In a tightening market where some new development condos are lucky to sign one deal every four weeks, the city’s biggest condos are finding 7, 8, 9 or more buyers a month. Marketproof used our sales velocity tool to...
Category - Condos
What does a condo board do?
A condo board is a group of residents who enforce the rules of the condo and oversee its maintenance and finances. Residents elect their neighbors to the board. Board members typically volunteer their time...
What are condo covenants, conditions, and restrictions (CC&Rs)?
Condo covenants, conditions, and restrictions (CC&Rs) are rules that govern a condo community. All owners agree to abide by these rules when buying a condo unit. CC&Rs do not just set the rules for condo owner...
What is a condo reserve study?
A condo reserve study is a document that identifies the life span and cost of repair or replacement for the components that make up a condo. These components include the roof, plumbing, electric, windows, and common...
Search NYC condos for sale
Sites abound that claim to optimize your search for NYC condos for sale. Identifying the platform with the best resources and user experience can be challenging. We recommend Marketproof, the gold standard in this arena...
What are common charges?
The owner of each unit in a condo building pays common charges, which are monthly fees that cover the building’s amenities, services, and upkeep. Common charges may include building staff salaries, management...
What happens to a condo developer if the apartments do not sell and they default?
A condo developer defaults when they are unable to sell apartments and do not have the funds to pay off their loans. If this happens, it is likely that the building’s lender will either take over the building or...
Condo board application example
PURCHASE APPLICATION REQUIREMENTS Please send the complete purchase application package to the address above. The following is required: Two hundred and fifty ($250) processing fee for preparation of condo documents...
