Manhattan Real Estate

There are many things to consider when remodeling or purchasing an older home. Homes built after 1980 have the strong likelihood of containing asbestos. Used in millions of homes throughout the last quarter of the 20th century, asbestos insulation can become a real dilemma for homeowners due to causing a variety of health problems, including Peritoneal Mesothelioma and Malignant Mesothelioma. These types of cancer take the lives of thousands each year.

In Manhattan and its surrounding areas, the most recent asbestos concern was the estimated two thousand tons of asbestos that fell on New York City on September 11th, 2001. When the World Trade Center’s fell, a cloud of dust extended as far as New Jersey which included 2,500 contaminants. If you or anyone you know was near the towers on 9/11, it is advisable to you to seek help from a licensed, practicing physician.

Non-regulated asbestos material can be legally performed by homeowners, regular contractors, or licensed asbestos abatement contractors as long as the National Emissions Standards for Hazardous Air Pollutants (NESHAP) are not violated. Asbestos removal in public facilities, homes and workplaces must be undertaken by a licensed asbestos abatement contractor. Once the removal is complete, green insulation options should be given serious consideration, such as: Cellulose, Cotton Fiber and Lcynene.

By Chase Peterson
www.asbestos.com

Ask 10 different people about the condition of the New York real estate market and you will likely get 10 different answers, ranging the full spectrum from “Awesome” to the ambiguous “Wild” or “Nutty,” to the downright bleak “Horrid”. Why such a disparity, you ask? And, more importantly, which response is correct?   It depends who you ask, and that is the problem.

Too many real estate brokers have fallen into the salesperson trap of “perpetual perfection”, meaning, regardless of the cold hard facts, business is always great. It’s a tool that all good salespeople know – put a positive spin on things and anything is possible. The problem with this theory when it comes to real estate is, by glossing over the truth, you may be hurting business in the long run.

Sugar coating aside, the real estate market in New York has declined over the past year.  And while a positive attitude is always an asset, there is no way to gloss over the fact that short sales are increasing in droves. Some brokers feel that presenting consumers with the brutal truth is depressing, and will further inhibit already leery potential sellers and buyers alike. But what happens when your tale stops spinning?

Eventually, when that overpriced listing doesn’t sell, and that mint triple plus home is still on the market after 8 months, the truth comes out: The real estate market in New York is not at its best right now. Times are tough, prices are down, and foreclosures are up – the numbers don’t lie. And your customers will figure that out, regardless of what you tell them up front.

But a downturn in the market does not mean all is gloom and doom. There is a reason why they call it a “buyers market” and buyers all over New York should be on their phones and computers snatching up those gems before it’s too late. Three years ago, buyers were completely at the mercy of astronomical prices and aggressive sellers. Now, with the situation reversed, those in the market to buy would be foolish to miss out on the chance to cash in on a great deal.

So yeah, the real estate market in New York could be better. Brokers, don’t ignore that fact because consumers are quickly catching on. But a slow market is not as grim as it sounds. While it’s true that sellers have to be more realistic, competitively priced listings are definitely selling. For buyers, now is the time to act, and to seal those golden deals before the market swings up again, which, as history has shown us, it inevitably will.

Manhattan Real Estate is unlike any other type of real estate in the USA. Here, you will find that New York City Real Estate consists mostly of Co-ops (Cooperatives) and Condos (Condominiums). There are more private homes in NYC which are considered Townhouses or Brownstones.

Types of Apartments Available in Manhattan, NY
Most of the Manhattan Apartments  available for sale in New York City are cooperative buildings (as much as 80%). Only 20% of Manhattan Apartments are Condominiums.

Co-ops
Buying a Co-op is not the same as buying Real Property. Co-ops are Apartments that are owned not by the purchaser, but by an Apartment Corporation. Co-Op buyers are shareholders of the property in the sense that they buy shares of a long-term Proprietary Lease from the Apartment Corporation. Shareholders pay a monthly maintenance fee to maintain the property.

Condos
A condominium apartment in Manhattan is real property, this means the buyer actually gets the deed to the property as though he or she were buying a house or other piece of property. The buyer is also responsible for property tax as well as a monthly common charges.

Steps to Buying a NYC Apartment

Condominium:
In a condominium each individual apartment unit is owned privately. All owners share common ownership of common areas such as the lobby, hallways, laundry room, etc.

Cooperative:
In a cooperative the building is owned by the corporation formed by the coop association. All apartment “owners” own shares in the corporation and are referred to as “proprietary lessees”. The unit owner is allowed to sublet his apartment with board approval. The tenant will be required to submit an application package to the Board of Directors for their approval of the sublet. The Board can turn down an applicant for no apparent reason and the applicant nor the proprietary lessee has grounds to successfully challenge the Board’s decision.

Patricia Levy, Vice President
Prudential Douglas Elliman
485 Madison Avenue, 16th Floor New York, NY 10022
(212) 224-7321 office   -  (646) 338-9091 cell
(212) 350-8585 fax   -  (917) 369-2543 efax
plevy@elliman.com