Manhattan Property News Blog

Pre-Listing To Closing Your Home: Here Is How Long It Is Expected To Take

6/6/22 9:44 AM

Even in a hot real estate market, the process of listing through the closing on your home can be long and arduous. Knowing what to expect will help you to ensure that the process goes as smoothly as possible from the pre-listing phase all the way through to the closing of the property. Here is a basic timeline helping you to understand what to expect from start to finish as you list your real estate in NYC.

5/9/22 9:35 AM

Recently, the Federal Reserve increased its rate for target federal funds by a fourth of a percentage from almost zero to stem inflation. There are also plans to implement six additional increases before the year is over, which is causing concern for sellers and buyers of real estate in NYC.

However, the price increase for homes for sale in NYC will likely not be detrimental to the sales market in the area. Homes in the region, as well as condos for sale in NYC, have seen record sales in the last two or three quarters. However, the changes in prices are going to affect first-time homebuyers in most instances. There are also other factors that could halt real estate sales in NYC, including extreme economic inflation and a lack of real estate properties for sale.

This decision by the Federal Reserve was an attempt to manage what has been the highest inflation in four decades, according to Bankrate.com's chief financial analyst Greg McBride. The rate established by the Fed is the interest rate that banks use to borrow and lend funds to one another overnight. The rate is not the same as what customers pay to borrow the money, even though it will impact mortgages and other consumer loans which are already become more expensive.

4/11/22 9:28 AM

You are going to want to meet with a mortgage banker before you start the search for homes for sale in NYC. This will help you to gather information so that you can make the best decision for your financial future. Because New York City is such a unique housing market, it is imperative that you do your homework before jumping into the process of buying property.

A professional will be able to guide you through the process and answer all of your questions so that you feel confident about the decisions that you are making with your money. Here are five of the most important questions to ask a professional real estate company in New York before deciding on a home loan.

How Can I Get Pre-Qualified for a Home Loan?

One of the first steps in the home-buying process is getting pre-qualified for the loan. You will need to fill out a residential loan application, including information about your income and assets. This is when you will also authorize a credit check. In most cases, it will take a lender mere minutes to pre-qualify you for the loan. You will generally understand the dollar amount of what you are qualified to borrow after you go through this step.

Be sure to take your pre-qualification letter with you when you tour apartments or homes. You can print this letter to take with you to showings to demonstrate that you are a viable prospective buyer that is ready to pull the trigger. This can be especially helpful in a seller's market such as today when properties are snapped up quickly. The goal is to present yourself as a strong buyer so that you are more attractive to sellers who are in the position to be picky.

Can You Pre-Qualify a Building?

In addition to getting your own pre-qualification lined up, you also may want to ask your chosen lender to pre-qualify any prospective buildings you are looking at. This building pre-qualification may save you from loads of headaches down the road. This process will mitigate the risk that comes with trying to buy in a seller's market by pre-approving the building that you are considering.

Elements that a lender will look at include pending lawsuits, insurance coverage, cash reserves on hand, and more. This pre-qualification may also look at sponsor information, including what percentage of the total units in the building are sponsored-owned. The document generally lists what percentage of the units are owned compared to the number that are divvied up for renters as well as if the building is a co-op or a condominium designation.

What is a Portfolio Loan?

In a market as expensive as New York City, many buyers turn to portfolio loans for their lending needs. A portfolio loan means that the mortgage lender or the bank cannot sell the loan. This differs from a saleable loan which allows the lender to sell the loan to a vendor such as Fannie Mae or Freddie Mac. With a portfolio loan, you will know that the bank will continue to hold the loan within its own books and cannot sell the loan elsewhere.

Because the loan is specific to that bank, you will find loans that are not conventional in nature. This translates to more versatility and options, particularly if you do not fit the traditional lending parameters. For example, a portfolio loan may be helpful if you are trying to get into a building that is less than 51% occupied by owners, meaning it does not satisfy most types of traditional lending rules. With a portfolio, the lender has more discretion to override these usual lending criteria so that you have more options at your disposal.

What is the Difference Between a Conventional Loan and a Jumbo Loan in NYC?

Conventional loans are mortgages that are not insured by the federal government. While conforming loans must follow the rules set by Fannie Mae and Freddie Mac, non-conforming loans have a bit more flexibility. In pricey housing markets such as New York City, these conforming loans have a higher balance pricing. Loans that are needed above the $822,375 mark are considered to be jumbo loans in NYC. This means that you will need to use a portfolio lender rather than going the conventional loan route.

Because the loan that you need is dependent on the price of the property and the amount of money that you need to borrow, there is not a good deal of flexibility in what you choose. However, understanding the differences between the portfolio loan and its conventional counterpart will help you to interpret your choices.

Should I Choose an Adjustable-Rate or Fixed-Rate Mortgage?

Although fixed-rate loans are still relatively low, an adjustable-rate may be your best bet if you do not plan on keeping the property for more than a few years. Be sure to consider your personal situation and risk tolerance when deciding. For example, how comfortable are you with the idea of fluctuating payment amounts? If you need to adhere to a strict budget each month, the idea of a shifting payment may make you uneasy.

You should also consider if your finances may be changing in the future. If you know with relative certainty that your income will go up significantly over the next five years, an adjustable-rate mortgage may be a risk that you are willing to take. This can be a good idea if you want to use that extra money to set aside for other investments.

Understanding these parts of the lending process will empower you to make the most informed purchasing decision. When this much money is on the line, you will never regret taking the time to thoroughly understand the process.

4/4/22 10:18 AM

More than likely, you think that real estate tax and property tax are the same things. It's just how most people use the terms interchangeably, which causes some confusion. If you own your own home and a boat, car, or another big-ticket item, you should know the difference. While both types of properties are taxed based on the value of the item, how much you actually pay will depend on whether they're classified as real estate taxes or personal property. If you're still unsure about the differences, that's okay because we'll go into more detail below.

2/28/22 9:19 AM

Your New York City apartment might have cost you a pretty penny, but you need to maintain it to keep its value up and so that you can fully enjoy it. If you're not sure about the best places to put your money on renovations, take a look at these trends for New York City apartments. A few adjustments can make a big difference, and these ideas work well in a complete remodel, too.

2/14/22 10:08 AM

Buying a foreclosure in NYC is one of the best ways to buy a home because they can sell at a great price. Buying a foreclosed home can come with a few extra tricky spots along the road. For one, you'll have to buy the home in "as-is" condition, which means that you might get a house that has some major problems that you have to fix before it's livable. In general, though, a lot of the process is fairly similar to buying a regular house. These are the steps that you should take to buy a foreclosure.

2/7/22 9:44 AM

If you're thinking about putting your home on the market, you likely wonder when the most opportune time to do so may be. Traditionally, real estate brokers have advised sellers to list their properties in the spring and in the fall. The rationale behind this advice is that these seasons are when higher volumes of potential buyers are conducting their home search. That trend seems to have ended, at least for now.

With the onset of the coronavirus pandemic, conventional lifestyle patterns have been upended. In response, the housing market has had to adapt. Mortgage rates have hit record lows. Buyers are looking to take advantage of this savings. In addition, people are staying at home more. They're eager to find a home to better accommodate those needs. It's possible that these changes are temporary and that the market will return to its former patterns. However, homebuyers are becoming savvier these days. They know what they're looking for and they expect to be able to see comprehensive online listings whenever it suits their schedule.

1/17/22 10:05 AM

The New York City housing market is not for the faint of heart. Once you have checked out the condos and apartments for sale in NYC and made a decision, it is time to start thinking about the inspection process. Here is a handy inspection checklist that you can use as your guide as you dive into the New York City real estate market.

Appliance Installation: Particularly if you are buying a high-end home with premium appliances, it is not uncommon for these fancy machines to be anchored improperly. An inspector will ensure that all of the appliances are installed correctly and properly anchored to mitigate the risk of water leaks and fire danger.

Water Infiltration: You need to ensure that your condo or co-op is protected against moisture coming in from roofs, windows, and terraces. If your condo is below ground level, it may take on moisture from the ground if proper drainage is not in place. Your inspector will be able to spot potential issues before they start.

Plumbing Leaks: Like water damage from improper drainage, plumbing leaks can also lead to a host of headaches. A professional inspector will check out all bathtubs, sinks, toilets, washing machines, and more to look for leaks.

Flooring: Flooring needs to be inspected carefully to look for buckling and gaps that may indicate more serious issues such as a water leak. Hardwood flooring is especially susceptible to problems.

Heating: If you are purchasing an older condo or co-op, the inspector will be particularly diligent about examining the heating system. Because many of these buildings operate on a central steam heat system with no individual thermostats, past residents may have tried to disable their home's radiator by other means. This could lead to potential problems that an inspector may spot.

Electrical Wiring: The electrical wiring system of a home can be one of the trickiest areas to inspect. Older homes are most at risk for having wiring systems that are not up to standard, especially if a previous owner attempted their own home improvement projects.

Windows: While all windows need to be examined carefully during a thorough inspection, double-hung windows need to be looked at with fine-tooth comb to ensure they stay open on their own. Windows that do not stay open can pose a serious risk to small children.

Common Areas: Lastly, it is important that the inspector ask to see the common areas of the building. Even if it is not specific to your personal space, the safety of places such as the roof and the boiler room can have a detrimental effect on your individual home.

Before you sign any housing contract, it is imperative that you go through this comprehensive inspection process so that you feel good about the purchase. The Manhattan Miami Real Estate team can help to answer any of your questions about the inspection process.

1/3/22 10:21 AM

If you're a renter in New York City, you'll no doubt need to ask your management company or landlord to make repairs on your dwelling. Though there are laws requiring certain standards of living conditions, getting the repairs you need in a timely manner can sometimes be a challenge. If you find that things simply aren't being taken care of as they should be, check out these top five ways to get your NYC landlord to make repairs.

12/20/21 8:46 AM

The holidays are coming up, and New Year's Eve is likely to come around before you have figured out your plans. New York is one of the most exciting places to celebrate the coming of the holiday, especially if you know what's happening around town. Here are some ideas about things to do for New Year's Eve in NYC.

11/29/21 9:29 AM

The thought of penthouse living in New York City is the ultimate endeavor for many sophisticated homebuyers, but is it really worth the hype? The luxury development boom of recent years has brought about a wide selection of worthwhile condos and apartments for sale in NYC. So, why would you want to invest in the premium price of a penthouse? The answer may depend on a number of factors. Here are some pros and cons to consider before you head out in search of the perfect penthouse.

11/15/21 9:12 AM

When looking for things to do for Thanksgiving in NYC, most people automatically think of the iconic Macy's Thanksgiving Day Parade. After a year off due to the COVID-19 pandemic, the parade is back and welcoming the public to line the route and cheer on their favorite performers once again. Here is everything that you need to know about this festive parade.

Back After a Year Off: It is sure to be a celebratory atmosphere when Macy's welcomes back spectators to its annual event. Last year's event was a special parade made just for television. Rather than millions of spectators lining the streets to catch the festivities, the parade was filmed in a one-block area in front of the Macy's flagship location on the famed 34 Street in the heart of Manhattan. The performances were filmed over the course of three days prior to Thanksgiving.

What to See at the Parade: This will be the 95th year of this Thanksgiving Day classic. This spectacular event kicks off the holiday season in the Big Apple with a variety of live musical performances, soaring balloons, intricately decorated floats, marching bands, and a host of celebrity appearances. A number of new balloons will debut during the 2021 event. The highlight of the parade is the appearance of Santa at the end of the route, signaling the beginning of the holiday season.

Precautions for the 2021 Parade: Recognizing that the world is still in a pandemic, organizers have put a myriad of safety precautions in place. All of the volunteer staff and parade participants must show proof of vaccination. In addition, these staff members will be required to wear face masks despite being outside. Macy's is committed to following the recommended social distancing guidelines along the route. As a result, the number of participants and performers has been reduced by approximately 20%.

What to Know: The parade usually brings about two to three million people together along the designated route to take in the grandeur. This is in addition to the millions of people around the world that tune in to watch the parade on the television. Officials will announce the public viewing locations and guidelines for entrance later in November. Be sure to stay tuned if you plan on celebrating your Thanksgiving with a trip to watch the parade. The parade begins at 9 am local time and runs for approximately three hours.

Whether you are in town to check out Manhattan Miami Real Estate agents as you are planning to move to New York or if you are just here to soak in the magic of the holidays in New York City, a trip to the Macy's Thanksgiving Day Parade belongs at the top of your bucket list.

11/8/21 9:25 AM

There are plenty of condos and apartments for sale in NYC. Brownstones are also very popular in the New York City housing market. If you are looking to buy a home in New York City, you may be wondering what you should consider when purchasing a brownstone. Living in a brownstone is not like living in an apartment or condo. It is more like living in a single-family home where you have a lot of responsibilities in maintaining the Brownstone. Here are seven things to look for when buying a brownstone.

10/25/21 9:43 AM

Kitchens are one of the top things that buyers want to see on a home tour. They know that they’ll spend hours cooking and enjoying meals there with their loved ones, and kitchens are often one of the main focal points of the home. Knowing what makes these kitchen improvements so lucrative before selling helps you decide which parts of your house to fix up before putting it on the market.

10/11/21 9:19 AM

Last year, in 2020, a total of 5.64 million existing homes — meaning they'd already been lived in by their previous owner, as opposed to new homes, which are built to meet homebuyers' demands — were sold across the United States, says the National Association of Realtors in a Nov. 2020 report. As of July 22, 2021, again according to the National Association of Realtors, the U.S. real estate market is currently slated to end the year with a total of 5.86 million existing-home sales.

Despite the fact the United States is still mishandling the COVID-19 pandemic response, continuing to be a world leader in areas such as total COVID-19 cases and cases per capita, the real estate market seems, if anything, to be positively affected by the pandemic.

9/27/21 9:50 AM

You deserve to treat yourself to the exceptional dining experience at Buddakan restaurant. As one of the best Manhattan restaurants, Buddakan features delicious pan-Asian fare in a stunning setting. Here are all of the details of Buddakan so that you can prepare for your visit.

9/16/21 9:28 AM

If you are a first-time home buyer, then there are some definitions that you want to become familiar with. When you are renting, there is someone else who is the owner of the house, so you may not be concerned with the details of owning a property, but now things are different.

9/13/21 9:20 AM

Selling your home is a major transition in your life. You have history there. You’ve made memories. You have raised your kids and have started to plan for another chapter in your life. Reducing stress when selling a home is possible though, whether you have owned it for 10 months or 10 years.

9/7/21 11:54 AM

Have you heard of Bibble & Sip? If you haven’t then, you have not had the privilege of enjoying some of the tastiest bakery delights in Manhattan. All that you would have to do is look at the reviews of this bakery that are on Tripadvisor or Yelp to see how much patrons love this bakery. Bibble & Sip is a family-run bakery that is in the heart of the Big Apple. The bakers at this bakery are passionate about the products that they serve; their goal is to serve the finest gourmet pastries, desserts, coffee, and espresso. This bakery has the mission to deliver delectable desserts that are beautiful and delicious, and it has been able to do so to an amazing degree.

9/1/21 9:22 AM

You’ve probably seen ads for homes being sold as-is. These are often ripe for flipping and the purchase price is likely more suitable for many budgets than a fully renovated property. The other side of this is that by being the seller of a home without any repairs or updates, it is still possible to turn a profit. Many people are looking to buy condos or homes in Manhattan that might need a little more love than others. Here are some things to keep in mind if you are wanting to sell your home as-is.

7/28/20 6:10 PM

Looking to buy luxury real estate in New York? You’re in the right place. Before you get too far in your search, make sure you understand these nine essential tips on the New York real estate market.

4/7/20 8:58 PM

Madison Square Park has become the epicenter of cool in Manhattan and home to NYC's tech industry. The area is bustling day and night, making it a very interesting neighborhood situated between Downtown and Midtown. Surrounding Madison Square Park are three distinct neighborhoods - NoMad, Flatiron and Gramercy. Around Madison Square Park you will find the latest Michelin star restaurants like 11 Madison and Nomad or more casual options like Scarpetta and Eataly. In addition to the restaurant scene, you will find a bar scene in Nomad and diverse retail in Flatiron.

2/12/20 12:45 PM

It’s estimated that 15% of the real estate transactions that occur in Manhattan are carried out by foreign buyers. These individuals are often in search of diversity and safety by investing in New York condos. Often, they are searching for a home for their child studying abroad, a second home for themselves, or an investment property that will provide yield and capital appreciation. In all cases, these buyers have unique needs and concerns. If you’re a foreigner looking to buy real estate in Manhattan, here’s a checklist to guide your search.

1/5/20 1:50 PM

Over the last few weeks, NYC has solidified its position as the second most important tech hub in the world (behind only Silicon Valley), with massive office leases signed by tech companies such as Facebook and Amazon in and around Hudson Yards.

9/13/19 2:47 PM

Go West! No, we’re not telling you to move to California or the frontier, nor are we talking about the popular song from the Pet Shop Boys and Village People. Go West to West Chelsea and Hudson Yards, where there has been quite a transformative shift of New York’s center of gravity. Notably, the advent of the Hudson Yards and rezoning of West Chelsea have resulted in hyper-growth in those neighborhoods, making Manhattan’s west side one of the most desired and expensive locations on the island.

8/16/19 9:52 PM

We have been very vocal about our excitement that Park Loggia, a new condo building in NYC, will be ready for occupancy by the end of the year. Since our office is very close by at West 67th and Columbus Avenue, we have been watching this building with great interest for the last couple of years. Now that the scaffolding has come down, we are super excited that Park Loggia has almost come to fruition.

7/13/19 9:35 PM

Upper West Side apartment buildings are some of the most sought after in the city, and for good reason. We love the Upper West Side neighborhood, having lived there for more than 5+ years after moving to NYC many years ago. Located just west of Central Park to the Hudson River, it is one of New York City's most iconic neighborhoods. Its beautiful tree-lined streets, pre war architecture, and inviting brownstones appeal to a wide audience, making it a favorite of New Yorkers, as well as movie and tv directors. I'm sure most everyone remembers how the neighborhood was portrayed when they watched You've Got Mail, When Harry Met Sally, Seinfeld and, most recently, The Marvelous Mrs. Maisel.

4/2/19 5:43 PM

Successfully buying rental property in any area begins with a proven strategy, and when you buy rental property in NYC it’s crucial to know how to adjust some basic tactics to compete in one of the most popular cities. Here is a simple analogy; to win a race a useful tip is "Run as fast as you can" and a good tactic is "Go on the 'B' of Bang." They both need to be modified depending on the race. Running as fast as you can in a 100 meters sprint is not the same as running as fast as you can in a 3000 meters middle-distance race, and being the first off the line in a longer race is not that important.

2/21/19 7:09 PM

The Upper East Side is an area of tree-lined streets, spectacular heritage buildings, the best private schools in the country, a large assortment of boutiques, acclaimed restaurants and cultural institutions. It is home to some of the most expensive zip codes in the country. But, at the same time, it has some of the most reasonably priced properties in the city. That is because the entire Upper East Side of Manhattan covers a lot of ground - from the eastern side of Central Park, at Fifth Avenue, all the way to the East River, with the southern border of 60th Street to the northern border of 96th Street. The Upper East Side real estate market incorporates several small neighborhoods, including Prime Upper East Side, Carnegie Hill, Lenox Hill, and Yorkville.

1/2/19 2:31 PM

Why give the government more than they are due when you sell your primary home or investment property? There is more than one way to defer, and to reduce, capital gains tax (CGT) when selling property. While it takes planning and following strict government rules, if the circumstances apply, they definitely work.

12/7/18 2:43 PM

In this blog series, we are highlighting the latest NYC new development projects by neighborhood. Our goal is to provide insight into the character of each of the neighborhoods, what is driving new development in these locations and general trends. This is the second in our series, in which we will be focusing on Central Park luxury apartments for sale and Billionaire's Row condos.

11/17/18 10:09 AM

In this blog series, we highlight the latest NYC new development projects by neighborhood. We provide insight into the character of each neighborhood, discuss general trends, and what is driving new development in each neighborhood. For the first in the series we are focusing SoHo, West SoHo and Nolita. These neighborhoods feed off each other as they are all close to one another, all being just below Houston.

9/30/18 5:00 AM

Investing in Real Estate

Before someone decides which is the best city to invest in real estate, they decide why they should choose real estate as opposed to stocks and bonds, for example. In this article we will discuss the why and the where to help our many current clients, and our future clients, to make wise decisions and the best choices.

9/25/18 8:02 AM

Investing in Stocks and Investing in Real Estate

Experienced stock investors make money by choosing their stocks wisely. They may invest in a well-established publicly-quoted corporation, be it large, medium, or small cap. They may choose to put their money in a promising IPO, or even in a non-traded business because they see its future very clearly.

6/22/18 2:17 PM

A Review of the Pipeline of New Development Condos for Sale in NYC

Updated on December, 20th 2020

Real estate is always hyper-localized, so when you hear that there might be an oversupply of new condos in the Manhattan real estate market in 2019, note that four fringe Manhattan neighborhoods will be most affected - the Financial District, South Street Seaport, Lower East Side & East Village.

6/18/18 7:42 PM

Forget Silicon Valley – many of today’s top tech executives are choosing New York’s Silicon Alley.

2/20/18 5:37 PM

A gaggle of noteworthy architects are due to put their stamp on the Hudson Yards megaproject, but if the Wall Street Journal is to be believed, two bona fide starchitects may be joining their ranks.

WSJ reports that “a person familiar with the matter” claims that Santiago Calatrava and Frank Gehry have been tapped to design buildings for the megaproject’s second phase, due to rise over the west side rail yards (stretching between 30th to 33rd streets from Eleventh to Twelfth avenues).

2/15/18 11:04 AM

Most foreign individuals moving to the USA already have a set of ideas about American culture. Media, politics, or history may leave individuals excited about the potential for the future, yet simultaneously nervous about the new people and places they will discover. If you’re preparing to buy residential property in the USA, here are some facts you’ll need to know, and advice for some things to do early on to ease the transition into a new culture.

2/13/18 12:04 PM

If you’ve reached the decision to sell your Manhattan real estate property, you’ll be doing so in a fast-paced real estate climate. You’ll need to find a way to stand out in the crowd, impress people with your home’s layout and decoration, and then make sure you’re getting the best return on your investment possible. The following tips should help you to efficiently sell your Manhattan residential property as a foreign buyer.

1/18/18 6:04 AM

Buying residential property in another country can be intimidating, but with the right broker partner, foreign citizens buying property in the United States have little to worry about. Foreign citizens are legally allowed to buy residential property in the United States, but they will have to follow certain tax rules both in the US and possibly in their home nations. Just because a buyer is a nonresident doesn’t automatically mean they must pay additional taxes. Some of these taxes might even be paid by a U.S. citizen, too, under certain circumstances.

Here’s how to buy property in America as a foreigner, for homes in Manhattan and Miami.

1/17/18 2:09 PM

Now that tax reform has been passed by the US Congress, we know for sure that some people stand to gain significant wealth from the new tax rules that will be implemented in 2018. As a general matter, the new law is expected to be very favorable to investors of real estate and the wealthy, regardless of whether one is in a high-tax state or not.

1/9/18 2:00 PM

If you are living outside the U.S. but considering a move stateside, you’re actually in luck. The housing market in the United States is extraordinarily friendly and convenient to any foreign persons who want to invest in property throughout the country. The American government doesn’t maintain restrictions or charge hidden fees, such as extra stamp duties, to a non-citizen seeking out a home or smart property investment in the country. In fact, the experience of home buying in the U.S. may not differ too wildly from the experience in your home country. That being said, there are four rules any foreign investor needs to keep in mind as they begin their search for property in the United States.

11/30/17 9:46 AM

If you're looking for a solid investment, you have many choices. Over many years, however, real estate has been one of the most popularly and widely recommended investments. There are quite a few reasons for this. Before investing, it's important to consider your unique needs, personality, and budget. However, real estate is an investment worth considering regardless of your situation. Let's look at the top 5 reasons to invest in real estate.

11/7/17 6:36 PM

A rare 20-Year tax abatement has popped up in Manhattan at a handful of condominium projects across the city at:

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