Manhattan vs. Singapore Real Estate: A Tale of Two Global Cities

Manhattan vs. Singapore Real Estate: Exploring the key similarities and differences between these two global property powerhouses.

Read the full article here: Manhattan vs. Singapore Real Estate: A Tale of Two Global Cities

The Closing Process for Buying a Property in New York

Purchasing a property in New York is an exciting yet complex endeavor. While the prospect of owning a piece of this vibrant city is exhilarating, the closing process can often seem daunting. This guide delves into the intricacies of the closing process, to navigate this crucial stage with confidence and ease.

Read the full article here: The Closing Process for Buying a Property in New York

What to Expect After Buying a Property in New York

Key steps after buying a property in New York, including finalizing the ownership, securing home insurance, and navigating necessary repairs.

Read the full article here: What to Expect After Buying a Property in New York

Manhattan property financing: A guide for buyers

Tips on increasing your chances of getting approved for financing when buying a Manhattan, New York property.

Read the full article here: Manhattan property financing: A guide for buyers

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.

Read the full article here: How to buy property in Manhattan, New York

Purchased and rented out!

Just closed and rented out! Now my investor client has cashflow coming in.

Visit our website to learn more about what we do: https://www.castle-avenue.com/

Manhattan property market trends

Manhattan is one of the most desirable property markets in the world, and for good reason. Manhattan is the financial capital of the world, the East Coast’s Silicon Valley and home to world-class culture and entertainment. But what’s the state of the Manhattan property market now, as we are in the last quarter of 2023?

Read the full article here: Manhattan property market trends

Building Wealth with Bricks - Manhattan Real Estate | The Growth Booth

The Growth Booth with Aidan Booth - talked about the lucrative property market in Manhattan, and how much one can expect to grow in investments when diving into this market armed with the essential know-hows.

More of my media appearances here: https://www.castle-avenue.com/media.html

Manhattan property investment tips

Manhattan is one of the most desirable places to live in the world, and its property market is one of the most competitive. This can make it a daunting task for investors, but there are a few investment tips that can help you make informed decisions and increase your chances of success.

Read the full article here: Manhattan property investment tips

Benefits and Downside Risks of Buying Manhattan Property

Manhattan property is a good investment for portfolio diversification and stability. Limited supply and value stability are the main factors driving the investment.

Here are the benefits and risks to consider: Benefits and Downside Risks of Buying Manhattan Property

Mortgage rates highest in 23 years

Mortgage rates highest in 23 years.

Home sales down to lowest level since 2008 because of high borrowing costs, record high prices, limited inventory.

Visit our website to learn more: https://www.castle-avenue.com/

210 Warren Street, #12G, New York, NY 10282

Be the first to live in this brand new Condop. Split 2BR/2BA facing East and South in the Robert A.M. Stern-designed Tribeca Green, Battery Park’s latest development.

Apartment features hardwood Floors, windowsills highlighted with Turkish Cristallo stone slabs, smart thermostats, dining area, washer/dryer. The kitchen comes with Marble countertops, Oak cabinetry and Miele appliances. Non-toxic/low VOC finishes used throughout.

View the listing here: 210 Warren Street, #12G, New York, NY 10282

Property investment in New York

Currently, all-cash buyers have the most negotiation power. For investors who can buy all cash, rental yields are at a high because rental prices have been breaking records every month.

Read the full article here: Property investment in New York

Manhattan, New York Property Historical Price Trends

The historical median price of a Manhattan condo/coop increased from $239,000 in 1997 to $1.15 million in Q3’2023. While the graph shows the blended average of condo/coop, the median price of a Manhattan condo in Q3’2023 was $1.61 million.

Read the full article here: Manhattan, New York Property Historical Price Trends

Manhattan property market trends

Manhattan is one of the most desirable property markets in the world, and for good reason. Manhattan is the financial capital of the world, the East Coast’s Silicon Valley, and home to world-class culture and entertainment. But what’s the state of the Manhattan property market now as we approach the last quarter of 2023?

Read the full article here: Manhattan property market trends

How to buy property in Manhattan: A step-by-step guide

Buy property in Manhattan with this step-by-step guide, from getting pre-approved for a mortgage to closing on the property.

Read the full article here: How to buy property in Manhattan: A step-by-step guide

We’ve been experiencing low supply in Manhattan

Visit our website to learn more: castle-avenue.com

Legal and tax tips when buying New York property

Legal and tax considerations are pivotal for our global investor clients when contemplating investments in New York real estate. In this article, we spoke with Timothy Wong, a seasoned lawyer and CPA, and delved into the paramount concerns of investor clients.

Read the full interview here: Legal and tax tips when buying New York property

New Property Projects in Manhattan

Global investors eyeing Manhattan's new property projects face information overload, making investment decisions daunting. Understanding the process is crucial, as real estate is illiquid – easy to buy, hard to sell.

Access the inventory of all new property projects in Manhattan here: New Property Projects in Manhattan

Expenses when buying real estate in Manhattan

Wei Min Tan with Aidan Booth on The Growth Booth on the expenses when buying real estate in Manhattan

Visit our website: https://www.castle-avenue.com/

210 Warren Street, #7G, New York, NY 10282

Brand new split 2BR/2BA facing East and South in the Robert A.M. Stern-designed Tribeca Green.

Apartment features Hardwood Floors, windowsills highlighted with Turkish Cristallo stone slabs, Smart Thermostats, Dining Area, Washer/Dryer. The kitchen comes with Marble countertops, Oak cabinetry and Miele appliances. Non-toxic/low VOC finishes used throughout.

Property Address: 210 Warren Street #7G, New York, NY 10282
Rent: $9,200

View the listing here: 210 Warren Street, #7G, New York, NY 10282

Buying townhouse/landed property in Manhattan, New York

Landed property in Manhattan, New York refers to buying a townhouse. A townhouse is where the owner owns the whole building, which is usually 3 to 5 storeys. Townhouses in Manhattan share walls with the neighboring townhouses.

Read the advantages and disadvantages of owning a townhouse in Manhattan here: Buying townhouse/landed property in Manhattan, New York

Transaction Costs: Manhattan Condominium

For buyers, these costs generally equate to about 6 percent of the loan amount for financed purchases and roughly 2 percent of the price for cash transactions. Conversely, sellers encounter transaction costs of approximately 8 percent of the property's price, and the local equivalent to stamp duty is composed of government taxes like mansion tax and transfer taxes.

Read the full article here: Transaction Costs: Manhattan Condominium

How to Buy New Launch Property in Manhattan

Investors can secure a unit by visiting a sales office and putting down 15 to 20 percent of the purchase price, with the balance due at closing in approximately 2 years when the property is ready to be occupied, offering them discounted prices at the early stage.

Read the full article here: How to Buy New Launch Property in Manhattan

Best size investment apartment to rent out in NYC

Best size investment apartment to rent out in NYC — The size of condo apartments for investment in Manhattan range from a studio to 4-bedroom+. Our role as a buyer’s broker is to advise clients on what is the right apartment, and we go through the process of identifying what’s a good buy.

Read the full article here: Best size investment apartment to rent out in NYC

353 West 56th Street #7E

South-facing Alcove Studio on 7th floor with plenty of sunlight.

Apartment was recently renovated. Windowed kitchen, hardwood floors, beamed high ceilings. Kitchen has granite countertop, Subway tile backsplash. Bathroom has tiles throughout and brushed nickel fixtures.

Property Address: 353 West 56th Street #7E, New York, NY 10019
Monthly Rent: $3,495

View the listing here: 353 West 56th Street #7E

Property investment in New York

Investing in New York property, particularly in Manhattan, is a wise move often favored by successful individuals for portfolio diversification. For foreigners, it serves as a secure asset haven due to limited supply, high demand from locals, and global investors, offering a hedge against inflation, political uncertainty, trade disruptions, and currency fluctuations.

Read the full article here: Property investment in New York

Manhattan Property Market Update

Q2'2023 data from Miller Samuel reveals that the average price per square foot for a Manhattan condo is now $2,025, marking a 5% drop from last year. The number of sales also decreased significantly, with a 38.3% decline compared to the previous year, mainly due to the interest rate hikes by the Federal Reserve. Consequently, mortgage rates have more than doubled since 2021/early 2022, making it considerably costlier for buyers seeking financing. The median sales price currently stands at $1.675 million, representing an 11% decrease from last year.

Read the full article here: Manhattan Property Market Update

91 Leonard, #12C, New York, NY 10013

Almost 2,000 sqft, 3-bedroom / 3.5 baths luxury condo in Tribeca with views facing East and West. Lots of natural light.

This spacious apartment features high ceilings, a dining area, almost floor-to-ceiling windows and oak flooring. The high-end open kitchen has Poliform cabinetry, Gaggenau appliances, Tundra Gray countertops. Bathrooms come with Bardiglio marble floors, Watermark fixtures, Poliform vanities, heated floors.

Property Address: 91 Leonard Street, #12C, New York, NY 10013
Rent: $17,950; Furnished $21,000

View the listing here: 91 Leonard, #12C, New York, NY 10013

New York Apartment Prices

We were in a buyer’s market, but since Spring, activity has increased again. Those waiting on the sidelines have come back into the market and the market is now in neutral territory. All cash buyers still have an advantage.

Read the full article here: New York Apartment Prices

Best type of investment property in New York

The best type of investment property in Manhattan, New York for price point under $5 million is usually a residential condominium. Condos appreciate steadily, require minimal management and get high credit quality tenants. From an appreciation perspective, the price of a residential condominium is driven by (i) primary residence buyers who are buying to live in, and (ii) investors.

Read the full article here: Best type of investment property in New York

New York Apartment Prices

In Q1, 2023, sales volume was down 41 percent compared to Q1, 2022.  Since the second half of 2022, sale volume dropped significantly because of increases in mortgage rates.

Rental expense is about 30 percent of the inflation index.  With inflation that peaked at 9 percent last year, rents commensurately increased.  Further, there is added demand from buyers who became renters as a result of high mortgage rates.

We were in a buyer’s market, but since Spring, activity has increased again.  Those waiting on the sidelines have come back into the market and the market is now in neutral territory.

Read the full article here: New York Apartment Prices

Steps for buying property in Manhattan, New York

Buying property in New York is a good diversification strategy for global investors. The main motivating reasons are (i) to diversify portfolio, (ii) preserve capital, (iii) leave for children. The process from identifying the property to closing takes between 30 days to 3 months.

This article summarizes the 5 key steps, from identifying the property to the eventual closing: Steps for buying property in Manhattan, New York

Buying Property in New York

Buying property in Manhattan, New York is a big decision even for sophisticated people with strong financials. In the context of buying for primary residence, some believe one should buy a property as soon as possible, while others do the cost benefit and prefer to rent (despite having enough funds to buy).

Here are the key considerations on whether to buy or rent: Buying Property in New York

How to Buy New Launch Property in Manhattan

In Manhattan, new launch condominiums are marketed about 2 years before the property is ready to be occupied.  The buyer visits a sales office (usually very nice), and looks at models of the kitchen, bathroom and living room.  The key is to examine the quality of materials used.  To book a unit, the buyer puts down between 15 to 20 percent of the purchase price.  The balance is only due at closing in 2 years’ time, when the condominium is ready to be occupied.

Read the full article here: How to Buy New Launch Property in Manhattan

Average Manhattan, New York Apartment Prices

The average sale price for a condo ranges from $967,979 for a studio apartment to $10,620,414 for 4+ bedroom apartments. Meanwhile, the average price per square foot ranges from $1,380 for a studio to $2,959 for 4+ bedroom apartments.

Read the full article here: Average Manhattan, New York Apartment Prices

Understanding the home appraisal process

 
Talked to Cheddar TV on the home appraisal process and how a buyer can protect against a lower appraisal amount by using a mortgage contingency.

Watch the full interview here: Understanding the appraisal process, Cheddar TV interview

88 Greenwich #905

Eastern exposure with lots of sunlight and two large windows!

Apartment 905 is in pristine condition and comes with high ceilings, hardwood floors and top of the line appliances, including a Sub Zero refrigerator, Viking stove and Fisher Paykel dishwasher.

Visit our website to learn more: https://www.castle-avenue.com/

Manhattan Property Market Update

The Manhattan property market is one of the most prized property markets in the world.  Our clients invest in Manhattan property for asset diversification and price stability. Manhattan is a prime market where prices are high, appreciation is stable and rental yields are low but predictable.

Know more about the Manhattan property market key metrics and historical price trends, insights on current property prices and whether now is a good time to buy in this article: Manhattan Property Market Update

Large corner one-bedroom with North and East exposures on the 20th floor.

Apartment features high ceilings, large windows, hardwood floors, a high-end kitchen with Gaggenau appliances, washer/dryer, windowed kitchen with island, windowed bathroom with marble walls.

Visit our website to learn more: https://www.castle-avenue.com/

Manhattan Condo Historical Price Trend

The final 2022 average price per sqft was $2,065. This was driven by a strong market in the first half of 2022, but a big drop in activity in the second half of the year. In Q1’2023, sales volume remained low but price per sqft increased to $2,119.

Read the full article here: Manhattan Condo Historical Price Trend

Sponsor Condos in Manhattan, Art of the Deal

Sponsor condos in Manhattan, New York refers to condos being sold by the developer and not by an individual unit owner. The sponsor is the developer who either launched or converted the condominium property project.

Learn the art of the deal with our comprehensive guide to Sponsor Condos in this article: Sponsor Condos in Manhattan, Art of The Deal

111 Murray Street, Apt 9D

Larger than most one - bedrooms, 755 sqft Alcove Studio facing South and West at Tribeca’s ultra luxury tower 111 Murray Street.

The apartment features sleeping alcove, hardwood floors, floor-to-ceiling windows, 10.7 ft high ceilings. The luxury Molteni kitchen has Oak cabinetry, dishwasher and appliances by Miele and Subzero.

Visit our website to learn more: https://www.castle-avenue.com/

Strategy: Investing in pre-construction new development

Investing in pre-construction in Manhattan refers to buying based on plans and renderings, before a property is completed. Often, developers start selling 2 years in advance of the anticipated completion date. New developments can either be a Ground-up construction or a Conversion.

Read the full article here: Strategy: Investing in pre-construction new development

New York (Manhattan) Property Investing Strategies

New York (Manhattan) property investing strategies for the residential condominium market are focused on the $1 million to $5 million price point. This segment represents the studio to 3 bedroom sizes, which are most in demand.

Here are three strategies we use when recommending investment buys to our clients: New York (Manhattan) Property Investing Strategies

Buying property in New York to rent out

Buying property in New York (Manhattan) to rent out is an investment diversification strategy for many global investors. Manhattan tenants are very high credit quality, and the rental income stream helps pay the mortgage while the property appreciates over time.

Here are 5 key points to consider as it relates to buying an apartment (condominium) in Manhattan to rent out: Buying property in New York to rent out

Central Park condos NYC

Central Park, along with Wall Street, Times Square and Fifth Avenue, is perhaps one of the most iconic landmarks in New York City. When I get an inquiry from a foreign buyer, these locations are often mentioned because they are what people see when they envision Manhattan.

Read the full article here: Central Park condos NYC

Tribeca luxury condo with high rental return close to World Trade Center, Goldman Sachs

Tribeca luxury condo with high rental return close to the World Trade Center, Goldman Sachs.

3P is a corner apartment with dual North/East exposures. Breathtaking views of Washington Market Park and the Jenga Building to the North, and the Gehry, Woolworth and Four Seasons Hotel to the East. Floor-to-ceiling windows flood the space with natural light, while the views offer a mesmerizing backdrop of Tribeca.

Read the full article here: Tribeca luxury condo with high rental return close to World Trade Center, Goldman Sachs

Billionaire's Row condos NYC

Billionaire’s Row has become a symbol of the staggering wealth in New York City and the world. The buildings on Billionaire’s Row offer some of the most luxurious amenities and views in the city, and remains a sought-after address for the world’s wealthiest individuals, and the buildings on the strip continue to set records for the most expensive apartments ever sold.

Read the full article here: Billionaire's Row condos NYC

March 2023 Manhattan Property Market Update

March 2023 Manhattan Property Market Update - Key trends impacting the Manhattan property market including the SVB collapse, supply, demand and rental market metrics.

Read the full article here: March 2023 Manhattan Property Market Update

Investing in Manhattan real estate using 1031 Exchange strategy

Manhattan real estate is viewed as an investment safe haven, and investors usually try to maximize tax efficiency when buying and selling.  One way seasoned investors deal with taxes at the time of sale is via a 1031 Exchange strategy. The 1031 Exchange tax code allows investors to sell one property and reinvest the proceeds in another “like-kind” property without incurring capital gains taxes at the time of sale.

Read the full article here: Investing in Manhattan real estate using 1031 Exchange strategy

Manhattan, the U.S's most prime real estate

The island of Manhattan (also known as New York, New York) is the most prime and expensive real estate in the United States. Within the U.S., Manhattan is home to the most billionaires, the highest prices per square foot, the highest rents and highest household incomes.

Read the full article here: Manhattan, the U.S's most prime real estate