Category Archives: BuyingtipsforManhattanproperty

Buying tips for your NYC apartment, BuyingtipsforManhattanproperty, Investment

Thinking of buying a Manhattan apartment for investment?

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This is the 1st in a series of articles for buyers who are considering buying a Manhattan apartment as an investment. 

I  once read an article where someone commented that NYC property is like a Swiss bank account for investors because it’s considered so low risk and certainly will go up in the future. But where do you buy and for how much? Should you get a loan or pay CASH? Here’s some advice that may help you to decide.

So let’s say you have $1 million just as an example and you want to invest. What are your options assuming you will not live there? Click through for guidelines.

Continue reading Thinking of buying a Manhattan apartment for investment? →

BuyingtipsforManhattanproperty, Selling tips

How to pick a real estate attorney

Let’s assume you are doing a residential purchase or sale and need a Manhattan real estate attorney to represent you. How do you find one and what should your criteria be? Let’s take a simplified look at what they do first to assist the process.

On a purchase, your attorney will review the proposed contract and examine the financial information of the co-op or condo building which might entail going to the building to read the minutes of the Board meetings. If there is some project coming up or a noisy neighbor that is wrecking havoc,  it might show up in these minutes.  Your attorney will meet you to sign the contract and fedex/messenger the contract and deposit check to the seller side. After that, assuming it’s not a complicated transaction that will be about it until you go to closing and then he will reconcile the numbers at the closing table and provide you with a closing statement.

On a sale of a Manhattan co-op/condo, the attorney or assistant will prepare the NYS contracts, then will negotiate any changes proposed by the buyer side. You will meet your attorney once the buyer signs and counter sign the contract. If there are issues with the mortgage or closing, the attorney will intercede and if not your attorney will attend the closing and reconcile the numbers with the other side.

Attorneys charge generally as low as $2000 for this transaction and generally an average fee is closer to $3000 or more.

The easiest way to find a good real estate attorney is to ask a friend, family member or your real estate broker for the name of someone that they have used and had a good experience.

You want to make sure that any attorney you use specializes in real estate so that you have a true expert on your side. Sometimes your family attorney also “does” real estate transactions but if there is an issue along the way, experience in doing many transactions may be an asset that you are happy that they have or may hurt you if they do not. So choose someone with experience.

Find out if there is an assistant or someone that you can speak to in case you need a quick question answered. If your attorney spends all day in court and is unreachable by phone/email, it may add stress unnecessarily to the process. Most attorneys will have staff and in some cases they will be able to answer your questions.

Lastly, while you might be recommended to a big name law firm, ask who will be the one handling your transaction. A big name firm that delegates you to a junior attorney or paralegal may not be the wisest choice. Much in the same way, a big name real estate brokerage that passes you off to the 3rd assistant may also leave you feeling that you are not receiving the service you expect.

So while the description I have given of what an attorney is very simple, it is not easy and you never what bumps you will hit on the way so it’s always best to have an expert on your side. To find the right person may take a little bit of research.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

BuyingtipsforManhattanproperty, Selling tips

How long does it take to go from contract to closing for a Manhattan property

Once you have an accepted offer, the contract review process begins. In an ideal world, this will take about a week but can often take longer, as the lawyers haggle over details of the contract like as is versus working condition or closing dates or what happens if there is a title issue…Once the contract is signed by the buyer and the deposit (normally 10% of the purchase price) is sent to the seller’s attorney, the seller can sign the contract.

At that point, the buyer will give their documents to their lender for their loan application. Within about a month, the buyer will have a loan commitment and from there the bank can be ready in about another month or so to close the transaction.

If this is a condo or co-op in Manhattan, there will be Board application to be submitted and reviewed first by management and then the Board. In the case of a condo, they grant a waiver of the right of first refusal which is the Building’s right to buy an apartment if they so choose. If it’s a co-op then they will review the application and first decide to interview or not, then interview and give an approval or rejection. This can add another 1-2 months total to the process.

Lastly, the lawyers will set the scheduled date for closing when all parties are available. From contract to closing, can average about 3 months, less if a cash transaction and more in the case of co-op.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, multifamily, Townhouse

Harlem townhouse shortage below $2 millon

According to the July Harlem townhouse report, not one townhouse below $2 million was listed for sale. In July,  2 of the 4 sales recorded in the Central Harlem,Hamilton Heights townhouse market, were below $2 million. That brings the number of available properties below $2mm to only 6 out of over 80 listings. I am seeing a little bit of a tug of war as sellers priced at around $2.3-2.6 now begin to see the market may not sustain these prices for their Harlem properties  and probably not for 4 family homes above 125th street.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Inventory, Listings, Marketreports

9 New Harlem townhouse listings so far in July

So far in the first half of July, we have seen 9 new townhouse listings come to the market in Harlem. That is fairly in line with the number of new listings that we saw come to market in April and May. June seemed to bring a pause in the rising inventory. The least expensive Harlem townhouse brought to the market was listed at $2.3 million but a recent 4 family lowered it’s ask to $2 million.

June Harlem townhouse report

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Rentals, Sales

Thinking of moving to Hamilton Heights?

CurbedNY takes a look at the Hamilton Heights neighborhood and gives you the lowdown on it.

Edgecombe avenue

I agree that it is a wonderful place to live with some of Manhattan’s most beautiful tree lined blocks. If you are looking to purchase very little is available below $2 million right now. For a property that needs work but you can live in, the starting point is just north of $2 million. Recently, I had a chance to show property  to a buyer client that had many historic details in place and was a 2 family home that could have been purchased for $2.1 million.

Continue reading Thinking of moving to Hamilton Heights? →

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Townhouse

Why does a Harlem 2 family sell for more than a 4 family?

If you examine listings on the market in Harlem, you see a price difference between a 4 family and a 2 family.  Why is that?

One reason is that the buyer for a 2 family is typically look at the purchase to gain more space and perhaps live on 3 floors and rent the garden level apartment. In a 4 family, the most common layout is a floor thru and that might be a 1 or 2 bedroom which is not going to address the space needs of a primary residence buyer. It is going to be an interesting offering for an investor or someone who wants to buy instead of renting. But these are not need based buyers so they will shop for a better price.

Another reason is that a 4 family may have been converted from SRO or some other use and the historic details that make a Harlem townhouse so appealing may not be present. Certainly, that is not always the case but many times it is. For example, I evaluated a solid 4 family townhouse in Hamilton Heights for an owner and it was 4 well maintained 1 bedrooms with a value of around $2 million more or less. A similar 2 family home in the same area that has many original details in place but in inferior condition is asking $2.3 million, or 15% more.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

 

BuyingtipsforManhattanproperty, Harlem, Renovation, Townhouse

Take a look inside a Harlem renovated townhouse

The Baker family bought their townhouse in 2015 and it was a four family home. Their design team turned it into a 1 family home with floor to ceiling windows at their rear and exposed steel beams, duct work and sprinkler systems. The renovation created a lofty home with plenty of light and a guest room at the garden level. Their architect was Opera studio.

Curbed coverage

Buying tips for your NYC apartment, BuyingtipsforManhattanproperty, Luxury, Marketreports

33 Luxury contracts signed last week Record breaking week

33 Luxury Manhattan apartments priced at $4 million and up went to contract last week marking the best late June week since records were kept by Olshan Realty. Could this be a turning point in the luxury market as the pipeline begins to dry up. There is still a lot of inventory out there that needs to be absorbed but market conditions in favor of buyers do not usually last long in Manhattan.

Real Deal coverage

BuyingtipsforManhattanproperty, Listings, Marketreports, Soho

Soho residential listings selling at 15% discount according to report

According to a recent report, the residential listings in Soho are experiencing price cuts of approximately 10% and usually are chopped another 5% after that. The market like many neighborhoods in Manhattan is a buyer’s market. Seller’s expectations are coming down but as this is happening in Soho, the sellers do not have to sell so the market is at an impasse.

The below table shows the number of active listings by bedroom count in Soho.

# Bedrooms Active Low Price High Price
1 36 $580,000 $11,000,000
2 58 $630,000 $12,250,000
3 + 80 $1,995,000 $40,500,000

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.