HOW TO DETERMINE A GOOD MANHATTAN NY CONDO INVESTMENT
This week we talked to a lady from Hong Kong and she is looking to purchase a condo investment here in Manhattan New York because she understand that now is a good time to invest in New York city Real Estate. We agree with her as we are seeing a lot of sale activities in this market and many of our motivated buyers are finding good long term investments with our help.
We went over her investment goals and we will stay in touch via emails until she arrives in New York end of February.
We also mentioned few key points as to what will determine a good Manhattan Condo Investment:
Location: New Yorker rely on public transportation to move from one point to the next, if the building is near a subway station, the condo is much easier to rent out or resell in the future. Nobody ever complains about having too many transportation options, but they definitely complain about having to walk 15 minutes just to get to a subway.
Carrying Charge: When it is an all cash purchase with no mortgage payment. The Condo owner (or landlord) is responsible to pay monthly condo common charge and Real Estate taxes. Therefore the lower combined monthly carrying charge, the more net profit there is on the investment. Every condo building varies 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.
Sale price: The sales price or purchase 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 $850,000 last week, and you can buy the downstairs unit with identical condition and layout for $835,000 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 market (period of time), 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, we recommend property that will hold its value and have the best opportunity to maximize appreciation in the future. We can discuss what your investment goal is and we can help you find the investment that will maximize your profit. Call us today at (917)837-8869
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
Our team specialize in Manhattan New York Condominiums, townhouses, and condops.