If you are planning to buy a property in New York City, you must be prepared to do much research before you finally decide to buy. Most New Yorkers use an assortment of newspapers and websites as they conduct their search for an appropriate property.
The weekend edition of the New York Times always offers a large number of real estate listings as does the daily edition of the local New York Post. The Metro Newspaper, which is distributed free through roadside vending boxes, also publishes a popular real estate section every Thursday. These listings, published in the New York City local press, cover all kinds of properties, coops, condos, townhomes and mansions in all areas of the city. Moreover they often have information about ‘open house’ schedules. In fact the New York Times real estate section is generally considered to be a bible for anyone who is looking to buy real estate in New York City.
People in New York use a variety of websites for their research while looking for a property, some of the most popular websites which are used are:
Streeteasy.com (http://www.streeteasy.com) offers listings of properties for sale and rent in all of New York City. Streeteasy.com is very comprehensive as it is equipped with mortgage calculators and gives information about recent sales and rentals in New Yirk City. In addition, the website has informative forum postings which are generated by a community that uses streeteasy.com extensively.
Trullia.com (http://www.trulia.com/) is an extremely informative website which also offers real estate listings and has forums where you can ask brokers questions about various real estate issues.
New York Times.com (http://www.nytimes.com/pages/realestate/index.html?scp=1-spot&sq=real%20estate&st=cse) has extensive real estate listings and it offers much information about the real estate market in New York City and the Tri-State area.
NYMag.com also offers real estate listings and provides a lot of information about the various neighborhoods in New York City.
Real Estate Agents
Almost all the real estate companies which are based in New York City have agents who are have experience dealing with foreigners and expatriates who wish to obtain real estate in New York City. There are several reputed companies in New York City that specialize in dealing with foreigners and it is advisable to work with an agent rather than venture out on your own to find a home for your extended stay in New York City.
- Some of the most well known real estate firms in New York City are:
Brown Harris Stevens (http://www.brownharrisstevens.com/nyc.aspx)
Prudetial Douglas Elliman Real Estate (http://www.prudentialelliman.com/)
Halstead Property (http://www.halstead.com/)
- Following are some agents that are highly recommended:
Vice President, Brown Harris Stevens
Licensed Associate Real Estate Broker
2 Fifth Avenue
New York, NY 10011
Tel: (212) 906-0578
Fax: (212) 319-3998
Diane Marie Rocca
Stribling and Associates
924 Madison Avenue
New York, NY 10021
Tel:(212) 585-4568 direct
Fax:(917) 817-2829 cell
Prudential Douglas Elliman Real Estate
26 West 17th Street
New York, NY 10011
Office: (212) 321-7122
Mobile: (646) 644-6929
Real Estate Commission in New York City
Real estate commissions are generally paid by the seller of a property in New York City. The general rate is six-percent (6%) which is the usual and customary fee. The seller’s broker ends up splitting the commission if another broker brings a buyer for the property but if the broker who lists the property also brings in the buyer then he or she keeps the entire commission.
Real Estate Agents Handling Sales
Real estate agents in New York City usually help you through the entire process of purchasing a property which can be quite a complex affair. The agents in New York City are well informed about the constantly changing laws and regulations and they provide objectivity and insight in a process which can be quite emotional.
Most agents also help prepare the package for the for the board interview in case a buyer is purchasing a co-op and they similarly help the buyer prepare a package for the managing committee of a condominium in case he or she is buying a condominium.
If you are buying a property in Manhattan you are often asked by the real estate agent to meet at a particular property or in a particular neighborhood where you are due to see a number of properties. In the outer boroughs you are more likely to tour prospective properties in the real estate agent’s car.
Real Estate Agents Handling Rentals
In case you are renting an apartment in New York City you may want to work with a real estate agent who specializes in renting apartments (though most agents in New York City handle both sales and rentals) in the neighborhood that you want to live. Real estate agents who work with rental properties typically charge a one-time commission fee which varies from 0 to 15 percent of the annual rent charged by the landlord of the apartment, though this fee has been as high as 12 to 17% in a booming market. For any lease that is shorter than 6 months, the fee is equal to one month’s rent. Nowadays due to the current ongoing recession, several rental agents are foregoing or charging reduced fees in order to secure a rental.
Before you can rent an apartment in New York City you have to make an application to the landlord. Your real estate agent is expected to help you to put together this application. After this application is approved by the landlord you generally enter into a lease agreement with the landlord of the property, at this time as well your real estate agent will be on hand to explain and clarify any terms and conditions of the lease that you may have hard to understand. In order to get the best results it is better to work with a single broker at any given time rather than try and negotiate a deal with several different brokers at the same time.