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Is 1% Mansion Tax Reasonable or Not? - 12/29/08 07:58 PM
Not only the Real Estate in Manhattan New York city is expensive, sometimes the closing cost can be intimidating as well. It is important to calculate the closing cost or have an idea of it before buyer starts to look at properties. My buyers always ask... WHAT IS MANSION TAX, especially when they are looking into New Construction in New York city... HERE IS A LITTLE BIT OF BACKGROUND In 1989 the New York Legislature enacted New York Tax Law Section 1402-a, which provides for the ability of the state to collect a 1% tax from buyers who purchase a (6 comments)
What is a SPONSOR UNIT Co-Op Apartment in Manhattan? - 12/25/08 05:02 PM
New York city Real Estate is made up with Co-ops, Condominiums, Townhouses and Rental Apartments. Many of my out of town buyers have often seen 'SPONSOR' unit Co-Ops, I thought it will be helpful to create a post so everyone can understand the difference between a traditional Co-Op and a Sponsored Co-Op apartment. "Sponsor units have NO BOARD APPROVAL! When an individual or company converts a rental building to a co-op or condo, the first transfer of an apartment, or "sponsor unit" does not require board approval. Sponsor Unit: Apartments that are held as an investment by the sponsor, the original (4 comments)
Ten Pointers to Help You Pass the Co-Op Board Interview - 12/24/08 06:08 PM
Ten Pointers to Help You Pass the Co-Op Board Interview 1 - Being invited to the interview is a good sign. The interview is the board's opportunity to meet you and ask specific questions about your application. The style of the interview can range from an informal gathering of board members in an apartment to a formal interview with board members lined up at a table with you in the hot seat.
2 -Dress-up and be prompt. In terms of dress and promptness only a board interview should be treated no differently than a professional job interview. 3- Prepare for (6 comments)
Attract INTERNATIONAL BUYERS for your properties in 2009! - 12/22/08 10:04 PM
The New York Times recently reported that real estate agents around the country are ratcheting up their efforts to woo the Russian oligarchs, Irish investors, Korean industrialists and other international cash rich buyers who have been making headlines with lavishing purchases.
With my own client list include 85%Asian investors (doctors, attorneys, financial consultants and professors from China, Taiwan, Hong Kong, Korea, Singapore, Malaysia), 5% European (Italian buyers in fashion business, British buyers in music business), it is very hard to ignore that New York city is a diverse place to live and I begin to think that everyday we are (7 comments)
New York City Manhattan Closing Cost - 12/21/08 02:01 PM
Closing Costs This closing cost guide is designed to give you the general costs associated with the purchase or sale of a cooperative, condominium or townhouse property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential costs, but are only to be used as a guide. Mortgage closing cost estimates have been furnished by our affiliate, Preferred Empire Mortgage Company. Condominiums (2 comments)
Relocating & Renting an Apartment in New York City: Step by Step Guide - 12/19/08 06:09 PM
Renters Guide - 2008 This is a step-by-step, easy to follow outline of the entire process of renting an apartment in New York City. The rules are different here. The items which we categorize as "necessary" in this guide are in fact crucial. We can guarantee that if you do your homework, the process will flow smoothly for you. Assume that there are no exceptions to the items on these lists. Step-by-Step Process to Renting an Apartment in New York City If you are relocating, call us at (212)321-7122 to determine when to come to New York to begin your search. At that (4 comments)
New York City Terminology (Studio, Alcove, Alcove Studio, Duplex, Loft Area, Classic) - 12/19/08 05:56 PM
Glossary of Terms New York City Terminology Familiarize yourself with the following terminology. It's almost all unique to New York City. It's also important to know that we speak in "number of rooms," as well as using the definitions below. A room in Manhattan must be at least 100 square feet and have a window...except in the case of a kitchen. Most kitchens are considered rooms, unless they are Pullman types, which would be found as part of the living room. And we don't count baths as rooms. So, a Three Room Apartment would be comprised of a Living Room, a (1 comments)
Types of NYC Manhattan Buildings: Brownstone, Pre-war, Post-war, Lofts... - 12/19/08 05:51 PM
Glossary of Terms Types of Buildings Brownstones or Townhouses These are typically 4 to 6 story buildings built in the 1800's through the early 1900's. They are either single family houses or have been converted over the years into multiple apartments. As a single family home, a townhouse or brownstone offers buyers privacy and the ability to purchase without the cooperative board process. Some apartments in townhouses can have grand living spaces and, therefore, will be quite expensive. Generally, these buildings afford more "charm", with features such as gardens, fireplaces, beautiful floors and ornamental wood moldings. In almost all cases these (1 comments)
New Fannie Lending: Real Estate Darwinism....? - 12/18/08 02:46 PM
Fannie Maeyesterday informed the banking industry that it would raise the nationwide pre-sale requirements for new co-ops and condominium buildings to 70 percent starting March 1, one of several changes designed to reduce the amount of risky consumer loans in the market... GASP! for all the new developments all of United States, and the outburst of tears from New York City New Developments! It is just like yesterday that Manhattan New Development was the hottest item on the Real Estate scene, buyers lined up outside of the sales office waiting to get in, everyone is anxious to get on the 'preferential' or (3 comments)
First Time Buyer in NYC: Steps to Purchasing a NYC Apartment - 12/18/08 02:12 PM
Steps to Purchasing an Apartment The steps to purchasing a co-op or a condominium in Manhattan are very similar. To give you some idea of the timeframe, Let us assume that you have found the property on which you wish to place an offer and that you have spoken to a bank or mortgage broker (if financing) to determine a comfortable financing price level. Offers are made orally or through emails in New York City. When you have found the right property, a bid or offer will be placed through your agent. They will convey your offer to either the seller's agent or to the (3 comments)
Beautiful 2 bedrooms, 2 bathrooms in Gramercy Starck with Southern Exposure and fantastic balcony in an amazing building. Sun flooded Floor-to-ceiling windows throughout the apt, with a 60SF balcony off the living room. South facing apartment with open views and sun throughout the day. Massive master suite 17x13 with en suite 4 point bath all marble with top of the line finishes and rain shower, and walk in closet.
INVESTOR FRIENDLY (option to (1 comments)
5 tips to get your listing sold in this market: Oldie but Goodie to revisit! - 12/03/08 02:24 PM
5 tips to get your listing sold in this market: 1. Pre-Qualify all the sellers, 100% of the time, find out their motivation to sell. Why are they selling? Where are they going? Are they just 'testing' the market?Determine if they need to bring money to the closing, and determine if you want to take the listing based on their financial situation. 2. Make sure that your listings, are always either #1 or #2 in pricein the comparable neighborhood or the building. Pricing aggressively is the only way to get buyer's attention in this market. Buyers now days wants value or (6 comments)
New York City Manhattan Real Estate, Bilingual Chinese Speaking Real Estate Agent specialize in Manhattan Condominium market such as Resale Condominiums, New Construction, PreConstruction condos. We work with Oversea foreign buyers, Investors. We Specialize in neighborhoods: Upper West Side, Chelsea, Midtown West, Midtown East, Greenwich Village, Soho, Union Square, Financial District in Manhattan, Williamsburg Brooklyn and Long Island City Queens.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.