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...
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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...
Condo Questionnaire: All you need to know
A condo questionnaire is a form sent to a condo development by a lender when a potential borrower applies for a mortgage. The questionnaire allows the lender to determine if the condo meets its requirements for a loan...
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...
421-g Tax Incentive: Lower Manhattan’s Residential Conversion Program
The 421-g Tax Incentive was an NYC tax incentive program that offered both exemptions and abatements to building owners that converted commercial buildings to residential in downtown Manhattan. The program...
Real Estate Commission Rebates: How They Work
In the US, for better or worse, real estate commissions are negotiated between the listing agent and the seller. You, the buyer, have no say in the commission paid. As a result, some brokers that are will to work for...
Rent to Own an NYC Condo
With unsold condo inventory high in NYC, some sponsors in larger buildings with many units to sell, are offering ‘rent to own’ options to potential buyers. In NYC, rent to own are basically ‘try before you...
What is a Condo Declaration?
A Condo Declaration is a legal document that lays out what common and private spaces were built and who owns them. It details the block and lot, address, unit number, size, square footage, common interest percentage...
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...
Building Stages: Pipeline, Sponsor, Resale
If you are reading this blog post you are probably a Marketproof Pro subscriber. If not, please visit the site to learn more. Marketproof Pro organizes new development condo (and co-op) buildings into three separate...
New Development Market Report: Oct 5 – Oct 11, 2020
Marketproof is a real estate marketplace for NYC new development condos. It is used by real estate professionals and all kinds of people looking to buy or sell new condos. Only 10% of available new condos are listed on...
