Reasons why your home search should include condos
There are many reasons to consider condos in your home search. The best-known reason is the flexibility of use but there are so many more considerations if you are buying in New York City. One of the top reasons is because of the outstanding selection of new developments. There are a wide variety of choices but they all offer the opportunity to buy a new home with amazing design and all the conveniences we expect for today’s lifestyle.
Read more to learn about your options in pricing, location and amenities.
If you are looking for upper west side condos for sale you could buy in the Park Loggia located at 15 West 61st in the heart of Lincoln Center. Here you are close to Lincoln Center, Top Restaurants, Central Park and of course, the shops at Lincoln Center.
A little further north another Upper West Side condo is located at 212 West 72nd Street. While not a new building, it has recently been converted from a rental. Beautifully renovated residences with amenities including a fitness center, resident’s lounge and a roof terrace with gas grills are ready for your enjoyment.
“We’ve taken a modern approach to what an Upper West Side residence can be,” said Nancy Ruddy, Principle of CetraRuddy Architecture. “Our great advantage is the light and views that come with 212 West 72’s oversized, floor-to-ceiling windows. We’ve introduced beautiful detailing throughout the residences—a level of quality and craftsman-ship reminiscent of fine pre-war homes.”
Between 72nd and 96th Street there are even more Upper West Side condos for sale and many of them are smaller buildings, which appeal to many buyers who feel overwhelmed by a large building.
One condominium, the Westly, located on 91st Street even has a rooftop pool with stunning views of the Hudson River.
Perhaps you love being in the city for all it offers but don’t want to live in the hustle and bustle every day. Located in the heart of Columbia University is Claremont Hall, a Robert A.M. Stern building where the facade was so thoughtfully designed you would think the building has always been there.
This building offers residences with wide open views in every direction, many of them taking in sweeping river views and the George Washington Bridge with all of the historic and iconic Columbia University buildings nearby.
Another historic building offering modern living is the Wales Condominium, a new Carnegie Hill Condo in a distinguished landmarked building. Notable features in the residences include graciously proportioned living rooms with white oak herringbone flooring, elegant moldings, and oversized windows.
Looking for a more modern Carnegie Hill condo for sale? Try 180 East 88th Street. This new high-rise building offers amazing views and homes offering all the luxurious space associated with a prewar home yet updated for the modernist with elliptical lines including throughout the design. The multi-level amenities even include a half basketball court and a soccer pitch.
Apart from the wow factor all these buildings offer, there are also some very practical reasons to purchase a condominium:
- There are fewer hurdles to purchasing a condominium. Unlike a co-op your purchase application is not being scrutinized for approval of your finances. While you are required to submit a purchase application for a resale condominium it is largely to collect documents needed by the managing agent in accordance with their fiduciary duties to the building.
- Condominiums cannot refuse your purchase based on your finances, they only have the Right of First Refusal. This means that if they want to reject your purchase, the building is obligated to purchase the home from the owner for the same price you are offering to pay. When buying directly from a Sponsor as a first offering you are bypassing the need to submit a purchase application and there is no board to exercise a right of first refusal.
- Buying from a Sponsor or in a resale, you still have the option to rent out your home from the day you own it. In most buildings you should expect that you have the freedom to rent for an unlimited amount of time. You simply want to be aware of any restrictions imposed by the building regarding the length of your lease. Many but not all buildings require a minimum of twelve month for a rental period while others allow as few as six months.
Buying a condominium on the Upper West Side or Upper East Side from a Sponsor can be an expensive proposition. If you are looking for a budget friendly option, try investigating Murray Hill condos for sale.
These are not new buildings but many such as 630 First Avenue or The Corinthian are full-service buildings where the amenities have been updated for today’s standards. Both of these Murray Hill Condominiums are situated close to the East River so you may enjoy, river views from many of the residences along with the Esplanade and Ferry Service to Brooklyn and Wall Street. If you are someone who enjoys renovations you might find a great deal offering a blank canvas for your vision.
Looking for a great price and low monthly costs? Condos in Harlem are the way to go. There are still many buildings with tax abatements and even those who don’t have one, frequently have lower taxes than buildings situated below 96th Street. However, don’t think you need to sacrifice luxury or not purchase in a new development.
The brief history of Harlem condos is as follows. Many of the Harlem Condos for sale were built in the past 15 years. The first developers were very economical in terms of the size of the apartments built and the level of finishes. At the time, Harlem was strictly a value play and new owners came for great prices. As more affluent buyers were attracted to the ever-evolving neighborhoods above 96th street (with the allure of lower monthly charges, lower taxes and a thriving new restaurant scene) the price threshold rose.
This history explains the wide divergence in sale prices. Higher sale prices are typically associated with the very special buildings along the northern edge of the park boasting unobstructed Central Park views which include:
- Circa at 110th and Central Park North
- 145 Central Park North between Adam Clayton Powell Jr. Boulevard and Lenox Avenue
- 111 Central Park North at the corner of Lenox Avenue
- 1280 Fifth Avenue located at the Northeastern entrance to Central Park.
Condominiums for sale in New York City offer a wide variety of options in every neighborhood. Thinking of exploring these markets or learning the difference between a Sponsor sale and a resale? Contact me today or simply keep reading my blog. My team and I are am always happy to help.