Each manhattan neighborhood is as unique as the buyer’s looking there. Having a clear sense of your reasons for buying will help you choose the right property. Download this brief “Buyer’s Consult” Survey to help narrow down the search.
Types of Properties
At present, a home buyer in NYC can expect to find inventory is roughly 80% co-op and 20% condo. The rarest type of homes are are townhouses / single family home making up less than 2% of annual residential transactions.
Apartments within a co-op are legally not considered real property and are typically less expensive, but require a board interview. Those who buy co-ops are purchasing shares of a corporation that own the building within the cooperative.
Condo purchasers are buying an individual parcel of real property. They are the outright owner of the specific unit. Condos are typically more expensive.
Townhouses / Single Family Homes
Townhouses are relatively expensive and rare. There are boards involved in the purchase or sale, creating a much faster transaction from contract signing to closing. Townhouses typically come with backyards, decks or terraces and are often located on idyllic, tree-lined streets.