Investing In A Condo Unit: Helpful Tips

The pertinent question on the minds of many people looking forward to investing in a condo unit is whether such is a sound investment decision. Well, it is if you have information such as you will read here. Like any other investment, never delve blindly into condo buying.

Here is how you should do it:

The location

The location of the condo will determine whether it will sell at a good price in future, or not. That is why you need to do your research carefully. If you want a condo that you can rent out to make some money in future, then a beachfront option - such as one of these beautiful Madeira Beach condos - would be a wise investment.

Such is always going to have a tenant in summer. You may also consider buying a condo in a location that has development projects coming up in the future. A condo near a college is good as there will always be demands for it. If the condo block is located near, but outside a thriving urban center, buy it.

Look for financing

Unless you have the money and you are paying cash for the whole amount, you will need to look for mortgage financing, same as you would for a regular home. In fact, it is recommended that you get a preapproval first before you start looking at available condos.

Dedicate enough time to look for financing because most traditional mortgage lenders have no loan products that are designed for condos. You can also check out loans from the FHA- Federal Housing Administration. Note that the condo that you want to buy should be on their approved list. One of the requirements is that at least 80 percent of the condo units in that community are occupied by their owners.

Do your math correctly

If you are buying a condo to rent it out and make money, well, you need to know that it is a good investment. For example, if you buy a condo unit for $75,000 and the maximum rent that you can get from the condo is $450, the math does not sound so appealing. However, if you buy a condo for $60,000 and you can rent it out for $700, that is more appealing.

You must also consider the property taxes, the months that the condo may not have a tenant, advertising costs and so on. When you do the math and you get an annual yield of about 8% on the $75000, that is not too bad. You can live with that. Do the math before buying.

Find options that suit your needs

Just because a condo community has a swimming pool, recreational courts, gym and other amenities, it does not mean that you will need them. For example, if you are a senior, in your 70s, the main things you want are security and the grounds and exterior maintenance.

You can ask a real estate agent whether it is possible to find a condo that meets your needs so that you do not have to pay too high fees and not get to use the amenities.

Get help from a real estate agent

No matter how well you know real estate matters, a real estate agent will always be many steps ahead of you. The reason for this is that they have big networks of realty companies, sellers, buyers and real estate attorneys. Thus, their help can be priceless and it can help you get the most out of your time.

You will also find their advice to be priceless. They know the market trends, they know any developments slated for the future and they know who is selling what you need. If you would like to save time, engage the help of a real estate agent.

Conclusion

If you want to invest in a condo unit, the above-mentioned tips should help you get the best deals. Always look out for best condos for sale in the city you want to live in. Say for example, if you are from Santa Monica, you can find a Santa Monica real estate agent to get help to pick an affordable but beautiful condo unit in Santa Monica.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Have A Whole Floor To Yourself At The Belnord

The Belnord, a landmarked building that occupies an entire block on the Upper West Side has a new listing taking up an entire floor that can be yours for $12,575,000.

Residence #1012 is an extraordinary floor-through home offering 5 bedrooms and 4.5 baths generously distributed over a sprawling 3,949 square feet. Beauty abounds with north and south exposures; soaring 10-foot ceilings; fully restored, oversized mahogany windows; and white oak floors with chevron and plank patterns throughout. 

The residence also features a formal entry foyer and gallery; an eat-in kitchen with Calacatta Gold marble countertops and backsplash, state-of-the-art Gaggenau appliances and a stunning kitchen banquette; and an expansive master suite with two walk-in closets and a spa-like master bathroom with radiant heated floors, custom-designed vanities, a deep soaking tub with separate glass-enclosed shower, and accessories by Kohler, Dornbracht, and Ballista. 

Robert A.M. Stern Architects, is overseeing the restoration of the original architecture and re-imagining the interiors for the residences and is developed by HFZ Capital Group and Westbrook Partners. 

The Belnord is one of the greatest turn-of-the-century residential buildings, originally constructed in 1908 and designed by famed architecture firm Hiss & Weekes. The property's new design will feature 95 residences, ranging from two- to five-bedrooms, situated across The Belnord's 14 floors. In addition, 9,000 square feet of state-of-the-art amenities will be incorporated into the building, and many of The Belnord's hallmarks - including the courtyard and the exterior architecture - are being restored to their original grandeur and updated. 

For more information click here

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Corcoran Group Marketing Joins The NOMA Sales Team

The NOMA a boutique collection of fifty-five condominium residences in a sculptural twenty-four-story neo-Bauhaus tower. Located in the heart of Manhattan’s creative and cultural NoMad neighborhood has just enlisted The Corcoran Group to collaborate with Alchemy Properties to assist in selling the remaining 50% of the building.

“We are excited to be collaborating with Corcoran Group Marketing and begin the final sell-out phase of the building,” said Alchemy Properties President and Founder, Kenneth Horn, “Our sales to-date has been exceptional, more than 50% of the inventory sold, and the brokerage and buying communities are excited about The NOMA. The building is a new model for luxury living in the NoMad neighborhood. Corcoran Group Marketing understands the value and potential of The NOMA and the neighborhood and will use their expertise to complement Alchemy Properties’ sales team efforts.” 

The building features 15 foot high ceilings capped with reclaimed wood, a custom gunmetal chandelier, limestone flooring, venetian plaster and leather upholstered walls showcase a warm industrial palette.

The lobby is doorman attended 24-hours a day, seven days a week. An extensive set of amenities and services are available to the residents at The NOMA, including a 120-foot wide landscaped residents’ terrace with multiple seating areas and an outdoor kitchen. Overlooking the terrace is a library and fitness center complete with state-of-the-art cardio equipment, free-weights, and a punching bag.

Scroll through of photos for Unit 14B

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

What To Know About Long Island City Area’s Residential Development and Transportation

With the announcement from Amazon that it has chosen New York's Long Island City for part of HQ2, Localize.city took a data-driven look at the area to see what’s in the pipeline for residential development and transportation. The area has the largest number of apartments currently under construction. It’s also No. 1 for number of new units authorized as well as for permits filed but not yet approved.

The strain of the influx of new residents is already being felt on LIC’s streets, which will incrrease in the following months. While transit upgrades may be on the way, the neighborhood is No. 1 for issue like complaints about parking, blocked bike lanes and is in the top 10 for complaints about parking placard abuse. 

"When Amazon moves part of its second headquarters to Long Island City, it will have a tremendous impact on the neighborhood and others nearby," said Localize.city urban planner Stephen Albonesi. "But if any area in New York is poised for a major influx in residents, it's Long Island City, where a building boom is already remaking much of the area and where residents have been grappling with how to meet the demands of thousands of new people.”

 Other takeaways are is that the neighborhood would be six times bigger than Manhattan’s Hudson Yards, with up to 24,000 units of housing, 52 acres of parks, 19 schools and more than 1 million square feet of retail and office space, officials have said. It would take at least a decade to build and would better connect Astoria, Long Island City and Sunnyside.

While more units will pop up groceries and pharmacies are still scarce, and publicly accessible gyms may be in short supply because they’re included as amenities within many private developments.

But more retail is on the horizon: roughly 500,000 square feet is expected by the early 2020’s. Much of it may skew toward chain stores, large grocers and movie theaters, which could make Long Island City more of a an area to work rather than live.

To see the full report click here.

Related Stories

• The Real Estate Apps You Should Be Using

• NYC's Best Neighborhoods that Are (Relatively) Affordable

• Festive Finds To Dress Up Your Next Open House

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

A Lobby To Welcome You Home

The list of what to look out for during an apartment hunt can seem never ending. You probably attend each viewing with reams of paper reminding you about things like location and the quality of the view. The more bases you cover, the less chance there is of landing in an imperfect living situation, right?

But, despite a world of preparation, many of us forget to consider one crucial thing; the entrance lobby. It wouldn’t even cross many of our minds to spare this a thought. You aren’t buying the lobby, after all. Surely the apartment should be more important?

When you break it down, though, that lobby is the first thing you’ll see when you arrive home. It’s the first impression your guests will form of where you live. Hence why many landlords go all out by investing in expensive floor tiles, and even contacting aluminum canopy manufacturers to provide an entrance to come home to. The grander the entrance, the better the prospects. With that in mind, you may want to start your next viewing appraisal before entering the potential apartment. For proof of things to look out for, consider the prowess of these top New York lobbies.

The Galleria, 117 East 57th Street

From the moment you set eyes on The Galleria, it’s clear to see that this complex has something to shout about. This entrance canopy ticks all the boxes. Things only improve as you get closer, and spot the iconic swooping glass entrance. Without needing to set foot in the building, it’s clear these apartments come complete with dreamy contemporary designs. What more could a property hunter ask for?

The Osborne, 205 West 57th Street

Many would argue The Osborne has the best lobby in the city, and it’s difficult to disagree. Built back in 1885, this couldn’t be further from the modern glitz you’ll find at the Galleria. Instead, this lobby will put you in mind of a stately manner. The gilded ceiling is only the tip of this lobby iceberg. You also have brownstone walls and traditional paintings galore. You could go as far as to say this is the dream apartment block for fans of Downton Abbey.

River House, 435 East 52nd Street

Of course, New York’s most impressive apartment building had to find its place onto this list at some stage. A pillared stone gate leads you into this beautiful lobby, complete with gardens and river views. The highlight, though, is the cloakrooms which you’ll find there for all your party needs.

The Plaza

Whether you recognize it for its iconic appearance in Home Alone 2, or because you’ve marveled at it many times; The Plaza also deserves a look-in. The lobby for this apartment complex is about as grand as you would imagine. Again, the entrance brings to mind a stately manner house. This image is only furthered by the iconic chandelier you’ll fail to miss when you walk in. How does that sound for impressing anyone you bring home?

 

Related Stories

• The Real Estate Apps You Should Be Using

• NYC's Best Neighborhoods that Are (Relatively) Affordable

• Festive Finds To Dress Up Your Next Open House

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.