What are the advantages of buying in a new real estate development in New York? 

New York City is always bustling with people who have places to go and goals to achieve. It’s a beautiful city for real estate investment, as it perpetually attracts tenants looking to rent a home for vacation, for a semester of school, or for the long term.  

In addition, NYC is an amazing place to purchase a secondary home, as there are countless sources of entertainment and shopping, most of which are very easily accessible on foot or by public transportation. So whether you are looking for a new home for your family or an investment rental property, BARNES New York has the resources you need to navigate your way through your purchase. 

While NYC offers plenty of historical real estate, there are excellent advantages to exploring new real estate developments within the city, which often include elements of historic architecture in conjunction with the conveniences of modern, upgraded materials and amenities. BARNES New Developments has preferred access to developers. Our team consists of agents with top-notch negotiation skills as well as a thorough knowledge of different parts of the city to help you find your new home.  

How can I save money buying new real estate in New York? 

Some buyers shy away from newer developments because of the price tag; however, luxury purchases are excellent investments. Updated properties offer increased value and are often built better due to the advancement of construction and materials. They know that these details are extremely important when purchasing in the luxury market.  

For example, 35 Hudson Yards was built with hand-picked limestone all the way from Germany, giving it warm, welcoming features. 108 Leonard incorporates majestic, historical architecture and combines it with more modern features to create beautiful units and common areas. Finally, buyers will want to check out 130 William Street, as it features luxurious Italian Pietra stone kitchen countertops. The upgraded materials and intentional features add value to all of these luxury properties and will likely reduce the need for renovations in the near future. These characteristics are one of the advantages of buying in a new real estate development in New York.

Furthermore, other unique details of these new developments certainly add to their value as well. For example, 277 Fifth Avenue offers floor-to-ceiling windows and columns that were intentionally placed along the perimeter of the building to avoid blocking the view. In addition, One Wall Street features tiled mosaics and a landscaped rooftop terrace for residents to enjoy views of the NYC skyline. New York City is known for its beautiful views, and these properties deliver what buyers want to see.  

These features increase the value of luxury residences and therefore tend to increase the return on investment for those looking to rent or sell their property. BARNES New Developments provides our clients with services for buying, selling, and managing these types of properties, and our agents have the knowledge and experience to be able to identify unique features that help elevate luxury buildings in NYC. 

Will I save money on utilities by investing in a new real estate development?  

Newer developments tend to implement more affordable and eco-friendly utilities, saving the buyer money on energy costs. For example, 565 Broome SoHo incorporates a sophisticated curtain-wall system that helps to retain heat in the winter and generate solar energy in the summer. This reduces the cost of energy as well as the negative impact of consumption on the environment.  

15 Hudson Yards boasts an on-site emergency generator, in case of loss of power, that contains efficient boilers to help reduce electric costs. Electricity tends to be one of the most expensive utilities for renters and homeowners, so these eco-friendly implementations can truly make a difference in overall costs and count as one of the major advantages of buying in a new real estate development in New York.

At BARNES New York, we are always on the lookout for properties that offer efficient, low-maintenance utilities to save our clients money and reduce negative impacts on the environment. Additionally, newer developments are able to incorporate updated technologies, such as more efficient energy systems and water-efficient plumbing, to reduce these costs. 

What kinds of unique amenities are included in new developments in NYC? 

Rooftop patio in New York City with a table and chairs standing on a paved area surrounded by green turf overlooking a view of the downtown skyline and skyscrapers

BARNES International Realty recognizes that another advantage to investing in new real estate is the availability of updated, state-of-the-art amenities, which add value to the property. Some of the more popular amenities include services and spaces dedicated to the health and wellness of residents.  

For example, 53 West 53 features a gorgeous dining area that overlooks Central Park as well as a 65-foot lap pool and a golf simulator. It is conveniently located above the Museum of Modern Art and boasts amazing panoramic views. 130 William includes an infinity-edge spa pool, a yoga studio, and a fitness center with a terrace to elevate your health and fitness experience. 200 Amsterdam, located in the Upper West Side, has ‘his and hers’ steam rooms, a yoga and pilates room, and an infrared sauna. All of these amenities add up in value, especially if they are saving you money on luxuries many people typically spend money on, such as gym memberships or billiards clubs. All these savings are true advantages of buying in a new real estate development in New York.

Additionally, many new luxury real estate developments offer other lifestyle services, such as doormen, concierge, and memberships to museums or other venues of interest. The Kent, located in the trendy Upper East Side, offers doorman these services 24 hours per day. Additionally, this development boasts a complimentary one-year membership to the Lincoln Center for Performing Arts. 

7 West 57 offers a virtual concierge so that residents can conveniently schedule services, such as restaurant reservations, by phone or computer. 300 West, located in West Harlem, includes two reception areas and a lobby that is attended 24-hours a day. These types of amenities increase the value of the real estate, as they provide modern luxuries that tenants highly desire.  

Luxury New York City real estate can be overwhelming to navigate, but the opportunity to invest in these new real estate developments makes them worth the thorough consideration. Thankfully, BARNES offers agents who have extensive experience working with luxury properties.  

Our agents are informed of the materials and architectural subtleties that help add value to new properties, ensuring buyers get the best value possible. In addition, we are always on the lookout for unique amenities that will save our clients money and add convenience to their daily lives. If you are considering investing in a new property in NYC, please contact our fantastic team at BARNES New Developments

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In the Media – The East Village narrated by Laurène Hamilton

Want to learn more about the neighborhoods of New York?

Read the latest article by LePetitJounal, presenting a series of different neighborhoods of the city through the eyes of French-speaking people who live or work there. In this particular article, let us take you on a walk through the East Village neighborhood of New York with Laurène Hamilton, the founder of “Your New York Story”, an organization that specializes in creating tours of the city that combine theater, history and art.

Read the article on LePetitJournal:

BARNES New York’s Conference Tour in France – January 2023

BARNES New York is pleased to invite you to its France Conference Tour in January 2023 for conferences on real estate investment in the United States. The conferences are scheduled as follow:

  • Paris – Januray 24th, 2023, 6 pm to 8 pm (InterContinental Paris Le Grand Hotel)
  • Courchevel – Januray 25th, 2023, 6 pm to 8 pm (BARNES Courchevel) – In English
  • Lyon – Januray 26th, 2023, 6:30 pm to 8:30 pm (Tennis Club in Lyon)

Yann Rousseau, Managing Partner of BARNES New York, will present the New York real estate market, the acquisition and financing process, and the current opportunities for new developments in one of the most attractive city on the American continent. The conferences will be followed by a cocktail. Please register for the conference at your location by clicking on the link below:

In the Media – How to buy a property in New York by BARNES

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.

What are the most common questions homebuyers ask?

Buying real estate is a significant step forward in resolving the housing issue. This important event brings joy to many! But there can also be anxiety due to the necessary paperwork and procedures. You need to be entirely sure that the house you’re interested in is “the one” before making an offer. But how can you choose your ideal home when there are so many possibilities and so much competition? You’ll need to conduct thorough research to find the right home. This includes asking the right questions. To help you get started, we bring you a list of the most common questions homebuyers ask. We also offer an in-depth background behind them to further assist your home buying process.

What is the first step in the homebuying process?

Real estate experts will tell you that going to the bank should be the first brick you put down in the process. First and foremost, speaking with a lender before looking at houses will help you determine how much you can pay. If you can only afford up to $400,000, there’s no use in looking at homes that go for $450,000.

A miniature home next to a set of keys and a piece of paper.
Deciding whether to buy or sell first relies on many factors.

There are also many first-time homebuyer programs for those new to this. Because these programs differ based on your location, it’s essential to determine what’s available to you.

Another significant reason to speak with a lender before browsing homes is to get a clear picture of the costs of purchasing a property. Many first-time homebuyers are unaware of the differences between a down payment, pre-paid items, and escrows, all of which may be discussed in detail with a mortgage adviser. A mortgage consultant can tell you all about the sort of financing you should seek and whether or not you should ask the seller to contribute to your closing expenses, which is defined as a seller’s concession.

Is my credit score a factor in my ability to purchase a home?

A credit score is a numerical representation of a person’s credit history that provides a lender with a glimpse of their financial situation. Mortgage lenders use the score to determine who gets loans and at what interest rate. The greater the value, the more likely you will get approved for a loan with a favorable interest rate.

If your credit score is poor, getting a loan is not impossible, but it will take more time. Equifax, TransUnion, and Experian are the three firms that maintain track of credit histories. Get reports from all three firms before applying for a mortgage. Correct any issues you discover to increase your score and make a good impression on the lenders.

Should I sell my present home before buying another?

This is a complicated matter because it primarily depends on one’s financial situation and capacity to obtain transitory lodging. If clients want additional equity to buy a new house or complete a financing plan, they should sell their present property first. They will, however, most likely require temporary accommodation from a close friend or family member or a short-term rental somewhere.

Real estate agent showing a house to a family.
An agent could answer most of the questions you have.

How much money do I need to put down as a down payment?

For first-time homeowners, saving for a down payment is perhaps the most challenging task. Lenders require a down payment of 5% to 20% of the purchase price. It varies depending on the loan provider’s conditions and the kind and term of the mortgage. For instance, FHA loans require at least 3.5% down. A VA loan, which involves no money down, is commonly available to veterans. Rural properties are frequently eligible for a USDA loan, which does not require a down payment.

What is the average time it takes to close on a home?

It may differ based on the circumstances. If you have a traditional mortgage, you should be able to close in 45 to 60 days. If you’re receiving an FHA or VA loan, the closing time would most likely be about 45 days. Expect to wait a few months if you’re buying a foreclosure. Short sales are typically sluggish, taking anywhere from two to four months to complete.

In the meantime, you can work on arranging everything related to your relocation, such as figuring out what items to take to your new home and finding residential movers. Professionals can organize everything, allowing you to focus on the other parts of the process.

Is it necessary for me to hire a real estate agent, and if so, how much would they charge me?

Yes. If you want to invest in a home, you need an expert by your side. A real estate agent has completed professional training, knows what needs to be done, and interacts daily with buyers and sellers. They will also be your personal representative, someone who is entirely focused on your best interests. There are many benefits to using a real estate agent as a homebuyer.

A calculator and a notepad next to a stack of dollar bills.
Checking your finances is the first step.

Another blessing is that you don’t have to worry about paying them, in some cases. Because the seller pays all fees, the commission is shared between the seller’s agent and the buyer’s agent in a transaction.

Is it possible to back out if I change my mind?

While homebuyers may indeed back out of a purchase, doing so without a reasonable cause could result in losing earnest money (the money put down to seal the offer, which could be anywhere between 1% and 10%). However, there are a few options for walking about with your earnest money in hand. For instance, if the house inspection is unfavorable, the buyer can try to renegotiate.

Final thoughts on the most common questions homebuyers ask

Being prepared and well-informed before purchasing a property can make a significant difference, especially in a strong real estate market. The home buying process begins before you even set foot in a house and continues until you complete the final walk-through. Following the answers to these most common questions homebuyers ask, you hopefully have a better idea of what to expect. Do not hesitate to contact BARNES New York for your real estate project, and good luck!

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