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NYC: Real Estate Agent vs Brokers

NYC: Real Estate Agent vs Brokers

Old Jun 28th 2015, 3:00 pm
  #16  
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Default Re: NYC: Real Estate Agent vs Brokers

The NYC rental market is pretty robust and you should be able to find somewhere in 1-2 weeks. Between tenants most landlords will paint/repair flooring etc so they are often empty and this is particularly true for the larger rental companies. You'll need to start early to give yourself a better feel of the market but finding somewhere is <30 days is definitely doable. The other slightly odd quirk of the US rental market is that they really like you to move in/out and the beginning or end of the month. Most will do the 15 th too. It means that there is a lot of movement on those days and pressure for removal men etc is higher and it's pricier too.

30 days of corporate housing is a wee bit stingy. We always get 90. First time we were relocated we were out of our NYC corporate housing promptly, only to find out some of my partner's colleagues had stretched it out to more than 6 months. The next time we were relocated with 90 days housing, we managed to stretch it out to 5 months! But do bear in mind there may be tax implications to the temp housing. Is the company providing a tax accountant for you for the first year?
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Old Jun 28th 2015, 3:46 pm
  #17  
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Default Re: NYC: Real Estate Agent vs Brokers

Originally Posted by IlAlfie
The NYC rental market is pretty robust and you should be able to find somewhere in 1-2 weeks. Between tenants most landlords will paint/repair flooring etc so they are often empty and this is particularly true for the larger rental companies. You'll need to start early to give yourself a better feel of the market but finding somewhere is <30 days is definitely doable. The other slightly odd quirk of the US rental market is that they really like you to move in/out and the beginning or end of the month. Most will do the 15 th too. It means that there is a lot of movement on those days and pressure for removal men etc is higher and it's pricier too.

30 days of corporate housing is a wee bit stingy. We always get 90. First time we were relocated we were out of our NYC corporate housing promptly, only to find out some of my partner's colleagues had stretched it out to more than 6 months. The next time we were relocated with 90 days housing, we managed to stretch it out to 5 months! But do bear in mind there may be tax implications to the temp housing. Is the company providing a tax accountant for you for the first year?
Thanks IIAlfie..
I think we get the option to extend to 60 days but I'm not sure if the company cover this.
Thanks for the heads up on beginning/middle/end of the month.
Thanks also for the thought on tax. Yes we do get the accountancy support for the first year.
I guess what also concerns me is coordinating the removals company etc but I'm sure they're pretty used to it all.
Do a lot of people use Air bnb for 1-3 month rentals?
As we're thinking to live in Brooklyn, I'm wondering whether we should just find somewhere on Air bnb. We've opted for the cash lump sum relo option through the company so we'll just be putting the temp accommodation on my husband's corp card.
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Old Jun 28th 2015, 3:58 pm
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Default Re: NYC: Real Estate Agent vs Brokers

You'll get a much better deal just finding your own temp housing. For example, ours was always around $250 per day for a furnished 1 bed apartment. Clearly, we could do better than that on our own but the company always insisted on using the relocation company and their preferred provider. On the plus side it meant that we never paid out of pocket.

For temp housing there may not be the problem of beginning/end month. I presume the moving company is putting your stuff into storage until you find your 'forever' home? They're pretty good with the logistics - which company is doing the relocation?

You'l need to check AirBnB for rental length. In California, if you rent something over a certain period of time (1 month?) you start to fall under protection of housing laws and landlords are reluctant to go over that time. But CA housing law is very generous to renters (and I imagine NYC is too) so be careful that this doesn't become a limitation. SuiteAmerica and Oakwood are pretty active in NYC for temp housing but there are probably cheaper companies around.
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Old Jun 28th 2015, 4:07 pm
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Default Re: NYC: Real Estate Agent vs Brokers

Originally Posted by IlAlfie
You'll get a much better deal just finding your own temp housing. For example, ours was always around $250 per day for a furnished 1 bed apartment. Clearly, we could do better than that on our own but the company always insisted on using the relocation company and their preferred provider. On the plus side it meant that we never paid out of pocket.

For temp housing there may not be the problem of beginning/end month. I presume the moving company is putting your stuff into storage until you find your 'forever' home? They're pretty good with the logistics - which company is doing the relocation?

You'l need to check AirBnB for rental length. In California, if you rent something over a certain period of time (1 month?) you start to fall under protection of housing laws and landlords are reluctant to go over that time. But CA housing law is very generous to renters (and I imagine NYC is too) so be careful that this doesn't become a limitation. SuiteAmerica and Oakwood are pretty active in NYC for temp housing but there are probably cheaper companies around.
I'll need to check whether they too insist on using their preferred supplier..I can imagine they might do. Trouble is, it's mega expensive (like $12k per month for a 2 bed) so if we are liable for the cost should it go over 30 days, there's no way we can pay that!

Because we've taken the cash option, we will sort the removals ourselves so can make sure it includes storage etc. We'll get a list of preferred suppliers from the company though as a starting point.

Thanks for the info on temp accommodation companies 😀
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Old Jun 28th 2015, 5:14 pm
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Default Re: NYC: Real Estate Agent vs Brokers

$12K a month for a 2 bed is a bit steep.

If you've taken the lump sum I imagine you won't be restricted to their preferred suppliers. We have to use the relocation company's preferred folks because we don't have the option of the lump sum. We receive a small amount to cover incidental expenses but the rest is direct billed to the company. It reduces flexibility but it IS a lot easier to manage as they do a lot of the logistics - well they try. I still spend a lot of time phoning the relocation company to get their arse in gear!
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Old Jun 28th 2015, 7:01 pm
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Default Re: NYC: Real Estate Agent vs Brokers

Originally Posted by IlAlfie
$12K a month for a 2 bed is a bit steep.

If you've taken the lump sum I imagine you won't be restricted to their preferred suppliers. We have to use the relocation company's preferred folks because we don't have the option of the lump sum. We receive a small amount to cover incidental expenses but the rest is direct billed to the company. It reduces flexibility but it IS a lot easier to manage as they do a lot of the logistics - well they try. I still spend a lot of time phoning the relocation company to get their arse in gear!
Sorry I should've said..we have taken the lump sum BUT they've included our flights over and the temp accommodation on top of that.
I know what you mean about it being easier but we really drilled down and actually, we still get exactly the same support wise from the relo company plus lists of preferred suppliers etc, they puts in contact with people etc etc. only difference is, if there's a cost implication, we pay for it.
It's quite good though because we can choose which of the aspects we really want to pay for 😀
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Old Jun 28th 2015, 7:12 pm
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Default Re: NYC: Real Estate Agent vs Brokers

Yes, that's kind of what we have. They give a lump sum just to defray odd costs but they receive direct bills for temp housing etc. I reckon there's some flexibility in the temp housing. See what your husband's colleagues have to say about it and you'll find out exactly how flexible they are. 30 days is stingy especially with the added complication of finding schools. The MI Group is the company's relocation provider. Sigh.
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Old Jun 28th 2015, 10:18 pm
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Default Re: NYC: Real Estate Agent vs Brokers

Also be aware of the tax payable on temp fully furnished corporate housing in NYC, I think it's currently around 5.8%. If you are in temp corporate housing for over 6 months you can claim this tax back less than 6 months you can't. Also there is a per head per day charge, $4 day for a studio, $6 per day for a one bedroom, $8 per day on a 2 bed. All this is ontop of the per day cost, currently around $250 per day for a 1 bed in NYC.

July and August are peak season for corporate rentals there are lots of companies in NYC but the rates will be higher and decent available inventory may be limited.

Last edited by notonuksoil; Jun 29th 2015 at 12:05 am. Reason: Amended cost per day rates
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Old Jun 29th 2015, 12:07 am
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Default Re: NYC: Real Estate Agent vs Brokers

related point.
Find out about your tax liability on the lump sum payment before you spend it all....
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Old Jun 30th 2015, 1:03 pm
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Hi there,

Has anyone relocated from the UK and settled in Brooklyn?

We're looking for a 3 bed in an area with good schools for around $2500-3000.

Any ideas?!

Thanks 😀
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Old Jun 30th 2015, 2:30 pm
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Default Re: Brooklyn

Hi Clahal. It's going to be tough on that budget to get a 3 bed in a good school zone in Brooklyn. Brownstone Brooklyn neighborhoods, like Cobble Hill, Brooklyn Heights, Park Slope etc. will be out of reach. You may have better luck in an area like Bay Ridge.

Do you really need 3 beds or could you squeeze into a 2 bed? Also, are you set on Brooklyn or would you consider Queens? Your money may go a lot further there as you won't be paying the "cool premium" that you do in BLKN.
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Old Jun 30th 2015, 2:39 pm
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Default Re: Brooklyn

Originally Posted by Untitled 3
Hi Clahal. It's going to be tough on that budget to get a 3 bed in a good school zone in Brooklyn. Brownstone Brooklyn neighborhoods, like Cobble Hill, Brooklyn Heights, Park Slope etc. will be out of reach. You may have better luck in an area like Bay Ridge.

Do you really need 3 beds or could you squeeze into a 2 bed? Also, are you set on Brooklyn or would you consider Queens? Your money may go a lot further there as you won't be paying the "cool premium" that you do in BLKN.
Hiya

Yes I know it's a tough ask isn't it!

We do need 3 beds as we have 3 kids plus family will be staying with us quite a lot and for long periods so I don't want them sleeping in the lounge.

I don't know anything about Queens..my (quite possibly completely wrong) preconception is that it had higher crime rates etc? Hope that doesn't sound snobby!!

😀
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Old Jun 30th 2015, 3:06 pm
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Default Re: Brooklyn

Nearly everyone moving to NY has the exact same thought about space for guests but it comes at such a big premium that most people realize it's a luxury reserved for those living in the suburbs

How old are your children? I know many families of 5 in the city that squeeze into two bed apartments. It's not that difficult when they kids are young.

I live in Manhattan so I'm not as familiar with the school districts in the outer boroughs but I do know that many of the best performing schools in NYC are in Queens. I'd suggest you check out Astoria (very close to Manhattan, plus bars and restaurants, popular with young families), Sunnyside (often overlooked but great small neighborhood close to Manhattan) and Forest Hills (a little further out but very green, safe, lots of families).
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Old Jun 30th 2015, 4:04 pm
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Default Re: Brooklyn

Originally Posted by Untitled 3
Nearly everyone moving to NY has the exact same thought about space for guests but it comes at such a big premium that most people realize it's a luxury reserved for those living in the suburbs

How old are your children? I know many families of 5 in the city that squeeze into two bed apartments. It's not that difficult when they kids are young.

I live in Manhattan so I'm not as familiar with the school districts in the outer boroughs but I do know that many of the best performing schools in NYC are in Queens. I'd suggest you check out Astoria (very close to Manhattan, plus bars and restaurants, popular with young families), Sunnyside (often overlooked but great small neighborhood close to Manhattan) and Forest Hills (a little further out but very green, safe, lots of families).
The kids are 6 and under so in theory we could cope with 2 bedrooms it my family will be staying for 2-3 months at a time so it's a no go for me having them in the lounge.

Thanks for the info on Queens. Do you happen to know if there are any parts/streets/blocks within these areas that I should avoid?

Thanks again 😀
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Old Jun 30th 2015, 4:39 pm
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Default Re: Brooklyn

Originally Posted by Clahal
The kids are 6 and under so in theory we could cope with 2 bedrooms it my family will be staying for 2-3 months at a time so it's a no go for me having them in the lounge.

Thanks for the info on Queens. Do you happen to know if there are any parts/streets/blocks within these areas that I should avoid?

Thanks again 😀
What happened to the relo person you were supposed to be working with? You are talking about a vast area, so it is hard to break it down street by street. You really do need the help of someone who knows the city and the market. Other places to add to your list to ask that person about are Roosevelt Island -- a nice place to live in the East River -- and Forest Hills in Queens. I think you need to think about hotel accommodations for your family -- NYC homes are not made for long-term guests and your lifestyle is going to be very different.
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