Elika Associates, The first New York City real estate company exclusively for buyers, has expanded to offer buyers, representation throughout the borough of Brooklyn. Brooklyn home buyers and investors will now be able to enlist an exclusive buyer’s broker to look after their best interests.

“This is a testament to our innovative approach to representing buyers only,” says Gea Elika, Principal Broker with Elika Associates. “We are seeing a strong demand for buyers representation in Brooklyn, and we look forward to offering undivided loyalty and unsurpassed customer service to home purchasers entering the Brooklyn marketplace ”

Joseph Colista, an eight-year resident of Brooklyn who has closely followed the borough’s unprecedented transformation over the past few years, will head and manage the Brooklyn team. “We are excited to have Joseph leading our efforts to provide exclusive buyers’ representation to consumers purchasing homes and investment properties in Brooklyn,” said Gea Elika. “Joseph brings buyer’s experience, an insiders perspective and a passion for Brooklyn real estate to his work in assisting buyers. In joining our team, he enhances our proven success as a leading buyers’ brokerage.”

With Elika, Brooklyn buyers can request a custom property search in which a specialized Brooklyn agent will search a comprehensive database of Brooklyn real estate, filter the results and forward only the best available apartments and homes for the specific needs of each buyer. Or if preferred, a buyer may use Elika’s online Brooklyn database, which provides access to listings available from top tier brokerage firms as well as boutique Brooklyn realities.

Elika’s Brooklyn services will adhere to the high customer service standards and the strict code of ethics that distinguishes the firm from traditional brokerages throughout New York City.

“We pride ourselves in having a team of top-notch professionals dedicated to helping home buyers only. We want buyers to know that if you work with an Elika buyers’ agent, you are working with an accredited full-time professional with high ethical standards. We are highly selective with the agents we bring on board, and that exclusivity directly benefits our clients,” said Elika.

Elika Associates is New York's premier buyers’ brokerage. Elika exclusively represents the buyer and provides exceptional services tailored to each discerning client's unique New York Real Estate needs. Elika provides buyers with expert, unbiased assistance with all property inquiries while finding, managing and negotiating the purchase of their next real estate investment. Elika Associates is a proud member of REBNY, FIABCI, NAEBA and REALTOR(TM).

There are many New York City townhouses for sale at great prices in today’s market. Buyers certainly have an upper hand with the lower sales prices and mortgage rates at historical lows. In addition to finding a townhouse broker to help save time and money on the purchase of a new townhouse, there are some general tips to keep in mind when searching for that perfect new home. Determining where exactly to look for New York City townhouses is one of the first steps in beginning a search.

Choosing a location begins with first determining the maximum desired budget. This can be calculated by figuring out a maximum mortgage payment and how much of a down payment will be made towards the home. Buyers need to remember to take into consideration real estate taxes and insurance for the best estimate of a total monthly payment. A mortgage bank or broker can help borrowers figure out how much of a home they can afford and also apply for a pre-approval, which is helpful when negotiating with sellers.

Now the buyer can begin choosing a neighborhood that is suitable for their needs. Schools for children or for college-age students should be considered. Will they be within walking distance? How convenient will it be to get to school or work? Listings in the areas desired can be provided by the broker to see which townhouses fit the buyer’s budget, style and sense of community living.

Once an offer is ready to be made, a local real estate attorney with townhouse experience should be retained to ensure the negotiations and contracts are fair and legal. Consulting with a specialized townhouse buyer's broker is also recommended to ensure it's a good deal -- they know the local market and can guide the process.

Special considerations in the sale should be noted such as appliances, equipment or furnishings that are included in the sale, fees paid by the seller or other special concessions in the deal. Once an offer is accepted and all parties are in agreement, it’s time to close the deal. A home inspection and appraisal should be completed if it hasn’t already been done.

All that is left for the buyer is to finalize the financing, choose a closing date -- and prepare to move in to their new home.

New York, NY (PRWEB) September 27, 2011 - Manhattan’s first and only exclusive buyers brokerage, Elika Associates, was the first company in the On-Line Residential (OLR) community to have launched the VOW in March 2010 and is pleased to report it now has over 4,600 registered users that have and are searching New York Apartments.

“The success of our You Search conversion is attributed to the ability of (OLR) to deliver an easy to use and efficient VOW platform providing access to all New York City properties” said Gea Elika, Principal Broker.

Since the launch of You Search, Elika has received in excess of 2,000 direct consumer inquiries with over 19,000 saved searches. Overall 55% of users searched for apartment rentals and 40% for sales. Home Buyers searched 56% Condominiums, 23% Co-ops and 21% Condop properties. Renters on the other hand chose 61% Rental Properties, 22% Condominiums and 17% Co-op properties.

In addition the apartment search mix for sales came in at 43% for Studio’s, 24% for 1 Bedrooms, 21% for 2 Bedrooms and 3, 4 and 5 bedrooms made up 12%. The rental mix came in at 43% for Studio’s, 26% for 1 Bedrooms, 24% for 2 Bedrooms and 3, 4 and 5 bedrooms made up for 7%. Statistics show that 1 and 2 bedroom searches are taking the lions share.

“The VOW adds functionality and enhances visitor interaction with our website, in addition provides us with invaluable real time market data helping us better understand consumer housing trends and overall demand” said Elika.

“We were initially skeptical of users having to register to access our You Search function in order to search and view property listings” said Elika. “ Despite the required registration, the VOW has exceeded expectations in attracting, retaining and enhancing user interaction with our website”

You Search provides accurate complete timely building and listing information as well as supplemental media including interior photos and floor plans of the apartments for sale and for rent. While buyers are able to conduct their own research, they must make an appointment with an Elika Associates broker in order to view the apartment.

Buying a home for the first time can be an exhilarating and overwhelming experience. It is one of the most important decisions that an average American makes during his lifetime. Here are the essential tips for helping first-time New York real estate buyers achieve this rewarding milestone successfully.

1. First time buyers should avoid having a “rose-tinted” view of their ideal home. Though wanting the perfect home is not unreasonable, one should also be realistic and compromise according to priorities and budget.

2. Do extensive research before going home-shopping in New York. Keep abreast with the latest news and trends related to home-buying. Decide what you really seek from your “dream home”.

3. Keep your finances organized. Review all credit reports and work out your budget to ascertain that you have sufficient funds to cover all expenses related to closing the sale.

4. Have a pre-qualified mortgage ready before you start house-hunting. The New York real estate market moves at lightning speed and a delay in getting your loan approved can result in you losing your dream home.

5. Plan long-term. The type of home you buy should be based on whether this is going to be a starter house with the intention of moving to a bigger property later or a long-term investment.

7. Do not focus on investing all available funds towards purchasing the biggest home you can buy. This will leave you with insufficient funds for meeting home-decoration and other expenses.

8. Be a sharp buyer and judiciously inspect the home for any defects (and get them rectified before sale closing). Do not compromise or appear naïve when making such an important decision.

9. Consider hiring an exclusive real estate buyer’s broker who works in your interest, understands the market thoroughly and can help you get the best deals on the most suitably matched homes. Buyer representatives are often paid from the seller’s commission, so you may end up saving a lot without spending a penny.

10. Do not waste time waiting for policy changes or second-guessing interest rates if you are looking to invest in New York City real estate. The difference in price will not be drastic over a short period, and homes will vanish before you know it.

11. Balance the negotiate well. Do not try to gain by seeking an unreasonably low price. You may lose the apartment.

12. Work out a post home-purchasing budget. Take into consideration decoration and repair expenses.

Learn more: New York City Real Estate for First-Time Home Buyers

After visiting New York City, many foreign buyers find themselves interested in purchasing a piece of New York City real estate for their own. In fact, a number of non-US residents now own property in New York City, where they enjoy benefits such as capital appreciation, transparency and a highly desirable location. From condominiums and townhouses to co-op properties, foreign buyers have access to a multitude of real estate options at affordable prices. And with a buyer’s agent on one’s side, locating these properties and navigating the process to ownership is a stress-free task.

Purchasing a co-op property is the most difficult New York City real estate transaction for foreigners to complete. This is due to the approval periods, financing restrictions and rental restrictions that come with these properties. Additionally, these co-ops come with a number of regulations that limit one’s allowed renovations and even the number of guests that can be present in one’s home. Flip taxes also apply to property sales and these sales must first be approved by a co-op board. On the plus side, these co-op properties include quality buildings with luxurious features. They make up over 75 percent of New York City real estate and cost less than condos. While they are tricky for foreigners to acquire, a buyer's agent can help substantially with the property buying process.

Condominiums are much easier for non-US residents to acquire. These buildings include individual apartments for consumers, with a common area that is shared by other condo residents. New condos are frequently being constructed, and older buildings are also being transformed into condominiums. Condominiums come with few restrictions governing one’s use or ownership, and foreigners are met with easy ownership approval. These properties are simple to sell, and condo owners are provided with a generous tax relief.

When owning New York City real estate, one will be subjected to a property’s associated expenses. These include hundreds to thousands of dollars in real estate taxes. Condo owners will have to pay monthly common charges, while co-op owners will need to pay maintenance fees for their property. During a real estate sale, both buyers and sellers will also have to pay closing costs, which run between 1 and 8% of a property's purchase price. But these costs are a small price to pay when the reward is an attractive piece of New York City real estate.