Manhattan Home Buyers - It's Your Market! Understand Your Buying Power!

It's THE market for Manhattan home buyers. So it's important to understand your buying power.

Your buying power means you can negotiate a good deal. It is also important to understand that while this is a buyer's market, there are no fire sales - meaning you won't get a $1M property for $500,000.

Be realistic. Manhattan sellers are not in the position of those in Florida, California or Nevada.

Additionally, just because it is a buyer's market, it doesn't mean that the down payments of the "bubble" days will be the same.

In the bubble days you could put down 10% on a condo in Manhattan and anywhere from 15% and higher on a coop.

Today, your down payment is generally higher due to mortgage rates and the economy and will determine whether you can purchase a condo or coop. Some buildings require that you put 30% - 50% down and could even insist that you pay all cash.

Also important - where is your down payment coming from? Is the money all of your income and assets, are your parents or someone else helping you with the down payment, is it a gift or inheritance? Some buildings do not allow co-purchasers, gifting or guarantors. And what is your debt to income ratio?

So, it's critical that you know and understand your complete financial profile. Just because you have money, does not necessarily mean you will satisfy the rules of a coop.

Discuss your finances with your broker/agent before you go apartment hunting. This will help your broker to determine what types of homes you should be seeing and for what price. At the end of the day you will be happier. Your agent won't waste your time and you won't be frustrated about the type of property you cannot afford.

Once you've determined what you can afford to spend, it's time to think about where you will get your mortgage from. Mortgage Broker or Bank?

Working with a Mortgage Broker gives you more options. They have various financial institutions they work with and can research the best products which you will qualify for. Mortgage Bankers have relationships with various banks. So by working with a good Mortgage Broker, they can find creative ways to satisfy the bank's requirements if there are a few areas where you don't necessarily qualify.

When working with a Bank, your only option is the loan officer who cannot offer you a variety of products. And - they can change the requirements on your mortgage commitment at anytime. That could mean a new bank offers new rates which might not be a good fit for you.

In today's economy it is imperative to work with someone who has experience. Whoever you choose to work with, be sure it's someone who explains everything to you and who can meet your needs and goals.

4th of July 2009 in Manhattan

Since 1976 the tradition of Macy's fireworks took place on the East River in Manhattan. This year to commemorate the 400th anniversary of the exploration of the Hudson River by Henry Hudson, the 2009 Macy's July 4th Fireworks extravaganza took place on the Hudson River,

This year's fireworks featured more than 40,000 shells exploding at a rate of more than 1,500 per minute.

The fireworks were synchronized to a score of patriotic standards, classic river-themed works, and original music. Performances by the New York Pops and Broadway superstars Audra McDonald and Idina Menzel performed.

It's that time again! New York City Restaurant Week Summer 2009 is almost here! New Yorkers and tourists alike will be able to enjoy an extended Restaurant Week and dine at Manhattan’s trendiest and best restaurants from July 12-31, 2009.

New York's top restaurants will serve three-course lunches for $24.07. FYI -- the discounts are not good on Saturdays, though some restaurants are offering deals on Sundays and three-course dinners for $35.00 (beverage, tax and gratuity not included).

Reservations began on June 30, 2009 and participating restaurants include Megu, Spice Market, Dos Caminos, Nobu, Tao, One If By Land, Two If By Sea, Blue Water Grill, and many others.

Click Here To Read More & Make Your Reservations

2nd Quarter 2009 Manhattan Sales

Second-quarter sales prices fell nearly 20% in a year, while sales volumes drop like stones. The number of months on the market now doubles the decade's average.

The Manhattan residential real estate market showed little sign of recovery during the second quarter.

Some of the reports attributed the second-quarter price drop-off to sales back in early 2008 of high-priced units at The Plaza and 15 Central Park West. Some apartments at those luxury buildings sold for as much as $4,000 per square foot in the second quarter of last year. Greg Heym, chief economist at Halstead Property, said "adding that this year's third- and fourth-quarter sale prices should more accurately reflect the market."

To that end, Manhattan buyers are on the streets, as it's a great time to buy in Manhattan.

Read Halstead Property's 2nd Quarter 2009 Sales Market Report Here