Whether to rent or buy one's home is a big financial decision. For residents of New York City, where residential property prices are among the highest in the country, the stakes are even greater. Whether renting or buying makes more sense will depend on the individual circumstances of each person, including their financial situation, their career plans and their preferences in terms of where they want to live.
Serving on a condo or co-op board in New York is a big responsibility. Managing the finances and running the day-to-day operations of a multi-unit residential property can be a lot of work. It can also be a thankless job at times, especially when disputes arise between residents or with outside parties. At the law firm of Nadel & Ciarlo we have been representing condo and co-op boards and helping them discharge their obligations for over 20 years.
The collapse of the Russian ruble has resulted in an increase in Russian investment in New York real estate, according to a recent news report. Russians have been buying up high-end apartments in the city for years, of course, as a cushion against economic instability at home. The ruble has lost half its value over the past year, and sustained a drop in value of 19 percent earlier this month. The currency collapse, caused in part by economic sanctions and falling oil prices, may be fueling an upsurge in foreign real estate purchases.
There are many options for New Yorkers looking for residential property. One residential real estate option distinctiveto New York City is the cooperative apartment. In a cooperative, the entire building is owned by a corporation. Instead of a deed, you buy shares in the corporation. As a shareholder, you are then entitled to enter into a lease of an apartment unit in the building.
New York City's rent control and rent stabilization laws are arcane and complex. One question many people have relates to family members' rights to succession in a rent controlled or rent stabilized apartment.
If you've been in the market to rent or buy a residential property in New York, then you may have encountered what appears to be a so-called "ghost listing." The property is advertised online, but a phone call to the agent ends with a sales pitch for a different property because the property you called about has already been sold. After wondering why the first listing wasn't taken down, you might suspect that the agent used a classic "bait-and-switch" to lure you into making the call.