To understand what’s happening in the Morningside Heights real estate market, we interviewed an award-winning Certified TopAgent who specializes in the area.

James Perez, Brown Harris Stevens: Jim has been selling Upper West Side and Morningside Heights homes for over 12 years. He is intimately familiar with the neighborhood as he is a graduate of Columbia College and received his MBA from Columbia University.

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What are some of Morningside Heights’s defining characteristics?

When I started in the business, we had to market the Upper-Upper West Side and Morningside Heights. Today, we no longer have to. Demand for homes in Morningside Heights is strong for a few reasons: The architecture is stunning; there are several private schools north of 110th Street that are attracting a lot of interest, and there are four or five new developments on Broadway north of 96th Street that have sprung up over the last few years.  Finally more people have realized that for an extra one or two subway stops you’re in a totally different environment that is brighter, less congested, quieter and of course still less expensive.  You just feel the difference immediately.

What is the housing stock in Morningside Heights?

The Morningside Heights home sale market is still comprised of mostly co-ops, but new developments – both new construction and conversions – are changing that.  However much of the housing stock in the area is owned by Columbia University, and is provided as rentals to students, faculty, and staff. This greatly reduces the number of Morningside Heights homes that might otherwise be available for sale.

What do you see happening in the Morningside Heights home market these days?

We’re actually seeing a tightening of supply — we have more and more buyers who are having a hard time finding properties to look at, much less to buy.  We’ve seen a lot of Morningside Heights homes purchased that were recently put on the market, and even some of the older listings are finally selling. Between the sales activity and the fact that quite a few owners took their apartments off the market earlier this year, we’re actually seeing a frustrating supply situation for buyers.

What advice would you give to a buyer looking for a home in Morningside Heights?

You really have to stay on top of things.  The Morningside Heights home market does not have a lot of supply:  West End Avenue ends at 107th, and north of that is Riverside Drive, Broadway, and Columbia, so the geography is limited.  Columbia’s ownership of the housing stock strongly limits a buyer’s options, as well.  Because it can be difficult to find apartments in Morningside Heights it is important tow work with a broker who has his finger on the pulse of this market and has a lot of local contacts.

What advice would you give to someone selling his/her Morningside Heights home?

First of all Morningside Heights home sellers should work with brokers who have a long and proven track record in the neighborhood, can properly price and present, and successfully close on deals due to their familiarity with the buildings, management companies, and policies.

Next, each property is different, but staging is always important. Some apartments need more work than others.  No matter what it is always a good idea to de-clutter and clean your home. This might entail having a professional stager involved.  Unquestionably presenting it in its best light is absolutely necessary.

Last, and perhaps most critical, is pricing.  Buyers are willing to pull the trigger when they see a good property, but if the seller is being unrealistic they’re willing to look elsewhere.

What do you see happening in the Morningside Heights home market in the next 6-12 months?

Forecasting is tough, but the Morningside Heights home market feels really good right now.  The market feels strong because good properties are selling quickly. We’ve had a number of bidding wars, so if you’re a buyer, you have to ask if you can run the risk of waiting any longer.  Nine months ago buyers waited as prices continued to drop, but now things have changed and buyers have to make a decision whether the price drops will continue or not.

For sellers, you should cast your line into the water.  Consider going to market immediately because the fish are biting, so to speak, and who knows what will happen down the road.

Click for independent reviews & profiles of top agents who specialize in Morningside Heights.

We often hear a version of the following question, “Why does having a proven New York real estate agent matter—aren’t they are all about the same?” If you’ve ever wondered something similar, here are 10 reasons why you might want to consider investing some effort to a finding top-notch New York real estate agent.

1. The value of experience. There’s no substitute for experience. Even the New York agents with the most raw talent will not have seen enough transactions in their first couple of years to have developed a level of true expertise. Experience will give a top New York real estate agent the perspective to know when a deal is going sideways, to know how to deliver what a client really needs (even if they can’t articulate it themselves), to know the inventory in a market inside and out, to spot a property priced below market, etc.

2. Time savings. Top New York real estate agents know how to save their clients time. For buyers, that means avoiding properties that are not within budget or that don’t match the client’s sense of style. For sellers, it means not wasting time on unqualified buyers, setting listing prices unreasonably high just to win the listing, or pursuing unproductive marketing tactics.

3. Neighborhood/property type knowledge. Top New York real estate agents often specialize in a certain neighborhood and/or property type. When specializing in a certain neighborhood, they will typically know everything there is to know about that neighborhood—the best shops, the various schools, the most interesting bars and restaurants, etc.  If a New York real estate agent specializes in a property type, like townhouses for example, they will know trustworthy contractors, maintenance issues specific to townhouses, Landmarks issues, etc. They’ve typically seen it all before and can provide invaluable advice. New York can be a difficult and expensive place in which to make property mistakes; having an experienced adviser can make a huge difference.

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Condominiums (”condos”) are quite popular and common throughout the rest of the U.S., however New York condominiums are a rather new concept.

A condominium apartment is real property – buyers get a deed just as though they were buying a house. Since this is real property, there is a separate tax lot for each apartment. This means that New York condominium owners pay their own real estate taxes for their property. A New York condominium owner will also pay common charges on a monthly basis. Common charges are similar to maintenance in a co-op; however, common charges include neither real estate taxes nor the building’s mortgage and interest because, by law, a New York condominium, or anywhere for that matter, cannot have an underlying mortgage.

New York condominiums are attractive for the following reasons:

• Financing the purchase of a New York condominium is much more flexible than a co-op. In the past, buyers could finance up to 90% of the purchase price. Since the credit crisis, banks’ lending practices have become more stringent. Buyers of New York condos should consult a mortgage professional for current financing options.
• While there is an application process, the  process of buying a New York condominium is not as formal as in a co-op. The likelihood of rejection is minimal.
• There is greater flexibility in sub-leasing a New York condominium vs. a co-0p. This makes condos a better investment choice than co-ops.
• New York condominiums are the ideal choice for non-U.S. citizens or for those with assets held outside of the United States because co-ops are unlikely to approve these types of buyers.

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To understand the special issues that arise when selling real estate related to the disposition of an estate or through a probate, we two interviewed an award-winning Certified TopAgents who specialize in this area.

Dan Farris, Brown Harris Stevens: Dan has been selling Manhattan real estate for nearly 20 years. He has successfully worked with many estates and probates, selling properties, providing broker opinions, and managing the staging process.

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Joanne Douglas, The Corcoran Group: Joanne and her team annually close between $15-30 million in estate/probate sales alone. She is an annual member of Corcoran’s President’s Circle (Top 25 agent in the firm) and has been selling Manhattan real estate for 25 years. 

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What makes selling an estate different than selling a non-estate apartment?

Joanne Douglas: There’s nobody living in the home…and unfortunately you can feel that when you come in. But you don’t want it to feel that way.  Usually, in an estate/probate situation, the apartment is dated or very cluttered. It’s very important to convince the trustee or heir to hire a professional cleaning crew. Sometimes it’s even worth white-washing the apartment. If possible, we prefer to keep the furniture because the apartment will photograph better, but if we have to, we’ll hire a haul-away crew to remove any shabby furniture. In certain instances, we’ll bring in a professional stager who will bring in accessories to warm up the apartment.  It may cost a couple thousand dollars to do that, but it makes a huge difference in the sale.

Dan Farris: In terms of the presentation, it is important to make the home look as inviting as possible.  If there are things such as leaks or signs of leakage, fix them and paint them so they look good cosmetically. When you’re dealing with an estate/probate, you need to remove the clutter so the apartment is appealing.  If it smells, you should rip up the carpet.  Some apartments only need a touch up, but others may need to an entire paint job and re-flooring. If there are any signs of death or medical care, for example a shower or toilet seat that provides assistance, remove them. You want the home to be appealing to people moving in.

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To understand what’s happening in the market for Upper West Side condos and coops, we interviewed two award-winning Certified TopAgents who specialize in the area.

Doug Heddings, Charles Rutenberg Realty: Doug has been in the business for nearly 20 years and is an expert in the Upper West Side–for both condos and coops. In 2008, prior to joining Charles Rutenberg Realty, Doug received Prudential Douglas Elliman’s Legend Award.

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Lisa Lippman, Brown Harris Stevens: In 2007, the Wall Street Journal recognized Lisa as one of the top 50 brokers in America. She was named the Brown Harris Stevens West Side Office Broker of the Year in 2006, 2007 and 2008.

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What are some of Upper West Side’s defining characteristics?

Doug Heddings: As someone with a family and two kids, I can tell you there’s no other place I’d rather live in the city. My wife was born and raised on the Upper West Side, so she’s been here her whole life. The Upper West Side is a real Manhattan neighborhood.

The Upper West Side has luxury condos, co-ops, tenement housing, brownstones and townhouses, so you get a heterogeneous mix of people including single professionals, couples, young and old. There is great cultural, ethnic and socio-economic diversity.

The transportation on the Upper West Side is phenomenal. There’s the Central Park West lines (the 1, 2, 3) which are consistently rated the top lines in the city. The express subways at 72^nd and 96^th will take you Downtown – I can get from my office to exclusive properties in the Village in about 12 minutes. Even better, the Upper West Side has two parks, Central Park – which is phenomenal and famous worldwide, and Riverside Park which is our little, hidden gem. The city has connected the Hudson esplanade from Battery Park, and this Spring they’ll be putting in a new path that is suspended over the water that will take you all the way up to the George Washington Bridge. It’s a great place to train, bike, or run. You can bike to the Palisades if you want.

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Lisa Lippman: I would describe the Upper West Side as “leafy.” It’s quiet but active, and very residential with few office buildings. The neighborhood has lots of older buildings with very pretty architecture which adds a certain charm. The Upper West Side has a lot of services. There are wonderful stores, markets, and restaurants, but not so many that it is overwhelming.  There are not many high-rises, so there is a lot of light. What I like about the Upper West Side is that you’re never too far from a park because the neighborhood is so narrow. You either have the Riverside Park or Central Park, and even in between, you can find some playgrounds. There are a lot of great public and private schools, as well as services for children. For culture lovers, there’s the Historical Society, Carnegie Hall and the Met. In addition to being a great place to live, the Upper West Side is very accessible to the rest of Manhattan. The subway runs down Broadway and the bus system is convenient, as well.

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To understand what’s happening in the West Village real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.

Alex Nicholas, The Corcoran Group. A native New Yorker born in Greenwich Village, Alex has guided sellers and buyers in over 400 transactions in the past 13 years in Downtown Manhattan. The West Village is one of the core markets in which he specializes.

Glenn Norrgard, Sotheby’s International Realty. Since 1994, Glenn has focused his business Downtown and has completed several hundred transactions in the area. He is considered one of the most knowledgeable Downtown agents.

Meris & Kenny Blumstein, The Corcoran Group. Meris and Kenny are Downtown experts. In 2008, they were ranked as one of the Top 100 teams in the country by the Wall Street Journal. To date, they have closed over 750 transactions.

Tom Cooper, Sotheby’s International Realty. As a Downtown resident, Tom is intimately familiar with the West Village. He is Sotheby’s representative in the Greenwich Village Society for Historic Preservation Broker’s Committee. He has sold over $50 million of Downtown real estate in the past three years.

What are some of West Village’s defining characteristics?

Alex Nicholas: The streets in the West Village are unlike anywhere else in the city. They are all different and crooked, so you don’t have a lot of proper cross streets, which makes the neighborhood very quiet. The West Village has all sorts of nooks and crannies, cool, boutiques, great restaurants, tree-lined streets and lots of townhouses and single family homes. There are quite a few buildings still intact from the 1920s, 30s, and 40s, so it’s got a very special, unique, old-world European charm that people have loved for a long time. The West village has a great mix of all types of New Yorkers because the neighborhood has something for everyone. Hudson park and the Meatpacking District are nearby, and the neighborhood has access to the 1, 2, 3 and the A, C, E subway lines. Along the Westside highway, you’ll find ultra-luxury buildings and beautiful townhomes. It’s a place where people can go to hide and escape the hustle and bustle of Manhattan. Because the West Village is so desirable, the area is expensive.

Glenn Norrgard: The West Village truly is a neighborhood and a village. It’s the type of place where you know your neighbors. There are tree-lined, cobblestone streets and lots of great bars, restaurants, shops and convenience stores. There’s an informal quality of life that’s difficult to capture in other parts of the city. West Village residents have access to the riverside park which is great. Farther west, public transit doesn’t cut through it, so it’s been able to retain its neighborhood feel.  There are good school systems and it’s one of the most valuable areas of real estate in Manhattan.

Kenny Blumstein: I would describe the West Village as historic, intimate, quiet and friendly.  It’s well-preserved and protected because, depending on location, you may have to walk several blocks to get to transportation.

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Meris Blumstein: It has the feeling of a village and is very different than any other neighborhood in the city.  Nearly all of the buildings are low-rise buildings. It’s quiet, friendly and has a huge number of excellent restaurants. There is no other neighborhood like it in Manhattan.

Tom Cooper: The townhouses of the West Village anchor the neighborhood’s charm. In recent years, many of these have been returned to single family homes.  Older luxury buildings, like 299 and 302 West 12^th, as well as 45 Christopher–all Bing and Bing pre-war buildings, are highly valued for their understated elegance. Newer condominium buildings, like Superior Ink and the Richard Meier buildings, have added many more extremely high-end condominiums to the market.

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Going green in NYC? To learn the ropes, we interviewed an award-winning Certified TopAgent who specializes in working with green-focused clients in Manhattan.

Susan Singer, The Corcoran Group: Susan serves on the Board of Directors of AEEREP (Association of Energy and Environmental Real Estate Professionals) and was the first “Certified EcoBroker” in New York City. She has been part of Corcoran’s Multi-Million Dollar Circle since 2002.

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What does “green” mean in terms of real estate?

Green real estate and green living in Manhattan are two different things. From the perspective of real estate, buildings should be built with sustainable elements and should be energy efficient. It’s all about minimizing our carbon footprint and maintaining a sustainable lifestyle. For example, debris from the development site should be removed in an efficient, sustainable way and materials for the building should be from within 50 miles of the site. A lot of Manhattan developers are using bamboo for their floors, but the carbon footprint created by boating it in from China negates the positive effect of the bamboo. Some developers use a local wood that’s much harder than bamboo and is forested in a sustainable way. They pick certain trees and let the rest remain so they can replant…and the transportation is much better.

Are there green buildings in Manhattan?

There are about 10 green buildings in Manhattan. The Solaire building was the first green building to go up as a rental and then the Visionaire opened up in Battery Park City.  River House is supposed to be one of the first Battery Park City green developments. Currently, Village Green is being built on East 11^th and it’s the greenest property I’ve seen in NYC. Village Green uses Geothermal heating for the common areas. Geothermal heating is achieved by digging into the earth, which has a constant temperature of about 60 degrees. It pumps air through the heating/cooling system but only has to heat or cool from 60 degrees as opposed to up from 25 or down from 85. The bathroom floors are heated with radiant heat, which is the best way to heat any space.

What does LEED stand for?

LEED stands for “Leadership in Energy and Environmental Design.” This system was created not just for Manhattan, but for the entire country. It’s not necessarily the best certification for Manhattan, because one of the qualities for points is proximity to transportation, and in Manhattan, that’s a given. One of the buildings lost points for having parking in the basement, which invites people to drive. Bicycle racks in the building get points. They’re reviewing the system in NYC because they’re finding that buildings are getting LEED certification but actually aren’t very energy efficient. On the other hand, the River House development is very energy efficient and obtained LEED Gold certification.

What are some of the ways to make your Manhattan home more energy efficient?

Retrofitting an apartment is really difficult. The best thing you can do to make your current apartment more energy efficient is to lower your energy consumption.

The first way you can do this is to weatherize your home by plugging up leaks and keeping the air inside on the inside, the air outside on the outside. That way you don’t lose hot air in the winter or need to bring cool air in during the summer. For instance, if you keep your AC in the window in the winter, there will likely be leaks. Take it out and close the window. There are weather insulation kits for houses that will help you weatherize your home.

In terms of using less energy, you should unplug any electrical appliances, including your TV and computer, from the outlets when you are not using them. Compact fluorescent bulbs are wonderful and LED bulbs are even better. When you need to replace a dishwasher or fridge, get something energy efficient. Those old ACs, for example, are a nightmare. The new ones are way more efficient.

Also, when you paint, you should use low or no VOC paints, because they’re better for you to breathe. That creates allergies for people and it’s really bad for little kids to be breathing. It’s a good thing to do even if it doesn’t save you any energy.

If you live in a townhouse and if you have enough exposed roof, planting a “green roof” will act like insulation. You can plant grass and trees, as well as succulents. If it’s built the right way, you can also have water drainage and get gray water from that, which you can use to wash the sidewalk.  You want to consider the weight on the roof and the amount of maintenance though.

What advice would you give to a buyer looking for a green home in Manhattan?

You really need to evaluate how energy efficient the building is, not just the level of certification that the developer got. Buildings that have all-glass walls won’t be as efficient. You have to know enough about green to know what they’ve done and see how it could save you money. If you’re buying an apartment that’s 10% higher than the market, but it’s really green, like Village Green, you’ll save so much that in time it will pay you back.

When developers start to develop again, they’re going to develop green projects. I tell my buyers to buy something that will sell back into the green market in three to seven years. At that point, green apartments will be in even stronger demand than today.

Click for independent reviews & profiles of Susan Singer and other top Manhattan real estate agents who specialize in green residential real estate.

What do you need to know about Manhattan lofts? We interviewed several award-winning Certified TopAgents who specialize in lofts to find out.

Barbara Godson, Halstead Property: Barbara has been selling lofts Downtown since 1984. In her career, she has sold roughly $300 million of real estate in Downtown Manhattan.

Jon Phillips & Ginnie Gardiner, Halstead Property: A husband and wife team, Jon and Ginnie got their start in the real estate business by focusing on lofts. Having owned a loft for many years, Jon and Ginnie know the unique benefits and challenges they offer extremely well.

Leonard Steinberg, Prudential Douglas Elliman: Leonard is the leader of one of Prudential Douglas Elliman’s most successful teams.  His team is expert in Downtown real estate and has extensive experience working with loft buyers and sellers.

Timothy Melzer, The Corcoran Group: Tim is considered to be one of Downtown’s most knowledgeable real estate brokers. Tim was named REBNY’s Rookie of the Year in 2001. He has since sold over $100 million in real estate. He specializes in lofts.

What makes Manhattan lofts different from other types of properties?

Timothy Melzer: Most lofts are in pre-war buildings which have real Old World charm. The building’s façade is thicker–old cast-iron or brick, and the lobby entrances are beautiful. The lofts themselves have high ceilings, open kitchens, large windows, exposed brick and columns. There’s nothing cookie-cutter about a loft.

Barbara Godson: Lofts have a charm to them. They usually have higher ceilings, large windows, large floor plates and beautiful old columns.

Jon Phillips: In two words, “interior space.” The traditional definition of a loft versus a residential structured property is the span between the beams and columns.  Lofts can be 16 feet apart whereas other apartments are only 12 feet, so lofts are deeper, larger spaces People who want large walls for large art look for lofts.

Ginnie Gardiner: Lofts offer large, open kitchens, original beams, and an aesthetic that is unique. High ceilings, even if there are exposed pipes, are more desirable than the dropped ceiling that most non-lofts have. For example, in the Financial District, we have an Edwardian structure that originally housed an insurance company. On the 12^th floor, we have these beautiful Edwardian arched windows with plaster sculpted embellishments.

Jon Phillips: One loft building that comes to mind has an entrance with carved granite elements. Given how expensive the materials and craftsmanship for that would cost today, you don’t even see that in a building like 1 Central Park West.

Ginnie Gardiner: Some of the buildings still have the original tin-stamped ceilings, and even though you can see the sprinklers, it’s a part of the romance and charm.

Jon Phillips: Commercial buildings were required much earlier to have sprinklers due to the fire code, whereas residential apartments weren’t until very recently. Since most lofts were previously commercial or industrial buildings, they have sprinklers in the units. They are part of the loft aesthetic. It’s not undesirable due to the less expensive insurance bill.

Over the past number of years, how has the loft market changed?

Leonard Steinberg: Until recently, lofts were the best way to create large apartments Downtown.  With new construction, there are more options, especially since they’re creating spaces with high ceilings and large windows.  Still, there will always be a demand for older lofts because buyers will always want a pre-war feel, and the size of the spaces is usually more conducive to large, family style homes.

Ginnie Gardiner: The loft market is still highly desirable. What people like, and what designers try to imitate, are the beams – they call those types of apartments “loft-like.”

Jon Phillips: There were a number of ground-up, loft-style buildings that went up that were residential buildings with stylistic elements that were incorporated into the architecture to call them loft-styled – the larger casement windows that mimicked the ones traditionally in warehouse or manufacturing buildings.

What are some potential issues/problems with lofts?

Timothy Melzer: One common misconception is that with a loft, you’ll have better light.  The only time you’ll have amazing light and views are in a high-rise condo. Lofts will have average light and views unless you have prime window space. That’s just the nature of the city’s construction

Leonard Steinberg: With lofts, if you’re midblock, you’ll have no side windows, so the transportation of light is really important. Also, the quality of the building is a big consideration.

Barbara Godson: In some of the smaller buildings, which are self-managed, everybody has to pull their weight. If there are only four or five units, people have to help to run the building.

What advice would you give to buyers looking to purchase a loft?

Leonard Steinberg: My advice would be to look at as many lofts as possible. The more you look, the more you’ll know and the better likelihood that you find what resonates with what you really want. Lofts in Chelsea are different than those in Soho and Tribeca.  Soho’s lofts were primarily used by the fabric industry, whereas Chelsea’s were for storage, so the nature of the buildings is different. In the Village, lofts used to be department stores which were never intended for residential use. Their architectural elements will differ significantly from one another.  The good news about Chelsea is that lofts were designed to house heavy equipment so they mostly have concrete flooring whereas in Soho they’re wood, which creak and make noise.

Barbara Godson: Make sure that when you go into a loft, always turn off any artificial light. It’s a good idea when buying any property to do that, actually.

Why is it important to work with an agent who specializes in lofts?

Timothy Melzer: Anyone who specializes in lofts has seen, bought and sold in the majority of loft buildings, so they’ll quickly have a good idea about which lofts fit their client’s wants and needs. Of course, they’ll know about the pluses and minuses of each building. From just looking at a listing, it can be difficult to see if an apartment is a loft because the industry likes to overuse the term. In reality, most of the apartments really aren’t lofts. Some new constructions are making the facades and interiors look like lofts, but in reality, they’re not lofts. Sometimes the consumer can’t even tell that these buildings were built in the last 10 years. For example, Robert DeNiro’s new hotel in Tribeca looks like an old loft, but it is actually a new ground-up construction.

Leonard Steinberg: Lofts usually have specific characteristics that are unique and differ vastly from each other. There will be many issues within the building that need to be negotiated and understood, not only by the buyer but also by the attorneys. It can possibly involve the use of some of units as commercial space. Maybe the mechanicals are old or, perhaps there’s art-living space. A good broker will understand these loft-specific issues and be able to connect you to the right lawyers, owners, architects, etc.

Ginnie Gardiner: We understand what each loft offers and why it’s unique. A lot of brokers who don’t understand architecture or design can’t create a narrative that really brings the loft to life.  When you’re showing the details, you have to be able to paint the picture and give the story as to why that specific loft is unique. If you don’t know the building’s original purpose, the neighborhood’s history, and how it was settled, you lose the richness that people want in a Downtown loft.

Jon Phillips: We have a thorough understanding of the sales process and how to accurately answer questions that people tend to ask. If you have the wrong answer, you can open a hornet’s nest of legal complications because of implied uses or permissions that co-ops may not be willing to give, for example. It’s better to be transparent and accurate with description of the loft.

Ginnie Gardiner: As an example, we sold a loft on 26^th Street a year ago. There was a hotel going up next to the loft and it was going to lose part of their light and view. Jon told them to cover up the windows by putting paintings over them. Other brokers come to our open house and say, “You told them to do that?  Wow, weren’t you afraid?” I said, “Of what?  This is what’s going to happen, so I want buyers to come in and see a space that looks great instead of feeling like they’re going to have something taken away.” If their first impression is that it’s a wall, there’s nothing being taken away from the buyer.

Click for independent reviews & profiles of top Manhattan real estate agents who specialize in lofts.

What do international buyers and sellers have to know about Manhattan real estate? We interviewed two award-winning Certified TopAgents who specialize in international clients to find out.

Astrid Pillay, Halstead Property: Astrid was the highest grossing agent in the Halstead Eastside Office in 2004, 2006 and 2008. She has worked with many international clients and has lived all over the world, including Israel, Sudan, Hong Kong, Italy, China, Norway, Cambodia and Thailand.

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Gabriel Bedoya, The Corcoran Group: Gabriel was named Corcoran’s “Rookie of the Year” in 2003. Since then, Gabriel has been one of the firm’s Top 25 agents for three years running. He works with many international clients and is fluent in Portuguese, Spanish, French and Italian.

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What are some of the challenges that international clients face when buying or selling NYC homes?

Gabriel Bedoya: In New York, you’re always represented by an attorney for the transaction. The other aspect that is much different, is that there is no money transacted at the beginning of the sale. Sometimes foreign buyers come with their checkbook, thinking that it’s required to write a check right away, but that doesn’t happen here. There first has to be a meeting of the minds and then the attorney will go through their due diligence, looking into the financials of the building, the Board of Directors, the budget, etc.  This can take up to a week. Only after everything is agreed upon does the buyer write a check for the down payment.

Astrid Pillay: When  selling, there are certain tax related procedures that are specific to foreign sellers.  The IRS requires foreign sellers to have their lawyer hold 10% of the capital gains for a period of one year in order to ensure that taxes are paid.    That’s one thing that we explain before they go on the market – they won’t get all the proceeds of the sale immediately.

For international buyers, it’s important to know that banks are no longer as generous as they used to be. They require much larger down payments from foreigner buyers than residents often double.  Recently my foreign buyers have had to put down at least 40% of the purchase price, have had to establish accounts with the lending banks, and have had to have 12-18 months of expenses put in a savings account in the bank—to ensure there are enough funds available to service the loan. That adds up to quite a bit of money. Many non-cash international buyers are increasingly discouraged and reluctant to buy in the city.

What advice would you give to an international client who is looking to buy in Manhattan?

Astrid Pillay: I explain to them the concept of a co-op. A lot of buyers want to use the place as a pied-a-terre or to let their family use it or to rent it out and nearly all co-ops don’t agree to this concept.  In most cases coops look for individuals who will be using the apartment  as a primary residence. The overwhelming majority of the time, this is not something that is suitable for foreign buyers.

Gabriel Bedoya: It’s a very good time to buy for foreigners, which is why I think the demand has increased so much over the past few months. Tax abatements in new construction is an interesting factor that they understand and like  Second, the currency exchange–the dollar is at its lowest point in Europe, so that makes investments very attractive. Another reason is the supply–there’s a lot to choose from, whether it’s a resale or new development. Lastly, it’s a buyer’s market, and although the prices have been adjusted by most sellers to reflect the market, there’s still a little room to negotiate.

I usually tell international buyers that they need to have a good attorney, a good broker, and if they are financing, to be working with a good bank. Those three things are very important for a successful transaction, no matter where in the world you are. It will make the most efficient transaction from beginning to end.

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Location: Southernmost tip of Manhattan

The Financial District encompasses roughly the area south of City Hall Park but excluding Battery Park City. The center of the area is often considered to be the corner of Wall Street and Broad Street.

The area is a great fit with anyone that works nearby due to the lack of a commute. Further, virtually all subway lines converge in the Financial District, providing a surprisingly quick ride to pretty much everywhere, including the Upper East Side, Upper West Side, Midtown—even Brooklyn.

The residential population of the area has increase to 56,000 from approximately 17,000 before 2000. It is considered a small emerging neighborhood. If you first view homes here during the workday, be sure to come back at night–the hustle and bustle of Wall Street really dies down after 6:00 PM. The Financial District is extremely quiet after hours and on weekends. Some love it that way, but some say it a bit like a ghost town at times.

The architecture in the Financial District is unique, with many old office buildings that have been converted into residential apartments. The local services (i.e. dry cleaners, grocery stores, laundromats) haven’t quite caught up yet, so your choices are limited and you may need to reach beyond your neighborhood to get everything you want.

The Financial District borders Tribeca, which provides most of the high-end dining and shopping options for the area. Recently, the Financial District has become known for real estate bargains due to the large number of developments that have come to market over the last few years. If you are looking for maximum space at the lowest cost, the Financial District is an ideal place to search.

Note due to the small size of the area, there are not that many top real estate brokers that specialize here. Typically, agents that serve Tribeca also reach across to handle the Financial District. We were able, however, to identify a small number of very strong agents that have built a substantial practice in the area and that were able to meet our qualifications.

Click for independent reviews & profiles of top agents who specialize in the Financial District.

To understand what’s happening in the Financial District and Battery Park City real estate markets, we interviewed several award-winning Certified TopAgents who specialize in the area.

Jon Phillips & Ginnie Gardiner, Halstead Property: A husband and wife team, they almost exclusively represent sellers and developers. They are members of Halstead’s Gold Circle, Platinum Circle and Producer’s Council and have extensive experience in the Financial District and in Battery Park City.

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Paul Gavriani & Vincent Falcone, The Corcoran Group: Paul and Vincent lead a team of seven agents. Since 2006, they have been members of Corcoran’s President’s Council (Top 25 agents in entire company). They have extensive experience working with investors and first-time buyers purchasing in the Financial District and in Battery Park City.

What makes the Financial District and Battery Park City different than other neighborhoods in New York City?

Paul Gavriani: Obviously, you have Wall Street there…this area is where many of the international banks and financial institutions have their offices. However, since 9/11, the Financial District has become much more of a residential area. New York City enticed residential development in the Financial District by offering developers tax abatements, such as the 421-a tax abatement. For ground-up development, the abatements typically last 10 years but in the Financial District, New York City provided up to 12-15 years of abatement, so that attracted a lot of buyers. New York City wants to make the Financial District an 18-hour neighborhood. They have tried attracting retail stores to provide the services that are necessary to live in the area—such as grocery stores. However, quite a bit of the retail that has leased space in the Financial District has been more high-end retail, such as Tiffany’s, not the everyday services that people who live in the neighborhood want.

Jon Phillips: The Financial District has great ambiance and architecture. You have the Seaport, a number of parks and a large amount of restaurants. Still, the retail element is mostly missing. The residential market in the Financial District has the potential to be very vibrant if the City could figure out the symbiosis with the retail aspect. The retail never came in to support the residential development. There should be a Whole Foods in the Financial District just as much as “Pink” Shirts. They need the basics; they need the neighborhood stores. If there was that support, and the educational support was maintained, the Financial District could become a new, vibrant area. It’s halfway there, but having an awkward adolescence.

Vincent Falcone: Battery Park City is next to the Financial District–you simply need to cross West Street–but has a much different feel. Battery Park City started as 27 acres of landfill from the World Trade Center development project. New York City literally built more land onto the island. The City leased the land to developers who build condos and rental buildings. Because the land is owned by the state (which acts as a landlord of sorts), property owners don’t pay taxes to New York City.  Instead, they pay PILOT — Payment in lieu of taxes. PILOT is much higher than the taxes you would pay in other neighborhoods, so the cost of ownership is pretty high. On the upside, most of the buildings are relatively new and have great amenities, and the physical space, with its parks, waterfront, and art is fantastic. It’s a relaxing neighborhood and right next to the Financial District.

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To understand what’s happening in the Tribeca real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.

Barbara Godson, Halstead Property: Barbara has been selling lofts and co-ops in Tribeca since 1984. Throughout her career, she has sold roughly $300 million of Downtown Manhattan real estate.

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Timothy Melzer, The Corcoran Group: Tim is considered to be one of the city’s most knowledgeable Downtown Manhattan real estate agents. Tim was named REBNY’s Rookie of the Year in 2001 and has since sold over $100 million in real estate.

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Paul Gavriani & Vincent Falcone, The Corcoran Group: Paul and Vincent lead a team of seven agents. Since 2006, they have been members of Corcoran’s President’s Council (top 25 in entire company). They have extensive experience working in Tribeca.

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What are some of Tribeca’s defining characteristics?

Timothy Melzer: Tribeca stands for Triangle Below Canal. It stretches from Canal to the West Side highway to Broadway, and it connects down to Park Place. Over the past few years, Tribeca has gained a lot of exposure in the media. There is a car named after it and people associate it with Robert Deniro and his film festival. Tribeca is now considered a place in which you’ve “made it” if you live there. Really though, it’s a family-oriented neighborhood. Tribeca has some of the best schools in the state and a very active, involved community.

Tribeca has cobblestone streets, is clean, and feels like a brand new area, only it’s built from older manufacturing buildings. Tribeca has more services than other downtown areas and is less touristy.  Either you live there or you don’t really go there. Many finance professionals live there because Goldman Sachs, Citigroup and Merrill Lynch are all within a few blocks.

Paul Gavriani: A lot of people know the name “Tribeca” and like the sound of it, but they don’t understand what Tribeca is.  Tribeca is a more industrial area than most other Manhattan neighborhoods – many of the buildings are former warehouses that have been converted. Because these buildings were once industrial buildings, Tribeca is the land of huge lofts and the floor spaces can be huge. Some of the services we take for granted in other neighborhoods are not there – they may be there one day, but they’re not there yet.

Vincent Falcone: At first glance, Tribeca with its many industrial type buildings appears to be less residential than it really is. However, once people become familiar with the area, they come to love it for the “real” neighborhood that it is.

Tribeca’s streets are generally clean, quiet and safe. Geographically, it is abutted on the West by Riverside Park and its miles of bike and jogging paths. The area boosts one of the best school systems in then city.  Its residents are a diverse group including Wall Street professionals who work in nearby offices, families requiring spacious living quarters (which the neighborhood has an abundance of) and creative types who love the large open spaces which can be found here.

Barbara Godson: Tribeca feels almost like a village. Once people move down to Tribeca, they don’t want to leave. Sometimes they go down there reluctantly, but once they buy and move in, they love it. It’s quieter than most other Downtown neighborhoods in the evening.

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To understand what’s happening in the Murray Hill real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.

Gabriel Bedoya, The Corcoran Group: Named Corcoran’s “Rookie of the Year” in 2003, Gabriel has been one of the firm’s Top 25 agents for the past three years. Because he works with many international clients, much of his business is focused in Midtown West.

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Michael Gordon, The Corcoran Group: Michael sold more units in Corcoran’s largest development project, The Orion, which is located in Midtown West. He has been a part of Corcoran’s Multi-Million Dollar Club since 2002, his first year in the business.

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Doug Heddings, Charles Rutenberg Realty: Doug has been in the business for nearly 20 years and is an expert in Midtown West real estate. Prior to joining Charles Rutenberg Realty, Doug received Prudential Douglas Elliman’s Legend Award in 2008.

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What are some of Midtown West’s defining characteristics?

Gabriel Bedoya: Midtown West is a dynamic neighborhood because it has so many different elements. Of course, it is very popular with tourists because of Times Square, the Theater District, the beautiful hotels, Rockefeller Center, and it’s proximity to Central Park. The neighborhood also has great residential areas, as well. The farthest west area of Midtown West is the most residential part of the neighborhood. Due to the zoning, all of the buildings capped at five or six stories, so it’s brighter, and there is a distinct neighborhood feel. It’s almost European in a way – rather than shopping for everything at mega stores, you go from your neighborhood bakery to the meat market to the fish market to a wine store and cheese market. Midtown West has a ton of restaurants with all different types of cuisines and flavors.

The neighborhood continues to move west towards the River. Between 10^th and 11^th Avenues, you have a mixed zone of residential and businesses.  Whether they’re offices or, for instance, fashion designers, it’s a mix. There are two hotels opening very soon on 11^th Avenue and 47^th and 48^th Streets, because developers believe that this area will be one of the real growth areas in the city.

Michael Gordon: The two major components of Midtown West are Times Square and Clinton. Clinton is another name for Hell’s Kitchen. Clinton has a limited building restriction, so there are fewer high rises than in the Theater District and Times Square.

The western parts of Midtown West are comprised of mostly low-rise buildings, especially between 42^nd and 50^th Streets.  Closer to Times Square, from 6^th Ave to 8^th Ave for example, the buildings are taller and have better views, so the feel is different.  One area is more residential and one more business oriented.  The high-rise buildings offer fabulous views of the Hudson River, at reasonable prices. Today, Midtown West offers some of the best values in the city.

Doug Heddings: My customers who purchased in Midtown West love that the neighborhood as a real Manhattan energy to it.  The neighborhood as added some unbelievable restaurants in the past 5-10 years. Many of my clients work in Midtown West, so they love having a short walk to work. Midtown West is also one of the last neighborhoods in the city where you can go to a fish market, a real NYC butcher, and local bakery instead of a huge grocery store.  There are still quality mom-and-pop markets. There’s the Amish market run by the Lancaster Amish.

In certain ways, Midtown West is still untapped, particularly in the far western part. There is room for development and growth, so that area hasn’t seen its peak yet, in my opinion.  I think it might see it in the next up cycle, so there could be some great opportunities to buy properties that will significantly appreciate.

What is the housing stock like in regards to Midtown West homes?

Michael Gordon: There is a mixture.  Midtown West has condos, townhouses, co-ops, rent stabilized buildings, luxury rental buildings and office buildings.  It’s a relatively new residential area; recently it has become much more a destination for people to move, whereas before, it wasn’t heavily populated.

Gabriel Bedoya: There are a good number of condominiums, so I think there are more in relation to the rest of the city.  The co-ops are all low-rise buildings, and the condos are all high-rise, so while there are fewer condo buildings, there are more units.  There is a large stock of luxury rentals, as well.

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To understand what’s happening in the Murray Hill real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.

Dina Cohen, CitiHabitats: Dina specializes Murray Hill and Chelsea. She has won numerous CitiHabitats awards, including Top Producer, Highest Earning Sales Agent, Top Sales Listing Agent, and the award for Outstanding Customer Service.

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Ivana Tagliamonte, Halstead Property: Ivana was the #1 selling agent for the Halstead Village office in 2008 and is consistently ranked as a Top Producer. She has sold over $100 million in real estate and is a well-known Murray Hill expert.

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Karen Giaquinto, Prudential Douglas Elliman: Karen has helped her clients buy and sell dozens of apartments on 5^th Avenue in Murray Hill. In 2008, Karen was awarded the Prudential Douglas Elliman Legend Award (top producer for five consecutive years).

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Tracie Hamersley, CitiHabitats: Tracie has sold over $75 million worth of real estate in the past six years.  She has been the top agent in CitiHabitats’ Murray Hill/Gramercy office on multiple occasions.

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What are some of Murray Hill’s defining characteristics?

Dina Cohen: Murray Hill is a lively neighborhood that has every amenity that a person would need. There are tons of restaurants and bars, boutiques, all kinds of shops; Murray Hill has a neighborhood feel to it. It is also extremely convenient — it’s very close to Midtown and Grand Central and Gramercy Park. Murray Hill has become very popular because of its convenience.

Ivana Tagliamonte: Murray Hill is from 42^nd to 34^th or 28^th (depending on who you talk to) so it covers a pretty big area. It is centrally located so you can get Uptown and Downtown quickly and easily. The neighborhood really has a mix of people, from those wanting to be close to Grand Central or their office, to townhouse owners to young professionals. Many Murray Hill residents love the neighborhood because it is where they socialize – there are great bars, restaurants, Irish pubs and inexpensive ethnic restaurants.

Karen Giaquinto: In certain ways, parts of Murray Hill have recently been discovered.  For a long time, the area toward 5^th Avenue was very commercial. Michael Graves’ building, 425 5^th Avenue, changed that. Several years later, 325 5^th was built and 225 5^th was converted to condominiums. Today, there a number of newly constructed or converted luxury buildings located along 5^th Ave in Murray Hill which has made the 5^th Avenue corridor in Murray Hill extremely attractive to both residents and investors. Some of the buildings offer great views of the Empire State Building and Chrysler Building, which buyers find attractive.  Even though the economy isn’t doing well, people like a central location, and Murray Hill definitely offers that.

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Location: From East 28th to East 42nd Streets, between Broadway and the East River

The wonderful thing about New York is that as much as things change, many things stay the same. This is particularly true in Murray Hill.

The beautiful tree-lined side streets and 100-year-old brownstones set the tone for this neighborhood. That said, high-rise living is plentiful as you get to the avenues further east. In fact, the area on First Avenue between 34th and 38th Streets houses well over 2,000 apartments in just four buildings! The neighborhood has tons of amenities. Just a few years ago Murray Hill seemed to go to sleep after the workday ended, but no longer. Traveling along Third Avenue you’ll find (at least) two restaurants per block on both sides of the street!

Murray Hill condos are typically from the 1980’s, but a few buildings were built in the recent development wave. Murray Hill co-ops are plentiful and cheap, with psf prices generally well below $1,000.

It’s not the most hip or exclusive part of the City, but it’s an short walk to the subways and trains in Grand Central Station. Murray Hill residents often say that the best thing about their neighborhood is its convenience. It’s easy to get anywhere in the City, whether walking to work in Mid-town, taking the subway a few stops to visit friends on the Upper East Side, or hoping a short taxi ride for dinner downtown.

A little history: according to Wikipedia, “Murray Hill derives its name from the Murray family, 18th-century Quaker merchants mainly concerned with shipping and overseas trade. Robert Murray (1721–1786), the family patriarch, was born in Pennsylvania and came to New York in 1753 after a short residence in North Carolina. He quickly established himself as a merchant and eventually owned more shipping tonnage than any other New Yorker.”

Click for independent reviews & profiles of top agents who specialize in Murray Hill homes.

When selling a New York City home, we recommend having at least two different agents give you listing presentations so that you can compare and contrast styles and opinions. Here’s what you want to know before you make a decision.

Agent overview

1. Tenure in profession. How long have they been selling New York City homes?
2. Sales history: number of sales, dollar volume, number of sellers he/she represents as compared to number of buyers
3. Why you? What do you offer that is different from other agents?
4. If you take vacation, how do you handle your listings?
5. How do you communicate with your clients? Electronic? Calls? What regularity?

Firm overview

1. History of the agent’s firm
2. What is the firm’s unique position and how will that benefit the sellers?
3. How does the firm reach the local market? How many New York City homes are they currently marketing?
4. How does the firm communicate with the brokerage community?
5. When does the firm co-broker its listings?

Market overview

1. Current state of the market
   1. Discuss inventory of New York City homes on the market, sales velocity and pricing trends
   2. Breakdown of properties within the price/size segment
2. New York City home market outlook
   1. Understanding that no one has a crystal ball, it would nonetheless be helpful to hear future predictions

Your property and pricing

1. Marketing and media strategy
   1. Who do we need to reach? How? Why?
2. Pricing
   1. Comparable sales and comparables currently listed or in contract
   2. What could be done to improve pricing, value of targeted renovations, if any. Above everything else, accurate pricing is paramount in selling an apartment. It is important for the agent to present a coherent plan as to how to best position your home on the market. They should be able to defend their pricing estimates with specific examples and articulate the types buyers they will target and how they will be reached.

Another purpose of the listing presentation is just to see how your respective personalities fit together. Can you work with this person? Do they click with you? Even if an agent is a top professional, their personality may just not suit yours. Since you will be in constant communication with your agent (or at least should be) and will be relying on them in potentially stressful situations, make sure you select someone you both like personally and trust professionally.

For independent reviews and profiles of top agents who know the ins and outs of selling New York City homes, visit TopAgentGuide.com.

Selling your home has tremendous financial implications. Owning a New York City home typically is an individual’s single largest investment, so it is critical to be well represented and well prepared when selling.

The following steps will help make selling your New York City home as effective and efficient as possible.

1. SELECTING THE RIGHT AGENT TO SELL YOUR NEW YORK CITY HOME

When hiring a real estate agent to sell your New York City home, do your homework. Think of this as a job interview – with you doing the hiring. Be certain to choose the right person to represent you and your New York City home. You should expect professionalism, superior customer service, market knowledge, honesty and integrity from your real estate agent. Questions you should ask potential agents:

• What is the current state of the market and how does that affect my property? Please provide statistics to support your opinion.
• What are the current trends in the marketplace? Is it a buyer’s or seller’s market? What is the inventory? Has it changed over the last year? What does that mean to me?
• What’s the future market outlook for New York City homes? Is now a good time to sell? How established is your firm? How is your firm different from all the rest?
• Why should I work with you? What is your background? Please differentiate yourself from your competitors.
• Do you take weekends off? Will you show my home at 7:00 AM and at 8:00 PM? What do you do when you have a scheduling conflict?
• What type of buyer do you plan on targeting for my home?
• How will you reach them? Will you create a marketing plan specifically for my home? What will it look like?
• How will you price my home? Provide a comparable market analysis to defend your pricing.

2. MARKET ANALYSIS AND PRICING STRATEGY

An agent should provide you with a comparative market analysis (CMA) which will consist of similar New York City homes currently on the market, those recently sold and closed, and those in contract. All homes used in this comparison should be comparable to yours in terms of location, size and type (co-op or condo). This is the basis for your pricing strategy. You might even want to visit other homes on the market against which you will be competing. Look at them objectively and through a buyer’s eyes.

Pricing a New York City home is not an exact science. The market place will ultimately tell you what your home is worth; however, pricing accurately typically will generate the most interest in your home which will enable you to achieve the highest price. If an agent asks you “what do you want for your home?” and relies on you to price your home, then the agent probably is not right for the job. You will do yourself a terrible disservice if you have an agent who tells you what they think you want to hear. Carefully watch the market’s reaction to your home’s listing in the initial few weeks of marketing. If there are no offers after 12 to 20 showings, then a price adjustment may need to be made. Find an agent you trust, ask lots of questions, but do not forget to listen.

3. SIGNING AN EXCLUSIVE AGREEMENT

Sellers can give the exclusive right to sell a New York City home to one real estate firm and to a particular agent at that firm. Your home then becomes that firm’s exclusive “listing.” You enter into a formal contract stating offering price, length of listing agreement with the brokerage firm, commission, etc. If you hire a firm on an exclusive basis you have the right to expect that the agent you choose from that firm will be your “point person.” They will market your New York City home, arrange all appointments, handle negotiations and oversee the board process (in the case of a cooperative).

The firm with your exclusive listing should immediately co-broke your listing with all of the other brokerage firms in the area. Co-brokering is the process by which real estate firms share their exclusive listings with other firms in their market. This will ensure that your home is exposed to as many buyers as possible. In New York, if the listing firm brings in the buyer to buy your home, they collect the entire commission. If another firm with whom they have co-broked brings the buyer, then the commission is divided equally between the two firms.

An open listing is a scenario in which you can list your home with as many firms as you like. You manage the process and you do not have an exclusive relationship with any one firm. The commission is paid wholly to the firm bringing you the buyer. The downside is, for the same amount of commission dollars, you are doing all of the work. There’s no one advertising your home, no one scheduling appointments and no one negotiating on your behalf.

4. MARKETING YOUR NEW YORK CITY HOME

For your New York City home to be marketed in the most effective ways possible, make sure that:

• Your property is co-brokered with every single real estate firm in Manhattan and will be made available to all 28,000 real estate agents licensed to do business here. In over 90% of sales, an agent other than the listing agent will bring the buyer. Therefore, it is paramount for your agent to reach those responsible for finding you a buyer: the brokerage community.
• Your listing is released immediately through On-Line Residential, REBNY (Real Estate Board of New York) Listing System and The Manhattan MLS, all services designed to communicate available listings with all residential real estate firms.
• Your property is marketed with professional floor plans, digital photos, virtual tours and printed promotional materials.
• Your agent schedules Broker Open Houses to inform and educate the brokerage community about your property.

While executing the marketing plan, your agent should be in regular communication with you to provide feedback on showings and changes in market conditions.

5. QUALIFYING  POTENTIAL BUYERS

Your agent should be vigilant in ensuring that all potential buyers are financially qualified to purchase so as to minimize wasted traffic through your home. Your agent should be comfortable asking the necessary questions.

6. RECEIVING AN OFER AND NEGOTIATING

Offers are made verbally between buyers and sellers of homes in New York City. Your agent has a legal obligation to present all offers to you. A buyer will place a bid or offer on your New York City home either to your agent or to you directly. Once an offer is received, your agent should discuss with you not only price, but also the other terms and the qualifications of the potential buyer such as likelihood of closing, closing date, etc. An offer means nothing if the buyer is not qualified to purchase or pass the Board (in the case of a co-op).

You may “counter” the offer thereby beginning the negotiation process in which both parties agree on the price, terms, and closing date. Be certain you feel comfortable with the negotiation skills of your broker. This is where you want the best protection possible!

7. PREPARING THE CONTRACT OF SALE FOR A NEW YORK CITY HOME

A real estate attorney is required in all property transactions for New York City homes. Contact an attorney familiar with real estate in Manhattan to represent you. Once you have come to terms with a buyer, your attorney will begin preparing a contract of sale.

After the buyer’s lawyer concludes that the building’s financial condition is satisfactory, and that the by-laws of the building and contract of sale are acceptable, the buyer’s attorney will allow the buyer to sign the contract. At that time the buyer will usually be required to present a deposit of 10% of the purchase price. The contract plus the deposit will then be forwarded to your attorney for signature. The deposit will be held in your attorney’s escrow account until closing. It is important to note that until the contract has been delivered and signed by all parties, you can still entertain and accept other offers.

If financing the purchase, the buyer should move forward with his/her loan application. It is advised that the buyer pre-qualify for a mortgage prior to beginning the housing search.

8. THE BOARD PACKAGE

By now, the buyer will have received the board requirements and application materials from their real estate agent. The application materials can be similar for a cooperative and condominium. The buyer will need to complete all of the required materials which typically include: an application, a financial statement signed by a CPA, all requisite support for your financial statement, three years of tax returns, bank statements, letters of personal and financial reference, letters of professional reference, the contract of sale, bank documents indicating that your loan is in place (if financing), etc.

While the buyer’s agent will actually prepare the package, your agent should work with the buyer’s agent to ensure that the best possible board package is prepared and submitted to the Managing Agent for review. When the “package” is finished, it will be forwarded to the building’s Managing Agent for review. Once the Managing Agent determines that the buyer’s application is complete and all credit checks are approved, the package will be forwarded to the Board of Directors.

9. APROVAL FROM THE BOARD

In the case of a New York City home that is a co-op, if the board package passes “muster,” the buyer will be invited to meet with members of the board for an interview. Afterwards Managing Agent will generally inform your broker when the potential buyer has been approved, or not, by the Board. After approval by the Board, all parties are ready to begin planning for a closing.

In the case of a New York City home that is a condominium, there is generally no formal interview. The buyer’s application will be reviewed, and if all required materials are included and in order, an approval is typically granted. The entire process can move quickly in a condominium, and assuming a loan can be secured in a timely fashion, the process can move from contract to closing in about 60 days. The cooperative process is more involved and may take longer than 60 to 90 days.

10. CLOSING

The Managing Agents, banks, attorneys, buyers and sellers will all work to coordinate a time and place for the closing. Generally, if all parties are ready to close, a closing can be scheduled within two to three weeks of board approval, if not sooner.

For independent reviews and profiles of top agents who know the ins and outs of selling New York City homes, visit TopAgentGuide.com.

Here are some tried and true tips & tricks on how to improve the look of a Manhattan home for sale. Added bonus: your Manhattan home will look nicer for you too!

1. Scrub everything until it sparkles.
2. Wash all the windows. The windows of Manhattan homes collect quite a bit of dirt quickly–a cleaning will quickly make a big difference.
3. Remove and repair all signs of water damage, mildew and other deterioration. Manhattan homes don’t typically get too much water damage, but since they are smaller than other homes, it’s hard to hide anything!
4. Repair holes and cracks in the ceilings. A Manhattan home with a ceiling crack is a huge red flag as it could indicate a large structural problem.
5. Repaint colorful walls with a commercial double coat of flat white and ceilings with eggshell white.
6. Repair existing wallpaper. Better yet, take it off and paint the wall a flat white. Manhattan homes show best when they are clean and simple.
7. Repair or restore existing floor surfaces. For a Manhattan home, it is a relatively cheap improvement that makes a huge difference. When in doubt, go hardwood.
8. Re-grout wall tiles.
9. Clean floor-tile grout with a mild muriatic-acid solution.
10. Restore or repair existing bathroom fixtures. Even if it sounds expensive, the cost of new fixtures relative to a boost of enen 1% in the sales price of a Manhattan home is insignificant.
11. Add a new shower curtain, rod, and hooks.
12. Repair or renovate kitchen cabinets, making sure all doors and drawers work.
13. Increase existing lighting. Replace old ceilings fixtures, increase bulb wattage and clean windows thoroughly.
14. Eliminate odors. Remove the garbage and any kitty or litter box, as well. It’s unusual for a Manhattan home to have pets; any odor will really stand out.
15. Conceal odors. Bake a loaf of bread, boil some cinnamon or set out flowers or potpourri.
16. Expand bathroom size with visual ploys. For example, install a mirror opposite the medicine chest.
17. Expand closet size with visual ploys such as thinning out the clothes.
18. Expand size of other rooms with mirrors at ends of hallways, in corners and adjacent to windows. For Manhattan homes, such tricks are practically indispensable.
19. Replace all lightswitches and outlet covers. It’s very cheap and makes a quick difference.
20. Pack up any clutter and put in storage. If you are serious about selling a Manhattan home, it’s often best to find a storage center nearby and get the piles of “nostalgia” out.

For independent reviews and profiles of top agents who know the ins and outs of selling a Manhattan home, visit TopAgentGuide.com.

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1. Identify a buyer’s broker. Typical time frame: varies. The first step is to find a trusted New York City real estate broker that knows intimately knows the market and real estate purchase process. TopAgentGuide.com can help by providing objective reviews and profiles of New York City’s top real estate brokers, sorted by the neighborhoods, languages, and niches in which they specialize. Having a top professional representing you removes much of the risk and stress of buying a home. Top 10 reasons to hire a top real estate agent.

2. Seek pre-approval for a mortgage. Typical time frame: same day to two days. You must know how much you can spend before you can spend it.

3. Find an apartment and place an offer. Typical time frame: varies. Some buyers need to see many possible choices before making a decision, while others need only see a few. When you have found the right property, your agent will convey your offer to either the seller’s agent or to the seller directly. Offers are made verbally in New York City. The seller may “counter” your offer thereby beginning the negotiation process in which both parties agree upon price, terms, and closing date.

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Back by popular demand. Below is a general glossary of general New York residential real estate terms.

Abstract of Title. A historical summary of the recorded instruments and proceedings on the title of a property.

Air Rights. The right to use or control the space above a property. Air rights can also be sold, rented or leased to another party.

Appraisal. Typically a third-party estimate of the value of the property.

Assignment. The process by which a right or contract is transferred from one party to another. Assigned contracts include mortgages, leases and deeds of trust.

Broker. A state licensed sales agent who acts for property owners and prospective purchasers in real estate transactions. The term “broker” and “agent” are often used interchangeably, but technically a broker requires a higher level of training and experience.

Building amenities. The assets that buildings offer its owners or tenants. These can include a doorman, health club, pool, parking garage, etc.

Building restrictions. Building code requirements that affect the size and appearance of the building.

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