In Manhattan about 80% of the owned residential housing market is co-op. Condominiums are probably less than 20 %, with townhomes as a small group of select, boutique properties. Purchasing any of them involves some sort of application process. It can be as simple as a request for information between principals in a townhouse transaction, to full finacial disclosure co-op board packages with a rigorous process requiring an interview with a Board of Directors.
August 24, 2007
The folks at SmartMoney TV asked me to comment on camera about common mistakes when buying a home. I'm captured speaking with my hands in this video titled "Avoiding Mistakes Homebuyers Make".
August 23, 2007
I'm back from vacation and hit the ground running this week. I'm catching my breath and catching up on my reading about the credit crisis and it's effect on the Manhattan real estate market. I'll have more to say about that in an upcoming post, but for now I want to share with you an article from our friends at the Wharton School of Business, "What's Ahead for the Stock Market and Quant Funds" about the recent volatility in the capital markets. The New York City real estate market is inevitably tied to the fortunes of Wall Street and the availability of mortgages#151; which from all indications will be more closely scrutinized in the underwriting process moving forward.