New York City is renowned worldwide as the planet’s business, entertainment, and fashion nexus. Its real estate market sets the global standard for luxury. Whether you want a modern marvel or a residence steeped in history, you will find it with the help of Carolina Bravo and The 212Bravo Team. Read on for expert insight on how to navigate the city’s unique market for luxury real estate.
Choose a suitable neighborhood
New York City comprises five boroughs and over 50 distinct neighborhoods, some more luxurious than others. In New York City, the location of upscale real estate can affect its value by millions of dollars. Different communities offer varying levels of walkability, spectacular views, and resale value, among other variables. Here are a few neighborhoods with buzzing luxury real estate markets.
TriBeCa
TriBeCa’s history is tied to industrialization. Though its oldest buildings date back to the 1700s, TriBeCa only became a residential hotspot in the 1980s, when its factories and commercial buildings were converted into spacious residential real estate. The neighborhood’s most prized properties offer stunning views of the Hudson River and the rest of Manhattan. TriBeCa’s prime location makes it a popular choice for working professionals commuting to the nearby Financial District.
Upper West Side
Sharing borders with Central Park and the Hudson River, the Upper West Side feels eclectic yet relaxed — one of the most desirable neighborhoods in Manhattan. Here you’ll find some world-class museums, and stunning architecture. It is also a very walkable neighborhood, with plenty of shops, restaurants, and parks within easy reach. Upper West Side homes are large and well-appointed, with stunning views of Central Park or the Hudson River. Many homes also have private balconies or terraces, allowing residents to enjoy the outdoors.
West Village
West Village, a subset of Greenwich Village, is known as one of the city’s most expensive, luxurious, and exclusive neighborhoods. The convenient central location blends rich history with a lively atmosphere that keeps residents entertained both during the day and at night. Its cobblestone streets, historic properties, and tree-lined avenues evoke a sense of old-world charm, while stylish boutiques, diverse dining establishments, and artistic spaces infuse a modern and creative energy. West Village is renowned for its bohemian heritage, having been a hub for artists, writers, and musicians over the years. This alluring atmosphere, combined with its proximity to the Hudson River and iconic landmarks like the High Line and Washington Square Park, makes it a captivating destination for residents to lay their roots.
Concerns unique to NYC luxury real estate
The New York City real estate market has high stakes. Its properties form a unique landscape with subtle features and plenty of fine print. A seasoned broker can help you with the following points.
Familiarize yourself with the Mansion Tax
In New York City, the Mansion Tax applies to properties sold for $1 million or more. Technically referred to as a “transfer tax,” it starts at 1% for homes sold between $1 million and $2 million, rising incrementally based on the property’s sales price. As a buyer, you will be responsible for the Mansion Tax.
Think twice before starting renovations
New York City has a higher proportion of historic luxury real estate than most markets in the U.S. Many of these have already been renovated, but some are advertised as fixer-uppers. The expectation is that buyers will invest in a property for its location and history. Such projects often look good on paper but require a high degree of commitment, both on your time and finances — especially with inflated construction costs and supply chain issues. Your real estate advisor can help you parse the financial outlay for non-renovated units in New York City.
Understand co-ops and condos
If you're considering buying a co-op or condo, it's essential to speak with a real estate advisor who specializes in this area. They can help you understand the nuances of co-op and condo ownership, including what you can and cannot do with the property. Your advisor can research the building (including relevant financial statements, bylaws, and other documents) to ensure its finances are in good shape.
Why work with an experienced real estate advisor?
When buying a luxury home, it's critical to work with an experienced real estate advisor who knows the area and has experience working in the luxury market. A seasoned broker will have access to off-market listings, be familiar with the quality of construction, and have expertise in negotiating deals. Here are a few more ways you can benefit from expert help.
Define your priorities
Before looking at properties, you and your advisor will establish your investment priorities, including soft preferences and non-negotiable needs. That way, they can tailor their search to properties that meet your requirements.
Research comparable properties
When negotiating the purchase of a luxury home, it's helpful to have some bargaining chips. One easy way to do this is to research the closing prices of similar properties in the area. This information can give you leverage when you're negotiating with the seller. When buying a luxury home, you're likely to encounter some negotiation. This knowledge gives you an idea of the home’s worth, which can help you negotiate a better deal.
Work with The 212Bravo Team
When buying a luxury home, it's essential to take your time, work with a team of professionals, and be strategic in your approach. The 212Bravo Team is known for its integrity, discretion, and in-depth expertise. If you’re interested in purchasing a luxury home for sale in New York, reach out to real estate advisor Carolina Bravo to find out more.
*Header photo courtesy of Carolina Bravo
