Eileen Hsu (許小姐) Manhattan NY Real Estate

Looking buy Short Sales in Manhattan New York? Facts and myths you should understand before you want to buy in Manhattan New York Short sales. We receive buyers' phone calls and inquiries daily on wanting to buy Short Sales in Manhattan New York, it is important for buyers to have the right expectation before they start the property search process.

What is a Short Sale in Manhattan New York? The definition of a short sales is no different if you are in New York, Florida or California. The lender in this case has to appprove of the sale since they are absorbing the loss, the difference in price between the outstanding loan and the selling price. The selling price is NOT going to be 'a bargain basement price', the lender will only approve the sale when it is a fair market price. Manhattan Short Sales Buyers please note: that you will not be able to buy any condo in Manhattan New York fifty cents on a dollar in a Short Sales in Manhattan New York (or any other market place).

Who are the Short Sale Sellers in Manhattan New York? Most of the short sale sellers in Manhattan New York are buyers who bought the new construction condos in the last five years or less. In the last five years or so, there are surplus of New developements and constructions. Buyers were buying new construction the first day the sales office open, most of the buyers buy pre-construction without seeing the actual apartment units, everyone bought off the floor plans and sales office presentations. The average price per square foot were over $1,100 and up to $5,000 per square foot.

Where are the Short Sales Properties in Manhattan New York? Since most of the Short Sales in Manhattan New York are new constructions and developments. These locations are usually Upper part of Manhattan (Morningside Heights, Harlem, Inwood and etc.), Midtown West (West 40s & West of Tenth Ave), Upper West Side (West 59th Street to West 70th Street & West of West End Ave), Upper East Side (East 90s & East of Second Ave to FDR Drive), Midtown East (East 50s & East of Second Ave), Financial District (Various new developments).

Why are Short Sales Properties in Manhattan New York concentrated in these locations? These are the locations that either the property owners did not have much of equity at the time of purchase, they finance 90% or more with high monthly payments (Mortgage + Monthly Maintenance fees), or most of these locations had saturated new developments and new constructions in the last five years, many owners have put down 10% or less at the time of contract signing, and now the market is different, they are finding what they owe the bank is more than what their properties are worth in today's market place and with huge monthly mortgage payment. Although refinancing may be an option for them, many of the banks nowdays are only refinancing a portion of the property value in today's market especially in New Construction buildings.

Manhattan New York Short Sales Buyers Please read our series below:

If you are a buyer that is looking to buy a Short Sales Property in Manhattan New York, and not sure where to start, please read through our Manhattan New York Short Sales blog Series and contact us at (917)837-8869 or morgan.evans (@)elliman.com.

If you are a seller that may be thinking of doing a short sales in Manhattan New York and not sure if you are qualified, please contact us at (917)837-8869 or email at ehsu(@)elliman.com for a confidential conversation. We have experiences working with short sales sellers here in Manhattan New York, we are confident that we may be helpful to your specific situation.

*Manhattan Short Sales Buyers Must Know was first posted at www.Manhattan-Condo-Living.com*

Foreig Buyers and out of town buyers MUST READ before you buy in NYC

Foreign Buyers and out of town buyers represent a good portion of our business. The strong demand of investment properties in New York city by foreigners as the news media has been writing about the softer market here in Manhattan. Our team have been serving foreign buyers in Manhattan Real Estate market for a long time, and not only for the foreign buyers, out of town buyers often find Manhattan Real Estate a unique market of its own.

Here are few considering factors for Foreign Buyers and Out of town buyers before investing in Manhattan New York Real Estate:

• Why do you want to buy in New York?
• Are you aware of the purchase process?
• How much do you want to 'disclose' about yourself?
• Do you know the difference between Co-op, condop and condo?
• How much financing do you plan to obtain if any?
• Do you have an US bank account?

As experts in working with Foreign buyers and out of town buyers, we are constantly educating the buyers and addressing the misinformation and false assumptions that client bring from his/her home town/country, and culture in order to explain the options, alternatives, and their consequences.

1. Foreign and out of town Buyers Must Read: KNOW YOUR PRODUCT-PART 1 OF 5
2. Foreign and out of town Buyers Must Read: KNOW YOUR BUYING POWER-PART 2 OF 5
3. Foreign and out of town Buyers Must Read: KNOW THE FINANCIAL REPORT OF THE BUILDING-PART3 OF 5
4. Foreign and out of town Buyers Must Read: WHO MANAGES THE BUILDING - PART 4 OF 5
5. Foreign and out of town Buyers Must Read: BUYING WITH YOUR HEAD AND YOUR HEART - PART 5 OF 5

If you are a Foreign and out of town Buyers, Manhattan Relocation buyer or a Real Estate investor and would like to find out how to invest in Manhattan Real Estate today, call us at (212)321-7122 or (917)837-8869 to see what we can do for you.

If you are an Real Estate professional and have someone that may be interested in buying/investing in Manhattan Real Estate, we are happy to accept your referrals. Contact us at Ehsu(@)Elliman.com or (917)837-8869.

High line in West Chelsea Manhattan is now open! The High Line was originally constructed in the 1930s, to lift dangerous freight trains off Manhattan's streets. Section 1 of the High Line is now open as a public park, owned by the City of New York and operated under the jurisdiction of the New York City Department of Parks & Recreation. Friends of the High Line is the conservancy charged with raising private funds for the park and overseeing its maintenance and operations, pursuant to an agreement with the Parks Department.

New York Mayor Bloomberg and Designer Diane Von Furstenberg was there for the ribbon cutting cermony, High Line park gives another green playground to lounge around, hangout, jog and exercise. Perfect time for this Summer.

Above is a photo of High line prior to the new renovation and re-planting. You can see the old tracks and the wild grass has taken over the old tracks.

A rendering of the High Line park that was proposed.

Eventually, this is what High Line park will look like when the entire park is complete. (photos curtesy of Curbed, NYTimes and High Line organization)

It is absolutely neat for the West Chelsea to have this used to be not so sightful train tracks to be a Green Park for the visitors and the neighbhoring friends to enjoy. Many of the New Developments have been building along the High Line Park including The Caledonia 450 West 17th Street, 520 West Chelsea (520 West 19th St),200 Eleventh Avenue, 245 Tenth Avenue, 100 Eleventh Avenue and more.

We have intimate working relationships with these builders and developers, we were able to negotiate some great prices for our buyers. If you are thinking of moving to West Chelsea, now it is the time. Contact us today at (917)837-8869 or email ehsu(@)elliman.com and we can discuss what you are looking for and how you can buy a condominium near the High Line park.

Facts about True Foreigners who want mortgages in Manhattan New York city.

We work with many foreign nationals buying Manhattan New York city Condominiums and often asked about what to buy in Manhattan and financing requirements for true foreigners. For foreigners that may need financing, the mortgage industry has been changing their guidelines and policy on almost weekly some daily basis. since September 2008 and the subprime crisis.

True foreigners (who do not hold working visas) will need to follow the parameters listed below to qualify a loan in Manhattan New York city: (source: Debra D. Bedell from Preferred Empired Mortgage)

• We will need a copy of their passport.
• The bank will escrow for the life of the loan 6 months of mortgage payments, real estate taxes and common charges.
• The borrower will designate a licensed attorney at law as their agent upon whom process may be served in the event of a default.
• The borrower will set up a small account with the bank so that the monthly mortgage payments can be automatically deducted.
• Loan size: 60% of the purchase price. The largest loan, without an exception would be $1,000,000. If a borrower wants a larger loan amount an exception would have to be requested. Minimum loan amount is $500,000.
• Application: the employment would be a no document where no information is requested. The assets would have to be verified and transferred to a US account. The bank would look at their statements for the last two months.
• Title can be in a Corporation name if desired.
• Normally the bank only wants the borrower to own one property in the area. This will be case by case if they own more than one property.

1. To Read More on Foreign Nationals buying Manhattan New York city Real Estate Click below links:
2. Manhattan Real Estate Condominiums and Co-Ops.
3. Foreign National Buyers Buying in Manhattan New York city Must Read.
4. Foreign National Buyers Friendly Buildings.
5. Purchase procedure of Manhattan Real Estate.

If you are looking for a Real Estate Professional who understands Foreign Nationals buying in Manhattan New York city Real Estate and are looking for the right investmentment, or are selling your property contact Eileen Hsu or Morgan Evans at (212)321-7122 or email us at: ehsu(@)elliman.com

disclaimer: We are not a bank and we cannot loan you or your broker any financing. We work with the top banks and borkerages in the country and can put in front of the best loan officers in New York. These requirements listed above is merely to give you an idea of your financing options; not to market our services.

Copyright © 2009 by Eileen Hsu: Foreigner Nationals Financing in Manhattan New York City Requirements.

The Dorchester Towers Condominium (155 West 68th Street) offers a unique ability for your rental needs. Dorchester Towers is one of the largest full service condominium buildings on the Upper West Side. It has about 680 units spread out over 32 floors.

What makes Dorchester Towers Condominium unique is that about half of the units are owned by individual owners and the other half are owned by the original sponsor. What that means to you is that if you are looking for a rental apartment you can either rent from an owner or from the sponsor who owns the remaining units in the building. Typically the sponsor renovates their units before they put them on the market. They will do a gut renovation and deliver the apartment with brand new bathrooms, kitchen, parquet hardwood floors, moldings, doors and fixtures. If you are looking for a renovated rental apartment in the Upper West Side this will be a terrific opportunity.

Renting from the individual owner does not necessarily mean that the apartment will be renovated. It will depend solely on if the owner has completed any prior renovations. The apartment might be in a semi-original condition or it might have undergone a gut renovation with high end appliances and finishes. Either way all of the building's amenities are at your disposal. If you are interested in pricing, incentives, and availability for both individual and sponsor owned apartments at the Dorchester Towers contact me.

The first thing you see at the Dorchester Towers Condominium is the circular driveway and the landscaped garden leading to the renovated lobby. Doorman and concierge await you as you enter the spacious foyer. A package room and a total of nine elevators. There are laundry rooms on every floor up to the 21st floor. Garage facilities are also attached to this Upper West Side condominium building.

Here are sample floorplans for 1-Bedroom Floorplan , 1-Bedroom w/dining alcove(JR 4) Floorplan or 2 -Bedroom 2.5 Bath Floorplan. If you are looking for a studio, alcove studio or different configuration contact us and we will provide your desired request.

Dorchester Towers Condominium Sales 2008 Year in Review: If you are an owner or potential owner of an apartment at the Dorchester Towers Condominium.

For a complete list of the current apartments for sale at the Dorchester Towers Condominium or for condominium apartments for sale in the Upper West Side call Morgan Evans or Eileen Hsu at (917)837-8869 for further details.

*If you are thinking of selling your Dorchester Tower Apartment (155 West 68th Street)*

**We are in a competitive market, hence working with two agents that live in the building and that specialize in condominium sales will you give you an advantage when it comes time to sell or rent your apartment. Our approach to selling your apartment is intentionally unique. We use strategies that most real estate agents do not use. If you are interested in hearing our proposition, contact us immediately to see how we can help you achieve your goals.**