Tag: New York City Real Estate

Moving Tips If You’re Coming to NYC from Out of Town

Moving itself is a hassle, but moving to New York City presents a set of unique challenges, especially if you and your moving company are unfamiliar with the, ahem, quirks of the city. To ease your transition, be sure to brief your movers on the conditions they might experience, such as the lack of parking, tight spaces, and other issues that might arise. Prepared movers are better movers, and if your mind is drawing a blank, here are a few tips on what to discuss with your mover if you are coming from out of town. What you (and your movers) don’t know can end up costing you extra. 

 

Big Trucks Won’t Fit

Most of the time, you won’t be able to bring an 18-wheeler into the city. Some companies will drive a truck to the outskirts of the city before transferring to a smaller truck to shuttle into the five boroughs. Be aware though: you’ll be charged what’s known as a “shuttle fee” and should be sure to have that included in your quote. 

 

Certifications and Insurance

Most elevator buildings in Manhattan require proof of insurance from the hired moving company prior to authorization to work in the building. As such, out-of-state moving companies will likely be blocked from doing the drop off at the building. If your moving company is from out of state, you may need to look for an additional moving company that has the needed requirements. 

 

Tight Spaces

New York City moves are notorious for their narrow hallways and tight stairways. As Lior Rachmany, CEO and founder of Dumbo Moving + Storage, puts it, “Only the best of movers can move in New York.” Make sure that your movers have experience with these kinds of spaces. More often than not, it will be necessary to disassemble furniture prior to moving. Be sure to discuss what happens to the furniture before it gets loaded on the truck.  

Tips for Millennials When Saving for a Home in NYC

The cost of housing may be going up, but millennials could account for 43 percent of property buyers in the United States over the next several months. If you are a part of this demographic and you plan to buy a home in New York City soon, here are some tips that will help you save for your big purchase.

Keep an Open Mind

New York is one of the most expensive places to live, so you might not have as many options as you think you do. Instead of accepting nothing less than a posh Manhattan apartment, be prepared to look at other places that might be more affordable. It’s a great way to keep your options open, even if you ultimately don’t end up where you originally planned to live.

Consult a Mortgage Expert

Before you start shopping around for homes, speak to a mortgage expert to determine what you can afford for a down payment and your future mortgage payments. That will give you a better idea of what you should be looking for.

Stay in One Place or Downsize

Since it costs so much to live in even a small New York apartment, you might need to spend a couple of years saving money. To make this easier, either remain in the home you are in now or downsize. If you won’t have to spend the extra money you make on living expenses, you can set that aside for the kind of home you really want.

Be Patient

Even though we did say that you should keep an open mind and be prepared to look at homes outside of where you originally planned to live, there’s nothing wrong with being patient and waiting for something you love to open up. Buying a home is a long process, especially when you want to live in a place as expensive as New York City. It will take time to save up enough money and be approved for a loan anyway. You can wait a little bit longer for the perfect home to become available.

Top 10 Luxurious Apartments for Rent in NYC

Moving to New York City is an extraordinary opportunity. The possibilities are endless, the neighborhoods are continuously expanding, and the broker fees are almost everywhere. There are even ways to avoid broker fees! Apartment hunting can be a long and draining process. Take a little time to have some fun by looking at some of the most extravagant listings out there. These listings will give you something to strive for. Imagine instead of $2,000/month, think instead  $50,000. Below is a list of the most luxurious apartments for rent in NYC.

 

Soho – 20 Greene St. – $75,000/month

 

This gorgeous two-bedroom mansion lives on the (key-locked) top floor of the building. It is made up of 4,189 glorious square feet. The ceilings stand at a towering 14-feet, dark hickory floors, an oversized fireplace, surround-sound speaker system, central climate control, custom-design casement doors, and windows. The kitchen is freshly renovated with industrially sleek style. Enjoy your very own private outdoor gardens attached to the unit. It gets better (which is hard to believe), there’s also a master suite overlooking a bluestone patio, whose bathroom is finished with stylish black and white marble finishes and deep brass lining. And to top it off, it includes a home office, exercise room, and three other terraces that are on the second floor.

 

Upper East Side – 985 5th Ave. – $25,000/month

 

This apartment complex is 26 stories above Manhattan, each of which holds two residences with breathtaking views of Central Park. Each apartment contains a formal dining room, gourmet granite kitchen, polished hardwood floors, marble bath, and multiple walk-in closets. Here you have access to multiple building terraces, a private entrance to your apartment, and a fitness center.

 

Theater District – 130 W 44th St. – $75,000/month

 

This is a pent-out penthouse and is better known as the Director Suite. Thierry Despont designed the light ochre suede walls, leather-wrapped furniture, and two bedrooms, each containing their own massive granite bathroom. The kitchen is outstanding and fully equipped. It also has an 8+ capacity dining room.

 

NoMad – 121 Madison Ave. – $10,904/month

 

This duplex penthouse apartment provides a stellar view of Manhatten, specifically the Empire State Building. It also includes a glorious wrap-around terrace, and the master bathroom has a marble soaking tub, stall showers, double sinks, and a walk-in closet. The kitchen is freshly redone with premium cabinets and stainless steel appliances.

 

West Village – 165 Charles St. – $60,000/month

 

A fantastic 4 bedrooms, each with its own marble bathroom, walk-in closets, and a wraparound terrace. This is an award-winning duplex and it will surely take your breath away. Between views of the Hudson River, a renovated chef’s kitchen with sleek white cabinetry and a climate-controlled wine cellar, and a beautiful naturally lit frosted staircase, it’s almost impossible to choose which feature is the best. Let’s not forget, the building features a 50-foot indoor lap pool, gym, sauna, movie theater, and resident lounge.

Real Estate Market Forecast for NYC in 2018

 

sweet-ice-cream-photography-732946-unsplashThe city that never sleeps has become an even bigger draw for jobs and talent than ever before (if that’s even possible). Especially with Netflix and Spotify opening up new offices in Manhattan drawing even more people to the big apple. Even Amazon is considering a new headquarters location, will it be New York? Growing supply of high paying jobs is bringing in residents attracted to the higher income opportunities and giving them the potential to outbit NYC’s existing residents. If you are watching the market carefully, there are new exciting plot twists helping shape the real estate forecast for 2018.

 

Lack of Affordable Homes

 

Results published by NYSAR show the US housing data for New York and affordable homes have dropped 1%, sales are down 2.5%, and average prices are up 7% from the previous year. There is no lack of conjecture about a possible US housing crash that would take NYC down with it. Many people find high foreclosure rates in the Queens, the Bronx, and Staten Island to be unsettling.

 

 

Evidence of a crash is debatable. New Yorkers, however, will face growing competition for affordable homes. Income averages about $60,000 a year in NYC, making it challenging for many to buy homes averaging $680,000.

 

Highlight on declining luxury homes

 

Out of all of the housing markets in NYC, the high-end Manhattan market is falling the fastest. There is currently a 17-month supply of luxury apartments in Manhattan. This is up 10 months just a year ago and total sales volume fell 12% compared with the fourth quarter of last year. This is the lowest level in six years. Rent in Manhattan dropped 1.0% in November and luxury home sales across the city will hit new lows so it says in the 2018 real estate forecast for NYC.

 

Public transit changes driving new demand

 

The backbone of public transportation is obviously the subway. However, the NYC Ferry service expanded and set its capacity even hire to reach Manhattan’s eastern shore and into the Bronx. The L train is still shut down and expected to reopen in 2019 which will have a huge impact on people’s real estate choices.