What kind of housing can you buy in New York? - ForumDaily
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What kind of housing can you buy in New York?

About what kind of housing you can buy in New York and what you need to pay attention to when choosing a property, ForumDaily was told by the broker of one of the largest companies for the sale and purchase of residential real estate Halstead Property Konstantin Zaliznyak.

New York is a city of renters. Here, 64% of residential properties are rented out. The remaining 36% is divided into condominiums (6%), co-ops (12%), and multi-unit buildings (18%). Outside of New York City, the statistics change: more than 65% of residents own homes.

Types of Real Estate in New York

1. Cooperatives

The uniqueness lies in the fact that the board of tenants of the cooperative, sometimes a condo (very rarely), have the full right to refuse to buy to those who intend to purchase square footage. At the same time, members of the council may not even give the reason for such a refusal.

When purchasing a cooperative property, the buyer does not own the housing itself, but shares in the corporation. The corporation is the building where the apartment is purchased.

For example, The Dakota was built in 1900. Today, a five-room apartment in this house costs $ 39 million. A studio apartment is sold for $ 1 million 850 thousand.

One of the main advantages of buying housing in a cooperative is that, as a rule, the requirements of the cooperative are much stricter than the requirements of the bank, so the risk of default or bankruptcy when purchasing such real estate is minimal. It practically never happens.

It is worth noting that the cooperative was historically created according to the principle of a private club. To buy an apartment in a cooperative, the buyer must:

1) Provide complete income information, or as we say: the buyer must “financially disclose.”

2) Pass an interview with a council of tenants. Many of my clients who buy co-op live and work in New York, the apartment for them is the main residence. This is a very important argument for board members.

2. Condominiums

When you purchase a home in the condo, you have more free access to the purchase. In this case, the council of tenants has no right to refuse to purchase housing. It can acquire and legal entity.

This type of housing is very popular among investors and buyers who are interested in anonymity. I had very wealthy clients. They bought a house in the condo. These clients own real estate in different cities and countries. Customers with such revenues are interested in stability and price increases.

One of the most popular properties is One 57 in Manhattan. The most expensive four-room apartment on the 83rd floor in this building costs $58,5 million. The cheapest one-room apartment on the 39th floor costs $4 million 950 thousand.

There were also celebrities among my clients, but they almost always participate in the transaction anonymously. And I can say with confidence that today a large number of parents living in Russia, Ukraine, Israel, Belarus, Azerbaijan, are buying housing for their children in the United States.

3. Private houses

Today, there are practically no private houses (separate objects) in New York. Finding such property is becoming increasingly difficult.

But there are townhouses. This type of housing is popular among buyers who are looking for spacious accommodation. Among the lovers of townhouses there are very famous people. For example, the Russian oligarch Roman Abramovich or the singer Madonna. They bought several houses standing next to each other at once to unite them and to equip the palace.

The starting price of a townhouse is approximately $ 5 million. However, this price is for housing that needs major repairs. But the renovated mansions can cost fabulous money. For example, this winter, in New York, Vincent Viola’s house was sold for $ 114 million.

In the center of Manhattan. to the address: 8 East 62nd street, the house is sold for $ 84,5 million.

 

4. “Hybrid” housing, or condominium

A condo is a hybrid between a condo and a co-op. The specificity of this type of real estate is that such buildings are divided into two parts. The residential part of the building is a co-op, and the second part is commercial real estate, which is used by shops, offices and so on.

It turns out that in such buildings you buy an apartment in a cooperative.

However, in this case, the council of tenants can not refuse you to buy a home.

One of the most prestigious condopes in Manhattan: 110 Central Park South.

The most expensive five-room apartment on the 17 floor in this house is sold for $ 16 million. The cheapest one-bedroom apartment on the 20 floor costs $ 5,5 million.

When buying any type of housing is very important to remember that there are a lot of subtleties and nuances that a specialist will help you understand.

The housing market today and the forecast for the future

The main and very important positive feature of buying real estate in New York is stability.

Since 1946, housing prices have fallen only 3 times. For example, when there was a financial crisis in the 70s. Then more than a million people left the city. The second time occurred in the 90s - when there was a fall on the stock exchanges. And another period is the financial crisis of 2008.

After each of these cases, the market recovered in a few years. And very often, prices rose higher than they were in the pre-crisis periods.

Due to this stability, we have a second positive quality in the housing market - demand. New York is one of the few cities in the world where people from all over the world want to live and work.

 

The only negative quality I see on the market is the high price. Therefore, of course, not everyone can buy real estate in New York. Prices are rising, so some potential buyers are leaving for markets in other cities and states. You can buy housing there for many times cheaper.

Why is it worth buying apartments in New York

The answer, of course, is yes. Moreover, it is very important to do this in 2016. Just look at the state of the global economy.

As for the forecast, the ultra-elite (home price $10 million or more) part of the market will slow down. Supply will slightly exceed demand - not because there is little demand, but because there is more supply.

The average market (housing prices of approximately $ 1-3 million) will continue to grow steadily. The domestic economy is growing, more jobs are being created. People tend to live comfortably, and what could be more comfortable than their housing.

In 2015, more than 47 thousand transactions were made in New York, including all boroughs. The turnover of purchase and sale of residential housing amounted to $ 42,4 billion. Growth is noticeable. Because in 2014, turnover was lower and amounted to $ 39,9 billion.

 

I can say that I personally have 40% of Russian-speaking clients. Of these, about 50% are emigrants from the countries of the former USSR. I observe a trend that our people continue to live in their homeland and buy real estate in New York as an investment. Simply put, people invest their money in buying a home. And in New York, this means stability and even profit in the near future.

Our people are everywhere! I can not identify certain areas that like Russian-speaking property buyers. Russian speech can be heard anywhere in New York.

The most expensive and more accessible areas in Manhattan

Today, the most expensive place to buy and sell real estate is the so-called “billionaires' row.” This is the part of Manhattan between 8 Avenue and Park Avenue.

On 57th Street is the already occupied One 57 complex, the most expensive building in Manhattan. There, a two-story apartment on the 75th-76th floors was sold for $91 million, and a penthouse for $100 million. Thus, this mansion became the first apartment to cross the hundred million barrier.

Also not far from One 57, projects such as 432 Park Avenue, 520 Park Avenue and 220 Central Park South are currently being completed.

There are more classic options in the Tribec area:

11 North Moore street

35 North Moore street

443 Greenwich street

Areas of Manhattan, where you can buy housing at more affordable prices.

Yorkville is part of the Upper East Side, from 79th to 97th, and from Third Avenue to the East River.

Average prices in Yorkville area:

Condominiums:

Studio – $619 thousand

One-room apartments - $937,5 thousand

Two-room apartments - $1 million 976 275

Three-room apartment - $2 million 900 thousand

Co-op:

Studio – $349

One-room apartment – ​​$575 thousand

Two-room apartment - $1 million 450 thousand

Three-room apartment - $2 million 577 thousand

See also:

How to buy a home in the US

How to rent cheap housing in New York

10 Broker Brokerage Tricks for Renting in New York

Council of the day. How not to overpay for rental housing in the US

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