Asian stock markets closed their worst monthly performance in 3 years in August. The US markets have had a roller coaster ride in the final week of the month, ending, on average, 6% down. Oil reached below $40 per barrel (now on the rise) and there remains the belief that the Fed will increase rates in the coming months. What does this mean for New York real estate?
Despite all this turbulence, the US economy remains strong, with solid fundamentals in place, so now there is some speculation that the weakening Asian markets may lead high net worth Chinese buyers to view New York (and other apex real estate markets) as safe havens.
Our sense is that come mid-September, we will see an influx of new property and our hope is that it will be priced appropriately. Value wise, while we don’t see any reason to raise prices on property this Fall, we also see no real reason to expect values to drop from the Spring and early Summer.
There are a good deal of buyers out there waiting for new property and our expectation is that September will kick off an active Fall season.
During the walk-through, it is vital to confirm that the condition of the property has not deteriorated since last seen. You want to determine if any repair work you requested has been completed. Be sure to discuss any issues you discover with your attorney before closing. Here is our checklist:
1. Ensure that requested repairs have been made: Have all the repairs you requested in your sales agreement been made? Do you have all warranties and/or bills for repairs made?
2. Check for items that were included in the sale: Appliances? Lighting? Furnishings?
3. Check for mold and water damage: Are there signs of mold or water damage in the vents, bathrooms, kitchen or laundry?
4. Check all major appliances and systems: Test the air conditioner, heating system, kitchen appliances, and washer/dryer. When applicable, test the water heater, damper in the fireplace, doorbell/intercom and alarm.
5. Check interior floors, walls, and ceilings: Are there water stains on the ceiling? Have any floors or walls been damaged by movers? Check to make sure the windows open/close easily.
6. Check for plumbing problems: Flush all toilets. Check all faucets. Fill the sinks and fill the showers/tubs to check drains. Do the tub jets work? If purchasing a townhouse, check the basement. Look at the floor, walls, and any exposed plumbing. Are there signs of leaks?
7. Check electric: Turn on all lights. If a light is out, grab a bulb from another location to make sure it is nothing more than an expired bulb. Bring a small nightlight or phone charger and check all outlets. Do they work?
8. Is the property clean overall? Is all personal property not included in the sale removed? Are there signs of bug infestations? Is all debris removed?
Stein Team Favorites
Restocking and cleaning out your pantry won't feel like such an overwhelming feat with some inspiration from these beautiful and well-organized pantries. Get ideas for how to tackle your pantry one can of soup at a time.
Is It Better To Rent or Buy?
The choice between buying or renting a home is among the biggest financial decisions that one can make. But the costs of buying are more varied and complicated than for renting, making it hard to tell which is a better deal. To help you answer this question, The New York Times has created a handy calculator that takes the most important costs associated with buying a house and computes the equivalent monthly rent.
CITY LIVING Solutions
No Room to Spare
If you're hosting guests for an upcoming weekend, don't get discouraged! Even the tiniest of New York apartments can accommodate an overnight visitor. Here are some helpful hints:
Who needs a bedroom? If you don't have a spare bedroom, do not worry. You can invest in a sofa bed or murphy bed for your living area, or an air mattress, which can be easily deflated and stored once your guests leave.
Provide privacy: An elegant screen or room divider can isolate an area of your living room to give guests the privacy they need. Screens separate a space while also allowing light to permeate.
Remember good manners: Don't linger in your living room too late at night, as your guests may want to rest or sleep and won't until you leave their area.
Pamper your guest: Supply your guest with amenities like luxury linens, a bath robe, a basket of towels, and a luggage rack. These little touches will make them feel like they are at a 5-star hotel!
Prepare a cheat sheet: Make a cheat sheet and include anything specific to your apartment your guests might need to know: how to adjust the AC, the Wi-Fi password, how to turn on the shower, etc. Keep them in the know!