A Tour of Just a Few of Manhattan's Neighborhoods

As a professional real estate salesperson, it’s my job to know all of Manhattan’s neighborhoods, and I wanted to share with my readers just a few of the places where I spend time.

I live in the Sutton Place area and spend time on the Upper Eastside and Upper Westside of Manhattan shopping and visiting friends. In between is the Time Warner Center at Columbus Circle at Central West and 59th Street which is always a fun place to shop, dine and enjoy wonderful jazz concerts. And Central Park is directly across the street.



About Sutton Place: Sutton Place is the wide (north/south) avenue that runs only two blocks, from 57th Street to 59th Street, along the East River. The stretch that continues below 57th Street down to 53rd Street is called Sutton Place South. North of 59th Street, it continues as York Avenue. The greater Sutton Place area is bounded on the east by the East River and on the west by Second Avenue, and is coextensive with Sutton Place and Sutton Place South (i.e., 53rd Street to 59th Street). Sutton Square is the cul-de-sac at the end of East 58th Street, just east of Sutton Place.

About the Upper Eastside: A primarily residential and commercial neighborhood between Central Park and the East River. The Upper East Side lies within an area bounded by 59th Street, 96th Street, Central Park and the East River. The Upper Eastside is abundant with restaurants, movies, shopping, museums and so much more.

About the Upper Westside: A neighborhood between Central Park and the Hudson River above West 59th Street and below West 125th Street. It encompasses the neighborhood of Morningside Heights. This is also primarily a residential and commercial neighborhood. Restaurants are everywhere on the Upper Westside, and in the summer outdoor cafes are plentiful. It offers shopping, movies, Lincoln Center, gorgeous sunsets and more!

About Time Warner Center: The Time Warner Center is a mixed-use skyscraper across from Central Park consisting of two 750 ft towers bridged by a multi-story atrium containing retail shops and restaurants, as well as the Mandarin Oriental Hotel.

Living in this wonderful city and knowing its neighborhoods allows me to fully help my each and every one of my customers. It’s a great time to live in Manhattan.

I hope you enjoyed learning a little about the neighborhoods I visit. If you’d like to learn more and looking to purchase a condo or coop and would like to know more about homes in Manhattan please contact me today at 212-317-7828.

Some Presidents affected by housing crash, yet more New Yorkers plan to buy homes

U.S. presidents live in homes that most people dream about. Yet, according to Forbes Magazine, it seems that a few presidential manses have shed value in the economic downturn.

Zillow reported that the value of President Obama’s home in Chicago is off by 20%.

Even the value of Camelot, the Kennedy compound in Hyannis is reported to be down 25% to 30%,” says Amy Massey-Weider, who runs the Century 21 Shoreland real estate brokerage in nearby Hyannis. The news is good for those who dream of buying a little slice of the shores where the Kennedys live and play.

Read more of the story here

Manhattan condominium sales continue to pick up momentum

According to an article in the Wall Street Journal, March, condo sales activity more than doubled, rising 101.2% compared with a year earlier. This was reported to the WSJ by the RPX index designed by Radar Logic Inc. Sales in March were down 6.6% when compared with a month earlier.

The report goes on to say that existing unit sales increased 154% in March from a year earlier, and that new unit sales declined 25% in March.

According to Radar Logic, there was also a shift towards sales for small and inexpensive condo units in the $400,000-$600,000 range.

They say that condo prices, as measured by square foot, were down 14.9% in March compared with the same month a year ago.

Radar Logic also reported that prices declined in seven of the eight neighborhoods they tracked. The biggest decline was on the Upper East Side, where average prices fell 28.8% to $925.93 a square foot.

The only neighborhood that posted an increase in prices was the East Village/Lower East Side, where prices per square foot rose 1% to $903.64.

Despite the large year-over-year increase in sales activity, Radar Logic reports that sales remain low in comparison to the top sales activity in 2007.

Working With A Buyer's Broker Has Its Advantages

Working with a Professional Buyer’s Broker:Finding the right home in Manhattan can take time and a lot of work. At times it can be overwhelming …after all it’s the most important decision you will make.

The myraid of appointments ... making an offer, negotiations, working with your attorney and mortgage broker, board packages, the closing .. and many more details is why you should hire a professional Buyer's Broker who will do this and more!

A licensed and professional Buyer’s Broker can help navigate the process from beginning to end --- and even after your closing --- applying their expertise to your search to get you the results you deserve.

Using the right Buyer’s Broker can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.

Look for a Buyer’s Broker, not a property
Your Buyer’s Agent works for and with you.

Pick one agent to assist you.
Every broker has access to the same group of listings through RLS (REBNY Listing Exchange Service) which acts similarly to the MLS. Working with multiple agents will just make more work for you, in that you will have to manage a team of people, field many phone calls and emails, learn of duplicate properties and make the search for your home all that more overwhelming.

Since you’ll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and your agent connect.

Sign an exclusive contract with your Buyer’s Broker as there is no cost to you and your Buyer’s Broker can show you all the listings in your city – regardless of what agency the property is listed with.

Share all requested information

Letting your Buyer’s Broker know what you want is the first step to successful communication. Many factors play a part in the selection of properties for you to view and there are a wide variety of properties in New York City. Give your agent a complete picture of you and your needs to avoid wasting time looking at properties that does not suit your lifestyle. Make a wish list. You may not get everything on your list, but a good agent will work to get you as much of your wish list as possible.

When looking at properties, give your agent a piece of your mind.While looking at properties, let your agent know what resonates with you for each property. A good broker will consider all of the input you have given throughout the relationship when selecting properties to see, not just your initial requirements. Perhaps your reaction to a property will bring to mind another option they would have otherwise struck from the list. As you see more properties with your broker, they will get to know how they can best assist you.

Be Open

Never feel that you have to hold back in your assessment of a property, your assessment of a contract, or your feelings on a situation. Your broker is there to help you and the more they know, the better off you are.

Being Green Without Breaking The Bank

You don't have to install solar panels in order to be green. You can be green and use cost cutting strategies and reduce your carbon footprint which can payback in about two years.

• Install Low Flow Fixtures
Cost: $3 to $30
Low flow faucets, shower heads and aerators reduce the amount of water on
the gas or electricity used to heat your water.

• Use Air Filters Cost: $1 - $12
By cleaning or replacing your cooling system or air conditioning filters you
save on about 7 percent in electricity.

• Seal Air Leaks
Cost: $10 per window and $20 per door.
By sealing off air leaks cool and hot air is not lost and your home is more
comfortable by not using extra air conditioning or heating. Window frames can be
caulked, doors weather stripped.

• Add Window Treatments
Cost $10 - $150
Shades, blinds and curtains can cut cooling and heating costs.

• Use Compact Fluorescent Lighting
Cost $3 - $5 per bulb
They use 75 percent less energy than regular bulbs

• Install Light Motion Sensors
Cost: $50 - $70
Light motion sensors automatically turn off light and thereby save on energy.

These cost-effective ideas will not only save you money, but you’ll be doing your part to save the planet.

New York Real Estate Term Glossary

New York City is like no other. And when it comes to real estate in this glorious city, it's good to have an experienced broker whether you're buyng or selling ... and it's good to know basic terminology.

Glossary of Terms

Abstract of Title
A historical summary of the recorded instruments and proceedings on the title of a property.

Air Rights
The right to use or control the space above a property. Air Rights can also be sold, rented or leased to another party.

Amenities
The benefits from home ownership, such as a feature that enhances value.

Appraisal
An estimate of the value of the property. One may have an appraisal to determine the offering price during a sale.

Assignment
The process by which a right or contract is transferred from one party to another. Assigned contracts include mortgages, leases and deeds of trust.

Broker
A state licensed sales agent who acts for property owners and prospective purchasers in Real Estate transactions.

Brownstone
A 19th century house which shares a common wall with the neighboring property.

Building Amenities
The assets that buildings offer its owners or tenants. These can include a doorman, health club, club, garage etc.

Building Restrictions
Requirements in building codes that affect the size and appearance of the building.

Capital Expenditure
An improvement that will have a life of one year or more and will increase the value of the property.

Certificate of Occupancy
In New York City, each building is required to have a Certificate of Occupancy which permits the structure to be occupied by members of the public. This means that the building is in compliance to health and building codes.

Closing
The transfer of ownership of a property from the seller to the buyer according to the sales contract.

Co-Broke
This is the term used when a broker sends out their listing to other brokers and other firms. The brokerage community then receives the listings and the commission will now be split evenly between the seller's broker and the firm that provides the buyer of the property.

Combination
Refers to when an owner combines two adjoining apartments into one to enhance the value and the space.

Commission
Payment to the broker for his or her efforts on marketing and selling the property it is usually a percentage of the total purchase price.

Commission Split
The sharing of commissions between the listing agent and the broker of the buyer.

Common Area
The area on the property or in the building that is available for use to all owners and tenants.

Comparables
Used in assessing or establishing the fair market value of a property, a property which has been sold recently that is similar in size, condition, location and amenities.

Condominium
A building where individuals own individual units but share common areas with the other unit owners of the building. A more liberal type of ownership than Coops, Condominiums also have more lenient policies regarding subletting and pets.

Contract
A legally binding agreement between two parties. To have a valid contract for the sale of Real Estate there must be:

•an offer
•an acceptance
•competent parties
•consideration
•legal purpose
•written documentation
•description of the property
•signatures of the principals


Conversion
Property changing to a different form of ownership, such as a condominium to a cooperative or a commercial building to a residential building.

Convertible
A one or two bedroom apartment that has space to make another bedroom. The other bedroom can be made with the construction of a wall; however, the new bedroom must have a window in order for it to be legal.

Cooperative
A type of ownership of property. This is when the individual unit owners own shares in the cooperative building and do not own the actual property. The amount of shares owned is determined by the value and size of the apartment. The cooperative building owns all of the units and the purchaser is buying stock in the building.

Deed
A written document by which title of property is expressed from one party to another.

Duplex Apartment
An apartment that has two levels.

Escrow
A state where consideration, benefits, legal rights, money, documents or other valuables are transferred to another party in advance of that party's legal claim to them, on the basis that the legal claim will arise at a given point in the future. It is a form of trust.

Estate
The word used to describe the collection of all assets of a deceased person. Also, the extent of interest a person has in real property.

Estate for Life
The interest of real property that ends with the death of a person.

Excellent Condition
This is used to describe the condition of the apartment; mint is another word for excellent meaning the apartment is in great shape.

Exclusive Listing
A contract whereby the owner of a property grants a single broker the right to market the property for sale.

Façade
The exterior front wall of a building.

Financing
Borrowing money to purchase a property.

Firm Price
An asking price for a property that is not open for negotiation.

Fixed-Rate Mortgage
A loan where the interest rate remains constant over the entire term of the loan.

Flip Tax
Tax imposed on the cooperative apartment by the cooperative, this tax can either be paid by the seller or purchaser and is usually a percentage of the purchase price.

Floating Rate
A loan where the interest rate is not fixed over the term but is allowed to vary according to the change in a specified index.

Floor Plan
A scale diagram of the arrangement of rooms and their sizes drawn by an architect.

Foreclosure
An enforcement process in which the lender under a defaulted mortgage takes title to the property for the purposes of selling it to recoup moneys owed under the mortgage.

Full Bath
A bathroom with a bath or a shower.

Grandfather Clause
If a new law is passed or an old is changed those people whose activity was legal under the previous law are allowed to continue because of this condition. This law is common with pets; some buildings that do not allow pets now, did in past, therefore, those owners are allowed to keep their pets.

Half Bath
A bathroom without a bath or a shower.

Interest Rates
The cost of borrowing money from a lender. Rates change over time and are set by the Federal Reserve.

Lease
A written agreement to rent a property or part of a property from the owner.

Lien
A legal claim against property for money owed.

Listing
The agreement that allows a real estate professional to market a property. Available apartments are also referred to as listings.

Loft
A loft refers to open living space that was converted from commercial space to residential space. Lofts contain very high ceilings, large windows and open space. In New York City, most lofts and converted commercial space is located downtown.

Lot
A measured section of land.

Maintenance
Monthly charges paid by the owner or tenant of a cooperative building for that person's share of costs of keeping the common-use portions of the building in good condition. This includes the daily cost to operate the building and it is calculated based on each individual unit.

Managing Agent
An independent company that is hired to manage a property. In New York City, most of the cooperative and condominium buildings are managed by a company which is responsible for the building operations. Brown Harris Stevens manages over 160 buildings in Manhattan.

Market Value
An estimation of the price for a property in relation to the current real estate market.

Mortgage
Money borrowed from a lender in order to purchase a piece of property. Mortgages vary in terms of length as well interest rates.

Negotiation
The process of discussing an issue between two parties who are working towards the same goal. Successful negotiation usually leads to a contract and then a sale.

Notarize
To verify the authenticity of a signature by a certified Notary Public.
Offer
An expression of the desire to purchase a property at a specific price. Once an offer is made and then accepted it leads to the purchase of the property.

Offer Accepted
The term refers to when the owner of the property agrees and accepts the offer and terms of the purchaser.

Open House
A specified time when a property that is for sale is advertised by opening its doors to prospective buyers. A broker advertises an open house to help the sale of the property.

Open Listing
A listing where the owner of the property hires more than one broker and only pays commission to the one that provides the purchaser.

Ordinance
A law enacted by the local government.

Penthouse
A luxury apartment in a high rise building.

Pied a Terre
A French term that refers to an apartment that is not the primary residence of the owner. A Pied a Terre is used when a person lives in another location and comes to New York several times a month or a few weeks a year to either work or enjoy this great city.

Post War
A post war building is one that was built after World War II.

Pre War
A pre war building is one that was built before World War II. Common characteristics of a pre war apartment are fireplaces, moldings and hardwood floors.

Property Tax
The tax issued on the ownership of property.

Points
A charge levied by the lender on the borrower for the mortgage for prepaid interest. Each point is equal to 1% of the principal of the mortgage.

Powder Room
Also known as a half bath. A powder room is a bathroom without a shower or a bath.

Quadraplex
An apartment that has four levels.

Referral
A recommendation made to a client about the services of a particular agent or firm.

Rental Building
A building where the apartments are only rented and not sold.

Rent Control
Laws that regulate the amount of money that is charged to rent out space.

Reserve Fund
An account reserved to provide funds for future expenses in order to maintain the cooperative or condominium building.

Sale Price
The amount of money paid by the purchaser to the seller. Also known as the purchase price.

Security Deposit
A payment required by a landlord to guarantee that the tenant meets his or her obligations under the lease and to guard against any potential damages that may be incurred during the term of the lease.

Shares
When one purchases an apartment in a cooperative building he or she is actually purchasing the shares in the cooperative. They represent the proportion of the building owned by the unit owner based on the size and value of the apartment.

Square Footage
The area measured in square feet of a certain property. Square footage can be measured in different ways and is usually considered approximate. Condominium apartments have specific laws that determine the way which the apartment is measured therefore condominium measurements are more accurate.

Sublet
The term used when an owner of an apartment decides to rent the apartment to a tenant.

Tax Deductible
An expense that reduces taxable income. Each year, shareholders in cooperatives apartments are able to deduct a certain amount from their personal taxes. The amount is determined by the amount of shares that are owned.

Term
A specified period of time.

Term, Amortization
The term in which the interest and principal payments of a loan must be made.

Title
The legal term for the evidence that the owner is in lawful possession of the land and property.

Townhouse
A townhouse is a private residence where at least one wall is shared with another residence. In New York City, townhouses are a very popular and a more private way of living.

Triple Mint
Refers to the condition of the residence. Triple mint condition means that the residence is in immaculate condition.

Triplex
An apartment that has three levels.

Unit
A single residence within a building.

Utilities
Services such as water, gas, electricity, telephone and television. Utilities in some buildings throughout the city are included in the maintenance charges.

Vacate
To move out and leave the property.

Walk Up Building
A building that does not have an elevator. Most walk up buildings are four to six floors.

Walk Through Inspection
The inspection of a property immediately before the closing to ensure that the property does not have any new damages.

Zone
An area set by local law for specific use with certain rules and regulations.

Manhattan Is A Buyer's Market

Manhattan is a buyer's market and with prices going down ... NOW is the time to buy!!!

If you need to move (downgrade or upgrade), if you're a first time buyer, now is a great time to buy. Mortgage rates are low and prices are negotiable.

While there are no fire sales, you can be assured that if you buy an apartment in Manhattan today, your property's value will greatly increase in years to come.

Before beginning, it is important to outline the different forms of ownership available to purchasers of Manhattan property. Those forms are Cooperative, Condominium, Cond-op, and Townhouse (both single and multi-family). Please see the notes at the end of this document for a full description of each form of ownership.

Preparation

Work with your agent to complete the following:

Speak with a Mortgage Lender/Broker and obtain written pre-approval for a loan. This helps you determine your purchasing power and enables you to act expeditiously and with confidence when you identify the property you would like to purchase. Additionally, a pre-approval assures the seller that you are qualified, providing you with an advantage when bidding on a home. This is especially helpful in a multiple interest situation.

Choose a Manhattan Attorney who specializes in residential Real Estate. As New York City has complex real estate laws, attorneys are utilized to close all real estate transactions. Time is often critical; be sure your attorney is available to move quickly. A relative or friend who is an attorney cannot handle the complicated New York City real estate intricacies unless they know New York City real estate law.
The customary deposit upon executing a contract of sale is 10% of the purchase price. Ideally, be prepared to have those funds liquid when you begin your search. The balance of the down payment will be due upon closing.

For Coop purchases, your total annual housing costs should not exceed 25-30% of your gross reported income, and your total debt should not exceed 35-40% (except in the case of substantial liquid assets). Housing costs include: mortgage interest, coop maintenance, secondary residences and any other mortgage in which your name appears.
In certain forms of ownership, offers are not only accepted based upon price, but upon the financial strength of the potential buyer. Therefore, be prepared to have your net worth statement with substantiating documentation (bank statements, brokerage statements & other financial documentation) available. In many cases sellers require you to provide this with your offer. Regardless of the outcome this information will be required for most purchases and financial institutions so having it prepared will also save you time in the future. Be assured your agent will safeguard this information in a confidential manner.

Review your credit report. Remove all disputed claims and clear up any debt if possible, especially outstanding credit card balances.

Guidelines to finding your home:

Define your search parameters. This typically includes price range, location, size, type of ownership and building amenities (if appropriate). Ultimately, flexibility will only work to your advantage.

Choose an agent to work with. Since agencies have almost all the same listings, working with one broker allows you to efficiently schedule appointments to see only those properties that meet your needs. In addition, working with more than one broker may actually prolong your search by having the same properties shown to you by multiple brokers or by having multiple brokers confuse other brokers by making appointments at different times for the same customer. Since property in Manhattan tends to sell rather quickly, prolonging the process may actually hinder you from seeing the property that best meets your needs. Lastly, by creating a good relationship with your broker, you assure that you are the first person they call when a new listing arrives on the market.

Talk to your broker. Be specific about your needs, price point, locations of interest and any other amenities you require in your new home or building. If you do not feel comfortable with your broker, do not hesitate to let them know so that they may have the opportunity to refer you to a colleague with whom you may be more compatible.

When scheduling appointments, try to be available during the week. In addition to evenings, early morning and late afternoon is a good time to schedule appointments, as more brokers are available during these times to provide access to their listings. In addition, by avoiding weekend and open house showings you allow yourself to view properties without fighting crowds of people (competition) and giving you more time to ask questions and get a "feel" for the property.
Once you identify the property - The purchase:

Submit a verbal offer through your Agent immediately who will then follow it up in writing. The offer will include such provisions as purchase price, down payment, amount of financing, included and/or excluded personal property (i.e. window treatments, lighting fixtures, etc) preferred closing date, current income (combined for couples), job description, net worth, and debt status (loans, credit, etc.). Once your offer is verbally "accepted" by the seller, your broker will notify the seller's attorney who in turn will draw up and send to your attorney the initial contract.

Keep in mind that sellers are allowed to hear ALL subsequent offers while your contract is negotiated (or finalized). In fact a seller may accept another purchaser's offer up to the point of a fully signed, executed and returned contract. This means that until your contract is signed by both you and the seller, your deal may not sustain as the primary deal. Therefore, instruct your attorney to proceed expeditiously.

Your attorney will review with you the contract, perform a "due diligence" reviewing with you the "financials" and/or "issues" of the building, and ask you to execute the contract and put forward a 10% deposit to be held in escrow until closing. Thereafter, the seller signs the contract and your attorney will deliver one original to you and one to your mortgage broker/bank.

Immediately apply for a mortgage (if applicable). Your agent will work with your mortgage broker/bank to coordinate the appraisal of the property and provide the bank with requested information on the building. The loan process typically involves several steps from application to appraisal and finally approval. This process may take up to 45 days to complete and hinges on your ability to provide all of the required financial data to your broker/banker in a timely manner.

While awaiting your mortgage commitment work with your broker to complete your board package (not applicable for townhouse purchases). Your broker will provide an application which varies from building to building which typically must be completed and returned to your broker (who will in turn deliver it to the appropriate party) within 10 days of receipt of the fully executed contract or 3 days for the date a bank commitment letter is received, whichever applies. A typical cooperative board package requires at the minimum, the following: Personal and Business Reference Letters (if necessary, we can provide you with sample reference letters to assist your friends and colleagues), Employment Verification Letters and/or Pay Stubs, Bank Verification and Brokerage Statements, Net Worth Statement (this mirrors the information requested by your bank), two-years tax returns and the mortgage loan application and commitment.

Board packages must not be taken for granted. All questions and requests for documentation must be complied with. Both the application form and the Net Worth Statement should be typed and the package should provide a clear and concise assessment of your qualifications to purchase.

Once completed, your broker will review the package in order to assure that all the required documentation has been supplied and presented in the manner requested by the board and then forward the package to the buildings managing agent or otherwise authorized personnel for processing.

Upon review of your board package, the board will typically schedule an interview to meet with you. Boards vary in the manner in which they meet with applicants so please check with your broker to find out how often the board meets or if they have a separate interview committee that meets on a case by case basis.

After the interview, typical notification of the board's decision is given to you or your Agent within 72 hours however some boards reserve the right to take longer.
Upon board approval, notify your attorney who in turn will coordinate the closing date. A typical closing can take up to 2 weeks to schedule so please keep this in mind when planning your move.

Prior to closing - The Inspection:

The day before or the morning of the closing (but usually after the seller has vacated), your Agent will accompany you on an appointment to inspect that the property is in the same condition or promised condition as stated in the contract. Be sure to check appliances and the removal of personal property, and that the premises are broom clean.

The Closing:

At any closing be sure to bring with you your driver's license or passport, your checkbook for any last minute adjustments, and all certified checks discussed with your attorney.

Cooperatives and Condops: The closing is ordinarily held at the office of the management company for the building. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, a representative from the managements transfer dept., and the Agent(s) involved in the transaction. At the closing you will first sign documents necessary to complete the loan transaction inclusive of a Security Agreement, Promissory Note, Stock Power, and an Assignment of Lease. Thereafter, you will sign all documents to convey the apartment and secure interest in the apartment such as Stock Certificate, Proprietary Lease and Consent and Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment.

Condominiums & Townhouses: The closing is ordinarily held at the office of the seller or lender's attorney. The closing is attended by you, your attorney, the seller, the seller's attorney, the lender's attorney, the title company closer and the Real Estate agent(s) involved in the transaction. At the closing you will first sign all documents necessary to complete the loan transaction inclusive of a mortgage and promissory note. Thereafter, you will sign all documents to convey the condo apartment to you including a Deed, Title Report, and Unit Power of Attorney. Checks representing the balance of the purchase price and adjustments are exchanged for the keys to the apartment or house.

Notes - Definitions of different forms of ownership

Cooperative

In this form of home ownership, one owns shares of stock in a corporation that owns the building. These shares are considered "personal property" similar any other shares of stock. For tax purposes, the IRS has recognized this form of ownership and under normal circumstances any mortgage interest incurred by an owner is considered tax deductible. The corporation (Coop) issues to each shareholder a "proprietary lease" which gives the shareholder the right to occupy their specific apartment. In addition, the corporation elects a board of directors who are responsible for overseeing the daily operations of the building, enforcing the by-laws, and acting of behalf of the shareholders to ensure that the building operates as an efficient entity. Owners pay to the Coop a maintenance fee, which pays for such items as; the buildings Real Estate Taxes, underlying mortgage, payroll, management fees, supplies and general maintenance. In addition, many coops accrue a contingency budget for future capital repairs. Typically, the portion of the maintenance that is attributed to the buildings Real Estate Taxes and mortgage interest are "tax deductible (td)" on your federal and state income tax returns. This "td" may change annually, as the mortgage on the building is amortized and Real Estate Tax charges change.

Lastly, but not least, as this form of ownership regards owning stock in a private corporation, approval to purchase such shares of stock must be granted by the board of directors. Thus, a purchase application must be submitted to the board requesting approval to purchase these shares. This application typically requires a minimum of the following: Net worth statement with full backup documentation (bank statements, brokerage and retirement account statements, etc.), 2 years tax returns & W-2's, verification of employment or accountants letter, 2 personal and 2 business letters of reference, landlord reference, a credit check authorization, and a completed application provided by the board. In addition, the board will require an interview in order to meet you and make any inquiries regarding the information you submitted or questions they may have. The board has the right to approve or deny any applicant without cause.

Condominium

In this form of home ownership one owns "Real Property" much like owning a house. The condominium residents elect a "board of managers" who are responsible for overseeing the operations of the building and enforcing the "house rules" of the building. The main difference between owning a "condo" and a "house" is, in addition to owning the apartment, you also own a small percentage of the "common elements" of the building such as the halls, stairwells, basement, etc. Each homeowner receives a separate property tax bill from the city for their unit. In addition, each owner pays a "common charge" to the Condominium association to pay for such items as: payroll, building maintenance and supplies, management fees, and building repairs. In addition, some condominiums maintain a "reserve fund" in order to pay for major repairs and improvements to the building. It is important to note that although the Real Estate Taxes you pay on a condominium apartment are tax deductible, the common charges are not as they are solely to pay for the building operation and are not attributed to any tax deductible expenses.

In recent years many condominiums have implemented a procedure whereby purchasers must submit an application to purchase. Unlike in a coop, the board of managers must either approve the applicant or exercise the condominiums "right of first refusal" to purchase the apartment from the owner. Although this is not a common occurrence, it is an option for the board should they choose to exercise it.

In most condominiums, the owner has the right to sublet or sell their apartment with either no board approval or with a minimum board review. In either case, the board must either approve the applicant or exercise their right of first refusal to match the purchase price. For this reason this form of ownership is very appealing to investors, foreign buyers and parents purchasing for their children

Cond-Op

By definition, a Cond-op is a residential Cooperative where the ground floor (typically commercial units) is converted into a separate "condominium" which is either owned by an outside investor or the original sponsor of the building. Thus, although the residential units are a coop, the commercial units are owned as a condominium by an entity other than the coop. Thus, the coop does not receive the benefit of the income from these units.

Many times, people will refer to Cooperatives that operate under Condominium rules as "Cond-ops". This is not accurate although you will hear this quite often. A Cooperative that operates under condominium rules is just that but may be inaccurately referred to as a "Cond-op".

Townhouse

This form of ownership provides the owner with a "fee simple" ownership of Real Property. The owner is responsible for payment of all Real Estate Taxes, maintenance and repairs of the property. The sale of the property may be conveyed to any party without prior approval by anyone other than the homeowner. There are two typical types of Townhouses; single family and multiple family. In a single family the property may only be occupied by one family although the entire house may be rented to another single (or family) user. In a multiple family residence, the owner may occupy (or lease out) one of the units while leasing out the other units as income producing entities.

For more information on purchasing an apartment in Manhattan, call Ross Ellis at 212-317-7828.

7 Ecohealth Home Principles

According to Michelle A. Roberts, founder and Creator of Ecohealth Homes Inspired By Caroline McKennasm there are 7 Ecohealth home principles to live by:

To read more about living green click here.

Manhattan Real Estate Slower, But Still Not In A Slump - It’s A Good time For Buyers

Foreclosures across the country are increasing in numbers, but not in Manhattan.

The reason is partly due to closings at 15 Central Park West and The Plaza, and partly because of the increase of foreign buyers. Additionally there has been activity from domestic buyers with new Manhattan developments.

The median sales price of Manhattan condo, co-op and cond-op apartments dropped in January from the month prior to $850,000 from $928,378 — a 9.2 percent change.

According to Wells Fargo Economics, the April 2008 economic data showed a fair amount of economic stabilization, suggesting the slump hasn't gained much momentum. Economists have responded by scaling back their worst-case scenarios of deep recession, and risk aversion has ebbed in the fixed income and stock markets.

As of April 2008, New York City Added 48,100 Jobs during Past 12 Months:

• This represents a 1.3% increase for the twelve months ending April 2007.
• Sharp gains in the financial and services sectors helped offset the continued loss of manufacturing jobs in the City.
• The national economy added 1.866 million jobs over the past 12 months, a 1.4 % increase.

New York City Inflation below the Nation’s
• For the first time since March of 2006, the annual change in CPI for the New York area was below that of the nation.
• Prices grew at an annual pace of 2.5% in the New York area during April, led by higher energy prices.

While financing is definitely more difficult to obtain, interest rates are lower and it's a favorable time to buy in New York City.

Buyers may not get the deal of the century in Manhattan, but there is definitely room for negotiation.

Any domestic buyer who is hesitant to purchase in Manhattan may want to rethink and buy now. And for foreign buyers, there is now more inventory than in months before.

Buyers who are ready to purchase - domestic or foreign should consult a professional real estate agent who knows the New York market and who can negotiate on their behalf.