Finding Your Next New York Condo

When making the decision to buy your next condominium in New York, there are many important factors to consider. Most importantly in real estate decisions is location of course, followed by size (square feet needed for you, your friends, and family), amenities desired, as well as property type and cost.

The Three L's of NYC Real Estate: Location, Location, Location

When determining what location you are seeking to purchase a luxury condo in, there are countless options when it comes to New York City real estate. Whether you like Brooklyn, The Bronx, Queens, Staten Island, the Hamptons, or perhaps the crowning jewel of New York, Manhattan. Today we will focus on finding a Manhattan condo.

Manhattan is home to neighborhoods known around the world, such as the Upper East Side and Upper West Side, Chelsea, the Lower East Side, SoHo, Tribeca, the Financial District, Greenwich Village, Midtown East and West, as well as the West Village.

We will touch on this more later, but the types of amenities as well as cost vary immensely across the different neighborhoods, and offer buyers of all price ranges and needs the ability to find something perfect for their budget and tastes.

For someone who is a fan of the arts, food from around the world, and appreciates a bustling night life, the Upper West Side and Hell's Kitchen are the place to be. With some of the most fun bars and late night hotspots to grab designer cocktails and tasty appetizers, it is surely the scene to be when looking to spot A-list celebs and have a good time out on the town.

The Lincoln Center for the Performing Arts and Broadway are all only steps away from your doorstep in the Upper West Side, and offer world class entertainment without having to travel far and wide to catch a phenomenal show.

For those living a busy and mostly work-oriented lifestyle that are not swayed by a high price per square foot, some of the new developments closer to the Financial District are a great place to look.

With some of the most expensive townhouses, condos, and penthouses in the NYC real estate market, the neighborhoods surrounding Central Park offer concierge level experiences including doormen, private elevators and rooftop swimming pools, as well large picturesque windows to take in the views of the scenery below. Which appeals most to you?

Is Bigger Always Better When Hunting for Condos for Sale?

How many square feet do you need in your Manhattan condo? Call up your favorite broker with someone like Nest Seekers or Douglas Elliman and go take a tour of several open houses in the coming weeks to get a better idea of the difference in price and what you actually get in condominiums that are anywhere from 800 sqft all the way up to massive 4500 sqft penthouses.

The price per square foot will vary based on the prestige of the building or exclusivity of the co-op, how high up you are from the ground floor and if it is a walk-up building or not, which direction your windows face, as well as whether it is an older unit or new construction, not to mention the height of the ceilings.

When determining the amount of square feet to look for when you begin hunting for condos for sale, it is important to factor in how many residents there will be in your condominium and how much storage you will need for your belongings and furniture.

If you have a large enough budget (think seven figures and up) and lots of furniture, consider checking out the condos for sale in Trump Tower on Fifth Avenue in Midtown East just steps away from some of the most luxurious shopping in New York, as well as Park Ave. Trump tower is known for being one of the most desirable condominium buildings in all of Manhattan with its views of Central Park and the historic Central Park South neighborhood.

Now is the perfect time to get with your go-to lender and find your new home base during the covid pandemic so you have the perfect place to hunker down and shelter in place until things return back to some kind of normal.

If you do not need as much space and are more comfortable staying in a budget less than seven-figures, you can find some phenomenal spaces in the Upper West Side and Hell's Kitchen that are not efficiencies, but also are not sprawling 4000 sqft penthouses. The amount of luxury condos that are perfectly sized for one or two residents is unbeatable, in addition to the amount of new developments in the area popping up and changing the real estate market (as well as the skyline).

Manhattan Condo Amenities - What's the Scoop?

When determining what part of Manhattan you are going to purchase your next condominium in, think through what amenities are important to you. Do you want a swimming pool, rooftop bar, private exercise room or gym, doorman, and to have your move-in handled by experts? You will be looking at the new construction and most luxurious of the condominiums available for sale in the New York real estate market.

Although the supply of condominiums offering this level of luxury and white glove service to residents is far lower than their lower priced alternatives, there are certainly plenty to choose from in Manhattan for even the pickiest of buyers. Check out some of the condos for sale in Tribeca and SoHo. Whether your price range is $40 million or $4 million, you can find a piece of luxurious real estate that is perfect for you.

If you do not spend countless hours at home each week and spend most of your time working, amenities such as rooftop pools, doormen, and swimming pools at your condo might not be as important to you. The things you value most might be a gym, quick access to great restaurants and entertainment, as well as reasonably short commutes to and from work and fun.

The Upper West Side around Broadway would be a great choice, as you are within walking distance to the best restaurants around as well as the arts hub of the entire city of Manhattan. The Juilliard School with its outstanding prodigal students, the Lincoln Center for Performing Arts with its featured performers bringing some of the best talent from around the world to share classical masterpieces on their stages, and not to mention Broadway for those looking to grab a great show on the weekend with friends.

As far as work and commuting around the city to the office goes, there are subway stations close by, allowing you to commute anywhere in the city easily for work without having to take a long walk from your condo to get anywhere.

Property Type

Are you looking for a house in the suburbs, a low-maintenance townhouse, a rustic brownstone with lots of character, an ultra-modern apartment in the most exclusive co-op in town, or an elegant condo that is the embodiment of luxury?

Determining what it is you are looking for in your next real estate transaction makes a huge difference in narrowing down your search. Rather than aiming wide and hoping to find something that works for you, it is better to work backwards when finding the right property by using the process of elimination.

Begin by determining your favorite type(s) of properties and what neighborhoods they are in. Eliminate all neighborhoods from your real estate search that are in neighborhoods that do not have these sorts of properties. From then you can further narrow it down by price, then eventually by bedrooms, bathrooms, square footage, etcetera as you get closer and closer to finding the perfect property.

This is a great method for saving yourself time and energy when searching for your next residence, so that when you come across properties you do like, you will know if it is the one for you. Not only that, but your familiarity with the type of property you are interested will be so honed in that you will know what a fair and reasonable offer is and if it is likely to be accepted when you and your broker submit it for their review.

What is the Cost?

Finally - and some may say most importantly - in determining which area and which property to purchase, is the price. As discussed previously, the price is one of the quickest factors that can be used as home buyers to narrow down the home search and close in on the properties that are right for you.

Getting the best price per square foot or the best price in the neighborhood is not the only thing that is important. Some other things to be considered are buying in neighborhoods that will likely see high levels of appreciation in the future, as well as buying at the right time when prices are not inflated.

A strategy that many real estate experts preach is to buy the smallest house on the biggest and baddest block in the neighborhood. If your condo is the smallest in a building surrounded by much larger and more expensive condominiums, you are going to see a higher average price when or if you turn around and decide to sell it in the future as well. This comes down to the law of averages with all comparable properties in your building being significantly higher in value and pulling the value of your property up by being in the same building.

A great example of this is the prestigious condominiums in Tribeca. The appeal of owning a condominium in some of these exclusive buildings is reason enough to pay just about any dollar amount to secure a condo. If you have the smallest condominium in the building that is only 700 square feet, it is still going to sell more than the 700 square foot condo that you considered buying across town in a building of other similarly-sized condos that were all within the same price range as one another. With this one being surrounded by 2000+ sqft units with floor-to-ceiling windows and unmatched views, you are going to reap the benefits of being in the same building and having those as neighbors.

Overall, when deciding where to purchase your next Manhattan condo, don't forget to pay attention and think closely about the location, size, amenities, property type, and the cost.

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Created on Oct 21st 2020 03:11. Viewed 164 times.

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