Most co-ops require buyers to put down 20-25% of the purchase price, about the same as what most lenders require these days. But the range can be vast, depending on the co-op—anywhere from 10% down (rare) to 50% or more at higher-end buildings. Co-ops also expect you to have sufficient money left over (also known […]
A special category of apartments in New York City are called “sponsor units.” Basically, asponsor unit in a condo building is a residence that has been owned by the developer and it’sgoing up for sale for the first time. Or in the case of a co-op, it is owned by the original owneror the corporation […]
Once the offer is accepted and the deal sheet is sent out, there’s still work to be done if you’re buying a co-op. And you probably have plenty of questions: Who exactly is looking at all this data, what are they looking for, and who is responsible for the due diligence at this step? Let’s […]
When you buy a co-op or condo in New York City, it’s easy to focus more on the apartment (its price, size, and location) than the building–let alone the personality and temperament of the co-op or condo board that runs it. But make no mistake: Beyond deciding whether you may become an owner in the […]
At Realty Collective, it has always been our practice to monitor developments that may affect our clients and the way we serve them. The recent verdict in the federal court case against the National Association of Realtors (NAR) in Missouri is a significant event that has captured our attention. We understand that the court has […]
If you’re exploring the idea of owning an apartment in the dynamic city of New York, particularly in a co-op building, you’ve likely come to understand that the journey can be complicated. Co-op buildings, in particular, have unique requirements that go beyond the conventional real estate process. From rigorous board interviews to stringent financial criteria, […]
In New York City, affordable housing is often associated with rentals. Still, an alternative for those looking to own a home without breaking the bank is limited equity housing co-ops, specifically Housing Development Fund Corporations (HDFCs). These co-ops are tailored for lower-income individuals and families, offering below-market prices and strict income caps. What Are HDFCs? […]
If you’re considering buying a property in New York City, you may have noticed that fully updated apartments are often priced higher and are in high demand, getting snatched up swiftly. Especially in today’s market, pandemic-induced supply chain issues have further boosted the appeal of move-in ready apartments due to delays in renovation materials and […]
When it comes to property management and renovations, a genuine and up-to-date Certificate of Insurance (COI) is your safety net. Beyond detecting fraudulent COIs, ensuring that the policy is current and has yet to be canceled or expired is equally crucial. Contractors sometimes acquire a policy for documentation purposes, only to cancel it later. You […]
Moving to a new place in Brooklyn involves more than just the excitement of a fresh start; it entails a financial commitment that can add up quickly. The expenses can become daunting between broker’s fees, first and last month’s rent, hiring movers, and possibly purchasing new furniture. However, the silver lining lies in the return […]
