1999 Mar
1999 Mar Vol. 19, No. 3
Focus on...The Real Estate Market
The Real Estate Market: Demand Far Exceeds Supply
There's no doubt about it: New York is the place to be once again, buyers just can't get enough of it. In fact, the biggest problem in residential real estate these days is that there just isn't any available. Read More
Local Law 11
You can't walk down a Manhattan street these days without passing under one or more sidewalk sheds erected to protect pedestrian and vehicular traffic from pieces of building exterior that might fall. Local Law 10 of 1980 and the recently-enacted Local Law 11 of 1998 apply to buildings that are six or more stories and were put in place to address the dangers associated with deteriorating building facades. Understanding these laws can be tricky, and complying with them - especially with Local Law 11 - can be both costly and time-consuming. Read More
Analyzing Financials
There are countless war stories told by real estate brokers of deals that fell apart because the buyer felt that the building's financial statement contained negative information. There is no question that it is essential to review the financial information on a co-op corporation or condo association prior to buying. However, it is equally important to create reasonable criteria for making a good evaluation. All too frequently buyers analyze financial reports on co-ops and condos in the same manner they would any other financial investment, and this is fundamentally wrong. In any other economic investment the analyzer searches for economic opportunity to create greater profit; however, in purchasing a co-op or condo apartment, economic opportunity is not an element. Rather, the analysis is oriented to ascertaining ongoing stability. Read More
Cover Story: Legislative Agenda '99
If you think you can't make a difference, think again. One very important benefit of membership in local and national organizations for co-op and condo residents is that they get your voices heard by city, state and federal law makers. The Federation of New York Housing Cooperatives (FNYHC) and the Council of New York Cooperatives (CNYC) in New York City and the Alexandria, Virginia-based National Association of Housing Cooperatives (NAHC) are in frequent contact with legislators lobbying for the issues that matter to you. Read More
