Think of each neighborhood as a small town where people know each other. Visiting one neighborhood at a time is less overwhelming and you will "get the feel" of it's personality. Before you come to love Manhattan, you must understand our peculiar housing market. Manhattan is a unique place in the real estate universe.
The link below is my relocation package. It s a series of blogs I've written about relocating and purchasing a home in Manhattan. It includes neighborhood guides, pros and cons of coops and condos, Apartment terminology and links. I hope the information is useful.
I'm a certified relocation specialist and buyer's agent. If I can be of any service feel free to contact me.
Mitchell Hall, Associate Broker
The Corcoran Group
The link to the article is:
Feel free to email me Laura@kwnyc.com or call my cell 917 399 5954.
After you write this down, give it to your realtor.
Another difference between a condo and coop is closing costs. Since in a coop you are only buying shares in the building therefore it is not considered real property. That means no mortgage tax (a savings of 1.8% of the mortgage). The other difference is cost. A condo is more expensive then a coop.
You should speak to a mortgage office who is familiar with coop and condo to see where your comfort level is.
I think visiting different neighborhoods to see how you like them is the best approach. Neighborhoods have character and personality just like people. You are also doing the right thing by checking into crime stats.
Regarding the differences between co-ops and condos, please feel free to look at my previous answers to very similar questions. In short, in a co-op you own shares of the corporation that owns the building and the board makes rules on subletting, pets, etc. In a condo, you own actual real estate, so you have more freedoms.
Another thing to do at this stage is to get prequalified by a lender so that you know what your price range is. That will narrow down neighborhoods.
The reason why many buyers choose to work with a knowledgeable and competing broker is to actually have a better understanding of neighborhoods, trends and to make the best decision. In the same way you would not prescribe your own medicines, a competent real estate broker can definitely help with your choice. Feel free to contact me. My name is Sofia Falleroni and I am a real estate broker at Brown Harris stevens.
445 park ave
New York Ny 10022
The public has no conception of the Fair Housing laws. "steering" is a violation of federal, state and city Fair housing laws.
Fair Housing means that you have the right to live wherever you choose and be treated according to the same rules as everyone else. Fair Housing laws promote equal opportunity and prohibit discriminatory practices that can unfairly limit the housing choices of numerous groups.
An agent that understands the intent of the law can give you valuable informtion about the neighborhood. If you ask "discriminatory" questions about the ethnicity and racial make-up of a neighborhood or building or "subjective" questions agents are prohibited by law to answer.
NYC is more diverse and tolerant than most places in the country. Multi ethnicities and socio-economic demographics can be found on almost every NYC block. NYC's ethnic, racial and social diversity is one of it's greatest assets.
Since you visit often, you must have friends...I'd say ask them which neighborhoods are good, and which ones have more or less crime.
You need an experienced and patient Buyer's Broker!...please read my Testimonials on the website TOPAGENTGUIDE....a Zagat-like resource! I have worked mostly as a Buyer's Broker and would be Happy to be your guide...ever how long it takes for you to get a comprehensive viewpoint!!!
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I am sure any of us would be happy to help.
Bond New York
if you would like more help or information i can be reached: 908-246-8472 or firstname.lastname@example.org
I would love to assist you in purchasing a condo here in New York City...Coops require you to be financially "liquid" going in, before purchasing and after purchasing. They typically look at financials, no debt (credit card debt) and there is an entire board package that must be accurately filled out along with a financial statement, CPA letter, bank statements, credit card statements, reference letters, employment verification, and often other things are required too. They usually require more cash down as well. You then don't actually own you unit you own shares and get a stock and lease certificate vs the actual deed....also when you go to sell it can be tougher as you need to find a fully qualified buyer. Also if you ever wanted to rent it out, there's usually terms of how many years or how often you can rent it vs a condo you can rent it whenever you so choose......
Please feel free to email me at Laura@kwnyc.com as I'd be happy to answer anything I didn't cover or that was unclear.
My website breaks down the difference between co-ops and condos in both video and text. This should help you understand their differences much better. There will also be nuances between different co-op buildings which can be explained by your chosen broker when you have narrowed down your choices of units.
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