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

10/24/2023

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:

1. 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.

2: 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.

3. 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.

4. 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.

5. 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 consultation.

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

10/19/2023

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Inviting 2-Bedroom Haven in Parkchester's Archer Cooperative

Welcome to your new home at 1480 Thieriot Avenue #4C, nestled on a picturesque tree-lined street within Parkchester's coveted Archer Cooperative. This meticulously maintained apartment promises a move-in ready sanctuary, offering modern comforts and a tranquil atmosphere.

Spanning 975 square feet, this revitalized gem greets you with a sense of spaciousness, highlighted by its six generously sized closets and an open layout bathed in natural light. Freshly painted walls complement the newly refinished hardwood floors, while updated hardware on all doors adds a touch of elegance. The 8-foot ceilings soar, creating an airy ambiance throughout.

The kitchen has been thoughtfully updated with new countertops, sink, and flooring, providing a stylish backdrop for culinary adventures. The king-sized primary bedroom and queen-sized second bedroom offer ample closet space, ensuring storage solutions are effortlessly met.

Included in the monthly maintenance fee of $1001.00 are all utilities, with the added benefit of eligibility for a STAR exemption and tax abatement, promising reduced monthly costs. Please note that subletting is not permitted.

The building at 1480 Thieriot Avenue boasts attentive management, featuring a video intercom system, elevator access, and onsite laundry facilities. Outdoor enthusiasts will appreciate the shared courtyards, meticulously tended by the live-in superintendent and dedicated staff. While garage parking currently has a waitlist, residents enjoy convenient access to a wealth of amenities, including nearby restaurants, shops, supermarkets, gyms, banks, and parks.

Commute with ease via the #6 local and express trains at Parkchester Station, along with multiple express bus lines. Ready to experience the charm of this Parkchester oasis? Schedule a showing today by contacting Jonathan Ettricks at 347-470-2272.

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Meet Beth Davis: Your Premier NYC Real Estate Expert with Berkshire Hathaway HomeServices

10/15/2023

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Introducing your NYC Real Estate Expert: Beth Davis. With her personable, loyal, and hardworking approach, Beth is dedicated to finding her clients their dream home in the Big Apple. Her white-glove customer service means she's both an educator and navigator, guiding clients through the process with expertise and care.

From her own family's relocations from DC to Switzerland and finally to NY, Beth understands the complexities of moving and is committed to providing top-tier service to her clients. As the co-founder of The Big City Team at Berkshire Hathaway HomeServices Fillmore, Beth handles every detail of relocation with precision. She goes beyond the transaction, helping clients choose neighborhoods and settle into their new homes seamlessly. Additionally, as an experienced listing agent, Beth knows how to market properties effectively to get the best results for her clients.

For a consultation with Beth Davis, contact her at 914-574-3169. Let's make your move to New York City a smooth and successful one!

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📲 Let’s Connect!

Follow The Big City Team on social media:

Instagram ➡️ https://www.instagram.com/thebigcityteam/
LinkedIn ➡️ https://www.linkedin.com/company/thebigcityteam/
Facebook ➡️ https://www.facebook.com/TheBigCityTeam
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7 Great Neighborhoods in NYC for Young Professionals

10/5/2023

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Photo by Andy Henderson on Unsplash

New York City offers a plethora of neighborhoods that are popular among young professionals due to their vibrant social scenes, proximity to job opportunities, and a variety of amenities. Here are seven great neighborhoods in and around NYC for young professionals:

Williamsburg, Brooklyn:
- Known for its artistic vibe and trendy atmosphere.
- Abundant nightlife, restaurants, and music venues.
- Easy commute to Manhattan via the L train.
- A mix of luxury apartments and converted warehouses.
Astoria, Queens:
- Offers a diverse community and a range of dining options.
- Proximity to midtown Manhattan via the N and W subway lines.
- Affordable housing options compared to Manhattan and parts of Brooklyn.
- A growing arts and culture scene.
Long Island City, Queens:
- Rapidly developing with modern apartment complexes and waterfront views.
- Home to tech startups and creative professionals.
- Excellent transportation options, including subway and ferry services.
- A thriving arts scene and proximity to MoMA PS1.
Greenpoint, Brooklyn:
- A quieter alternative to Williamsburg with a similar vibe.
- Quaint streets lined with boutiques and cafes.
- Gentrifying rapidly but still maintaining its character.
- Accessible via the G train and East River Ferry.
Hoboken, New Jersey:
- Located just across the Hudson River from Manhattan.
- Offers stunning skyline views and a more relaxed atmosphere.
- Excellent transportation options, including PATH trains and buses.
- Popular for its bars, restaurants, and waterfront parks.
Murray Hill, Manhattan:
- A more affordable option within Manhattan.
- Known for its young professional population and lively bar scene.
- Convenient access to Midtown businesses and nightlife.
- Close proximity to the East River.
Harlem, Manhattan:
- Experiencing a resurgence in popularity among young professionals.
- Rich in cultural heritage, with historic theaters and music venues.
- A growing food and nightlife scene.
- Accessible via multiple subway lines.

It's essential to research the current housing market, commute options, and neighborhood amenities when considering where to live in New York City as a young professional. Additionally, personal preferences and priorities will play a significant role in choosing the right neighborhood. If you're in the market to buy or rent a home in NYC, contact our team at 646-300-2012 to schedule a free consultation.

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What Are The Closing Costs That Sellers Pay in NYC?

10/3/2023

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Photo by Yoav Aziz on Unsplash

In New York City, sellers typically incur various closing costs when selling a property. These costs can add up significantly and should be taken into account when determining your net proceeds from the sale. The specific closing costs can vary depending on factors like the property's location, the purchase price, and negotiations with the buyer, but here are some common closing costs that sellers may be responsible for:

Broker's Commission: In NYC, it's customary for the seller to pay a commission to the real estate agents involved in the sale. The commission is typically around 5% to 6% of the sale price, but this can vary.
New York City Transfer Tax: The NYC Transfer Tax is based on the sale price and is typically paid by the seller. The rate can vary based on the sale price and property type.
New York State Transfer Tax: This state-level transfer tax is also based on the sale price and is typically paid by the seller.
Attorney Fees: Sellers often hire an attorney to handle the legal aspects of the transaction, including reviewing contracts and ensuring a smooth closing. Attorney fees can vary depending on the complexity of the sale.
Title Insurance: Sellers typically pay for the buyer's title insurance policy, which protects the buyer against any issues with the property's title. The cost can vary based on the sale price.
Unpaid Property Taxes or Common Charges: Sellers must settle any outstanding property taxes or common charges on the property up to the closing date.
Miscellaneous Fees: There may be various smaller fees associated with the closing process, such as recording fees, document preparation fees, and more.

It's important to note that these costs can be negotiated between the buyer and seller, and in some cases, the buyer may agree to cover some of these expenses. Additionally, closing costs can vary depending on the specifics of the sale, so it's advisable to consult with a real estate attorney who is familiar with the NYC market to get a more accurate estimate of your closing costs based on your specific situation. If you're planning to sell your home in NYC, contact The Big City Team at 646-300-2012 to schedule a free consultation.

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7 Fun Things to Do in NYC for Families

10/3/2023

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Photo by Harry Gillen on Unsplash

New York City offers a plethora of fun activities for families. Here are seven enjoyable things to do:

Visit Central Park: Central Park is a massive green oasis in the heart of Manhattan, offering playgrounds, walking trails, and open spaces for picnics. You can rent rowboats, visit the Central Park Zoo, or simply enjoy a leisurely stroll through this iconic park.
Explore the American Museum of Natural History: This world-renowned museum features fascinating exhibits on dinosaurs, space, animals, and cultures from around the world. Kids and adults alike will be captivated by the displays.
Take a Ride on the Staten Island Ferry: This free ferry ride offers stunning views of the Statue of Liberty, Ellis Island, and the Manhattan skyline. It's a budget-friendly way to see some of NYC's most famous landmarks.
Visit the Intrepid Sea, Air & Space Museum: Located on the USS Intrepid aircraft carrier, this museum features historic aircraft, space shuttles, and interactive exhibits. It's a great place to learn about the history of aviation and space exploration.
Go to Coney Island: Coney Island is home to a historic amusement park, a beach, and the famous Cyclone roller coaster. Spend a day riding rides, playing games, and enjoying classic boardwalk food.
Explore the Children's Museum of Manhattan: This interactive museum is designed specifically for kids and offers hands-on exhibits that encourage learning through play. It's a fantastic place for young children to explore and have fun.
Watch a Broadway Show: NYC is famous for its Broadway theaters, and many family-friendly shows are available. Look for productions like "The Lion King," "Aladdin," or "Frozen" for an unforgettable theater experience.

Remember to check the opening hours and availability of these attractions before your visit, as they may be subject to changes or restrictions. NYC is a vibrant city with countless family-friendly activities, so you're sure to find something that suits your interests and preferences.

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7 Fun Things To Do In NYC tHIS fALL

10/2/2023

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New York City is a fantastic place to visit in the fall, with its cool weather, beautiful foliage, and a wide range of activities to enjoy. Here are seven fun things to do in NYC during this season:

Central Park Stroll: Take a leisurely walk or bike ride through Central Park to admire the vibrant fall foliage. Central Park is stunning during the autumn months, and you can enjoy the changing colors of the leaves and the serene atmosphere
Visit Pumpkin Patches and Corn Mazes: While you won't find traditional pumpkin patches within the city, there are many nearby farms and festivals that offer pumpkin picking, corn mazes, and hayrides. Check out places like Queens County Farm Museum or head upstate for a more rural experience.
Attend a Fall Festival: NYC hosts numerous fall festivals and street fairs, featuring local food vendors, live music, art installations, and more. The Dumbo Arts Festival, Halloween Parade and Pumpkin Flotilla, and the Bryant Park Winter Village are some notable options.
Explore Art Museums: Rainy fall days are perfect for exploring NYC's world-class art museums. The Metropolitan Museum of Art, Museum of Modern Art (MoMA), the Whitney Museum of American Art, and the Guggenheim Museum are all worth a visit.
Enjoy Seasonal Treats: Fall is synonymous with comfort foods and cozy drinks. Try classic New York apple cider donuts, pumpkin spice lattes, or indulge in a slice of pumpkin pie at local bakeries and cafes.
Halloween Celebrations: NYC goes all out for Halloween. Visit haunted houses, costume parties, and spooky-themed events. The Village Halloween Parade is a must-see, featuring extravagant costumes and floats.
Take a Fall Foliage Cruise: Experience the beauty of fall along the Hudson River by taking a fall foliage cruise. You can enjoy picturesque views of the changing leaves while relaxing on a boat.

NYC in the fall offers a wide range of activities to suit different interests, so you're sure to find something fun to do during your visit.

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