Hi all

I am thinking of investing in perhaps one property in NYC. As a non-US citizen ( I am British) living in London, I understand that I am not entitled/encouraged to buy into Coops. I have a whole range of questions:

1) What are the best website(s) used by New Yorker who want to look at whats for sale?

2) Given the depressed US property market would it be ill-advised to invest now in NYC? Have property prizes suffered in NYC as a result and is it expected to decline further if it has?

3) What areas should one buy in order to rent it out easily?

4) Would one expect a Manhattan apartment bought now to appreciate significantly over the next 10 years?

5) What are the current mortgage interest rates for American bank loans for non-US citizens? Who offers the most competitive loans? Would it be easier as a UK citizen to get a $ bank loan from the UK where they know my credit history?

6) What other charges do landlords pay? Tax? Service Charge? Building repairs?

7) Everyone is talking about Brooklyn and Williamsburg as the place to invest in. Is it all hype? I know there are some beautiful properties overlooking the Manhattan skyline from Brooklyn. Would it be better to invest in Brooklyn instead of Manhattan?

8) Are there any recommended agents that I should seek who will give honest guidance? I know that may be impossible but had to ask!

9) New developments or old buildings? What should I go for?


Anyone interested in this subject please contribute your views. If there are any non-US citizens who want to buy-to-let in NY, I would be happy to team up with you to research and look for property together.

If there are any New Yorkers, resident in NY, who have invested already in NY and are interested in investing in London - perhaps we can help each other out??

Cheers!

CS

I don't know much about NYC, but I can tell you that it is against federal law to discriminate against anyone based upon their national origin, so I don't know who told you that you can't buy a co-op, but I think they were mistaken.

Each co-op will have their own home owners association and their own set of rules. In a co-op, you will have to be approved by the board before you can purchase, and often times, they will approve or disapprove the price.

Condos are easier to deal with and perhaps a better investent. Each condo will have it's own home owners association and it's own rules. You might have to be approved, or you might not, depending upon the rules for that building.

There are certainly as many condos in NYC as there are co-ops, and probably more.

If you are looking for a place that you can rent out, NYC has rent control and it can be difficult to deal with. Make sure you know the law before you buy. Most co-ops do not allow renting.Many condos do not allow renting. Be very cetrtain what the HOA rules are before buying.

Prices in the USA are very local and I do into think that prices in NYC have gone down. If you like big cities, then NYC would always be a good place to invest, as long as you are careful about what neighborhood you buy in and stay out of rough areas. When prices are down is the time to buy. Prices won't stay down.

NYC has NOT suffered from the Mortgage problem and prices are very very high. No bargains to be had but I said that 10 years ago and turns out everything then was a bargain.

No problems buying in NY as a Foreigner at all.

Most apartments in NYC are CO-OPS and not condos for tax reasons although maintenence is higher.

I am a New Yorker but not interested in investing there these days. I have been investing in the Dominican Republic for 7 years now and having an enjoyable time.

I can recommend a real estate broker who is a friend of mine in Manhattan. Herbert Stender 917-701-0316 is his cell phone number. I actually handle some of his investments in the Dominican Republic on his behalf and he is a fair and square fellow although the agent actually represents the seller and not the buyer but he won't mislead you ever.

Thanks Escott

I am coming to NY in May. Have you got an email for Herbert Stender?

Thanks for the infomation.

I am interested in the US, but only in areas where prices have fallen significantly.

__________________
Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year

Hi Investy

I am interested in Manhattan and Brooklyn ( Williamsburg) because they have managed to retain there value dispite all the economic problems in the States. Thats because there ais a lot of foreign investment keeping the market up. So I see it as slow but steady growth with steady rental yields.
How do you arrange international mortgages?

S

I spoke to a client today who wanted in to Haarlem! Ah. Why? Last time I went, every one had guns and was shooting each other. That was 20 streets south of Haarlem, maybe it has gone up market. Was a while ago!

__________________