This is part IV of Buying Manhattan New York Condo Must Read -FAQ edition. Please read through our in this series, we will discuss address some common questions of buying Manhattan New York Condo as Foreign Nationals and first time investors . We are Manhattan Condo Specialists, we help finding suitable condos for first time investors, parent buying for children and foreigner nationals buyer buying in Manhattan New York. We know the market but we also understand the specific needs of each type of buyers.
Buying Manhattan New York Condo, who pays the agent fee? in Manhattan New York, the buyer's agency fee is pay by the seller.
After Buying the condo, how much is monthly property management fee to oversee the condo, deal with renter issues? property management fee varies, depending on the mangement, some charges a flat fee, some charges 10% of the monthly rental.
As 2010 wrapping up second quarter, do we (the active Real Estate professionals) expect Manhattan to go down more? It is hard to make any prediction, as we are seeing the sales activites now are increasing up to 2008 sales volumn. If you are looking at high demand areas, the price adjustment from the peak of the market are marginal since there is less supplies and inventory.
In Manhattan Real Estate market, how long it takes to rent out an apartment unit? this depends on the price of the rental unit, time of the year and market inventory. Rental market in New York is very seasonal, Spring to Summer time is busiest season, Winter is the slowest. Average is about 3 months not to include the 30-45 days of each condo managment paperwork approval process.
what fees are associated with renting out / buying / transaction costs? Renting out costs will depends on the building. It can vary from $500-$3,000 for the different application fees. Buying costs it depends on if you plan to finance or not. If all cash, the approximate cost can be 1% if you purchase a resale unit, if from sponsor such as new construction then 2%+. If financing, add 2% more to previous mentioned % due to bank fee and mortgage recording tax.
What is the timeframe to close on a property? Here in Manhattan New York, the timeframe to close is longer than other States, if the purchase is all cash, no bank involved, the quickest we can close is 30-45 days (Co-Op up to 90 days or longer). Once the contract is signed, the buyers have to complete a board package (for either a Condo or Co-Op) and then the package gets submit into condo board to review. Once the package is approved, the schedule of closing can happen.
If I decide to finance, what is the equity the US banks require? Financing for foreigner requires up to 50% or more cash down payment and other restrictions. Foreigners always pay a higher rate tha US citizens/permanant residents. (http://activerain.com/blogsview/1628460/foreigner-buying-in-manhattan-nyc-part-3-financing-options-for-foreign-buyers)
- First Time Buyer in NYC: Steps to Purchasing a NYC Apartment
- How to Buy a Manhattan New York Condo (Part IV) as Foreign Nationals
- Manhattan Relocation Buyers Must Know (Part Two-Know what you are Buying)
- How to Find a Good NYC Rental Apartment
- Buying Manhattan New York Condo Must Read Part I - Parents Buying for Children
- Buying Manhattan New York Condo Must Read Part II- First Time Investor
- Buying Manhattan New York Condo Must Read Part III- Foreign Nationals
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. We specialize in first time investors and foreign buyers investing in Manhattan Real Estate, we have assembled a team of mortgage experts, Real Estate attorneys and tax accountants to faciliate each and specific needs of our buyers. 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 (646)644-6929 or EileenHsuNYC(@)gmail.com
Eileen,
Basically the same parameters exist about the market trends and costs about purchases here in Colorado Springs. Hope you experience an overflow of Canadian condo investors to offset any local market stagnancy.
This is good stuff Eileen.
I have a goal to buy a nest in the City along the St Patrick's parade route and you will be my agent.
Good stuff Eileen, we have friends who live in Manhattan and they have told us of how renting has changed in the city since the 2008, Sounds like most everything else is the same as the rest of the country...someday I would like to move back to the city...
I look forward to you helping Phil buy an apartment, can I come out for those appointments?