The Jane Advisory Loves New York City!
Together we live in 5 neighborhoods across 3 boroughs (Manhattan, Brooklyn, and Queens) - and our love for (and knowledge of) this city is endless and massive.
We love matchmaking our clients with their perfect home, in their ideal neighborhood. Keep on reading to see our (not so) secret tips for buying in one of the greatest cities in the world.
Our Tips for Purchasing in NYC
Buying in New York City can feel overwhelming or daunting - but it doesn’t have to! It is important that every homebuyer in NYC be equipped with these tips in order to understand that real estate in the fast paced city that never sleeps is in fact a linear process and attainable when guided by the right agent (and also that this city DOES actually sleep sometimes!). Each one of us has chosen our top tips to share with you below!
Danielle Lurie
Big City, Small Towns
Know that New York City really is a large collection of small towns, and each town or neighborhood has its own market trends and therefore should have its own buying strategies. Focus less on the big market picture and more on what the neighborhoods you love are up to.
Who you work with really matters
To see a deal in NYC through you will need three people who really get your back: Your Agent, your Mortgage Broker or Banker, and your Real Estate Attorney. And each of these people should come with track record of seeing deals through while being knowledgable about their roles and also a pleasure to work with. This is a people business and you want your team to represent you with elegance, compassion, and dedication.
Take Care When Buying New-Development
(And make sure you have a great agent on your side if you do it!)
Since 2013 over 16,000 new condos have been built in New York across all boroughs (with over 5,000 as yet un-built condos listed on the market today). Of those built, 1 of 4 have YET to be sold. While this over supply might seem appealing to buyers looking for deals, we want our clients to be aware of two things:
1) While the positive of living in a brand new home is that it’s untouched, the downside is that no previous owner has vetted the property and weathered the inevitable kinks that come from owning a brand new build. Unlikely buying a home from someone who has renovated it themselves to live in it, developers are creating homes en masse and not all will dot their i’s or cross their t’s the way a buyer would expect them too.
2) The best way to get a deal on a new build is via closing cost concessions, rather than negotiating down on the price. Developers prefer to keep sales prices high but often will cover a large percentage of the buyer’s closing costs to make a deal happen.
Allison Sprouse
Get to know your neighborhoods - and have fun doing it!
When beginning the buying process in NYC I recommend Moving Slow to Go Fast - get to know each desired neighborhood on an intimate level. With so many up-and-coming neighborhoods across NYC, Brooklyn, and Queens, many clients come to us eager to know the market trends across many neighborhoods because they aren’t sure which area is right for them. We suggest you go exploring neighborhood hot spots before you even start looking at properties. Before moving to Brooklyn from Manhattan, one client couple of ours rented an AirBnB in Park Slope for a weekend to see what it was like to wake up there and make a life there.
Lindsay Proud
Understand what you can afford before you start looking.
Just because you are pre-approved by a mortgage broker or banker you still might have difficulties being approved by a board especially in a CoOp. CoOp and condo boards looking at your debt to income ratio to help determine if you are financially stable enough to purchase in their building. In NYC a CoOp usually looks for a DTI between 25-30% while condos tend to be a little more lenient.
Molly Gyllenhaal
Imagine you lived in a one room home. Which room would it be?
As new buyers, my clients’ taste are always evolving as they see more and more new listings. Sometimes it is helpful to ask yourself what is the most important place in your home. When you ask what room your one room home would be, often it will help buyers zero in on what is most important.
Zsuzsanna Bircsak
Visit the apartment you are wanting many times.
This is not a small decision you are making here and it makes sense that you'd try on this new home to see if its fits in a few different ways! I recommend you especially see it during the evening when the lighting is different. Walk through the space as if you already live there and trust your gut: if it feels like home even the next day after you slept on it, it is probably the one!
Our Favorite Places in NYC
Danielle: Any Rooftop, Anywhere.
There are few greater treats in New York City than sneaking your way onto a rooftop. No matter the height or shape of a building, no matter if the roof is all decked out or totally empty with "Do Not Enter" signs plastered everywhere, no matter if someone gives you permission to enter or if you just GO stepping onto any NYC rooftop at any time of day will reward you with something unexpected. You'll see a sliver of the city you'd never seen before, the air will feel different than the air on the ground, and for just a moment, you will have city wings and you will be flying. (NYC Tip: most "Alarm Will Sound" signs on rooftop doors are not connected! Your heart will race as you push it open, but it will likely be okay!)
Allison: Village Vanguard
Located in Greenwich Village, the Village Vanguard has been the leading small venue for jazz since the 1950’s and has hosted some of the most celebrated Jazz artists. My first rendezvous with the Vanguard happened two years before moving to New York. I descended down the stairs into a dark and cozy room filled with photos of some of the most iconic jazz singers that had once graced their stage. The lights dimmed and jazz began to play over the subtle roar of the subway that gently vibrated against my back and immediately I was transported to another world. I have now lived in New York for seven years and I continue to be smitten with the Village Vanguard!
Lindsay: Catbird Jewelry
Catbird is a woman owned-and-operated jewelry business, not only selling beautiful jewelry but consciously making an impact in the jewelry industry! Catbird makes everything right here in their beautiful Brooklyn studio, and all of their diamonds are ethically and responsibly sourced and all brilliant-cut diamonds in their line are recycled. I bought my first piece of jewelry from Catbird before I moved to New York, and now nearly 10 years later, I enjoy walking by their Brooklyn locations regularly and continue to support their business.
Molly: Alice’s Tea Cup
Located in the Upper West Side, Alice’s Tea Cup is the CUTEST place in NYC! I attended LaGuardia high school and often, my friends and I would find ourselves at Alice’s Tea Cup immersed in a world fairytale magic after school. This Alice in Wonderland themed world offers an endless option for tea, delicious scones - with an actual side of “fairy dust”, triple tiers filled with yummy treats- as well as soups and salads! I recommend the wedding chai tea, literally ALL the scones, and cucumber and watercress sandwich. This whimsical tea room celebrates the power of imagination and will live on as one of my most favorite NYC eateries forever!
Zsuzsanna: The East River Ferry
The East River Ferry provides an affordable and most fun way to travel between waterfront communities throughout New York City. I love grabbing a seat on the top, taking in the city views with the sun on my face and the breeze in my hair. I often make a quick stop at the Smorgasburg market for a quick bite and exploration of Williamsburg resulting in the most perfect day!
Interested in learning more aboutnew yorkcity real esate? We would love to help!
Sell - Buy - Rent | The Jane Advisory
With over $100 million in real estate transactions under our belt and our business doubling in size each year - coupled with Compass' rise to a valuation of $6.4 Billion - we are ready to help our clients achieve their real estate goals! Click here to find out more about The Jane Advisory!
