New York is an iconic city. A city in which all cultures, all religions and all generations always meet and interact at the sustained pace of economic and cultural activity. With its dynamism, the city remains one of the most popular international destinations for wealthy families and investors. Discover BARNES’s article about how to buy a property in New York for the French American Chamber of Commerce.
Category: New York Real Estate
Discover everything about New York Real Estate, market updates, trendy properties and new developments opportunities you shouldn’t miss. New York Real Estate can be a rollercoaster, and you need to be on top of it. Read our articles presenting you all the recent developments in tern of Real Estate news in new York and things you should absolutely be aware of.
What are the regulations for buying a property in New York?
With its shining lights, skyscrapers, and mix of cultures, New York surely is the place to live. There are plenty of NYC apartments for sale currently, so choosing which to buy is up to you! Buying a new property in New York can seem daunting, as it is a long process with many obstacles throughout. However, this process can be made easy by being aware of all rules, regulations, and steps to take when buying a property in New York.
Being aware of the regulations that come alongside buying and selling a new house can make the proceeding go much smoother. Knowing what is expected for you and the seller will get you closer to reaching your new New York home with less trouble. Also, following all regulations can help you to avoid extra fees and costs that you would not have paid otherwise.
What are the important steps when buying a new property?
As a buyer, it is always a good idea to work with a buyer’s agent who has plenty of experience, especially if you are a novice when it comes to buying homes. Therefore, the first thing you should do when you decide to buy a home is to find a buyer’s agent.
Prepare all of the documents you will need for an offer and find an attorney specializing in real estate. You can ask your buyer’s agent for local recommendations. Having all of your documents in order will allow you to find any required information quickly and check that all regulations have been followed properly, especially when you’re buying a property in New York.
If you submit an offer for a property and it is approved, your attorney will look over the housing contract on your behalf. They will also scrutinize construction documents, including the first two years of financing the property. Once this operation is completed, you must then make at least a 10% down payment. This is one of the most detailed steps of the process, so it is important to review the listed rules and cautions to be aware of when making the down payment.
Once you’ve signed the full contract, if financing, you will apply for a mortgage and request an appraisal. The bank will provide you with a mortgage commitment, and you can complete an application to buy the new property.
The process and regulations for buying a cooperative property in New York are quite different from the regulations of other properties. For example, if you buy a cooperative, the board will first call you in for an interview. If you buy a condo apartment or a house, this process is skipped, and the building will consider the waiver of the right of first refusal, thus allowing you to begin the closing process on the property.
Many details within the buying process must not be looked over, as this can result in penalties, extra fees, and can add to the time you must wait before owning your new property.
What is a seller’s disclosure?
When a homeowner puts their house on the market, they must collect a packet of documents with information about the property. Seller’s disclosures can vary from state to state and county to county depending on their requirements, otherwise known as disclosure obligations. For example, in New York, the seller’s disclosure obligations are divided into 5 different categories: General Information, surrounding environment, mechanical systems, structural elements, and defects.
The general information that sellers must include in the disclosure would be details such as the age of the house, the property title, and the utility surcharge. In addition, the environment around the property can significantly impact the maintenance, and it must be stated in the disclosure. For example, if the property is located in a floodplain, a wetland district, near a landfill, contains asbestos, or if other toxic substances have been spilled, the seller must report them.
It must include information about the mechanical systems, such as the utilities, water sources and quality, and the presence of sewers. All defects in the house must be reported as well. Any issues with the plumbing, air conditioning or heating, security, the foundation of the walls, chimney, and patio terrace must be described in detail on paper to the buyer.
It is your right to receive a full and detailed seller’s disclosure as a buyer. Sellers who cannot provide adequate disclosure can owe money in fees, but the buyer may pay extra money for repairs later down the line.
Are there regulations for down payments?
Regulations and rules about down payments may be one of the most important that you come across as a buyer. Many co-ops or condos in New York will require a 20% down payment, although you might be permitted to put only 10% of the purchase price in a few instances. Of course, the more money you initially put down, the less you have to pay by the month.
Any down payment less than 20% of the price will require the buyer to pay for extra private mortgage insurance. Private mortgage insurance is a type of insurance that any buyer will be required to have to take out a conventional mortgage loan. Unlike most types of insurance, private mortgage insurance will protect the lender’s investment in the home rather than the borrower of the loan. On the other hand, private mortgage insurance makes it possible for some buyers to own their new homes sooner. This is because those who put down less than 20% as a down payment on their home will be allowed by the private mortgage insurance to obtain financing.
PMI is not on the cheap end, though, and it can come with additional monthly costs outside of loan payments. Until the buyers have enough equity in the home and are no longer considered high-risk, they must continue to make large payments to the private mortgage insurance. These can be between 0.5% and 2% of the total cost of the house in a given year. The lower the down payment, the higher the percent of the total cost the buyer will pay to the private mortgage insurance.
How can I abide down payment regulations?
The best way to ensure that you will meet the 20% requirement for a down payment on a new property in New York is by having a set budget and plenty of savings before entering the market.
It is important to decide how much you are willing to spend on your apartment, as well as which accommodations are most important to you. In New York, a one-bedroom apartment costs about $1,110,000 to buy on average in November 2022. A new 4-bedroom home for the family can cost over $3.8 million, making this a high initial down payment.*
Although putting a bigger down payment is generally advised, be sure to save at least 5% more than the down payment you wish to put down to help with repairs that you may need. Always set a limit with yourself and secure your expectations regarding financing. Additionally, it’s best to plan out your financial plan with an experienced mortgage broker to figure out your budget.
*Data from UrbanDigs
How can I avoid mistakes?
As stated above, working with real estate professionals can help you build confidence and guide you throughout the process and the regulations of buying a new property in New York. Unfortunately, many buyers and sellers may think that they are saving money on a real estate transaction by not hiring a real estate agent, and this could not be further from the truth.
An experienced real estate agent knows the New York market, has excellent negotiation skills, and offers great advice about choosing a home that will help you save money in the long run. Having a real estate agent by your side can help you find new properties that you may not have found otherwise, caution you of regulations you may be missing or unaware of, and assist you throughout the process to help you understand each step of the way.
Having a brokerage firm that you can trust is crucial when buying a home in New York. BARNES New York is available to help you in all of your real estate endeavors, whether you are buying a home, investing abroad, looking for private aviation and yacht services, and much more.
BARNES New York will assist you in all of your needs, especially when it comes to luxury living and new developments in New York. Contact us today for more information!
What is the housing price in Manhattan?
Manhattan is a beautiful city filled with diversity, vibrancy, and plenty of activities. It is a great home for people of all backgrounds, and there is something for every resident there. But unfortunately, as Manhattan grows and expands, the housing price in Manhattan are constantly on the rise.
Of course, they are subject to the location and neighborhood that the homes are in, but finding an apartment or condo for a low price is usually rare. Still, apartments in Manhattan are beautiful, and finding the right place to call home within the city is important. Depending on the area, the housing price in Manhattan varies.
So if you’re looking for a property in Manhattan, whether it’s a co-op, condo, penthouse, townhouse, or simply something with an incredible view, continue reading to learn and understand housing prices in Manhattan.
What factors determine housing prices?
The housing price of an apartment in Manhattan depends on three main factors: age, type, and location. If the apartment is older and a bit run down, it naturally will be cheaper than buying a brand new and up-to-date apartment. Because of this, it is important to decide what accommodations are important to you and which ones you can do without. In older apartments, the structure of the building may be less sturdy, and, of course, the wood will be much older.
The type and size of the building will also sway the price of the apartment greatly. Apartments that are small and compact will cost less than open and large apartments. Having an idea of how big you would prefer your apartment to be will give you a set goal and a specific range of apartments to look at.
Additionally, co-ops are cheaper options than condos by an average of about $100,000. The average price for a square foot of a co-op is almost $1,800, while the average for a square foot of a condo is well over $2,000. Even so, buying a condo is better for investors as well as renting out your property.
The location of the building is also important in determining the cost and risk of an apartment. What neighborhood is it in? What area of said neighborhood is it in? Is it more residential, or bustling with restaurants, shops and cafés? These are all essential questions that will decide the cost of the co-op or condo for sale in Manhattan. Also, the view outside the apartment’s windows can either make or break its price overall.
What is the price in Tribeca?
Tribeca is a beautiful, chic, and luxurious neighborhood to live in. It is filled with 5-star restaurants, classy shops and boutiques, and high-class residences. In addition, there are plenty of places to work along with beautiful office spaces. Because of this, buying an apartment in Tribeca can be profitable and rewarding when all is said and done.
If you are looking to rent out an apartment here, it is practically guaranteed to fill in quickly. With this luxury, though, comes a high price tag. The median price of a condo here is $3,350,000*, and often you must have over $1,000,000 that is ready to be put down on it first. The median price of a co-op here is $2,740,000*. Apartments in Tribeca are some of the most expensive in all of Manhattan, but are nearly always high-quality and gorgeous.
*Data obtained from UrbanDigs
What is the price in the East Village?
The East Village is the perfect place for those with a knack for art and nightlife, and the crowd here is a bit rowdier than in other neighborhoods. It is easy to meet people of all different cultures, and just as easy to create long-lasting friendships. It is filled with bars, music venues, lounges, casual cafes, and many more spots to relax and socialize.
With this being said, apartments in the East Village are chic and often have a rustic appeal. The median price of a condo here is about $1,740,000* and the median cost for a co-op is about $815,000*. This means you must have about $200,000 ready to put down.
*Data obtained from UrbanDigs
What about NoHo and SoHo?
NoHo is known for its free-flowing and fluid atmosphere, as well as its classiness and bohemian style. NoHo has all kinds of apartment styles, ranging from small to big and old to new. NoHo is filled with cute boutiques, small mom-and-pop shops, and casual cafes. Creative people from all over the world live here for their unique style and humbleness. NoHo in Lower Manhattan is one of the most expensive neighborhoods to live in, alongside SoHo and Tribeca. The median price of a condo here is about $5,900,000*, and about $3,200,000* to buy a co-op.
*Data obtained from PropertyShark
SoHo is famous for its infinite shopping plazas and unique fashion. If you have a love for clothing, SoHo is the place to be. There are plenty of boutiques and shops, both those with major brands and some that you cannot find anywhere else. SoHo takes on a bit of a faster pace than NoHo, but is still a beautiful neighborhood. It costs about $3,790,000* to buy a condo here, and about $2,380,000* to buy a co-op.
*Data obtained from UrbanDigs
What are the housing prices like in Chelsea?
If you enjoy NoHo and West Village, you might just love Chelsea. Chelsea is filled with residents that hold art and creativity close to their hearts, and just being in the neighborhood is enough to bring about inspiration.
There is street art, numerous art galleries and exhibits, and unique landmarks, all of which make the neighborhood stand out from those surrounding it. A condo apartment in Chelsea costs about $2,840,000* and co-ops cost about $800,000*
*Data obtained from UrbanDigs
The right price for you
The housing price of a Manhattan apartment depends on the size and type, age, and location of the condo or co-op. Of course, there are many other neighborhoods to buy an apartment in, and making such a big purchase requires thorough research and decision-making.
By finding the right neighborhood that fits your budget and needs, you’re sure to find the perfect apartment that’s right for you. BARNES New York can help with your project!
What are the most beautiful real estate new developments in New York?
Real estate new developments in New York City are amazing and are privileged place to live. Whether you are looking for your dream home or investing in a rental property, BARNES New York can provide you with the specialized assistance needed to walk you through the entire process. We offer a variety of services, such as negotiation of pricing, direct access to developers, and specialized knowledge of NYC neighborhoods.
While there are plenty of wonderful older residences in the city, some buyers are looking to invest in a newer development. BARNES has its own department for new developments with access to construction programs worldwide, which has done the research to find you the most beautiful residences in locations that are in high demand and with features that are irresistible to buyers and renters.
Why invest in new developments in NYC?
Most would agree that NYC is a unique and fascinating city. It offers something for everyone, with art museums, Broadway productions, world-renowned restaurants, and endless shopping. In addition to location, there are several benefits to investing in newer developments in the city.
Newer developments, in general, tend to have fewer needs in terms of maintenance and renovations. This saves the buyer money, especially if the property is used for rental investment. Additionally, newer buildings tend to have more desirable features that align with current expectations, such as washer and dryer connections (which can be very challenging to find in-unit) and more luxurious amenities, such as high-end gyms and spas.
A less obvious benefit of investing in real estate new developments in New York, is the opportunity to lock in a price at the early stages of development. Making a commitment to a property early on can save significant amounts of money, as the buyer may be able to get an excellent price without having to worry about inflation. BARNES can provide assistance with the negotiation and acquisition of these types of properties.
What are some of the popular neighborhoods for new developments in NYC?
NYC is diverse in what it has to offer, and this is especially true for the Manhattan borough. Some of the key neighborhoods we suggest exploring are SoHo and the Upper West Side, Hudson Yards, and the Financial District.
SoHo is an excellent neighborhood for walkable luxury shopping. Near Midtown and the East Village, this neighborhood is accessible to desired restaurants, galleries, and upscale bars. Rooted deeply in the arts, this area is a unique place to live and visit. Buyers interested in SoHo should look at 77 Charlton Street, which offers a private courtyard and condos ranging from studios to 3-bedrooms.
In nearby Morningside Heights, Vanderwater stands as a 33-story luxury condominium, and it offers views of Central Park, Riverside Church, and Columbia University. The Upper West Side also features 200 Amsterdam, which is located near the Museum of Natural History and the Lincoln Center. This complex also boasts unique amenities, such as a “Zoom room” for meetings and a “little composer’s room” for children to explore their musical talents.
Foodies will want to explore Hudson Yards, located in Manhattan’s West Side. Developments in this area are also near the art galleries of Chelsea as well as the Hudson River Park. 35 Hudson Yards, the 4th tallest building in the US, features floor-to-ceiling windows and easy access to The Shops at Hudson Yards.
This development also offers a 2-year membership to Equinox club and spa for no extra charge. Another strong contender in this area is 15 Hudson Yards in West Chelsea, which offers panoramic views of Manhattan and easy access to Hudson River Park.
These are just a few of the popular neighborhoods in Manhattan. BARNES is prepared to help you find the neighborhood that best fits your style and needs, and will walk you through the process of acquiring your dream home.
What types of amenities are available?
Amenities are particularly important when shopping for high-end real estate developments, and New York City luxury developments have quite a few to offer. It can be helpful to be aware of the amenities that are most crucial to you while shopping for your new home.
Many luxury condominiums offer lobby service for added protection and convenience. 300 West, located in Upper Manhattan in the West Harlem Area, offers 24-hour lobby service with doorman and concierge services.
Another popular amenity is easy access to an in-house pool or spa. 111 West 57th Street, located in Midtown, offers residents a lap pool, a sauna, and a steam room. Buyers looking for a place in the Upper East Side should consider for its beautiful indoor pool and sauna. This facility also offers a unique camping-themed children’s play area and even a sound lounge for musicians.
In addition to pool access, many buyers are also interested in other fitness-related amenities. For example, 130 William, located Downtown, offers a wide variety of options for those interested in fitness and sports, including a swimming pool, a yoga studio, a basketball court, and an exit close to the park.
Where are some of the most beautiful views?
It can be challenging to choose the complexes with the most beautiful views in NYC, as there are so many iconic images of the city. Whether you are looking for something overlooking a waterfront, a high rise that offers views of the skyline, or windows with viewpoints of Central Park, there are luxury developments that accommodate these requests.
One Manhattan Square is located on the edge of New York Harbor, at 800 feet above the water. This development offers glass paneling for optimal views of the waterfront. 77 Greenwich also offers beautiful waterfront views and is close to Battery Park. These types of developments can make you feel like you’re in an oasis within the big city with their serene viewpoints.
For those looking to see the beautiful skyline, 196 Orchard, located in Manhattan’s Lower East Side, boasts an amazing view of the NYC skyline, with its 4,300 square foot rooftop terrace overlooking the city. Buyers may also want to consider places that offer iconic views of Central Park, such as 111 West 57th Street.
We recommend all buyers looking to invest in luxury properties check out the real estate new developments emerging in New York City. BARNES New Development is prepared to assist clients with finding, buying, and selling these properties. We are equipped with specialized knowledge and resources to help you get the best deal for your money and to make the most out of your investment over time.
Which luxury real estate agencies to contact in New York?
Do you wonder which luxury real estate agencies to contact in New York? Now that the world is beginning to reopen, the real estate market is finally on the move again. While most industries suffered through the first year of the pandemic, the buying and selling of real estate became particularly challenging.
New York City is now returning to its typical place as a city to consider when purchasing a luxury home. Properties in New York City offer excellent long-term value and can be utilized for various purposes, such as vacationing or renting to tenants.
While real estate agency companies are fairly easy to find in most cities, it’s important to be choosy when selecting your agent and choosing wich luxury real estate agencies to contact in New York. Many agents are simply in the business for the commission and do not fully consider the buyer and seller’s needs. These needs may differ for individuals managing luxury properties, and some agencies are not equipped to assist these clients effectively. This can be frustrating, as buying a home is a gigantic investment that should not be taken lightly.
BARNES New York is here to provide you with elite services as you navigate the market in NYC. With over ten years of experience in New York City and agents from all over the world, BARNES offers a multicultural team to help guide you through the numerous opportunities available in the big city. Now is the time to take advantage of the market and continue to grow your investments with luxury NYC properties.
Why should I consider real estate companies in New York that specialize in luxury homes?
Buyers looking for high-end homes will want to contact luxury real estate agencies in New York that work with expensive homes daily. Because this is a niche field, these agents will be much more well-versed in desired neighborhoods, more aware of properties that are currently available, and more familiar with potential buyers of these properties.
Since luxury homes tend to be within the top 10% in terms of price, clients would benefit from utilizing real estate agents who are skilled in navigating this competitive, fast-paced market. BARNES provides specialized services for those looking to buy and sell luxury items and is, therefore, able to effectively support their clients throughout the process.
In addition, luxury properties tend to include particular features that are very expensive, scarce, and desired. The location of a property, as well as its amenities, can significantly impact its value. Two homes with the same square footage will not be worth the same amount of money when they are in two different locations. This is why it is important to find a real estate agent who is extremely well-versed in the neighborhoods of interest and who can alert you to opportunities promptly.
At BARNES New York, we have agents and brokers who speak various languages to partner with you on your real estate journey. Since we are an international company, we have connections in countries worldwide. As a result, our clients are able to effectively manage their properties from their homes without having to travel internationally, as BARNES agents can take care of the logistics on-site.
BARNES New York provides agents and brokers knowledgeable within their specific NYC borough. In addition, these agents are matched with BARNES agents in other countries, such as France, to provide the best service and most thorough knowledge of the property.
Why consider luxury properties in New York?
In particular, NYC is an excellent choice for luxury home buyers to explore. New York City offers a wide variety of property types, such as apartments, condos, and penthouses. While some buyers may be looking for a vacation home, others may be looking to sell or rent their properties to tenants.
Since New York is a bustling city that can be quite expensive to live in, tenants are always looking to rent. We also provide property management services for rental homes, such as collecting rent, responding to maintenance issues, and conducting yearly property inspections. Clients can rest easy knowing that BARNES has it under control and that their investment is being taken care of accordingly.
Additionally, New York offers a lot of luxury real estate agencies to contact, not least because of the atypical architecture that the city offers, value in its history and cultural attributes. Historic buildings can offer prestige and charm that contributes to their overall price value, while newer buildings often offer updated features that are highly desirable to wealthy clients. Amenities such as access to a pool or stunning rooftop views may impact the pricing of the property.
In NYC, each borough and neighborhood has its own distinct personality and attributes. For example, Midtown Manhattan offers properties close to major attractions, such as Times Square, and is also in close proximity to other desired neighborhoods, such as Chelsea. This provides excellent opportunities for renting, given the prime location for tenants who work in the area or travelers wanting to see the city’s sights.
On the other hand, you may be looking for an area that is more residential in orientation. For example, uptown Manhattan offers beautiful views of the city and is close to some of the most unique shops and galleries that New York has to offer. BARNES New York is prepared to guide you through the properties available across the city based on your preferences and intended use for the property. We currently offer Manhattan, Brooklyn, Queens, the Hamptons, Westchester, and Upstate New York listings.
What constitutes a luxury property?
BARNES is available to assist with numerous types of luxury properties, including not only homes but also additional high-end purchases. We can help you buy, sell, and manage your purchases, regardless of the location of your primary home.
Luxury homes are unique for numerous reasons, and their uniqueness is part of what makes them expensive enough to be considered “luxury.” In NYC, luxury homes often have excellent views of the city, are conveniently located, and provide amenities that are not easily accessible in many big-city apartments, such as in-unit washers and dryers.
These properties may also be unique in how they are designed (compared to the typical square-shaped apartments commonly seen in the city) and tend to be more spacious than typical homes in the area. Because the features of these properties are unique, we focus on the details of these homes and can provide updated information regarding their availability.
In addition, BARNES New York is also available to assist with the acquisition and selling of large luxury items, including yachts, private jets and art advisory services. While many real estate agencies only offer services directly related to housing, BARNES is here to help you buy, sell, and manage these additional luxury assets. Some of the services provided include management of the construction of new yachts based on the client’s preferences as well as the purchasing and selling of yachts.
Furthermore, BARNES offers assistance with fine artwork, including the transport and installation of pieces in addition to sales and purchasing. A strong benefit of choosing BARNES New York is the ability to utilize the same company to manage numerous luxury investments.
What types of properties does BARNES New York have to offer?
When you want to contact a luxury real estate agency in New York, you need to be hypervigilant as listings change frequently, and brokers need to know exactly what their clients are looking for to not miss out on the perfect opportunity. At BARNES, we organize properties by larger borough or neighborhood and then further classify them into smaller neighborhoods within the larger sections. This allows the buyer to focus on some of the property’s most important features, such as location and size.
While BARNES real estate agents are happy to assist you with finding your perfect home, we also provide a website that is easy to navigate so that you can search on your own, as desired. In addition, buyers can filter for amenities, such as the number of bedrooms, outdoor space, and community doorman services. Whether you are looking for a cozy condo in Manhattan or a gigantic vacation home with a pool in the Hamptons, BARNES New York is ready to assist with agents who have specialized knowledge of these areas.
At the end of the day, when selecting a real estate agency to utilize for your luxury property in NYC, you will want to make sure you go with a company that is reliable, knowledgeable of the area, and savvy enough to identify new opportunities promptly, as the market is very competitive. We are an excellent choice because we specialize in managing luxury properties and offer services beyond that of a typical real estate company.
Furthermore, our multicultural staff offers services in numerous languages, such as French and Spanish, and can effectively assist buyers worldwide. For these reasons, we hope you’ll consider utilizing BARNES New York as you navigate the luxury market in New York City.
Where should you buy a house in the Hamptons?
The Hamptons is a grouping of towns and villages on the far eastern side of New York’s Long Island and borders the Atlantic Ocean. It is easily accessible by car or bus from the city, and travelers should expect an approximately 2-hour drive from the center of Manhattan. If you wonder where you should buy a house in the Hamptons, keep on reading!
Many people—celebrities, the wealthy, and well-to-do travelers—use the Hamptons to get away from the hustle and bustle of New York City for a while. So buy a house in the Hamptons is a very good choice. With its scenic ocean surroundings, more rural setting, and historic landscapes, it’s easy to see why. Spend enough time in the area, and you’re bound to run across someone famous.
But the Hamptons offer much more than just resorts for a short stay or extended summer get away. It, too, provides an array of condominiums and single-family homes for year-round stays.
Which area is best for me?
Depending on whether you want an ocean side getaway, an inland home with plenty of yard space, or even a modern condominium, the Hamptons have you covered. With so much open space and plenty of options available, there are so many great areas to choose from when considering buying real estate in the Hamptons.
Exactly where are the Hamptons?
The Hamptons are located in Suffolk County, which is directly east of Nassau County, the county that borders the New York City borough of Queens. As stated previously, it is accessible from New York City via a 2-hour car drive or a trip by commuter bus. For those wishing to take a train, that option is available, too. The Hamptons are just 3.5 hours away from New York City by train. At the 2020 United States census, Suffolk County listed a population of over one million spread between its cities and towns.
Which areas are best in the Hamptons?
When considering to buy a house in the Hamptons, options in Suffolk County’s cities, there is little to complain about, especially as you drift toward the Hamptons. Being in the narrow-most stretch of Long Island, the Hamptons offers plenty of housing with immediate access to water. Even the housing options that don’t come with water access still come packed with amenities like land, greenery, and cozy surroundings.
It then becomes a pick of preference. Do you want an ocean side getaway? Or do you want a tucked away escape? Then, consider exploring Southampton and East Hampton for real estate options.
What is in Southampton?
Southampton consists of many towns and hamlets and a thriving community full of food, shops, a strong community, and activities. It has a closed-off bay protecting it from the waves of the Atlantic Ocean and is the ideal place for a relaxing environment. Perhaps the most popular area of Southampton are the Hampton Bays.
What are the Hampton Bays?
The Hampton Bays are technically a hamlet, which, in New York, simply means a populated space not defined as a city or town. Think of a hamlet in the same way you would a neighborhood within a large city—a populated part of the city, but not a city by itself. Three bays border the Hampton Bays—the Great Peconic, Shinnecock, and the Tiana—meaning there is plenty of waterfront real estate to go around.
What options are there in the Hampton Bays?
As stated above, The Hampton Bays are surrounded by water, even more so when you consider the creeks and ponds that extend inland from the ocean. There is a little something for everyone here, ranging from quaint 2 bed/ 1 bath homes to extravagant 5+ bed/ 5+ bath ocean side homes. And don’t worry, the architecture in the Hampton Bays is aesthetically pleasing, and there is no wrong answer for house buying here.
The southern section of the Hampton Bays is where most of the housing is gathered. It’s also where many of the restaurants, bars, and shopping centers are located, too. Oceanside dining is Hampton Bays’ forte, and there are no shortages of options. With plenty of indoor and outdoor dining options, crafting a scenic and memorable dining experience is effortless.
Does Southampton have a downtown?
Situated a little inland from the ocean, on the tip of Agawam Lake, is a quaint downtown area for Southampton. It offers all of the necessities like schools, shops, dining, hotels, and hospitals while also offering cultural adds like an arts center, museums, parks, and sports fields.
What options are there in East Hampton?
East Hampton offers a more spread-out, suburban feel when compared to the popular Hampton Bays in Southampton. Its long coastline cuts right up to the Atlantic Ocean and offers some breathtaking scenery. There is a downtown similar to that of Southampton and, perhaps, bigger and more frequent nature parks complete with hiking trails and wildlife.
Where can I find more information about real estate in the Hamptons?
Options to buy a house in the Hamptons are exploding, with more and more people moving away from the city, in part because of the global pandemic and others wanting to branch away from densely-populated areas. The cities and counties surrounding New York have really blossomed—and a lot of that New York City culture is moving along with it.
Meaning that if you crave buying a home and getting that New York City lifestyle, you don’t have to look into Manhattan solely. Now, more than ever, real estate in the Hamptons is on the rise. To check out the best listings that the Hamptons offers, along with guidance and expert advice, check out BARNES New York.
In the Media – New York and its high-end real estate: market outlook by Yann Rousseau
New York is an iconic city. A city in which all cultures, all religions and all generations always meet and interact at the sustained pace of economic and cultural activity. With its dynamism, the city remains one of the most popular international destinations for wealthy families and investors. Yann Rousseau, director of BARNES New York, gave an interview in French about the high-end real estate market and the current state of the market for French podcast online media LES ONDES DE L’IMMO.
What is the real estate market like in New York?
The housing market has seen some serious fluctuation over the last 2 years, especially in places like New York. Many cities across America are struggling to keep up with housing demands, and rent continues to climb. So what is the real estate market like in New York right now ?
In 2020, living in New York seemed feasible for some people for a brief moment. Vacancy rates went up drastically as locals tried to escape the pandemic by fleeing to the less crowded states, making room for those who had been eyeing apartments in NYC for some time.
However, as we came into 2021, everything changed. The stimulus money ran out, and landlords stopped giving out handouts. As a result, the demand for housing has been more than anyone could have expected, and prices have been driven to an all-time high across the country.
Which parts of New York are most affected?
New York City has been rated the most expensive place to live in the US and is the 9th most expensive place to live globally. Roughly 64 percent of New York State’s population resides in the city, so naturally, this is where the high demand comes into play. While the median housing price for New York State is $371,000, it’s over double that in NYC at $850,000.
Prices were considered high before the pandemic, and it was a relief when they finally dropped. But now, in order to make up for that lost income, prices are continuing to soar past even what they were in 2019. The average rent increase is roughly 20 percent and climbing.
Manhattan has the highest median housing price of all the boroughs in the New York real estate market, at $1.4 million, followed by Brooklyn at $895,000, Queens and Staten Island both at $600,000, and finally the Bronx at $390,000. In these areas, prices for luxury housing can easily be several million dollars, with under $1 million being rare for family homes.
However, things are still very manageable outside the city, especially the farther away you get. While prices are still higher than before, the demand for upstate New York is not even close to the demand for city territory. If you’re looking to move to New York State but are not dead set on city life, there are some beautiful properties well under the median price range, ranging from a couple of hours away to the other side of the state.
Outside of the city, certain areas have not only a below-median price for New York, but it even falls below the national average. For example, Rochester, NY is the fourth most populous city in the state and is still extremely financially doable, with the median being only $149,900 thousand. Buffalo, NY comes in a close second at $160,000, followed by Liberty, NY at $174,100 thousand, and Albany, NY at $234,500. The only downfall may be that outside of the city; property taxes tend to be much higher.
What Is expected for 2022?
Inflation has been a topic of conversation for many months now, as the price of housing, gas, food, and pretty much everything else continues to rise. In addition, companies are still recovering from supply chain disruptions, and it appears everywhere is understaffed these days.
Fish, meat, and poultry prices are up over 12 percent from January 2021, and gas has increased even more so, with record-breaking prices around the country. As a result, the overall inflation rate via the Consumer Price Index was 7.9 percent through February, the most we’ve seen since 1982.
Unfortunately for the housing market, Inflation affects more than just day-to-day prices. Housing costs rise and fall on numerous factors, including building materials, the local cost of living, and housing demands for certain areas. As long as inflation continues, the cost of housing will continue to rise.
Mortgage rates have also gone up and are the highest they’ve been since 2019. Add the increased interest rates on top of the base cost of a mortgage, and you’re looking at an average monthly increase of $290 in the last year. In New York, mortgage rates are 1 basis point higher than the national average rate of 4.83 percent, with the average monthly payment ending up at about $2,800.
It’s difficult to predict what will happen for the remainder of 2022, with professionals estimating anywhere from a 3.9 percent increase up to 16 percent. But, at the very least, the continued growth should certainly be slowing down now, and we are unlikely to see a market crash in the next few months.
Is now the time to buy?
If you’re waiting for prices to go down, experts say you will likely be waiting a long while. As we’ve previously noted, the market is likely to slow down over the next year, but nevertheless continues to rise.
Until New York can catch up with supply-demand, vacancies will continue to dwindle, and choices will be scarce, so it may be best to pull the trigger sooner rather than later. Luxury housing is somewhat easier to find than more affordable options at the moment, but over the next couple of years, that should change. Developers may turn more office buildings into residential properties due to the increase of people working from home, and more people working from home means they don’t have to live near the city to do their job.
If you’re looking to grab up a commercial property, now is the time to do so. Investors have been known to buy larger units as a NYC real estate investment, subdivide it, and then sell it for a profit. Non-residential properties can be an excellent NYC real estate investment, especially with the actual New York real estate market, as long as you get the proper permission to turn them into condos, lofts, or apartments. There are also zoning regulations that limit housing supply, and New York City will give tax breaks to investors who can turn things like commercial properties or warehouses into livable rental units.
How can I best navigate the New York real estate market?
The housing market is certainly warm, and all signs point to it staying that way for some time. If you’re not looking to spend your life savings on a condo in NYC, perhaps real estate in Upstate New York is a better option for you. On the other hand, if you’re looking for the waterfront, amenity-packed apartment of your dreams, by all means, check out some beautiful Manhattan or Long Island real estate and grab it while you can.
Perhaps you’re looking for something to invest in and want to help solve the NYC housing crisis—there is certainly an opportunity for you. Whatever the case may be, BARNES New York has all the information you need, and real people to help guide you every step of the way.
Where should you buy an apartment in Brooklyn?
Are you wondering where you should buy an apartment in Brooklyn? Much like the other cities in New York, Brooklyn is huge, diverse, and has plenty to offer to people from all parts of the world. However, it is safe to say that Brooklyn is completely unique from its surrounding areas, and there is a place for people of all backgrounds and personalities to make a home.
From options ranging from Williamsburg, Bushwick, and Greenpoint to Downtown, Cobble Hill, and Red Hook, there is a neighborhood for every soon-to-be resident to buy an apartment in Brooklyn.
Why live in Brooklyn?
Brooklyn is excellent whoever wants to find peace in serene parks, plenty of sidewalks, and regular family-friendly activities. So much of the scenery in Brooklyn is unique, and many of the attractions, such as the Botanic Garden and Coney Island, are iconic and set the city apart from surrounding areas. Brooklyn is a great place to live as a starting place to build a home in New York and provides a wonderful start for beginners to become used to the hustle and bustle without being overwhelmed.
Additionally, Brooklyn has a rising job market and a strong sense of community that can make all newcomers feel welcome, no matter what they are looking for. Finding a neighborhood to buy an apartment in Brooklyn can easily be made fun and stress-free if you know what to look for.
What is Williamsburg like?
Williamsburg is, by far, one of the most famous Brooklyn neighborhoods. It was once filled with artists, wanderers, and delicious food, but now includes expensive shops and luxury. There is still tons of street art and graffiti that make the neighborhood unique and show off a bit of its past. It is filled with bars, restaurants, and retail shops, and it feels like a city within a city. Its rich history makes it an old-fashioned residential area to settle in. Spots like Grand Ferry Park offer amazing views that make the selling price for condos in Williamsburg high.
Williamsburg is great for young and old crowds alike, and it has plenty of working opportunities for newcomers. An apartment in Williamsburg is great for its views of the Manhattan Bridge and its casual residential atmosphere. There is always an opportunity to buy an apartment in Brooklyn, especially in Williamsburg.
Should I live in Dumbo?
“Dumbo” stands for “Down Under the Manhattan Bridge Overpass.” Dumbo is popular for its old warehouses that have been renovated and transformed into restaurants and shops along the river. Its style can be described as “industrial chic,” and it is one of the most expensive neighborhoods to live in.
Overall, it has a rustic feel with a minimal amount of skyscrapers and other tall buildings. The price is worth it, though, as it is filled with beautiful streets with vintage shops and unique finds. In addition, as more homes are being built, the value of apartments and condos are on the rise, making it a great time to invest.
Dumbo is a popular residential area that does not have too many people or tourists. When you buy a condo or a co-op in Dumbo, you’re setting yourself up with a beautiful apartment in a beautiful neighborhood.
What is in Greenpoint?
Greenpoint is an amazing neighborhood to settle in for less bustle than Williamsburg, which is just south of it. It is filled with artists, youth, and an industrial vibe. It is known for its warm bakeries and coffee shops with delicious pastries and breakfast. It has plenty of parks, nature walks, and greenery around the city so you can still enjoy the trees and plants in the midst of concrete and steel.
The neighborhood is filled with beautiful brownstone apartments and is home to a large Polish community. The food in Greenpoint is incredible and diverse, so it is great for people of nearly all cultures, especially Europeans.
Greenpoint is great if you are looking for a more slow-paced environment with great views, and the city is constantly upgrading and reconstructing. Apartments in Greenpoint are popular, and the timing could not be more perfect to buy a home in Greenpoint.
What about Park Slope?
Park Slope is, by far, one of the most vibrant neighborhoods in Brooklyn. It has everything, including casualty, diversity, history, and dynamic. There are people of every background, and it is practically built for families to reside in. It is the largest historic district in New York and is filled with kind-hearted people who recognize its colorful past.
It became one of the first American suburbs, and it was developed after the Civil War. Soon after, Prospect Park was created and is truly beautiful with plenty of activities, such as horse riding, roller skating, carousels, and a zoo. It has plenty of limestone sculptures, small houses, and small shops that make it charming.
Recently, the value of apartments in Park Slope has skyrocketed. Although it is an expensive neighborhood, it is social, and has amazing food, which makes the price completely worth it.
What’s in Carroll Gardens?
Much like Park Slope, Carroll Gardens is a perfect place for a family to live. It is filled with brownstone buildings, mom-and-pop stores, art, and greenery. It also offers a small-town feel within the big city of Brooklyn. Even though it is smaller than many other neighborhoods in Brooklyn, as it is only about four blocks across, it is an established home to many older groups of people and a new home to the younger crowd.
It has a rich Italian history, but has expanded to become as diverse as it is today. As the name suggests, nearly every business, especially restaurants, has a small garden on the landscape. Everyone knows everyone in Carroll Gardens, and the shop owners and residents there will go out of their way to meet and get to know you.
An apartment in Carroll Gardens is wonderful for those looking for a quiet home in a tightly-knit neighborhood. Everyone is welcome to settle in Carroll Gardens, and it is loved by many.
What are some other neighborhoods in Brooklyn?
Other neighborhoods in Brooklyn, such as Columbia, Downtown, Bushwick, and Boerum Hill, all have unique characteristics that make living in Brooklyn a beautiful experience. Finding a neighborhood best for you will make your experience in New York a hundred times richer.
Whenever you’re ready to buy an apartment in Brooklyn, BARNES New York is here to help with its abundance of informational resources available, alongside the finest listings available throughout Kings County.
How do real estate agencies work in New York?
How do real estate agencies work in New York? The world of real estate in NYC can be both exciting and confusing. Because there is so much diversity within the state, there is a home for every kind of person and personality, making it easy for people of all different backgrounds to find a home they truly love.
While residential areas continue to expand and new homes pop up all around the state, more and more properties are being sold, and real estate agencies are opening everywhere. But it is important to understand how real estate agencies work in New York in order to be well taken care of by the agent you choose.
What are the goals of a real estate agency?
The job of a real estate agent is to secure the transaction between the buyer and the seller of the property. There are types of real estate agents, and they are divided into two different categories: a buyer’s agent and a seller’s agent. Although they share similar goals, they both strive to represent the client that hires them to score a fair deal on a property.
The buyer’s agent works hard to represent the buyer that hires them by finding a property they love and can afford, walking them through buying a home, and negotiating with the seller’s agents to claim a great deal. After the agent and client pair together to figure out what the client is looking for and create a reasonable budget, the agent will schedule an appointment to see which homes meet the criteria.
Buyer’s agents will explain the details of different properties and the area they reside in to help buyers choose the right home for them, giving them the upsides and downsides of purchasing each property. One of the main priorities of the buyer’s agent is to gain the client’s trust and leave them satisfied with a home that they will love. In addition, they will help the buyer overcome any obstacles that may appear while trying to find their home.
The seller’s agent, or listing agent, represents the seller by finding adequate candidates to buy their home. Their main responsibility is to set a competitive price for the home and attract potential buyers to view it. Listing agents have plenty of experience and knowledge about the local real estate market, bringing about many opportunities that the seller may have missed if they did not work with the listing agent.
They will have a wide and updated database about all of the properties in your area, allowing them to determine a reasonable and competitive price compared to other homes that may be for sale at the time. Additionally, they will do all of the work to make the property appealing to potential buyers. For example, they may help you arrange or style the property and hire professional photographers to take quality photos of the home so it is shown in the best possible condition. Finally, once the buyers start to roll in, they will organize showings and open houses for the seller and present them the written offers received.
Much like an attorney, both the buyer’s and seller’s agents know which information to share and which to keep private. For example, if a buyer needs to find a house in a short period, seller’s agents can use this information by not budging on set selling prices; a buyer’s agent knows to keep this private and vice versa. They can help both the buyer and seller make informed decisions regarding offers and leave them both satisfied.
What real estate agency is best for me?
Knowing how real estate agencies work in New York is important, because finding a reputable real estate agency is one of the most crucial steps to buying or selling a property. Every real estate agency has different strengths and weaknesses, and it is important to prioritize which strength is most important to you.
While real estate companies in New York typically hold both of these characteristics, some of them are better at finding great deals over finding quality apartments and vice versa. This is why deciding which you are looking for before choosing a real estate brokerage is especially important!
Additionally, different real estate companies may prioritize which type of property they represent sellers or buyers in, such as luxury vs. standard or condos vs. co-ops. Therefore, you can begin to find a real estate agency that is best for you by researching those that fit the type of property you are selling or the kind of property you wish to buy.
How do you hire a real estate agent?
Before hiring a real estate agent to buy a home, the first step you should take is pre-approving a mortgage if you need one. This will tell you the maximum amount you can borrow and help locate problems that need to be addressed early in the process of buying the property. This will help you score homes in your desired price range and budget. Plus, it will send a loud message to potential real estate agents that you are serious about buying a property.
Hiring a real estate agent is an easy process once your goal has been established. Word of mouth is always helpful to learn more about companies or real estate agent that can help, so do not hesitate to ask your family, friends and network. Listen to your gut feeling and get a glimpse of their style, character, and experience.
You can also check online reviews, although not always very representative, to learn about their experience and the type of support the agent provided throughout the process, including during the negotiation process. Their attitude towards the clients and first-hand experience can either make or break your feelings towards the agent.
If you feel something is wrong with the agent, listen to yourself. This can help you avoid any issues or complications that may come up.
Once you have chosen an agent that is right for you, you should look over the contract you have both agreed upon, such as the commission and length of the contract. It is important to bring up any conditions that you would like to adjust or negotiate with your real estate agent before you begin the process of buying or selling a property.
What are some tips to consider when hiring a real estate agent?
Read reviews about the agent online. Nowadays, there are plenty of platforms to help us decide which real estate agent is worth the time and money. Reading reviews and seeing what their past clients had to say about the real estate agent can help you avoid hiring agents that may be unreliable or unprofessional. In addition, sites like Zillow and Streeteasy can help you to decide whether you want to work with the agent or not based on experiences from locals.
Look at the properties that the agent has for sale. Is the information listed for the house accurate? Does the property have its own URL with virtual tours, plenty of photos, and information about the neighborhood? High-quality real estate agents will go above and beyond to show off the property for sale to impress buyers, which has a positive outcome for both the buyer and the seller.
How do I find the best real estate agency?
Buying or selling a property in New York does not have to be difficult with the help of a reliable real estate agency. By understanding how real estate agencies work in New York, choosing the right agent and using the past experiences of others in your decision, you will find the perfect one that will assist you in buying a home you love or selling your property to a worthy buyer.
Real estate agencies can make your time selling or buying property easier and less stressful. With the right tools and knowledge of the process of utilizing a real estate agency, you can find the perfect agent to suit all of your needs. BARNES New York is here to help you! Our team of professional agents can help you sell your current home or buy your dream property! Just contact us.
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