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Sue's News and Views, May 2024 |
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May! It's hard to believe, yet we're so excited about nature waking up again, all the trees sprouting green on their branches, and pink blossoms everywhere. What a joy! In April's newsletter I promised you to bring some light into the real agent's function and what would be the manifold reason to collaborate with one, instead of going it alone. Two things to remember at first: Real estate markets are extremely local. Not only has every borough a different one, but even within one borough you see very different markets in each neighbourhood. There are 180 different markets in Manhattan alone. And who would have the time to be up-to-date on all of that? Someone who is a full time real estate agent, who observes data and movement in markets with scrutiny and passion, on a daily basis. This month I will start with: What does a listing agent (the seller's agent) do? And in the upcoming newsletters you will learn about: What does a buyer's agent do? How does a real estate agent get paid? Scroll down to the respective chapter. And, take a look at my brandnew listing in Hamilton Heights, check out my event recommendations curated by me just for you, Real Estate news and Lifestyle tips and tricks. |
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| 725 Riverside Drive, Unit 4G |
| 1 BD 1 BA 683 SF $479,000 |
| | Welcome to this oversize 1-bedroom, 1-bathroom condo located at 725 Riverside Dr, in Manhattan, NY. This exquisite property boasts generous 683 square feet of graceful prewar living, and is situated in a midrise building with elevator access (just two flights up) in Hamilton Heights.
Upon entering, you'll step into a spacious foyer on gorgeous hardwood floors - large enough to serve as a dining room. The 9' ceiling height gives you room to breathe. A generous living room features attractive architectural elements such as built-in bookshelves, crown moldings, and a decorative fireplace, adding a touch of elegance to this space, while steam heating, air conditioning and stylish wooden ceiling fans ensure year-round comfort. Natural morning light floods living room and bedroom, creating a warm and inviting ambiance. This apartment is facing the building's interior and is pin drop quiet. There is ample storage in 3 closets, outfitted with shelving. The 7 windows in the apartment create a pleasant airflow throughout the place.
The renovated and bright kitchen is a chef's dream, complete with new stainless steel appliances, a gas stove, confection oven with slow close door, dishwasher, microwave and refrigerator with ice-maker. The roomy and windowed bathroom boasts the original cast iron soaking tub, and a rain shower head.
Additionally, the pet-friendly building offers laundry facilities and a bike room (wait list) for convenience.
For added peace of mind, the property features part time security staff from 3pm-1 am, a voice intercom system, a live-in super and porter staff. With its prime location (Riverbank State Park and Ralph Ellison Monument are right there), this condo is a lucrative investment or perfect pied-à-terre, and presents a rare opportunity to experience the best of Manhattan living - in the midst of the action and yet quiet and with nature across the street.
The apartment can be purchased with the furniture, or vacant. A monthly assessment of $ 312.38 for capital improvements is in place until January 2027. |
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What do I do when representing the seller? What does a Compass Listing Agent do? The Listing Agent represents the Sellers and the Sellers' interests. The Seller is the Agent's Client or Principal, and the fiduciary responsibilities of the Agent towards their Principal are: loyalty, obedience, disclosure, confidentiality, accounting, honesty and reasonable care and skill. |
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UNDERSTANDING THE MARKET: The Listing Agent... collects the prices for comparable homes sold or on the market currently to prepare a Comparative Market Analysis (CMA). Gathers information on neighborhoods and surrounding properties. Pulls market trend data to understand what’s happening within the broader region and neighborhood. Attends broker tours to see other available properties on the market. Stays connected to local buyers, sellers and other agents to maintain a constant view into what is driving the market. RESEARCHING THE PROPERTY: ...understands the full history of the property, including any changes and improvements made. Determines any geographic risks for the property and the surrounding area. Assesses the current condition of the property. Develops a proposal for property improvements, remodeling and staging. Learns all relevant details and attributes of the property, including number of bedrooms, bathrooms, square footage, acreage, etc. Looks up the property’s tax information. Researches any localized rules and regulations applicable to property. Collects maps, surveys and reports associated with the property. Obtains proof of ownership. Develops a comprehensive and custom tailored listing marketing strategy. STRATEGIZE WITH THE SELLERS: ...understands the sellers' interest in investment, risk and monetary return. Learns personal details about the sellers and what is motivating them to sell their property. Provides pricing for current condition versus improved condition. Advises the sellers about potential pricing strategies reflecting the current market. Creates presentation materials regarding the property. Creates a communication plan with the sellers. DOCUMENTATION: ...creates and completes a listing agreement package for the sellers. Prepares and produces other relevant buyer and seller protection forms. Invites the client to navigate through all documents together. Reviews all forms in disclosure package PREPARATION OF THE PROPERTY: ...determines when property can be accessed. Schedules all media appointments, including photographer, videographer, aerial photographer, staging professional and or cleaning services. Orders and installs “For Sale” sign and any other relevant signage. Recommends vendors to sellers for improvements prior to listing. Orders a floor plan. Advises on all agreed upon improvements including landscaping, painting, fixture updates, minor and major renovations, etc. Plans listing date. Writes a listing description. Inputs listing into RLS. Creates pre-marketing collateral. Creates and executes open house and showings schedule and updates RLS with corresponding times and sellers' preferences for showing appointments. Maintains consistent communication with sellers to provide ongoing updates on progress. Submits finalized listing documents for compliance review. Contacts the sellers attorney who she will collaborate with on behalf of the sellers. PREPARE MARKETING: ...designs materials that showcase the property, such as emails, brochures, postcard mailings, social media posts, Workplace posts, digital white board, etc. Exposes property internally to over 28,000 Compass agents. Creates a “Just Listed” video to post on social media. Prints materials for open houses and showings. Posts listing on social media as a “Coming Soon” or new listing. Creates QR code for the property. ACTIVATE & MARKET LISTING: ...publishes listing to RLS and third party sites. Creates Collections to show comps related to the property. Broadcasts listing to personal and professional networks through social media posts and email blasts. Shares property with Compass network and other agents at Sales Meetings and via personal outreach. Monitors any changes in the market to refine listing strategy and make needed updates (revising price, terms, etc.) accordingly. Refines listing marketing strategy based on feedback. Communicates progress of listing to sellers. SHOW THE PROPERTY: ...communicates with the sellers to confirm schedule and preparation. Lists the open house to the RLS and verifies times are correct. Coordinates and hosts private tours and open houses. Organizes specific marketing campaigns for the open house. Arrives at the property in advance of scheduled open houses to turn on lights and verify show readiness. Accompanies showing appointments when appropriate or required. Showings will proceed even after an offer is accepted, until transaction is "in contract". OFFERS & NEGOTIATIONS: ...compiles, organizes and communicates any received offers to seller. Reviews offers for missing documents, and analyzes if buyer is qualified to purchase in the building. Advises and strategizes with sellers on actioning offers and creating and approving any counter-offers. Presents counter-offer to buyer’s agent. Completes all relevant documentation for counter offer. Liaise between seller and buyer’s agent for any additional counter-offers, advising the sellers along the way to secure the most advantageous price and terms. Notifies sellers when terms are agreed upon - "meeting of the minds". Status is now "offer accepted" INITIATE TRANSACTION: ...contacts seller's attorney as soon as the offer is accepted. The attorney will prepare the contract of sale and send it to the buyer's attorney who will begin Due Diligence. Creates the "Deal Sheet" or "Transaction Sheet" stating all parties of the deal (buyers, sellers, attorneys and agents), all details of the property and terms of the sale that have been agreed upon, including inclusions or exclusions. Reviews the contract of sale for typos or errors. Creates a mutual overview. Stays in close contact with all relevant parties through next steps (sellers, buyer's agent, seller's attorney, managing agent of building), until the contract is signed, fully executed and earnest money in escrow. Updates status on RLS to "in contract". MANAGE DISCLOSURES, CONTINGENCIES & PURCHASE APPLICATION: ...shares disclosure package. Shares all documents with Attorney. Communicates earnest money, down payment and contingencies with all parties. Coordinates and confirms inspection. Coordinates and confirms appraisal. Ensures buyer funds are collected in full. Once the purchase application has been prepared by the buyer and their agent, review said application to ensure, it is complete and compliant with all the building's requirements. Ensures timely submission of purchase application FILE DOCUMENTS, APPROVAL & CLOSING: ...communicates with managing agent and lender (if applicable), if approval of the buyers has been granted (co-op: board interview, condo: waiver of right of first refusal, lender: commitment letter). Once closing date is set: Communicates closing date to sellers. Ensures all commissions are allocated appropriately. Schedules the final walk though with buyers and buyers agent shortly before closing. Reports back to attorney, if issues come up. Is present at the closing. Receives Brokerage commission check. Congratulates client on a smooth and successful process! AFTER THE CLOSING: ...removes signage. Submits commission check to Compass. Updates RLS listing status.
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I’m excited to share that, in addition to being the # 1 brokerage in NYC (based on closed sales volume and total transactions), Compass is the # 1 brokerage in the United States by sales volume according to RealTrends, for the third year in a row, solidifying Compass as the premier brokerage in real estate. |
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| 5 Pro Tips for Movers From a Realtor Who Has Helped Countless Families Make Their Next Move |
| With an average of nearly one dozen moves during life, most Americans have a fair amount of experience packing up and settling in again. Now, imagine how many moving-related tips and tricks a Realtor® learns while watching clients move every week: We’re talking expert-level status when it comes to making a smooth transition from home to home... |
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| | Yes, it's that time again! The two-year wait is over. Head to the Meatpacking District to experience the 81st edition and longest running contemporary art exhibition in the United States, showcasing some of the newest, coolest and most provocative art in the world. For all you art lovers, this event is one you don't want to miss! Click HERE to learn more! |
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| | An extravaganza of music, film, dance, stories, and more, as an incredible roster of artists pays tribute to the legendary Prince through a nonstop celebration and exploration of the icon and the work he created, championed, and inspired. 2537 Broadway at 95th St. |
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| | To pin Marcus down to one job title is impossible because he does so many things. He's a singer, an actor, a club manager, an activist, an entrepreneur, and as of late, a podcaster. On May 6 you can enjoy his intriguing musical talents at Le Cheile - 839 W. 181st St. in Washington Heights |
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| | This year marks the third annual Japan Parade in New York City! Catch a glimpse of the action starting from 81st Street down Central Park West to 67th Street. Spectators can also experience the lively Street Fair portion of the event on West 72nd Street off of Central Park West. It's going to be a blast! Click HERE to learn more! |
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Sirius Quartet in concert |
| Since their debut at the original Knitting Factory, Sirius Quartethas been a cornerstone of NYC's progressive and experimental music scenes for 3 decades. The quartet pays homage to the past while celebrating the present with a set of original compositions by the four current members and cameos from several past members. BREATHTAKING! |
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| Lifestyle Tips and Tricks |
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| Time to Sell Your Home? Here are Three Questions to Ask Yourself.... |
| These questions can ensure that you're making the right choice for yourself and your family. |
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80% of Households are Spring Cleaning |
| Eighty percent of U.S. households are engaging in spring cleaning this year, according to the American Cleaning Institute... |
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| Architectural Digest Releases 2024 Outdoor Forecast |
| The pandemic single-handedly impacted how we live in our homes both indoors and outdoors. While outdoor spaces were hardly an afterthought at the time—in recent years, homeowners have been more focused on how to elevate... |
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| Featured Listings of the R-Team |
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| | 800 Riverside Drive, Unit 6E |
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| | 860 United Nations Plaza, Unit 21D |
| 1 BD 1 BA 994 SF $1,325,000 |
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| | | | 790 Riverside Drive, Unit 5B |
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| | 2621 Palisade Avenue, Unit 16A |
| 2 BD 2 BA 1300 SF $700,000 |
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| | | | | 1 BD 1 BA 825 SF $575,000 |
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| | | | | 1 BD 1 BA 683 SF $479,000 |
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| | 736 West 186th Street, Unit 4J |
| 1 BD 1 BA 850 SF $460,000 |
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Thanks for reading and subscribing! Ready to achieve your next real estate goal? |
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Office: 646-982-0353 Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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