NYC Condo-Owners

[yywwyy]

Hello,

I'm looking to purchase a condominium in Manhattan within the next year (Sooner the better). My primary goal for the purchase is as an investment, but would seriously consider living there for the next 3-5 years. I've never purchased property in the US before, so naturally, I'm hoping to gain some basic knowledge through research before I start meeting real estate agents. It would be great to hear from members who have owned / currently own a condominium in NYC in terms of your insight and recommendations for which neighborhoods to look, trends, prices, etc. Also, how would you recommend that I select a real estate agent to work with? Start by recommendations from connections, or is it fairly safe to contact some agents based on listings?

It would be great for me to have some viewing arrangements in NYC starting on May 15th... Is this realistic? Overall, I'm just looking for bits of guidance in this process. Feel free to PM me or let me know if this is not the right place to ask such things.

 

[dah328]

NYC residential property seems awfully volatile for an investment. Residential property values in Manhattan have not been increasing that much lately and the heavy tax burden and notoriously restrictive HOAs in NYC detract from their value as rental properties. If I were looking for residential investment properties, there's a long list of (admittedly less sexy) places that would come before NYC.

 

[Viral]

a good place to look is Jersey City, the "6th Borough" of NYC. This would be a better investment as the rental market is skyrocketing and is still on the rise.

It's got a crazy amount of development and new construction going on right now. PM me for details..........I own a condo there and love it.

 

[akatsuki]

I own in Williamsburg and have seen a pretty nice level of appreciation. If I was going to buy another place for investment, I'd consider either Harlem, West Bushwick, Greenpoint or Fort Green. Each has their trade-offs and issues, but also has opportunity for appreciation.

 

[TracyWilson]

I agree with Akatsuki, these listing are worth looking at.