Category Archives: Manhattan NY Condos FAQ

New York City First time Condo Buyer and Investor Part 2- Getting a Mortgage Is Not All About You

New York City First time Condo Buyer and Investor Part 2 -Getting a Mortgage Is Not All About You

  1. What is the Condo Market
  2. Getting a Mortgage Is Not All About You
  3. New Construction Condos – What don’t I know
  4. Buying as an Investment
  5. How do I figure out if this is a good deal or not in 2017?

So what are we talking about when we say Getting a Mortgage is Not All About You? We often hear the buyers say, “Oh don’t worry about it, I can easily get a mortgage.  I have a good credit score and we are pre-approved already, I did it online!”

So, what are we talking about when we say that its not that simple.   What’s not simple about it is there is a 2nd step, an often overlooked step that can be problematic.  That 2nd step is that the bank will also want to approve the condominium building you are purchasing in.

STEP 1, the Easy Step:  You the buyer gets qualified.  This is the straight forward step, you will speak to the mortgage banker, provide them with all of your personal documentation and they will tell you if you are qualified and for how much.  

This is straightforward because based on your down payment, income, debts and credit history, you will get a close idea of where you stand with the bank.

ProTip: Use a Mortgage Banker that is Experienced with the New York City Condominium Market.  Using a mortgage banker or internet lender that is not familiar with New York City market and the idiosyncrasies involved here is going to likely cause you trouble.  There are a lot of pitfalls and challenging scenarios that an experienced mortgage banker will know exactly how to navigate for you.

Now that you have gotten yourself pre-approved you are ready to buy that condo! Here is where most people make a frustrating mistake because you are missing a crucial step in the process.

STEP 2, the step that can cause you lots of frustration,  the bank will also be looking to qualify the condominium itself. First they qualified you, now they will be looking to approve the building.

Carriage House Condominiums for SaleSo what is so hard about approving the building? Each building is unique and different, no two buildings are the same. What is important to understand is that not all banks are as easy to work with.  The big conventional lenders often have the most strict guidelines and often have a conservative approach to approving buildings The process of getting the building approved involves asking for documentation from management companies, giving it to the bank underwriters, then waiting to see what they have to say.  Often you will submit the documents the underwriters originally asked for, and then they ask for more documents on top of that, now you are going back to the management again, Rinse and Repeat.  

Some Common Issues that Many Condo Buildings Run Into:  Too many Non-Owner Occupied Apartments, One Person Owns too Many Condos in the Building, Too Much Commercial Space in the Building, An Assessment or Lawsuit the Building is Involved In.

So What Should you do? This is where your real estate agent, and mortgage lender you are working with are worth their weight in gold to make sure this deal happens for you.

Pro Tip: Before you make an offer, run the address of the building by your mortgage banker and see at the very least if the bank has that building on their “pre-approved” list.  Even if the answer is Yes, it’s approved, the bank could still ask for more documentation or updated documentation.

If you went in alone in the purchase, already have a contract signed, they are sending out an appraiser already, which you are paying for, and you get a call or email that you may not get the mortgage because there is something wrong with the building, and your mortgage contingency is coming up really soon, this will become very stressful for you.

You assumed that you would have no problems because you had your pre-approval letter, which is a common mistake, but its likely this could have been avoided.  

A huge part of the value of working with an experienced condominium agent is that we take you, we are guiding you on the journey of buying a condominium.  We know where the typical pitfalls are along this journey, one of them being the common issues with getting a mortgage.  We fill in the missing pieces for you that you didn’t even know about.

There are many aspects of the mortgage process that can delay or affect on your purchase, let’s discuss this now and be prepared! Let us help you and make this process as easy as possible.  

This is a five part series blog posts. You can read about by clicking on the links below:

  1. What is the Condo Market
  2. Getting a Mortgage Is Not All About You
  3. New Construction Condos – What don’t I know
  4. Buying as an Investment
  5. How do I figure out if this is a good deal or not in 2017?

Call us at (917)837-8869 or email us by using the form below.

Buying Manhattan Condo as Investment – Getting the Application Approved

Buying a Manhattan Condo as Investment – Getting the Application Approved- What nobody tells you

An often overlooked aspect of buying a New York City condominium as an investment is understanding what the rental application looks like for your prospective tenant.  

Why is this Important, Why should you Care?

It’s very important you understand both of these criteria because it affects the marketability of the apartment and your potential vacancy rate as an investor.

The vast majority of condominium buildings will require the tenant to be approved by the condominium board prior to being able to move into your apartment.  What this entails is submitting an application along with a variety of checks and supporting documentation proving their ability to pay the rent and this is where it gets interesting.

Enclave

Every Manhattan condo building has their own package and every building works with different management companies that have their own standard package and set of fees. We are here to provide a sample items of what most of the condo will required.  There are a handful of major management companies in New York City that work with a lot of the condominium buildings as their property managers.  These big management companies tend to have a similar package of requirements and fees with the different buildings they work for.

So the perspective tenant sees your rental condo unit likes it and wants to move forward and present an application.  They ask for the rental application and we give it to them and then they see all of the fees involved just for the condominium board and management and all of the documentation they will need to provide to submit the package.

The perspective tenant see the following for example:

  • $600 Processing Fee made payable to management
  • $500 Administrative Fee made payable to the Condo Board
  • $125.00 Credit Check Fee
  • $125.00 Criminal Background Fee
  • $50.00 Submission Fee to management
  • $500.00 Move in Fee
  • $1000.00 Move in Deposit
  • $500 Move out Fee
  • $1000 Move Out Deposit

Anything with Fee next to it will be non-refundable and all of these fees are on top of the minimum first months rent, one month security and likely broker fee the perspective tenant will be responsible for.  

And the condo rental application documents include:

  • Last Two Year Tax Returns
  • Employment Letter
  • Financial Statement including every piece of supporting documentation
  • Landlord Reference Letter
  • Notarized Documents could be included
  • Proof of Identification

Please understand, it’s important to fully understand the financial capability and any past tenancy issues your prospective tenant may have been involved in.  

11A

Here is what nobody will tell you….

If the fees for your condo building are prohibitively higher than those in similar buildings around you.  The same buildings a perspective tenant is probably also looking at, they will be turned off by the costs involved to rent your apartment.  If they see they have to pay an additional $1500-$2000 in non-refundable fees to rent your apartment vs a similarly priced apartment across the street or in the neighborhood, a lot of tenants will pass on your apartment.

Or when they receive the application and see that all of the documentation required is way more than the other building’s they have looked at, it’s just another hurdle to overcome to convince them to take your apartment.

We find that tenants are typically driven by price in the rental market, if they can go directly to a building where there are not a lot of additional fees and the rental application process is streamlined, they will do it.

Some condo buildings will also charge an additional fee to the owner to rent their OWN apartment.  They will increase the common charge, 5-10% or they have a fee within the rental package that is designated for the owner to pay.

What we recommend and something we always ask for is to see the rental package prior to purchase.  So before you sign your contracts you can see what the current rental package looks like so you know what you are getting yourself into.  

We work with many buyers looking to find the right Manhattan condo investment, there are many aspect of buying the suitable condo that is important for buyers to know. By working with us, seasoned and exprienced Real Estate professionals, buyers can avoid many mistakes and stress in buying the right investment condo. Call us today at (917)837-8869.

 

 

Read on other helpful articles by click on the links below to learn more about Manhattan Condo market:

HOW TO BUY A NEW CONSTRUCTION CONDO IN NYC:

http://manhattannycondosforsale.com/how-to-buy-a-new-construction-condominium-in-manhattan-new-york/

MANHATTAN CONDO INVESTMENT TIPS FROM LANDLORD PERSPECTIVE:

http://manhattannycondosforsale.com/manhattan-condo-investment-tips-from-landlord-perspective/

BUYING MANHATTAN NY CONDO INVESTMENT TIPS

http://manhattannycondosforsale.com/buying-condos/

Are you a parent looking to buy a NYC condo for your son or daughter?

Are you a parent looking to buy a NYC condo for your son or daughter?

One of our expertise as Manhattan condo agents is to educate buyers who are parents looking for a suitable condo for their son or daughter that is currently living in Manhattan New York.

Manhattan New York is a vibrant city, the Real Estate market is one of the kind, unique unlike any other parts of the country or world. Many of our buyers who are parents, they have purchased their home in other places but their previous Real Estate experiences are almost irrelevant when it comes to buying in Manhattan New York.

As parents, you want the best for your young son or daughter, find a suitable condo in a safe and convenient location is the one of our top priority. In addition, we understand your Real Estate purchase is also serving as a long term Real Estate investment, hence it is absolutely beneficial for you to work with us who have extensive experiences working in finding the right property that will meet all of your criteria.

We have work with parents who have young adult son or daughter that go to Columbia University, Fordham Law School, New York University, Stern, Parsons school of design, School of Visual Arts, music school and other well known schools. We also have parents buying for their young professional son or daughter who recently relocate to NYC working for different companies.

Each buyer have very specific and different criterias as we can discuss that when we are on the telephone. Here are few key steps to prepare and understand before your home search

  • Time frame – is your son or daughter current renting an apartment? This is important to know so you can plan ahead.
  • 45 days to 60 days IF YOU PLAN ON PURCHASE IT ALL CASH, cash means money in your bank account, this does NOT include any offshore financing or creative financing. (this does not include New development or new construction buildings. If new buildings, it can be much longer depending on the building, or it can be quick) Typically, the quickest we can close would be 45 days. If it is a cooperative, then it can be 90 or more days subject to condo board approval. If it is new construction condo, it can be two weeks up to unknown period of time depending on construction stage.
  • 60 days or LONGER if FINANCING: If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
  • Result Oriented and Diligent Real Estate Agent: We are the market experts to educate you the housing market. Based on our detail discussion when you contact us, we will then customize a home search for you and plan all the necessary steps ahead prior to your trip to NYC. You can read about our other Happy Buyers’ Testimonials about us here: (http://manhattannycondosforsale.com/testimonial-past-clients/)
To avoid any delay or issues during your home search for your son and daughter, it is advantageous for you to team up with agents who have the experience to ensure a smooth process. You may have purchase homes in your home state or country before, but Manhattan New York is a very unique market, and Real Estate is local so it will benefit you as a buyer to best prepare so you do not waste anytime if you plan to visit NYC and identify a property for your son or daughter, call us today to plan this purchase today.

Smart and savvy buyers work with agents like ourselves, contact us today at (917)837-8869 to experience result oriented agents.

The Christmas Tree at Rockefeller Center

The Christmas Tree at Rockefeller Center

If you only have few hours to sight seeing in Manhattan New York, we would recommend you to go see “the tree”. Every year, many visitors come to Manhattan New York to see this Christmas Tree at Rockefeller Center.

Here are some interesting fun facts about this spectacular tree:

  • It’s a Noweigan Spruce
  • The tallest tree on record was in 1999, 100 feet tall (2012 Height-80 ft)
  • The star on top of the tree since 2004 weighs 550 lbs
  • The tree is donated every year
  • The estimated cost of the tree is $73,500
  • The 2012 Tree survived Hurricane Sandy from Flanders, New Jersey

If you’ve made it to the Christmas Tree at Rockefeller Center you will also be able to see the ice skating rink, the window displays and decorations along Fifth Avenue, and will have the opportunity to do some world class shopping along Fifth Avenue.

Seeing the Christmas Tree at Rockefeller Center is also a FREE event, no admission necessary.

Superior Ink at 400 West 12th Street West Village New York

Superior Ink at 400 West 12th Street is consistently agreed upon as one of or the most desired West Village Condominiums for sale buildings.  Completed in 2009, Superior Ink was developed by one of Manhattan’s most respected development companies, Related Companies, and designed by one of the most well received architects, the Robert A.M. Stern architects, Superior Ink Condominium was well received by the Manhattan real estate market.  Located in the West Village facing the Hudson River, Superior Ink is a mid sized building, but large for the West Village, at approximately 50 condominium residences and about a half dozen townhouse residences located on Bethune Street.

Superior Ink Condos for Sale is made up of a 17 story Tower that directly faces the Hudson River and 7 townhouse residences on Bethune Street. The 17 story tower houses the condominium residences and many of those apartments will directly face the Hudson River with unobstructed views.  Superior Ink is one of just a few Green Condominium Buildings in the West Village with the LEED Silver certification.  The LEED certification was earned through the building having both energy efficient management systems and energy efficient elements throughout the apartment.  Any buyer looking to buy a Green Condominium for sale in Manhattan would be inclined to look at Superior Ink Condominium residences.

One of the attractive features of Condos for Sale at Superior Ink is its amenity package. First starting with the full time doorman and concierge services.  The Related Company has a well deserved reputation for its excellent service and trained staff.  The fitness area’s within Superior Ink Condominium are second to none.  The state of the art fitness center includes an additional yoga and Pilates room. There is a children’s playroom, screening room, residents lounge with catering facilities, private storage and bike room.

An amenity that is not to be missed is the building’s own garage with direct access to the building’s residences, valet parking is also available at the full service garage. With a parking space, you will have both the convenience of being able to drive directly into the building and also the additional privacy and security that brings.  Very few condominium buildings in the West Village and downtown Manhattan have such a feature.

Something worth noting is that the townhouse residences at Superior Ink also have the full access to all of the building’s amenities.  So you have the rare combination of town house living but the added convenience of the benefits of a full service condominium.

Features of the condominium residences for sale at Superior Ink include 10-12 foot ceilings, thoughtfully designed layouts with the extremely high level of finishes that you would expect in such a building. The residences were designed to take advantage of the West Village location.  Views of the Hudson River from the energy efficient floor to ceiling windows.

After the building sold out quickly, there have not been too many resales at Superior Ink Condominiums, a sign that once you own there you never want to give it up.  However when apartments do come on the market they typically sell very quickly.  Here is a breakdown of typical pricing for Condos for Sale at Superior Ink Condominium:

Studio Loft’s for Sale at 400 West 12th Street: Range in Price around $1,800,000
One Bedroom
‘s for Sale at Superior Ink: Range in Price around $3,000,000
Two Bedroom
‘s for Sale at Superior Ink Condominium: Range in Price from $4,000,000 to upwards of $10,000,000+
Three Bedroom
‘s for Sale at Superior Ink: Range in Price from $5,000,000 to upwards of $15,000,000
Four Bedroom and Larger Condos for Sale at Superior Ink: Price upon request

If you are interested about knowing what is currently for sale at Superior Ink Condominium, contact us today at (917) 837-8869.

Or if you would like to request an appointment to see the availability at Superior Ink, call us at (917) 837-8869

What NYC neighborhoods are good to invest?

What NYC neighborhoods are good to invest?

New York city (NYC) has many vibrant neighborhoods that cater different lifestyle and people. Many buyers call us and like to own a piece of Manhattan New York, they either have been here before or have a family member currently live here and would like to diversify their investment portfolio and include a NYC condo in it.

We often get the question What NYC neighborhoods are good to invest, there is no one answer for everyone.

Before we can answer this question or for the buyer to determine, they have to consider several points as outline below:

Price Range (investment dollar amount) : What is the price amount that you are thinking of invest? We work with buyers that have invested $850,000 USD price range on a one bedroom condo and that can rent anywhere from $3,500-$4,000 USD per month unfurnished depending location and season. We also have work with buyers that invested $3,500,000,000 USD sales price and rented the three bedroom condo for $17,000 USD per month. Depending on your projected price range then we can narrow down the neighborhood.

Culture and Lifestyle:
Do you intend on staying at this condo at all when you visit New York city? Perhaps you planning to live there one day in the near future? Or this is for sole investment purpose? If you plan on living in the condo, then it is best to look at the area and neighborhoods that you like and socialize when you are in New York.

Amenities: Do you prefer a condo with a pool? How about fitness center and spa?
Buildings with lots of amenities sometimes are newer buildings, these buildings are usually built after 1980s or some older building have added the amenities to suit residents interest.

There are other factors to determine which neighborhood is best suited for each person’s preference. We specialize in working with buyers looking for condo investment in New York city, we are seasoned Real Estate agents that can help you in finding the right investment.

Contact us today at (917)837-8869 to discuss directly on how we can work together.

Can I get more discount as an All Cash Buyer in NYC?

Can I get more discount as an All Cash Buyer in NYC?

Many of our buyers are all cash buyers from local market or international buyers. Manhattan is very competitive market place and it is a city full very successful professionals and high income producing entrepreneurs of many industries such as finance, fashion, culinary and etc. In today’s market place, we are seeing many sales are all cash in all price range.
A good percentage of our buyers are out of town parents buying for their son or daughter all cash one/two bedroom units at $1M-$2M range to international or foreign investor buyers investing over $8M all in cash.

To get a better idea, about 75% of our buyers are all cash with no financing needed, serious and motivated buyers. All cash buyers prefer to work with us because we are experienced and can negotiate ideal price or terms for our buyers in this highly competitive Real Estate market.

A fair question that asked a lot by the buyers are How much discount can they get since they are paying all cash? To be specific, here are several factors determined the amount (%) of discount a cash buyer can receive.

Ideal Condo neighborhood & location: We have many buyers interested in high demand and popular neighborhoods such as near Central Park, Union Square, TriBeCa, West Village or convenient locations that is easy to commute or travel to universities. These neighborhoods are internationally well known neighborhoods in Manhattan, therefore, there are many other buyers also on the market seeking the perfect home in those neighborhoods, there will always be more buyers than housing inventory in these specific neighborhood.  When and if a fair priced condo comes up on the market and it is in move in condition, there is a good chance that there will be multiple offers in place and other all cash offers, therefore, the seller will entertain and accept likely the highest price offer if all offers are cash.

Closing time frame: If this condo is a brand new construction and it is completed ready to move in, then the condo can close within 10 days if all parties are available. If the condo is a resale condo, with an all cash offer, the closing can take place 30-45 days. If the seller is motivated, they will be looking to close as soon as possible, this means if you are all cash, and your funds are ready, then there is a good chance of negotiating with seller an ideal price since it is an all cash and can close as soon as possible.

Terms of the offer: This sometimes apply to some new construction condos. Some new construction condos in Manhattan sometimes will offer buyers’ incentives. Some of the buyer incentives perhaps are giving buyer a gift card to a home decorating store or other form of gift cards, some will offer paying off part of the closing cost, this all depends on how the new construction condo is selling, if they are selling well, then most likely there will not be any incentive. With these incentives, they also count as part of the ‘discount’, even if the discount is not directly off the sales price, it is still a good way to receive some perks if the developer is motivated.
On the other hand, if you are flexible on your neighborhood preference, we do have a list of condos that have very motivated sellers that would be willing to entertain and negotiate with reasonable All cash offers.

Many all cash buyers work with us because we are able to protect our buyers’ interests and negotiate many favorable terms for our buyer, our all cash buyers are always delighted with our savvy negotiation skills and refer their friends and families to us.

If you are an all cash buyer and would like to discuss how we can maximize your all cash offer, contact us today at EHSU@elliman.com or call (917)837-8869.

Central Park South- a neighborhood that is right next to Central Park!

Central Park South is one of the premiere residential destinations in all of Manhattan.

Only three blocks long and located between Central Park West and Fifth Avenue.  With some of the quintessential views of Central Park, there are many residential real estate choices in some of the best condominium and co-op buildings. You also have 5 star hotel accommodations at the prestigious Plaza Hotel, Ritz Carlton or Jumeirah Essex House.  Central Park South offers more than just world class views, one of the best destinations in all of Manhattan but also one of the most convenient locations in the city.
With Central Park at your doorstep, the shopping of both Fifth Avenue and Madison Avenues along with the shops at Columbus Circle, the arts at Carnegie Hall and Lincoln Center, you will have the best that Manhattan has to offer at your fingertips.

Condominium residences at both the Plaza Hotel and Time Warner Center bookend Central Park South along with the Jumeirah Essex House condominiums whether you are looking for a pied a terre or full time residence, Central Park South is an ideal location.

Call us (917)837-8869 if you would like to find a condo near Central park today as we have the market knowledge in this unique neighborhood near one of the most prestigeous park.

Mandarin-Chinese Speaking Agent specialize in Parents Buying for Children

Here in Manhattan New York, we work with both sellers and buyers depending on their motivation. We have different strategies and plans for sellers and for buyers to maximize their profit and finding the best home for them in this unique market place.

One of our special niche is working with parents buying for children, as Chinese-Mandarin speaking Real Estate agent, we are seeing many Chinese parents coming to Manhattan New York buying condos for their son or daughter that is either current in New York city or planning on coming to New York city in the near future.

As Chinese-Mandarin Speaking Real Estate agent here in NYC, when we work with buyers from out of town, we educate them about the market place and set the right expectation before we go out and see properties. Here are some some unique difference of Manhattan New York Real Estate that is different than other parts of U.S. and other parts of the world.
Housing inventory, we have condo, coops, some condops. For Chinese-Mandarin speaking buyers, it is hard to grasp the concept of cooperative. Each coop building has very different rules in terms of approving the buyers, if the parents would like to use the property as eventual rental investment properties, it may be more ideal to look at condos over coops.
All Cash with No financing offers, many of Manhattan New York buyers are All Cash buyers whether they are from New York, another state, another part of the world, it is very common to be competing with another buyer that is also all cash. All cash offer is more desirable than mortgage offers, but presenting an offer at fair market price and all cash will ensure you secure the property. We have completed all cash transactions at all range of price range from $500,000-$10,000,000 or more.
45 Days is the quickest timeframe to close if it is a standard re-sale condo if all parties prepare the documents in a timely fashion (other than New construction condo that is ready to be move in). This is a market place that there are condo board in place, there will be required application from the purchaser, and it takes usually 30 days or so for the board to approve it. So, if there is a specific timeframe or rental lease for the current son or daughter, it is important to plan early. If financing, the timeframe is conservatively 90 days – 120 days or more.
No offer is binding until both buyers and sellers SIGN and FULLY EXECUTE the contract, 10% deposit is clear. Here in Manhattan New York, the SELLER’S ATTORNEY draft the contract to BUYER’S ATTORNEY, buyer’s attorney complete his/her review, then BUYER signs the contract with deposit, then return to SELLER’S ATTORNEY and seller will counter sign. This takes 7-10 days if all parties are available and responsive. Anytime between there, another (#2)buyer can appear and present a higher/better offer, first buyer’s offer can be overbid and there is NO DEAL.

Here are just short list of important points of our unique market place, and this information may vary based on your individual scenario, you can contact us for a complimentary consultation today (646)644-6929.

If you are a Chinese-Mandarin Speaking parent that have young adult children living, working or moving to Manhattan New York, and you are thinking of buying a condo for them, we can help and work with you in an very efficient matter if you have a specific timeframe. Call today at (646)644-6929 to discuss your thoughts on buying a condo investment in Manhattan New York.

若您或您有認識的人想在曼哈頓置產,請您來電給我們(646)644-2929。以我們豐富的交易經驗提供您最完美最完善的服務。我們也提供客製化置產投資諮詢,依您的需求為您找到最好的置產投資計畫。

紐約中城公寓

許雅嵐 地產新聞

Manhattan Condo Tour: We are Chinese speaking Real Estate Agents in NYC!

20 West 64th Street One Lincoln Plaza New York NY 10023

20 West 64th Street also known as ONE LINCOLN Plaza is one of the condo buildings in the Lincoln Square neighborhood. Located directly across from Lincoln Center, 20 West 64th Street is a well established large full time doorman condominium building.

Originally built in 1971 by the New York based Milstein real estate family, One Lincoln Plaza was one of the first large newly built residential buildings in the Lincoln Square area at the time. One Lincoln Plaza, is made up of over 650 residences and is over 40 stories tall.  The building itself has a tremendous frontage on Broadway and sits in the block between Central Park West and Broadway.  This location combined with the size and height of over 40 stories gives many of the apartments at One Lincoln Plaza tremendous views of both Central Park, the Manhattan city skyline, and the Hudson River.  

20 West 64th Street has commercial space facing Broadway including a number of restaurants and service oriented businesses.  The base of the building is office space with the V-shaped tower and entrance to the lobby mid-block on 64th Street between Broadway and Central Park West.

The lobby at 20 West 64th Street was renovated with a hotel-like feel, with doorman, concierge and multiple elevators to service the towers. The 44th Floor of One Lincoln Plaza is where you will find the building’s private fitness center, pool and roof deck.  The amenity package is one of the nicest for the Lincoln Square neighborhood when you combine the tremendous views from the 44th floor with the work out facilities.  The amenity package at One Lincoln Plaza is a major attribute for the building.

Pricing at 20 West 64th Street, One Lincoln Plaza for Condominium Residences for Sale:

So far in 2011: (4) One Bedroom Condominium Residences have sold at One Lincoln Plaza in a range of $675,000-$1,375,000.

Obviously that is a very wide range and that is because the 1 Bedroom residences in the building range in size dramatically and some have 1.5 Bathrooms and can be converted to a small two bedroom apartment.  Because the building is tall and some apartments have views of Central Park, there is going to be a wide variation in pricing.

One (1) Three Bedroom Two Bathroom residence sold in 2011 for $2,850,000. It was nicely renovated had open views from the 32nd Floor and was approximately 1750 sq ft.

Other great Upper West Side condo buildings that you may want to look into as well:

Call us today at (917)837-8869 or complete the form below for the most updated availability or a home in Upper West Side Manhattan New York.

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Condo owner Checklist-AFTER THE CLOSING

We always like to provide our new condo owner this checklist to ensure they are organized with their important documents.  After the closing, besides all the excitement of decorating a new apartment and setting up new electric/TV/cable account, we would like to remind new condo owners to organize important documents that pertain to their recent purchase for possible future use such as tax filing, refinance, resale and etc.

Here are some of the important items:

  • Condo sale and lease application – If you have completed a condo sales application. It is a good idea to keep a copy of what you submitted to the management.
  • Offering Plan/Amendments/House rules and financial statements of the condo – at the time of the condo purchase, the attorney represented you had completed their due diligence of the building, the attorney should have given you these documents at the time of closing. If not, ask the condo management for a copy.
  • Closing Statement of this condo purchase – any documents you have signed at the closing, you should keep a copy. Most of the buyer’s attorney will send you a closing statement package with the deed of the property and other related documents you have signed.
  • Loan application and Lender documents – This will be very useful if you financed your purchase for future resale or refinance.
  • Home owner Insurance Certificate – If you obtain home owner insurance, make sure you have a copy of the certificate and insurance agent’s contact information.
  • Lastly, a list of all the parties that participated in the purchase of your new condo- this list should have name and contact information of: Buyer, Seller, Buyer attorney, Seller attorney, Bank attorney, Mortgage banker, Bank name, Buyer’s agent, Seller’s agent and anyone else that played a part of this successful purchase.

Call us now (917)837-8869 or email us if you have questions about Manhattan New York Real Estate.

Other very helpful articles if you are thinking of buying a Manhattan New York condo:

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Central Park South Condominium Market Report for September 2011

Central Park South Condominium Market Report for September 2011

This CPS market report is going to contain the current availabilities for 2 bedroom and larger condominium apartments for sale on Central Park South. Central Park South is located on 59th Street from 5th Avenue on the East to 8th Avenue on the West. There are a variety of reasons that make Central Park South condos some of the most desirable real estate in all of Manhattan but in my opinion the commanding views of Central Park could be the most desirable feature.

From Central Park South you see both the city views of both the Upper West Side and Upper East Side along with an unparalleled view of Central Park right in front of you.

There are not that many condominium buildings along Central Park South, just a handful, including 110 Central Park South, 100 Central Park South, 106 Central Park South, 160 Central Park South.  You also have the Plaza Residences at the corner of 5th Avenue and Central Park South.

The two bedroom and larger market ranges in price from $24,000,000 for a 5 bedroom apartment for sale at 110 Central Park South to $1,500,000 2 bedroom condominium for sale at 160 Central Park South.  Other than size the most important feature of the apartment that will determine price is going to be view.  Even though you buy a condominium in a building located right on Central Park South does not mean that you will have a view of Central Park from your apartment.  The price difference for the same size apartment in the same building with and without Central Park views can be quite dramatic.  There is only so much frontage in any building for Central Park views and ultimately some apartments will not have the Central Park exposure.  Even the apartments with Central Park views will be configured in a way that typically the living room and dining room’s will have the Central Park Views and the bedrooms will be facing the back of the building.  There are some apartments that will have Master Bedrooms facing the Park and those apartments will be quite rare and in a higher price point.

Another important characteristic of living in a Central Park South condominium is that the views from the back of the building facing South will typically not be an open city skyline view unless you are on a higher floor, possibly 15 or higher(different for every building).  So the bedroom views could be of the back of another building.

The two (2) bedroom market for a Central Park South condominium for sale ranges in price from $9,000,000 – $2,000,000. But expect the average price range to be in the $3,000,000-$4,000,000 range if you want a Central Park view.  Right now there are approximately One Dozen, Two (2) bedroom apartments for sale on Central Park South.

The three (3) bedroom market for a Central Park South Condominium for sale ranges in price from $5,000,000 – $9,700,000. There are six, Three (3) bedroom condos for sale right now on Central Park South.  Typically the larger the apartment the more likelihood it faces Central Park, but not 100% of the time.

The four (4) to five (5) bedroom market for a Central Park South Condominium for sale ranges in price of $8,000,000- $20,000,000. This size of apartment can range in price very dramatically as you start to look at Penthouse apartments, duplexes,  or combination apartments with sizes that can be 3,000-5,000 sq ft.  If you are looking for an apartment this size, it’s best to have the specific characteristics you are looking for ready so we can discuss what is currently on the market, or available in other notable buildings in the area.

Overall Central Park South condominiums for sale is going to offer some of the best Central Park views, access to shopping and restaurants and the services and amenities of a 5 star hotel.  If you are looking to purchase, rent or sell your Central Park South apartment contact me today at (917) 837-8869 and we can discuss privately what it is that you are looking for.  Your specific criteria will be discussed and we can talk about your apartment options for your very own Central Park South Condominium residence.

Once again, to call me at (917) 837-8869 or email us.

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