Tag Archives: Chinese Speaking Real Estate agent

Chinese Mandarin Real Estate Agent Market Report NYC 2013

Chinese Mandarin Real Estate Agent Eileen Hsu explain in Chinese language of the common questions asked by different buyers, especially about Manhattan New York market and often parents want to purchase for children by New York University, Parson School of Design or any other university in Manhattan New York.

Chinese Mandarin Licensed Real Estate salesperson Eileen Hsu discuss general pricing for one bedroom condo in various neighborhood in Manhattan New York.

 

ABOUT EILEEN: https://chinesespeakingagent.com/about-eileen/ 

FOR SAVVY SELLERS that want to work with Chinese English Bilingual speaking Real Estate team https://chinesespeakingagent.com/for-seller/

NYC Chinese Mandarin Speaking Agent SOLD again!

NYC Chinese Mandarin Speaking Agent SOLD again | Chinese Real Estate agent NYC sold another condo 

Since month of May this year,  our Chinese Mandarin Speaking Agents team have been very busy helping many buyers and sellers moving and relocating in Manhattan New York. Many newly university graduates relocate to New York city and looking for their new condo in NYC.

Recently, we sold a one bedroom condo in Financial District to an ambitious young buyer that graduated few years ago and have been looking for the right condo with her parents for a while. The buyer was referred to us from one of our past Chinese client who also bought a condo from us. Just few months ago, we made an offer on a condo and offer was accepted! Needless to say, the buyer was very pleased and able to own a new home!

Manhattan NY Chinese Real Estate Agent help Parents Buy Condo for Children is one of specialty, every year, around month of May to September, there are surplus of new college university graduates relocating to Manhattan New York.

Manhattan NY Chinese Real Estate Agent help Parents Buy Condo for Children is one of specialty, every year, around month of May to September, there are surplus of new college university graduates relocating to Manhattan New York.

As NYC Mandarin Speaking Real Estate Agents team, we proud ourselves to provide the best customer service to our buyers. Many of our Chinese speaking buyers call and email us before they arrive to New York. Savvy buyers start their research early and speak to us early so they can best prepared themselves when they arrive to NYC.

Chinese Mandarin Speaking Buyers prefer to work with us NYC Manhattan Mandarin Speaking Agents because we speak the same language, we also are extremely efficient and understand what they are looking for based on our years of experiences. We understand their needs and concerns when it comes to purchase Real Estate and secure their investment in Manhattan New York.

If you would like our comprehensive help, you can call us at (646)644-6929 or email us at https://chinesespeakingagent.com/contact/

3lincolncentercondo.com

platinumcondonyc.com

New York city Mandarin Speaking Real Estate Agent specialize in Parents Buy for children

New York city Mandarin Speaking Real Estate Agent specialize in Parents Buy for children

 
We are NYC Mandarin Chinese speaking Real Estate agent that work with many Mandarin Chinese Parents buy NYC condo for their son or daughter, we are a team that work with many international Chinese and local Chinese parents who seek a good condo for their son or daughter that is currently working or going to school in Manhattan New York. It is a common practice in our culture that parents will purchase young adult son or daughter their first home and also use it as future investment for them.
 
Many of our team members are Chinese American ourselves so we are accustom to many culture differences and nuances when it comes to finding the right condo for our buyers.
Many of our buyers seek to work with Mandarin Speaking Real Estate agent because they feel comfortable in working with our team who speak their native language. When our buyers approach us, we like to work in a very efficient matter so no one’s time is waste. We ask buyers the following question:
 
Do you have a time frame in purchase for son or daughter, is there a rental apartment in place? Or are you living at a hotel?Manhattan New York condo with all cash purchase can take 45-60 days
as standard, and if it is a new construction condo, depending on if it is completed, sometimes longer, so plan the time-frame ahead is very important.
2) How do you want to pay for this? is it all cash in bank or need financing? If all cash, are all the cash here in United States or elsewhere? Any restriction in funding the money?
If financing, who is financing the purchase? The financing purchase can take 4-6 months depending on various factor, please call us to discuss in details.
3) Pricing, many of our buyers suggest that pricing is flexible, if pricing is flexible, then what size of condo unit that will work for you? One bedroom or Two bedroom or larger? For most basic and standard resale condo, one bedroom is starting at $700,000 USD and two bedroom about $1,300,000USD at today’s market place. If the building is in very desirable location, or any other additional feature of the condo, the price will go up from those guides.
 
If you would like to work with our Mandarin Speaking Real Estate agent team that specialize in Parents buy for children, please contact us at http://chinesespeakingagent.com/contact/

Mandarin speaking Real Estate team in Manhattan New York

Mandarin speaking Real Estate team in Manhattan

Eileen Hsu team is a bilingual Mandarin and English speaking Real Estate team in Manhattan. Our international buyers work with us because we are experienced, dedicated and efficient.

As a bilingual Mandarin and English speaking Real Estate agents, when we represent buyers, we use our experiences to protect our buyers interests and negotiate the most ideal terms for our VIP Chinese buyers. Our past clients usually refer their family and friends to us because our exceptional service and result.

We are Mandarin Speaking Real Estate team that are very well experienced in various neighborhoods of Manhattan, such as Midtown East, Midtown West, Columbus Circle, Upper West Side, Union Square, Financial District and Fifth Avenue condos, just to name a few. We have  worked with Chinese buyers and investors from local Manhattan communities, China, Taiwan, Hong Kong, Canada, Malaysia, Singapore and the USA.

Contact us today if you are a Mandarin-Chinese speaking buyers looking to purchase in Manhattan New York.

在曼哈頓說國語的華人地產團隊

我們是在曼哈頓地產界中會說普通話的華人專業團隊。許多買家與我們合作,因為我們高效率,直率、切入重點,不耽誤客戶保貴時間。

做為買家代表,我們極力爭取購房者的利益,為我們尊貴的中國買家得到最有利的協議。與我們合作過的客戶當中,因為我們的專業及服務,有許多會介紹他們的家人和朋友與我們合作。

我們這個講普通話的房地產團隊在地產業擁有豐富的經驗,可提供來自中國,台灣、香港、加拿大、馬來西亞、新加坡,及各國買家和投資者相關有用業界的資訊。

今天您如果要在這裡投資, 或著說幫孩子買房子, 請您跟我來電, 我們可以詳細的談,電話是 646-644-6929 免費提供買方優質服務。

Mandarin Speaking Agents in NYC

Eileen (許小姐) is Chinese and English speaking Real Estate agent here in Manhattan New York. Eileen is also a Vice President 副總 of prestigious Manhattan Real Estate firm Prudential Douglas Elliman. She is Ranked in the Top 2% of Sales Professionals & Teams in the United States Prudential Real Estate Network. 我能說流利的普通話和英語。(http://www.ChineseSpeakingAgent.com) Eileen has a team that service both sellers and buyers of Manhattan New York market.

International Foreign Chinese Buyers buy NYC flats

International-foreigners or Chinese buy NYC Flats Questions & Answers Part 1

We have an international clientele from all over the world, many of them refer NYC condos or apartments as ‘flats’. Buyers from United Kingdom, Ireland, Australia, Singapore, Malaysia, Hong Kong and few other countries often would use the term ‘flats’ for these condo units.

We as Manhattan Real Estate property agents and bilingual in Chinese and Mandarin language, we work with many international foreigners Chinese buyers wanting to buy a NYC flat or flats. Our job is to educate buyers about our unique Manhattan housing market before their arrival, discuss what they have in mind, type of NYC flat they prefer, and the price range they would like to spend. Based on their initial criteria, we can then recommend them the best strategy and process to go about their purchase for NYC flats.

When foreigner plans to buy an NYC Flat, they often have a list of common questions, we have compiled a list to better inform them. Here are part 1 of the questions and answers.

  • Can Foreigner-international Chinese buyer buy a NYC flat without having United States Social Security Number or United States residency? Yes, foreigner-international buyer can legally buy a NYC flat, but have to meet the NYC Condo board’s requirements for approval. At the sale of the real property, Non-resident aliens (foreigners) are subject to federal withholding tax at 10% of the gross sales price, and to a 8.97% New York State estimate income tax on the net sales proceeds (gains).
  • Can Foreigner international Chinese buyers obtain United States mortgage financing? 9 out of 10 of our foreign international buyers prefers to purchase the NYC flats with all cash. It is very difficult for Foreign international buyers to apply for an US mortgage in today’s market place, it is advisable if possible for the buyers to obtain financing options in their home country and buy it all cash here in Manhattan New York. If you absolutely need financing, please contact us directly so we can discuss the possible options.

As experts in working with Foreign National Chinese buyers and out of town Chinese speaking buyers, we are constantly educating the buyers and addressing the misinformation and false assumptions that client bring from his/her home town/country, and culture in order to explain the options, alternatives, and their consequences.

Contact us by clicking this link. https://chinesespeakingagent.com/contact/ .We can discuss the options of your specific needs and time frame. Thank you.


曼哈頓交易問與答:誰能幫我維修公寓?

我們是精通紐約曼哈頓公寓的專家;買家們對曼哈頓公寓經常有不瞭解的問題,我們會一一為您解答幫助你們更瞭解曼哈頓的交易方式,讓您更容易找到您想要的住家或投資目標。

我們經常會被外州來的買家問“誰能幫我維修公寓?”由於外州住家大多數都是獨棟,公寓佔少數,這經常是買家們的第一個問題。由於我們很多客戶都是以投資、第二個家、或兒女在曼哈頓上學,大部份來說公寓內部的保養對他們很重要。

擁 有一戶曼哈頓公寓跟擁有一戶獨棟樓房是兩種不同的感受。擁有一戶曼哈頓公寓並不光只擁有一戶公寓,其中你還擁有這獨特社區的一部份。這獨特的社區包括了其 他屋主、工寓工作人員(管理員、門房、公寓水電工) ,及公寓管理團隊。當公寓裡有什麼東西損壞需要維修時,可以通知管理員或公寓水電工來處理,若不是很嚴重的情況大多時候水電工都可以處理。例如:水管堵 塞、沒冷/熱水、沒空調之類。這些都是公寓管理團隊可以處理的,若是超出他們的技術範圍他們通常都會推薦能維修的專人來處理,直到問題完善為止。

附 帶維修及職業管理的公寓社區最適合那些生活忙碌跟外州的投資人及買家。一通電話或email給管理團隊就可隨時替您處理待修的家中設備,完全不需離開辦公 室或手上的事讓您安心處理更重要的事。您買的不光是一棟樓房,您買的是一戶不讓您煩心,可以讓您處理更重要事情的社區。

曼哈頓交易問與答:怎麼在紐約房地產界出價?

曼哈頓交易問與答:怎麼在紐約房地產界出價?

紐 約曼哈頓在地產界是個奇特的市場,他是個世界金融中心,也是時尚的趨導者,這些眾多優勢吸引了各式各樣買家從世界各地擁入這地方。由於國外買家不清楚紐約 特有的交易規則,經常會誤解紐約的交易程序。國外買家經常會用他們本地的交易方式套在曼哈頓的交易方式,忽略到紐約的交易方式並不是如他們所想像。介由我 們—我們會跟您詳細的解釋紐約房地產交易過程,迎導您如何觀察紐約房地產市場、怎麼進/出場、怎麼在適當(優勢)時間出價、及怎麼讓您入戶您想要的公寓。 讓您馬上瞭解紐約這一塊獨特的房地產世界。

不像其他國家或美國別州,在紐約,當買方介由我們(房仲業者)出價給賣方時,買方及我們不需要簽任何合同或同意書。

在 紐約,合同(契約)並不是由房仲業者來寫。交屋日期也不是地契公司 來挑選。紐約曼哈頓是一個房市仲裁區,所有房地產有關的業務都必須經由有紐約曼哈頓房地產認證許可的律師處理。買方及賣方各自需要一位有認證許可的律師代 表他們處理這些業務。我們在業界有許多交易經驗及人脈,可以介紹及提供最適合您購屋需求的律師給您。

資金證明:若是全現金交易,必須提供銀行存款或證券證明,證明有足夠的資金交易。若有貸款條約–須提供任何一家美國銀行的貸款許可文件。

任何保障條約:在 紐約曼哈頓,若要先脫售自有的地產來完成這交易–經常出現的條約為1. 確保銀行貸款批准 2. 確保銀行轉匯完成交易 3. 其他交易的保障. 曼哈頓房地產業界平時並沒有驗屋期這程序,因大部份的商品都是公寓結構,或合作公寓,沒有像獨棟樓房那類的驗屋期。也因此大部份時候契約合同上並不會有像 其他州有的驗屋條約這項,曼哈頓公寓基本交易方式就是照原樣買。

交屋日期:這 會根據您買的是新建計畫還是二手房而定。若是新房而賣家是建商,房屋也已完善,交期可以在一兩個星期內完成;若計畫還在建設中,這交期也相對的跟建設完善 後而定。若賣家是轉賣,而且準備好要搬遷,跟全現金交易— 交期會在公寓委員會四十五天內批准後而定。(若是要貸款購屋—交期會在公寓委員會60 ~ 90天內批准後而定。

個人財力資料:有時因多人搶標一個提案,賣方或合作公寓委員會會要求買家的財力資料。財力資料包括:薪資報稅單,財產/土地證明,銀行存款,證券證明及其他相關資料。若是要購買合作公寓(cooperative)全面申報是個必要程序。

當賣家口頭上接受買家的出價,我們(仲介)會馬上提供資料給有認證許可的律師提寫契約合同。我們傑出的律師團隊會依據您的需求提供您最好的服務及保障,確保您的置屋經驗是完美的。

若您或您有認識的人想在曼哈頓置產,請您來電給我們(646)644-2929。以我們豐富的交易經驗提供您最完美最完善的服務。我們也提供客製化置產投資諮詢,依您的需求為您找到最好的置產投資計畫。

曼哈頓交易問與答:誰能幫我維修公寓?

Mandarin Chinese Speaking Agent-Eileen Hsu 許小姐

Eileen (許小姐) is Chinese and English speaking Real Estate agent here in Manhattan New York. Eileen is also a Vice President 副總 of prestigious Manhattan Real Estate firm Prudential Douglas Elliman. She is Ranked in the Top 2% of Sales Professionals & Teams in the United States Prudential Real Estate Network. 我能說流利的普通話和英語。(http://www.ChineseSpeakingAgent.com) Eileen has a team that service both sellers and buyers of Manhattan New York market.

Eileen Hsu, Mandarin Chinese Speaking Real Estate agent in Manhattan New York explain the difference between condominium and cooperative housing supply of New York city. Eileen Hsu and her team specialize in assisting many Chinese in US and Oversea in Purchasing Manhattan New York Real Estate properties.

Eileen Hsu, Mandarin Chinese Speaking Real Estate agent in Manhattan New York explain the difference between condominium and cooperative housing supply of New York city. Eileen Hsu and her team specialize in assisting many Chinese in US and Oversea in Purchasing Manhattan New York Real Estate properties.

To Read More Useful Blog Posts:

If you are interested in purchasing, renting, selling or investing in any of the condominium buildings on Riverside Blvd contact us today at (646)644-6929 or Emailhttps://chinesespeakingagent.com/contact/

How to make an offer and buy a Manhattan New York Condo

Manhattan New York Real Estate market is an unique market place, we work with many out of town and international buyers who brings their own ideas and previous experiences of Real Estate transaction into this market place and realize that there is a different way to complete a Real Estate transaction in Manhattan New York. Working with us, we will educate you not only the market, we will also educate you through out the entire Manhattan New York condo buying process.

Unlike other parts of the country or world, when a buyer makes an offer on a property here in New York, the offer is made through us, the Real Estate agents and the buyers do not sign any contracts or purchase agreement when making an offer.

Real Estate professionals DO NOT WRITE the contracts here in Manhattan New York. Title companies DO-NOT schedule the closings here either. Manhattan New York is an Real Estate attorney state, therefore all closing arrangements are done through Manhattan New York certified Real Estate attorneys. Both buyer and seller will each need an attorney to represent each party. We work with experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

To make an offer in Manhattan New York in the case of Manhattan New York condominiums, as a buyer you will need:

  • Proof of funds: if it is all cash, a bank or stock statement demonstrate that there is enough cash to make the purchase (ideally a United States bank or stock statement). If it is financing contingent, pre-approval from a United State bank is a must.
  • Any contingencies: in Manhattan New York, the common contingencies includes financing contingency to ensure bank will lend, funding contingency to ensure bank will fund(wire money) the transaction, and other sale contingency; if there any prior sale need to happen in order to make the new purchase. Manhattan New York Real Estate market usually do not have ‘INSPECTION’ period especially in Manhattan New York market place, most are condominiums or cooperative structure, inspection is often for Townhouses or single houses only, therefore, there is usually NO INSPECTION contingent as other parts of the country. Manhattan New York condominiums are purchased AS IS.
  • Closing date: This will depend on if you are buying a new condo or a resale condo. If it is a new condominium buying from sponsor, and the condo is ready, the closing date can be as soon as one to two weeks. If it is a new condominium and the construction is still on the way, then this time frame varies. If it is a resale condominium, if the owner is ready to move, and the transaction is all cash, then the time frame can be 45 days as soon as condo board approves the condo application. If financing for a resale condo, this time frame can be 60-90 days or more.
  • Personal Financial statement: This is sometimes required depending on the property (or if cooperative) and if there are other multiple bidding scenario. The personal financial statement includes all assets disclosure such as bank statements, 401K, retirement funds, other owned real estate, other mortgage or liabilities and etc. Full disclosure is a must if it is a Manhattan New York cooperative disclosure.

Once the offer is verbally accepted by the owner (seller), then we will have to provide a Real Estate attorney information immediately to start the contract. We work with a team of experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

Manhattan New York condo buyers frequent asked questions:

If you or someone you know would like to buy a condo in Manhattan New York condominiums, please call us directly today at (646)644-6929 or contact us (https://chinesespeakingagent.com/contact/). We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, we offer confidential consultation customize to your specific investment needs.

Chinese speaking Real Estate Agent NYC – Another Successful Transaction

I am a Chinese Speaking Real Estate agent in New York, myself and my team are fluent in Mandarin, Shanghainese, and other Chinese dialects. We often helped many buyers from out of town such as New Jersey, California, Vancouver, or out of the country buyers from Hong Kong, China, Taiwan and other countries to find their perfect Real Estate investment.

As a Chinese speaking Real Estate agent here in New York, I receive many phone calls from buyers who are buying for their children who are in New York for work or school. We are able to help them identify the best investment for them by educating them about the unique Manhattan market place, evaluate what is important for them, understand the purpose of buying in Manhattan New York.

Today, another successful transaction has been closed. In this transaction, myself and my team represent the buyers who seeked out for a knowledgeable and experienced Chinese Speaking Real Estate agent. It is always a fantastic day when the buyers are happy with their purchase, it makes the hard work worth it.

Here is a photo of everyone at the closing table today.

Happy Buyers with their child, Sellers, and their perspective attorneys.

我是許小姐Chinese Real Estate Agent in New York,曼哈頓房地產的專家,我幫助了許多中國和亞洲人為他們的孩子在紐約購買曼哈頓房地產.曼哈頓房地產是於世界上任何其他地方或國家不同,也於其他美國州不同.

Chinese Real Estate agent in New York 購買紐約曼哈頓公寓作為父母為子女購買,你應該明白你的預算和時間。這是一個五年計劃,同時你的孩子去學校在紐約嗎?我們與許多父母是誰買他們的兒子或女兒去紐約大學,帕森斯設計學院,視覺藝術學院,哥倫比亞大學,Jillards音樂學校和其他知名學校這裡在曼哈頓紐約。這是您的兒子或女兒,目前正在曼哈頓?他們有一個穩定的工作或財務自由嗎?他們目前可以出租和租賃即將到期或每月安排?重要的是我們知道的原因和時間,以便我們能夠縮小搜索你。

Chinese Real Estate Agent in  New York 購買紐約曼哈頓公寓作為家長為孩子買,你應該與貸款顧問,會計師,曼哈頓房地產律師討論購買程序。會計師:如果你正計劃共同購買的公寓與您的孩子,一定要討論可能的稅務並發症則可能是你的會計師。您的發言之前,您購買的會計師可以是非常有益的。 許小姐Chinese Real Estate in New York 購買紐約曼哈頓公寓作為父母為子女購買,經驗豐富的曼哈頓公寓的專家來指導您完成這一進程,並瀏覽了曼哈頓房地產迷宮。無論你是首次置業,或投資者,購買和出售的多個屬性在其他地區或國家的美國,我們可以提供幫助。了解當地市場與市場專家能最大化您的投資,並避免任何可能發生的問題作出的規則。我們的許多客戶是第一次來的投資者,他們買了許多曼哈頓公寓的。如果您想購買曼哈頓房地產,現在與我聯繫(646)644-6929 許小姐.

Eileen Hsu (許小姐) Vice President 副總 Prudential Douglas Elliman
Mobile (手机): (646)644-6929

Manhattan NY Condo FAQ: Can I renovate my Manhattan NY Condo?

Manhattan NY Condo FAQ: Can I renovate my Manhattan NY Condo?

The quick answer is Yes.  You can certainly renovate your Manhattan New York Condo. The long answer is that it’s not going to be as easy as you may think and certainly going to cost more than what you could do in a more suburban environment.

Now that you are a condo owner, you have to live within the by-laws the building has adopted.  One of those by-laws concerning a renovation is that any person you hire to come in and do work must be licensed, bonded and insured.Because work you are performing to your Condo could possibly effect another condo, the contractor you use has to be authorized by the building to perform the work.

Another large factor involved is that any work to the condo apartment typically has be be authorized by the building management and condo board.  If you are renovating your bathroom or remodeling the kitchen where the plumber will be tapping into the building’s plumbing systems before you do any of the work, you will submit an alterations agreement to the building to make sure the work you are doing isn’t going to negatively effect other apartments.

This process of getting your renovation authorized by the building can take some time, especially if you need permits from the city of New York.

If you are remodeling your house the worker’s can start very early in the morning and stay late into the evening if you want them to.  Not in a Manhattan condo building. There will be building work hours, typically between 9-5pm, Monday through Friday. The limited hours will add to the amount of time it takes to finish a project.

Don’t be surprised if the cost to do what you may think is a simple renovation is more expensive than what you expected.  The labor costs here are much higher than anywhere else.The key aspect to renovate big or small your Manhattan apartment is to work with an experienced general contractor who has a lot of experience working in Manhattan apartment buildings.  Who understand how to process the paperwork, who knows how long and how much a renovation is going to cost.  We work with a number of different contractors who have such experience depending on the type of project you want to undertake.

Because renovations are not as easy as you’d think, that is why there is such a premium price for fully renovated turn key apartments in the city.  Completely unrenovated ore estate condition apartments typically sell at a discount because renovating them is not as easy as you’d think.  If you are looking for an apartment to renovate be prepared to undertake the project or hand it off to an experienced contractor.

Manhattan NY Condos FAQ: How long does it take to close on a Manhattan NY Condo?

We are Chinese-Mandarin speaking agents, and we specialize in Manhattan New York condo market and well verse in all neighborhoods of Manhattan New York.  These frequent asked questions will help educate buyers the buying process and the Manhattan New York Market. As experienced Manhattan condo Real Estate agents, we compiled many other Manhattan NY Condos Frequent Asked Questions you can read here: (http://manhattannycondosforsale.com/tag/manhattan-ny-condos-faq/).

One of the frequent questions we receive is “How long does it take to close on a Manhattan NY Condo?”

***To be specific, this question pertains to Condominium sales in Manhattan, NOT co-op sales.  The closing process for a co-op is very different than a condominium sales.***

How quickly you can close on your Manhattan NY Condominium purchase depends on a couple of different things.

  • Is it a New Construction condo or Resale Manhattan New York condo?
  • Are you buying it ALL CASH or FINANCING?

What kind of building you are purchasing in?

If you are buying a new construction condominium that has their certificate of occupancy and is completed enough that you can move in, then you could probably close within a couple of weeks once the contracts are signed, if you are paying cash for the property.  There is no condo application to submit or condo board waiver needed.  Your closing will depend on how quickly the attorneys can schedule the closing.

If you are buying a resale condominium all cash, then you will have to submit a condominium purchase application, a credit check will be completed, and the condominium board typically has a first right of refusal for the apartment and they must issue a waiver for you to be able to schedule a closing for the apartment.  So in this case the closing depends on how quickly you can submit the application (here is blog post we wrote about condo sales applications).  Often sales applications require some financial documentation, maybe reference letters, documents to be notarized, etc.  The longer it takes for the application to be submitted the longer it takes you to close on the Manhattan NY Condo.  Once the application is submitted the first thing the management company usually does are the credit and background checks.  Each management company works at a different pace, often they will say they have 5-7 business days, to complete the checks, which in reality can turn into 2 weeks.  Then they give the board the application.  Each building is different, but each building will have a certain amount of time they are allowed to review the application, often 3-4 weeks. The board might not take the full 3-4 weeks, sometimes they might issue the waiver in a week, but sometimes it could be the full amount of time.  Once the board issues the waiver for you to purchase then a closing can be scheduled. All in, you are probably looking at approximately 30 days-60 days once the contracts are signed until you can move into the apartment in a resale condominium.

How are you purchasing the Manhattan NY Condo? (All Cash vs. Financing)

An all cash purchase is always the fastest way to close on a Manhattan New York. This means you have all the funds for closing in the bank account, and/or the funds are in an account that can be wired/transfer to a New York bank account to issue the check.

If you are financing the purchase that is probably going to double the amount of time it can take compared to the cash option.  One of the big realities of getting financing for a Manhattan NY condominium in today’s lending environment is that the bank will not only be qualifying you as a borrower but they will also be looking at the building if they want to do a loan in the building.  The qualification of the building is going to be different for every bank.  One bank might be okay with doing a loan in the particular condo building and another may not, even though the banks are using the same information about the building to determine their desire to give you a loan for that building.

Qualifying the Manhattan Condo building is a process that will add time to the closing.  We have seen certain banks able to qualify the building and the buyer, do the appraisal, issue the commitment letter and have underwriting give a clear to close in 45 days from the time of contract signing, but we have also experienced when it takes more than 5 months for the bank to finally give the clear to close.

What also adds time to the closing when you are financing is that in a re-sale condominium building, the purchase application will often require the purchaser to submit the committment letter from the bank within the application.  As we have already discussed, once the application is in the hands of the board in can easily take 30 days to get the board’s approval.  Once the board issues the waiver that the buyer can purchase, then the bank will have the underwriters look at the buyer’s information again before they issue a clear to close.

As you can probably easily see, the process can become arduous and consuming very quickly because there are so many integral steps that have to be done one at a time when financing your purchase.

Conclusion:

Every buyer’s situation will be different and there is no one step by step map for every purchase.  Depending on what you are buying, how you are buying (all cash vs financing), and the building you are purchasing in will determine the approximate amount of time it will take to close.

If you want to know more about what to expect for your OWN situation, contact us today and we will talk to you about how long it will take for you to close on your Manhattan NY condominium.

Other Must Read Useful blog articles:

Checklist for Manhattan New York Condo Buyers

We are Manhattan New York Condo specialists, we work with many out of town first time investors and buyers that would like to acquire a Manhattan New York condo as part of their investment portfolio.

We often have a check list of basic steps to educate the buyers as to how to get started. Here is a good check list:

  • Consult with a reputable lender or mortgage consultant to see how much can you finance in today’s market. In today’s market, lending guidelines are changing by the day, it is in your best interest to see what will it take to qualify for a loan.
  • Do speak to your banker if you have money in bonds and money market. Find out how many days will it take to liquidate your funds so you know once we have a verbally accepted offer. Often in Manhattan New York market place, the seller seeks 10% of the sales price as downpayment at the time of signing contract. With that being said, if you are buying $1M Manhattan condo, you will need $100,000. at contract signing.
  • Do your homework on finding an Real Estate agent to work with. What is it that you are looking to buy? You want to find an agent that is familiar with the product that you are interest in buying. We are very well versed in Manhattan New York market, we have sold many Manhattan New York condos to first time home buyer, first time investors, foreign internationals, parents buying for children and many serious and motivated buyers. A Condo or Co-Op? Uptown or Downtown? Do you speak specific language that you preferred the agent speaks your mother tongue? Do you need an agent that work specifically with foreigners? Go on a search engine such as Google, try type in what you are looking for, and see if any agent shows up on the search result.
  • Do Have a realistic budget of what you are looking for. Manhattan New York condo is approximately $1,000 per square foot, so unless you are looking for a 500 SF one bedroom, you will need more than $500K to buy a one bedroom condo. (the price will also depend on the building amenities, such as fitness center, residents lounge, roof deck, basketball court, swimming pools and etc.)
  • Do speak to an accountant to see if you need to structure the purchase in a specific way to enjoy the tax deductible benefits of buying a Manhattan Real Estate. If you are a first time home buyer, is it beneficial to co-purchase the condo unit with your parents or alone; If you are an foreigner, is it better to buy it under your own name or start an LLC?; If you are an out of town investor, is this purchase going to be an investment property or?
  • Do have a Manhattan New York Real Estate attorney ready. Manhattan Real Estate transaction requires each buyer and seller to have an attorney representing them in drafting and finalizing the contract. A good attorney can save you headachs, money and risks, ask your agent to refer you (3) attorneys so you can call and interview. Explain to the attorney what you are planning to do, and see which attorney you feel most comfortable to work with.

If you would like to find out more information or learn about more Manhattan New York investment opportunities, please contact me today.  Email us today (http://manhattannycondosforsale.com/contact/) call (646)644-6929.

Manhattan New York condo buyers frequent asked questions:

Chinese Speaking Real Estate Agent – Eileen Hsu

Eileen Hsu, Chinese Speaking Real Estate agent in Manhattan New York. Eileen (許小姐) is Chinese and English speaking Real Estate agent in Manhattan New York. Eileen is also a Vice President 副總 of prestigious Manhattan Real Estate firm Prudential Douglas Elliman. Eileen and her team is Ranked in the Top 2% of Sales Professionals & Teams in the United States Prudential Real Estate Network. Eileen has a team that service both sellers and buyers of Manhattan New York market.

TriBeCa-Manhattan New York

Tribeca was one of the first Manhattan neighborhood’s named after the area that it is located in.

The Triangle Below Canal Street is located between the Hudson River and Lafayette Street and running approximately from North of Battery Park City up to Canal Street it’s northern border.   The neighborhood was historically known for it’s light manufacturing and warehousing businesses.

Much like Soho, it’s very well known and desirable because these former industrial buildings were converted into residential apartments, most notably the loft apartments.  Behind the facade of these historical buildings are tremendous voluminous spaces with great ceiling heights, over sized windows and typically luxuriously appointed.  The unique nature of these lofts creates an open and airy feel that has been and will continue to be in high demand.   Desired not for just it’s architecture but Tribeca has a wealth of neighborhood amenities.  Popular shopping, restaurants, cafes are found throughout the area.

New condominium development such as One York, 200 Chambers, 101 Warren, Pearline Soap Factory, among others have been a draw for this neighborhood. With it’s general proximity to many other downtown neighborhoods along with the individual characteristics have made the neighborhood a very popular Manhattan residential neighborhood.

Other Fantastic Manhattan Neighborhoods:

International students’ parents buy NYC Condos

Many of our foreign buyers are parents of International students from Europe, Asia, Canada, Latin America and other countries. Other than many career and investment opportunities, Manhattan New York has many distinguish universities and colleges that offers many international students undergraduate and graduate degrees. We helped many parents of international students from New York university, Parsons school of Art and Design, School of Visual Arts (SVA), Columbia University, the Jillard school, Cooper Union and other academic institutions.

Here are some options for international students and the parents to consider:
School dormitory: If the student is very young and new to New York, the first year or first 6 months they usually stay in the dormitory so they can familiarize themselves with the city. This option is usually more expensive than renting an non-dorm apartment in the school surrounding areas.
Renting an non-dorm apartment: This option costs slightly less than dormitory, although as an International student or foreigner, majority landlords requires extra security deposit sometimes up to 6 months of rent upfront to 12 months rent to establish relationship and security. If the student or parents do not have United States social security number, nor US credit history, the parents usually have to pay for one year upfront to obtain an rental apartment.
Buying a Manhattan New York condo or building: This is often the option for most of the international parents chose. In today’s market, there are well priced Manhattan New York condos for international students and parents to choose from.  The important thing is to establish the location, the price range and the time frame to maximize the Manhattan New York condo search.
Call us directly at (646)644-6929 to discuss your specific purchase as an international student or parents.

Buying a Manhattan New York Condo as parents buying for children, you should plan ahead, and speak with all the parties involved (not you and your child but rather the right mortgage consultant/banker, accountant and a knowledgeable Manhattan Real Estate attorney.)

  • Mortgage consultant: If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
  • Accountant: If you are planning to co-purchase the condo with your child, be sure to discuss the possible tax complication you may have with your accountant. Speak to your accountant prior to your purchase can be very helpful.
  • Manhattan Real Estate Attorney: In addition, speak to a local Real Estate attorney will be helpful as well since the local Manhattan Real Estate can also advise you what is the best way to structure the purchase and think about who/how should take the title of the deed.

Call us directly at (646)644-6929 to discuss your specific purchase as an international student or parents.

Foreign Buyer Buy NYC Condos-FAQ

We as Manhattan Real Estate professionals, we work with many international foreigners wanting to invest in Manhattan Real Estate. In addition to educate foreign buyers about the maze of Manhattan Real Estate market, our specialty is facilitate the purchase to ensure the transaction is smooth and successful. Below are some frequent asked questions by our foreign buyers, the answers are formulated by our team of professionals (tax accountants and attorneys who also specialized in foreigners purchase in Manhattan New York.) These answers are general and not case specific.  To best address your specific needs,contact us directly by email or call (646)644-6929.

Can Foreign Nationals buy a NYC condo without having Social Security Number or US residency?
Yes, they can legally, but have to meet the NYC Condo board’s requirements for approval. At the sale of the real property, Non-resident aliens are subject to federal withholding tax at 10% of the gross sales price, and to a 8.97% New York State estimate income tax on the net sales proceeds (gains).THUMBNAIL

Can Foreign Nationals with work visa or student visa buy Manhattan Properties?
Yes, they can legally, but have to meet the condominium/coop board’s requirements for approval.  If they remain non-resident aliens at the time of the sale of the real property, they will be subject to the same taxes at the time of sale, as above.

If not, what kind of documents should a foreign nationals prepare to be able to buy?
In order for a Foreigner to buy NYC condo, they need to have  a valid passport and/or other official photo ID for identification purpose.

What are the Options for Foreign Nationals (non-residents aliens) to hold title for NYC condos: (these answers are information only, we are Real Estate professionals, therefore, before you make a specific decision, we recommend you to discuss with our team of attorneys and tax accountants for your specific case.)

  • Individual: Individual may be exposed to unlimited personal liability, and to estate issues, for instance, inheritance,  will probate and estate administration, when the individual owner dies.
  • LLC: Limited Liability Corporation provides insulation for members from personal liability, but will incur maintenance costs, such as  filing fees for its formation, annual franchise tax  and is subject to higher formation costs (higher than a corporation).
  • Trust: Trust is an unincorporated entity, cannot hold title by itself; title must be reqistered in the  individual trustee’s name.;  the individual trustee may be exposed to unlimited personal liability.
  • S Corporation: S Corporation is a legal entity, insulates shareholders for from personal liability, does not pay income tax itself, the income tax liability is attributed to the shareholders.  It is subject to filing fees for incorporation, annual franchise tax, etc.
  • C Corporation:  C Corporation is a full fledged legal entity.  It provides shareholders insulation from personal liabilities.  It is a taxable entity for corporate income tax.  Any distribution of after tax profit to shareholders in the form of dividends will be subject to income tax for the shareholder.  It incurs maintenance costs, such as filing fees for incorporation, annual franchise tax, etc.  Its filing fees are less than that for the LLC.
  • Limited Partnership: the limited partner’s liability is limited to his/her capital interest in the limited partnership, whereas the general partner will be subject to unlimited personal liability.  Limited partnership, like general partnership does not pay income tax.  The income tax liabilities are attributed to the individual partners. A limited partnership need to file the partnership agreement with the government.

*These answers are general and not case specific. To best address to your specific case, contact us directly at (CONTACT US) and we can set up a confidential consultation.

If both husband and wife have green cards, will they pay tax similarly as above options?
Resident individuals owning real property pay the same taxes, but not subject to the gross 10% federal withholding tax and the 8.97% New York State estimate income tax on the gains at the sale of the real property.

Can the Foreigners avoid United States taxes?
The taxes cannot be avoided.  The non-resident investor must pay the above taxes at the time of closing of the sale, without the tax payments, the deed will not be accepted for recording.  After having paid the taxes, the non-resident investor may, but need not, keep the proceeds in the U.S. without additional tax (except income tax on the interest payment on such proceeds).