Did you know that New York is one of the most populated cities in the United States? This makes it especially hard to find great homes that aren’t already sold or in foreclosure.
Thankfully, this article has all the inside scoop on the best listings in New York City neighborhoods. So if you’re ready to find your dream home in the city that never sleeps, keep reading this article.
New York City Neighborhoods
New York is a vast city with many great sub-sections or “boroughs”. For example, the ever-famous, Upper East Side, Financial District, and SoHo are all residential areas. But they also have a different nightlife, culture, and overall ambiance.
So when looking for luxury homes in New York, figure out what location would be the best for your family, job, and lifestyle!
Upper East Side
The Upper Eastside is one of the most popular neighborhoods in New York City. Many say that the Upper East Side is only reserved for the City’s elite. And although that may be true, this area is still very inclusive!
If you’re a fan of the arts and fine shopping, then you love this area. For example, the Metropolitan Museum of Art is a few blocks away. And they also have the Acquavella Gallerie, Anita Shapolsky Gallery, and much more!
This part of the Upper East Side is also home to some of the most popular restaurants. For example, Come Prima and Campagnola are some of the most popular Italian restaurants.
Financial District
Many people associate Manhattan with Wall Street and the World Trade Center. However, real New Yorkers know that Lower Manhattan is much more than just the “business area”.
Since the 9/11 attacks, lower Manhattan has transformed into a spacious area with great schools, shops, nightlife, and restaurants.
Not to mention, it’s one of the fastest-growing neighborhoods in New York. So luxury homes are going fast!. Overall, the soaring skyscrapers and hustle and bustle mentality, make it a great place for corporate workers.
SoHo
SoHo is another great neighborhood in New York City. The population is a little over 14,000. SoHo is a chic and urban area, filled with new-age bars, coffee shops, and great parks! The area is very popular amongst younger professionals.
Overall, SoHo is a great place to live if you’re wanting a luxury condo with great amenities and scenery.
Differences between Luxury Condos and Luxury Co-Ops
There are some major differences between co-ops and condos. Some of these relate to service fees, management, and floorplans. If you’re not sure the differences between these two, then keep reading!
Luxury Co-Ops
Co-ops are short for cooperative buildings. These residential buildings are owned by shareholders.
Therefore, when you purchase a co-op, you’re buying shares in a cooperation. So be aware that you’re not actually buying a specific apartment.
Your shareholding in the cooperation will depend on how big the apartment is. However, the higher shareholders are required to pay higher taxes.
One downside to co-ops is that they don’t permit subletting. However, they are more affordable than luxury condos. When purchasing a Co-op agreement, you will be required to put down a down payment and agree to a financing term.
Usually, these terms are that you pay an 80/20. In other words, you pay a 20% down payment and finance the rest.
However, there are instances where you’ll be required to put down 50% and have the rest in liquid assets.
You should also be aware of maintenance fees. The total price of this fee will usually depend on the square footage, floor level, and bedroom count.
The maintenance fee will cover many expenses. Here are some examples:
- Operational expenses
- Property taxes
- Building insurance
- Heat and water
- Gas
- Trash
- Mortgage interest
Overall, a co-op is a great option if you’re wanting to be a shareholder. However, this isn’t the best option for those who want more privacy, luxury, and would like to one day own their home.
Luxury Condos
Luxury condos in New York are a hot commodity because many people are wanting to own property. Not to mention, condos allow subletting which means you can invest in real estate and earn back some capital!
There are some rules and regulations to this but overall the process is fairly simple. When purchasing a condo you will need 10% down. After that, you are responsible for financing the other 90%.
Condo owners will be responsible for paying common charges such as operational fees. A condo owner will also have to pay annual tax fees to their mortgage bank or the city clerk. Be aware that operational fees may differ from year to year depending on union contracts.
Single-Family Residence
In a single-family residence, only one person has ownership of the property. In most cases, the property is attached to other residencies like a row of houses or townhomes. However, in some cases, the residence stands alone with its own yard!
There are many pros to living in single-family living. For example, there is more independence and you font have to share common areas. You also don’t have any common charges like with other living situations.
Lastly, there are fewer noise disturbances because you aren’t living under or on top of other homes. But like any other living situation, you will experience some cons.
For starters, the prices for single-family homes are very expensive when compared to condos and co-ops. And since you don’t pay a maintenance fee, any home expenses will be your responsibility.
So if you need a new roof or you having a leak, it will be your job to fix it! Lastly, single-family homes are more expensive because the utility costs are higher.
The water, electricity, trash, and sewer will be yours to pay at the end of each month. And depending on how big your home is, these bills might be very high especially during colder months! Overall, single-family homes require a lot of maintenance work than other homes.
Multifamily Residence
Multifamily homes are sometimes mistaken for condos. However, they have some substantial differences. For starters, multifamily homes are usually located in between other apartments within the same building.
However, each apartment is not independently owned, like condos. Instead, they’re sold as a whole, and then the units are rented out by the owner.
This kind of living is great for those who want to live and operate a residence building. For example, you could live in one of the apartments, and rent out the rest.
The great thing about multi-family homes is that they’re around the same price as a single-family home. However, it’s more private and you can split up the mortgage payments and fees.
Another great thing about multifamily homes is that they can be very profitable in certain locations. In some cases, renting out the remaining apartments can cover your monthly mortgage payments.
Unfortunately, there are some cons to living in multi-family homes. For starters, if one of your tenants fails to pay, you’ll have to cover those expenses. And if you have vacant rental units, you’ll have to cover those expenses as well.
You’ll also have to be a landlord which means you’ll be responsible for repairs. You’ll also have to adhere to strict NY landlord laws. And if you’re found guilty of breaking these laws, you could face enormous fines or even lose your property!
What Is a Hidden Market?
A hidden market is a list, of all thee owned properties that may not be readily available to the public. Yet, hidden market properties are sometimes discounted and have more amenities.
Unfortunately, hidden markets are not easy to come around on your own. In fact, they often require tracking down past homeowners and doing in-person searching.
In contrast, when you purchase properties from a public market, you’re purchasing at retail price. Many real estate and brokers deal with these kinds of properties.
Should I Purchase a Newer or Older Development?
Older structures tend to have a lot of character and charm. This makes them a rare find! So if you are able to find a prewar structure, with a good foundation, then consider yourself very lucky!
However, for those who want a more modern approach to city living, than newer developments may be your first choice. But what are some of the pros and cons of buying a newer structure versus an old one?
For starters, the developer of the new building should play a role in your decision-making. This is because there are situations with newer buildings where the developer doesn’t follow the financial agreements.
This can be very frustrating because if the developer fails to pay their part of the common charges for the unsold units, the residents will need to pay. Therefore, make sure that you’re agreements have been signed and dated by both you and the developer.
On the upside, condos require only a 10% down payment. Not to mention, the opportunities are endless for condo owners as far as subletting goes! Nevertheless, the new building still have their set of pros and cons which should be thoroughly considered before making a purchase!
Best Way to Read a Floor Plan
Knowing how to properly read a floor plan s essential. Particularly during COVID times, where some places aren’t doing in-person tours. Also, knowing the exact layout of an apartment will reveal if your furniture and decor fit into the space.
And lastly, knowing how to read a floor plan will tell you about any possible noise from other rooms, sizes of rooms, and the amount of light that will come into your apartment.
So when looking at floorplans, start by assessing the bedrooms. If there are any rooms sharing a wall, you might have some noise issues and less privacy.
For windows, you should take into account where they are placed in comparison to the building’s orientation. For example, an apartment with multiple windows and south-facing will receive a lot of direct sunlight.
Doors are often overlooked. However, you should look at the floor plan to see which way they open and close. You don’t want a door that opens into an awkward place. For example, a door that opens into the kitchen can cause a serious accident.
The key floor plan is sometimes included during showings. And if you’re not familiar, a key floor plan will show you a building’s primary architectural elements by floor level. They represent elevator shafts, storage areas, venting, plumbing, and how the surrounding apartments are laid out.
Last but not least, floor plans dimensions are one of the most important details. Typically, a floor plan will include room heights, widths, and lengths.
However, be aware that these dimensions can vary slightly. Nevertheless, knowing the floor dimension will make it easier to understand the space of the apartment. You could also bring the floor plan as a map when doing an in-person tour. This will also help you determine the space that is given.
Find Your Dream Home Today
Now that you’ve found the best New York City neighborhoods, you can begin planning your move! Remember to have a plan, know the laws, and ask as many questions as you can.
Overall, finding the best luxury living in New York has never been so easy. So don’t wait too long and start putting down a deposit for your new home. If you liked this article, check out the rest of our website for more informative content.
