Buying and selling real estate in Manhattan is different than anywhere else in the world....
Here are some things that make Manhattan Real Estate unique.
1. In order for you to view an apartment in Manhattan, the agent representing the seller almost always needs to be present. If you are searching without a broker, and wish to see five or six apartments, you'll probably have to contact a different selling agent for each apartment. By calling my Manhattan office, you only have to make one call to see as many apartments as you like. I can almost always be reached at (347)829-9996.
2. Approximately 80% of all residential apartments in Manhattan are coops. Co-ops are considered personal property - not real estate. Contract prices for personal property are considered proprietary information and are rarely published or shared. The remaining 20% of apartments in Manhattan consist of condominiums and townhouses.
3. While it is true that one of the key factors in determining the value of a Manhattan apartment is its size, the exact size of a cooperative apartment is rarely known. Approximate dimensions are given and may vary considerably. Your ruler or tape measure is your best instrument.
4. When signing a contract, a deposit of 10% is required. This money is placed in escrow and is applied to the contract price. The building determines the amount of financing allowed, not the seller. Most coops will not accept more than 75% financing and most condominiums will not accept more than 90% financing. Real estate agents can not draw up contracts. A qualified Manhattan Real Estate Lawyer is required.