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Exploring the Popularity of Manhattan Condos
Manhattan Condos: Why they’re popular
In NYC Manhattan condos for sale seem to be everywhere, yet with approximately 4,700 condos in all of Manhattan, they represent only about 20% of the overall housing stock.
Co-ops make up the remainder and townhouses clock in at a mere 1% of overall availability.
Condos have gained popularity because of their flexible rules for rentals — and developers have responded. Recently 236 new condominium buildings have been brought to market and more are in the planning stages.
Manhattan realtors will tell you that condos also have advantages over co-ops, and they’re right. Co-ops restrict the possibility or length of rentals. Also, co-ops can be difficult for a foreign national to purchase as an established credit history in the United States is required for the majority of buildings.
It is not uncommon for investors to purchase condominiums in order to hold them for years. Investors have the tenant effectively pay the carrying costs via their monthly rent payment while the equity in the apartment grows.
Many buyers who are uncertain where their life journey will take them purchase a condominium for the certainty they provide. If you do not want to sell or it isn’t a good time to sell, renting is an option which makes sense for many.
Manhattan Condos: What you’re buying
When you purchase a Manhattan condo, you are purchasing real property. Every apartment owns the actual physical space which has its own tax lot. You also own a percentage of the common interest (hallways, lobby etc.) and the percentage is allocated to each apartment when the condo is formed and that almost never changes.
Your common charges are based on what percentage of the overall expenses of running the building you own. The real estate taxes are separate and paid by you.
The price and location of condominiums in Manhattan can swing from a fully renovated studio at the northern tip of the island for $350,000 up to a stunning 7,000 square foot home of unparalleled elegance for $75,000,000.
In short, there is something for everyone who is looking for a condominium home in Manhattan.
The question is, how do you find the right one for you?
Manhattan Condos: The
choices
The choices are vast. There are small boutique, walk-up buildings, doorman buildings, buildings with a range of amenities and then there is the question of pre-war or post-war.
On the West side of Manhattan there is a new condominium complex which boasts 90,000 square feet of amenities. The choices are mind boggling and include indoor tennis, a basketball court, a recording studio, a creative studio, an indoor gardening room and so much more.
The vast majority of buyers start not with a Manhattan realtor but online, which is a great place to begin wrapping your head around the available housing supply and the associated costs. Still, you are likely to have questions.
For example, you may notice the designation “pre-war” or “post-war” when a building is described. Figuring out which amenities you will utilize and where you will overpay is an important part of your purchase equation.
Additionally, new development options will invariably pop up in, but be prepared as purchasing these homes come with a very different purchase cadence.
Today it is possible to find some very special offerings in many areas designed by world renown architects, interior designers and landscape architects. Many of the larger developments offer a community within a building with a wide range of amenities — plenty of dining and shopping nearby, making the “15-minute neighborhood” a reality for Manhattan condo dwellers.
Manhattan Realtors: Why you need one
While the rest of the country has a Multiple Listing Service (MLS), making the process more transparent, New York City does not. Moreso, the dense, vertical living and the need for attorneys and managing agents creates more confusion for buyers and sellers.
Finding a Manhattan Realtor with experience to guide you through the process is in your best interest. Those who go it alone frequently regret the decision.
The process to purchase in NYC is not linear nor is it transparent. You can find sources that will explain part of the process but most of them are not written by someone who has been in the trenches for 20 years.
When you purchase real estate, it always involves comparatively high prices. If you are purchasing in New York City — one of the most expensive real estate markets in the world — the amount of your investment is sizable no matter your budget.
For many people, a home is the largest purchase they ever make in their life. That is scary. When you couple that fact with the notion that “home” is emotional for all of us, it can be hard to move forward.
An investor arguably does not experience the same emotional pull. They are focused on the numbers only. Yet, stunning views and sleek interiors can be seductive, making it hard to stay focused on boring formulas.
No matter your motivation for purchasing property, there will be highs, lows, self-doubt, self-delusion, excessive polling of friends and family, paralysis through analysis and ultimately a decision to be made.
So partner with a Manhattan realtor to create a strategy to get to the closing table and get your piece of the big apple.
Interested in Upper West Side condos?
Contact Julia today, one of the top NYC Real estate agents.