What To Consider When Buying Your First Condo

Buying your first condo is a calculated upgrade. It’s less hassle than a house and offers more credibility than renting. Plus, you can often find one in a location that makes sense for your lifestyle. Condo ownership promises convenience and a certain level of status, wrapped in a setup that looks refreshingly simple on the surface. Still, that polished exterior hides some complexity. The details behind ownership, long-term costs, and building management can separate a smart purchase from an expensive lesson. Here’s what to consider when buying your first condo.

Evaluate the Building, Not Just the Unit

That sleek one-bedroom might impress at first glance, but the building tells the real story. Review the HOA’s financial health, reserve funds, maintenance history, and any pending assessments. A poorly managed association can turn even the most polished unit into a liability.

Pay attention to these key factors:

• Monthly HOA fees and what they cover

• Rules that could restrict rentals or renovations

• Upcoming repairs that may trigger special assessments

• The overall condition of shared spaces such as gyms, lobbies, and elevators

If the building cuts corners, you will eventually pay for it.

Know What You’re Buying

A condo may look like a simplified version of homeownership, but it operates on a different set of rules. There are some important distinctions between buying a house and buying a condo. You own your unit, but you share control over the building, which means decisions rarely happen on your terms alone. Renovations, rentals, and even seemingly minor changes can require approval, depending on how strict the association runs things. That dynamic works well if you prefer a more hands-off lifestyle, but it can become frustrating if you expect the same freedom you would have in a standalone home.

Understand the True Cost of Ownership

The listing price won’t reflect the full picture. Condo ownership layers in additional expenses that can reshape your budget.

Factor in these elements:

• HOA dues that may increase annually

• Property taxes tied to urban valuations

• Insurance tailored to condo-specific coverage gaps

• Unexpected assessments for building-wide upgrades

Insurance deserves special attention. Condo policies differ from standard homeowners coverage, especially when it comes to shared structures and liability exposure. Many buyers only realize the nuances after closing when gaps in coverage become harder—and more expensive—to fix. Taking the time to align your policy with the building’s master insurance plan prevents overlap, confusion, and out-of-pocket surprises later.

Think Like an Investor, Even if You’re Not One

Even if you plan to live in the unit, resale value should influence your decision. Location still reigns supreme, but so do building reputation, rental flexibility, and long-term demand. A condo in a well-managed building with strong amenities will always outperform one with constant turnover and questionable oversight.

Look for signals of stability: consistent occupancy, limited short-term rentals, and a board that communicates clearly. These details help shape your investment outcome.

Timing Matters More Than You Think

Markets fluctuate, interest rates shift, and inventory cycles through highs and lows. Buying impulsively won’t pay off. Patience allows you to negotiate better terms, spot red flags, and secure a property that aligns with your lifestyle and financial goals.

If you’re considering buying your first condo, remember that the smartest buyers treat the process less like a milestone and more like a calculated decision. Style matters, sure, but structure, costs, and long-term value will always have the final word.

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Sabine Otamendi Returns to Douglas Elliman with $2B+ in Pre-Development Sales

Sabine Otamendi

Douglas Elliman is strengthening its Miami presence with the return of one of the market’s most influential figures. Sabine Otamendi, a 25-plus-year industry veteran with more than $2 billion in pre-development sales, is rejoining the firm, bringing with her a track record that has helped shape Miami’s ultra-luxury landscape. Based out of Elliman’s MiMo office, her return signals continued momentum in a market increasingly defined by high-end development and global demand.

Otamendi has been a driving force behind some of Miami’s most recognizable projects, including The St. Regis Bal Harbour, One Thousand Museum by Zaha Hadid, and Turnberry Ocean Club. Her career is marked by record-setting transactions, from a $30 million penthouse sale to multiple deals exceeding $10 million, along with helping push pricing in Sunny Isles Beach to nearly $4,000 per square foot. With a background that spans both strategy and execution, she brings a developer-level understanding of how luxury properties are positioned and sold.

JP Smith

Joining her is an ATP Tour professional JP Smith, adding a different kind of competitive edge to Elliman’s roster. With a career-high ranking of No. 108 in singles and No. 39 in doubles, along with 40 professional titles, Smith transitions into real estate following years on the global stage. Together, the additions reflect Elliman’s continued investment in talent that blends experience, performance, and global perspective as Miami’s luxury market continues to evolve.

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How NYC Buyers Are Reshaping New Development

By Bentley Zhao, Chairman and CEO, New Empire Corp.

New York City’s housing market has always evolved alongside the people who live here, but today that evolution is accelerating. Buyers are more informed, more pragmatic, and more focused on how a home supports their everyday lives.

Developers are seeing a clear shift in expectations. The conversation is no longer just about location or luxury finishes. Instead, buyers are evaluating the full living experience—from layout efficiency to long-term ownership costs. This change is influencing how buildings are designed, where development is happening, and what kinds of communities are emerging across the five boroughs.

My perspective on development is shaped by a background in both finance and architecture. After studying at Baruch College and the New York City College of Technology, I joined my family’s business and later became CEO of New Empire Corp., which has completed more than 120 residential and mixed-use projects across New York City since the company’s founding in 1997.

One significant change is the rise of the holistic buyer. In the past, many people focused primarily on traditional factors like location, views, and finishes. While those elements still matter, today’s buyers take a broader view. They want homes that function well in everyday life, paying close attention to natural light, efficient layouts, storage, and access to outdoor space. How a home “lives” has become just as important as how it looks.

At the same time, buyers are increasingly focused on the long-term economics of ownership. Carrying costs such as property taxes and common charges now play a central role in decision-making. For many, especially first-time buyers, predictable monthly expenses are as important as the purchase price. A home is no longer just a place to live; it is a lifestyle investment. 

Three priorities stand out in today’s market: wellness, flexibility and convenience.

Wellness has become a defining force in residential design. Features like fitness centers, landscaped terraces, and rooftop gardens are no longer seen as luxuries but as essential components of healthier environments. There is also a growing emphasis on community and connection. Buyers value shared spaces that foster interaction and improve everyday living. 

Flexibility is equally important. Hybrid work has changed how people use their homes, increasing demand for adaptable spaces. Buyers are looking for layouts that can accommodate home offices, multipurpose rooms, or evolving needs over time.

Convenience, often supported by technology, is another factor. Smart building access, strong connectivity, and efficient package management systems have become expected features. 

Meanwhile, affordability pressures continue to shape the market. Rising construction costs, interest rates, and land prices have driven developers to be more strategic. Instead of offering expansive amenity packages, developers are focusing on amenities that residents actually use. Fitness spaces, co-working lounges, outdoor terraces and practical storage areas deliver real value to residents without adding unnecessary costs.

Design efficiency has also become essential. Smarter floor plans allow developers to create homes that feel open, comfortable, and functional without drastically increasing square footage. This helps keep prices more attainable.

At New Empire, we see this shift not as a compromise, but as an opportunity to build more thoughtful housing that better reflects how people live today.

One of the most visible results of changing buyer preferences is the continued growth of residential development outside Manhattan. Neighborhoods in Queens, Brooklyn and parts of Upper Manhattan are attracting a new generation of first-time buyers seeking the benefits of city living at more accessible price points. In many cases, buyers are willing to live farther from Midtown if it means gaining more space, better value, and a stronger sense of community. 

Radiant: Photo Credit: Conica Studio 

This shift is reflected in the success we have seen at our development projects, Radiant in Long Island City, and Centric in Sunnyside/Woodside, reinforcing the importance of building in neighborhoods with strong transit access and long-term growth potential.

Despite regulatory complexity and economic uncertainty, New York remains one of the most resilient housing markets in the world. Demand continues to outpace supply, and the city’s global economic position ensures a steady flow of residents, workers and investors.

Centric: Photo Credit: SDX Studio 

Buyers today want homes that support their health, adapt to their lifestyles, and deliver long-term value. They want buildings that foster community while still providing privacy and comfort. And they want neighborhoods that combine convenience with belonging.

Developers who listen closely to those priorities will shape the next generation of residential projects across New York City.

In a supply-constrained city with enduring global appeal, the next era of development will be defined not by what is built, but by how intentionally it is lived in.

Bentley Zhao

Bentley Zhao is Chairman and CEO of New Empire Corp., a leading New York-based development and construction management firm that has completed over 120 residential projects throughout New York City.

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