The Blog

April 3, 2020

First and foremost, we wish you and your loved ones good health, renewed positivity, and as much sanity as possible during this challenging time. Our team is here, as always, to answer your real estate questions. We are working overtime with our sales managers, attorneys, lenders, and other partners to understand the regulatory changes for landlords, tenants, and homeowners. We are also closely watching the market and seeing c...

January 10, 2020

New development is a category all its own in NYC real estate and includes both ground-up new construction and pre-war conversions (essentially new construction inside of a pre-war building shell).  Everyone knows there is a cachet (and price premium) to buying brand new.  What are the pros and cons of buying in a new development?

Pros of New Development

1. Floor Plans Designed for Modern Living: Naturally, new developments...

November 8, 2019


Many buyers are intimidated at the prospect of competing against an all-cash buyer for a hot property -- but does cash always win?  

First, to address a common misconception: most buyers, and especially those vying for co-ops below $3M, are relying on financing to some extent, which means a majority of active buyers are submitting offers contingent on obtaining that financing.  So as long as you have enough funds to cover the...

September 20, 2019

Whenever I meet with prospective sellers, they’re always anxious to get to the big question: “So what do you think we can get?”  While location and square footage are obvious factors, similarly-sized apartments in the same area can sell for vastly different prices, and it often comes down to a handful of both physical and intangible factors.  Take a look at the top five physical attributes that affect the value of a property:...

August 30, 2018

Today there is a wealth of real estate information online and many intelligent and capable New Yorkers have begun to wonder why working with an agent is still beneficial. Given that real estate agents still thrive, there's got to be some reason they are useful to prospective buyers, right? An agent...


1) Saves you time. (And true as ever, time is money)


2) Makes you a more informed buyer which makes you competitive in a consta...

August 30, 2018

As a first time buyer in NYC, it is important to know the real price tag on your purchase and create a realistic budget that will help narrow your search to properties you can afford and ensure you are able to make a competitive offer when you find "the one."

1. Downpayment

Most coops will require that buyers put down at least 20% of the purchase price as a downpayment (some may have higher requirements of 25%, 40%, or 50%)...

July 23, 2018

One of the questions we are asked about most often is about the size of the downpayment. In most of the country, this answer is determined by credit and income factors. Lenders offer pre-loans that require anywhere from 5-20% downpayment - so in theory many first time home buyers would be financially qualified to buy a home with as little as 5% down.

However, the New York housing market it unique, and a number of factors d...

July 21, 2018

No, the Central Intelligence Agency is not involved, but banks will review your Credit, Income, and Assets. No one factor is determinative, rather the entire financial profile, as well as the condition of the building, is taken into account in determining whether a buyer qualifies for a mortgage and/or what type of loan program is available to him or her. 

Credit: It goes without saying that bankruptcy or foreclosures...

July 19, 2018

In the last few years, we've all heard the news: All-cash buyers are flooding the market; unless you can buy outright, stay out of the market. Well, there was some truth to this until recently, but only really if you were looking at properties valued over $2 million. Even at the peak of the all-cash-buyer phase, most purchases still involved financing. So what if you are one of the majority that needs financing... well the fir...

July 17, 2018

This month, Zack Tolmie, Home Lending Officer at Citi Bank, is guest-penning this column since he is the better expert on credit. Click here to reach Zack with any questions.

The difference between a 699 and a 700 credit score could mean the difference between getting approved or denied for a mortgage, or the difference of .25% on your mortgage rate. On a $500,000 loan, that’s a difference of over $25,000 in thirty years. Credi...

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Isil Yildiz Team

 

Compass 

110 5th Avenue

New York, NY 10011

(P) 985-714-4470

isil@compass.com

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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed.