Condo buyers should budget between 4% and 6% of the purchase price if financing, or 2% to 4% for cash deals. This covers title insurance, attorney fees, and the mansion tax.
Unlike Co-ops, condos are considered real property. If you finance a condo, New York State charges a tax (roughly 1.925% for loans over $500k) on the mortgage amount, making cash offers significantly cheaper to close.
Yes. Condos are generally investor-friendly and allow for flexible subletting policies, though most buildings require a minimum lease term of 6 to 12 months.
This is the monthly fee paid by condo owners to cover building operations, staff, and amenities. It does not include property taxes, which are billed separately by the city.
Yes. Condos are the preferred asset for international buyers because they do not require US-based income or the intensive personal scrutiny typical of Co-op boards.
A Condop is technically a Co-op that operates with condo-like rules. It’s often a residential co-op situated on top of a commercial condo space, offering more flexibility than a traditional Co-op.
While not legally required for cash deals, it is highly recommended to protect against ownership disputes. For financed deals, lenders will always require a title insurance policy.
While the famous 421-a tax abatement has largely expired, some buildings still have "legacy" abatements that keep property taxes low for several more years. We help buyers calculate when these "cliffs" occur.
Most condo boards reserve the right to match a buyer’s offer and purchase the unit themselves. While almost never exercised, it is a standard part of the condo application process.
Rarely. While you must submit a "purchase application" with financial disclosures, condo boards usually do not interview buyers, making the process much faster than a Co-op.
When buying "off a floor plan," there is a risk of construction delays. We review "Offering Plans" to ensure your deposit is protected and the developer has a proven track record.
Yes. This is a common practice for privacy and liability protection. Our team works with your legal counsel to ensure the building allows for corporate or trust-based ownership.
Browse things to do, places to see, and landmarks to explore in New York and other areas.
The Michael Graves Team combines market expertise, innovative strategies, and personalized service to deliver exceptional results. From luxury properties to investment opportunities, we ensure your experience is smooth & successful.
