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nyc BLOG estate

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I LOVE NY

Understanding (and loving) Manhattan, New York City

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.

Approximately 70% of Home ownership in Manhattan is in coop apartments. The rest are condos, condops and townhouses. Most new construction developments are condos. Most pre-war apartments are co-ops. Manhattan apartments are either pre-war (WWII) or post -war (modern.) Most Townhouses or Brownstones were built in the 19th century.

Showings normally 9 - 6 p.m. (7:30 p.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.

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 my job is helping buyers prepare their packages.

Wear comfortable shoes 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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Buying, Selling Renting and Moving To and From Manhattan, NYC
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