It has been nearly 10 months since I originally posted Part 1 of my Purchasing An Apartment In New York City series. 10 months later the market in NYC continues to be extremely competitive despite the recent struggles in emerging markets and the U.S. Stock Market. That said, it will be interesting to see how these recent events change the landscape of the New York City real estate market and whether they positively affect the ability of the “average buyer” to compete in the bidding process. Stay tuned for the reblog of the rest of the series in the coming weeks and thanks for checking out my blog!
I recently had a good friend ask if it was OK to “pick my brain” about buying an apartment in NYC. He was concerned that he was wasting my time, and didn’t want to take too much of my morning. I told him, regardless of whether you purchase in two months or two years, reaching out to me was precisely the right first step on his journey to purchase a new home. Stories of evil co-op boards, the next great neighborhood and hidden fees often distract buyers from what is most important in the initial stages – preparation.
The truth is, purchasing a co-op or condo in NYC is akin to playing the biggest game of the year, in a physically and mentally exhausting sport, at a very high level. The competition is stiff and, no matter how good you are, the opposing players on the “field” are often stronger, faster…
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