We talked with a potential buyer today from Australia who is looking to purchase a condo investment here in Manhattan New York. We suggested her few points when it comes to determine a good Manhattan condo purchase, and this is helpful for other potential buyers as well.
1)Location: Walkability is very important in Manhattan New York. Convenient location for public transportation, Manhattannites depend on subway, trains and buses to move around in this big city. If the building is near a subway station, the condo is much easier to rent out or resell when that time comes. No one ever complains about having too many transportation options, but they definitely complain about having to walk 15 minutes just to get to a subway.
2)Carrying charge: If this is an all cash purchase with no mortgage payment. The owner (or landlord) is responsible to pay monthly condocommon charge and Real Estate taxes. So the lower combined carrying charge (the common charge and Real Estate taxes), the more net profit there is on the investment. Every building is different when it comes to the common charges and real estate taxes so determining the value proposition each building has is a necessary aspect of the purchase.
3)Sale price: The sales price of the condo is relevant to what has been sold in the building before, for example, if in the same building, condition, exposure, square footage size and layout is the same sold for $1,200,000 last week, and you can buy the downstairs unit with identical condition and layout for $990,000 because the seller is very motivated, then you may be buying "a deal", relative to units in the building. When it comes to sales price comparison of ‘a deal’, it is always ideal to compare within the same building, same neighborhood, same period of time (month/week), condition and exposure of the condo to determine if it is a good deal or not.
When determining a good Manhattan New York condo investment, ultimately we are talking about a condo unit(s) that is going to hold it’s value and have the best opportunity to maximize appreciation in the future. Every buyer comes with their own thoughts on what makes a good investment, but as an active Real Estate agent in the Manhattan condominium market our experience will help you make a more well informed buying decision.
Call us today at (917)837-8869 so we can discuss in detail how we can find you the perfect Manhattan New York investment.
Morgan Evans is a Licensed Real Estate salesperson in Manhattan New York specialize in neighborhoods such as: Greenwich Village, Soho, Union Square, Upper East Side, Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Financial District in Manhattan. Morgan specialize in working with international buyer, high net worth buyers, parents buying for children and investors buyers. Contact him today by calling (917)837-8869.