Understanding (and loving) Manhattan

By
Real Estate Agent with Compass

Before you come to love Manhattan, you must understand our peculiar housing market. Manhattan is a unique place in the real estate universe. Not only does it have a large rental market (75% of the available housing units vs. about 5 - 10% in other markets), but it has ownership and other important differences that are often puzzling to newcomers.

Showings normally 9 - 5 p.m. (7p.m. the latest)

Most co-ops have restrictions on showing times that vary widely, but must be adhered to. Some buildings do not even allow weekend showings.

Sunday Open Houses are the way to go

Condos and some co-ops will allow public open houses on Sunday afternoons. That means that Sundays can be a good day to see a lot of properties, If you're not with your agent and you are working with an agent let the listing agent know that you have an agent to avoid conflicts. I always pre register my customers with the listing agent prior to the Open House.

Co-op ownership requires submitting a comprehensive Board application (called a Board Package), being interviewed by the Board, and being approved.

Co-op ownership means that you must decide not only whether you like the apartment, but also the building must decide if they will be willing to accept you. Passing a co-op board adds at least 6 - 8 weeks to the purchase process. A major part of our job is helping customers prepare their packages.

Don't wear heels and leave the car at home or park it for a few hours.

Shopping for a New York apartment is good exercise, so wear comfortable shoes and learn about the neighborhood at the same time. Taxis are hailed for longer destinations.

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Rainer
474,958
Teri Isner
Keller Williams Realty at the Lakes - Orlando, FL
GRI, CRS, CIPS
Mitchell just wondered if you knew the consultant on GMA that spoke yesterday about real estate Barbara Cocharan I heard she used to be a player in Manhattan is no longer selling real estate.  Did you know her when she was?
Aug 16, 2006 06:22 AM #1
Rainmaker
599,330
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn
Teri, I missed it. Was it Pam Leibman? She is the President of Corcoran. Barbara sold the company to NRT a few years ago. I once took a continuing education course with Barbara Corcoran, she's a great speaker and a genius marketer. Her picture used to be all over New York City. She was a waitress and started the company with $1000 that she borrowed. I understand that Barbara Corcoran started a television production company so we will probably be hearing from her again.
Aug 16, 2006 08:42 AM #2
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Rainmaker
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Mitchell J Hall

Lic Associate RE Broker - Manhattan & Brooklyn
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