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By Morgan Evans - NYC Real Estate | Agent in New York, NY
  • Manhattan NY Condo Agents - Specialty with Parents buy for Children Five Big Tips

    Posted Under: General Area in New York, Home Buying in New York, In My Neighborhood in New York  |  October 3, 2011 7:18 AM  |  4,051 views  |  No comments

    Manhattan NY Condo Agents - Specialty with Parents buy for Children Five Big Tips

    We are Manhattan NY condo agents, we have helped many out of town buyers (parents) buying for their son or daughter that is currently living in New York city for work or school.  Our team covers various neighborhood of Manhattan such as Upper West Side, Upper East Side, Midtown West, Midtown East, Murray Hill, Turtle Bay, Flatiron, Chelsea, Greenwich Village, West Village and all the way to Financial District. We also cover some certain neighborhoods of Brooklyn such as Brooklyn Heights, DUMBO, Williamsburg, and Downtown Brooklyn.

    If you are parent and looking to buy for your children, here are Five Big Tips for you:

    1. If you or your parents are new to Manhattan New York market, please know that there is condo and coop market. There is about 20-30% price difference between both housing product. If you are looking at properties online, it is important for you to know that not all coop will accept a parents buying for children scenario.
    2. If the parents are buying a condominium for child, a good rule of thumb would be $1,000 per square foot for Manhattan Condominiums. This price per square foot will vary based on location, condition, building amenities, size and many other variables. But to keep things simple for you, at $1,000 per square foot, if you plan to spend $500,000, we are most likely going to be focusing on studio to alcove studio apartments.
    3. Time frame: What is your time frame as to purchase a condo or co-op here? Does your child have a lease that may expire soon? If there is no financing involved, a resale condominium requires about 30-45 days to process a condo application once the contract is signed. If it is a Co-Op, it can take anywhere from 90 days to more to process the co-op board package and interview. If you need financing, the process can be much longer for both Condo and Co-Op.
    4. Funds: Is this going to be an all cash transaction? Or is it going to be financing? Prepare your funds and liquidate out of any money market for the down payment is essential. In Manhattan New York, at contract signing, we will require 10% of purchase price as down payment. If you need financing, the bank may require you to put down 20% or more of the purchase price in order to obtain financing.
    5. Title of the property: Many of our buyers structure deals differently based on their specific needs and financial picture. Some prefers to co-purchase the property with their young adult child, some prefers the young adult to take title on their own, some prefers to establish an LLC (limited liability corporation) or a trust to hold the Real Estate. According to your needs, we can make some suggestions and also direct you to an expertise attorney who may be able to advise you better.

    If you and your parents are from out of town (another country or another state), you may want to let them know that Manhattan Real Estate market is unique and unlike anywhere else in the world. The purchase process is different than anywhere else they are from.  If they are not sure of the purchase procedure, contact us directly at(917)837-8869 so we can help explain it better to them. Call us today so we can help you navigate through the Manhattan Real Estate maze. We work hard to help you have a stress-free purchase. Call us at (917)837-8869

  • How to Buy a Manhattan New York Condo as First time Investor

    Posted Under: General Area in New York, Home Buying in New York, Home Selling in New York  |  October 3, 2011 7:11 AM  |  4,175 views  |  No comments

    How to Buy a Manhattan New York Condo as First time Investor

    Learn How to Buy a Manhattan New York Condo as first time investor. We are Manhattan Condo Specialists, we help finding suitable condos for first time investors, first time home buyers, parent buying for children and foreigner buying in Manhattan New York.

    Buying a Manhattan New York Condo as first time investor you should have a clear goal of what you plan to achieve in this investment. Is this a 5 year Real Estate plan or 10 year Real Estate plan? Why do you feel is the time to invest? Are you going to have a tenant in place the entire duration or only part of the time. Have you discuss this with your accountant to understand how to structure this transaction to receive the most tax benefits or possible tax complications?

    Buying a Manhattan New York Condo as first time investor, you should ‘play it safe’, do not over leverage yourself. If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. If you are planning on financing this investment, be sure to speak to alocal Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you. We can recommend you a reliable and knowledgeable Manhattan mortgage consultant or You may have a bank that you are currently banking at, you can ask them to refer you a Manhattan branch mortgage banker as well. As an investor, the mortgage interest rate will be slightly higher than others, it is important to keep that in mind when figuring out your monthly expenses.

    Buying a Manhattan New York Condo as first time investor, team up with us, the experienced Manhattan Condo specialists that can guide you through this process and navigate through the Manhattan Real Estate maze. Whether you are a first time Real Estate investor, or an investor that have bought and sold multiple properties in other parts of United States or country, we can help.  Understanding the local market with the market expert can maximize your investment and avoid any possible problems down the rule. Many of our past clients are first time investors, they have bought many Manhattan condos under our guidance and continue to do so because we have developed a Real Estate plan for them. If this is something you are interested in, 

    contact us now at (917)837-8869.

    Or contact us:

    http://manhattannycondosforsale.com/contact/

    Manhattan New York condo buyers frequent asked questions:

  • How to Make Offers in Manhattan New York Condo?

    Posted Under: Market Conditions in New York, Home Buying in New York, Home Selling in New York  |  October 3, 2011 7:06 AM  |  4,154 views  |  No comments

    How to Make Offers in Manhattan New York Condo?

    Manhattan New York Real Estate market is an unique market place, we work with many out of town and international buyers who brings their own ideas and previous experiences of Real Estate transaction into this market place and realize that there is a different way to complete a Real Estate transaction in Manhattan New York. Working with us, we will educate you not only the market, we will also educate you through out the entire Manhattan New York condo buying process.

    Unlike other parts of the country or world, when a buyer makes an offer on a property here in New York, the offer is made through us, the Real Estate agents and the buyers do not sign any contracts or purchase agreement when making an offer.

    Real Estate professionals DO NOT WRITE the contracts here in Manhattan New York. Title companies DO-NOT schedule the closings here either. Manhattan New York is an Real Estate attorney state, therefore all closing arrangements are done through Manhattan New York certified Real Estate attorneys. Both buyer and seller will each need an attorney to represent each party. We work with experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

    To make an offer here in Manhattan New York in the case of Manhattan New York condominiums, as a buyer you will need:

    • Proof of funds: if it is all cash, a bank or stock statement demonstrate that there is enough cash to make the purchase (ideally a United States bank or stock statement). If it is financing contingent, pre-approval from a United State bank is a must.
    • Any contingencies: in Manhattan New York, the common contingencies includes financing contingency to ensure bank will lend, funding contingency to ensure bank will fund(wire money) the transaction, and other sale contingency; if there any prior sale need to happen in order to make the new purchase. Manhattan New York Real Estate market usually do not have ‘INSPECTION’ period especially in Manhattan New York market place, most are condominiums or cooperative structure, inspection is often for Townhouses or single houses only, therefore, there is usually NO INSPECTION contingent as other parts of the country. Manhattan New York condominiums are purchased AS IS.
    • Closing date: This will depend on if you are buying a new condo or a resale condo. If it is a new condominium buying from sponsor, and the condo is ready, the closing date can be as soon as one to two weeks. If it is a new condominium and the construction is still on the way, then this time frame varies. If it is a resale condominium, if the owner is ready to move, and the transaction is all cash, then the time frame can be 45 days as soon as condo board approves the condo application. If financing for a resale condo, this time frame can be 60-90 days or more.
    • Personal Financial statement: This is sometimes required depending on the property (or if cooperative) and if there are other multiple bidding scenario. The personal financial statement includes all assets disclosure such as bank statements, 401K, retirement funds, other owned real estate, other mortgage or liabilities and etc. Full disclosure is a must if it is a Manhattan New York cooperative disclosure.

    Once the offer is verbally accepted by the owner (seller), then we will have to provide a Real Estate attorney information immediately to start the contract. We work with a team of experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

    If you or someone you know would like to buy or sell Manhattan New York condominiums, please call us directly today at (917) 837- 8869. We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, we offer confidential consultation customize to your specific investment needs.

     
  • Greenwich Village 1 Bedroom Condo Apartments for Sale Market Report

    Posted Under: Market Conditions in New York, Home Buying in New York  |  October 3, 2011 7:02 AM  |  3,920 views  |  No comments

    Greenwich Village 1 Bedroom Condo Apartments for Sale Market Report

    The 1 Bedroom Condo Market in Greenwich Village is one of most desirable yet has some of the lowest inventory levels of all neighborhoods in Manhattan.  Greenwich Village 1 Bedroom Condos for Sale is highly desirable for both end users who will be looking to live in the apartments themselves and for investors as the area is surrounded by a number of college campuses including NYU, Parson's, and Cooper Union.  You have very little inventory along with a very high demand, this creates a real estate market where there are not that many choices and the prices reflect the market conditions.

    The supply constraints in Greenwich Village are due to the fact that there are very few condominium buildings in the Greenwich Village real estate market, the vast majority of buildings are co-operative in structure.  Most of Greenwich Village falls under the Greenwich Village Historic District, making new development condominiums more difficult to build.  There are are a few condominium developments planned, but they are still a couple years out from entering the market. Unlike other neighborhoods where new development condos created a lot more inventory, Greenwich Village is and will continue to be more immune to an oversupply of condos for sale.  

    Currently, as of the end of September 2011, I see approximately 12 (Twelve) One Bedroom Apartments for Sale in Greenwich Village.  This included both condo and cond-op properties.

    A breakdown of the price range for 1 Bedroom Condos for sale in Greenwich Village is:

    $650,000-$1,000,000: I see available 4 (Four) apartments in the sub-$1,000,000 price point right now in Greenwich Village. The $650,000 condo is for a Junior 1 Bedroom, not a true 1 bedroom condominium, and is found in 184 Thompson St Condominium, Jr 1 bedrooms will be found in this building occasionally. There is another 1 bedroom condo for sale in Greenwich Village also at 184 Thompson St asking $960,000.  The other two apartments are found in the Cond-op buildings in Greenwich Village, 63 East 9th St-The Randall House and 60 E 8th St-Georgetown Plaza. Georgetown Plaza is a very popular building as it allows for investment purchase and it consistently has large true 1 bedroom apartments for sale for less than $1,000,000.

    Overall you will find very little supply for a 1 bedroom condo for sale in Greenwich Village.  There are a few buildings where these condos will be found and when something is priced consistent with the market it will sell very quickly, expect to see large turnouts at the open house and offers to come quickly.  

    $1,000,000-$1,500,000: This is the price range where the bulk of the 1 bedroom Greenwich Village Condos for Sale will be found. Right now I see 6 (Six) One Bedroom Condos for Sale in Greenwich Village available.  In this price point you will start to see pre-war condominiums come available.  The pre-war condominium market is a niche in the condominium market in Greenwich Village.  It is a segment of the market that has an even more limited availability including the Bing and Bing buildings, including 59 West 12th Street, 45 Christopher Street, 299 and 302 West 12th Street.  Some other notable pre-war condos including 28 E 10th St-The Devonshire House, 115 Fourth Ave-The Petersfield, 2 Cornelia Street at the crossroads of Greenwich and West Village and 25 Fifth Ave.

    This segment of the market will find condos in full time doorman condos, typically ranging in size from 800-1100 sq ft, some in pre-war buildings, some in a renovated condition. For a true 1 bedroom in a well established condominium building you will probably find yourself in this price range.  

    $1,500,000+: This price point you will find the more exceptional properties, typically 1100 sq ft+, outdoor space, exceptional renovations, possible views, loft like spaces.  This segment of the 1 Bedroom condo for sale Greenwich Village market will afford you to see higher floor apartments, usually renovated, in very well established buildings.

    Overall, the 1 bedroom condo for sale in Greenwich Village is a very in demand segment of the market.  If you are looking to buy in this neighborhood you have to understand the market conditions that exist and the best way to locate your apartment. Greenwich Village has a very rich history in New York City and is considered one of the premier Manhattan neighborhoods.  The downtown location along with proximity to universities, shopping, restaurants, and shopping, is arguably unmatched.
    If you are interested in buying, selling or renting a One Bedroom Condo in the Greenwich Village Neighborhood contact us today, at (917) 837-8869 or emailMorgan.Evans(@)elliman.com and we can discuss your specific need.

     
  • Greenwich Village and West Village Studio Condominium Market Report

    Posted Under: Market Conditions in New York, Home Buying in New York, In My Neighborhood in New York  |  October 3, 2011 6:59 AM  |  3,998 views  |  No comments

    Greenwich Village and West Village Studio Condominium Market Report

    The combined inventory for a Greenwich Village or West Village Studio Condominium For sale as of this blog post is a tiny Ten (10) condominium and Condop Listings for Sale.  To put that into a little bit of perspective if I search for a co-op studio apartment for sale in Greenwich Village or the West Village I come up with over 90 hundred available apartments for sale.  So that means the condominium inventory is about 1/9th of the size of co-op inventory.  That is especially important when you look at the pricing and scarcity for a studio condominium apartment for sale in both Greenwich Village and the West Village.

    The price range for a studio condominium for sale in Greenwich Village or West Village ranges from approximately $750,000 to $450,000.  There is an outlier apartment currently asking $1,995,000 at the Devonshire House at 28 East 10th St.  This apartment would fall into quite a different category as it is on the top floor of the building and has a wrap around terrace that is absolutely amazing.  For our analysis most people looking for a studio will be looking in the $500,000-$750,000 range.  The lower end of the range includes a few condop buildings that are located in Greenwich Village and the West village, in this case they include an apartment at 10 Christopher Street asking $450,000 and multiple apartments at 63 E 9th St-The Randall House ranging in price from $460,000-$490,000.  Now not allcondops are as investor friendly as a condominium would be, so if you are an investor looking to rent out the apartment immediately after purchasing you will have to look at condominiums or a condop with a more investor friendly by law.  

    On the lower end of the price range sits a studio at 222 West 14th St-The Sequoia.  The Sequoia is a full time doorman elevator condominium building on 14th Street between 7th and 8th Avenues.  A very affordable studio is currently on the market asking approximately $470,000.  This is the lowest priced condominium studio for sale in Greenwich Village or the West Village.  The location of the Sequioa would fall more into the West Village, West Chelsea neighborhood profile.  

    At the top of the price point sits a very nice studio at 59 West 12th St.  59 West 12th St is an Emery Roth designed Bing and Bing pre-war condominium building.  There are only 4 Bing and Bing Emery Roth designed buildings in both the West Village and Greenwich Village.  They are some of the most desired pre-war condominium buildings in all of Manhattan, the reason being that the layouts, style and construction of the building and the apartments is excellent.  This studio condominium for sale at 59 West 12th St is spacious has a Wood Burning Fireplace, separate dressing room, plentiful closet space and separate kitchen.  The pre-war condominium studio market in the West Village or Greenwich Village is always going to be very limited, so the price point is reflected here at 59 West 12th St.  

    The other West Village and Greenwich Village Condo Studios for sale are located in buildings such as 175 West 12th Street, 60 West 13th Street and 84 Bedford Street.  Overall expect to pay starting prices around $1100 sq ft for a studio condominium in the West Village or Greenwich Village, some buildings will be more like a 59 West 12th Street or 25 Fifth Avenue.  The post-war condominium buildings will typically have studio's for sale in the lower range of the $550,000-$600,000.

    When I get a phone call from a buyer looking for a studio in either the West Village or Greenwich Village typically the price point surprises them.  Paying $650,000 for a studio typically isn't what they expected, but the reality is that depending on what they want they may be what they have to spend.  It all depends if they want to live in a specific building or have a completely renovated apartment with great views.  Having an open mind to what the market is like in these neighborhoods is a necessity as the inventory levels are so constrained that the pricing is reflected in the high demand and low supply.

    If you are interested in buying a studio condominium in the West Village or Greenwich Village and want to know what is available right now or plan to buy in the future and need help with your search call me today at (917) 837-8869.  We can talk about what exactly you are looking for and what buildings may work best for you.  If you want to email, my email is morgan.evans(at) elliman.com.

    Once again for a Greenwich Village or West Village condominium for sale contact me at (917) 837-8869. 

  • Greenwich Village Condos for Sale: May/June 2011 Report

    Posted Under: General Area in New York, Market Conditions in New York, Home Buying in New York  |  July 3, 2011 6:48 AM  |  5,763 views  |  No comments

    Whether you are looking in Greenwich Village, the East Village or The West Village the condominium market is extremely active right now.  If you are looking for a 1 bedroom condominium you are going to run into a lot of competition from other buyers. 

    If an apartment comes on the market and it's priced well, we are seeing multiple offers come in quickly.  I have experienced a number of different apartments come on the market, the first open house is very busy and then the offers come in.  Often it is the all cash offers that have the most chance of getting accepted before the financed deals.

    This is especially true in the one bedroom condo market, where there is a high demand.  There are a limited supply of condominium buildings in these neighborhoods, so when an apartment comes available there is a pent up demand during this spring season.

    If you are a buyer looking for a 1 bedroom, studio, 2 bedroom or larger condominium apartment this is a competitive market so you must act fast because the most prime of apartments will move quickly.  What you want, a well priced renovated condominium, is what a lot of other people want too.  If you need to get financing, make sure you have qualified yourself with the bank and this will give you a fighting chance if there are multiple bids for an apartment.  I encounter buyers who think they can make any offer they want and the seller should be happy to have received it, but that is not the case for this type of product.  There is very little supply and what I see as a high demand, paying the asking price is something that you may have to do.

    If you are interested in purchasing a condominium in Greenwich village, the West Village, the East Village, or Union Square neighborhood contact us today, at 917 837 8869.

  • Greenwich Village NY Condos buyers MUST READ

    Posted Under: Market Conditions in New York, Home Buying in New York, Home Selling in New York  |  July 3, 2011 6:43 AM  |  5,777 views  |  No comments

    Greenwich Village NY Condos buyers MUST READ

    Have you been looking for a condominium for sale in the Greenwich Village neighborhood in New York City? If you have been looking for a Greenwich Village NY Condo than you have probably been seeing a couple of market activities happening quite consistently:

    1. Multiple Offers on 1 Bedroom Greenwich Village Condos for sale. I have been working with multiple customer's looking in the 1 Bedroom Condo market. If a newly renovated full time doorman 1 bedroom condo has come on the market for less than $1,000,000, the first open house is packed and multiple offers come in shortly. Most of the offers are cash, or non-mortgage contingent at or near the asking price.

    2. Almost no inventory for Greenwich Village apartments less than $600,000. The studio or alcove studio condominium market in not only Greenwich Village, but in the East Village or the West Village is quite limited. After a couple of afternoons you can see everything that is available. The well priced apartments are selling quickly and the apartments with more aspirational pricing are even getting more interest. This time of year see's an influx of demand and the low supply creates an atmosphere where the best Greenwich Village condos for sale are moving quickly.

    3. Greenwich Village Pre-War condo inventory is scarce. Building's like 59 West 12th Street, 2 Cornelia Street, 115 Fourth Ave, 45 Christopher St, 299 and 302 West 12th St, The American Felt Building have very little inventory. The Bing and Bing Emery Roth designed pre-war condos are always desired and when priced well sell quickly. The unique apartments, such as duplexes, apartments with open views, recently renovated, don't sit on the market quickly.

    4. Larger Apartments Inventory Limited. In my database I see 12 Two Bedroom Condos for Sale in Greenwich Village right now, 10 Three Bedroom Condos for Sale in Greenwich Village and 4 Four Bedroom Condos or Larger in Greenwich Village. If you are entering this segment of the market, you will probably expand your search to the West Village, parts of the East Village and parts of Chelsea, but you will still have a small number of apartments to view.

    Overall, the spring and early summer real estate market for condos for sale in Greenwich Village has been quite robust with multiple offers for apartments priced effectively for their individual part of the market. One Bedroom Condos in Doorman buildings have seen a lot of interest.

    For more reading about Greenwich Village Real Estate:

    If you are interested in purchasing a Greenwich Village Condo or an apartment in the downtown area contact me today at (917) 837-8869 to discuss your specific needs.

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