Before you come to love Manhattan, you must understand our peculiar housing market. Manhattan is a unique place in the real estate universe. Not only does it have a large rental market (75% of the available housing units vs. about 5 - 10% in other markets), but it has ownership and other important differences that are often puzzling to newcomers.
70% of Home ownership in Manhattan is in coop apartments. The rest are condos, condops and townhouses. Most new construction developments are condos. Most pre-war apartments are co-ops. Manhattan apartments are either pre-war (WWII) or post -war (modern.) Most Townhouses or Brownstones were built in the 19th century.
Showings normally 9 - 5 p.m. (7p.m. the latest)
Most co-ops have restrictions on showing times that vary widely, but must be adhered to. Some buildings do not even allow weekend showings.
Sunday Open Houses are the way to go
Condos and some co-ops will allow public open houses on Sunday afternoons. That means that Sundays can be a good day to see a lot of properties, If you're not with your agent and you are working with an agent let the listing agent know that you have an agent to avoid conflicts. I always pre register my customers with the listing agent prior to the Open House.
Co-op ownership requires submitting a comprehensive Board application (called a Board Package), being interviewed by the Board, and being approved.
Co-op ownership means that you must decide not only whether you like the apartment, but also the building must decide if they will be willing to accept you. Passing a co-op board adds at least 6 - 8 weeks to the purchase process. A major part of my job is helping buyers prepare their packages.
Wear comfortable shoes and leave the car at home or park it for a few hours.
Shopping for a New York apartment is good exercise, so wear comfortable shoes and learn about the neighborhood at the same time. Taxis are hailed for longer destinations.
Manhattan Relocation Package:
- Manhattan, New York City Relocation Guide
- Manhattan Relocation: Helpful Tips, Links and Contact Information
- Relocation Guide: Time Line For Purchasing A Manhattan Home
- Relocation Guide: Understanding (and loving) Manhattan
- New York Apartment terminology A-Z: A Consumer Guide
- NYC Room Count: A Consumer Buyers Guide
- New York City Building Terminology
- Co-ops vs. Condos: Understanding Manhattan Housing
- THE CO-OP BOARD INTERVIEW: Tips to help pass a coop board interview
- Manhattan Closing Costs for Coops and Condos
Neighborhood Relocation Guides:
- Morningside Heights
- Upper West Side
- Clinton/Hells Kitchen
- Greenwich Village
- Battery Park City
- ©Mitchell Hall 2006-2009