New York City Condos: Prices on the Decline!

The prices for New York City condos have seen a decline in the first quarter as new buyers prefer to buy moderate to lower-cost studios. They are also happy to manage themselves in one-bedroom units, which is mainly because of the previous rising rent of the city’s condos and apartments.

However, the good news for condo owners in New York is that the prices for New York City condos have suffered the least decline out of the major metropolitan cities across the states. After the housing market peak, the prices of the New York City condos registered a fall of 14% since its last peak. However, the counterpart cities like Los Angeles, San Francisco and Chicago have registered a dip of 40 percent, 35 percent and 33 percent respectively.

The price listings for all condominiums and co-ops drastically changed in the last three months. The decline was registered first in Manhattan and Los Angeles. Astonishingly, more than 50% of the sales revenue was accounted for studios and single bedroom units.

The increasing price and sophisticated feature-based accommodation has made the rental market too hot for people to make an investment. They are finding it easy to buy a starter home to cater their basic needs. The low rates of interest are letting more people take a step ahead to buy their starter home at a very early stage.  This resulted a hike in the prices of studio deals by 19 percent over the last fiscal year.

Over the last several years, the market peaks in the prices for condos, both for sale and rent has made tenants think of buying their own home. People have found themselves comfortable living in a small cozy home, rather than spending lavishly in condos.  Going for a clear mathematical assessment will let you know that you will be profited after buying your home, rather than taking a condo on rent. Katharine Tuckerman makes a monthly payment of $2,200 which includes her mortgage and maintenance and she says it’s less than what she would have to pay for a condo on rent for the same size.

Is it The Right Time to Buy a Condo?

Everything has its peak and so has its fall. The prices of condos have really declined; however, statistics show the alarming increase in the price of studios and single room apartments. This implies the prices will balance shortly in the near future; maybe we have to wait for a few months to get another ‘top story’ in real estate. This is really a good time for investors to buy a condo or even individuals can consider it as a good option. Condominiums do have their own benefits and added advantages of security, social life, community gathering and others.  However, if you can pay the huge price during the time of buying the condo (a bit reduced and not so huge now), then you can enjoy the comfort and luxury for the rest of your life.

The speculation of price decline in New York City condos and other areas was prompted after the market prices reached the upper threshold. It is only a matter of time that the prices will settle to its normal levels because people are once again moving toward condos, especially for rents as condo owners are providing a rebate these days. With continuing economic stability, people of the New York City will once again look forward to owning a condo, so its best if you can manage to own one now and take advantage of the present price decline.

New York City Condos: 3 Tips for Furnishing

New York City Condos

There is no city like New York City. When it comes to decorating New York City Condos, the sky is the limit.  Decorate your condo with style and class without breaking the bank. Here are 3 great tips for decorating New York City Condos.

Tip Number 1

Always select lighter, somewhat neutral colors for the walls and flooring of New York City Condos. Neutral colors are classic and will match any color scheme you choose for furniture and wall decorations. The most versatile neutral colors for decorating are antique white and beige, which are great for living room and bedroom walls. These colors make rooms appear larger, feel cooler, and more relaxing. Choose a light peach or dull yellow color scheme for the kitchen and dining room walls.  Then spice up the kitchen by adding various shades of orange and yellow with a splash of light green; place kitchen towels, rugs, vases, and paintings that include these citrus fruit colors which will give New York City Condos the fresh feeling of spring all year long.

For the main flooring use tan tweed colored area rugs and runners for high traffic areas like the living room and hallways. Tan tweeds are great for hiding stains and wear. In addition, tan tweeds will match most sofas, chairs, and living room accessories. Add bold print sofas to the living room if you like a lively energy, or go with multi-colored earth tones for a more peaceful, calm feeling.

Tip Number 2

Decorate with space in mind. New York City Condos are not always spacious. Use storage furnishings to decorate your condo and increase your space. Instead of a traditional end table, use ottomans to add style and storage space in your living room and bedrooms. Modern futons are fashionable and have the power to convert your living room a guest room in less than 5 minutes. They come in all sizes, colors, and designs and prices start as low as $200.

Tip Number 3

Keep window coverings simple in New York City Condos. Heavy patterns, and large curtain rods make rooms look cluttered. Use simple blinds or shades in very light, neutral colors that blend in with the walls. Both vertical blinds and mini-blinds work well for most types of windows. For extremely large windows, vertical blinds are a better option in terms of style. Likewise, mini-blinds are the best choice for very small windows.

New York City Condos vs. Coops: The Endless Debate

If you are a NYC property owner or are currently looking to buy, you are aware of the continuing debate over which is better – New York City condos or coops. though New Yorkers will always argue over which one is better, there is definitely a better choice for you.  The first step to understanding if a New York City condo is your best option or if you belong in a coop is understanding the difference between the two.

What is a New York City condo?

Buying a condo is similar to purchasing a house in that your unit is entirely yours.   If you choose to buy a condo, your unit will have its own deed and tax bill.  New York City condos are not controlled by a board and maintenance fees are relatively low.

Financing your New York City Condo

When purchasing a New York City condo, you are often able to finance up to 90% of the purchase price.  This means that you do not need to put as much money down as when purchasing a coop.  Condos are, however, more expensive than coops.  Monthly fees, called Common Charges must be paid to finance the upkeep and maintenance of common areas.

Defining Coops: How they differ from New York City Condos

Most NYC apartments available for purchase are coops, so if you are looking to buy, this option will give you the greatest variety.  If you are looking to buy in a pre-war building, this is most likely your only option.

The most important thing to understand about buying a coop is that you are not actually purchasing your particular apartment, but rather shares in a coop corporation which owns the building.  Like a condo, there are monthly maintenance fees, although they are quite a bit higher.

All coops are under the guidance of a Board of Directors.  What does this mean for you?  This means that you will have to be approved by the board before you are able to purchase the apartment.  This process is not so simple.  It is often lengthy and rigorous.  Boards are known to ask for extensive information regarding finances, employment, and even your personal history.

Financing your New York City Coop


Financing on New York City coops is often limited by the Board of Directors.  Upon purchase, many Boards require a cash down payment of at least 25% of the total cost.  Some more exclusive coops do not allow any financing at all.

 Now that you are familiar with the basic differences between New York City condos and coops, which one is right for you?