Five (5) things you need to do before you buy an apartment in Manhattan
Manhattan is like no other place in the world, especially when shopping for a coop, condo, loft or apartment. Here are five ways to get ahead of the game.
(PRWEB) July 12, 2004 -- CityRealty.com started its business by helping its members find their dreams.
There is no other place in the world like Manhattan. Especially when it comes to real estate. It has rules and processes that exist nowhere else. And for those looking for an apartment it can be a long, slow process of trial and error before learning just some of the rules that apply. For those buyers hoping to find a fast track, the only one that exists is working with a broker they can trust. But how does anyone select one broker over another broker? By knowing all they can about Manhattan real estate. Sounds like one big loop doesnt it? Well it doesnt have to be. If, that is you know the right questions to ask.
This is why Daniel Levy, President of CityRealty.com, put together a quick prep-guide to doing ones homework before starting to shop. Buying property in Manhattan is like anything else. Success lies in understanding the basics, knowing the right questions to ask, and most important knowing what you want." His service, CityRealty.com, echoes that sentiment, and helps buyers select the right real estate agent. So, as a buyer, what should you do?
1.Forget all about historical pricing -- The only price that matters is what something sold for during the past several months. Manhattan is a fast moving market and any price before that time is usually not relevant to the price today.
2.Understand the difference between coops and condos -- In Manhattan, there are two primary types of apartments: Cooperatives and Condominiums. Coops have stringent financial requirements [usually at least 25% down] and require the board to approve buyers before a purchase is finalized. This can be a very frustrating process, but a co-ops sales price is often lower than a comparable condos. Condos, while more expensive are often more popular due to their greater flexibility [read: no formal board approval] and lower down payment - often only 10%.
3.Understand what you can afford and be ready to spend it -- Getting pre-approved for financing is the key to locking in a deal. Not only does it help you set realistic expectations, it enables you to move quickly when you find something you like -- and that is the difference between eternally looking and buying what you want.
4.Find a broker who understands who you are, what you want, and the neighborhood you want to live in. If they dont understand you, theyll never get you into the apartment of your dreams.
5.Be Ready To Act Fast -- if you see the apartment you want, the longer you wait the quicker its going to vanish. Act fast, because if you dont, someone else will and the apartment will not be around for long.
Once you have an understanding of the Manhattan real estate market and your own needs, websites like CityRealty.com can give buyers a fast track to finding the right broker to help them. That is because CityRealty uses a staff of consultants to identify what prospective buyers are seeking, and are better able to connect them with a broker who can help them find it.
Since its inception in 1995, CityRealty has steadily grown into one of the largest and most popular websites for New York City residential real estate by connecting consumers with appropriate brokers to help them easily and efficiently buy, sell and rent New York City property.
Company: CityRealty.com
Contact:
Jeff Cannon
212 206 0303
jc@thecannongroup.us
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