New York Insider Tips – November 2015
Closing costs vary depending on seller, property type, price, and loan size. The most expensive “side” in New York City is a new development condo purchase, with buyer responsible for attorney fees for both sides, mortgage recording tax, developer’s transfer tax, loan fees, mansion tax, and title insurance, totaling 6-6.5% of contract price over $1,000,000.
Marketing your home alongside your neighbor’s as a proposed combination is savvy. But, be sure to decide a method of splitting proceeds beforehand – by share, size, appraised value, etc. – with a knowledgeable local broker.
The average price per square foot of a Manhattan apartment at the end of 1990 was $289. By 2000, it had increased to $540. As of 2012, it has again nearly doubled, coming in at $1091. Presently, it is up 20-25% over 2012 levels.
Stagers coordinate a space based upon its target demographic. Younger first-time buyers and families tend to have more contemporary tastes, and stagers for new developments in trendier neighborhoods, such as those downtown, will outfit glass-walled studios thru 2-beds with contemporary furnishings. On the other hand, a classic-6 on Madison calls for a traditional aesthetic.
Appraiser Jonathan Miller estimates that pre-war features add 10% to property value over a post-war with identical size/layout. More specifically, wood-burning fireplaces add 2-5% to value, depending on flame receptacle locations and, of course, on whether they actually work.