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Why is New York real estate more insulated than other markets?

Why is there such a shortage of inventory? First you should realize the different types of properties.

The most prevalent luxury home available in NYC is the co-op.

Seventy one percent of the housing stock in NYC is co-ops. For purchases of luxury homes on Fifth Avenue, Park Avenue, Riverside, Central Park West, West End Avenue, East End, or such neighborhoods, it's likely you will a better chance with the a co-op. Most people view them as the price of getting into the elite of the New York life style. And if you get in, New York will naturally like you!

When purchasing a co-op in Manhattan you will need more than a down payment. You should have up to 2 or more times the price of the apartment in assets left over after your down payment. There are also minimum down payment requirements that you'll need to look into. The down required is typically twenty five to fifty percent. Occasionally, an all cash requirement is found in the luxury homes of NCY for Fifth Avenue and Park Avenue co-ops. You'll soon realize that financing for eighty percent or more is definately unusual. So if a buyer has this kind of financial leverage, obtaining financing should not be an issue.

Possibly you may prefer a freestanding luxury home.

A mere three percent of the housing stock is one to three family homes. In New York you will find townhouses or brownstones that serve this purpose, but this is a vanishing breed, the last of the independents. To date, there are fewer than twenty thousand of these family homes.

Now enter the popular world of the condominiums.

The condo is the most popular of all for luxury residences in New York. They are less stringent - relatively sane compared to a co-op. Owners of condos are a mix of both local and foreign. Condos are also favored by second home buyers and investors. In the last ten years there has been plenty of new developments, many with high profile amenity packages and low initial real estate taxes. Developers are constantly raising the bar and rival some of the finest cooperatives. The new condos offer views, extra closet space, and elevated ceilings, offering a high standard of luxury.

Then there is the cond-op, a hybrid; much like a co-op

But with condominium rules, the cond-op offers more flexibility of ownership. They allow the option of leasing your home out and the board is less likely to reject your luxury home purchasers when you finally sell the home. This type of home is less restrictive, less expensive to buy into, and less expensive to sell.

Other real estate properties include subsidized and/or Mitchell Lama luxury homes, which accounts for roughly seven percent. This inventory accounts for around eight six hundred, less than four percent of the housing market is for sale.

Potential sellers preparing to list often wonder if foreigners are buying everything in sight and will pay the price because our dollar is very weak.

We hear the same politically correct responses, New York is a market onto itself, they don't make anymore land, and everyone wants to live here. The reality is that only four percent of the entire inventory of Manhattan is for sale, and thus, we are talking very low inventory.

Seventy one percent co-ops, three percent townhouses, nineteen percent condos, and seven percent housing. This is the New York City real estate market of today. People make their homes here; they live, work, play and attend school here. Lesson be learned: buy often and buy well! As for the seller, wherever the buyers come from, they are educated. They read, they talk to experts and friends, they shop the Internet, and they do their research. They look at price comparisons and then negotiate.

It is the seasoned broker who has the connections to the fabulous luxury residences of NYC

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It is the pro that will make the best match for your sale or your purchase. And that would be seasoned pros from the Steiner Group at Prudential Douglas Elliman.

We are known for our organized creative and highly effective Steiner System to get the word out to buyers. We find buyers their homes and investments. There is always an opportunity, and we will search the market until we find the right one for you.