Category: housing

community, home, housing, youth

This just in: A win-win housing solution in the Netherlands

Christa Avampato
In the Netherlands, students live rent-free with seniors at a retirement home in exchange for visiting with the seniors.
In the Netherlands, students live rent-free with seniors at a retirement home in exchange for visiting with the seniors.

No matter how complicated a problem is, there is always a win-win solution. My favorite recent win-win is a cross-generation community solution that I wish was around when I was in college. I could have used it. Heck, I could use it now.

Imagine if students (or entrepreneurs for that matter) could somehow obtain free housing while they were in school (or started their businesses). Now imagine that people in retirement homes could be surrounded by youthful energy. In the Netherlands they put these two needs together, offering free housing to students in retirement homes. In exchange for free housing, the students spend 30 hours per month being “good neighbors” to the elderly residents. They watch sports games together, celebrate birthdays, and visit them when they don’t feel well.

This story made me smile from ear to ear. I hope it makes you feel the same way. What a beautiful, wonderful gift for all of these people, young and old. We really are all in this together.

apartment, finance, housing, money, New York, New York City, real estate

Inspired: My New York State of Mind

Christa Avampato
From Pinterest
From Pinterest

I love New York, right down to my bones. However, housing prices are out of control. It is time to completely disrupt real estate here to spur creativity, innovation, and a rebirth of art and culture. New York is losing its edge because the people with edge can’t afford sky-high rents and the ridiculous hurdles to getting an apartment. That’s why my latest projects, still in the very preliminary stages, are two tiny drops in what I hope will be a sea change for this city that I love so much. They’re ideas to encourage and support the boldest, most creative people in their pursuits to do well and do good right here in the Big Apple by making housing much more affordable and easier to attain. More details soon…

economy, finance, home, housing, New York City, real estate

My Year of Hopefulness – A Room (or Two) of My Own, Eventually

Christa Avampato

Tonight I went to a session offered by Mindy Diane Feldman, a Penn alum and SVP at Halstead Realty, on the ins and outs of buying an apartment in Manhattan. It is a complicated, cumbersome process and the current economic downtown has heightened the complexity considerably. The session lasted almost 3 hours and we just barely scratched the surface. It is not an undertaking for the faint of heart! While many of the other alums left feeling a little dejected and depressed how complicated the process is, I felt lifted up. I felt like I was armed with a little information that would help me to move in the right direction of finding a room (or two, or three) of my own on this tiny little island that I love so much.

Some of my friends are surprised by my desire to stay in New York after this September. I can understand the confusion. I had the opportunity to just pick up and go somewhere new after losing my last apartment and most of my belongings. Realizing how much I don’t need in the way of material belongings, why would I ever want to be tied down and own my own tiny place?

I don’t have a clean answer. All I can say is that the thought of leaving New York never crossed my mind. In fact, I feel it’s even more important now for me to know my neighbors and my building and my neighborhood by owning an apartment. I am so tired of starting over. I’ve done it every year since I was 18 years old. I’ve had enough moving and transience in my life. A temporary dwelling is no longer appealing to me. And while I’d love to work abroad on an assignment and travel extensively, I finally found the city where I feel most at home. After so much looking and so much loss, the comfort of calling someplace a real home brings me a tremendous sense of peace.

I won’t even attempt to cover the 3 hour session in this blog post. I can’t even list all of the highlights in a reasonable amount of space. Here are the top 5 pieces I found most useful in my decision to begin working toward buying my own place:

1.) There are huge differences between co-ops, condos, and “condops”. Each has its positives and negatives and determining which one is the right one for us takes extensive research and soul-searching.

2.) Unlike with rentals where I find most brokers to be a little tough to handle, when we buy a place, particularly in New York City, our real estate broker is our very best ally, resource, and champion. Interview them. Ask A LOT of questions, and go exclusively with 1 broker (and tell them that you’re doing so.) If they know that you’ve committed to them, they will be committed to you. They are the lynch pin to helping you go from being a renter to an owner.

3.) There is actually a triumvirate of allies that are critical to buying an apartment in Manhattan: the real estate broker, an established, private residence real estate attorney, and a financial broker. The real estate broker is the pilot of the entire transaction and the other two are the co-pilots.

4.) The savings process and the purchase process are long affairs. Mindy opened the session by asking who was interested in buying an apartment in the next 3 years. That was the shortest time horizon she asked about. With today’s climate and for the foreseeable future it takes much more money than it ever has before to buy an apartment. It is a serious investment of time and money. At first I thought it was foolish for me to go to this session because I am several years away from being able to purchase an apartment. Mindy helped me realize that planning now, years out, is the best thing I could possibly do!

5.) I’m one of those people who is always out in the world looking for opportunity. With the economic downturn and the real estate crash, I’ve been wondering if I should buy now, even if I’m not really ready. Deals abound so shouldn’t I take advantage of them? Mindy’s answer was an emphatic “no”. A home is not our retirement or our 401K. It is an investment on a very different level. There is a psychological, emotional, and financial investment wrapped up in one and it needs to be treated with greater care than any other investment we make. To buy when we aren’t ready, financially or emotionally, is a huge mistake. Gaming the economic situation is not a good idea. Buy when you’re personally ready.

Given the value of this session, I highly recommend getting in touch with Mindy should you be interested in learning about the apartment buying process in Manhattan and determining if it’s the right thing for you. She can be reached at 212.317.7887 or mfeldman@halstead.com.

apartment, hope, housing, New York City, real estate, rent

My Year of Hopefulness – An Affordable New York City

Christa Avampato

My pot-smoking neighbor is back in full-force. Gross. I have opened up my front hall closet two days in a row to a waft of marijuana. So, I sent my landlord a very nice email explaining that problem was occurring again and that I may consider finding a new apartment. He swears that he has spoken to her again and that the problem will not happen again. Still, I am skeptical so I decided to take a look around the neighborhood and see what’s available. 

First, I discovered that I am overpaying for my studio. I signed the two year lease at the height of the market in the summer of 2007 and I needed to live in my neighborhood to park my car on the street and make my commute as easy as possible. Now, a year and a half later, times have changed. Rents have dropped dramatically, even in my ritzy neighborhood. I can get a place twice as large as my current apartment for less money. Amazing!
And there is availability everywhere with free months of rent promos, waived fees, and apartments held with no extra cost. The New York City rental market may actually morph to be like rental markets in other cities. That is to say it could actually become reasonable!
Now this is cause for much rejoicing and much hope. Yes, we’ll get to save a bit more money but the exciting piece for me is that New York City has the great potential to save its edge. For years now students, writers, artists, musicians, activists, and entrepreneurs – people who make our world an interesting place to live – have been driven out of the city by rents that are too high. You have to have an MBA, or be a doctor or lawyer to afford a place in a decent neighborhood. It’s crazy! With these lower rents, a more diverse population will be able to afford a wider variety of neighborhoods. And we will all be the benefactors of that diversity.
Just when I thought all was lost and that I’d never be able to afford to buy in New York, I’m realizing now that eventually it might be possible. That alone is a great reason for hope.