First-time purchasers on the Upper West Side
Michael and Jenna, newly married professionals, look to purchase and renovate their first property.
Michael and Jenna, young professionals working in technology, were renting a one-bedroom in the West 90s. Newly married, the couple had found their long-term neighborhood on the Upper West Side, and ventured to put down permanent roots with their first purchase. Our goal was to find a well-run cooperative with lower-than-average maintenance, a large and openable kitchen footprint, and room to grow with a second bedroom or home office a plus.
We searched from Lincoln Square to West 96th Street. The Spring 2017 market in our clients' price point was brisk and Seller favored. We moved expediently as inventory trickled on the market to ensure we had buying opportunities. As the inventory crunch pressed on, Michael and Jenna also spent time evaluating options on the Upper East, only to circle back to the West where our clients felt most at home.
After considering dozens of properties, many of which already had accepted offers after only days on market, a well priced estate-condition Junior Four was listed which hit every item on Michael and Jenna's checklist. It was in a complex on West End Avenue that we already had our eye on for its larger one-bed layouts. We evaluated numerous historical sales in the same "line" to get a sense for how the property could be converted to a two-bedroom, how the kitchen could be opened up, and for what cost. Our ideas and numbers worked.
In order to get a jump on our competition, we crafted and submitted a strong offer within two days of our first visit. Michael and Jenna's offer was accepted, and we conducted a thorough due diligence process to ensure our clients' renovations questions were run by a contractor and the resident manager.
The board application process proved lengthy, with diligence taken to present our clients' strong financial fitness. After approval, patience and persistence were needed to conduct a successful walk-through and closing, with multiple heirs selling the property. Finally, after months of hard work, Michael and Jenna crossed the finish line, and moved into their new home, ready to renovate for many years of ownership.