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Hi,
I am moving from Milan (IT) to Manhattan within next year.
I am looking for an apartment/loft strictly in Upper East Side, Upper West Side or West Village.
My budget for the purchase is between 1m and 1.8m, I found many interesting properties but my biggest doubt are condominium fees for the property (monthly) and parking facilities (do these neighborhoods have parking included in the property? Do palaces have garages for cars? If not, how much will it cost me monthly?).
It is not clear at all how does this work, I'd like to know if any of you know something reliable about this.
Thanks.
You need to ask your real estate agent or management for this. I know some buildings are linked with parking garages where you have to pay an additional monthly fee to use.
For a nearly $2m budget, you should you really be working with a professional.
That said, HOA/maintenance fees can be a significant amount of money, especially for a unit over $1m. I found a NY Times article from 2008 which said that in doorman buildings in the prime areas of Manhattan, average fees are about $1.50/sq. ft, and in ultra luxury buildings can top $3.
So you could easily be spending over $2k a month on those fees.
Parking will be up to the individual building. Some may have it, but most won't. If you need a garage, it will likely be $500 or more a month in those neighborhoods.
In those neighborhoods some buildings are going to have high fees because they are expensive, and some buildings are going to be expensive because they have low fees. If you want to buy as an investment you should pick a building with low fees. If you have a financially mismanaged building, the high fees will lower the value of your unit.
Hi,
I am moving from Milan (IT) to Manhattan within next year.
I am looking for an apartment/loft strictly in Upper East Side, Upper West Side or West Village.
My budget for the purchase is between 1m and 1.8m, I found many interesting properties but my biggest doubt are condominium fees for the property (monthly) and parking facilities (do these neighborhoods have parking included in the property? Do palaces have garages for cars? If not, how much will it cost me monthly?).
It is not clear at all how does this work, I'd like to know if any of you know something reliable about this.
Thanks.
Some buildings have parking garages, others do not. You'll have to make inquires...
Most if not all buildings charge separately for any garage spaces. The cost can be reasonable to insane. I live on the UES and can tell you many persons either park on the street or find a garage elsewhere because their own building wants very dear money for parking garage space.
That being said you are free to look around. Many buildings with garages will rent space to anyone willing to pay and some have better rates than others. Not everyone in a building owns a vehicle and many Manhattan residents do not either. That being said it seems to be changing IMHO. Finding overnight street parking in many residential areas of Manhattan is becoming a nightmare.
How often will you need your car in NYC? If the answer is not very often, there is no reason to have a car. If you will need a car for some reason, you can rent one very easily.
Though $1 million is a lot of money for most people, in the insane Manhattan property market, it won't buy you very much and especially so in an upscale neighborhood. You should rent first before you buy.
Hi,
I am moving from Milan (IT) to Manhattan within next year.
I am looking for an apartment/loft strictly in Upper East Side, Upper West Side or West Village.
My budget for the purchase is between 1m and 1.8m, I found many interesting properties but my biggest doubt are condominium fees for the property (monthly) and parking facilities (do these neighborhoods have parking included in the property? Do palaces have garages for cars? If not, how much will it cost me monthly?).
It is not clear at all how does this work, I'd like to know if any of you know something reliable about this.
Thanks.
I also agree that you should be working with a professional real estate representative. Go online, get a free 8 week subscription to the NY Times and read a bunch of past columns of "The Hunt." http://www.nytimes.com/column/the-hunt Read and learn how others hunted for their properties.
I'm sure you can hire workers to build a garage for your palace. Aside from the neighborhoods you've mentioned, have you heard of the up and coming neighborhood the piano district? You might want to check it out, I think you would really fit in there.
Thanks for the answers.
The reason why my budget can be considered "high" is because my parents are selling their house and we made a budget on the price of it, we thought we could afford a beautiful spacious apartment in those areas with that amount of money but, as the taxes are sky high there, we expanded our research to other neighborhoods as well. Spending around 2 grands every month just for taxes/fees (and hopefully parking included, but still maybe not) looks like a dangerous idea, so if we can avoid that, we will try to. Several cities in Europe, like Milan, Berlin etc., are probably more expensive than Manhattan for living, but regular costs of the houses are much cheaper instead - usually because most of the palaces come with at least one parking unit, and "upper-class" condominiums cost, except few differences, no more than around 500-700 usd every month for a 2000sqfeet flat. I think maybe only London and Paris are, property-wise, expensive like Manhattan. I was seriously shocked by the taxes/fees. Not much by the price of the property itself, which is equal to what I am used around here, but for the ordinary maintenance. It seems almost crazy.
Do someone of you know if usually condominium fees are included in the price of rentals over there? I will rent something before buying, so I'd like to know if the price I see on sites (such as Trulia for instance) is usually fees/taxes included (which means the landlord pays it, and the tenant pays water, electricity etc. only).
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