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New York Real Estate Law Blog

New York sees drop in retail rental pricing

There's good news on the horizon for renters of commercial properties, but not so much for landlords of properties. Why? New York City is seeing a drop in the cost of rent as a number of new retail locations move into the area.

That's not necessarily a bad thing, since it encourages new retail outlets to open up in the city. However, the average rental rates fell by around 12 percent, meaning that landlords had to be willing to take less.

Flipping house: Do your research first

House flipping is popular among investors, but there is a chance that any house flip could be a flop. If you don't do your research, you could end up making mistakes that lead to heavy financial losses.

With any house flip, there is the potential to make a lot of money. This strategy requires you to purchase a property, to improve it or to wait for the market to appreciate and then to sell it on at a higher price. The goal is typically to flip the house in a rapid manner, within a few months. The general idea is to buy the house at as low a price as possible and then to repair it. Then, the home should be sold well over the purchase and repair price to make a solid profit.

Zoning regulations restrict your property

Zoning laws make sure that certain types of structures are placed in a way that is beneficial to the local economy and the people who live in the area. Zoning regulations control the way a municipality is divided into commercial, industrial and residential zones.

Zoning laws are quite specific and include information about which kind of buildings can be built and for what purposes they can be used. Some people get into disputes because the intentions they have for their buildings don't line up with the zoning regulations.

Buying a short-sale home takes time and persistence

If you're interested in buying a short-sale home, then it's very important that you understand how the process works and what it means for your investment. A short sale can be a great investment and give you a good deal. Usually, when you see a property listed for less than is normal in an area, it's likely that it's a short sale.

The majority of short sales do not close quickly, and certainly not within 30 days. Many people who wish to purchase a short sale wait between six weeks and six months for the sale to go through, if not longer. How can you make this timeline go faster?

Investing in a strip mall: Is it a good idea?

You're interested in buying a commercial real estate property that will repay you tenfold. You've looked into multiple options and think that a strip mall might be the right choice for you.

Is it the right decision, or should you keep looking? Here are some interesting things to consider before you decide to purchase the community of shops.

Getting through a dispute with mediation

If you are in the middle of a dispute or know one is about to erupt, one option is to consider mediation to resolve the issue. For the most part, people are willing to participate in mediation to avoid having to go to court.

Mediation is a good first option because it allows both parties to state their grievances and to work toward a reasonable solution. However, mediation cannot be successful if neither party is willing to negotiate or be rational. Both parties have to be willing to talk to one another and work toward a common goal of resolving the dispute.

Moving? Choose the right location for rentals

When moving into an apartment, there are some mistakes you can't afford to make. This real estate transaction might not be for the long term, but it could affect you for some time if you don't do your research.

Around 20.8 percent of the population is made up of millennials, many of whom are moving out into apartments. Nationally, there is a shortage of places to rent and a hike in pricing, which makes it harder to find a place to call home. There are some mistakes to avoid if you're looking now, though, even if you have to look based on budget and location.

Apartment stickers show off quality

How would you feel if you could look at an apartment and know it's really all it looks like it's supposed to be? How would you feel if that rating applied to a property you owned?

Interestingly, an apartment certification service has cropped up in New York, and it works to determine a property's grade. Like in school, apartments with quality landlords who take care of the needs of their tenants are given high scores, while those who do not end up with an F for failure.

Mediation and arbitration help you resolve disputes

Real estate mediation and arbitration can make a bad situation easier to handle, especially if the other party is willing to negotiate and work with you despite a disagreement. For the most part, these types of dispute resolution are appropriate when there has been no criminal conduct. Mediation and arbitration are both often used for disputes to do with inspection issues, earnest money disputes, repair issues, claims of misrepresentation and other disputes.

You are called a principal when you're in a mediation or arbitration situation. You and the other party, both principals, have a right to bring your attorney to the hearing or sessions. In simple disputes, this isn't always done, but it can be a good idea to do so to protect your interests.

Can neighbors hurt a real estate transaction?

There are many things that can stop a real-estate transaction in its tracks, but nothing hurts a sale more than finding out a property has awful neighbors. There are various ways neighbors can hurt a sale, like by having unkempt lawns or being nosy or noisy.

Did you know that a bad neighbor could drag down the value of your home by around 10 percent? On even a $100,000 home, that's not a number to scoff at. Of course, sometimes, you won't have a choice but to accept your losses and sell at a lower price. However, there could be ways to mitigate the damage neighbors could do to your sale.

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