Inwood in Spring of 2012

Several articles have appeared in recent weeks concerning the Inwood real estate market and surge in Manhattan real estate activity in general. As a real estate agent, serving the Inwood community, I can personally attest to the fact that business has picked up dramatically. From bidding wars, to packed open houses, the market finally seems to be alive and kicking once again.

An article in the New York Post focuses on Broadway stars Will Swenson and Audra McDonald and the three bedroom Inwood apartment they call home.  According to the Post the couple chose their Inwood apartment for a number of reasons, “The sprawling layout features a generous foyer, a large living room and prewar moldings throughout. It resembles pricier pads on the Upper West Side, an area the couple briefly considered. But ultimately they decided on Inwood because of its proximity to Westchester, where McDonald has a house and where both of their exes live“.

Another article in New York Magazine says this of the neighborhood, “Inwood still flies under the radar, despite all that recommends it. The vibe is familiar to anyone who lived on the West Side in the seventies—in fact, you might think of this neighborhood as the Upper Upper Upper West Side, a place where your neighbor may very well be a Broadway cellist or working operatic tenor.”

And, though not Inwood specific, a New York Times scribe writes of a flurry of real estate activity on the Manhattan scene, “open house traffic for some properties has reached levels not seen even at the height of the market in 2007 and 2008. But buyers haven’t just decided to start looking at properties again; they’re actually buying. Bidding wars have become more common.”

If you’ve been sitting on the sidelines and think now might be the right time to buy or sell an apartment, please give me a call or shoot me a line.

Cole Thompson
New Heights Realty
Email: Cole@newheightsrealty.com
Phone: 646-425-0093

This week’s Time Out Magazine explores the pros and cons of neighborhoods in this great city and MyInwood.net is on the scene.

Is Inwood real estate “primed for a breakout” as the magazine predicted in a 2008 issue?
One thing is certain– prices have definitely dropped since last year.

Good news if you are a buyer….Still having doubts? Come on up and take a look.

Read the Time Out Article.

Buying a co-op is a unique experience, but don’t let the process overwhelm you. Here is a simple guide to helping get you into the co-op of your dreams.

Financial Review and Qualification: The first question a buyer asks is, “What can I afford?” We must look at your income, assets and current expenses to determine how much you can reasonably afford on your new apartment. This is also a good time for you to contact a lender and get pre-qualified.

Find the Right Apartment: Taking into account both your personal and financial requirements.

Offer and Acceptance: Buyer and seller agree upon a price. At this point you should retain an attorney if you haven’t already done so. Your attorney will review the financial statements, offering plan and amendments, as well as other documents relating to the co-op. In addition your attorney should review the contract before you sign anything.

Signing the Contract: At this time you will make your down payment. A typical down payment is ten percent of the purchase price.

Applying for a Mortgage: The lending institution will require a copy of the fully executed contract along with your completed application. The loan process will take two to four weeks to complete. Often you receive a commitment sooner than this, which will be subject to certain other conditions being met (satisfactory appraisal of the property is a normal condition).

Begin Work on Completing the Cooperative’s Purchase Application: Your goal should be to have your application completed and in good order by the time you receive the commitment letter from the bank.

Submit the Application to the Cooperative’s Managing Agent: We strongly recommend that you let us review a copy of the application once it is complete. This can help prevent problems or unnecessary delays. The entire package is then sent to the managing agent for their review. The agent will order a credit check and may also check references, etc. They will then forward your application to the cooperative’s board of directors for their review. An interview date is then set.

The Interview: The interview typically lasts about a half an hour. This is the time for the board members to ask you questions pertaining to your application.

Board Decision: Usually received within a day or two of the interview.

Closing Date: After an application is approved a closing date can be set. This averages a week to ten days after the interview. In order set a date a time must be coordinated with the buyer and seller, their attorneys, the lending institutions and the managing agent.

Closing: Final transfer of the proprietary lease, stock certificate and keys to the buyer. Balance of funds owed is paid to the seller.

The total process will take about three months from start to finish. If no financing is required then the process is slightly quicker.

-Courtesy, New Heights Realty

A recent news report said that given today’s uncertain economy “720″ is the new magic number when it comes to scoring one’s credit. But what is a credit score?

Often the terms “credit score” and “FICO score”are used interchangeably. They both give creditors the same number when it comes to determining whether or not they will grant an individual credit or not and at what interest rate.

Established in the 1960′s, Fair Isaac Company or FICO, is a credit-reporting agency that assigns a score between 300-850. The better your credit, the higher the number. Having a high credit score does have its advantages, including lower interest rates on loans. On the flip side if you have a low score you may end up paying higher interest rates or having your request for a loan turned down.

There are several factors that determine your FICO score, the top 5 are:

• Payment history on previous and current debt makes up 35% of the score.
• The amount owed to current creditors accounts for 30% of the score.
• The length of your credit history counts 15%.
• New credit will also affect the score and accounts for 10%.
• The type of credit you have accounts for 10% of the score.

As you can see the most important is payment history. By making your payments on time while avoiding hefty outstanding balances you can influence your score automatically. The good thing is, if you have had issues in the past and your credit is less than perfect you can fix it. Fixing your credit and improving your score does take some time but in the long run it is worth it, especially if you plan to make a large purchase such as a home purchase where you will require a large loan.

Improve your score by fixing any errors on your credit report and share information with FICO to help keep your credit histories updated. If you are planning to buy a home, pull your credit report before applying for the loan so you can make sure there are no discrepancies that need to be addressed. Having a high score can save you thousands of dollars in interest payments and could mean the difference between approval or rejection.
-Source: RealEstatePro

Buying and selling real estate in New York City is a unique experience. That’s where I come in, as a licensed New York Real Estate Sales Person, I can walk you though the process. I own property, live and work in Inwood. I love Inwood and its cultural and architectural diversity and can’t wait to share it with you.If you are thinking about buying or selling real estate in Inwood, please shoot me an email. I’m happy to answer any questions you may have.

Cole Thompson
New Heights Realty
Email: cole@newheightsrealty.com
Cell: 646-425-0093

INWOOD OVERVIEW

Once called “God’s Little Acre,” Inwood is located on the northernmost end of Manhattan.  Strictly speaking, Inwood is physically bounded by the Harlem River to the north and east, and the Hudson River to the west. Heading uptown, Inwood extends north from Dyckman Street ending at the northern tip of Manhattan.

Today, the neighborhood is undergoing a modern Renaissance. Affordable prices and striking natural beauty are appealing to apartment hunters around the city.

The quiet streets of Inwood are lined with trees, striking art deco architecture, even rows of Tudor style single family homes. Huge tracts of parkland, a farmers market, easily accessible public transportation and a born again restaurant scene only adds to Inwood’s charm.

ART, CULTURE AND SPORTS

From its early beginnings as an Indian settlement, Inwood has a rich cultural history. Schoolchildren visiting the 196 acre Inwood Hill Park can visit the caves where the Indians who greeted Henry Hudson and his crew on the Half Moon once lived and thrived.

The park itself is the only remaining primeval forest in Manhattan. Designed by Frederick Law Olmstead, who also designed Central Park,  Inwood Hill Park contains miles of jogging paths, tennis courts, and soccer fields and for the first time in decades the American Bald Eagle.

Inwood is also home to a large artist community. While walking the streets you might hear an opera singer or a trumpet player practicing her soulful craft inside her apartment. With new coffee shops and galleries opening every day, Inwood is also host to an annual Uptown Arts Stroll.

THE DINING SCENE

Whether your idea of good food is an outdoor farmer’s market or a sit down white linen meal, Inwood has it all. And the options just seem to get better every day. In recent years we have seen the opening of The Indian Road Café, whose free wi-fi, specialty coffee and wholesome menu have made this new kid on the block a neighborhood favorite.

But the fun doesn’t stop there. Head down to Broadway and you’ll find dozens of restaurants, bars, bakeries, and open air cafes where diners can sit back and take in the atmosphere.

Whether it’s brick oven pizza from Grandpa’s or sizzling platter of fajitas and a frosty margarita from Guadalupe, there’s something for everyone in the Inwood dining scene.

SHOPPING

The shopping scene in Inwood is limited. There are plenty of small boutiques and antique stores, but I’ll let you in on a secret…There is both a Target and a Marshall’s a ten minute walk away in the Bronx. Or, jump on a subway and shop your brains out downtown.

There are plenty of grocery stores in the area, so you’ll never go without food.

GETTING AROUND

Getting to and from Inwood couldn’t be easier. Inwood is serviced by the “1″ and “A” trains as well as at least a dozen bus lines and services. Car services are another plentiful and inexpensive way to get around.

Many Inwood residents who work in midtown opt for the 10 minute walk to Metro North’s Marble Hill station for the 20 minute express ride to Grand Central.

SCHOOLS

The Muscota New School, PS 314, is a New York City public “school of choice” which uses a progressive educational approach, rather than follows the standard New York City public elementary curriculum. Admission is based on lottery.

Other public schools include P.S. 98 and P.S. 52, as well as George Washington High School.
Private schools include Good Shepherd, a Catholic School.

Real Estate

Many of the buildings in Inwood are over 100 years old. Many apartments in the neighborhood feature high ceilings, sunken living rooms and are often larger, and certainly less expensive, than their counterparts downtown.

With stunning art deco lobbies, relief work, and even numerous Tudor style single family homes Inwood is a real estate wonderland. Some penthouse apartments have private terraces measuring hundreds of square feet and feature sweeping views of the Hudson River and surrounding parkland.

Co-ops and rentals are numerous in the area and most buildings are pet friendly.

Again, if you are thinking of buying or selling property in Inwood, please contact your Inwood expert.

Cole Thompson
New Heights Realty
Contact me