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Closing Costs NYC: Condo vs Co-op Buyer’s Guide 2019

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Despite having to pay sky high prices for apartments in New York City, some NYC buyers may not even realize that there are additional closings costs that they haven’t considered. The extra costs can really add up, especially for condos. In this article, you’ll see a comparison of condo vs co-op closing costs NYC buyers pay.
Co-op vs Condo: How much should I expect to pay for buyer closing costs in NYC?

Overall when purchasing a co-op in NYC, buyers should expect to pay about one to two percent of the purchase price, or two to three if the apartment costs more than $1 million. As for condos, expect two to four percent as a safe range, the lower end for properties under a million dollars with small mortgages. New construction can be much higher, in some cases above 5%. You can quickly estimate what you’ll pay with Prevu’s closing costs calculator for buyers.
Why are NYC condo closing costs higher?

It’s a double whammy, condos cost more in price terms and they also have higher real estate closing costs! The reason is that when you are buying a condo with a mortgage you a required to pay a mortgage recording tax and typically required to purchase title insurance. While if you purchase a co-op with a mortgage, you are not. Technically when you are buying a co-op apartment, you are buying shares in the co-op and have a proprietary lease on the apartment. While it may be possible to purchase title insurance for a co-op, most opt not to buy it.

SIMPLE MAKEOVER FOR YOUR APARTMENT BEDROOM

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How to Makeover Your Apartment Bedroom Without Making Major Changes

Tired of dealing with a boring bedroom? It can be tricky to know how to add some personality to your bedroom when you are renting an apartment. You don’t want to commit to any permanent changes, but you also don’t want to lose your personal style. So, how can apartment dwellers find a compromise? By using these tips to create their dream bedroom.

 

Add Some Style to Walls, No Painting Required

A splash of color on your walls can make the biggest difference in your bedroom. When you live in an apartment, however, a new paint job may not make sense, as it’s not easily reversible. So, how can you makeover your bedroom without losing your deposit? Well, you actually have quite a few options! One way to add some personality to apartment walls is with your very own gallery wall, which you can accomplish without damaging walls. You can use a simple tool to hang prints from your favorite local artists or any other decor that compliments your personal style. Want to make an even bigger statement but still don’t want to paint? Modern wallpapers make it easy with soothing prints that cling to your bedroom walls without causing permanent damage. When you’re ready to move, you can simply peel it off.

 

Save Bold Patterns and Colors for Pillows and Curtains

If you want to be able to relax in your bedroom, you need to stick to calming colors for the wallpapers and artwork mentioned above. Earthtones are often the easiest ways to blend your decor with white or off-white apartment walls, and they can also enhance your sleep. When you have your heart set on adding some pops of color to your room, you can do so easily with textiles. As you decorate and refresh your bedroom, be sure to focus on window treatments as a way to liven up the space. In addition to using bold, fun patterns and colors, you can also opt for blackout curtains that will turn your room into a sleep haven. You can also try some DIY throw pillow covers, which require no sewing to update the look of your bedroom.

 

Look for Furniture That Will Serve More Than One Purpose

Living in the city often means dealing with limited space, and your bedroom is no exception. If you plan to makeover your furniture, you need to ensure you choose options that are made for multitasking. That means shopping for a bed that has some space for storage underneath or a bookcase that can also serve as a laptop desk. Still wishing for more room in your bedroom? If space is really tight in your home, you can easily makeover your bedroom with a stylish Murphy bed. This can be a fun DIY project if you’re up to the task and can help you make the most of the square footage you do have in your bedroom. You can use a screen and some pillows to turn that extra space into a meditation zone, for even more relaxation in your bedroom.

 

Find Ways to Save on All of Your Bedroom Makeover Materials

Since you’re making over an apartment bedroom, chances are you will be moving again at some point in the future. So, it may not make sense to splurge on pricey furniture and decor, just to have those items not work in your next home. That’s why it’s smart to stick with budget-friendly retailers when you are buying new items for your bedroom. You can usually find small space-friendly furniture at stores like Target and World Market, and IKEA is always great when it comes to buying items you can easily hack into statement pieces. Another easy way to add unique style to your bedroom without breaking the bank is to shop for flea market finds that you can upcycle into furniture and decor for your makeover project.

 

Don’t settle for a basic bedroom just because you live in an apartment. With some simple changes, you can have a dreamy bedroom you cannot wait to come home to every night. So, have fun making over your bedroom!

 

Photo Credit: Unsplash

Written by: Erin Reynolds of diymama.net | erin@diymama.net

Contact Metropolis Apartments for all your real estate needs.

 

Home Improvements That Will Help Sell Your Apartment on Any Budget

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Home Improvements That Will Help See Your House on Any Budget

The last thing any home seller wants is for their apartment to sit on the market for months without a reasonable offer. Unfortunately, that’s exactly what happens to many sellers. Often, the place itself is great — it’s the presentation that’s lacking. Besides setting the right asking price, the best thing buyers can do for a quick sale is to improve their home’s appearance.

The extent of pre-listing home improvements will depend on your apartment’s condition, price range, and local market. If you’re selling a newer, affordably priced apartment in a seller’s market, a few small updates should be plenty to draw buyers in. But if your home is showing its age or you’re selling in an upscale real estate market, expect to spend more to meet buyers’ expectations.

High-End Updates

Buyers in the luxury housing market want a space that’s equipped with amenities not found in the average home. However, if you’ve owned your apartment for several years, features that were state-of-the-art when you bought it might feel dated today. To truly “wow” luxury home buyers, make these changes before you sell.

  • Replace kitchen appliances with professional-quality models in modern finishes.
  • Refinish kitchen cabinets and install new cabinet hardware.
  • Install smart home essentials, including smart thermostats, lights, smoke and CO detectors, and surveillance cameras.
  • Repaint interior walls.
  • Refinish hardwood floors.
  • Update lighting fixtures with contemporary designs, paying special attention to kitchens, bathrooms, and entryways.
  • Rent furniture and artwork for staging; store your belongings offsite.
  • Hire a professional cleaning service, including upholstery and carpet cleaning.

Luxury Defined recommends sellers look around the neighborhood to see which amenities are popular. If every apartment for sale in your price range has granite countertops, yours should as well. But if apartments with spa-like bathrooms aren’t netting a higher price than those without, it’s likely a feature you can skip.

Affordable Improvements

If you’re worried that updating your apartment before selling has to be costly, don’t be. Outside of major work like kitchen or bathroom updates, most sellers don’t have to spend a lot to get their home market-ready. Sellers who want to save on home improvements should shop around for extra savings opportunities. Many home improvement stores have weekly deals and rewards. For example, Lowes coupons or Home Depot weekly deals can help your budget go further. Sellers who take advantage of discounts can easily knock the price of these home improvements to under $100. However, before you commit to DIY, follow Money Talks News’ advice and ensure you have the skills to do the job right.

Then, focus on the following DIY changes:

  • Replace the welcome mat.
  • Buy potted plants to decorate the space.
  • Deep clean and declutter your apartment; store boxes in the basement, or off-site.
  • Organize bookshelves, closets, cabinets, and other storage areas.
  • Rent a steam cleaner to clean carpets.
  • Repair scratches in wood floors and crumbling grout in tile.
  • Remove personal decorations and hang inexpensive framed art prints in their place.
  • Purchase fresh flowers to set out in the kitchen, dining room, and bathrooms before showings.

If you want to sell your apartment quickly, you have to put your best foot forward from the day you list. Give yourself plenty of time to complete these improvements so your place hits the market looking its best. While some motivated sellers may be able to get their home listing-ready in just a couple of weeks, most should plan at least a month for repairs and improvements.

Written by: Suzie Wilson ⎸info@happierhome.net  ⎸Happier Home

Image via Unsplash

For: Metropolis Apartments | Contact us for for all your real estate needs.

The Upper East Side: A Posh Neighborhood in Uptown Manhattan

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The Upper East Side is a Posh Neighborhood in Uptown Manhattan

When we think of the Upper East Side, images of wealthy residents and their purebred dogs come to mind. You also visualize trees lined community with beautiful houses on both sides of the streets. Well, you are not off the mark as this borough of Manhattan is indeed home to some of the wealthiest and influential people of the country. The Upper East Side is indeed a posh locality famous for its affluent residents.

 

High home prices and rents

The Upper East Side is bound by 96th Street, 59th Street, East River, and Fifth Avenue on its north, south, east, and west respectively. Median home prices in this neighborhood are $1.1 million while median monthly rents here are touching $2400. A lot of people are attracted to the Upper East Side, especially Museum Mile which is always buzzing with activities. However, the historic architecture of the buildings and clean sidewalks make it clear that this neighborhood hast a rather relaxed and calm atmosphere.

 

Relaxed and refined living

Central Park is, in many ways, the heart of Upper East Side. This sprawling park is full of greenery and provides an opportunity to the residents to have fun with friends and families, also enjoy its nature. This park will become your playground if you choose to make UES your home. You will find this neighborhood just like Paris. It feels so refined and aloof from the rest of Manhattan that you will feel as if you have come into another city.

 

Paradise for people with artistic leanings

Upper East Side is home to the famous Museum Mile, a mile long stretch that contains some of the finest museums around the world. If you are fond of art and culture, you would love to spend your time in some of these museums like Met, Jewish Museum, and the Guggenheim.

If you are looking for nightlife, you should go to Second Avenue. You will be surprised that there are no clubs here. But the Irish pubs on this street are very welcoming and remain open till late in the night. People enjoy alcoholic drinks, music, and dancing in the Irish pubs.

As far as real estate is concerned, you will find expansive townhouses and luxury apartment buildings with uniformed doorman standing at the front of the gate. Towards the eastern part of the Upper East Side, you will find one and two-bedroom apartments that are surprisingly affordable.

Upper East Side has a beauty and charm that is attracting more and more families. There are a lot of great schools, awesome playgrounds, and many diverse restaurants.

 

 

The Wellesley

 

https://www.metropolisapts.com/top-5-reasons-hire-real-estate-professional/

 

6 Reasons Why You Need a Buyer Broker Representative in New York City

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6 Reasons Why You Need a Buyer Broker Representative in New York City

Buying a home, condominium, townhouse, or co-op in New York City can be far more challenging than buying a property elsewhere in the United States. The neighborhoods in NYC were established a century ago and have their own unique stamps on the landscape. Hiring a buyer broker representative or buyer’s agent can shorten your search for the right home in NYC. The legal hoops to jump through and the municipal bureaucracy can make buying a home in NYC an exhaustive process without the help of a buyer’s agent.

1.  Local Expert

A buyer’s agent has thorough knowledge of the neighborhoods in the five boroughs of Queens, Manhattan, Staten Island, Brooklyn, and the Bronx. The agent will know about availability, comps, and comparable market values. Want to know which neighborhood is best for families? How about the neighborhood closest to the most popular restaurants and social scenes for singles? The buyer’s agent will be able to tell you all of this and more.

2.  Buyer’s Advocate

When you hire a buyer’s agent, that person is on your side from day one until closing. They work on your behalf, not the seller’s. It’s important to have an agent on your side to advocate for your best interests. This most likely is one of the biggest financial investments of your lifetime, so you would not want to go it alone.

 

Real estate negotiation is an art in and of itself. Trying to negotiate the purchase of a home on your own can cost you thousands of dollars in lost profits. If you’re concerned about paying a buyer agent’s commission, not to worry. The buyer does not pay the buyer’s agent commission, so their services are free to you. The seller’s agent pays the buyer agent’s commission.

3.  Financing Options

A buyer’s agent is aware of all the financing options available in New York City, so they can help you decide what type of mortgage is best or direct you to the best mortgage experts in the city.

4.  Comps

A buyer’s agent should be able to “show you the comps.” Comps is short for comparable sales. It refers to properties similar in size and amenities located in the same neighborhood and seeing how they compare in price with the home you wish to buy. This helps when planning a bid for the house. You wouldn’t want to overbid and lose the home to another buyer.

5.  An Eye for Trouble

A buyer broker representative or buyer’s agent has an eye for spotting problems. Your buyer’s agent has seen many problems occur in the purchasing of homes, so they want to save you from buying a home riddled with future repairs.

Many properties in NYC date back to the 1800s. These antique properties are treasures, but they can also harbor costly and even deadly problems such as asbestos, lead paint, broken sills and foundations. Also, electrical systems from the old days sometimes are unable to work with the new technologies of today. Old knob and tube wiring in old homes can create problems when trying to obtain homeowners insurance. You would not be aware of that if you didn’t have a buyer’s agent to warn you. Buyer’s agents save their clients thousands every day. Other problems that can be spotted by the buyer’s agent are: ungrounded outlets, lack of energy efficiency, pests, roof issues, and potential mold issues.

 

A buyer’s agent should attend the home inspection and take notes. If they don’t, then you need a new one. METROPOLIS APARTMENTS’ agents always attend the home inspection and ask plenty of questions so there aren’t any hidden maintenance surprises for the buyer.

6.  Real Estate Contracts

Real estate contracts can be complex and full of surprises if you are unfamiliar with them. A buyer’s agent knows all about real estate contracts and can recognize problems or issues that may burden the buyer. Contingencies such as a purchase offer as well as important deadlines need to be considered before signing a real estate contract. Your buyer’s agent should have extensive knowledge of these.

 

METROPOLIS APARTMENTS has a team of buyer’s agents well-versed in real estate contract law. We can answer any questions you may have about real estate contracts and the home buying process.

 

Whichever agency you choose, always ask who the agent represents. They must by law have you sign a disclosure form, confirming that you know who they represent in the real estate process (buyer or seller). You will want a buyer’s agent who represents you exclusively, not both you and the seller. That is called dual agency where the agent represents both parties, which is not in the best interest of the buyer.

 

This is the largest investment you’ll make in your lifetime, so why try to handle it alone? A buyer’s agent will be your advocate and can filter the emotional aspects out of the process for you. Often buyers get caught up in the dream of buying a specific type of property and then overlook problems in the home’s structure or in the contract. A buyer’s agent can help you in all aspects of the real estate transaction, and best of all their services are free of charge. The seller pays the commission for both the buyer’s agent and listing agent.

 

METROPOLIS APARTMENTS can help you every step of the way and negotiate the purchase of your next home in New York City. Email us at info@metropolisapts.com to start your home search.

 

 

Buyer Broker in New York City

219 East 84th Street

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219 East 84th Street is a low-rise residential building located on the Upper East Side.

Built in 1974, the 6-story building is made up of 64 units.

The building has Elevator, Laundry room, free Bike Storage Room and a Resident Super.

Studios, one bedroom apartments and also duplexes are available.

Many of the apartments have balconies OR backyards.

       

219 East 84th Street is conveniently located steps away from major public transportation, Fairway market, Whole Foods, restaurants and shops.

TRANSIT INFORMATION

86 St (0.14 miles)
86 St (0.15 miles)
77 St (0.38 miles)

Contact METROPOLIS APARTMENTS to rent at 219 East 84th Street and for all your real estate needs in NYC.

https://www.metropolisapts.com/claridge-house/

945 Fifth Ave

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945 Fifth Ave is a mid-rise, brown brick, rental building situated on top of a two story limestone base.

945 Fifth Ave was built in 1949 and designed by architects Emery Roth & Sons. It’s centrally located on the northeast corner of 65th Street and 5th Ave of the Upper East Side, one of the most affluent neighborhoods in New York City. It is only a stone throw away from Central Park.

The building has a canopied entrance and one of the most alluring water tank enclosures on Fifth Ave.

945 Fifth Ave features a Full Time Doorman, Live-In Super, Elevator and Garage. The apartments feature over-sized windows and luxurious styles that comes with living on 5th Ave.

TRANSIT INFORMATION

77 St (0.28 miles)
68 St-Hunter College (0.47 miles)

 

Please contact Metropolis Apartments if you’re looking to rent an apartment at 945 Fifth Ave.

 

945 Fifth Ave

Liberty View at 99 Park Pl

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The Suites at Liberty View is a luxury, red brick condominium located in the heart of Battery Park City at 99 Battery Place.

At Liberty View you will enjoy panoramic views of Ellis Island, Freedom Tower and Statue of Liberty.

This full service building offers hotel style residential suites. Each apartment features separate kitchens with high end appliances, modern furniture, large living rooms and great closet space.

The spacious marble bathrooms are furnished with towels and toiletries.

The bedroom suites features high quality linens and flat screen TVs.

Some of the amenities include Bike Room, Laundry on Every Floor, Rooftop Deck, Concierge and Elevator.  Enjoy complementary WiFi throughout the building.

 

Rector St (0.15 miles)
Rector St (0.17 miles)
Bowling Green (0.22 miles)
Wall St (0.25 miles)
Broad St (0.30 miles)

Please Contact Metropolis Apartments to rent, buy or sell an apartment at Liberty View.

 

 

Cipriani Club Residences

 

 

Cipriani Club Residences at 55 Wall St

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Cipriani Club Residences is located at 55 Wall Street.

This historic landmark building has been the home to the New York Stock Exchange, the New York Merchants Exchange and the United States Custom House.

Cipriani Club Residences is truly a beautiful limestone and Beaux-Arts architectural masterpiece.

Built in 1842 and converted to a Condominium in 2006. The architect Isaiah Rogers originally designed the building in the Greek revival style. Later, it was enlarged by prominent American architects McKim, Mead & White.

It became a designated landmark in 2002 by the New York Landmarks Preservation Foundation.

Cipriani Club Residences features 106 fully furnished and fully serviced residences. The luxurious apartments come in three different contemporary styles. The spacious residences offer the perfect ambiance for anyone of upscale taste. The remainder banking hall part of 55 Wall Street is now a Ballroom and Event Space.

Some of the amazing services and white glove amenities at The Cipriani include:
🔸Concierge🔸Butler Service 🔸24 Hour Doorman 🔸Fitness Center 🔸Business Center 🔸20,000 Volume Library with private librarian🔸Wine Cellar🔸Housekeeping 🔑Preferred access to the on-site @cipriani restaurant 🔸Rooftop terrace🔸Movie Theater 🔸Hair Salon & Barbershop
🔸 Dry cleaning and laundry services 🔸Personal shopping and delivery services 🔸Lifestyle consulting🔸Child Care 🔸And more.

Contact Metropolis Apartments if you’re looking to buy, sell or rent an apartment at the Cipriani Club and Residences.

 

MANHATTAN LUXURY APARTMENTS

Featured Buildings

 

Cipriani Club Residences

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Cipriani Club Residences is located at 55 Wall Street. This historic landmark building has been the home to the New York Stock Exchange, the New York Merchants Exchange and the United States Custom House. Cipriani Club Residences is truly a beautiful limestone and Beaux-Arts architectural masterpiece.

Built in 1842 and converted to Condominium in 2006. The architect Isaiah Rogers originally designed the building in the Greek revival style. Later, enlarged by prominent American architects McKim, Mead & White.

It became a designated landmark in 2002 by the New York Landmarks Preservation Foundation.

Cipriani Club Residences features 106 fully furnished and fully serviced residences. The luxurious apartments come in three different contemporary styles. The spacious residences offer the perfect ambiance for anyone of upscale taste. The remainder banking hall part of 55 Wall Street is now a Ballroom and Event Space.

Some of the amazing services and white glove amenities at The Cipriani include:
🔸Concierge🔸Butler Service 🔸24 Hour Doorman 🔸Fitness Center 🔸Business Center 🔸20,000 Volume Library with private librarian🔸Wine Cellar🔸Housekeeping 🔑Preferred access to the on-site @cipriani restaurant 🔸Rooftop terrace🔸Movie Theater 🔸Hair Salon & Barbershop
🔸 Dry cleaning and laundry services 🔸Personal shopping and delivery services 🔸Lifestyle consulting🔸Child Care 🔸And more.

Contact Metropolis Apartments if you’re looking to buy, sell or rent an apartment at the Cipriani Club and Residences.

 

MANHATTAN LUXURY APARTMENTS

 

Featured Buildings

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