Sean Wayland : 3475231455
Qing Shen : 9173653947
BUYERS GUIDE TO RESIDENTIAL PROPERTY:
Buying property in New York City is a complicated process. If you have never purchased property here before we highly recommend the use of a licensed real estate agent or broker to help.
It is important to assemble a good team which includes a real estate agent, a real estate attorney with experience in transactional real estate and if you plan to finance some mortgage professionals.
Through our experience working with international buyers we have assembled a list of mortgage professionals, attorneys and real estate agents fluent in Mandarin and Cantonese.
Types of Property:
House or Townhouse:
When you purchase this type of property you are purchasing the entire building. It may contain more than one apartment. Usually to be considered a residential not commercial it should have less than 4 units. “Rowhouses” are common in Manhattan, especially in places like Greenwich Village where there are rows of residential dwellings connected. Each house is it’s own entity and can be purchased separately. In Manhattan this is the most sought after type of real estate. As of writing the most expensive house for sale in Manhattan is selling for $59,000,000. Some luxury condominium properties cost more but nothing is more prestigious than a New York City house.
This is the type of property most favored by foreign buyers and investors. Prices start at around $400,000 in Manhattan and go up to over $100,000,000. This is similar to “strata” title in Australia and Canada where you own your apartment and also a percentage of the common areas. Usually there is a “board” which is voted for. The “board” is usually other homeowners in the building. The board makes decisions about how the building is run. The board may ask for some of the purchasers financial information before agreeing to a purchase. Usually in these buildings there are no restrictions on renting your apartment.
This type of apartment is very common in New York City. Prices are usually about 30 percent cheaper than co-ops. These buildings are usually older. This was a way of creating a multi unit building that was fashionable in New York until about 1970. Most buildings built or “converted” after 1970 are condos. In a “conversion” a rental building owned by one entity ( “the sponsor”) will sell off the apartments. Usually each apartment is renovated before being sold. In some of these buildings there will still be tenants living there from before the conversion started. In a co-op a company owns the building and they sell shares. The purchaser buy shares and then is given a lease “in perpetuity”.
In co-ops they also have a “board” like condominiums. Traditionally these boards are “stricter” than condo boards. Buildings may not allow you to rent your apartment for longer than 2 years. The boards are also often stricter on your financial situation than a condo. Usually when you purchase a co-op there will be an interview with the board before you can purchase. Many boards also restrict things like the ability of parents to buy for their children. For this reason these properties are less properties with foreign investors. If you plan to live in New York for some time, have already been living here and are financially secure then this can be good option. These are cheaper and can feel less like a “hotel” since they are usually full of owners ( not renters ), many of whom may have lived in the building for a long time.