Memorial Day Weekend 2023: 6 Activities in NYC & The Hamptons

Memorial Day weekend is right around the corner, and if you're looking to make the most of your time in NYC and The Hamptons, we've curated a list of must-try experiences for a memorable holiday weekend:

Governors Island Opening Weekend

Kickstart your summer by visiting Governors Island, which reopens for the season during Memorial Day weekend. Explore the beautiful green spaces, bike rentals, art installations, and delicious food options.

 Dates: May 26th - May 28th

Location: Governors Island, New York Harbor

Brooklyn Memorial Day ParadeDate

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Join the lively Brooklyn Memorial Day Parade, showcasing a diverse mix of community groups, marching bands, and veterans. Celebrate and honor the sacrifices of our heroes in this spirited procession. This is one of the longest standing Memorial Day Parades in the country, and 2023 will mark its 156th installment.

 Date: May 29th

Location: Third Avenue, from 78th Street to 101st Street

Washington Square Outdoor Art Exhibit

Immerse yourself in the vibrant world of art at the Washington Square Outdoor Art Exhibit. Discover an array of exquisite artworks, including paintings, sculptures, photography, and more, created by talented local artists

Dates: May 28th - May 30th

Location: University Place, from East 13th Street to West 3rd Street

Watermark Beach Memorial Day Rose all Day Fest

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Pier 15 has been transformed into a Summer Oasis complete with tiki décor, seasonal drinks, and twinkling lights. The venue has a 40-foot bar and new cabanas. The Memorial Day party will endless rose and live DJs – more information available here.

Rosie’s Residency Pop-up Series

Rosie’s in Amagansett is one of The Hamptons most popular restaurants. After a successful winter series, they are launching their Summer pop-up series Memorial Day weekend. The summer series will feature various restuarants from New York City. Each residency will last for two weeks, and tables will enjoy a pre-fixe family-style dining format. If you are not looking to reserve, try your luck as walk-in to the bar where an a la carte bar menu is available.

Memorial Day weekend will kick off with Bottino’s residency. Reserve your table in advance via Resy

Dan’s Rose Soiree

The Hamptons kickoff event of the Summer hosted at the Southampton Arts Center. Tickets include tastings for over twenty locally sourced Roses from South and North fork wineries as well as around the world. Fifteen top chefs will be offering up bites throughout the evening.

More info and to buy tickets

Date: May 28th, 2023: 6:30-9pm

 Location: Southampton Arts Center, 25 Jobs Lane, Southampton

Make the most of your Memorial Day weekend in NYC by attending these incredible events. From paying homage to the fallen heroes to enjoying outdoor activities and immersing yourself in art and culture, there's something for everyone to enjoy during this special holiday weekend.

5 Best Mother's Day Activities in NYC and the Hamptons

Mother’s Day is quickly approaching, and it's time to start thinking about how you want to celebrate the special woman in your life. If you're a resident of Manhattan or The Hamptons, you're in luck as we are rounding up some ideas at the best spots in each locale. There are plenty of activities to indulge in and gifts to give that will make this Mother's Day unforgettable. Here are the top 5 things to do for Mother's Day in NYC and The Hamptons, along with gift ideas that your mom is sure to love.

Top 5 Things to Do for Mother's Day in NYC and The Hamptons

Indulge in a Mother's Day Brunch

Brunch is. a great option to enjoy the many fabulous restaurants in New York and The Hamptons and ease into the day

Treat your mom to a delicious brunch in one of NYC or The Hamptons' most luxurious spots. A few noteworthy options include The Plaza Hotel's Palm Court, Lindens, and Balthazar in SoHo.

In The Hamptons, check out Jean-Georges at Topping Rose House for a brunch experience she'll never forget. Additionally, the annual Mother’s Day brunch at Claude’s at the Southampton Inn is not to be missed! We’ve also curated a list of new Hamptons restaurants that opened last summer that come highly recommended as well.

Pamper Her with a Spa Day

If your mom loves to be pampered, book her a day at one of NYC or The Hamptons' most renowned spas. Some top-notch options include The Four Seasons Spa in Downtown Manhattan, The Mandarin Oriental Spa in Columbus Circle, and Naturopathica in East Hampton. There, she can enjoy treatments like massages, facials, and more.

Gift Her a Bouquet of Flowers

No Mother's Day is complete without a bouquet of flowers. If you're in NYC, head to Ode à la Rose in the West Village for a stunning arrangement. In The Hamptons, check out Sag Harbor Florist or The Garden at Water Mill for some of the most beautiful bouquets on the East End.

Treat Her to a Special Dinner

Give your mom a night off from cooking and take her out for a fancy dinner. Some of options in NYC include Le Bernardin in Midtown, Eleven Madison Park in Flatiron, and Carbone in Greenwich Village. In The Hamptons, don't miss out on Tutto il Giorno or The 1770 House.

Take a Mother's Day Getaway

If you really want to make Mother's Day special, plan a weekend getaway to The Hamptons or upstate New York. Rent a luxurious Airbnb or book a room at one of The Hamptons' most luxurious hotels, like The Maidstone or The Baker House 1650. There, you can spend the weekend enjoying the beach, hiking, or simply relaxing.

Mother’s Day Gift Ideas

If you and your Mom are unable to spend quality time together - the ultimate gift - below are some elegant gift ideas centered around the Home and Lifestyle that she will love.

Shop the gallery below:

5 Things to Do in NYC this Spring: Rooftop Bars, Cherry Blossoms, Hiking & More

As the weather warms up and the flowers start to bloom, there's no better place to be than New York City. The city is alive with energy and there's always something new and exciting happening. For New Yorkers who want to stay on top of the latest happenings in the city, we've put together a list of the top 5 things to do in NYC this Spring.

Visit the Cherry Blossom Trees in Central Park

After a long winter, enjoying the beauty of Central Park during the Spring season is one of the top things to do

As the weather warms up, the cherry blossom trees in Central Park burst into bloom, creating a stunning display of pink and white flowers. Take a leisurely stroll through the park, taking in the beautiful scenery and the fresh air. It's the perfect way to unwind after a long day at work.

 Enjoy Cocktails at the Best Rooftop Bars in NYC

via Warm weather is the perfect excuse to flock to the many rooftop bars throughout NYC

What better way to celebrate the arrival of spring than by enjoying cocktails with a view? New York City boasts some of the best rooftop bars in the world, and many of them offer stunning views of the city skyline. Check out hotspots like Westlight in Williamsburg, The Ides in the Wythe Hotel, or the 230 Fifth Rooftop Bar. Plus, they probably have some pretty awesome Instagrammable views!

 Attend a Spring Festival or Street Fair

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One of the best things about Spring in NYC is the abundance of street fairs and festivals. From the New York Botanical Garden's Cherry Blossom Festival to the Brooklyn Flea Market, there's something for everyone. Take a stroll through these vibrant events, sampling delicious food and discovering unique handmade crafts.

 Take a Hike in the Hudson Valley

The Hudson Valley is the perfect day trip from NYC and offers stunning scenery

While the city is great, sometimes you just need to get away from the hustle and bustle. The Hudson Valley is just a short drive from NYC and offers some of the best hiking trails in the region. Take a day trip to explore the lush greenery and scenic views.

 Explore the Latest Art Exhibitions

The Guggenheim is one of the top museums in NYC

Spring is a great time to explore the latest art exhibitions in the city. From contemporary installations at the Whitney Museum of American Art to classical paintings at the Metropolitan Museum of Art, there's something for every art lover. Plus, many museums offer free admission on certain days, making it easy to indulge your artistic side without breaking the bank.

Whether you're a seasoned New Yorker or just visiting the city for the first time, there's no shortage of things to do this Spring. From admiring the cherry blossom trees in Central Park to enjoying cocktails at the best rooftop bars in the city, there's something for everyone. So, get out there and make the most of the season!

Renting an NYC Apartment: Standard Procedures and Tips for Navigating the Real Estate Market

Finding an apartment in New York City can be a daunting task, especially for first-time renters. The city’s high cost of living and competitive real estate market can make it challenging to find affordable housing. We will explore the standard procedures for renting an apartment in New York City and provide some tips on how to navigate the city’s real estate market.

Renting an NYC Apartment: The Basics

The first step in renting an apartment in New York City is to determine your budget. Many new renters in New York are surprised to find out that the standard procedure for renting an apartment in NYC is to make 45 times the monthly rent in annual income. For example, if the monthly rent is $2,000, you would need to make at least $90,000 per year to qualify for the apartment.

While having good credit score and some money saved in the bank help, landlords want to see that you are financially secure and have money coming in on a monthly basis to pay the rent.

Once you have determined your budget, you can start your search for an apartment. There are several ways to find available apartments in NYC, including online listings and real estate brokers. We highly recommend working with a qualified real estate agent to help find your apartment as we have access to more inventory than someone not in the industry. In fact, changes to popular sites such as StreetEasy in recent years now require agents to pay if they want their listing to appear on the site.

Working with a real estate agent in a competitive and complex market like NYC is crucial to helping you through the process

When you find an apartment you are interested in renting, you will need to submit a rental application. The application typically requires proof of income, a credit check, and references. If you are approved for the apartment, you will need to sign a lease agreement and provide a security deposit, which is usually equivalent to one month’s rent.

Your real estate agent will help you negotiate terms of the lease.

Navigating the NYC Real Estate Market

The NYC real estate market is notoriously competitive, which can make finding an apartment challenging. However, there are several tips you can follow to increase your chances of finding an apartment that meets your needs and budget.

One tip is to start your search early. The NYC real estate market moves quickly, and apartments can be rented within hours of being listed. By starting your search early, you can get a head start on other renters and increase your chances of finding an apartment before it’s rented. Additionally, this will help you get a sense of the type of inventory that exists within your desired price range.

The New York City rental market moves very quickly - having all your documents and financial information prepared before your search is important

Another tip is to be flexible with your search criteria. It’s unlikely that you will find an apartment that meets all of your requirements, so be prepared to compromise on certain features. For example, if you are looking for a two-bedroom apartment but can only afford a one-bedroom, consider a convertible apartment or a studio with a separate sleeping area.

Finally, be prepared to act quickly when you find an apartment you are interested in. Have all of your paperwork and finances prepared before you start your search so that you can submit an application as soon as possible. This can increase your chances of being approved for the apartment and securing it before other renters.

Renting an apartment in New York City can be a challenging process, but it’s not impossible. By understanding the standard procedures for renting an apartment in NYC and following some tips for navigating the real estate market, you can find an apartment that meets your needs and budget. Whether you are a first-time renter or a seasoned apartment hunter, there are resources and tools available to help you find the perfect apartment in the Big Apple.

Questions about renting in NYC or looking to find your next apartment? Get in touch with us today.

Benefits of Investing in a New York Luxury Home

New York City is a cultural and financial powerhouse, attracting people from all over the world. The city's strong job market, diverse population, and vibrant energy make it an ideal luxury real estate investment destination. Owning a luxury home in New York City is not only a status symbol but also a smart investment. But what makes investing in a New York luxury home a good idea? As experts in New York luxury real estate, we’ve rounded up some of the top benefits of choosing New York for your next high-end investment. 

Why Is Investing in a New York Luxury Home a Good Idea?

New York City has long been regarded as one of the world's most exciting and dynamic cities, with its iconic skyscrapers, bustling streets, and world-famous attractions. But what makes New York City truly special is its status as a global finance, culture, and innovation hub. The city has some of the most influential businesses and institutions, such as the New York Stock Exchange, the United Nations, and more recently, is an emerging tech hub. It's also a cultural melting pot, with people from all over the world coming to live, work, and play.

Investing in a New York luxury home is a wise investment that can bring you significant returns.

Moreover, New York City is a city of opportunities, especially for those looking to invest in luxury real estate. With a range of high-end properties available across the city, owning a luxury home in New York City is not only a chance to live in one of the most desirable locations in the world but also a smart investment that can provide significant returns. But before hiring moving services to help with any moving task and moving to NYC, let's find out why investing in a New York luxury home is a good idea in 2023.

New York Luxury Real Estate Market Trends

The luxury real estate market in New York City is a niche market that caters to a small but highly active buyer pool. This exclusive market offers a wide variety of options, ranging from luxury condos with state-of-the-art amenities to towering penthouses and from contemporary townhouses to vintage brownstones. Unlike the regular market, luxury residential real estate in New York City operates differently, with top-tier real estate remaining a must-have for the city's elite.

Despite the impact of climbing mortgage rates and persistent inflation on the overall real estate market, the luxury segment continues to thrive. According to Compass data published by Variety, there has been a 35.6% increase in luxury home sales in Manhattan alone through August of 2022 when compared to the same period in 2021 and pre-pandemic luxury sales in 2019. This indicates that the luxury market in New York City remains robust and shows no signs of slowing down. But having the recession in mind and current global events, what can we expect in 2023?

What to Expect in 2023?

A recent study by Luxury Portfolio International conducted among 200 member brokers aimed to shed light on what luxury residential real estate professionals believe is in store for the New York luxury real estate market in 2023. The report titled the Business of Luxury Real Estate surveyed brokerages, their principles, and top-producing agents. The study discovered that 95% of respondents reported being optimistic about the overall market in the next 12 months.

However, signs of a shift towards a buyers' market are starting to appear due to larger inventories, increased days-on-market, and price reductions in some markets. According to the study, updated amenities, prime location, and size are currently the most common factors that sell luxury homes. But despite rising interest rates, experts expect that luxury real estate buyers will remain in the market. In fact, 76% of likely homebuyers admit that they buy high-quality products even in times of personal financial uncertainty. That's one of the main reasons most professionals surveyed believe that the market will stabilize in 2023.

Location, Location, Location

One of the biggest advantages of investing in a luxury home in New York City is its prime location. New York City is home to some of the most desirable neighborhoods globally, such as the Upper East Side, Tribeca, and Chelsea. Plus, there are plenty of coveted neighborhoods for luxury real estate in New York. These neighborhoods offer a wide range of cultural experiences, such as the Metropolitan Museum of Art, Broadway shows, and world-renowned restaurants.

From state-of-the-art condos to stunning high-end penthouses, there are plenty of luxury properties to choose from in New York.

The expert team from Pack & Go Movers advises that the city's central location also means that residents have access to some of the country's best schools, hospitals, and businesses. On top of that, real estate experts suggest that, apart from the prime location, investing in a luxury home in New York City offers the potential for significant returns. According to recent data, the median price for Manhattan homes remains at $1.1 million. This is a 10.2% increase from 2019, which is expected to continue.

Luxurious Amenities

Luxury homes in New York City come with a wide range of amenities that are hard to find elsewhere. Private elevators, panoramic views, state-of-the-art fitness centers, and spas are just a few examples. Luxury buildings often offer round-the-clock doorman service, concierge service, and valet parking, adding an exclusive touch to everyday life.

Luxury homes in New York City are located in close proximity to high-end amenities, such as designer boutiques and Michelin-starred restaurants, adding to the city's glamorous lifestyle. Living in a luxury home in New York City ensures a high-end lifestyle without ever having to leave the neighborhood.

Long-Term Investment

Investing in a luxury home in New York City can be a wise long-term investment. The city's real estate market has proven to be resilient, even during times of economic uncertainty. According to a report by StreetEasy, New York City's luxury home market has seen steady growth over the past decade, with the average price per square foot increasing by 44% from 2010 to 2020. The report also notes that luxury homes in New York City are more resistant to price fluctuations than lower-priced homes, making them a stable investment in the long run.

Investing in a New York luxury home is a smart investment that can pay off significantly in time.

So Will You Be Investing in a New York Luxury Home?

In conclusion, investing in a New York luxury home is a wise decision that offers numerous benefits. Apart from being a status symbol, owning a luxury home in NYC provides a safe and profitable investment that can provide substantial returns in the long run. Despite a brief slowdown caused by the pandemic, the NY luxury real estate market has remained robust, with a notable increase in sales in 2022. And as the market is expected to stabilize in 2023, investing in a New York luxury property remains a smart decision for anyone looking to build their real estate portfolio. So wait no more and reach out to a top expert in New York luxury real estate. Whether you're looking to make a long-term investment or to live in the city's most prestigious neighborhoods, a luxury home in New York City is an excellent investment opportunity that is worth at least discussing with a pro.

The Most Coveted Neighborhoods for Luxury Real Estate in New York

The Most Coveted Neighborhoods for Luxury Real Estate in New York

There isn’t a person who would not want to own real estate in NYC. It is one of the most popular cities in the world and the desired place to be. Needless to say, with such popularity comes a premium price. New York City is known for its high-end luxury real estate, with some of the world’s most expensive and coveted neighborhoods. From Uptown to Soho to Noho and Brooklyn Heights—NYC has it all. These neighborhoods are famous for their exclusivity, high property values, and access to top-rated schools, restaurants, and amenities. If you're in the market for a luxurious home in the Big Apple, take a look at some of the most coveted neighborhoods for luxury real estate in New York.

Uptown, Manhattan

Covering the Upper East Side and Upper West Side, this area is home to some of the most prestigious addresses in the city. Uptown is known for its tree-lined streets and elegant brownstone houses, as well as luxury apartment buildings with stunning views of Central Park and the Hudson River on the Upper West Side and East River on the Upper East Side. Many of these buildings offer high-end amenities such as fitness centers, rooftop decks, and concierge services.

Uptown, Manhattan has great views of the city whether you enjoy the skyline, water views, or both!

Residents of Uptown enjoy the convenience of being close to world-class shopping and dining destinations, including Fifth Avenue and the Upper West Side's Columbus Circle. The area is also home to world-famous attractions such as the Metropolitan Museum of Art and the Lincoln Center for the Performing Arts.

Cobble Hill, Brooklyn

This neighborhood has a rich history, charming tree-lined streets, and a wealth of cultural amenities. In addition to that, it is located in the very heart of Brooklyn. One of the main draws of Cobble Hill is its close proximity to popular destinations such as Brooklyn Bridge Park and the Brooklyn Bridge. This area is also home to numerous art galleries, boutique shops, and trendy restaurants, making it a popular destination for both tourists and locals.

Cobble Hill offers a mix of beautiful townhomes, brownstones, and high-rise apartments. These properties feature stunning architectural details, large outdoor spaces, and modern finishes. Prices for luxury real estate in Cobble Hill can range from $1 million to over $10 million, depending on the size and location of the property. Despite its high price tag, Cobble Hill remains a popular choice for luxury buyers because of its excellent school district, vibrant community, and easy access to transportation.

NoHo, Manhattan

NoHo, or North of Houston Street, is a luxury real estate neighborhood in the Lower East Side of Manhattan. It is known for its trendy and upscale atmosphere, with high-end shopping, dining, and entertainment options throughout the neighborhood.

One of the main draws of Noho is its proximity to other popular neighborhoods in Manhattan, such as SoHo, Greenwich Village, and the East Village. This makes it a convenient location for those who want to be in the heart of the city but still have the privacy and exclusivity of a more upscale neighborhood.

NoHo is also home to some of the most expensive real estate in the city, with many properties offering luxurious amenities like rooftop pools, fitness centers, and concierges. Most of the properties in Noho are luxury condominiums, with some of the most sought-after buildings being The Mercer, The Greenwich Lane, and The Greenwich Court. The neighborhood is also known for its vibrant arts scene, with numerous galleries, performance spaces, and studios.

Tribeca, Manhattan

Located in Lower Manhattan, Tribeca is known for its cobblestone streets, trendy restaurants, and celebrity residents. It's home to some of the city's most expensive real estate, with multi-million dollar lofts and apartments in converted warehouses.

TriBeCa, or Triangle Below Canal Street, is also known for its boutique shops and vibrant nightlife scene. Property values in TriBeCa are among the highest in the city, with many apartments going for over $2 million. 

SoHo, Manhattan

Another fashionable neighborhood in Lower Manhattan, SoHo is known for its upscale shopping and dining options. It's home to many high-end boutiques, galleries, and historic cast-iron buildings that have been converted into luxury lofts. SoHo, or South of Houston Street, is a popular neighborhood for young professionals and artists. The real estate in Soho offers many apartments well over $1 million.

 Upper East Side, Manhattan

The Upper East Side is one of the city's most affluent and iconic luxury neighborhoods in New York. It is famous for its tree-lined streets, upscale boutiques, and high-end apartment buildings. It is home to multi-million dollar mansions, apartments, and townhouses being the norm. It is also home to many of the city's elite, with luxurious pre-war apartments and mansions lining the streets. The Upper East Side also has many prestigious schools, including the Dalton School and the Spence School, making it a popular neighborhood for families.

SoHo is the best choice for upscale shopping and fine dining

Brooklyn Heights, Brooklyn

This historic neighborhood is known for its brownstones and panoramic views of the Manhattan skyline. It is a popular neighborhood for families and young professionals and has a thriving arts and culture scene. The real estate in Brooklyn Heights is among the most expensive in Brooklyn, with apartments costing over $1 million.

Which one of the hot neighborhoods for luxury real estate in New York will you call home?

Deciding which neighborhood to call home in NYC can be difficult – that is where we come in!

As NYC real estate experts, we can help you narrow down your “must haves” and “nice to haves” and map those to the city’s various neighborhoods so you can make a decision with confidence.

GET READY TO MOVE IN

Once you have picked the neighborhood that best fits your needs, you want to make sure to move in style as well. You will most likely have lots of valuable possessions and furniture that you do not want to get damaged. Make it a priority to turn to skilled people, especially if you are making a long distance move to NYC. Hiring the best movers is a must.

2022 Holiday Tipping Guide

The Holiday Season has officially kicked off. With Black Friday and Thanksgiving over, holiday decorations are going up across town. With the arrival of the Holiday Season comes the question on the mind of many - “How Much Should I Tip?”

Building staff in Residential New York City buildings have been essential to all residents throughout the evolving pandemic. Building Staff have been responsible for increased cleaning protocols, receiving and managing an exponential increase in deliveries, and checking in on vacant apartments for residents that have escaped to second homes.

We’ve adjusted our annual tipping guide to account for the inflation being experienced in 2022. Giving additional this year will be appreciated by workers bearing the brunt of increased prices. If you are considering giving more this year to your valued Building Staff and are concerned they will expect this amount in future years, consider stating in your note with the tip how grateful you are for all they’ve done during this challenging year to set expectations. 

Our friends at Brick Underground publish a go-to holiday tipping guide, which has been circulating since 2013. We condensed it, and put our take on what is appropriate as you budget for your holiday tipping. Remember, these are simply guidelines. There are many factors that can influence the tipping decision such as the size of the building (a larger staff equates to smaller individual tips), level of service, seniority, and time in building. Additionally, owning versus renting in a building can play a big factor as well.

Of course, if you live in a building with a part-time doorman, virtual doorman, or no staff at all, the below levels could be adjusted downward.

Renters: Tips do not have to equate to the dollar amount you are paying each month for rent. If you receive a lot of packages, have a stroller that is carried in and out of the building, etc., factor this into your tip. 

It is recommended that you tip in cash. Doorman, Concierge, Supers, etc. all of bills to pay like you and I- they are not looking for fruit cakes, cookies, or homemade gifts at the holidays!

Many buildings have organized drop off locations for your tips so you can safely give to your Building Staff rather than direct contact due to public health guidelines.

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Tipping Guidelines

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Super: $175-$225
Doorman/Concierge: $150-$200
Package Room: $75-$100 per individual*
Housekeeper: 1 Week Salary
Dog Walker: 1 Week Salary
Garage Attendant: $75-$125
Personal Trainer: $125
Personal Assistant: 1 Week Salary
Hairdresser: $80-$120

*In the post-pandemic world, it is important to remember all the people fielding the large increase in orders you are placing and the sheer volume of orders they are now receiving, just for you alone. From Uber Eats to Amazon and every shopping destination in-between, there is no denying that we all place significantly more online orders than prior to the pandemic. We recommend tipping Package Room staff more than previous years. In most buildings it will be the package room employees, however, Doormen/Concierge are likely fielding these requests after hours.

When: Most building staff will prefer to receive their tips in early December so they can plan their own holiday spending accordingly. Tips account for a large part of building staff’s anticipated income at this time of year.

This guide was presented in 2018 and has been re-shared to include updated information, most recently from 2021

Unexpected Costs to Prepare for When Buying a Home in NYC

Whether you are just beginning your home search in NYC, or you have conducted multiple real estate transactions in the Big Apple, it is important to be aware of or reminded of what costs to expect when buying a home in New York City that may have been glossed over when determining your budget.

Down Payments in NYC On the Rise

The initial investment or down payment is often the largest cost for homebuyers. How much of a down payment you'll need to make is determined by the property's value and the loan's terms. The standard down payment required by banks is typically 20%, however, this number is a guideline today as many lenders offer various mortgage products that have lower (or higher) down payment requirements. Because interest rates have climbed throughout most of 2022, some buyers are opting to put a larger down payment on their purchase than they might have when rates were 2-3% in order to reduce their monthly mortgage cost.

All over the country, the typical down payment is much below 10%. You may buy a home in New York City with as little as 0% down (with a VA loan) or as much as 50% down (for the most competitive co-ops).

Ensure to work with both your Real Estate Advisor and Lender as you work to set your budget, factoring in the type of building at which you are looking as well as current interest rates.

 Charges at the Start of a Loan

Most of the NYC buyers chose a mortgage as a way to finance their desired property. Mortgage rates have been fluctuating in recent years because of the Pandemic followed by high inflation. Mortgage loan origination fees typically range from 1% to 2% of the loan amount, with the higher number covering the higher costs associated with in-house processing and underwriting. If your financial standing is solid, you may be able to bargain (or shop about). If the seller wants to attract buyers in a competitive market, they could offer to cover the origination fee.

Tax on mortgage recordings

Mortgage recording taxes are assessed according to the loan amount, not the purchase price. 1.8% for loans under half a million dollars and 1.925% for loans above it apply to condominiums and one- to three-family residences, respectively. Since cooperatives do not qualify as "real property," they are excluded from this regulation.

Calculating taxes can be a daunting project, and you can easily get lost in the numbers. via

Reserves as unexpected costs to prepare for when buying a home in NYC

Liquidity needs after closure are another name for reserves. Cash, cryptocurrency, equities, and bonds are all examples of liquid assets. To convince the board of a New York City co-op that you won't have any trouble making your mortgage or maintenance payments after closing, you should have two years' worth of living expenses in liquid assets.

You can fund an escrow account with your savings as well. Non-mortgage costs, including:

• real estate tax

• common charges/monthly maintenance

• insurance premium
  

  The mortgage servicer may add these costs to the monthly mortgage payment. All of these charges will be included in your one monthly mortgage payment. Since just one payment is required, the procedure is simplified. The lender will separate the charges and pay them as appropriate. This way, you will know in advance what to prepare for when buying a home in NYC.

Paying duties on transfers

The seller is typically responsible for paying the New York City Real Property Transfer Tax. However, the transfer tax is the buyer's obligation when newly constructed condominiums or sponsor units are sold for the first time. If the purchase price is more than $500,000, you may expect to pay a tax of 1.425%, but if it's less, you can expect to pay 1%.

Moving expenses

Most people leave thinking about moving costs at the very last minute. So, moving expenses can come rather unexpectedly to them. Even more so because if you don't plan and end up moving on short notice, you'll have less choice in terms of moving companies and more bills to pay. If you're moving long distance to New York, make sure to look for affordable help, meaning, start searching for reliable movers as soon as possible.

Renovation Costs Can Add up Quickly

Depending on how well the actual property goes with your end vision, you'll need to adjust and invest in some renovations. Of course, you expect the major ones, but it's important to put on paper how much money you will put into them. Also, minor things like pet-proofing your apartment can come to mind at the very last minute, and you might end up costing you more than expected.

 Legal costs

When purchasing a home in New York City, you must hire a real estate attorney. The purchasing procedure in New York City is more complicated than in other markets, making the assistance of an attorney essential. A real estate lawyer's fees are often structured differently from those of an hourly rate law firm. You may expect to spend between $1,500 and $4,000. The most you should ever pay is $5,000. Avoid anybody who offers to act on your behalf for a few hundred dollars.

A good lawyer can help you with all the unexpected costs to prepare for when buying a home in NYC.

Warranty on title

Title insurance shields you against any financial obligations the previous owner may have left on actual property, such as a condo or townhouse. You must set aside a few thousand dollars to guarantee a clear title. In other words, less than 1% of the buying price). On a $1,000,000 property, this may cost upwards of $4,000. But your peace of mind is worth much more than that.

Final thoughts

As you see, there are a lot of unexpected costs to prepare for when buying a home in NYC. You need to consider all of these to avoid any unpleasant surprises. You can always call a reliable real estate agent and ask for help when in doubt.

Key Trends to Watch in NYC Real Estate During the Second Half of 2022

The NYC Luxury Real Estate Market enters the second half of the year after a strong first half of 2022

We are officially halfway through 2022! The NYC market experienced additional records during the first half of 2022. As we enter the back half, market dynamics have begun to shift. While markets grapple with record high inflation and rising interest rates, signed contract activity has slowed and we have also seen an uptick in inventory. In the sales market, leverage is beginning to shift toward Buyers while the Rental market continues to remain highly competitive and hot.

The New York market has had a stellar past few years, but we have not seen the lofty price appreciation levels of 20%+ that some markets around the country experienced. Coming out of Covid, we saw elevated activity metrics, given the low amount of transactions that occurred throughout most of 2020. Additionally, inventory shortages are not new to the New York market.

 Heading into the back half, the shift in pace and market dynamics can likely be viewed as a return to normal from the frenzied pace observed throughout 2021 and the beginning of 2022. Mixed economic signals have deterred some luxury buyers, but there are many that are still motivated by a deal. It is important to remember that most transactions in the Manhattan luxury market are cash transactions, so a softening of the market surfaces opportunities for these buyers.

Buyers flocked to luxury properties during the first half of 2022. Pricing will be key as we enter the back half.

 Key Trends to Watch in the Second Half of 2022:

• Consumer Sentiment: likely to remain uncertain until we see positive economic data as well as a turnaround in equity markets

• Price Sensitivity: record high inflation that has raised prices across nearly every sector is weighing on consumer psychology…Buyers are motivated by a deal so accurate pricing will be key

• Construction Costs: we do not anticipate that construction costs will drastically drop in the near future, so the opportunity cost of waiting is still something Buyers need to assess.

• Rental Prices: rents rise in both economic booms and recessions so while a slight softening of activity in the white hot NYC rental market is reasonable, we do not expect prices to see a sharp decline.

 In times like these, it is very important to partner with the right real estate professional that truly understands the local market - in New York, that can be as local as down to a specific building! Media headlines can often be misleading and inaccurate in the narrative they are telling - a professional is your best asset heading into the second half of the year!

6 Ways to Prepare for a Competitive Home-Buying Season in NYC

In general, the home buying market in New York City can be highly competitive. This is due to the high demand and low supply of properties. And when it comes to luxury real estate, things are no different. Moreover, high-end homes are unique, so they are highly sought after, just like any rare item. It's also important to note that, according to the experts, 2022 will see a rise in both real estate prices and investments. So, here are six ways to prepare for a competitive home-buying season in NYC.

Check your finances

As we all know, buying a home is never cheap. It is particularly so when you're looking for luxury real estate in New York City. Therefore, before you start visiting open houses, you must determine your budget limit.

• Analyze your finances carefully to see what you can afford and how much you’re willing to invest. Take into consideration your savings, income, and expenses.

• It would be best if you also took into account potential additional costs. For example, you might be keen on old architecture, but you have to consider the costs of renovation.

• If you're not ready to invest so much money at once, you can consider mortgages. And in this case, it’s essential to get a pre-approval. This way, you’ll know exactly how much money you can get.

• It's also advisable to look at some of the prices on the luxury real estate market. This way, you’ll know what to expect.

To prepare for a competitive home-buying season in NYC, you first must determine your budget limit.

Prepare for a competitive home-buying season in NYC by hiring the best Agent to Represent You

If you're not a professional realtor, you'll need help tackling the competitive home-buying market in NYC. Real estate professionals can offer you advice and help you find your dream home. Due to their experience and access, an agent can filter the market for your preferences and set up showings for you.

Moreover, it’s good to know that luxury properties are not always publicly put up for sale. And you only hear about some of them through word of mouth. Therefore, having a well-connected team of real estate professionals is essential. So, choose wisely if you don’t want to miss out on your dream home.

While researching professionals, it's also good to look at moving companies. Buying a home might take some time, but it's good to be ready. The professionals at Roadway Moving advise that if you leave it for the last moment, you won’t be able to find the best services and offers. So, do some market research for this as well.

Put together a team of real estate professionals to help in this process.

Determine what you want

Once you've determined your budget and found the right team of professionals, you have to figure out what you want. And don't just say a mansion or a penthouse. You have to be specific. Otherwise, not even the best team of realtors will be able to find the right home for you.

What’s important here is to understand what luxury real estate means for you. Is it the size of the house or the location? The high-quality materials that were used to build it? Or is it the specific amenities? Your definition of a high-end property can even combine all of these aspects. But in any case, you have to put it all down on paper and sleep on it. Don't make rash decisions. After all, this is a significant investment, so it has to be a good fit.

Choose the right location

Before you start your house hunt, it’s good to narrow down the location. Each of the five boroughs of NYC indeed has its unique features. Nevertheless, you have to find the perfect place for you. To do this, you should first explore on your own. Visit each borough to get an idea about the landscape, the community, the social life, the schools, etc. Afterward, consult with your team of real estate professionals. Their experience and inside knowledge can help you make an informed decision.

To prepare for a competitive home-buying season in NYC, you should narrow down the location.

Learn to be patient

Buying a home is a considerable investment, particularly if you're buying luxury real estate. Therefore, you should avoid making any rash decisions. Take your time to analyze your options. If you don’t find the right fit as soon as expected, don’t despair. These things take time. And don't get discouraged if someone else beats you to it. It's essential to be sure before placing an offer.

However, it’s also good not to be too picky and wait too long. Yes, the home you’re buying should satisfy all your needs, but there’s no such thing as a perfect house. So, you should be willing to make some small compromises. Otherwise, you might never find what you’re looking for.

 Learn to negotiate

Just because you're buying luxury real estate doesn't mean you shouldn't get a fair price. Therefore, don't skip the negotiation once you find a home you like. This is where your Real Estate Broker will be a huge asset to you as they are a negotiating expert and know the market prices well. They can advise you on what to submit for the strongest offer to win the property. It's also good to know how much competition you have. If the property is highly sought after, you might not have any other option than to place a higher offer.

Final thoughts

Because of the high demand and low supply, the housing market in New York City can be very competitive. Besides, finding the right home is never easy. So, what can you do to prepare for a competitive home-buying season in NYC? Determine your budget, seek professional help, identify what you want, and narrow down the location. Being specific is key. It's also essential to take your time and not make rash decisions. And in the end, make sure you get a fair price.