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Frequently Asked Questions

  • What are small improvements to prepare for sale?
    When listing your home for sale, it’s important to make design choices that are as widely appealing as possible, to ensure that prospective buyers feel comfortable and at home in the space. While a major renovation for the sake of appealing to more buyers is usually not a sensible investments, small tweaks can mean the difference between multiple offers and hoping for the buyer who can see past your personal choices. 1. Use Cool Paint Colors: Cool tones (blues, greys, greens) create a space that feels calm and quiet. Lighter shades in these family are also the best at reflecting (thus maximizing) light. 2. Furniture to Scale: Make sure your furniture is scaled to your home. This doesn't necessarily mean physically small items work better, it's all about the amount of visual space items take up relative to the amount of space. 3. Pinterest Worthy Vignettes: Use specific furniture and accent items to highlight the best features of each room – if you have a large corner window, or a particularly beautiful kitchen island, create a vignette that will to draw people’s attention to it. 4. Decluttering: Make sure there is “white space” in every room – clear surfaces, open space on shelves, etc. A room rarely looks good with every square inch filled. 5. Impactful Minimal Décor: Rather than filling every inch of wall space with random art, thing about wall decor as vignettes. Whether it is an oversized painting or a cohesive gallery wall, your art work should create an impact.
  • What is staging?
    Empty apartments, no matter how visually appealing, force potential buyers to use their imagination to come to a reasoned conclusion, rather than just react with emotion at the onset. While most of us think we are logical beings, the truth is emotion plays a huge role in many of the decisions we make, especially with something as personal as buying a home. Logic can re-affirm these emotional reactions, and presenting a beautiful “home” rather than an empty space can be a powerful marketing tool in selling a home. For empty apartments, this can mean full-scale (placement of actual furniture and decor) or virtual (digitally added) staging. Full-scale staging can be expensive and is usually reserved for larger, more expensive properties where the return on investment makes sense. For smaller apartments, even a minimal investment in staging can help prospective buyers get a better sense of scale since people tend to underestimate the size of an empty apartment. A more cost-effective option, and one we employ for many apartments and rentals, is virtual staging. Virtual staging cuts out the cost and hassle of full-scale staging by using advanced software to place items into the space digitally. While it is not quite the same as being in a space that is actually decorated to the nines, the first impression of the property — viewing the listing online — gives the buyer a glimpse into its potential, provides a sense of scale, and captures the imagination.
  • How are homes priced?
    While location and square footage are obvious factors, similarly-sized apartments in the same area can sell for vastly different prices, and it often comes down to a handful of both physical and intangible factors. Take a look at the top five physical attributes that affect the value of a property: Part 1: The Physical Space 1.) Layout Almost as important as overall square footage is how that square footage is distributed within an apartment. 2.) Windows, Walls, & Floors No, we’re not talking about the actual windows and floors, but rather views, exposures, light, and ceiling height which affect the overall feel and, therefore, desirability of an apartment. While there is no precise formula, again, it comes down to nuance. 3.) Condition Renovation value is based more on overall condition than specific finishes or features — i.e. what matters most is whether a home is in mint, good, fair or poor (think estate) condition. That said, very specific finishes or style of renovation, even if costly or recently done, will not add the same value as one that appeals to a broad audience. 4.) Outdoor Space Not all outdoor space is created equal. A balcony is worth less than a terrace, deck, or yard. 5.) Building Age & Period Details Everyone knows that pre-war charm sells — high ceilings, original woodwork, crown mouldings, wood burning fireplaces are all at the top of many buyers lists — and, there are only so many pre-war buildings. However, not all buyers are in love with pre-war details. Some prefer floor-to-ceiling windows, brand new finishes, high-end amenities, and hi-tech offerings that are typically only available in new buildings. Part 2: Beyond The Physical 1.) Monthlies There is a broad range for what is considered normal or “acceptable” for the monthly carrying cost on an apartment (common charges, taxes, and/or maintenance). A monthly that is above or below the “acceptable” range can have a massive effect on sale price. 2.) Required Down Payment Amount A typical down payment for NYC co-ops is 20-25% of the purchase price, but it is not unheard of for some buildings to require a 40-60% down payment. A high minimum down payment will reduce the pool of potential purchasers and might negatively affect sale value, especially in areas where a higher minimum is less common. 3.) Service Level Amenities don't just mean high-end features like a roof deck, pool, or fancy new gym -- equally important are things like doorman service, a live-in super, elevators, a laundry room, storage bins, bike storage, etc. There are certain kinds of amenities, especially elevators and laundry, that matter a great deal to most buyers, and therefore will affect price. 4.) Building Policies Of course, every building is going to have its own policies or rules. But if a building’s policies are especially restrictive or severe, potential buyers may be deterred. 5.) Building's Financial Health Buildings with a history of hefty assessments, or sudden large increases in monthly charges, will usually be a red flag to prospective buyers, as they can indicate disorganization or poor budgeting on the part of the management company or Board. Whether you live in your home for 5 or 35 years, these considerations should factor into your bottom line both in terms of your monthly outlay and what to expect when it comes time for resale. Home values depend on much more than what meets the eye, so it’s important to have a complete picture before committing to such a significant investment.
  • What are the estimated closing costs for a co-op?
    Seller Co-op Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Bank Payoff Bank Fess: $500-$1,000 Building Co-ops Attorney/Managing Agent Closing Fee: $400-$1,000 Move-Out Fee: $500-$1,000 (non-refundable) Move-Out Deposit: Varies by coops, typically $500-$1,000 (refundable) Admin Fee: $250-$1,000 Flip Tax: Varies (typically 1-3% of price or $ per share) Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration Transfer Tax Filing Fee: $100 UCC-3 Filing Fee: $125
  • What are the estimated closing costs for a condo?
    Seller Condo Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Pick up/Payoff Fee to Title Closer: $250-$500 Bank Payoff Bank Fess: $300-$1,000 Building Managing Agent Closing Fee: $500+ Move-Out Fee: $500-$1,000 (non-refundable) Move-Out Deposit: $500-$1,000 (refundable) Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration NYS Equalization Fee: $75
  • What are the estimated closing costs for a townhouse?
    Seller Townhouse Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Bank Payoff Bank Fess: $500-$1,000 Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration Transfer Tax Filing Fee: $100 UCC-3 Filing Fee: $125
  • What are small improvements to prepare for sale?
    When listing your home for sale, it’s important to make design choices that are as widely appealing as possible, to ensure that prospective buyers feel comfortable and at home in the space. While a major renovation for the sake of appealing to more buyers is usually not a sensible investments, small tweaks can mean the difference between multiple offers and hoping for the buyer who can see past your personal choices. 1. Use Cool Paint Colors: Cool tones (blues, greys, greens) create a space that feels calm and quiet. Lighter shades in these family are also the best at reflecting (thus maximizing) light. 2. Furniture to Scale: Make sure your furniture is scaled to your home. This doesn't necessarily mean physically small items work better, it's all about the amount of visual space items take up relative to the amount of space. 3. Pinterest Worthy Vignettes: Use specific furniture and accent items to highlight the best features of each room – if you have a large corner window, or a particularly beautiful kitchen island, create a vignette that will to draw people’s attention to it. 4. Decluttering: Make sure there is “white space” in every room – clear surfaces, open space on shelves, etc. A room rarely looks good with every square inch filled. 5. Impactful Minimal Décor: Rather than filling every inch of wall space with random art, thing about wall decor as vignettes. Whether it is an oversized painting or a cohesive gallery wall, your art work should create an impact.
  • What is staging?
    Empty apartments, no matter how visually appealing, force potential buyers to use their imagination to come to a reasoned conclusion, rather than just react with emotion at the onset. While most of us think we are logical beings, the truth is emotion plays a huge role in many of the decisions we make, especially with something as personal as buying a home. Logic can re-affirm these emotional reactions, and presenting a beautiful “home” rather than an empty space can be a powerful marketing tool in selling a home. For empty apartments, this can mean full-scale (placement of actual furniture and decor) or virtual (digitally added) staging. Full-scale staging can be expensive and is usually reserved for larger, more expensive properties where the return on investment makes sense. For smaller apartments, even a minimal investment in staging can help prospective buyers get a better sense of scale since people tend to underestimate the size of an empty apartment. A more cost-effective option, and one we employ for many apartments and rentals, is virtual staging. Virtual staging cuts out the cost and hassle of full-scale staging by using advanced software to place items into the space digitally. While it is not quite the same as being in a space that is actually decorated to the nines, the first impression of the property — viewing the listing online — gives the buyer a glimpse into its potential, provides a sense of scale, and captures the imagination.
  • How are homes priced?
    While location and square footage are obvious factors, similarly-sized apartments in the same area can sell for vastly different prices, and it often comes down to a handful of both physical and intangible factors. Take a look at the top five physical attributes that affect the value of a property: Part 1: The Physical Space 1.) Layout Almost as important as overall square footage is how that square footage is distributed within an apartment. 2.) Windows, Walls, & Floors No, we’re not talking about the actual windows and floors, but rather views, exposures, light, and ceiling height which affect the overall feel and, therefore, desirability of an apartment. While there is no precise formula, again, it comes down to nuance. 3.) Condition Renovation value is based more on overall condition than specific finishes or features — i.e. what matters most is whether a home is in mint, good, fair or poor (think estate) condition. That said, very specific finishes or style of renovation, even if costly or recently done, will not add the same value as one that appeals to a broad audience. 4.) Outdoor Space Not all outdoor space is created equal. A balcony is worth less than a terrace, deck, or yard. 5.) Building Age & Period Details Everyone knows that pre-war charm sells — high ceilings, original woodwork, crown mouldings, wood burning fireplaces are all at the top of many buyers lists — and, there are only so many pre-war buildings. However, not all buyers are in love with pre-war details. Some prefer floor-to-ceiling windows, brand new finishes, high-end amenities, and hi-tech offerings that are typically only available in new buildings. Part 2: Beyond The Physical 1.) Monthlies There is a broad range for what is considered normal or “acceptable” for the monthly carrying cost on an apartment (common charges, taxes, and/or maintenance). A monthly that is above or below the “acceptable” range can have a massive effect on sale price. 2.) Required Down Payment Amount A typical down payment for NYC co-ops is 20-25% of the purchase price, but it is not unheard of for some buildings to require a 40-60% down payment. A high minimum down payment will reduce the pool of potential purchasers and might negatively affect sale value, especially in areas where a higher minimum is less common. 3.) Service Level Amenities don't just mean high-end features like a roof deck, pool, or fancy new gym -- equally important are things like doorman service, a live-in super, elevators, a laundry room, storage bins, bike storage, etc. There are certain kinds of amenities, especially elevators and laundry, that matter a great deal to most buyers, and therefore will affect price. 4.) Building Policies Of course, every building is going to have its own policies or rules. But if a building’s policies are especially restrictive or severe, potential buyers may be deterred. 5.) Building's Financial Health Buildings with a history of hefty assessments, or sudden large increases in monthly charges, will usually be a red flag to prospective buyers, as they can indicate disorganization or poor budgeting on the part of the management company or Board. Whether you live in your home for 5 or 35 years, these considerations should factor into your bottom line both in terms of your monthly outlay and what to expect when it comes time for resale. Home values depend on much more than what meets the eye, so it’s important to have a complete picture before committing to such a significant investment.
  • What are the estimated closing costs for a co-op?
    Seller Co-op Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Bank Payoff Bank Fess: $500-$1,000 Building Co-ops Attorney/Managing Agent Closing Fee: $400-$1,000 Move-Out Fee: $500-$1,000 (non-refundable) Move-Out Deposit: Varies by coops, typically $500-$1,000 (refundable) Admin Fee: $250-$1,000 Flip Tax: Varies (typically 1-3% of price or $ per share) Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration Transfer Tax Filing Fee: $100 UCC-3 Filing Fee: $125
  • What are the estimated closing costs for a condo?
    Seller Condo Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Pick up/Payoff Fee to Title Closer: $250-$500 Bank Payoff Bank Fess: $300-$1,000 Building Managing Agent Closing Fee: $500+ Move-Out Fee: $500-$1,000 (non-refundable) Move-Out Deposit: $500-$1,000 (refundable) Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration NYS Equalization Fee: $75
  • What are the estimated closing costs for a townhouse?
    Seller Townhouse Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Bank Payoff Bank Fess: $500-$1,000 Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration Transfer Tax Filing Fee: $100 UCC-3 Filing Fee: $125

Renters

Renovating

Living

  • What are small improvements to prepare for sale?
    When listing your home for sale, it’s important to make design choices that are as widely appealing as possible, to ensure that prospective buyers feel comfortable and at home in the space. While a major renovation for the sake of appealing to more buyers is usually not a sensible investments, small tweaks can mean the difference between multiple offers and hoping for the buyer who can see past your personal choices. 1. Use Cool Paint Colors: Cool tones (blues, greys, greens) create a space that feels calm and quiet. Lighter shades in these family are also the best at reflecting (thus maximizing) light. 2. Furniture to Scale: Make sure your furniture is scaled to your home. This doesn't necessarily mean physically small items work better, it's all about the amount of visual space items take up relative to the amount of space. 3. Pinterest Worthy Vignettes: Use specific furniture and accent items to highlight the best features of each room – if you have a large corner window, or a particularly beautiful kitchen island, create a vignette that will to draw people’s attention to it. 4. Decluttering: Make sure there is “white space” in every room – clear surfaces, open space on shelves, etc. A room rarely looks good with every square inch filled. 5. Impactful Minimal Décor: Rather than filling every inch of wall space with random art, thing about wall decor as vignettes. Whether it is an oversized painting or a cohesive gallery wall, your art work should create an impact.
  • What is staging?
    Empty apartments, no matter how visually appealing, force potential buyers to use their imagination to come to a reasoned conclusion, rather than just react with emotion at the onset. While most of us think we are logical beings, the truth is emotion plays a huge role in many of the decisions we make, especially with something as personal as buying a home. Logic can re-affirm these emotional reactions, and presenting a beautiful “home” rather than an empty space can be a powerful marketing tool in selling a home. For empty apartments, this can mean full-scale (placement of actual furniture and decor) or virtual (digitally added) staging. Full-scale staging can be expensive and is usually reserved for larger, more expensive properties where the return on investment makes sense. For smaller apartments, even a minimal investment in staging can help prospective buyers get a better sense of scale since people tend to underestimate the size of an empty apartment. A more cost-effective option, and one we employ for many apartments and rentals, is virtual staging. Virtual staging cuts out the cost and hassle of full-scale staging by using advanced software to place items into the space digitally. While it is not quite the same as being in a space that is actually decorated to the nines, the first impression of the property — viewing the listing online — gives the buyer a glimpse into its potential, provides a sense of scale, and captures the imagination.
  • How are homes priced?
    While location and square footage are obvious factors, similarly-sized apartments in the same area can sell for vastly different prices, and it often comes down to a handful of both physical and intangible factors. Take a look at the top five physical attributes that affect the value of a property: Part 1: The Physical Space 1.) Layout Almost as important as overall square footage is how that square footage is distributed within an apartment. 2.) Windows, Walls, & Floors No, we’re not talking about the actual windows and floors, but rather views, exposures, light, and ceiling height which affect the overall feel and, therefore, desirability of an apartment. While there is no precise formula, again, it comes down to nuance. 3.) Condition Renovation value is based more on overall condition than specific finishes or features — i.e. what matters most is whether a home is in mint, good, fair or poor (think estate) condition. That said, very specific finishes or style of renovation, even if costly or recently done, will not add the same value as one that appeals to a broad audience. 4.) Outdoor Space Not all outdoor space is created equal. A balcony is worth less than a terrace, deck, or yard. 5.) Building Age & Period Details Everyone knows that pre-war charm sells — high ceilings, original woodwork, crown mouldings, wood burning fireplaces are all at the top of many buyers lists — and, there are only so many pre-war buildings. However, not all buyers are in love with pre-war details. Some prefer floor-to-ceiling windows, brand new finishes, high-end amenities, and hi-tech offerings that are typically only available in new buildings. Part 2: Beyond The Physical 1.) Monthlies There is a broad range for what is considered normal or “acceptable” for the monthly carrying cost on an apartment (common charges, taxes, and/or maintenance). A monthly that is above or below the “acceptable” range can have a massive effect on sale price. 2.) Required Down Payment Amount A typical down payment for NYC co-ops is 20-25% of the purchase price, but it is not unheard of for some buildings to require a 40-60% down payment. A high minimum down payment will reduce the pool of potential purchasers and might negatively affect sale value, especially in areas where a higher minimum is less common. 3.) Service Level Amenities don't just mean high-end features like a roof deck, pool, or fancy new gym -- equally important are things like doorman service, a live-in super, elevators, a laundry room, storage bins, bike storage, etc. There are certain kinds of amenities, especially elevators and laundry, that matter a great deal to most buyers, and therefore will affect price. 4.) Building Policies Of course, every building is going to have its own policies or rules. But if a building’s policies are especially restrictive or severe, potential buyers may be deterred. 5.) Building's Financial Health Buildings with a history of hefty assessments, or sudden large increases in monthly charges, will usually be a red flag to prospective buyers, as they can indicate disorganization or poor budgeting on the part of the management company or Board. Whether you live in your home for 5 or 35 years, these considerations should factor into your bottom line both in terms of your monthly outlay and what to expect when it comes time for resale. Home values depend on much more than what meets the eye, so it’s important to have a complete picture before committing to such a significant investment.
  • What are the estimated closing costs for a co-op?
    Seller Co-op Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Bank Payoff Bank Fess: $500-$1,000 Building Co-ops Attorney/Managing Agent Closing Fee: $400-$1,000 Move-Out Fee: $500-$1,000 (non-refundable) Move-Out Deposit: Varies by coops, typically $500-$1,000 (refundable) Admin Fee: $250-$1,000 Flip Tax: Varies (typically 1-3% of price or $ per share) Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration Transfer Tax Filing Fee: $100 UCC-3 Filing Fee: $125
  • What are the estimated closing costs for a condo?
    Seller Condo Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Pick up/Payoff Fee to Title Closer: $250-$500 Bank Payoff Bank Fess: $300-$1,000 Building Managing Agent Closing Fee: $500+ Move-Out Fee: $500-$1,000 (non-refundable) Move-Out Deposit: $500-$1,000 (refundable) Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration NYS Equalization Fee: $75
  • What are the estimated closing costs for a townhouse?
    Seller Townhouse Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Bank Payoff Bank Fess: $500-$1,000 Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration Transfer Tax Filing Fee: $100 UCC-3 Filing Fee: $125
  • What are small improvements to prepare for sale?
    When listing your home for sale, it’s important to make design choices that are as widely appealing as possible, to ensure that prospective buyers feel comfortable and at home in the space. While a major renovation for the sake of appealing to more buyers is usually not a sensible investments, small tweaks can mean the difference between multiple offers and hoping for the buyer who can see past your personal choices. 1. Use Cool Paint Colors: Cool tones (blues, greys, greens) create a space that feels calm and quiet. Lighter shades in these family are also the best at reflecting (thus maximizing) light. 2. Furniture to Scale: Make sure your furniture is scaled to your home. This doesn't necessarily mean physically small items work better, it's all about the amount of visual space items take up relative to the amount of space. 3. Pinterest Worthy Vignettes: Use specific furniture and accent items to highlight the best features of each room – if you have a large corner window, or a particularly beautiful kitchen island, create a vignette that will to draw people’s attention to it. 4. Decluttering: Make sure there is “white space” in every room – clear surfaces, open space on shelves, etc. A room rarely looks good with every square inch filled. 5. Impactful Minimal Décor: Rather than filling every inch of wall space with random art, thing about wall decor as vignettes. Whether it is an oversized painting or a cohesive gallery wall, your art work should create an impact.
  • What is staging?
    Empty apartments, no matter how visually appealing, force potential buyers to use their imagination to come to a reasoned conclusion, rather than just react with emotion at the onset. While most of us think we are logical beings, the truth is emotion plays a huge role in many of the decisions we make, especially with something as personal as buying a home. Logic can re-affirm these emotional reactions, and presenting a beautiful “home” rather than an empty space can be a powerful marketing tool in selling a home. For empty apartments, this can mean full-scale (placement of actual furniture and decor) or virtual (digitally added) staging. Full-scale staging can be expensive and is usually reserved for larger, more expensive properties where the return on investment makes sense. For smaller apartments, even a minimal investment in staging can help prospective buyers get a better sense of scale since people tend to underestimate the size of an empty apartment. A more cost-effective option, and one we employ for many apartments and rentals, is virtual staging. Virtual staging cuts out the cost and hassle of full-scale staging by using advanced software to place items into the space digitally. While it is not quite the same as being in a space that is actually decorated to the nines, the first impression of the property — viewing the listing online — gives the buyer a glimpse into its potential, provides a sense of scale, and captures the imagination.
  • How are homes priced?
    While location and square footage are obvious factors, similarly-sized apartments in the same area can sell for vastly different prices, and it often comes down to a handful of both physical and intangible factors. Take a look at the top five physical attributes that affect the value of a property: Part 1: The Physical Space 1.) Layout Almost as important as overall square footage is how that square footage is distributed within an apartment. 2.) Windows, Walls, & Floors No, we’re not talking about the actual windows and floors, but rather views, exposures, light, and ceiling height which affect the overall feel and, therefore, desirability of an apartment. While there is no precise formula, again, it comes down to nuance. 3.) Condition Renovation value is based more on overall condition than specific finishes or features — i.e. what matters most is whether a home is in mint, good, fair or poor (think estate) condition. That said, very specific finishes or style of renovation, even if costly or recently done, will not add the same value as one that appeals to a broad audience. 4.) Outdoor Space Not all outdoor space is created equal. A balcony is worth less than a terrace, deck, or yard. 5.) Building Age & Period Details Everyone knows that pre-war charm sells — high ceilings, original woodwork, crown mouldings, wood burning fireplaces are all at the top of many buyers lists — and, there are only so many pre-war buildings. However, not all buyers are in love with pre-war details. Some prefer floor-to-ceiling windows, brand new finishes, high-end amenities, and hi-tech offerings that are typically only available in new buildings. Part 2: Beyond The Physical 1.) Monthlies There is a broad range for what is considered normal or “acceptable” for the monthly carrying cost on an apartment (common charges, taxes, and/or maintenance). A monthly that is above or below the “acceptable” range can have a massive effect on sale price. 2.) Required Down Payment Amount A typical down payment for NYC co-ops is 20-25% of the purchase price, but it is not unheard of for some buildings to require a 40-60% down payment. A high minimum down payment will reduce the pool of potential purchasers and might negatively affect sale value, especially in areas where a higher minimum is less common. 3.) Service Level Amenities don't just mean high-end features like a roof deck, pool, or fancy new gym -- equally important are things like doorman service, a live-in super, elevators, a laundry room, storage bins, bike storage, etc. There are certain kinds of amenities, especially elevators and laundry, that matter a great deal to most buyers, and therefore will affect price. 4.) Building Policies Of course, every building is going to have its own policies or rules. But if a building’s policies are especially restrictive or severe, potential buyers may be deterred. 5.) Building's Financial Health Buildings with a history of hefty assessments, or sudden large increases in monthly charges, will usually be a red flag to prospective buyers, as they can indicate disorganization or poor budgeting on the part of the management company or Board. Whether you live in your home for 5 or 35 years, these considerations should factor into your bottom line both in terms of your monthly outlay and what to expect when it comes time for resale. Home values depend on much more than what meets the eye, so it’s important to have a complete picture before committing to such a significant investment.
  • What are the estimated closing costs for a co-op?
    Seller Co-op Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Bank Payoff Bank Fess: $500-$1,000 Building Co-ops Attorney/Managing Agent Closing Fee: $400-$1,000 Move-Out Fee: $500-$1,000 (non-refundable) Move-Out Deposit: Varies by coops, typically $500-$1,000 (refundable) Admin Fee: $250-$1,000 Flip Tax: Varies (typically 1-3% of price or $ per share) Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration Transfer Tax Filing Fee: $100 UCC-3 Filing Fee: $125
  • What are the estimated closing costs for a condo?
    Seller Condo Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Pick up/Payoff Fee to Title Closer: $250-$500 Bank Payoff Bank Fess: $300-$1,000 Building Managing Agent Closing Fee: $500+ Move-Out Fee: $500-$1,000 (non-refundable) Move-Out Deposit: $500-$1,000 (refundable) Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration NYS Equalization Fee: $75
  • What are the estimated closing costs for a townhouse?
    Seller Townhouse Closing Costs Attorney: Consult your attorney (~$2,500+) Broker: 6% Bank Payoff Bank Fess: $500-$1,000 Government NYC Transfer Tax <$500k: 1% plus filing fee of $100 NYC Transfer Tax >$500k: 1.425% plus filing fee of $100 NYS Transfer Tax <$3M: 0.40% of consideration NYS Transfer Tax > $3M: 0.65% of consideration Transfer Tax Filing Fee: $100 UCC-3 Filing Fee: $125
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