Tag Archives: condos

First time buyer in Manhattan?

Here are some basic steps in purchasing a Manhattan apartment for the first time.

1- Decide on a Manhattan neighborhood

2- Get a pre approval

3- Co-op or condo?

3- Find a buyer broker

Also I would add to choose your real estate attorney well. Usually your buyer broker can help you with that. A real estate attorney usually chages around $2500 or so but some that do excellent work can be found for as little as $1700 depending on the price range of the property.

Additionally, beyond getting the pre approval make sure that the bank will finance in the building that you choose. Some buildings have sponsors that still own more than 10% of the shares(co-ops) or the apartments(condos) or a higher than usual percentage of tenants. This can complicate financing and is an area very often overlooked by many real estate brokers. This as a buyer can cost you time and money and add stress. So vet the building with your lender to avoid all of that! What are your tips for a first time buyer?

New York City property owners brace for higher taxes in 2015

Due to the robust real estate market, values have increased in the last year and as a result, New York City is raising the property taxes on all types of property. The largest increase will be weathered by Coop and condo owners who are taxed at a different rate.  Continue reading New York City property owners brace for higher taxes in 2015

Trends to watch in 2015

In Sunday’s New York Times, there was an article titled “What’s next?” which talked about the trends in the NYC real estate market.

  • I agree with several of the points including that in 2015:
  • AirBnB will continue to be a force in the NYC area as people rent out their rooms
  • Rent stabilization will be an issue heavily discussed as those laws are set to expire.
  • More luxury housing will be built
  • Emerging neighborhoods like the Bronx will see an influx of new residents

Continue reading Trends to watch in 2015