Eileen Hsu (許小姐) Manhattan NY Real Estate

Manhattan Relocation Buyers Must Know What You Are Buying-Understanding the Products: (Co-Ops, Condos, Condops, Townhouse)

We work with several Manhattan Relocation Buyers, we know first hand that Buying an apartment in New York City will be an exciting and also daunting experience. Because New York City offers a unique buying experience with many of its own quirks and differences the first step for any New York City first time homebuyer or first time investor is to become well informed and educated about the different real estate products you will be looking at to ensure your experience will be as calm and rewarding as possible.

1. Co-Op: Manhattan Relocation Buyers need to know that Co-Ops is a most common form of housing in Manhattan Real Estate market. A phenomenon that's almost unique to Manhattan, the Co-Op Apartment, has been the traditional form of ownership in New York City for the last century. About 80% of all apartments available for purchase are in co-operative buildings. Co-ops are owned by an apartment corporation. When you purchase within a co-op building, you're purchasing shares of the corporation that entitle you, as a shareholder, to a "proprietary lease." The bigger your apartment, the more shares of the corporation you own.

Standard Co-Op apartments: Board approval is required. You are buying shares of corporation, you are required to put down 20% or more of down payment, there will be a full financial disclosure, debt to income ratio requirement and board interviewing process. Each Co-Op building has their own financial requirements and criteria, some are more flexible than others, such as allowing guarantor, co-purchase, gift money from parents, pied-a-terre, your debt to income ratio, work history, down payment required...

Subleasing a co-op can be difficult. The board of directors will have to approve the prospective tenant subleasing your apartment. Each building will have their own rules regarding for how long you can lease your unit and other criteria.

All prospective purchasers must interview with the Board of Directors. Prior to the interview, prospective purchasers prepare a detailed "Board Package" which usually contains personal and professional letters of recommendation as well as a great deal of personal information concerning income and assets.

Sponsor Co-Op apartments: NO Board approval is required. These are Apartments that are held as an investment by the sponsor , the original developer who built the building or converted the building to a co-op. Sponsor units command a premium because people who might not pass a board or don't want to go through a board approval process can buy them.

For example, a sponsor unit would be a good choice for parents who want to buy an apartment for a child who is a student. A sponsor unit may be the best apartment for someone who is not working, or only has a short job history. Buyers of a sponsor unit should take note that they will need to pay NY State and NY City transfer taxes, and often the seller's attorney fees. You still have to submit a board package (Homeland Security! The management company needs to know who is moving into their building) and you almost always have to abide by the building's house rules as far as sublet requirements and pets.

2. Condominium: Many of our Manhattan Relocation Buyers opted for this type of property and investment.

Unlike Co-ops, you are buying Real Property. You hold title to your apartment unit plus a percentage of the entire project in common with all other owners.

Resale condo apartments: These apartment units are previously owned. The sellers are individual owners. There is still a monthly common charge similar to the maintenance charge in a co-operative. These charges don't include your real estate taxes and are not tax deductible. They also tend to be lower than in co-ops because there is no underlying mortgage for a condominium building.

There is no board approval process like a co-op, typically you can finance up to 90% of the purchase price and sublet them at will. Condominiums are the number one choice for flexibility. Because there is more scarcity and flexibility owning a condominium there is a premium paid to own a condominium compared to buying a co-op apartment.

New Development Condo apartments: These apartments are brand new construction or pre-construction. They are being sold by sales agents of the developer. Buying into new construction has its perks such as being able to pick out the best apartment unit that suits your need, particular floor apartment, or apartment built to your specification if you get in early... Some of the disadvantage of new development would be, uncertain on closing date, not able to know exactly what the apartment looks like, the building management track record, and the possible higher closing cost than resale condo apartments.

3. Condop: Co-Op with Condo rules. The special hybrid of a Co-Op and a Condo, the Cond-op. When buying into a Cond-op, you are buying shares of corporation, as you would be if you were buying into a standard Co-Op, but the major difference is that the policy and the rules of the building will be Condominium rules. These rules would be unlimited sublet policy, able to resale the apartment unit immediately with no board package and interview, investor friendly, a lot more flexibility.

4. Townhouses: Townhouses are sometimes bought as hey are non-uniform units in certain neighborhoods or streets in New York City that are designed to mimic detached or semi-detached homes. The distinction between dwellings called just "apartments" or "condos" is that these townhouses usually consist of multiple families, usually multiple floors. The price range of the townhouse is usually higher than single unit of condo or co-op apartments.

Manhattan Relocation Buyers: Which is Best for YOU? That really depends on your specific situation and what your goals for purchasing are. If you are looking to buy an investment property and rent it out immediately then a condo or condop would give you the most flexibility.

Are you a first time buyer who has fallen in love with prewar apartments with their high ceilings, fireplaces, ornate details, well then a co-op will probably be in your future. Are you looking for privacy, a house in the city, more square footage than in a high rise, looking for an exclusive property, a townhouse might be a good option. What type of property is best for you depends on your personal preferences, your financial situation, your long term goals, and many other important factors.

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 Relocation Condos 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(at sign)Elliman.com for immediate respond.

Manhattan Relocation Buyers Must Know, we have been assisting out of town buyers and renters to find their perfect place to live for years now. We understand that searching for an apartment in Manhattan New York may seem a bit overwhelming at first.

As Manhattan Relocation Agents-Brokers here in New York city, we have the Knowledge of what to expect, understanding the process and terminology, and learning about the present New York Real Estate market will be extremely important in helping you to find the perfect home.

Working as Manhattan Relocation Agents-brokers, we can assist you in both sales and rentals all through out the Manhattan Real Estate market. Whether its a Rental management to a Manhattan New Condo construction building. We know the market.

Manhattan Real Estate Market is unique:

• The Manhattan Real Estate Market does not have MLS (Multiple Listing Service). If you are moving from other parts of United States to Manhattan New York, it is hard to grasp the concept that we do not have MLS and as a buyer, it is sometimes tough to see or find all the listings at once, you may have to look through various websites to compare listings, there are many 'unreal' listings or out of date listings floating around different websites, it may be frustrating starting out as a relocating buyer. Working with a knowledgeable Manhattan relocation agent, you will be able to see every suitable property in your preference without missing a thing.
• Manhattan Real Estate does NOT have Lock boxes. For those of you do not know what Lock box is, please read Lock box story here. So since there is NO Lockboxes here in Manhattan New York, the listing or seller's agent will have to be there for every showing. All the showing is done by appointments, both sellers and buyers agent will be present and this is how we show or see properties here. If you know when you are coming to New York, it is a good idea for you to contact us before your arrival so we can discuss your needs and set up appointments prior to your arrival to avoid any last minute appointment requests that may not be granted due to other agents' schedule.
• Manhattan Real Estate has an 'unofficial' Saturday off. Since we do not have lock boxes, every agents are running all over town to show appointments and most of us work 6 days a week. We also rely on other agents' schedule and availability to show properties. Unlike other parts of United States, realtors can show the properties whenever works the buyer and the realtor are available, in Manhattan, it is hardly the case. If the buyer/client would like to see the property, we have to call the listing agent 24 hours ahead of the appointment day and make sure they are available as well. Most of the open houses are on Sundays, therefore both sellers and sellers' agents will defer Saturday appointment request to Sunday open houses. (Yes, exception can be made, the point here is, we have to give prior notice, usually 24 hours before we can confirm the appointment).
• Manhattan Real Estate wants to know financials if you are buying a Co-Op. Cooperatives are 75% of Manhattan Real Estate housing market. Before any agent agree to show you the Co-Op listings, we will have to pre-qualify your financials so we do not waste anyone's time. Each Co-Op building has very specific financial requirements, (Debt to income ratio, source of income, salary & bonus history, who is buying, how much the buyer is financing...etc). Please understand that we are not trying to be invasive about your financial information, we are just doing our jobs. Do not be shy about your financials if you are thinking about buying a Co-Op. If you do not want to discuss your financials, perhaps we should look at some condominiums.

On the Manhattan Relocation Buyers Must Know Part Two, we will be discussing different types of housing for Manhattan Relocation buyers. Please stay tuned. Thank you.

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

Manhattan Relocation Condos 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(at sign)Elliman.com for immediate respond.

Buying Manhattan Short Sales Condos Must Know!

Currently we are handling several Manhattan Short Sales Condos, we represent the short sale sellers. Since Manhattan Short Sale is still a new phrase for many of our agent peers, it is a newer phrase for Manhattan Condo buyers, the buyers were used to multiple bidding on a condo of their choice in the past few years.

Manhattan Short Sale Condos Buyers and their agents need to know:

Definition of a Manhttan Short Sale Condo: YES, this is a good opportunity for the buyers. (Please read our previous blog post on the basic definitions) NO, this is NOT a foreclosure! Many buyers' agents misinform their buyers about the Short Sales definition and we as sellers representation have to educate buyer's agents and buyers about the truth about Short Sales.

Offers for a Manhattan Short Sale Condo: YES, you can make offers on what you think it is fair market price, but NO, you can not buy 50 cents on a dollar of what the owner pay for, unless the owner overpaid and/or the market has dropped 50%. But as of MAY 2009, we are not 50% below the peak prices. Lender will not approve a short sale below fair market value. Buyers, if you are planning to buy a Manhattan Short Sales Condos, please manage your expectation.

Timeframe For a Manhattan Short Sales Condo: Yes, you have to be patient, as part of the course, the Short Sales sellers have to submit a Short Sales Hardship package, and it is very similiar to submit a Co-Op board package (tax return, financial information, pay stubs...etc), and both buyers and sellers will have to wait. In the case of Short Sales, we wait for the lender to review). NO, you can not close immediately. There is a waiting period anywhere from 2 weeks to sometimes 5 months (don't be afraid, we usually have the approval much earlier than 5 months). So if you have a immediate need of moving, you may have to think twice about buying a short sale condo.

Manhattan Short Sales Condos Listings: Yes, we have several Manhattan Short Sale Condo listings that we are happy to introduce them to you based on what your specific needs, locations, and price range. To find good opportunities and great buys in Manhattan Condo, you do not neccessary have to buy only short sale condos. There are a good numbers of Manhattan Condos with motivated sellers that may suit your needs.

Who are Manhattan Short Sales Condos Sellers: Many of the Manhattan Short Sale sellers bought in the peak of the Manhattan Real Estate market within the last 2 years with a flexible lending policies, and now since the market has softened and many of the sellers have lost the stability of their current job (some in financial industry, some not) they are now facing a huge monthly mortgage payment and may not be able to sustain those payments, now they are seeking for other options. Buyers, please know that most of these Manhattan Short Sale Condo Sellers have done nothing wrong.

Potential Manhattan Short Sales Condos Sellers: Yes, if you are thinking of having a short sale on your Manhattan Condo, please contact us and we will have a confidential conversation and/or meeting to see if you are eligible for a short sale. We understand the financial burden you may have at the moment, but it is important to address the issue and let the professionals help you than just ignoring it. Call (212)321-7122 or Email us at Ehsu(at sign)Elliman.com

Manhattan Condos 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 either buying a Manhattan Short Sale Condo or just 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(at sign)Elliman.com for immediate respond.

1. Manhattan Short Sales Condos Series Here
2. Manhattan Condo Listings Here
   

*Buying Manhattan Short Sale Condos Must Know!* was first published on www.Manhattan-Condo-Living.com*

Here are some more photos of Upper West Side Central Park. Since New York city is having a streak of Hot weather this week, I took advantage of that and had some walks in the park and took some photos!

Photos at the Central Park Reservior. The Central Park Reservoir - now offi­cially named the Jaqueline Kennedy Onassis Reservoir. The Reservoir in Central Park is located between 86th and 96th and covers a full one eight of the park’s surface. The 106-acre water body is 40 feet deep and holds over a billion gallons of water.

Photos of San Remo. The home of many famous celebrities.

Full bloom of Cherry Blossom along the reservior path.

It is probably best known now as home to the 1.58 mile running track that surrounds it. The reservoir is also currently the subject of a very public debate as several different plans are considered for its future; these include fishing piers, a marina, ball fields, restaurants and beaches. Hopefully the debate will rage on indefinitely and the current configuration will remain as it is.

Runners running on the path next to the Cherry Blossom.

Photo taken from North end of the Reservior looking down. You can see the tip of Chrysler and Empire State buildings.

If you are looking to buy an Upper West Side Apartment-Condo in Manhattan New York or would like to know more about any Upper West Side Apartments-condos please contact us today at (212)321-7122 or (917)837-8869 to help you find a building that is perfect for you.

We live in Upper West side, we understand the market in Upper West Side. If you are looking to live near Central Park or on the market to buy or sell your Upper West Side condos, please Contact us now for your specific Real Estate needs. (212)321-7122 or (917)837-8869.

We live in Upper West side Manhattan, we are steps away from the Central Park, Lincoln Center, Time Warner Center, Columbus Circle and all the arts and culture of Manhattan New York.

This weekend we had a hot Summery weather, the temperature went up to 90 degrees, everyone was out in the park and we took few hours of our day and decided to join the crowde.

We went to Central Park and had a great time on the Great Lawn. The Great Lawn has, over the years, hosted some of the most popular musical events in the city’s history. It is our urban sanctuary. Here are some amazing photos to share!

The Great lawn - This lush green 55-acre area at the geographical center of Central Park was originally the site of the Croton Reservoir. When the City's plans for a new water system rendered this reservoir obsolete, it was drained in 1931, filled in, and opened as a luxurious green 13-acre oval in 1937. In the 1950s, eight ballfields were added. In time the Great Lawn became the venue for some of the City's biggest outdoor events, including concerts by Elton John, Diana Ross, Simon and Garfunkel, and Luciano Pavarotti, Disney's June 1995 preview of the movie Pocahontas, and a papal mass with Pope John Paul II in October 1995.

If you are looking to buy an Upper West Side Apartment-Condo in Manhattan New York or would like to know more about any Upper West Side Apartments-condos please contact us today at (212)321-7122 or (917)837-8869 to help you find a building that is perfect for you.

We live in Upper West side, we understand the market in Upper West Side. Contact us now for your specific Real Estate needs.

*Copyright © 2009 by Eileen Hsu: *Upper West Side Central Park-Great Lawn in Sunny Spring April* www.Manhattan-Condo-Living.com