CO-OPS & CONDOS

★★★★★ Highly likely to recommend

05/02/2019 – Justin DeMaris Bought a Cooperative home in 2019 in Noho, New York, NY

Local knowledge: ★★★★★ Process expertise: ★★★★★ Responsiveness: ★★★★★ Negotiation skills: ★★★★★

My wife and I met Jacob in a slightly unusual way – he was the seller’s agent on the other side of the table from us at the first apartment we tried to buy. We were immediately impressed by his breadth of knowledge, both about the specific unit we were looking at, the market overall and the purchasing process. We did not end up purchasing that unit because Jacob managed to get a higher price than we were willing to pay from another buyer, but we were completely swept off our feet by his ability to remain both professional and amicable to us while at the same time representing his own client’s interests to the fullest and promised ourselves that if we had an opportunity, he was exactly the person we wanted in our corner in the future. He was leagues above the other agents we had worked with so far.

He became our agent in our attempt to continue our search and we grew to rely on his network of fellow professionals across bankers, lawyers, inspectors, movers, contractors, cleaners, painters, and every other nook and cranny of the industry that we needed. We very quickly found our new favorite property and Jacob guided us through the process of negotiation, board package prep, coop approval and the closing. I cannot recommend him enough and we are incredibly happy with our new home. Seriously, Jacob is the real deal. I wish I could give ten stars on every aspect.

Tips for Buying in New York City

The constantly evolving New York City real estate market presents numerous challenges for buyers. With these challenges in mind, I’d like to share with you some key information in order to help you become better prepared in your search for a new home:

Market Overview

Here are some important facts about the market to help you understand how the New York City residential real estate business is not like most other places: 1. There are about 1,283,000 total owner-occupied housing units in the five boroughs, with around 18,000 (1.4%) for sale at any given time.

2. Of the roughly 1,283,000 owner occupied housing units across the five boroughs of New York City, around 319,000 are single-family townhouses, 620,000 co-ops, and 320,580 condos.

3. Total New York City coop, condo, and single-family townhouse sales in 2018 were 30,853, 12% less than 2015 and 22% greater than 2009.

4. There is no MLS in Manhattan. All agents who are members of the Real Estate Board of New York (92% of NYC’s 30,000 agents) have access to all other REBNY agent’s listings. There is also no comprehensive, consumer-facing listings database for the NYC market. For this reason, it’s best to develop a trusted, working relationship with a buyer’s agent.

5. There is no binder system in NYC either. An accepted offer is simply a handshake until a contract is fully executed and returned to the buyer’s attorney, along with the contract deposit. Hence a deal can easily be ‘gazumped’*.

Pre-Approved Mortgage

A pre-approval on a mortgage is expected along with any offer. Any mortgage banker will produce a credit check and verify your income, assets, retirement funds and liabilities using your tax returns, bank statements, pay stubs as verification in order to determine your borrowing potential. A pre-approval letter may be issued that specifies your borrowing power and price range. Many listings agents request pre-approval letters before granting viewings. For this reason, it’s best to get mortgage pre-approval before beginning your search in earnest.