Manhattan Condo Living

Gramercy Starck Rentals at 340 East 23rd St- January 2010 Report

Gramercy Starck Condominium located at 340 East 23rd Street New York NY 10010 designed by world renowned designer Philippe Gramercy Starck is a 21-story, 207 -unit development built in 2007. Philippe Starck designed the building’s interior and buyers could choose from three different styles for their apartments: nature, culture or classic.

In this month's Gramercy Starck Rental Report you are going to find the price ranges for current availabilities in the building, what apartments have been renting for, commonly asked questions renting in the building, and have the ability to contact us to speak about what you are looking for.

At Gramercy Starck you will be greeted by the 24-hour doorman in the Starck designed entrance lobby. The second floor has the 3,000 square foot lounge where you will be able to relax in the library, watch your favorite movie in the screening room, entertain in the billiards room, or relax out when you open up the doors from the lounge to an over-sized landscaped outdoor deck. The lower lobby houses the fitness room, saunas, storage, and laundry facilities. If that's not enough go up to the roof deck and relax in one of the cabanas.

Right now there are a number of rental choices at Gramercy Starck in a number of categories.  One of the features of Gramercy Starck that make living here and renting here a unique situation is the variety of types of apartments in the building.  You don't just have studio's, 1 bedrooms, 2 bedrooms and 3 bedrooms because there are also duplexes and Penthouse apartments available. There is something for everybody, especially if you are looking for a more dramatic space.

Current Availability at Gramercy Starck:

• Studios both furnished and unfurnished are asking from $2400-$2800/month.
• 1 Bedroom - There is one Sky house duplex 1 bedroom asking $5800/month.
• 2 Bedroom- There are two upper floor D- Line units asking $4950 and $5500/month. and a Penthouse 2 bedroom asking $5000/month.
• 3 Bedroom- There is a higher floor Three bedroom asking $7700/month and a sky house 3 bedroom duplex asking $9999/month.

Gramercy Stark Recent Rental Transactions:

• Studio's: Price range from $2400-$2800
• 1 Bedroom's: Price range from $3400-$4800(Includes furnished units and sky house duplex apartments)
• 2 Bedroom's" Price range $4800-$5200

 
Why Rent at Gramercy Starck?

Gramercy by Starck is one of those buildings that makes a statement. If you don't like those plain vanilla cookie cutter rental buildings you are going to love Gramercy Starck. Unlike most rental buildings there is a high level of finishes and amenities that hard to find elsewhere. When you walk in and are face to face with the huge Renaissance portrait and standing underneath the mega-lampshade-chandelier you know where you are at. The apartments are outfitted with high end appliances, washer/dryers in ALL of the the units, and full access to all of the amenities without any additional costs.  You will have full access to the completely outfitted fitness room with sauna and steam rooms in the his and her locker rooms.

Gramercy Starck Frequently Asked Questions

Is Gramercy Starck pet friendly?

As of now, Gramercy Starck is pet friendly, but the individual owner of the condominium may not be, so it depends, call us to find out if the type of apartment you are interested in is pet friendly or not?

How soon can I move in?

Gramercy Starck Condominiums has an application process.  This application process can take at the very minimum two weeks up to 30 days depending on how quickly the application is submitted with all of the necessary documentation and board approval.  So if you call us today looking to move in tomorrow or a few days from now, we won't be able to accommodate.

How much is the security deposit and is it first and last months rent upfront?

There is no umbrella answer to this question as each owner will have a different requirement based on their preferences and your   but generally expect at least the first months rent upfront and at least 1 months security

What about the broker fee?

Again, there is no umbrella answer to this question because you will be renting directly from an owner, this is not a big management company, so there will more than likely be some type of broker's fee involved, whether you or the owner is paying it.  The structure of the broker's fee will be dependent on each apartment, this is something that we will be able to tell you once we know we know what you are looking for.

Are they any other fee's involved with renting?

I am going to outline the application fee's involved in renting, there is a $50 credit application fee, a $1,000 move in deposit that is refundable if no damage takes place at the time of move in.

Who is the management company?

Douglas Elliman Property Management is the current manager of the building.

How do you get a hold of us to talk about your future apartment at Gramercy Starck?

****You can email us directly at Morgan.Evans (@) elliman.com or call us at (917) 837- 8869.****

To read more about Gramercy Starck:

1. Gramercy Starck Rentals: Featured 2 bedroom/2 bath 
2. Gramercy Starck : January 2010 Report
3. Gramercy Starck Rental and Sales Expert

For a complete list of the current apartments for sale or rent at Gramercy Starck or for condominium apartments for sale or rent in Downtown Manhattan call Morgan Evans or Eileen Hsu at (212)321-7122 or (917)837-8869 for further details.

**Copyright Gramercy Starck Rentals January 2010**

Can an foreign buyer or investor buy a property in a co-op in New York City? Foreign National buyers and investors are majority of our clientele, we often have to explain to the buyers about the Manhattan housing market, which consist of Condominiums and Co-Ops. Often, we encounter the question....

"Can a Foreign National Buyers and Investors buy a property in a co-op?" 

Co-ops are 90% or more of New York Real Estate. Co-op buildings are governed by Co-op Boards, which make every esseential decision about the building and set building house rules and policies. Among those decisions, Co-Op board of directors approve every potential purchaser.

Foreign National Buyers or Investors to buy an apartment in a co-op building are not easy for several reasons:

1. Co-op purchaser approval takes weeks -- if not months -- and is a rigorous and notoriously difficult process. The majority of co-ops only approve buyers with New York employment, US income tax and excellent credit history in the US. The law doesn't require a co-op to even provide an explanation for a potential buyer's rejection.
2. There are often restrictions on how much financing a buyer can use (for example, no more than a certain percentage of the unit price).
3. Almost all co-ops restrict the right to sublet your apartment, which makes it unattractive to investors. Usually, co-op apartments cannot be rented out at all or can be rented out for 1 or 2 years after a certain number of years of owner occupancy.
4. Co-ops regulate your use of the apartment in many other ways... including having guests or performing renovations.
5. When selling (or renting it out when allowed) a co-op, your buyer will be subject to co-op approval as well, which reduces the number of qualified buyers and therefore reduces the price of your investment.
6. There are often additional "flip taxes" on the resale of a co-op to discourage speculators.

All these measures are intended to protect interests of other co-op shareholders and make sure that a new buyer is financially stable, and will always be able to pay for monthly maintenance, improvements and expenses of the building. In addition, often residents of co-op buildings often view their building as exclusive clubs and want to make sure that the building attracts only a certain type of people who use it in a certain way that makes all the residents comfortable.

The purchase price of most co-ops is 10-20% lower than that of condos. Monthly expenses (maintenance), on the contrary, are usually slightly higher and include utilities, maintenance expenses, real estate taxes, and the corresponding share in the mortgage indebtedness of the building... if the building has a mortgage loan. In addition to the mortgage interest on their own loan, co-op shareholders can deduct their portion of the corporation's real estate tax from their taxable income.

Still, co-ops can be attractive for those who would like to use the apartment as a primary residence or as a pied-a-terre (part-time stay). For the most part, co-ops are older (prewar) buildings with beautiful authentic features, fireplaces, high ceilings, moldings... and sometimes even their own gardens. If you are a foreign buyer or investor, you should consider Manhattan Condo as a better investment of your money.

1. Manhattan Condo Listings
2. How to Buy a Manhattan New York Condo (Part I) as first time home buyer
3. How to Buy a Manhattan New York Condo (Part II) as first time investor
4. How to Buy a Manhattan New York Condo (Part III) as Parents Buying for Children

5. Manhattan Condo under $500K, yes they do exist

If you are looking for a Real Estate Professional who understands Foreign Nationals buying in Manhattan New York city Real Estate and are looking for the right investmentment, or are selling your property contact Eileen Hsu or Morgan Evans at (212)321-7122 or email us at: ehsu@elliman.com

disclaimer: We are not a bank and we cannot loan you or your broker any financing. We work with the top banks and borkerages in the country and can put in front of the best loan officers in New York. These requirements listed above is merely to give you an idea of your financing options; not to market our services.

Facts about True Foreigners invest in Manhattan New York Real Estate.

Nolita Manhattan- Must See!

Cafe Habana is one of my favorite places to eat in Nolita.  Whether for breakfast, lunch, dinner or brunch on the weekends I have enjoyed myself every time I have been there.  My only caution with Cafe Habana is that don't go if you aren't prepared to wait for a table if you go at peak hours, especially brunch.

We went this weekend for brunch and had a fantastic meal.  I like to stop by when I have some time to kill in between appointments and sit down and get a cafe con leche. 

TO READ MORE ABOUT NOLITA REAL ESTATE:

1. Nolita Neighborhood Profile
2. Nolita Manhattan Rentals - January 2010 Report
   
3. Nolita Apartments for Sale - January 2010 Report

For information regarding Nolita apartments for sale, or for Nolita apartments for rent contact me at (917) 837-8869.

Contact me at morgan.evans (@) elliman.com or visit http://www.elliman.com/MOE

_______________________________________________________________________________________________________

If you are a buyer, seller or renter that would like work with someone that knows Nolita neighborhood, call us now at (917)837-8869. We are both English and Chinese Speaking Real Estate agents under one of the most successful Manhattan Brokerage firm Prudential Douglas Elliman with extensive market knowledge. In addition, we specialize in connecting the local Manhattan sellers with both local and international buyers with our preferred buyer networks. Call us today at (212)321-7122 or (917)837-8869. Email at Morgan.Evans(@)elliman.com.

The Chesterfield Condominiums is located in the heart of the Upper West Side neighborhood in Manhattan at the SE corner of 80th and Amsterdam. Originally built in 1920 and converted into condominiums in 1988. The Chesterfield Condominium is 11 story, 91 unit building, elevator doorman building. One of the aspects that sets the Chesterfield Condominiums apart from many of the other buildings in the are is that it is a pre-war building. Many of the units also have different types of outdoor space, balconies, terraces, solariums.

The combination of the location of this doorman condominium and its prewar character have made this a very desired location for many people looking for an Upper West Side condominium. Being close to famous Upper West Side institutions like Zabar's and the Natural History Museum combined with the practicality of a doorman condominium make this a desirable location to own your own piece of the Upper West Side for your own personal enjoyment or investment.

In 2009 5 apartments sold at the Chesterfield Condominiums at 186 West 80th St, New York, New York 10024.

For a comparison of years past, in 2006 6 properties sold, in 2007 4 properties sold,  and in 2008 4 properties sold. So it appears that Chesterfield Condominiums in Manhattan is right on its average of how many units sell every year.

The turnover rate for 2009 was 5.5%.

Breakdown of the type of units SOLD in 2009*

• Studios- 3 studios sold- Average price of $448,333 at an average price/sq ft of approximately $1183.
• 1 Bedroom-2 One bedrooms sold - Average price of $585,000 at an average price/sq ft of approximately of $1008.

*- The Apartments at Chesterfield Condominiums have a lot of individual characteristics and features that create a wide variety of value comparisons.  Higher floor units with outdoor space, renovations, various layouts really create a situation where each property needs to have individual analysis.  We provide our information as an outline as far as values in the building, but stress that to get an accurate idea of an individual apartment line we would need to see it in person to make such an evaluation.

How do the Prices at Chesterfield Condominiums Compare to the rest of the Upper West Side Pre-War Condominium Sales?

• Studios-12 Units Sold at an average price of $444,750
• 1 Bedroom-26 units sold at an average price of $693,564 and $972 per square foot

What does this all mean?

Well that really depends, like I've said before at the Chesterfield Condominiums it's very rare to have two like kind units and pricing in today's market you have to look at the most up to date information as market conditions change continuously. Because we understand the different characteristics of the Upper West Side condominium market we have found a way to provide valuable information and help both our buyers and sellers make informed decisions.

TO READ MORE ABOUT CHESTERFIELD CONDOMINIUMS:

1. The Chesterfield Condominiums Apartments Profile

For a complete list of the current apartments for sale at the Chesterfield Condominium or for condominium apartments for sale in the Upper West Side call Morgan Evans or Eileen Hsu at (212)321-7122 or (917)837-8869 for further details.

If you are ready to see the Chesterfield Condominiums to either buy or rent your own apartment, contact us today at morgan.evans(@)elliman.com

http://www.Manhattan-Condo-Living.com

Copyright © 2010 By Morgan Evans, All Rights Reserved.*The Chesterfield Condominiums New York City - 2009 Year in Review*

The Chesterfield Condominiums Manhattan New Yorkat 186 W 80th St

The Chesterfield Condominiums is located in the heart of the Upper West Side neighborhood in Manhattan at the SE corner of 80th and Amsterdam. Originally built in 1920 and converted into condominiums in 1988. The Chesterfield Condominium is 11 story, 91 unit building, elevator doorman building. One of the aspects that sets the Chesterfield Condominiums apart from many of the other buildings in the are is that it is a pre-war building. Many of the units also have different types of outdoor space, balconies, terraces, solariums.

Chesterfield Condominiums sits in the middle of all the Upper West Side has to offer. You are a short five minute walk to either Central Park or Riveride Park. A block away from the Natural History Museum, multiple subway stations and bus lines. Located on both a tree lined street and Amsterdam Avenue you can have the ambiance of the physical character of an Upper West block along with the practicality of being close to the neighborhoods amenities.

Apartments at the Chesterfield Condominiums range in size from studios up to 2 bedroom apartments. Prices range from around $425,000 for a studio and up to $1.4 million for two bedroom unit.

The combination of the location of this doorman condominium and its prewar character have made this a very desired location for many people looking for an Upper West Side condominium. Being close to famous Upper West Side institutions like Zabar's and the Natural History Museum combined with the practicality of a doorman condominium make this a desirable location to own your own piece of the Upper West Side for your own personal enjoyment or investment.

If you would like more information about the Chesterfield Condomiums or other apartment buildings in the Upper West Side feel free to contact us at anytime. If you are interested in selling your apartment at the Chesterfield, contact us today for a comprehensive analysis.

For a complete list of the current apartments for sale at the Chesterfield Condominium or for condominium apartments for sale in the Upper West Side call Morgan Evans or Eileen Hsu at (212)321-7122 or (917)837-8869 for further details.

TO READ MORE ABOUT CHESTERFIELD CONDOMINIUMS:

1. Chesterfield Condominiums New York City - 2009 Market Year in Review

If you are ready to see the Chesterfield Condominiums to either buy or rent your own apartment, contact us today at morgan.evans(@)elliman.com

http://www.Manhattan-Condo-Living.com

Copyright © 2010 By Morgan Evans, All Rights Reserved.*The Chesterfield Condominiums New York City*  

Nolita Apartments for Sale - January 2010

Nolita is one of the most desirable neighborhoods in all of Manhattan. Living in Nolita is the quintessential New York experience, walking down the cobblestone streets, some of the best boutique shopping and dining in all of downtown Manhattan and all in a convenient location close to SOHO, NOHO and the Lower East Side.

Apartments for sale in Nolita range from approximately $550,000 all the way up to $13 million with apartments built in the early 1900's to recently constructed new developments built in 2009. From charming walk-ups to amenity rich full floor penthouses, Nolita's apartments are some of the most sought after in all of downtown Manhattan.

Nolita apartments for sale are dominated by condominiums with a few co-ops mixed in.  The Nolita real estate market is often seen as an offshoot of its neighbor Soho, but is still a product of its more relaxed roots.  New Construction buildings have entered the market place with varying reflections of the neighborhood character.

Below is a detailed breakdown of Nolita apartments for sale in the month of January of this year:

• 1 bedroom Condominiums- As of Jan 15 there are 7(seven) 1 Bedroom Condominium apartments for sale in Nolita dominated mostly by sales at 211 Elizabeth St. There are 5(five) one bedrooms that range from $1.6 million to $2.45 million. But if you prefer a more intimate walk-up building you can find a 1 bedroom for $575,000 and in an elevator doorman building you can find a 1 bedroom for just under $900,000.
• 2 Bedroom Condominiums- There are 8(eight) 2 Bedroom Condominium apartments for sale in Nolita with a median price of just under $2,200,000.  There is a wide price range from $849,000 to $3,895,000.  The median size of the apartments is approximately 1600 square feet and the median price per square foot is approximately $1354. The two bedroom apartments are mostly find in the newer condominium buildings on Lafayette, both 225 Lafayette and 285 Lafayette, and in 211 Elizabeth St designed by architects Roman and Williams. 
• 3 Bedroom Condominiums-There are 7(seven) 3 Bedroom Condominium apartments for sale in Nolita with a median price of $3,150,000.  The price range starts at $1,595,000 and ends at $8,950,000 for a Penthouse unit at 285 Lafayette. If you are looking for a 3 bedroom apartment in Nolita, the new development at 290 Mulberry will have all the most selection right now.  These full floor lofts range in price from $2,500,000 to $7,500,000.
• 4 Bedroom Condominiums- All 3(three) available four bedroom condominiums are found at 285 Lafayette.  The price range is from $6,800,000 to $12,800,000.
  

If you would like any specific information or would like to search for any individual Nolita apartments for sale please feel free to contact me and I will do a customized search based on your individual preferences or if you an owner of a Nolita apartment contact me today for a detailed analysis of what your apartment is worth in todays market.

To view the apartments for sale in Nolita - you may just find your very own piece of the Big Apple!

1. Nolita: New York City Neighborhood Profile
2. Nolita Apartments for rent : January 2010 Report

For information regarding Nolita apartments for sale,  or for Nolita apartments for rent contact me at morgan.evans at elliman.com or call me at (917) 837-8869.

Contact me at morgan.evans (@) elliman.com or visit http://www.elliman.com/MOE

http://www.Manhattan-Condo-Living.com

Gramercy Starck Condominium located at 340 East 23rd Street New York NY 10010 designed by world renowned designer Philippe Starck. Philippe Patrick Starck is a French Product designer and probably the best known designer in the New Design style. His designs range from spectacular interior designs to mass produced consumer goods such as toothbrushes, chairs, and even houses.

Gramercy Starck is a 21-story, 207 -unit development built in 2007. Philippe Starck designed the building’s interior and buyers could choose from three different styles for their apartments: nature, culture or classic.

At Gramercy Starck you will be greeted by the 24-hour doorman in the Starck designed entrance lobby. The second floor has the 3,000 square foot lounge where you will be able to relax in the library, watch your favorite movie in the screening room, entertain in the game room, or reserve the whole area for a party.  Open up the doors from the lounge to an over-sized landscaped outdoor deck.  The lower lobby houses the fitness room, saunas, storage, and laundry facilities.  If that's not enough go up to the roof deck and relax in one of the cabanas.

Why Rent at Gramercy Starck?

Gramercy Starck is one of those buildings that makes a statement. When you walk in and are face to face with the huge Renaissance portrait and standing underneath the mega-lampshade-chandelier you know where you are at. This isn't your cookie cutter rental building. The apartments are outfitted with high end appliances, washer/dryers in ALL of the the units, and full access to all of the amenities without any additional costs. Whether you are looking for a studio, 1-bed, 2-bed, 3 bed, duplex or penthouse we have the inventory and contacts to find you what you want.

You are looking at a Gramercy Starck 2 bedroom 2 bath apartment that is asking $4950/month for rent. This unit sits on the 16th floor of the building with completely unobstructed south facing views of Downtown Manhattan and even the Brooklyn Bridge

Many of our foreign buyers and savvy investors have purchased multiple units in this high amenities building. We have sold one bedrooms, two bedrooms, skyhouses and penthouses. This is a building that was very well received by many European buyers especially by our Italian and French buyers. Their admiration for Philippe Starck extended to Starck's Real Estate creation.

To Read More about Gramercy Starck:

1. Gramercy Starck Condominium Rental and Sales Experts
2. Gramercy Starck Two Bedroom and Two Bathrooms Rental
3. Gramercy Starck Rentals - January 2010 Report
   

If you are ready to see the Gramercy Starck to either buy or rent your own apartment, contact us today at morgan.evans(@)elliman.com

For a complete list of the current apartments for sale or rent at Gramercy Starck or for condominium apartments for sale or rent in Downtown Manhattan call Morgan Evans or Eileen Hsu at (212)321-7122 or (917)837-8869 for further details.

Dorchester Towers Condominium-January 2010

The Dorchester Towers, built in 1965, is located in the prime Lincoln Center area of the Upper West Side in Manhattan. Apartments at the Dorchester Towers are well known to have spacious and practical layouts, numerous large closets throughout each apartment,  and open western and eastern exposures. The mix of the apartments in Dorchester Towers Condominiums varies with a variety of layouts including mostly studio apartments both straight and alcove, one bedroom and junior 4 apartments commonly converted to 2 bedroom layout, and very spacious 2 bedroom units. There are combination units forming larger 3, 4 and 5 bedroom apartments.

One of the unique aspects of Dorchester Towers is its unique position: It sits on the whole block between  Broadway and Amsterdam Avenue on  68th and 69th Streets, combined with the circular driveway at the main entrance on 68th Street provided fantastic double exposures from many of the units from both towers. Dorchester Towers has a full-time doorman and concierge, package room, garage, roof deck, bike storage/storage units and fantastic laundry rooms on every floor on the eastern tower. The location of Dorchester Towers is one of its best selling points, being right in the heart of Lincoln center  its residents have great access to subways(1,2,3) bus lines(M104 and M5) and all of the amenities the neighborhood has to offer. About a 5 minutes walk to both Central and Riverside Park, a variety of shopping, the movie theater just across the street, gyms and everything else you would expect to have in this vibrant and well established neighborhood.

In 2009 11 apartments sold at the Dorchester Towers Condominium at 155 West 68th St, New York, New York 10023

For a comparison of years past, in 2006 15 properties sold, in 2007 12 properties sold,  and in 2008 12 properties sold. So it appears that Dorchester Towers Condominium in Manhattan is right on its average of how many units sell every year.

The turnover rate was 3.24%.

Breakdown of the type of units SOLD in 2009

• Studios- 2 studios sold- Average price of $545,000 at an average price/sq ft of approximately $1001
• 1 Bedroom-4 One bedrooms sold - Average price of $675,000 at an average price/sq ft of approximately of $1054
• Junior 4*- 3 Units Sold, Average Price- $902,053 at an average price/sq ft of approximately $1,000 
• 3 bed/3 bath-1 unit sold at $2,200,000.00 price per sq ft of $1035
• 4bed/3 bath-1 unit sold at $1,610,000.00 price per sq ft $782

*- The Junior 4 Layout or 1 bedroom with dining alcove has some of the most variation in apartment layout, # of bathrooms, and square footage in the entire building.  Each unit has to be looked individually to determine a specific price point based on its unique characteristics.

How do the Prices in Dorchester Towers Compare to 2008?

• Studios-2 Units Sold at an average price of $956 sq/ft
• 1 Bedroom-6 units sold at an average price of $1069
• Junior 4-4 Units Sold at an average price of $947

What does this all mean?

Because Dorchester Towers Condominium is such a large building, 680 apartments, and the specific location and design of the building, taking up the entire block from 68th to 69th Street from Broadway to Amsterdam, the layouts, exposures and floor level have dramatic effects on the pricing of each unit.  The building was originally built in 1965 and converted into condominiums in the late 80's so the physical condition of each unit will depend on each individual owners ability to remodel.

At Dorchester Towers Condominium it is very important to know the fine points of the building because there are so many layouts and variations that will effect pricing.  Understanding individual lines, a pricing history of similar apartments, exposure and view will greatly impact a pricing strategy or bidding strategy for both buyers and sellers.

TO READ MORE OF DORCHESTER TOWERS BELOW:

• Dorchester Towers : May 2009 Month in Review
• Dorchester Towers Condominium Market Report
• Dorchester Towers Condominium Rental Report
• Dorchester Towers Condominium, 155 W 68th St
• http://dorchesternyc.wordpress.com/
  
  

We are in a competitive market, hence working with two agents that live in the building and that specialize in condominium sales will you give you an advantage when it comes time to sell or rent your apartment.  Our approach to selling your apartment is intentionally unique.  We use strategies that most real estate agents do not use.  If you are interested in hearing our proposition, contact us immediately to see how we can help you achieve your goals.

For a complete list of the current apartments for sale at the Dorchester Towers Condominium or for condominium apartments for sale in the Upper West Side call Morgan Evans or Eileen Hsu at (212)321-7122 or (917)837-8869 for further details. Visit: http://dorchesternyc.wordpress.com/

Copyright © 2010 By Morgan Evans, All Rights Reserved.*Dorchester Towers Condominium (155 West 68th St) January 2010 Report*  

New York City First Time Buyer and Investor

PART 5- BUYING WITH YOUR HEAD AND YOUR HEART!

Buying your 1st or your 10th New York City apartment will probably be the biggest purchase of your life.  In today's market it's more important now than ever to understand what your long term goals for purchasing.  Are you sick of paying rent to a landlord and purchasing your first starter studio or 1 bedroom?  Maybe you have outgrown your current apartment and need that second or third bedroom?  An investor looking for a long term investment and tax benefit? Or an overseas buyer looking for a second home here in Manhattan.  Whatever the reason might be, the key to a successful purchase and ultimately long term success is to become educated about purchasing and to find an apartment that you can see yourself owning for the long term.

Steps to a Successful Purchase

1. Understand Why You are Purchasing - Are you looking for an apartment that you can lease once your purchase?  Well than a co-op might not work for you and a condominium would be your best option.  Are you renting right now and want to find out if it makes sense to buy and stop putting money in your landlords pocket?  A rent vs. purchase analysis might show that it makes more sense for you to rent, but the qualitative benefits of owning your own apartment could also affect your decision.  How long do you plan on being in the apartment?  One year or indefinitely? Right now in this market, you should plan on owning for a minimum of 5 years to see a significant amount of appreciation.  The key is to think about what your long term goals are for purchasing because that should dictate what type of property is right for you and how you should go about your search for your next home.
2. How Much Can you Afford- Speaking with a mortgage broker or the bank of your choosing and having an in depth discussion of how much you can afford will have tremendous impact on your purchase.  Because lending isn't what it was a year or even 6 months ago, guidelines changing, conforming loan rates changing, having an up to date understanding of where you stand obtaining a mortgage is essential to a successful purchase.
3. Becoming Market Educated- Currently Manhattan is a changing market.  How much is an apartment worth today?  One market report says that median prices went up a few percent, but another report says that the transactions are down 70%.  Who to believe and what does it mean to you?  Looking at the city as a whole will give you a macro-perspective, but the key in my opinion is to follow the price point and neighborhoods that you are going to purchase in.  A one bedroom condominium in the West Village and a Classic 6 in a Park Avenue co-op are not apple to apple comparisons, so reading a report that says prices are down 20% citywide, may not be indicative of the type of property you are looking for.  The way I see things is that right now, an apartment is worth the price a buyer is willing to pay and whatever the seller is willing to accept.  I find market reports extremely useful, but the key is to break them down for the micro-search that you are doing.  
4. Go with your Gut Instinct- Most of my customers know the apartment they will buy when they step their foot in the door.  Ask yourself the question, do you love the apartment, can you see yourself living there?  The perfect apartment doesn't exist, because it is usually out of our price range, but first impressions are very important.  Once you have educated yourself and understand the variables of your purchase you will be ready when you see the right apartment.

New York City First Time Home Buyer Series:

• NEW YORK CITY FIRST TIME HOME BUYER:  KNOW YOUR PRODUCT - PART 1 OF 5

• NEW YORK CITY FIRST TIME HOME BUYER: KNOW YOUR BUYING POWER - PART 2 OF 5

• NEW YORK CITY FIRST TIME HOME BUYER: KNOW THE FINANCIAL REPORT OF THE BUILDING - PART 3 OF 5

• NEW YORK CITY FIRST TIME HOME BUYER: WHO MANAGES THE BUILDING - PART 4 OF 5

• NEW YORK CITY FIRST TIME HOME BUYER: BUYING WITH YOUR HEAD AND YOUR HEART - PART 5 OF 5

For more information, please contact Morgan Evans or call 917-837-8869

Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.

Part 2 - KNOW YOUR BUYING POWER:

The best thing for a buyer in today's market is understand your buying power. Knowing your buying power means more than just having an idea as to what you qualify for and what your monthly payments are going to be. 

We always ask during our initial consultation appointment with new buyers what amount of down payment they have.  Down payment is so important because it will determine what type of product, condominium or co-op, which is suitable for you.  Aside from the amount of the down payment, it is also important to know where your down payment is coming from...such as parents, inheritance, gifting, personal accounts.  Some buildings require that you have 30% down, 50% down, or even buy with all cash.  Some buildings do not allow parent gifting, or co-purchasers, so this will narrow down what a prospective purchaser should look at. 

The overall financial picture is so important when finding the perfect apartment in New York City especially if you are looking into a Co-op.  The reason being that each co-op has its own specification for what they look for in a prospective member.  Do they allow guarantors, co-purchase, parents monetary involvement, the debt to income ratio and work history.  So not only do you have to work with the banks to qualify for the loan, but you have to satisfy the co-ops requirements also.

It's best to discuss your financial conditions upfront so as to not waste time or get excited about an apartment that you would not be able to purchase anyways.

The next major question that I think can confuse a lot of first time homebuyers is what are the differences between a bank lender and a mortgage broker and what are the pros and cons of each? 

I work with both bank lenders and mortgage brokers so I asked them this exact question and this is what they had to say.

 This is the information I received from a mortgage broker.

Working with a Mortgage Broker

More Options working with a Mortgage Broker

When you work with a mortgage broker you have more financial institutions to work with.  The broker will research which banks offer the best products that the borrower will qualify for.

When you work directly with one bank you have a loan officer who is hard selling you their products and is not necessarily looking out for the best interests of the borrower.

Banks may change requirements on the mortgage commitment

A mortgage broker is constantly looking at what the bank's requirements are for the borrower and the property that they are looking to finance. When the bank's guidelines change and financing may no longer be viable........the mortgage broker can research the market to find another financial institution to finance the loan.

If you are working directly with a bank and that happens the borrower either has to take what ever new options the bank has to offer or.........go out into the market and start the process of finding financing all over again.

Rates many drastically change after a borrower starts the process

Not often but there are times that after you apply to a particular bank that another bank comes into the market that has much lower rates; ½ point lower. If the new bank's guidelines are ones that work with the transaction and the time parameter still makes it possible that  the bank can close when the sales contract requires........the mortgage broker will move the borrower's deal to the new bank. 

If a borrower is working directly with a bank and that bank's rates are no longer competitive..........

The borrower now is going to have to determine who has the lowest rates. Time is going to be wastedtrying to find that new bank to work with.

Trying to get the financial institution to grant an exception

When you are working with a mortgage broker they will research which banks are most competitive for the borrower.  Sometimes the mortgage the borrower wants is 5% larger than the bank's guidelines or they don't have sufficient credit. A mortgage broker will work towards trying to get the bank to grant an exception or finding other documentation that will satisfy the bank's requirements. Part of that influence, in getting the approval, is the standing that the mortgage brokerage firm has with the bank.  If they have a history of having loans in good standing with the bank; the mortgage broker has a better chance of having their request granted. 

If a borrower is working directly with a bank they need to know if the loan officer they are working with is in a position to have some exceptions granted.  Loan officers at the many banks are not equated with the same credit authority.  It is important for the borrower to understand if their loan officer has the authority to get exceptions approved.

Work with a Mortgage Consultant or Banker who has proven experience in this market place

Now is not the time to work someone who has not worked in this industry for many years.  In years past borrowers had to be qualified in order to obtain financing.  In recent years mortgage brokers and bankers could qualify their borrowers with very little effort. 

Now you need someone who knows how to qualify a borrower and the property that they want to purchase.

Debra K. Bedell has been a Mortgage Consultant for over 17 years.  She originally worked in the industry when the bank's requirements were very stringent.  We have come full circle and those days have returned.  It is best to work with a Mortgage Consultant who understands the system and can navigate it.

Working with a Bank

According to my loan consultant at a local Manhattan bank, the best deals are usually at a bank   The reason being is because there aren't a lot of confusing add-on fees and middlemen ie. Mortgage brokers, who touch the loan and have to get paid for the work they do.  Banks do volume business and make money servicing the loan,  not by charging you origination fees. 

Brokers don't work with every single bank so if a bank is offering terrific rates on a certain type of loan program they won't have access to it, the consumer will only have access to it through the bank directly.  A mortgage broker is not going to tell you what banks they do and don't work with. 

In conclusion, whether you work with a broker or a banker you should talk to a professional consultant to talk about your specific needs and goals.  Finding someone that listens and gives you the service that you require is what counts. 

New York City First Time Home Buyer Series:

• NEW YORK CITY FIRST TIME HOME BUYER:  KNOW YOUR PRODUCT - PART 1 OF 5

• NEW YORK CITY FIRST TIME HOME BUYER: KNOW YOUR BUYING POWER - PART 2 OF 5

• NEW YORK CITY FIRST TIME HOME BUYER: KNOW THE FINANCIAL REPORT OF THE BUILDING - PART 3 OF 5

• NEW YORK CITY FIRST TIME HOME BUYER: WHO MANAGES THE BUILDING - PART 4 OF 5

• NEW YORK CITY FIRST TIME HOME BUYER: BUYING WITH YOUR HEAD AND YOUR HEART - PART 5 OF 5

For more information, please contact Morgan Evans or call  917-837-8869 

Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.