Buying a vacation or second home in Manhattan

 

Weekend or second homes, aka pied-a-terres in NYC, is a well-deserved luxury for clients living elsewhere but still call Manhattan home.

Buying a vacation or second home in Manhattan, New York has slightly different criteria compared to buying an investment property. The key difference vs an investment property is that there is more personal preference that go into the selection of a pied-a-terre.

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Buying landed property in Manhattan

 

Interested in landed property or a townhouse in Manhattan? These are the pros and cons of owning a house in Manhattan (as opposed to a condo).

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Future of Real Estate

 

Just published, "Future of Real Estate."

The future of real estate as result of Covid-19 can be summed up as (1) an acceleration of technology, (2) cities will always be needed because humans are social creatures. Real estate, this human endeavor from the beginning of civilization, is pushed aggressively into adopting technology. Will cities die because people don’t want to be living closely anymore? Absolutely not.

How to buy property in Manhattan, New York

 

How to buy property in Manhattan, New York in 5 easy steps.  It starts with engaging a buyer’s broker, then identifying the right buy, negotiating the deal and contract signing, preparing for closing, and finally closing.

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New York property trend

 

The Manhattan, New York property market trends from 1997 to current 2020 can be divided into five periods:

(i) Up market from 1997 to 2008,

(ii) Down market due to Great Financial Crisis 2009 to 2010,

(iii) Up market 2011 to 2017, the sweet years,

(iv) Down market 2017 to 2019,

(v) Down market due to COVID-19 pandemic 2020.

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Investing in Chelsea

 

Chelsea is among the Manhattan, New York neighborhoods with the most entertainment, art galleries, dining and nightlife. This beloved neighborhood is situated on the west side of Manhattan, between 14th and 23rd Streets from south to north, and between 6th and 12th Avenues from east to west.

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New York property agent Weimin Tan on when will Manhattan recover

 

The Manhattan, New York sale market has been steadily picking up since the low in April and May when we had the Covid lockdown.  As a broker, I have been experiencing bidding wars at the $3 million+, three bedroom price segment.   Apartments that are priced well are getting a lot of interest from buyers who are all ready to take advantage of the historically low mortgage rates.

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