About Manhattan's Union Square

We are Manhattan Condo Specialists, in our How to Buy a Manhattan New York Condo series in Part I as first time home buyers, Part II as first time investors, and in this Part III series, we will talk about how parents can buy for children, next series Part IV we will discuss foreigner buying in Manhattan New York Condos. We know the Manhattan Condo market and the specific needs of each type of buyers.

Buying a Manhattan New York Condo as parents buying for children, you should understand your budget and timeframe to start. Is this a 5 year plan while your child goes to school in New York? We work with many parents who are buying for their son/daughter that goes to New York University, Parsons school of design, School of Visual Arts, Columbia University, Jillards music school and other well known schools here in Manhattan New York. Is this for your son or daughter that is currently working in Manhattan? Do they have a job stability or financial freedom? Are they currently renting and lease may be expiring soon or month to month arrangement? It is important for us to know the reason and timeframe so we can narrow down the search for you.

Buying a Manhattan New York Condo as parents buying for children, you should plan ahead, and speak with all the parties involved (not you and your child but rather the right mortgage consultant/banker, accountant and a knowledgeable Manhattan Real Estate attorney.)

• Mortgage consultant: If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
• Accountant: If you are planning to co-purchase the condo with your child, be sure to discuss the possible tax complication you may have with your accountant. Speak to your accountant prior to your purchase can be very helpful.
• Manhattan Real Estate Attorney: In addition, speak to a local Real Estate attorney will be helpful as well since the local Manhattan Real Estate can also advise you what is the best way to structure the purchase and think about who/how should take the title of the deed.

Buying a Manhattan New York Condo as parents buying for children, the experienced Manhattan Condo specialists that can guide you through this process and navigate through the Manhattan Real Estate maze. Whether you are a first time buyer, or an investor that have bought and sold multiple properties in other parts of United States or country, we can help. Understanding the local market with the market expert can maximize your investment and avoid any possible problems down the rule. Many of our past clients are first time investors, they have bought many Manhattan condos under our guidance and continue to do so because we have developed a Real Estate plan for them. If this is something you are interested in, contact us now at (917)837-8869.

• How to Buy a Manhattan New York Condo (Part I) as first time home buyer
• How to Buy a Manhattan New York Condo (Part II) as first time investor
• Manhattan New York Condo Specialists
• Manhattan New York Condo Listings
• Dos and Don't before you buy Manhattan Real Estate!
• Manhattan New York Different types of Buildings
• We sell 'AS IS' condition: No Inspection in Manhattan New York Real Estate

If you are looking to purchase Manhattan New York Condo, we are the Manhattan Condo Specialists. Please contact us as we will be able to access ALL the Manhattan Condo listings in area of your preference. To receive prompt response, please email us at ehsu(@)elliman.com or Morgan.Evans(@)elliman.com. Call us at (917)837-8869.

Learn How to Buy a Manhattan New York Condo as first time home buyers. We are Manhattan Condo Specialists, we help find condos for first time home buyers, first time investors, parents buying for children and foreigners buying in Manhattan New York. We know the Manhattan Condo market but we also understand the specific needs for each type of buyer. In Part I we will discuss the needs of the first time home buyer.

Buying a Manhattan New York Condo as a first time home buyer you should know your buying power. Have you been renting for the last three years and you are ready to buy? How much equity do you have to put down? It is time for you to speak to a mortgage lender to understand today's lending rules and know your closing cost (bank fees, condo application fees, New York city and New York State taxes and attorney fees...etc) so that you have enough money to complete the entire transaction.

Buying a Manhattan New York Condo as a first time home buyer, it is a good idea to understand your timeframe. Do you have a lease that is coming to an end or do you have a month to month lease? Buying in Manhattan New York condo, a typical transaction takes 45-90 days or more. If you are not planning on financing, the quickest closing (if all parties cooperative) can happen in 45 days from the days you and the seller sign the contract, if financing, the process can take up to 90 days or more in today's market. To know when you need to move is absolutely neccessary!

Buying a Manhattan New York condo as a first time home buyer, you should keep an open mind as to what you can afford versus the location of your preference. If the purchase price (with the appropriate down payment and with lender's approved lending amount) is $500K, you are likely to find more space in Upper East side than the West Village. You should prioritize what are some must have items to you, is it location, is it doorman, is it the size, it is the price. Buying a Manhattan New York condo is an art of give and take, keeping an open mind to different options will help you to find the suitable Manhattan Condo!

Buying a Manhattan New York Condo as first time home buyer is important to team up with a patient and knowledgeable Real Estate agent that can guide you through the process. Looking for a Manhattan Condo can be a daunting task, but it does not have to be. Having a good Real Estate agent on your side puts you in a better position than other buyers because you not only can have professional knowledge and experiences, you will also have someone look out for your interest and negotiate on your behalf.

• Manhattan New York Condo Specialists
• Manhattan New York Condo Listings
• Dos and Don't before you buy Manhattan Real Estate! PART I
• Manhattan New York Different types of Buildings
• We sell 'AS IS' condition: No Inspection in Manhattan New York Real Estate

If you are looking to purchase Manhattan New York Condo, we are the Manhattan Condo Specialists. Please contact us as we will be able to access ALL the Manhattan Condo listings in area of your preference. To receive prompt response, please email us at ehsu(@)elliman.com or Morgan.Evans(@)elliman.com. Call us at (917)837-8869.

Union Square Condos in Manhattan New York: Union Square is an historic intersection in New York City, located where Broadway and Fourth Avenue, came together in the early 19th century; its name celebrates neither the federal union nor labor unions but rather denotes the fact that "here was the union of the two principal thoroughfares of the island" and the confluence of several trolley lines, as in the term "union station." Today it is bounded by 14th Street to the south, Union Square West on the west side, 17th Street on the north, and on the east Union Square East, which links together Broadway and Park Avenue South to Fourth Avenue and the continuation of Broadway. Union Square Park is under the aegis of the New York City Department of Parks and Recreation. (wiki)

Union Square Condos is in a area where Neighborhoods around the square are the Flatiron District to the north, Chelsea to the west, Greenwich Village to the south, and Gramercy to the east. Many buildings of The New School are near the square,as are several dormitories of New York University.

Many of our buyers asks us about Union Square condos because they love the neighborhood and the convenience of the all the shops and transportation. When a buyer asks about a 'Downtown' condo, most of the time they means the Union Square neighborhood. We have helped a photographer finding his one of the kind loft Union Square condo, and we have also helped an out of state parents to buy a Union Square condo for their son that is going to New York University graduate school. We know Union Square Real Estate market, we sell Union Square Condos.

Below are a list of Union Square Condos, 80% of the buildings surrounding by the Union Squares are Co-Op buildings, therefore the Condo buildings are very desirable for buyers who prefers to have the unlimited sublet policy and the preference not to have full financial disclosure as Co-Op requires.

• One Irving Place
• 8 Union Square South
• 15 Union Square West
• 44 East 12th Street
• 115 Fourth Ave
• 82 University Place
• 25 Fifth Ave
• 59 West 12th Street
• 22 West 15th Street
• 16 West 19th Street

To Learn more about Manhattan Condo Market Place including Union Square Condos Read posts below:

• Manhattan New York Condo Specialists
• Dos and Don't before you buy Manhattan Real Estate! PART I
• We sell 'AS IS' condition: No Inspection in Manhattan New York Real Estate
• Foreign and out of town Buyers Must Read - New York city Culture Shock

To find out the most current availability of each condo building. Please contact us as we will be able to access all the Manhattan Condo listings including Union Square Condos. To receive prompt response, please email us at ehsu(@)elliman.com or Morgan.Evans(@)elliman.com. Call us at (917)837-8869.

Are you looking for NYC Listings in Manhattan? NYC Listings for property in Manhattan can be emailed directly depending on your search criteria. We have access to all of the NYC Listings in Manhattan. If you are just starting your search or would like a detailed analysis of the properties that are of interest to you, we can provide all of the information you need for your NYC Listings search.

Your NYC listings search begins at looking at property that meets your personal criteria. As your search becomes more serious and you are interested in making offers on potential apartments, having the tools at your disposal to make an educated buying decision becomes more important. One of these tools is the Market Absorption Rate.

• Definition of Absorption Rate: Number of weeks/months it takes to sell the current inventory at the present rate of sales

3 Important Factors to Consider:

1. Manhattan does not have a MLS so tracking the total amount of inventory is not an exact science, different websites give different numbers, so based on what set of data is used will ultimately determine different absorption rates
2. How is the current present rate of sales determined? Once again this is a rate that depends on the source material used, there are many different places and figures giving the current rate of sales for Manhattan.
3. Absorption Rate is a trend. From week to week, month to month this number will change and is based on a number of factors that need to constantly examined.

Why is Absorption Rate Helpful to You?

• It will allow you to know when a real estate market most favors buyers or sellers with actual evidence?
• If you are looking to sell, the market absorption rate will help you identify a factual time period it will take to sell your property based on your price point
• Absorption Rates will indicate whether the local market is a buyers market, sellers market or a neutral market.

The question an absorption rate answers is "Is the inventory in a given market expanding or shrinking? "

If you are looking for a NYC listing follow the link. If you would like to receive the Hot List of NYC Listings click here!
For more information about NYC Listings in Manhattan go to our blog.

Short Sale Manhattan Part 4 Short Sales in Manhattan New York

What is a short sale?

Short Sales in Manhattan New York Definition: "For homeowners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a short sale. 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.).

Just as there are many different lenders there are just as many different policies governing the short sale procedures. The lenders all have their own criteria of what short sales they will accept. Just because your apartment falls in this category does not mean that every apartment will be approved for a short sale.

The next thing to understand for both sellers and buyers is that a short sale does take time.

Short Sales in Manhattan New York Timeframe: From the time a Contract is entered into to sell the apartment, the process should take no longer than 4 months. However, we have been known to negotiate short sales in as little as 3 weeks. All transactions are reviewed on a case-by-case basis so as to better advise the property owner what can expected. Things change often, rules change often in Short Sales. What a lender says is the way it is one day may change tomorrow.

Why would a lender want to do a short sale in Manhattan in the first place? Well, sometimes the loss they will accept on a short sale is less of a loss than if they foreclosed on the property. Foreclosing is not a cheap process at all and in New York it is very time consuming. Most homeowners can keep the lender at bay for months and sometimes even over a year. At times the lender feels it is better for their bottom line to accept a short sale.

Not every homeowner is qualified to do a short sale in Manhattan and we will cover the criteria in the next post in this series: Short Sales In Manhattan. So stay tuned...

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

Copyright © 2009, All Rights Reserved. *Short Sales In Manhattan, New New York- What you need to Know If You Are Buying Or Selling.*

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P.S. If you are listing your home as a short sale in Manhattan make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 917-837-8869 to find out more.