If you have not checked out Harlem, give it a try. I am from Virginia and moved to Manhattan in 1998. When I decided that I wanted to stay in Manhattan to raise a family, I came to the top of Central Park and purchased in Harlem. My wife was reluctant but 11 years later (and 4 boys were all born here) we don't want to move anywhere else. The federal loan programs match the price points of properties here (mortgage brokers, jump in here) unlike the higher prices of midtown Manhattan. If your income is lower and you want a new condo for $550-$675 a SF or a townhouse for $400 a SF, Welcome to Harlem. We have 8 brokers that only focus on Harlem if you need help. We also offer a 1 hour real estate tour for new buyers wanting to learn about Harlem. If nothing else, You get a free cup of coffee at our office, some spring water for the ride and comfortable seating in a Lexus LX570 SUV. Contact our office for more details.
President Harlem Lofts Inc.
Vice President Manhattan Association of REALTORS
I agree with Konstantin and Anna's comments. Your first step is to meet with a loan officer. You can meet with the bank that you do your banking with or any bank and they can tell you how much you can afford to purchase. Based on the amount you are preapproved for that will dictate how much real estate you can afford. There are options but you must get preapproved first.
If you would like to discuss further, do not hestitate to contact me.
Additional monthly expenses to consider ( any good broker will do that for you) are property taxes and maintenance if getting a condo, or carring cost for coop.
If you want to discuss it further feel free to reach out.
Have you ever been to Long Island? I have an condo, 1 bedroom and 1 bathroom built in 2006 in the market right now. It has a covered parking, outdoor swimming pool, a gym and an entertainment room.
The Long Island Railway Station (LIRR-Westbury Station) is just across the street.
More information on the unit here:
Do let me know if you have any question. I'll be glad to assist you anyway I can.
You can email me at firstname.lastname@example.org
Robb hit the nail on the head for your needs. Also realize that HFDC is likely the best bet based off of your income as there are guidelines for those types of properties.
Timing is crucial as you may even be able to secure something in a more "downtown" area with those kind of options.
New York, NY 10014
for a heads up, if you find something you like jump on it... most building being put up at mom are all rentals and not ownerships due to the continuing run-up in manhattens rental market
Best of luck
Great decision!! You should get a pre-approval letter from a mortgage broker in order to find out exactly how much you can afford. Then interview a few real estate broker and feel comfortable with one and go for it!!
best of luck
if you have any other questions, please do not hesitate to ask.
Please be kind enough and give me a few details with regard to your expectations. A broad stroke list of some information for starters would help identify options that fit in your criteria. What is recommended is a Condo as opposed to a Co-Op, mostly because of the freedom and less restrictions that Condos facilitate. Although Co-Ops are more agressivly priced, the fact that a "Board" intervenes constantly can be an deterrent in the long run.
If you could outline preferred areas, like Mid Town, Down Town, Financial District, Chelsea etc etc would be a big help.
How large a space were you interested in, a one bedroom or two, Studio, loft?
How much have you allocated in terms of a budget?
A doorman/elevator building would be better, being that you are single, or are you OK with "walk up" options?
Will you have any pets?
When were you looking to occupy the premises?
About how much were you considering putting down as a payment, would you be financing the rest?
Just this much is fine to begin with, based on your response I'll do my research and contact multiple listing agents to find the right fit for you. Once I've done that, I'll forward the listings for you to review, complete with pictures, geographical details and amenities that are included. After you've reviewed and picked the ones you would like to see, I'll make appointments to show them to you.
I will be relentless in my search and will work with you consistently till you are comfortable and ready to make a decision. It will be my pleasure to assist you with this process. Call me (917) 705-3013 email@example.com
Thanks for creating the opportunity to possibly findind an apartment for you, I really appreciate it,
I am an agent with Broadway Realty and I specialize in residential properties in Manhattan and Brooklyn. Give me a call at (718) 916 -2355. There are a few option which you have and potentially a few government programs you can use to your advantage depending on your situation. It is very realistic for you to own property in NYC.
Give me a call, we can discuss options available to you.
(718) 916 - 2355
Give me a call I would be glad to assist you in finding a place in Manhattan. I have a coop that may be of interest to you in Manhattan. You can reach me at the number below.
I look forward to discussing your real estate needs.
Exit Realty Power
If you look at pricing anywhere below 110th St you may have trouble with a 20% downpayment. Keep in mind there are other fees associated with purchasing and many Coops and Condos will look for you to have a good level of post closing liquidity.
If you truly want Manhattan, I would suggest saving more and work a little on bringing up your FICO score. I also have a niche in Queens and your saving, income, credit and assets would give you much more there. I wish you all the best.
First off good job in saving and maintaining a healthy credit score. There are many options for you. Have you visited with a lender yet? My firm works with Wells Fargo and I also have a great contact, also a client, at Chase Home Lending. I suggest we start there to see what the bank will give you and then move on to looking for your home. There are many Condos or Co-ops here in the city and prices have become quite affordable.
You would not want to put all of your savings as down payment as closing costs here in the city can be costly. Depending on what you decide to by.
Please feel free to give me a call so that I can further assist you in your search!
Bond New York
It is very realistic, Financing for a condominium purchase is fairly easy. When borrowing more than 80% or more you'll get the lowest rate; but rates haven't been lower since the Great Depression, so putting less down will not greatly increase your carrying costs. With condominiums you can put down whatever the lender will accept. There are programs where first time buyers can put down as little as 3.5%.
Co-Ops tend to be less expensive, However, they usually require at least 20% down and requiring you have at least a reasonable amount of cash or liquid assets in your hands after you buy. Which is prudent. When buying, whether a condominium, Co-Op, or a house, I think it's wise to buy what you can afford to carry, and have the liquidity to carry it for awhile, if for some reason your income decreases.
Peter Howard, Associate Broker
Charles Rutenberg, LLC
127 East 56th Street, The 4th Floor
New York, NY 10022