|
The J. Rubinstein Team |
|
|
|
“ Is Your Apartment Listing Just Sitting There? Put It Up for Rent? Be Prepared for a Sale! ” |
|
“Hmmm,” I can imagine you’re saying, “what’s this all about?” Allow me to explain. Over the past year, owners of five listings that I’ve been handling decided that it was time to rent their apartments since the right offers just weren’t coming in. They were perfectly lovely apartments in desirable neighborhoods – but a fickle market was keeping them on the sidelines. And then, something surprising happened. Again and again. These ready-to-rent owners suddenly sold their apartments! One essential clause makes all the difference. Years of experience guiding clients in the fine points of renting their apartments has clarified the importance of adding a vital clause in every rental agreement: Owners have the right to cancel a rental up to 15 days prior to the move-in date should an apartment sale take place. While this change of plans presents a bit of a curve ball for the potential renter, it also provides a nice chunk of change – owners must pay the canceled renter what would have been one month’s rent. Lately, this deal-ender has ranged from $6,000 to $10,000.Going, going…gone! It’s hard to pinpoint what turns a “sleeping” apartment into a percolating property. I truly believe that many listings take on a whole new appeal – a fresh new buzz – when potential buyers discover that a really commendable listing will soon go off-market when a rental deal goes through. Inventories remain far from robust. An ideal apartment in a tight market often needs that “buy it or lose it” jolt to make it a strong contender. One month’s rent is a small price to pay. Happy to report, all of my listings that were on the brink of being rented ultimately sold close to their original asking price – so the deal-breaking expense of one month’s rent was more than outweighed with a selling price that felt right to all parties. As I remind my clients, if you want to make an expeditious sale, you’ve got to be savvy about a realistic valuation. Renting your apartment is always an option. Will the last-minute sales that I’ve been experiencing become an ongoing trend? Stay tuned! |
 |
|
The Pulse Of Home-Selling Season |
|
|
Housing affordability will stay an issue as owners remain locked on low rates, says Compass CEO |
|
My Newest Listings |
|
|
|
New Development of the Month |
|
|
|
|
Focus on Design |
|
Here’s a look at some of NYC’s most fascinating extreme makeovers making their debuts right now. |
|
|
In the hands of the right visionary architects and engineers, zoning can produce truly innovative outcomes. |
|
My Recently Closed Deals |
|
14 E 75th St, 5E Neo-Classical Co-op in Lenox Hill Status - Closed Boerum Hill 2BR with Private Terrace Status - In Contract 11 Riverside Drive, 9JE Sunny Upper West Side 2BR Status - In Contract 60 Riverside Boulevard, 3003 Luxury UWS Condo Status - Rented 10 Park Avenue, PH25A Corner Penthouse with Four Terraces Status - In Contract 11 Riverside Drive, 6BW Gut Renovated Corner 2BR Status - Closed |
|
This Month's Mortgage Rate Snapshot |
|
*The rates below are based on a $3,000,000 Condominium Purchase with a 20% down payment |
|
|
|
Q1 2024 Market Reports |
|
Recorded Sales: |
|
|
|
Justin Rubinstein is a 19-year veteran of the real estate marketplace, who quickly gained attention from industry veterans and clients alike as a motivated and knowledgeable professional whose focus is on providing the best customer service possible while negotiating and protecting his clients with dogged tenacity. This tenacity and hard work ethic has proven fruitful as he has successfully negotiated over $1B in real estate transactions to date. Justin has enjoyed representing buyers and sellers of trophy properties such as the Time Warner Center, 56 Leonard, The Apthorp, One Madison, landmarked West Village townhouses, and new development penthouses. In each instance, his clients come away from the experience with a strong appreciation for his dedication and expertise... read more |
|