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.

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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.

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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.

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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.

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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