This city article is part of our full size guide: Buying a House

New York Real Estate – How to Buy a House in NYC

Perhaps the most famous city in the world, New York has everything going for it. An incessant economy, endless museums and creative opportunities, neighbourhoods for every taste, and an undoubtable atmosphere. Buying real estate in New York is, for that reason, so popular and lucrative. The real estate market, as we will see below, is an opportune chance to invest safely with high profits. So, with relatively low interest rates, the lowest property tax rates in New York State, and seemingly impossibly low prices, now is the time to invest in New York real estate!

• Rather buy an apartment in New York?

Largest House in USA – New York Mega-Mansion

One of the most expensive houses in the whole of the USA, 281 Daniels Lane is a bigger house than you could imagine. Built by multi-billionaire Ira Rennert, this massive compound has multiple houses and sits on 63 acres of waterfront property. If you want to get an impression of how luxxurious and opulent this self-made entrepreneur lives, you should know that his neighbours commonly complain about the noise of the oversize helicopter which lands on the designated helicopter pad on the property.

The massive mansion boasts multiple dining rooms, a gym, two tennis courts, three swimming pools, a bowling alley, a movie theater, a private museum showcasing the billionaire’s massive art collection, and a basketball court.

• Location: 281 Daniel’s Lane, 11962 New York

What is New York’s Biggest Economy?

New York is perhaps best known for its legendary finance sector. Countless mammoth banks have their headquarters here, and ‘wall street’ is known worldwide for its trading business. Yet New York is also home to a billion dollar port, being the source of thousands of jobs. It is also a major hub for manufacturing of textile and clothing industry. More importantly though, New York is a young tech-hub. With many software and new-tech startups and companies being housed in the metropolis. Lastly, with the city being one of the biggest in the U.S., and most popular worldwide, New York also has a massive gastronomy and hotelier sector, with tourism pushing a large proportion of it.

• Tech
• Finance
• Tourism

Is New York’s Economy Growing?

New York’s economy is growing. Between 2001 and 2019, the city’s GDP rose from $1,20 tril. to $1,57 tril., a 24% increase! There are some 70.000 businesses in New York City, and this number is growing annually. New York’s real estate market also makes up a huge share of its massive economic growth.

• GDP: $960,25 bil. (8% of total U.S. GDP)
• Past 20 years, 24% increase.

Is it a Good Time to Buy a House in New York? – Real Estate Market

Right now is a very good time to buy a house in New York. Low prices are almost certain, thanks to many vacancies by lettors who are no longer interested in renting out the very low rent prices. That means prices will be low, but thanks to New York’s legendary status, and cramped market, the prices are certain to pick up again. In a few years, the current prices will have multiplied, meaning an investment now will reap profits. Prices of homes are expected to increase by 9.1% over the next year.

• Home Prices Currently Low
• Expected 9.1% increase in price

Home Price Trends New York City – New York Real Estate Crash?

It seems every year there is an impending real estate crash. Yet this has not happened until now. Some experts have warned again of a crisis, yet looking at the house price index for New York, there is no evidence. The opposite in fact, the rising house price index indicates not only a healthy economy, but also a strong real estate market.

• Strong real estate market
• Rising Price Index

Most Valuable New Constructions

This graph is perhaps indicative of New York’s real estate market. Only surpassed by Dallas-Fort Worth, and the Houston-Sugarlands areas, the New York metropolitan area is among the places with the highest value of new residential construction permits. That means that new constructions are valued very highly in New York, thanks to high real estate prices, which are, thanks to these expensive new constructions also expected to remain high.

• 3rd best in the Country!

New York Real Estate Prices

New York City’s average house has a value of $660.000. Last year the median sales price on single-family residentials hit $718.000. Additionally, the amount fo sales being completed increased by over 21% compared to last year. Per square foot, you can expect to pay $341, a number 2.4% higher than last year. Manhattan is the most expensive borough, with the hotspot’s averae sale price being ata $995.000.

• Average home: $660.000
• Average sqft: $341

New York Real Estate Market Explained

NYC is certainly a buyer’s market at the moment. There are more properties for sale currently, than there are buyers. Properties were being sold, on average, almost 3% below asking price, and were typically sold after a long 151 days on the market. This is likely also due to the high supply of properties making buyers be more specific in their wishes. Also, while it may seem like rental-heaven, New York is over 50% owner-occupied, meaning that you are not alone in owning instead of renting.

• New York’s Real Estate market in-depth: New York Real Estate Investment

Is it Hard to Buy a House in New York? – Problems

As mentioned, the New York market has many homes for sale, meaning that, apart from few issues, it’s not very difficult to buy a house in New York. Different from buying an apartment in New York, buying a house will likely leave you with a more specific and satisfactory property.

Where Can You Buy a House in New York? – Detached Single-Family Residences

You may think of New York as a place where you can only buy apartments or condos. This is not the case though, although detached single-family houses are quite rare in e.g. Manhattan. You will not have much difficulty finding a house in e.g. the southern parts of Brooklyn (Bensonhurst, Sheepshead Bay, etc.) as well as Queens (e.g. Forest Hills, Woodhaven, etc.). Of course the legendary Hamptons are also prime real estate.

What is the Minimum Downpayment on a House in New York?

Mortgage is always a major topic when buying a house in New York. Even here you will need to pay at least 20% on your downpayment. The FHA loans, which would allow you to pay as little as 3.5% without significant interest rates will be hard to find in New York, as there are so few houses compliant with the regulations. If you decide on a downpayment lower than 20%, you can expect high mortgage interest rates, and of course principal mortgage insurance. With a home price of e.g. $700.000, the classic 20% downpayment is a hefty $140.000!

Tax Tip: NY state will allow you to deduct much of your mortgage interest from your taxable income!

Taxes! Where to Pay and How

Taxes on buying a house in New York: this is the fun part. Taxes in New York are structured so that you are advantaged when you buy a home instead of rent. That means you can deduct many things like mortgage interest and your New York property taxes from your taxable income! More on optimizing your taxes in our article:

• Saving Real Estate Taxes

How Much Money do you Need to Buy a House in New York?

There are of course a million ways to save money everywhere on your home. From saving on your taxes when buying a home to government programs, you need to make sure to take a look at the possible programs for you in your income-, cultural-, and geographical region.

How to Pay Less when Buying a House in New York

For people who are not able to pay a full downpayment, there are many support programs. Real estate purchases are generally encouraged with incentives and support programs. The best are for first-time homebuyers, meaning that if it is the first time that you buy a full residence, you will pay less taxes, and have other monetary incentives. More on that in our main article on buying a house.

• Less taxes for first-time homeowners

We have a full-size guide on all the additional costs you have to pay when buying a home:

Additional Real Estate Costs

Saving with Home Improvements

The planet is dying, and everyone has to do their part. That’s why many houses in New York nowadays are sold with eco-friendly upgrades already done. These include renewable energy sources such as solar power, or other variants such as more insulated roofing or smart thermostats. Having these can cut down on your recurring costs.

• Eco-friendly = Wallet-friendly

What you Need to Know About Buying a House in NYC

These are the top tips for buying a house in New York. You can be certain that if you adhere to these tips, you will have a good time, and end up satisfied homeowner of New York real estate.

People you Need to Hire to Buy a House

The most important step of the house buying step is the people who you will have fighting on your side. You want a group who are capable and empathetic. Additionally, you may need more people than you think. The list includes real estate brokers, agents, loan officers, mortgage brokers, and a real estate attorney. This is the step of the process where you will need to spend more time than you think. A good team surrounding your purchase will be a deciding factor in the quality of your home, as well as how much stress the home pruhcase will be to you.

• Real estate broker
• Agent
• Loan officers
• Mortgage broker
• Real estate attorney

It’s the Season – Spring

If you want to buy a house in Los Angeles, the time to do it is in the late winter to early spring. From January to March, the prices of homes are lower than the rest of the year, which means you can pay less for the same house that you would normally.

• Buy in Spring!

Location Location Location – New York Neighborhoods

Which neighbourhoods in New York to buy in? The old realtors adage, location location location. New York is home to five boroughs, all with a unique character and different qualities. Within these boroughs though, there is also large variation. For example, Brooklyn is home to some of the most high-end real estate areas in the whole city, while its neighborhood of Brownsville is considered the most dangerous. Therefore, which neighborhood you buy in can be decisive

Checklist – Where to Buy a House

What to look for in a location for buying your house? The location of a home, and the amenities nearby can decide your resale value, and can mean over- or under-paying on your house. This is our checklist of things you absolutely have to check out when looking at buying a house in a certain location:

• What are other homes or buildings on the block like? If
  neighboring homes or buildings are in poor condition, it could affect resale
  values.
• Schools: Are there good schools nearby? Do they have a good reputation?
• How close is the home to shopping areas such as malls? If you don’t have a car, public
  transportation? If driving, parking garages?
• What community amenities are nearby? E.g. museums, parks, restaurants, etc.

Don’t Forget Additional Costs

New York has an extra mansion tax, as well as a few other unique facets which make the additional costs here more difficult and sneaky. Be certain that you and your real estate broker have thoroughly discussed the details of all potential additional costs which you could face when buying a house.

• Real Estate – Additional Costs

How long a House has been on the Market – Beware of this

A major problem can often be unseen by you. Whether it’s shoddy renovation work which your inspector misses, a future construction project which could heavily affect resale value, or any number of things. Therefore it’s smart to always check how long a house that you are looking for has been on the market. Remember, in NYC, the average home is on the market a little under 5 months. Anything significantly longer than that can mean danger! It could also mean that a seller is just a particularly hard negotiator, and if you have the money to buy, it can still b the right purchase. So just make sure to take an extra close look.

• Hidden Problems!

Process Explained – How to Buy a House in New York

The process in New York is the same as for buying a house in the whole of USA. In short you save up, find the people that will help you through the journey, find your future home, and close on the deal. More specifically:

1. Save up for the Downpayment
2. Find a Mortgage Broker
3. Get Mortgage Preapproval
4. Get your Team Together: Attorney, Real Estate Agent, etc.
5. Start looking at Listings
6. Go to Viewings
7. Submit an Offer
8. Close

How Long does it take to Buy a House in New York

From start to end, the process is going to take a few weeks at least. The time can range anywhere from three weeks to three years, but on average you can expect about 6 months from start to finish. Remember! Even after closing it typically takes about 90 days before being able to move into the new property. Some people search for years and fail to find anything. In the end, how long you spend finding a new house depends on how well-prepared you are. On average though, in New York, people buying a house look for 50-70 days between starting the search and closing.

• 3 Weeks to 6 Years

Best Real Estate Agents in New York for Buying a House – Ranked

New York has more real estate agents than home buyers it seems. In this sea of real estate agents, all claiming to be the best, our ranking for the top 8 real estate agents in New York is below. These are NYC’s best realtors:

1. Richard Leasure (Howard Hanna Rochester)
2. John Farrell (EXIT Realty Homeward Bound)
3. Alexa Lambert (Compass)
4. Michael Kenduck (21st Century)
5. Bryan Karp (RE/Max)
6. John Lajara (RE/Max In the City)
7. Geraldine Andolina (21st Century)
8. Daniel Axtmann (Berkshire Hathaway)

New York City Explained

Counting the neighbourhoods, and finding out where one ends and another begins is a hard task in New York. The city is massive and spread out over 784 km² (303 mi²), being home to 8,4 mil. people.

• Pop. 8,4 mil.
• Area 784 km² (303 mi²)

New York’s Counties – Are NY’s Boroughs Counties?

New York City incorporates five counties, these are: New York County (Manhattan), Kings County (Brooklyn), Bronx County (The Bronx), Richmond County (Staten Island), and Queens County (Queens). In other words, each borough makes up one county.

• New York County
• Kings County
• Bronx County
• Richmond County
• Queens County

All New York Neighborhoods Mapped – Williamsburg, Midtown, etc.

With so many neighborhoods, it’s nice to see what neighborhood ends where. Where is the famous Williamsburg? See it all in the map below.

Property Taxes – New York’s Property Taxes by County

Buying a house in NYC means looking at how much you’re going to have to pay in taxes. With some districts paying more than others, this is an important part of your investment. New York property taxes are slightly more complicated than elsewhere, but broadly, the most you will be paying is in the Bronx, and least in Manhattan.

• Kings (Manhattan) – 0.65%
• Queens – 0.87%
• New York – 0.90%
• Richmond (Staten Island) – 0.91%
• Bronx – 0.97%

Neighborhoods in New York City – Where to Buy Real Estate

What neighborhood should you move to? Where are prices low, and likely to rise? These are the questions we answer here. Importantly, you will want to decide beforehand what type of neighborhood you’re looking for. There are young, trendy, and soon-to-be-gentrified areas like BedStuy, the super-rich luxury pads in Manhattan, or a little more suburban in Carroll Park or Park Slope.

New York Real Estate – Manhattan

Manhattan… Need I say more? A timeless and undisputed king in New York real estate. Neighborhoods to keep on your radar: TriBeCa, the perhaps most opulent part of New York City, or Upper East Side, which is the hottest tip in New York at the moment.

Bedford-Stuyvesant – Future Williamsburg

Williamsburg is perhaps the most famous example of gentrification worldwide. Not yet prey to gentrification is Bedforsd-Stuyvesant, where low prices, boundless amenities and a young atmosphere allow inhabitants to enjoy the big city, without its incessant tumult.

Park Slope – Where to Raise a Family in New York

Park Slope is already more famous than it was only two or three years ago. This is thanks to its near-perfect combination of proximity to the city, neighborhood safety, as well as a nice park and more. If you want to raise a family in New York City, this is where you should do it.

T

This article is part of our series on top Canadian real estate destinations. For a full overview, check Canadian Property – Real Estate Market Explained.

Calgary: Money in the Prairie

As a highly developed city in Canada’s West, Calgary finds the balance between modernity and tradition. While Calgary is still in the lowlands, the Rocky Mountains rise impressively only 1.5 hours to the west. That means skiing, awe-inspiring hikes, and mountain bike tours, are no problem for Saturday afternoon leisure. It is a multi-cultural city, with over 120 languages spoken here. It also has great shopping districts, great restaurants, nature with rivers and hiking trails in the center and enough sights. East Village and Inglewood have been developing rapidly in recent years. East Village is undergoing a complete transformation – once a dark corner, the whole town is now drawn there to eat at the Charbar and walk along the river. Soon the National Music Center and a new library will be added.

• Over 120 languages
• 1.5 hours from Rocky Mountains

Development in Cowtown

The largest city in the western Canadian province of Alberta, With its approximately 1.4 million inhabitants, Calgary is the 4th largest city in Canada. Calgary has the longest urban bike lanes in North America at 700 km. The most important economic sector in Calgary is the oil and gas trade. Additionally, Canadian immigration law imposes certain strict restrictions. Anyone wishing to work in Canada abroad must meet requirements that are recorded in a central points system and evaluated accordingly. Infrastructural improvements and social projects have clearly been transforming the district for a long time. The city had a population of 1,285,711 in 2019, with a massive GDP of USD$97.9 billion.

• No Provincial Sales Tax
• GDP: USD$97.9 bio.
• Pop. 1.29 mio.

Economic Slope… Upwards

Many large corporations have their headquarters for Canada in Calgary. Sales and organization of petroleum products and natural gas play the main role. Despite the diversification that has been pursued since the 1980s, Calgary’s economy is still heavily influenced by the gas and petroleum industries. This is reflected in the median income of CAD103.400. Companies such as BP, Canadian Natural Resources, EnCana, Imperial Oil, Pembina Pipeline, Petro-Canada, Shell, Suncor Energy, Precision Drilling and TC Energy are headquartered in Calgary. Scientific and research institutions and an increasingly differentiated service industry prepare an increasingly broad spectrum of economic sectors and professional fields.

• Median income CAD103.400

Property Investment: State of the Art

Of the total GDP growth experienced in Canada, over 50% were a result of real estate. In Calgary, the boom in the oil industry provoked a construction boom. When what is under construction is completed, office space in Calgary will grow by about 16 percent to 5.8 million square meters. This points to rapidly growing vacancies and declining rents. In the graph below, you can see the typical choice in real estate for Calgary home-owners. The most popular type of housing in Calgary is a single-detached home with 5084 dwelling starts. This is 241% more than apartments at 2106. The median house price in Calgary is CAD415.000.

• Single-Detached homes most popular
• Median house price CAD415.000.

Map: Prairie and Mountains

Drone: Cinematic Calgary

A view of downtown Calgary gives a peak into the beautiful inner city.

Districts: Mix and Match

Calgary, like most cities in Canada, has a wide span of cultures and communities. Much like Toronto, these thrive in a city which has its economic center in its downtown. The city is split by the elbow river, leaving many waterside parks and buildings. Few cities are as modern, while still remaining true to its culture and history.

Inglewood: Canada’s Brooklyn

Calgary’s oldest neighborhood, just east of downtown, is home to numerous antique and book stores, home furnishings stores, a popular record store, restaurants, bakeries and custom boutiques. Much like New York‘s Brooklyn, this is probably the hippest and most creative neighborhood in the city, there are cool stores beyond the mainstream and many restaurants & cafes. You won’t find many mansions or villas here, but new-age penthouses and lofts with high ceilings and modern atmosphere.

Altadore: Multi-Million Townhouses

Altadore is one of the trendiest quarters of the city. The eclectic character of the neighborhood is reflected in the streets themselves, with million-dollar fill-ups being built next to a variety of character houses. Marda Loop is a popular shopping destination, while the indie cafes and restaurants are popular with gourmets and hipsters alike. While there are a variety of nightlife options in and around the neighborhood, there are also inconspicuous options in Elbow River, River Park or Sandy Beach Park. Both excellent places for dog walks, picnic lunches and a leisurely weekend lunch.

East Village: Industrial Chic

“The East Village wasn’t always the kind of place that decent folk wanted to be seen,”

East Village is one of its up-and-coming areas. But hte now trendy hispter district owns it and not only owns it, wears it as a badge of honour. Old buildings in industrial style show that it is one of Calgary’s oldest neighbourhoods and provide a stunning contrast against modern condo complexes, hotels, and public art.

Brentwood: Warm and Friendly

This beautiful northwestern neighborhood wins many points for its strategic location, between Nose Hill Park, Shaganappi Trail, Crowchild Trail and the LRT line, which allows residents to get away from it all by car or on foot if they feel like it, and ensures that downtown is still just a quick drive away. A family-friendly neighborhood, this time in the northwest quadrant of the city, Brentwood, is very popular with students. It is known in the city as the recreational hub, is the perfect neighborhood for sporty families and active students. Brentwood has also frequently been on the list of top neighborhoods. There are good transportation links that make it easy to get around the city. At the same time, the neighborhood will make sure you never want to leave.

• 6,941 inhabitants

Kensington: In the Hustle-and-Bustle

Kensington is over 100 years old and remains a great downtown shopping area for tourists and a popular destination for locals to date and hang out. Calgary’s hip “village within the city” invites you to drink a latte, eat in one of the many ethnic restaurants or watch a movie in the historic Plaza Theater. Although it is a small business district, about four blocks by four blocks, shaped like two sides of a square, so it’s easy to walk around and see everything. This quarter has about 270 stores and services. There are some cool historical buildings combined with modern architecture. It has a cool and often bizarre impression of the variety of stores and public art.

Calgary: Large Scale Sights

Calgary is unique from its neighbours for its culture, high-end and prestigious offerings, and major money history. Most important parts of these are The Calgary Stampede, the Calgary Olympic Park, and The Calgary Tower.

The Stampede – Cowboys in the 21st Century

The Calgary Stampede is held every July, and is the largest rodeo event and agricultural exhibition in the world. For ten days, the city is transformed into a Mecca for Western fans. It attracts over one million visitors. International cowboys compete in the rodeo, covered wagon races are held and with many musical events, the Calgary Stampede is the annual highlight for locals and tourists alike. All this ensures that the festival lives up to its reputation as the “Greatest Outdoor Show in the World”.

Skiing, Bobsled, and Apres-Ski… in Downtown

The sports facilities of the 1988 Winter Olympics can still be visited today. For example Win Sport’s Calgary Olympic Park with the Olympic ski jump and the fastest rope slide in North America, which you can see on your left hand side when leaving the city towards Banff National Park. Located within the city, just a few minutes drive from pretty much anywehre in downtown. You can also go on a breakneck ride in the ice channel in a bobsled. For skiing and snowboarding there are 4 km of slopes available. 2 lifts transport the guests. The winter sports area lies at an altitude of 1,130 to 1,246 m.

Calgary Tower – Iconic Views

The Calgary Tower is 191 m high and thus West Canada’s highest observation platform (i.e. excluding buildings). Right in downtown Calgary, it rises above the rooftops of the city and offers a 360-degree panoramic view. The floor is made of glass so you can look straight down. For people with a fear of heights, a major challenge. Often confused for the similar (but smaller) CN Tower in Toronto, the entrance fee to this monument also includes a multimedia tour that uses state-of-the-art technology to tell you about Calgary’s history, landmarks and future design.

Calgary Short Trip

The most important infos for a short trip to Calgary.

Flight: The nearest airport is Calgary International Airport (YYC). Most flights from Europe arrive at Calgary International Airport around noon, as does ours. It takes a while to have your luggage and entry stamp. The drive to the city center takes only 20 minutes. The following routes will take you into the city:

• The Calgary Transit Bus 300 (Route 300 – BRT Airport / City Centre) will take you to the city center for $9.50
• From the airport to the city center you can take a cab for about 40$. Don’t forget: 10-15% tips are common in Canada.

Train: Traveling by train is unusual and expensive in Canada. The railroad is aimed more at tourists than at normal travelers with its offers. In spring and summer ‘The Canadian’ of VIA Rail Canada runs the Toronto-Winnipeg-Edmonton-Jasper-Vancouver route. All trains arrive at Pacific Central Station (intersection of Main St & Terminal St, Skytrain Station: Main Street).

Car: You can reach Calgary via the Trans-Canada Highway and Highway Two, also known as the Queen Elizabeth II Highway. The Trans-Canada Highway runs from coast to coast and connects Calgary with Banff National Park, for example. The Queen Elizabeth II Highway runs north to Edmonton and south to the border with the USA

Accommodation: Hotel Le Germain across from Calgary Tower is a classic and chic destination. For a more traditional taste, the regal Fairmont Palliser. If you have an early flight, check out the “in-terminal” hotel, Calgary Airport Marriott In-Terminal Hotel.