the Rent Guidelines Board sets rates for rent increases in stabilized apartments.

Like rent control, rents for a rent stabilized apartmnet may be reduced if the owner fails to provide required services.

So, as you can see, there are not a lot of differences between rent control and rent stabilization.  For even more information about rent control and rent stabilization, go to DHCR Factsheets.

The mortgage doom and gloom that’s circulating around these days has scared a lot of buyers (and sellers) out of the market. The truth is, this is a great time to buy (and if you need to sell your home, its a great time to sell) thanks to FHA.

The volume of FHA loans being written has tripled, according to Realty Times, in the last few months, and as long as you can meet the FHA guidelines, there is still money to be had.  And FHA is not just for first time home buyers.

So, what do you need to qualify for an FHA Loan?

1. Right now, you need to be able to put 3% down. Starting January 1, 2009 the requirement will be 3.5%.
2. A credit score of 550 or better.
3. You can still use a co-signor (or non-occupant co-borrower) to purchase a home with an FHA secured loan.
4. In Brooklyn, the FHA loan amount maximum for a single family home or condo is $729,750, a two family home $934,200, and a three family home loan for no more then $1,129,250.
5. Verifiable income.

So, don’t let the dire news scare you.  If you’ve got the income, the credit score and the down payment, get out there and buy a home.  Interest rates are extremely low and you can get a fantastic house at bargain basement prices.

Want to know more?  Give me a call at 917-544-2662, or click here to email me.

With all the dire financial news, it might seem that the wisest course would be to sock your money away in a mattress, but that is far from the case. The wise person knows that the best investment is something tangible like real estate.

654 people and groups purchased property in Brooklyn during the month of September. Are the numbers down from the same time last year? Yes, but still, the best investment when the stock market is unstable and interest rates are fluctuating is real estate.

For full information on house, condo and coop sales in Brooklyn in the month of September, click here.

Fort Greene Brooklyn has a number of spectacular places to live, but none outshines University Towers Cooperative Apartments.  The co-ops complex consists of three sixteen-story apartment buildings located at 122 Ashland Place, 191 Willoughby Street, and 175 Willoughby Street. 

One of the things that I’ve found most impressive about the complex is the 5 1/2 acres of beautifully manicured lawns and stately trees that are accented by a charming gazebo.

The apartments are quite spacious with wood flooring and large windows that let in a lot light.  Take a look at the many amenities that the co-op provides, and you’ll see why University Towers is a great choice for fine living in Fort Greene.

1. 549 Apartments
2. Huge cash reserves of 6 million dollars (in 10/08)
3. 75% Owner Occupied
4. Hardwood Floors
5. Laundry facilities in the building
6. 24 Hour Security
7. Fitness Room
8. Onsite Parking Available
9. Playground
10. Barbeque Pits for residents use
11. Two blocks from the Dekalb Avenue Station
12. 5 minutes to Metrotech, Polytechnic and Long Island University

With prices that are still are very reasonable for Fort Greene (a 1 Bedroom/ 1 Bath apartment was selling for $473,000 in 10/08), University Towers is a great place to get a good bang for your buck and still enjoy high-end amenities.

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If you would like to find out more about the apartments for sale in University Towers, please give me a call at 917-544-2662 or 718-338-3380 or click here to email me.

According to the Real Estate Board of New York’s (REBNY) 2nd quarter statistics, DUMBO, which is an acronym for Down Under The Manhattan Bridge Underpass, is now the most expensive neighborhood in Brooklyn. At a whopping $917 dollars a square foot, it is no longer the little haven of the artistic type it was just 10 years ago. The long standing most expensive neighborhood, Brooklyn Heights, came in at $834 a square foot, and Park Slope rounded out the top three at $801 at square foot.

If you’ve got the income and are looking for a modern condo that has all the amenities like fitness centers, concierge service, hair salons and the like, with spectatcular Manhattan views to boot, then DUMBO is the place for your.