With mortgage rates rising alongside inflation, tax abatements are an incentive for New York City condo buyers. An active 421-a tax abatement is a great selling point right now for the new developments that have one...
Category - Buyer’s Guide
Navigate the complex and nuanced world of NYC real estate with Marketproof’s Buyer Guide. We’ll give you everything you need to be your own real estate expert.
The guide covers fundamental of real estate such as what common charges and conforming loans are. It helps buyers understand the fees they can expect to pay when buying a home and how to negotiate, too.
When Condos Go Rental
Developers sometimes decide to rent units in a condo building instead of selling them, usually due to adverse market conditions. The developer may be waiting out a period of low demand during a downturn, anticipating...
How much is a down payment for a condo in NYC?
The standard down payment for a condo in NYC is 20%. That said, some condos will accept less, and not every condo has a minimum down payment requirement. Some new developments in the city will accept payments of 10% or...
New Brooklyn condos outsell Manhattan
The NYC new development market suffered three disruptions between 2017 and 2020 that especially affected Manhattan: International buyers looked elsewhere following the 2016 US election,a new mansion tax went into...
New Development Condo Buyer’s Worksheet: How to Craft an Offer Price
Use the spreadsheet below to help analyze costs in the purchase of a new development condo in NYC. Marketproof Pro provides the latest and most comprehensive data anywhere on new New York City condos. This post uses...
Best website to find NYC condos
Identifying the best website to find NYC condos is essential in a buyer’s market teeming with options. Now is an especially opportune time to consider condos in new buildings. The process can be overwhelming. But...
Why do appraisals matter for condo buyers?
An appraisal is a property valuation completed by an unbiased professional hired by your mortgage company. With an appraisal in hand, your lender knows if they have the collateral they need in case something goes wrong...
NYC Condo Conforming Loan Limit for 2021
The NYC conforming loan limit that applies to condos for 2021 is $822,375. A conforming loan limit is the maximum price for which the US government will purchase your loan from your lender. Loans under this limit are...
NYC condo amenities: parking, storage, and bike rooms
Parking, storage, and bike rooms are three of the most sought-after amenities in NYC condos. Other examples include gyms, social spaces, and outdoor areas. Anyone who has tried to fit all their belongings into an NYC...
Why Now is the Time to Buy an NYC Condo
The pandemic has forced people to question whether now is the right time to look for condos for sale in the densely populated NYC. Yes, NYC has been put to the test: Covid-19, ‘anarchist city‘, record...
Access $40B in Unsold NYC Condo Inventory (Infographic)
With Marketproof New Development, you can easily search both publicly listed properties and unlisted off-market properties not available on popular listing sites. Marketproof can increase the inventory you see by 9-10x...
How to buy off-market new development condos in NYC
In today’s market, if you know how to approach a condo developer’s broker, you can purchase off-market properties at potentially great discounts while also getting closing costs paid. In this post...
