Buying in Manhattan (or anywhere else) not as elusive as it used to be…
Posted by Annalisa Burgos | March 14, 2009
I never would have dreamed of buying real estate in Manhattan. But somehow in today’s market, I can actually afford it. And I’m not talking about million-dollar properties. I’m talking 1-bedrooms going for as little as 350K. What!?! Granted these are tiny co-ops/condos relative to the rest of the country, but still! When I first moved here in 2003, buying in “the city” was totally unheard of. I was resigned to life as a renter.
The tricky thing though is not finding a place, but finding a lender who’ll give me the loan terms I want. I know the process, but in today’s market, things are constantly changing. One minute, the Bank of America rep is saying I need to put 10 percent down, the next minute, I have to put 15 percent down. Mortgage officers are still trying to figure things out.
The great thing is you can educate yourself as much as you can. FrontDoor’s Home Finance and Home Value Guide features tips and advice on everything from getting a loan to refinancing to buying investment properties. See the 5 strongest housing markets in the country and find out which remodeling projects actually add value to your home.
Buying in Manhattan is different from other markets mainly because buyers at my level are typically limited to cooperative housing. Unlike condos, in a co-op, you’re buying a share of the building, which is legally owned by a corporation. Most co-ops require approval from a board before you can buy in the building. You also are required to pay monthly maintenance fees that cover the building’s mortgage payment, property taxes, a property manager and any amenities. Learn more about the process in FrontDoor’s Co-Op Buying Guide.
So this weekend, I’m hitting the pavement and looking for a Manhattan apartment. Who knew?!
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Property
March 14th, 2009 at 3:57 pm
Some of New York’s most interesting attractions and museums are located outside of Manhattan, in the outer boroughs of the city. Property
Leanne Potts
March 15th, 2009 at 5:05 pm
What would that $350K place have cost back in 2003? How much of a decline are we talking?