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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Being invited to a board interview is a good sign. The interview is the Board’s opportunity to meet you and ask specific questions about your application.

The style of the interview can range from an informal gathering of board members in an apartment to a formal interview with board members lined up at a table–and you in the hot seat.

Here are our top 10 interview rules:

1. Dress up. A board interview should be treated no differently than a professional job interview.
2. Be prompt. This should be obvious, but we’ve seen plenty of people show up late and lose the game before it even started.
3. Prepare for a lack of privacy. The Board has great latitude in the kinds of questions it can ask, so be prepared. Do not avoid answering personal questions and do not become angered by them.
4. Know your application. You should be able to quickly and concisely answer any questions asked about your application, preferably without having to look at it. If necessary, bring a copy along. Read the rest of this entry »

Manhattan residential real estate jargon is unique. Familiarizing yourself with the following terminology will facilitate the buying process.

Room counts. It is also important to know that New Yorkers speak in “number of rooms,” as well as using the terms below. A room in Manhattan must be at least 100 square feet and have a window, except in the case of a kitchen. Most kitchens are considered rooms unless they are Pullman types in which the kitchen is part of the living room. Bathrooms are not considered rooms. So, a Three Room Apartment would be comprised of a living room, kitchen and bedroom. A Four Room Apartment would have a living room, kitchen, and two bedrooms, or one bedroom and a dining room. You’ll hear the term “Half of a Room”, e.g., Three and a Half Rooms. This means that the living room has an alcove adjacent to it which is not quite the size of a true room, or in some cases it may mean a foyer large enough for dining.

Studio. One or two rooms with combined living and sleeping area. If the studio is one room, the kitchen will be Pullman style. If it is two rooms, the kitchen will be separate.

Alcove. An alcove is an area adjoining the living room space of an apartment. It is generally less than 100 square feet and is not considered a full room, but is often called a half room. It can be used as a “dining alcove” or “sleeping alcove.” Depending upon size, it may actually be “walled off” to create an additional bedroom.

Alcove studio. This is either a one and a half or two room apartment with an often L-shaped alcove which can be used as a sleeping area.

Junior or convertible. This is an apartment with an alcove off of the living room which can be converted into a bedroom or used for dining. A Junior Four, for instance, would be a three room apartment (living room, kitchen and bedroom) which has the potential to be four rooms by using the alcove space to create an additional room.

Duplex. In Manhattan, this means an apartment with two floors or levels, not two apartment units.

Loft area. A loft is an additional space created in apartments with very high ceilings. The loft area is constructed above the traditional living area, accessed by a staircase or ladder, and used for extra storage, sleeping or living space (e.g., a mezzanine).

Classic. The word “Classic” is usually followed by a number indicating the number of rooms in an apartment. It is generally associated with a Manhattan prewar apartments that meet  criteria of room numbers and design for buildings of that period. However, a Classic can exist in a post-war building, assuming it follows the same guidelines. As an example, a “Classic Six” is comprised of a living room, dining room, kitchen, two bedrooms, and a maid’s room.

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

Pre-war? Walk-ups? For the uninitiated, there are some unique terms used to describe buildings and/or apartments in New York City. Here’s a quick guide to help you make sense of it all.

Brownstones and Townhouses. These are typically four to six story buildings built in the 1800s to early 1900s. They are either single family houses or have been converted into multiple apartments. As a single family home, a townhouse or brownstone offers buyers privacy and the ability to purchase without the cooperative board process. Generally, these buildings afford more charm, with features such as gardens, fireplaces, beautiful floors and ornamental wood moldings. These buildings typically do not have a doorman. One can also find a co-op or condo unit in a townhouse building. Some apartments in townhouses can have grand living spaces and be quite expensive. The term “brownstone” refers to the type of material used as facing on the front of the structure. See agents that specialize in Manhattan brownstones and townhouses.

Pre-war Buildings. “Pre-war” a term you will often hear in New York City. Pre-war buildings are those built before World War II. These buildings are usually 10 to 20 stories, provide spacious apartment lay-outs and gracious architectural amenities, with features such as large rooms, fireplaces, hardwood parquet floors and high ceilings. These can be doorman or non-doorman buildings. Pre-war buildings in Manhattan have a following–some folks won’t even look at an apartment that is not in this category.

Post-War Buildings. Post-war buildings in New York City were built between the late 1940s and 1970s. They are generally high-rise and are constructed of white, red or brown brick. Most will have doormen. Post-war Manhattan apartments may actually afford more living space than their pre-war counterparts in studio, one and two bedroom sizes. They have ample closets, a live-in superintendent and laundry facilities.

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Cooperatives (”co-ops”) are not a new concept for New Yorkers, but many first-time buyers and out-of-towners are unfamiliar with this type of ownership.

In New York City, about 75-80% of apartments available for purchase are in cooperative buildings, while 20-25% are in condominiums or townhouses. This means that there is more inventory to choose from if a buyer includes co-ops in the mix of properties in which they are interested.

Typically, prices are more favorable for cooperatives, due to the fact that they are generally older, have fewer amenities (typically), and may carry an underlying mortgage. Also, co-ops may often limit financing to 75% or even 50% of the purchase price.

Cooperative buildings are owned by an apartment corporation. Individual tenants do not actually “own” their apartments as they would in the case of “real” property. Tenants own “shares” in the corporation which entitles them to a long-term “proprietary lease.” The corporation pays the total amount of the building’s mortgage (a co-op may have an underlying mortgage on the entire building, whereas a condo must be owned outright), real estate taxes, employee salaries, and other expenses for the upkeep of the building.

The tenant-owner, or “shareholder,” pays a share of these expenses as determined by the number of shares the tenant owns in the corporation. Share amounts are usually dictated by apartment size and floor level – space on a higher floor will have more shares associated with it than its counterpart on a lower floor.

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

A condo 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 condo owners pay their own real estate taxes for their property. A New York condo 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 condo, or anywhere for that matter, cannot have an underlying mortgage.

New York condos are attractive for the following reasons:

• Financing the purchase of a New York condo 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 condo 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 condo vs. a co-0p. This often makes condos a better investment choice than co-ops.
• New York condos 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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In New York City, there are many issues that a savvy buyer needs to keep in mind before committing to a purchase. It’s not just about location and price. Here’s a top 10 list of things you want to think about before committing to a purchase.

1. Outdoor space. One of the most valuable features a Manhattan home can have is some outdoor space. A balcony is nice but a large terrace or patio is even better. But some unforeseen problems can crop up if you are not careful. First, if you are not on the top floor but your space is open to other floors above you, make sure your upstairs neighbors don’t like to toss their cig butts out the window–or worse. Look around for any butts in crevices for clues. If your potential terrace is a result of a set-back and there are many stories right above you, you may be in for more falling debris than just a cigarette butt! Second, if you have little ones, you need to think about the unthinkable–and how to prevent a toddler from exploring places they should not.

2. Living next to an elevator. If the home you are interested in is right next to an elevator, your commute might be a few steps shorter, but you need to see if the “enhanced” noise level is acceptable. Elevators can make deep, penetrating mechanical sounds…and people waiting for an elevator can make penetrating people sounds.

3. Living under a terrace or the roof. This is something you probably never would consider, but if you live underneath a terrace, or right below the roof, you could be in for flooding trouble. Terraces and roofs often have drains that block up–and when they do, the water has a nasty habit of finding a way into the apartment directly below.

4. Living on the ground floor. This is no secret. New York City ground floor apartments are noisy and people can look into your home. Duh. But even if the price is right, make sure you really understand the implications…it can get pretty nasty. There are things you can do–ultra quiet “city windows,” blinds that open from the top down, etc., but make sure that you know what you’re getting into.

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

Kelly Cole, The Corcoran Group: SVP and member of Corcoran’s Multi-million Dollar Club and Corcoran’s Advisory Council, Kelly is considered to be the firm’s resident expert for Washington Heights. Because she also owns and lives in Washington Heights, Kelly has a detailed, intimate perspective on specific apartments, buildings and blocks throughout the area.

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What are some of the unique aspects of Washington Heights?

Washington Heights has two distinct residential pockets – the Southern part, located in and around the Audubon Park Historic District, and the Northern part, located between 181^st Street and 192^nd Street. Most Washington Heights co-ops and condos rest within these areas.

The Northern pocket of Washington Heights, commonly referred to as Hudson Heights, is charming and quiet.  There are beautiful wide, tree-lined blocks with well-kept buildings mostly of the Deco era.  You get lots of sky.  There are two main thoroughfares, 187^th and 181^st, that have shopping, restaurants, pet stores, wine shops, a high-end spa – all of the amenities you would want and expect from the Upper West Side only on a smaller scale.  It’s only 20 minutes to Midtown on the A Train; farther East you can get the 1 Train.

Hudson Heights has a sweet “village” feel, similar to some Brooklyn neighborhoods.  There are a lot of great parks and being the highest point in Manhattan, the vistas are breathtaking. Because the neighborhood is north of the GWB and because there is very little high-rise development, any riverfront home has amazing views of the Hudson River and Palisades.

How would you describe the Southern pocket of Washington Heights…how are homes in the area different?

The Southern pocket of Washington Heights, The Audubon Triangle, is located west of Broadway between 155^th and 160^th Streets.  It includes the Audubon Park Historic District and is teeming with glorious pre-World War I buildings.  It has some of the premiere, well-established Washington Heights co-ops which offer full-time doormen, and amenities such as garages and gyms. The pre-war Washington Heights homes in the Southern pocket include classic six, seven or eight room apartments, which are rare anywhere North of here. Many pre-war rentals have been converted to condominiums here which affords buyers yet another option when looking to purchase a Washington Heights home.

There are fewer upscale dining options here than in Hudson Heights, but there are certainly plenty of shopping and food options. The growth here has been slow, steady and organic, which is why I think these Washington Heights homes have held their value reasonably well and appreciation potential is huge.  The Audubon Triangle, while strictly residential, has a decidedly urban vibe.

What are you seeing in the Washington Heights home market these days?

Prices for Washington Heights homes have come down, as they have throughout Manhattan, but I think we’re at or near the bottom.  Price per square foot for a Washington Heights home has dropped to a range that is more consistent with $500-550 psf, whereas before it was $650-750 psf.  In terms of activity, I’m definitely seeing an uptick. Deals are happening more easily now – as long as sellers acknowledge the new realities in the market.  Large Washington Heights homes are attracting buyers who are still priced out of the UWS for classic six or sevens.

What advice would you give to a potential Washington Heights home buyer?

Determine which pocket of Washington Heights best suits your lifestyle. Which subway line is best for you to be near? Are you a nester, or do you want to have a handful of restaurant choices outside your door? Do you want to re-sell quickly or stay in the neighborhood for a while?  All of this is important because the vibe from lower to upper Washington Heights is very different, and they attract disparate personality types. Additionally, if you regularly travel outside the city to New Jersey, upstate NY, Connecticut for example, Washington Heights is ideally located to avoid city traffic and extended commute times.

What advice would you give to sellers of Washington Heights homes?

Because prices have come down on the Upper West Side, sellers of Washington Heights homes are competing with those sellers.  For example, a buyer can get a one bedroom on the UWS for $500k or less now, however the apartment will probably be small (600 square feet, if you’re lucky) and in a non-doorman building. A similarly priced Washington Heights home might be 1,000sf and be in a doorman building. It is important for sellers to market their property in a way that highlights the reasons (i.e. apartment size, neighborhood feel, amenities) that make it worth traveling an extra two or three stops on the subway.

To understand what’s happening in the Flatiron & Union Square real estate markets, we interviewed several award-winning Certified TopAgents who specialize in the area.

Holly Parker, Prudential Douglas Elliman: Holly is an award winning member of Prudential Douglas Elliman’s Pinnacle Club. She in the last few years, she has sold several dozen homes in the Flatiron and Union Square neighborhoods.

Tracie Hamersley, CitiHabitats: Tracie has been the top agent in her brokerage’s Gramercy office on multiple occasions. She is a condo owner in the Flatiron District and has sold over $75 million worth of real estate in the past six years.

Ivana Tagliamonte, Halstead Property: Ivana was the Halstead Village offices’ top agent in 2008. She specializes in the Gramercy, Flatiron, Union Square neighborhoods.

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What are some of Flatiron and Union Square’s defining characteristics?

Tracie Hamersley: Flatiron has a slight industrial feel and it’s a business center.  Of course, Flatiron has the Flatiron Building, which is my favorite landmark in NYC.  Madison Square Park has been cleaned up and is amazing. The park isn’t just for families, but also hosts concerts. Shake Shack in the park is a big draw as well. Flatiron is centrally located – all the buses and subways stop along the 23^rd street line.

Ivana Tagliamonte: Flatiron is unique because there are a lot of older loft buildings that have been converted. That means that you can find tremendous Flatiron homes with large windows and high ceilings.  Flatiron offers a great opportunity for people looking for two to three bedroom homes – there are some great values.  Flatiron feels like Tribeca, but it’s in the middle of everything. Union Square is always going to be popular.  Between the green market, the Union Square renovation, and the Tiffany’s building renovation, there is a lot going on at Union Square these days.  Everyone wants to live where the action is, and Union Square is certainly a prime location.

Tracie Hamersley: Union Square is a great outdoor space.  Many people forget that there’s more green space in New York than just Central Park, but Union Square is great because there is so much activity there. The area has Whole Foods and Trader Joe’s on 14^th Street and is a great meeting space. There’s a lot of personality and a great mix of people at all times and that is reflected in the different types of properties in the area and adjacent streets.

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

Holly Parker, Prudential Douglas Elliman: Holly is a member of Prudential Douglas Elliman’s Pinnacle Club.  She is a long-term Gramercy resident and has completed dozens of deals in the neighborhood.

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Ivana Tagliamonte, Halstead Property: Ivana was the top agent for the Halstead Village offices in 2008.  She is a well-known Gramercy-area expert.

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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 CitiHabitat’s Gramercy office on multiple occasions.

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What are some of Gramercy’s unique characteristics?

Ivana Tagliamonte: Gramercy has a lot of historic co-ops as well as some prestigious full-service post-war co-ops.  There is a charm about Gramercy, probably associated with Gramercy Park (the only private park in NYC). You don’t have to be on the park to appreciate it because the neighborhood has a lot of beautiful townhouse blocks – East 19^th is known as “Block Beautiful.” What makes Gramercy so unique is that it is not only a historic neighborhood, but it also has great amenities, including top restaurants, boutiques and services—and is one of the most centrally located neighborhoods in the city.  You are steps away from Midtown, the East Village, Union Square and the West Village.

Holly Parker: Gramercy Park is just beautiful. If you’re a Downtown person and you want to be able to walk to great restaurants and a farmer’s market, Gramercy is ideal. The area offers an amazing quality of living.

Tracie Hamersley: It’s diversity makes it unique. You can’t put a label on Gramercy.  You’ve got University students, people who have lived there for 40 years, families, singles and professionals – you really have every type of person.

What do you see happening in the Gramercy market these days?

Tracie Hamersley: There simply aren’t many Gramercy homes – studios, one or two bedrooms – on the market. There are even fewer large Gramercy homes. Prices have come down, but now there is less room to negotiate than there was a few months ago.

Ivana Tagliamonte: The Gramercy home market is still very stable.  There is still low inventory around Gramercy Park and the more coveted buildings have very few units available. That said, you can find values and great opportunities.  For example, there is potential to purchase in some premiere, new developments at the same price they were sold for several years ago. Because you would not be buying from the developer, you would not have to pay the 2-3% closing costs that the original buyer paid.

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

Kelly Cole, The Corcoran Group: Kelly has been representing buyers and sellers in Inwood and the Upper West Side since 2003, with over 300 deals to her credit. She is a member of Corcoran’s Multi-million Dollar Circle and has served on Corcoran’s Advisory Counsel. Because she also lives in Upper Manhattan, Kelly has a detailed, intimate perspective on specific apartments, buildings and blocks throughout the area.

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What are some of the unique aspects of Inwood?

I refer to Inwood as the last great frontier in Manhattan in terms of value and untapped possibilities.  It’s the Northern-most neighborhood in Manhattan. West of Broadway is strictly residential, but there’s a large area along Broadway and on the Southern border with shops and restaurants. On the Western border sits bucolic 196-acre Inwood Hill Park offering Manhattan’s only salt marsh along with great hiking trails, eagle watching, dog runs, ball fields and outdoor Shakespeare concerts.  It really is the heart of the area, and the anchor of this close-knit community.

What is important for a potential buyer to know about the Inwood home market?

Inwood has become a destination for people who want to live in Manhattan, but are either priced out of lower Manhattan, or want a calmer place to call home. In terms of prices, no other neighborhood offers the value that Inwood homes do. You can find real quality homes for $400 psf or less, if you are lucky.

Inwood homes are mostly low-rise co-op buildings from the Art Deco era. There aren’t many condos in Inwood. The streets are wider, there are a lot of single family homes peppered throughout some of the blocks – but they never seem to be for sale! You get tons of sky, fresher air, and it just feels different – as I say, Inwood is in Manhattan, but not of Manhattan.
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To understand what’s happening in the East Village and Lower East Side real estate markets, we interviewed an award-winning Certified TopAgent who specializes in these areas.

Anna Shagalov, Halstead Property: Anna has been representing buyers and sellers in the East Village and Lower East Side for almost a decade. She is a member of Halstead’s Platinum Circle, Gold Circle and Producer’s Council. Further, as a resident of the East Village, she intimately knows the local community.

What are some of the East Village and Lower East Side’s defining characteristics?

Both the East Village and Lower East Side offer terrific amenities. Just about every block in both the East Village and Lower East Side has a bodega, deli, laundromat and dry cleaner. Also, both areas are becoming destination spots for dining–the restaurants here are amazing.

The shopping is a little edgier, but the more well-known boutiques are starting to appear. In terms of transportation, the B,D,F, and V trains stop in both the East Village and the Lower East Side and, once you get to know them, they are great because they are some of the only subway lines that run diagonally through the city.

Both the East Village and Lower East Side neighborhoods have traditionally been considered rental neighborhoods. When rental buildings in the East Village and Lower East Side were converted to homes, most were converted into co-ops. Today, we’re seeing rental buildings in these neighborhoods being converted into condominiums but there are still more co-ops in the East Village. Buildings in the East Village tend to be small, walk-up tenements, so they cater nicely to first-time buyers and those looking for more affordable housing.

The Lower East Side is undergoing quite a bit of change. Today, the Lower East Side is a trendy neighborhood; it is edgier and has more flair than some of its surrounding neighborhoods. There has been a good amount of development in the Lower East Side recently, both for new condominiums and for high-end rentals. New developments in both areas tend to have more of a loft feel.

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To understand what’s happening in the Financial District & Battery Park City real estate market, we interviewed two award-winning Certified TopAgents teams who specialize in the the area.

Jon Phillips & Ginnie Gardiner, Halstead Property: A husband and wife team, Jon and Ginnie almost exclusively represent sellers and developers.  They helped conceive of the 50 Pine Street condominium conversion project and then sold out the building.  They have extensive experience with new condominium developments and are members of Halstead’s Gold Circle, Platinum Circle and Producer’s Council.

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 who typically are the primary purchasers in the Financial District.

What makes the Financial District 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.

Paul Gavriani: 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.

What are you seeing in the Financial District market these days?

Ginnie Gardiner: It is rough in the Financial District these days. There is a serious inventory issue, so supply far outweighs demand.

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We often hear a version of the following question, “Why does having a good Manhattan 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 Manhattan real estate agent.

1. The value of experience. There’s no substitute for experience. Even the 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 Manhattan 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 Manhattan 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 Manhattan 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 Manhattan 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. Manhattan 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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To understand what’s happening in Harlem’s real estate market, we interviewed several award-winning Certified TopAgents who specialize in the the area.

Tony Oakley, The Corcoran Group: For the past six years, Tony has worked on numerous new development projects in Harlem.  He is an expert at understanding the inventory and pricing trends in the Harlem condominium market and is a consistent member of Corcoran’s Multi-Million Dollar Club.

Julia Boland, Halstead Property: Since moving to Harlem a few years ago, Julia has become one of Harlem’s most active and knowledgeable agents. She leads a team of experienced agents and is regularly sought after by the media regarding Harlem’s latest real estate trends..

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Dianne Howard, The Corcoran Group: Dianne is a long-time Harlem resident.  Since she began her career in real estate, she has focused much of her business in Harlem due to her intimate knowledge of the neighborhood.

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What are some of Harlem’s special characteristics?

Julia Boland: The first thing that I noticed in Harlem was how wide the streets are because the boulevards in Harlem go both ways.  The sidewalks are larger, too.  Not only does that make it easier to get to the established infrastructure of bus lines and subways, but it also means there is more light in people’s apartments.  Also, the type of housing stock is different.  Unlike the rest of Manhattan, which is primarily co-ops, Harlem is primarily condos and townhouses.

Tony Oakley:  Harlem has an immense amount of diversity among its residents.  Also, there are primarily low buildings, so there’s a lot more sunlight in the apartments.  There are more townhouses than in other areas.

Dianne Howard:  Harlem is more affordable than many other neighborhoods in Manhattan.  You tend to get a lot of first time buyers in Harlem because you get more space for the money.  Harlem is also quieter than many of Manhattan’s other neighborhoods, which gives it a great, neighborhood feel.  You don’t see 50-story apartment buildings like you would elsewhere.  It’s townhouse living in Harlem – most buildings are under 12 stories.

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

Leonard Steinberg, Prudential Douglas Ellliman: Leonard is the leader of one of Prudential Douglas Elliman’s most successful teams and is a Douglas Elliman “Top 10″ broker. His team is expert in Downtown real estate and has extensive experience working with Chelsea real estate  and West Chelsea real estate.

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Jon Phillips and Ginnie Gardiner, Halstead Property: A husband and wife team, Jon and Ginnie got their start in the real estate business focusing on Chelsea lofts. Halstead Platinum Circle winners, they have owned a Chelsea home for many years and know the neighborhood extremely well, experiencing Chelsea’s transformation first-hand.

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Michael Murphy, Prudential Douglas Elliman: As an owner of a Chelsea home, Michael knows the neighborhood intimately and focuses much of his business there. A Prudential Douglas Elliman President’s Circle  award winner, he is also a former CPA, bringing a quantitative and analytical approach to his real estate practice.

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What are some of Chelsea real estate market’s unique characteristics?

Leonard Steinberg:  Chelsea real estate has a significant number of low-line buildings, affording great light, as well as probably the greatest collection of wonderful modern architecture in the city.  It’s a new environment, and it offers a very high quality of life, with a good level of balance between park land, culture, amenities, history, and modern architecture. Within Chelsea, there are nuances, as well.  South Chelsea is close to Greenwich Village, while North Chelsea is close to Midtown which is quite convenient for people whose office is there. West Chelsea’s benefit is the riverfront and protected views, which means you get sunsets.  That is a huge element in many of peoples’ lives.  East Chelsea real estate, which is closer to Fifth Avenue, is more centrally located and affords a different level of access to retail spaces.

Mike Murphy:  Chelsea is centrally located, so it will always be desirable neighborhood in which to live. While West Chelsea is currently considered a bit more of an “edgy” neighborhood, but Central Chelsea real estate will always remain healthy.  Also, Chelsea’s diversity is pretty unique.  There are all types of people living in Chelsea – it really is a melting pot.

Ginnie Gardiner: The art galleries in Chelsea are an international destination. The Highline Park is a fun, outdoor area that connects Chelsea real estate to the Meatpacking District and is really revitalizing the riverfront.

How has Chelsea changed in the last several years?

Leonard Steinberg:  Chelsea is a new area in the city for high-end real estate.  In the last ten years, a significant level of development has converted rather extraordinary existing buildings in Chelsea to residential homes, and what was once a commercial neighborhood has become a predominantly residential neighborhood. This makes for an extraordinary span of real estate.

Ginnie Gardiner:  Chelsea used to be thought of as the old brownstones in the West 20s, but with retail anchors such as Whole Foods, Chelsea has extended to 30^th Street.  There’s still a lot of sexiness to it, with the new Highline Park and the art market.  Even though art dealers took a hit, they’re still there.  There’s a lot of vitality and activity.

Jon Phillips:  The amount of growth Chelsea experienced gave it a boost, more than other neighborhoods.  Surprisingly, the saturation of new development in Chelsea real estate has had fairly fortuitous support.  We’ve seen quite a bit of new development being absorbed.

Mike Murphy:  While the market was booming over the last five to seven years, there was a lot of new construction of Chelsea homes, primarily for new condominiums.  The number of Chelsea homes dramatically increased and has shifted the inventory, mixing new developments with older Chelsea co-ops.

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Given the recent turmoil in the real estate markets, we sought the advice of two Certified TopAgents who specialize in affordable and entry-level Manhattan homes/apartments:

Gary Brynes, The Corcoran Group: A Manhattan real estate agent since 1975, Gary has helped hundreds of clients buy and sell entry-level homes.  With over 1,500 career transactions, Gary is one of the most experienced agents in the city. At Corcoran, he has been a Multi-million Dollar Circle Award winner every year since inception.

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Michael Steinberger, Charles Rutenberg Realty: Prior to becoming a real estate agent, Michael was a top mortgage banker.  His expertise obtaining financing is particularly important to first-time NYC buyers who are stretching their limited savings to maximize the home they can purchase.

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What are you seeing in the market for affordable Manhattan condos and coops these days?

Brynes: The under $500k market has been the most solid aspect of the market.  More transactions are being completed in the affordable sector than in any other and I think that the value might have held more for homes under $500k than in other price ranges.  People want to buy now because rates are low and they think it’s a good time to buy, but for some people, the discounts that they need to buy are so great that buying simply is not possible.

Steinberger: The market for entry-level Manhattan homes has certainly picked up.  Prices are still negotiable but good deals aren’t going to last because the market is extremely deep. Unlike in other price ranges, you don’t need to make millions of dollars a year to buy a $500k apartment, so there is a large buyer pool.  Since this is the entry-level price range in Manhattan, it’s where most buyers start their search.

For buyers, are there deals to be had at the lower-priced end of the market? What does someone need to do to find and lock up such deals?

Steinberger: Now is a good time to buy a Manhattan home for a few reasons.  First, rates are still very low – around 5%. A year or two ago you would have paid 6%, so rates are very attractive.  Second, there are some tax credits currently available, but they are about to expire, so buyers should take advantage now.  Essentially, if a buyer is purchasing their first home within the past three years he or she may be eligible for up to a $8,000 tax credit. The market is improving but there is still some fallout from the recession, so there are still opportunities for buyers to find a great deal for “inexpensive” Manhattan apartments under $500k.

Brynes: Prices are lower than they have been for quite a while so now is a good time to buy. That said, finding a “steal” in Manhattan is extremely difficult because of the breadth and depth of the market.  There are values to be had, however.  You have to be patient in your search but when you do find a good value, you have to move aggressively because other people are looking for these values as well.

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TopAgentGuide is the first independent guide to Manhattan’s top-rated real estate agents. We hope you enjoy our main site and our emerging blog. We expect to feature articles on various aspects of the NYC real estate market, from coops to condos, studios to townhouses, written primarily by the individuals who know its pulse the best…the top agents who live and breathe Manhattan real estate on a daily basis.