NYC Real Estate Advisors

7 Fun Things To Do Around NYC During The Holidays

12/1/2023

New York City is a magical place during the holiday season, with festive decorations, dazzling lights, and numerous activities to enjoy. There's really no place like it. If you're looking for fun things do around the Big Apple during the holidays, here are a few ideas to help you get into spirit of the season.

Holiday Window Displays: Take a stroll along Fifth Avenue to see the enchanting holiday window displays at famous department stores like Macy's, Saks Fifth Avenue, and Bergdorf Goodman. Each year, these stores create elaborate and magical displays that capture the holiday spirit.
Rockefeller Center: Visit Rockefeller Center to see the iconic Christmas Tree, ice skate at the famous rink, and explore the holiday decorations. The tree lighting ceremony is a major event and draws crowds, but the tree remains lit throughout the holiday season.
Holiday Markets: Explore the holiday markets that pop up around the city, such as the Union Square Holiday Market, Bryant Park's Winter Village, and the Columbus Circle Holiday Market. These markets offer a variety of unique gifts, festive treats, and a lively atmosphere.
Radio City Christmas Spectacular: Attend the Radio City Christmas Spectacular featuring the world-famous Rockettes at Radio City Music Hall. The show is a holiday tradition with dazzling performances and festive music.
Central Park Winter Wonderland: Enjoy a winter wonderland experience in Central Park. You can go ice skating at Wollman Rink, take a carriage ride through the park, or simply enjoy the serene beauty of Central Park covered in snow.
Take a Holiday Lights Tour: Hop on a double-decker bus or a walking tour to explore the city's beautifully decorated neighborhoods. Popular areas for festive lights include Dyker Heights in Brooklyn and the Upper West Side.
New Year's Eve in Times Square: If you're up for a lively and iconic experience, join the crowds in Times Square for the New Year's Eve celebration. Be prepared for a festive atmosphere, live performances, and the famous ball drop at midnight.

These activities capture the festive spirit of New York City during the holiday season. Enjoy your holiday season in the Big Apple!

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NYC Neighborhood Series: Episode 3: Long Island City

11/20/2023

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Meet Our Trusted NYC Real Estate Advisor: Jonathan Ettricks

11/17/2023

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New York City Neighborhood Series: Episode 2: Gramercy Park in Manhattan

11/15/2023

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Beautifully Remodeled 2-Bedroom Co-op In The Bronx I 325 East 201st Street, Unit 4H

11/9/2023

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See the full listing here

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Welcome Home to Star Tower! Stunning 2 Bedroom Luxury Rental in Long Island City

11/7/2023

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New York City Neighborhood Series: Episode 1: Park Slope in Brooklyn

11/1/2023

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What's The Difference Between Owning A Condo And A Co-op In NYC?

10/24/2023

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Photo by Thomas Habr on Unsplash

Condos and co-ops play a substantial role in the NYC housing market, each presenting a distinct approach to home ownership. They vary in ownership structure and other critical aspects. Here, we highlight the key difference between owning a condo and a co-op:

Ownership Structure:
- Condo: When you buy a condo, you are purchasing an individual unit within a larger building or complex. You own the interior of your unit and have a share of ownership in common areas and amenities. Condo owners have a deed for their unit, and they can sell or rent it as they wish.
- Co-op: In a housing cooperative or co-op, you don't actually buy real estate. Instead, you purchase shares in a corporation or cooperative association that owns the entire building. These shares give you the right to occupy a specific unit in the building. Co-op owners do not have a deed to their unit; they have a proprietary lease or occupancy agreement.
Control and Decision-Making:
- Condo: Condo owners have more individual control over their units and fewer restrictions on how they use or modify them. They can make decisions about their unit without needing approval from other owners in the building.
- Co-op: Co-op owners have less autonomy. Major decisions about the building, including alterations to units or common areas, are typically made collectively by the co-op board, which is composed of shareholders. You may need approval from the board for various activities, including selling your shares, renting your unit, or making significant changes to your unit.
Monthly Costs:
- Condo: Condo owners pay a monthly fee known as condo association fees or maintenance fees. These fees cover the maintenance and management of common areas, as well as amenities like a swimming pool, gym, or security.
- Co-op: Co-op owners also pay monthly fees, but these fees often cover a broader range of expenses, including property taxes, utilities, building maintenance, and underlying mortgage payments for the cooperative. Co-op fees are typically higher and may include property taxes as part of the package.
Financing:
- Condo: Financing a condo is similar to financing a house. You can obtain a traditional mortgage from a bank or lending institution to purchase a condo.
- Co-op: Co-ops often have stricter financing requirements. Lenders may require larger down payments, and they may have specific restrictions or preferences regarding co-op loans.
Resale Process:
- Condo: Selling a condo is typically more straightforward because you own your unit directly. You can sell it on the open market to anyone who qualifies for a mortgage or can pay in cash.
- Co-op: Selling a co-op can be more complex. Potential buyers must often be approved by the co-op board, which may assess their financial stability and other factors. The co-op board can reject a buyer without providing a reason.

These are the primary distinctions between condos and co-ops. The choice between the two depends on your preferences, financial situation, and the specific rules and regulations of the condo or co-op in question. If you're in the market to buy or sell a home in NYC, contact our team at 646-300-2012 to schedule a free consultation.

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What Are The Typical Closing Costs Associated With Buying A Home in NYC?

10/23/2023

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Photo by Benny Rotlevy on Unsplash

Buying a home is a major financial decision, and closing costs in New York City can be significant. They typically include a variety of fees and expenses. These costs can vary depending on the purchase price of the property, the location within NYC, and the specific terms of the transaction. Here are some of the common closing costs in NYC that buyers may be responsible for:

Mortgage Origination Fees: This fee is charged by the lender for processing the mortgage application and can vary depending on the lender and the terms of the loan.
Attorney Fees: Buyers often hire an attorney to review the purchase contract and handle the legal aspects of the transaction. Attorney fees can vary based on the complexity of the deal and the attorney's rates.
Appraisal Fees: Lenders typically require an appraisal of the property to determine its value, and the cost is typically borne by the buyer.
Credit Report Fees: Lenders may charge a fee for pulling the buyer's credit report as part of the mortgage application process.
Home Inspection Fees: While not required, it's strongly recommended that buyers have a home inspection. This fee covers the cost of the inspection.
Title Search and Title Insurance: Buyers are often responsible for the cost of a title search to ensure there are no liens or issues with the property's title. Buyers also purchase title insurance to protect against title defects.
Mansion Tax: In NYC, a mansion tax is levied on properties with a purchase price of $1 million or more. The tax rate varies based on the purchase price.
Transfer Taxes: NYC imposes a transfer tax on the sale of real property. The buyer typically pays this tax, and the rate depends on the purchase price and property type.
Recording Fees: These fees cover the cost of recording the property transaction with the appropriate government office.
Broker's Commission: While this is typically paid by the seller, in some cases, the buyer may be responsible for a portion of the broker's commission.
Common Charges and Maintenance Fees: If you are buying a co-op or condo, you may be required to prepay common charges, maintenance fees, or assessments at closing.
Property Insurance: Lenders often require that buyers prepay a year's worth of homeowners insurance at closing.
Escrow Accounts: Lenders may require buyers to set up escrow accounts to cover property taxes and homeowners insurance.
Miscellaneous Fees: There may be various other fees associated with the closing process, such as administrative fees, courier fees, and more.

It's important to note that these costs can add up, so buyers should prepare for them before starting the home buying process. Additionally, the specific costs and who pays for them can vary based on the terms negotiated in the purchase contract. Working with an experienced real estate agent can help you navigate the complex process and understand your financial obligations when buying a home in NYC. If you're in the market to buy or sell a home in NYC, contact our team at 646-300-2012 to schedule a free consultation.

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Spacious 2 Bedroom Co-op in the Parkchester section of the Bronx!

10/19/2023

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1480 Thieriot Avenue #4C, Bronx, NY 10460

2 Bedroom/1 Bathroom Co-op
Asking Price: $189,000

See the listing here

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