Manhattan Real Estate Market Forecast: A Shift Towards Stability in 2024?  The Manhattan real estate market, a microcosm of New York City’s dynamism, experienced a rollercoaster ride in 2023.  Soaring interest rates dampened buyer enthusiasm, leading to a significant drop in sales volume compared to the record highs of 2021.  However, as we enter the second quarter of 2024, experts see signs of a stabilizing market with potential opportunities for both buyers and sellers.   Read Wei Min’s article: Manhattan Condo Historical Price Trend Read about Wei Min’s style in Be ..read more

Capital gains tax is a common question from our foreign clients when evaluating whether to invest in Manhattan property.  We inform them that besides capital gains, there is also monthly New York City property tax, income tax and estate (inheritance) tax.  Here is a summary of the major tax categories when buying property in Manhattan, New York.   NYC Property Tax NYC property tax is the City’s main source of revenue.  When viewing a property listing online, the NYC property tax is provided as a monthly amount but paid quarterly.  A rough guide is $1.50 per square foot ..read more

Transaction costs, better known as “Closing Costs,” when buying or selling property in Manhattan, New York.   The transaction costs for a foreigner buying property in New York is the same as for a U.S. citizen.  There are no incremental taxes or stamp duties levied on foreign buyers, unlike in many countries that are trying to curb inflow of foreign investors.  A foreigner may decide to own under a more complex entity structure and this would incur additional expenses.  However, a local may decide on similar complex entities as well.   For the buyer, if a cash pur ..read more

Stamp duty is a British term and is not a term used in New York property transactions. Here in the United States, we use the term Closing Costs, which is more comprehensive and covers all the transaction cost items, including government taxes (stamp duty).   Closing costs are the same for foreign buyers and local U.S. citizens.  There is no extra stamp duty or taxes levied on foreign buyers.  Here is an outline of Closing Costs when buying or selling a condominium apartment in New York.   Closing Costs for Buyer Mortgage tax – paid to the government and only if there is a ..read more

Investor buyers can buy into new property launches in Manhattan, New York and as with any investment, there are pros and cons.  Buying into new launches means visiting the sales office and reviewing material and floor plans before the building is completed.  Buyer puts down a reservation deposit and the balance is paid when the project is completed, usually in 1.5 or two years.   The vast majority of property transactions are Resale, which means buying from the current owner.  While there are new launches, the supply relative to overall property inventory is quite small.&nb ..read more

Buying property in New York is an achievement Manhattan, New York’s position as a top global city has always attracted property investors both local and foreign. To local New Yorkers, they believe in New York (which is why they live here in the first place) while to foreigners, New York is recognized as a safe haven for asset diversification.   Properties in Manhattan start at $500,000 for a studio condominium and go all the way to $90 million for the record setting penthouse apartment at One 57. Townhouses, which come with land and possible air rights, start at around $6 million. In Manh ..read more

Bravo for taking the step towards investigating the property buying process.  Here is a summary of key points for a foreign/overseas investor to understand when buying property in New York.     Don’t expect to find a good deal from your computer 6,000 miles away Real estate is very local. Even local New Yorkers won’t know which is a good deal unless they walk the streets and visit apartments every day. You absolutely can’t find a good deal from browsing online from 6,000 miles away.   Everything you see online will look good because they are posted by the seller’s broker. W ..read more

Buying new condominium property in Manhattan is a strategy we focus on with investor clients from all over the world who are seeking Manhattan property as a form of asset diversification.  Since Manhattan is land-locked, the supply of new launch property is small relative to overall property inventory.  Prices of new property are higher than resale property but the new property strategy is very viable.     Contact:  tan@castle-avenue.com Read about Wei Min’s style in Best Manhattan property agents and Role of a buyer’s broker.    The Benefits Of Buying A New ..read more

Engaging a property agent when looking to buy in Manhattan, New York is a critical part of the buying process.  A buyer’s agent will help you make sense of the market, identify and filter properties based on criteria, negotiate the best price and terms and manage the entire buying process.  The role of a buyer’s agent is absolutely not to merely schedule viewing appointments, which anyone can do.   In the U.S., there is a buyer’s agent and a seller’s agent.  The buyer’s agent represents the interest of the buyer while the seller’s agent represents the interest of the seller ..read more

Part 1:  Overview for the Foreign Investor interested in New York property   Why New York Manhattan is the most expensive, most stable and most recognized market in the U.S.  When compared to global cities, the esteemed Knight Frank Wealth Report consistently ranks Manhattan as either the #1 or #2 city globally (Manhattan always competes with London for the top spot).  The ranking is based on factors including wealth, investments and lifestyle.  Meanwhile, property prices in Manhattan is less expensive when compared to cities like London, Paris and Singapore.   ..read more