Recognized as one of the most dynamic cities in the world, New York attracts with the diversity of its neighborhoods and its multicultural dimension. For those who want to invest in New York, whether to buy a property to live there or to rent it out, it is important to know that there are several types of property: condominiums and co-ops are the most common, but not only! Discover what type of housing you can find in New York in BARNES’ article 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.
Can foreigners buy property in New York?
New York City is one of the most attractive cities in the world, and millions look to call it home. Can a foreigner buy property in New York City? Our guide tells you yes and teaches what you need to know if you are making this big step.
New York City is one of the most exciting and promising cities in the entire world. There are quite literally millions of people who move to New York from all over the world. There are a number of reasons that entice people to this major metropolis, from its cultural pulse, to its location on the East Coast, to its place at the center of commerce and entertainment.
New York is so appealing, in fact, that many foreign-born people want to plant their flags in New York City and buy property there. But some people aren’t sure if there are taxes and rules related to that or if it’s even possible at all. Did you know that there are some countries and cities that don’t allow foreigners to buy real estate?
Many people wonder if foreigners can buy property in New York and the correct answer is, yes, they can. However, if you are someone not born in the United States, there are a few things you should know when you are buying an apartment in New York City. You should be well aware of the requirements you’ll need to meet, the documents you will need to have, and the sort of property that you can invest in.
Buying a property in New York City is possible if you’re a foreigner but you should be sure you know what you’re doing and what steps you need to take. Thankfully, our guide will teach you everything you need to know if you’re a foreign-born investor looking to break into the New York City real estate market.
What does a foreigner need to buy a property in New York City?
Not only can a foreigner buy property in New York City but many already have. In fact, there are countless foreign-born residents and foreign corporations that own much of the land and property in the Big Apple. However, there will be tax implications. The IRS (Internal Revenue Service) requires foreigners to pay US income taxes on any income in/from the United States.
If you wish to be one of the many foreigners who have invested in the New York City real estate market and buy property in the city that never sleeps, there are a few things you need to have access to before you can start the process.
Depending on your type of investment (primary residence or rental investment), you will first need to determine the best legal structure for your real estate investment. You will also need a valid passport or proof of identity, a social security number or ITIN, bank statements and other financial documents from your foreign bank, and any evidence of fund, reserves, check stubs, tax returns, and/or a US credit score.
The higher that your credit rating is, the lower your initial down payment will be. Of course, some foreign-born residents might have a low or no credit score at all with no history in the US. If that is the case, there are still properties that you will be able to buy but you will have to consult with your real estate agent. Obtaining US financing is also possible, but you will need to get advice from our agents or a real estate attorney.
Everyone, foreign-born or not, will have to place a down payment on any property they are intending to buy with financing. The amount you will need to spend varies depending on the type of loan you are granted but it is usually around 20% of the home’s final purchase price. Keep in mind that if you make a larger down payment initially, you will have less money to pay off on the property over time. Because of this, some people look to have a larger down payment so they are not tied to their mortgage payments for so much longer.
If you are getting a mortgage, you might be requested to show a consistent, reliable form of income that is coming into your bank. Any lender will want to make sure that you can afford the property you are buying and that you can make your monthly mortgage payment too. Of course, buying cash is also a faster and easier option.
Foreigners can own the property under their own name or through a company. There are pros and cons for each option, depending on whether there is a mortgage involved, or the existence of a tax treaty between the United States and the foreigner’s country.
How does a foreigner buy property in New York City?
If a foreigner decides that they want to purchase New York City property, there are several steps that they will need to follow in order to make that happen.
Firstly, they should find the neighborhood they are most attracted to. They should have their goals in mind. Do they want to settle down with a family? Are they looking to start a business? Do they need to be close to public transportation, schools, or other businesses? All of this needs to be put into consideration. Additionally, any potential buyer needs to think about the sort of housing they want to reside in and the amenities that they require with it.
Finding the right real estate agent is yet another step that needs to be finished when a foreigner is looking to buy real estate in New York City. This agent will be able to tell the foreigner about trends in the industry, the best places to live depending on their needs, and all the documentation that is needed to purchase property.
Once the right property is found, an offer can be made. That entire part of the process will be handled by the real estate agent and an attorney, who will make sure that all the paperwork is done.
Why should you buy New York City real estate?
The reasons why a foreigner would want to buy property in New York City are numerous. For generations now, NYC has been one of the most exciting places to live in the entire world.
New York City has a bunch of different cultures all living in one place. There are people who were born in many various parts of the world who now call New York City their home. That means that you will be able to meet new types of people, experience their ways of life, their food, and their customs.
Buying property in New York can also be a very smart investment because of the resale value of New York apartments, townhouses, condos, co-ops, and more. Buying an investment property in a resilient market like New York is a good option to diversify a real estate portfolio.
New York is seen as the center of the world when it comes to entertainment, fashion, and business. If you or your family are interested in these things or tied to them in any way, New York will make you even more connected to the pulse of the nation and the latest trends.
What type of New York City property can you buy?
The median price of a home in New York City is about $715,000, according to PropertyShark. That is a decrease of about 7.7% from last year. You have plenty of options when you are looking to invest in the city:
Condo: Any foreigner looking to buy property in New York should think about a condo. While they are built like very large, modern apartments, you actually have full ownership over a condo when you buy it and share certain common areas, such as parking and the gym.
Co-op: A co-op is perfect for people who want to invest long-term in a home and who know they will be located in NYC for a few years. With one of these types of properties, owners are able to share in the co-op association, and the shareholders own the building and all the units. Owning a co-op requires that you participate in the co-op board, which decides who is able to buy space, and renting out is usually not allowed.
Townhouse: A New York City townhouse is usually a two or three-story building that is very spacious and situated right next door to adjacent buildings. To many, it feels like an ultra-large, multi-story apartment that is tall and narrow. Townhouses are great investments and a wonderful choice for a foreigner but they also often come with a heftier price point.
Summary
New York City is one of the most beloved cities in the entire world and that is why so many people from all over Earth want to live there. The good news is that no matter where you were born, you can buy property in New York. But you just need to be aware of a few things and remember them as you start your hunt for your new place. Contact us at BARNES New York if you are a foreign-born resident looking to make the big move to the Big Apple.
In the Media – Williamsburg by LePetitJournal
Want to know more about Williamsburg, the trendy Brooklyn neighborhood?
Read this article by LePetitJournal, presenting the advantages of living in Williamsburg as well as a real estate overview of the neighborhood. This vibrant area offers a unique ambiance, proximity to Manhattan, green spaces, and numerous points of interest and amenities.
Read the article on LePetitJournal:
What is the state of the real estate market in New Jersey?
Now is a great time to get invested in the state of the real estate market in New Jersey. For a number of reasons, this market has been growing over the years, and it offers a lot of great opportunities.
New Jersey became a part of the United States in 1787, making it one of the first states in the union and also one of the most popular from the very beginning. Over the years, the Garden State has only become more populated, and today it holds more than nine million people in it.
New Jersey holds a special place in American history as it was a part of the Revolutionary War, the Civil War, and the Industrial Revolution, Civil Rights movement, and so many other major moments in United States history. Today, a lot of people think of Jersey as simply the state that sits right next to New York, but there is so much more to Jersey.
There are so many great locations, parks, restaurants, businesses, and homes in New Jersey that it’s no surprise so many people are moving there year after year. It is always one of the most sought-after locations for people who are looking to move.
The real estate market in New Jersey is a subject of great attention and always has been. These days, New Jersey is booming and thriving and the market is full of life. If you are thinking of moving to New Jersey, there are certain things you should keep in mind. Buying into the real estate market is a major investment and you should know what you’re getting yourself into.
Our guide will teach you what you need to know about the present and future of the New Jersey real estate market. If you are thinking of planting your flag in New Jersey and buying a home, renting an apartment, finding a luxury penthouse, townhouse, or condo, you should pay attention to the current state of the market.
How much does it cost to buy a home in New Jersey?
If you are thinking of moving to New Jersey, you should be prepared to spend a good amount of money to live there. The market in Jersey is always pretty popular but lately it’s been growing more and more, year after year.
PropertyShark and the NJMLS estimates that the median sale price in New Jersey during Q1 2023 is $620,000, which is a four percent increase from last year. In fact, over the last five years, the New Jersey real estate market has climbed steadily. Of all the cities in the state, the ones that are growing the fastest in terms of pricing are Fort Lee, Sicklerville, East Orange, Ocean City, and North Bergen.
As you can see, buying a home in New Jersey isn’t cheap, although it isn’t as expensive as buying in New York, Connecticut and other states in that part of the country. That is one of the most appealing features of Jersey real estate, especially thanks to its proximity to New York City and easy transportation access to Manhattan by train or bus. And it’s also one of the reasons why so many people are always tuned in and paying attention to New Jersey real estate.
How is the New Jersey real estate market?
Because of the success that seems to always find it, the New Jersey real estate market is doing quite well. In fact, it is doing better than many other neighboring states.
Houses on the market in New Jersey are usually sold about 80 days after their listing, which shows the great interest in this part of the country. There are also a smaller number of listing on the market, about 12% less than last year at the same period, driving more competition and bidding wars.
The good news is that the prices aren’t increasing so much that other people aren’t able to move to New Jersey. This suggests that the market will only improve over the next few years because the pricing isn’t too astronomical to invite fresh New Jersey residents from all over the country.
The increase in pricing shows that demand to move to New Jersey is still strong, and the market is doing very well.
Summary
Over the last few years, New Jersey has become one of the most popular and sought-after real estate markets in the country and there is evidence to suggest that will continue in the years ahead.
The market has been steadily climbing to new heights over the last five years, even with the COVID pandemic hobbling the industry and shutting down sales in many ways. As things become more normal, the economy improves, and New Jersey continues to be a popular state in America, you can expect to see the real estate business in New Jersey keep flourishing.
This means that now is a great time to get into New Jersey real estate. Whether you want to move to Jersey or buy a place as an investment, the present is the perfect time to get involved. If you are ready to do that, contact us at BARNES New York. We know the ins and outs of all real estate markets, including the luxury housing market in New Jersey. We are ready to help you take the next steps and find your new home.
BARNES New York at online showcase “Bien Vivre aux États-Unis”
BARNES New York will be participating in the online fair “Bien Vivre aux États-Unis”, organized by French Morning and presented by USAFrance Financials.
“Bien Vivre aux États-Unis” is the first digital fair dedicated to French expatriates in the United States, or preparing for expatriation, offering an entire week of conferences with experts to receive advices to live better in the United States, whether you are settled there for a long time or are still dreaming of living there.
All the most essential topics of expatriation will be touched upon, including immigration, family, business, heritage, health, immigration… but also the daily life of the expatriate, to give you the keys to live your expatriation as well as possible.
The fair will take place online from September 11th to the 15th, 2023. BARNES New York will be represented by Managing Partner Yann Rousseau, who will be presenting New York’s real estate market along with powerful insights on how to buy a property in the Big Apple, accompanied by expert guests, Betty Benzakein from HSBC and Amélie Deschênes from OFX.
Join BARNES New York on September 12th at 2pm EST/20h FR for a conference dedicated to the New York real estate market.
In the Media – Westchester County by LePetitJournal
Want to know more about the beautiful, green county of Westchester?
Read this article by LePetitJournal, presenting the advantages of living in Westchester County as well as a real estate overview of the different cities. This vibrant area offers various villages and small cities with different living environments, a quieter suburban feeling with lush green sceneries and more space than in the city.
Read the article on LePetitJournal:
Why should you buy an apartment in the Upper East Side?
There are a number of reasons why someone may want to buy an apartment in the Upper East Side. This guide will take you through these reasons as well as some considerations to take into account.
If you’re looking to live in a neighborhood with a vibrant culture and authentic New York City vibes, you truly can’t go wrong with moving to the Upper East Side in Manhattan. This iconic neighborhood features historic buildings, elegant dining and shopping experiences, stunning views, and more.
Those who are new to New York City might be wondering what it’s like to live in the Upper East Side. We can confidently say that the Upper East Side is a fantastic neighborhood that has plenty to offer in terms of art, culture, food, and amenities. Whether you decide to buy an apartment in Yorkville or a luxury condo in Lenox Hill, you’ll be making the right choice.
If you’re thinking about buying an apartment in this area, there are a few things you should take into consideration — namely the cost of living, the general atmosphere, the neighborhood you want to live in, and the access to certain amenities. Let’s go over some of the main reasons why you should buy an apartment in the Upper East Side.
How much does it cost to live in the Upper East Side?
There are plenty of beautiful apartments for sale on the Upper East Side — from small studios to large multi-bedroom units. These properties offer lots of exciting features and amenities, including modern kitchens and bathrooms, and outstanding views of the Manhattan skyline. With endless options to choose from, you should have no problem finding your dream apartment!
However, it’s important to note that the cost of living is higher in the Upper East Side than it is in most places. The average Upper East Side condo might cost around $2.15 million (As of August 2023*), but if you’re looking to buy a co-op, you should be able to get away with paying around $922,000. It’s definitely an investment, but the benefits of homeownership (as well as the benefits of having the bustling city right outside your window) make it well worth it.
*Data from UrbanDigs
Why buy in the Upper East Side?
There are plenty of great reasons to buy an apartment in the Upper East Side. No matter what you’re looking for, you’re bound to find something that meets your expectations. This particular area is known for its elegant architecture and world-class museums. The Upper East Side offers top-notch restaurants and gorgeous parks.
It’s also home to some of the best shopping in the city, so if you’ve been itching to go on a spree, the Upper East Side is definitely the right place for you. Whether you’re a young professional looking to live in a vibrant neighborhood, a family, or a retired couple seeking a peaceful oasis in the heart of the best city in the world — the Upper East Side truly has something to offer everyone who lives there. Let’s take a closer look at some of the main reasons people buy apartments in the Upper East Side below.
Dining
On the Upper East Side, there’s cuisine to suit every taste. No matter what you’re craving, this district’s plethora of fine dining choices guarantees that you won’t be let down. Are you looking for an eating experience that will truly blow your mind? The Upper East Side is sure to exceed your expectations. Many upscale restaurants with exquisite dishes and white-glove service can be found in this affluent neighborhood, so come on down!
Shopping
Your inner shopaholic is sure to thrive in the Upper East Side. It goes without saying that the Upper East Side offers an abundance of rich, top-notch shopping centers and specialty grocery stores. This neighborhood is an absolute retail hotspot, and it’s especially known for its luxury boutiques and stylish department stores. The Upper East Side is an absolute godsend if you’re looking to find the most up-to-date styles and brands. Whether you’re shopping for shoes, dresses, purses, sports gear, cosmetics, or food, you’re destined to find something you love alongside Fifth Avenue shops.
Museums and Culture
If you’re an art fanatic, look no further than the Upper East Side to get your art fix. Living in this part of the city means having easy access to world-class, renowned museums — such as the Goethe Institute and the Metropolitan Museum of Art. Make a day trip out of traversing the Upper East Side’s many museums, and enjoy the rich culture New York City has to offer.
Enjoy the outdoors
Just because you live in a big city doesn’t mean you can’t enjoy the outdoors once in a while. The Upper East Side’s renowned Central Park is a major draw for people wanting to invest in an apartment there. Hiking trails, bicycle routes, birdwatching, and playgrounds are all widely available in Central Park. The calmer, more serene center and northern parts of the park are typically preferred by the locals over the busier, more tourist-friendly southern areas of the park.
While all Upper East Side residents have easy access to Central Park, there are many other beautiful parks you can visit if you want to enjoy the outdoors and fresh air. The Upper East Side is filled to the brim with parks, sports venues, waterway paths, and gardens that are ideal for unwinding after a long day’s work.
Summary
As you can see, living in the Upper East Side is an absolute dream come true! If you’re ready to start your search for the perfect apartment on the Upper East Side, you should consider working with BARNES New York. Our experienced agents will be more than happy to help you navigate the complexities of the real estate market — from finding the right property to negotiating the best deal. There are plenty of apartments, condos, and co-ops for sale, and we would love to have a consultation with you when you’re ready to find your dream home. Contact us today to learn more!
What kind of properties are available in Connecticut?
What type of housing and properties are available in Connecticut? Take a look at this quick guide to see which ones fit your needs and preferences.
If you are considering Connecticut as a place to purchase properties, you’re in the right place. We’ll be discussing what kind of housing or properties that are available in the “Constitution State”. The real estate market at the time of this writing is one of the most competitive.
So it can be a challenge for both buyers and sellers. It is important to know what kind of properties are available in this market in particular. You also need to find out which property is the perfect match for your needs and preferences.
We’ll be exploring the different types of housing and properties including condos, townhouses, gated communities, and single-family homes.
Condos
A condo is a type of housing where a single unit is within a building or a complex. This kind of property is individually owned. This is an option for individuals or couples who want the benefits of homeownership, but without any added responsibilities such as maintaining a yard or the exterior of the property.
Condos are often a popular option in Connecticut. These are available in urban areas such as Hartford, New Haven, and various communities in Fairfield County. Condos offer plenty of various amenities including swimming pools, fitness centers, and concierge services.
Added security and gated parking may be available in certain buildings for peace of mind.
Townhomes
Townhomes are similar to condos. However, they have some differences. They include having two or more levels and feel like a traditional house. They are also popular in suburban areas including West Hartford and Farmington.
These townhomes will typically come with attached garages, private patios, and a backyard space. This will be ideal for families – especially those with young children. Townhomes can also offer community amenities.
These include but are not limited to tennis courts, clubhouses, and pools among others. This will be great for those who want a low-maintenance property while having a yard or an outdoor space for themselves.
Townhomes can be found in luxury communities. You’ll have a space of your own, but you’ll have neighbors in adjacent townhouses. There may be some noise you’ll hear.
Gated communities
Gated communities are residential neighborhoods that are enclosed (hence the name ‘gated communities’). There is a controlled entrance into these communities – making them secure and private to residents.
Greenwich and Westport are two notable locations where you can find these gated communities. They are often found in other affluent areas. These neighborhoods will have large, luxurious homes that have high-end finishes and amenities.
These include lakes, private golf courses, pools, fitness centers, and club houses. A gated community may be the perfect option if you like to live in an exclusive area.
Single-Family houses
One of the most popular properties available in Connecticut are single-family houses. Single-family houses are detached homes that are owned and occupied by a single family or individual. These homes offer privacy and space. They are available in a variety of sizes and styles such as classic colonial, modern, and contemporary among others.
Connecticut has plenty of options for single-family homes. Whether it’s a starter home in Bridgeport or New Haven or a large estate home in New Milford or Litchfield, you can find one that will fit your needs and preferences.
Single-family home properties are not created equal. There are plenty that come with garages, yards, and outdoor spaces. The good news is that you can be able to customize it to your liking.
You may have plenty of space to make customizations, such as the addition of rooms or extensions. The interior can be customized the way you want. It can make for a great DIY project for the most handy of you.
After all, it is your property. You can change it up the way it matches your preferences and tastes. You can customize the home in an effort to upgrade the value of the home.
This can be helpful for you if you intend to sell the home at some point in the future. A home that is newly renovated and repaired will likely snag a higher price compared to homes that may need renovation and repairs.
The decision is up to you. If you plan on selling a single-family home, be sure to have it appraised and inspected. You can have it appraised again once you have completed any needed renovations and repairs.
Single-family homes are available at various price ranges. Those prices will depend on the local real estate markets. A single-family home with the same number of bedrooms and bathrooms may be more expensive in Greenwich compared to another located in Danbury.
Summary
There are plenty of properties available in Connecticut. It’s important to find one that will fit your needs and preferences.
On top of that, the market is so competitive that bidding wars are ongoing. You’ll want to move and move fast if you want to get the home or property of your dreams in Connecticut. Don’t wait any longer – contact us to find the property you want and make a deal on it as soon as possible.
Why should you buy a house in the Hudson Valley?
Considering purchasing a home in Westchester County? Check out this guide on why you should buy a house in the Hudson Valley.
The Hudson Valley is located north of New York City. It’s become one of the most desirable locations for real estate in Westchester County in recent years. One of the reasons is because of its proximity to America’s largest city.
You’ll have plenty of options if you are looking for Westchester homes for sale. There are plenty of communities along the Hudson Valley to check out. If you’re searching for a home that fits your needs and preferences, and want to buy a house in the Hudson Valley, keep reading and we’ll provide you with everything you need to know.
Natural beauty and scenic views
The Hudson River Valley has plenty of scenic views. And they are no doubt a thing of beauty. If you drive across the Governor Mario Cuomo Bridge (formerly the Tappan Zee Bridge), you’ll see the views of the wide Hudson River in both directions.
You can find luxury apartments in the Hudson Valley including the cities of White Plains and Harrison. If you’re lucky, you might find an apartment that boasts these same awesome views or something similar. Since the housing market is competitive, luxury apartments and houses in the Hudson Valley are going fast.
The sooner you act, the better the chances you’ll land a home.
Easy access to New York City
New York City is a short drive or train ride away from the Hudson Valley. It’s all thanks to the accessibility of Interstates 87 and 95. Don’t forget, there are different rail systems including the MTA and Amtrak.
Whether you want to spend the day in the city or if you work there, you can easily access the city thanks to the robust transportation system that can take you just about anywhere. You can hop on the commuter rail, end up in Grand Central, and hop on the subway that can take you to any place in Manhattan.
You might want to catch a flight at one of the three major airports – LaGuardia, JFK, or Newark. Planning a trip elsewhere? Amtrak can take you across the country and New York City might just be the hub to take you anywhere.
Wide range of real estate options
You might be looking for houses in the Hudson Valley. Something that might be great for a family. Or maybe something small that will be enough to fulfill your critical needs.
In the Westchester County housing market, you can never go wrong with the options. You might find something that fits your price range. If it fits your budget, you might want to see if it’s something you’ll enjoy living in for the long-term.
Likewise, if you are looking for that luxurious place to live in, there may be a villa in the Hudson Valley that you might enjoy. This includes villas with plenty of excellent views of the Hudson River or other scenic views that southern New York has to offer.
If you are looking for more space, you might find a handful of mansions in the Hudson Valley that will be worth looking at. With so many amenities and plenty of space, you’d be hard-pressed to find a residence that will provide you with the maximum amount of quiet and seclusion.
Rich history and culture
The Hudson Valley has a rich culture and history that can be reflected in many of its museums, historical sites, and art galleries. The Franklin D. Roosevelt Presidential Library in Hyde Park is among one of the most popular places to check out in the region.
You might even spend time enjoying the fine wine and dishes offered at the Hudson Valley Wine and Food Fest. If you’re a sucker for garlic, the Hudson Valley Garden Festival just might be right up your alley.
Diverse communities
Diversity is what makes communities more vibrant and tight-knit. You’ll get to enjoy several different cultures and get to know a lot of people from different backgrounds and walks of life. You’d be hard pressed to find a region with so much local color.
If you are looking to get to know new people – even from different cultures and backgrounds, the Hudson Valley may be the best place to live.
Excellent food and drink scene
If you’re a foodie, there are plenty of food and drink options available. There are plenty of farm-to-table restaurants, artisanal food markets, and so much more. You might even find a good glass of wine or a craft beer.
There are plenty of restaurants and breweries throughout the Hudson Valley that are worth checking out. It may take a Google or Yelp search to find the best place. You might even go down a rabbit hole that will lead you from one restaurant to the next.
Summary
The Hudson Valley may be one of the best options to find a home. If you want to buy a house in the Hudson Valley, finding a real estate agent that knows the area well should be your first priority. Contact us today and we’ll make sure you’ve got a home in the Hudson Valley.
Real Estate Market Update NY, Westchester and Connecticut – Q2 2023 – Free Webinar
Yann Rousseau, Managing Partner of BARNES New York, Westchester & Connecticut, will present the latest real estate market update for New York City and its region (Westchester and Connecticut) in 2 webinars in the coming weeks:
- Tuesday, July 18th at 12pm EST (NEW YORK) / 18h (FRANCE) in French
- Friday, July 28th at 12pm EST (NEW YORK) / 5pm (LONDON – UK) in English
Free registration! Click on the link below:
English 
French 
Portuguese 
Spanish 
Russian 
Greek 
Italian 
Hebrew 
Norwegian