If you are on the pulse of the NYC real estate market, you understand that there has been: 1) lots of new development 2) a recent upsurge in buying 3) a steadily strengthening post pandemic economy. As a result, there is a small window of time where developers have loan payments coming due and are looking to fill their vacancies as quickly as possible.
Secondly, the market has many different tiers to explore. Typically, I separate these tiers as traditional condo before 1999, older developments 2000 - 2015, and newer development 2016 - 2021. I generally use this distinction to focus on the different amenities offered, apartment size/style, tax abatement programs, and location.
For the under 30 crowd, I have been focusing on a first time buyer experience with a focus not only on livability, but also as an investment. Key features that designate both a good living experience and investment have generally gravitated towards newer developments in emerging neighborhoods with outdoor space and luxury amenities.
Location, Location, LOCATION!!
A condo buyer should take into many of the considerations a new business does. Key location elements include: 1) proximity to public transportation 2) north, east, west, southern exposures, 2) Nearby restaurants and general atmosphere of the neighborhood.
Also, for those pushing their finances to the max, I have suggested viewing studios as well. Studios have a good track record for renting especially regarding price per square foot. Larger apartments tend to cover approximately 50% of monthly mortgage payments, common charge, and tax expense, whereas studios tend to cover more of the monthly expenses, approximately 60 - 75%. These estimates depend on getting a good purchase price!
Now is the time to buy! You have a window right now before the market picks up steam again in the Fall of 2021. Don't miss out!
Please contact me if you would like to start viewing and I will find the best home to suit your needs from both a livability and investment perspective!
Contact me today!
Alan Lupiani - alan@modernspacesnyc.com 917.613.8135
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