Eileen Hsu (許小姐) Manhattan NY Real Estate

Gramercy Starck Rental One of the best priced high floor one bedroom rentals in Gramercy Starck condominium.

Gramercy Starck Rental Beautiful BRAND NEW NEVER LIVED IN one bedroom in Gramercy Starck Condominium. Fantastic Empire State Building Views.

Gramercy Starck Rental Washer/Dryer in Apartment. Gramercy Starck offers luxury amenities, including library Lounge, landscaped roof terrace, roof deck, a 2600 sf. Starck designed Health Club with Lounge area. Call Today to schedule an appointment.





We have helped multiple owners and renters find their perfect home in Gramercy Starck Condo. Please call us today if you want to schedule an appointment. (917)837-8869 Morgan Evans. Morgan.Evans(@)elliman.com.

Short Sales in Manhattan New York, New York Part 4, for the previous Short Sales in Manhattan New York series, you can find it here. We are experienced Short Sales agents in Manhattan New York, before you thinking of buying a short sale property, please read our series.

Short Sales in Manhattan New York has been a common inquiries for our buyers and investors. Short Sales occurs when lenders agree to a short sale in real estate, it means they are willing to release their lien against the home for less than the outstanding mortgage balance (including default interest and penalties, etc.). Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose."

The Short Sales in Manhattan New York that we are seeing are mostly in newer construction building that were built in the last 3 years where the owners have bought the condos in the peak of the market, the average price per square foot from $1,200 - $1,500 or more in the high amenities full service luxury condominium buildings (one bedroom average price starts at $850,000), now they are responsible for a large monthly mortgage payment, and they are seeking for other options such as a possible short sale if they qualified a lender hardship test.

As specialists of Short Sales in Manhattan New York, when we receive phone calls from buyers on the interest in buying a short sale, we always ask why they are interested in buying a short sale. Most of the buyers think they can get a 'better deal' than other sales. Short Sales Buyers, please note that the lenders have to approve of these short sales prices, the lender will only approve of the sale if/when the price is at FAIR MARKET price. With that being said, the price must reflect the most current sold and close in the condo building or comparable buildings in the same neighborhood, if last similar condo unit has sold for $800,000, the lenders will probably not approve the short sales unit for $500,000.

Short Sales in Manhattan New York as of May 2009 represents less than 1% of the market inventory, buyers who are interested in a short sales should keep an open mind that you may be able to find 'a better deal' by finding that motivated seller that is willing to take a loss on their property. We are active agents on the market and we do have a "Hot List" of well priced condos with highly motivated sellers that are willing to negotiate with realistic buyers. The difference between a short sales and buying a from a motivated seller is that the sales is not contingent upon lender approval. Once both parties (buyers and the sellers) agreed upon a price, we sign contract right away and can be close in the next 30 days as oppose to 90 days or more for short sales.

• Short Sale in Manhattan New York-New York Part 1
• Short Sale in Manhattan New York-New York Part 2
• Short Sale in Manhattan New York-New York Part 3

We are a team that has experiences in short sales in Manhattan New York, most of the Real Estate agents have no working experiences in short sale. Our team, as seasoned Real Estate agents, we understand what short sale is, we have a team of specialists (Attorneys and Negotiators) that will ensure a successful short sale transaction. We are Real Estate agents under one of the most successful Manhattan Brokerage firm Prudential Douglas Elliman with extensive market knowledge. In addition, we have the confidence and success rate in completing a short sale transaction.

SELLERS: If you are an owner that is unsure if you are qualified for a short sale or already behind your mortgage payment, call us today at (917)837-8869 or email us at Ehsu(@)elliman.com for a confidential conversation.

BUYERS: Contact us if you are interested in buying a 'Short Sale' properties in Manhattan New York, or simply want to discuss if any of our "Hot List" has any condo listings that fits what you are looking for. call us today at (917)837-8869 or email us at Ehsu(@)elliman.com

We have many buyers who are not native 'New Yorkers', sometimes the condo definition can be different by buyers from their own culture or different parts of United States. It is important to establish a definition that is clear for others to understand about our Manhattan Condo market place.

Here is the definition of a "Manhattan Condo" from a New York Mortgage Professionals...Buying a condo is like a buying a single-family home that sits inside a building.

Manhattan Condo: You own the apartment plus a percentage of the building's common areas. Condo buildings have monthly "common charges" to cover building-wide services (management, door staff, plumbing, roofing, common walls) but these charges are usually much smaller than co-op maintenance charges.

Manhattan Condo buildings have condo boards and board of directors but they cannot deny sales or rentals-making condos very attractive to investors. Condos are usually more expensive than co-ops-there are fewer of them and there's a high demand.

Lending banks are lenient about condo buildings-if you borrow 75% or less of the price of your condo, a lender won't review the building's finances, and all banks accept completed condo buildings that are 90% occupied.

Manhattan Condo is "Real Property", your loan is a mortgage secured by the apartment itself. Closing costs are higher for condos than for co-ops… 2% - 4% of the loan, as opposed to the flat $1500 closing cost for a co-op. Mortgages for condos carry about the same low rates as for single-family homes.

If you have just started thinking about purchasing it may be in your interest to contact a real estate agent for a free consultation regarding what type of property in New York City might be right for you.

1. Manhattan Condo Listings
2. Manhattan Relocation Buyer Must Read - Know your products
3. Manhattan Relocation Buyer Must Read - Financing in Manhattan

Manhattan Condo Buyers: Yes, we know the Manhattan Condo market, we know where to look to find a good condo base on your needs. It is important to know that with the historic low interest rate, many of our savviest buyers and investors are on the market right now looking with us buying a very well priced Manhattan Condo. If you are on the market to buy, we encourage you to contact us today by calling (212)321-7122 or (917)837-8869. Email us at : Ehsu(@)Elliman.com for immediate respond.

Manhattan NYC: Myths About Homeownership How lenders assess mortgage applications has changed a lot in the last 20 years. What closed the door to homeownership then may not be a factor today.

The following are some commonManhattan NYC Propertyownership myths:

Myth: You need great credit to become a Property owner in Manhattan NYC.
Fact: You may still be able to buy a property and you have less-than-perfect credit. And remember, you can improve your credit over time. But if you are buying a property and you have less-than-perfect credit, talk to a housing counselor who can help you avoid a mortgage you can't afford. It is important to comparison shop. Be wary of a lender who tells you, "Your less-than-perfect credit means that no one but me will work with you to find you a loan."

Myth: You can't buy a property in the Manhattan New York if you're not a citizen.
Fact: If you're a permanent or non-permanent resident alien, you can purchase a property in Manhattan New York.

Myth: If you don't have a bank account or credit cards, you can't qualify for a mortgage.
Fact: Having a bank account is always a good idea and helps you establish credit. However, lenders can approve you for a mortgage even if you don't have a bank account or credit cards. You'll likely need to keep records showing a history (Usually 2 years or so) of payments you've made for items such as rent, utilities, and car payments.

Myth: Manhattan New NYC Lenders share your personal financial information with other companies.
Fact: By law, banks and other financial institutions are restricted in their uses and disclosures of information about you. In some situations, you may choose to restrict the disclosure of your information if you don't want it to be shared. If you are unsure how your information will be used, don't be afraid to ask - it's your right to know.

Myth: If you're late on your monthly mortgage payments, you'll lose your property.
Fact: If you have a financial hardship, like the death of your spouse or a medical emergency, and fall behind, it's possible to keep your home and get back on track if you contact your lender early. Even if it is not possible to keep your home, you can sell your home and possibly buy a less expensive one rather than face foreclosure.

Myth: You can't get a mortgage if you've changed jobs several times in the last few years.
Fact: Not true. You can change jobs several times and still get a loan to buy a home. Lenders understand that people change jobs. The important thing is to show that you've had a stable income.

I have not been around much because I have been absolutely swamped in negotiating deals, working the buyers, sellers and speaking with past clients about what their mindsets are about today's market.

We are seeing massive sales activities in Manhattan New York Real Estate market. We are seeing buyers showing up in open houses, asking buying questions, and making offers, some losing bids to other higher bids and properties going into contract.

As we are approaching mid-Summer, we are seeing the sales activities getting picked up tremedously in the price point below $1M. In the past, the average sales price point has been around $1.2M for Manhattan New York Market, in the past quarter, we are seeing more than 50% of the contract signed has been below $1M. The first time home buyers are out, the renters that have been renting for the past few years, finally has a chance to come in to the market and able to enjoy the historic low mortgage rate.

In our Manhattan New York market place, we are seeing:

1. First time buyers are showing up at open houses with their parents, spouses and ready to present offer
2. The busiest price point we are seeing are between $500,000 to $950,000. Which in our market price can buy a studio to a large one bedroom condo or a small two bedroom condo.
3. Buyers losing their desirable apartments because other buyers have outbid them.
4. Not much of the 'deals' left in our market place.
5. All Cash buyers are being outbid by mortgage needed buyers because sometimes 'All Cash' is not the king.
6. Well priced properties are receiving multiple bids and contract signed within one week on market.

These indicators are telling me that Manhattan New York market is on its way of recovery. I sure hope this trend continues, and the Market should be back on our feet within the next few months!

How about you? What are you seeing in your market place?

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If you are looking for a Real Estate Professional who understands Manhattan New York Real Estate Market and are looking for the right investmentment, or are selling your property contact Eileen Hsu at (212)321-7122 or (917)837-8869 or email us at: ehsu(@)elliman.com

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