Starting July 1, 2026, New York City will officially implement the "High-Value Non-Primary Residence Tax," an annual surcharge on high-value non-primary residences. This policy primarily targets high-value residences that meet valuation thresholds but are not used as primary residences, meaning that some high-end property owners will need to bear a new annual holding cost in addition to the regular property tax. Although many media outlets refer to it as the "New York luxury

Why You Need a Buyer’s Agent Working with a professional buyer’s agent is crucial in NYC. The real estate process can be complex and overwhelming. It involves legal reviews, financial analyses, title searches, loan coordination, and negotiation. An experienced agent helps identify suitable properties and provides essential support in due diligence, pricing analysis, and negotiation. Agents assess price fairness and identify potential risks. They coordinate with attorneys and

In the U.S., the key difference between buying under a personal name and a company name lies in ownership structure and liability. Under a personal name, the property is owned by the individual. Under a company name, the property is owned by the company. Three Common Company Structures for Real Estate Investment 1. Corporation Owned by multiple shareholders, each liable only for their shares. This structure may result in double taxation. Partnership Requires at least one gene

Yes. The room for negotiation depends mainly on supply and demand. In a buyer’s market, with high inventory and motivated sellers, discounts are more common. In a seller’s market, popular properties may sell at or above asking price. For resale condos and co-ops, if inventory is high, there are many comparable sales, or the seller needs to update the property, discounts of around 5–8% are not uncommon. For highly desirable listings, there may be little room to negotiate, and

1. Location Sets the Long-Term “Ceiling” of Value Manhattan: Prime residential neighborhoods hold value best, while commercial-heavy districts tend to see more price volatility In residential areas such as Tribeca, West Village, SoHo, Chelsea, Upper East Side, and Upper West Side, home values are driven by quality of life, stable owner-occupancy, strong school districts, and neighborhood character. These areas typically experience steadier appreciation and stronger downside p

During the purchase process, Acre agents help buyers conduct early risk assessments and review key public records, including: Any disclosed lawsuits involving the building NYC DOB violations and recent repair or construction activity Background of the property management company Building transaction history and market performance Buyers should carefully review financial statements, board meeting minutes, and related documents provided by the building to understand its overall

Depending on family structure, tax planning, asset protection, and long-term goals, parents typically use the following methods: 1. Joint Purchase (Parent & Child) How it works: Parent and child sign the contract together as co-buyers Ownership can be structured as Joint Tenants or Tenants in Common Either party’s income can be used to qualify for the mortgage, or they may apply jointly Advantages: Stronger income and asset profile may improve loan approval Ownership shares c

1. Astoria｜Stable Growth + Strong Value for Both End-Users and Investors Heading into 2026, Astoria remains one of the most stable and value-driven neighborhoods in Queens. In 2025, key metrics—including sales volume, prices, and price per square foot—showed steady growth, while days on market declined slightly, indicating a healthy market. Compared to Long Island City (LIC), price fluctuations are more moderate. With demand driven largely by end-users (especially 1BR and 2BR

In addition to the mortgage, buyers should budget for ongoing monthly expenses, primarily common charges, property taxes, and homeowners insurance. These costs vary depending on the property type and location. Common Charges For condos, common charges typically cover maintenance of common areas, building insurance, staff salaries (e.g., doorman), and building reserves. In New York, they usually range from $1.50–$3.50 per square foot, though luxury or high-amenity buildings ma

Overall, for buyers purchasing primarily for personal use with a limited budget and who are comfortable with a stricter approval process, a co-op can be a more cost-effective option.For those seeking greater rental flexibility, a faster transaction process, and more modern amenities, a condo is generally the better fit. In terms of transaction risk, condos offer greater certainty once a contract is signed. With co-ops, even after signing a contract and paying a deposit, the d

Personal Identification Passport / Driver’s License / Green Card Complete recent travel history Marriage and family information (if applicable) Proof of Income For Employed (W-2) Employees Last 2 years of W-2 forms Most recent 2 months of pay stubs Last 2 years of tax returns (1040) For Self-Employed / Business Owners Last 2 years of personal tax returns Last 2 years of business tax returns (1120 / K-1 / Schedule C) Proof of Assets Last 2–3 months of bank statements (subject

Attorney Fees In New York, both buyers and sellers must retain attorneys to complete a real estate transaction. The buyer’s attorney fee typically ranges from $1,000–$3,500.For new development purchases, buyers are usually responsible for both the buyer’s and sponsor’s attorney fees. For resale properties, each party pays their own attorney. Home Inspection Fees For resale properties, buyers usually hire a licensed home inspector to evaluate the condition of the property. Con

Budget Assessment & Mortgage Pre-Approval Buyers first need to understand their budget and communicate with a bank or mortgage broker to complete the necessary review and obtain a pre-approval letter. Property Search & Scheduling Showings After receiving pre-approval, ACRE’s professional agents will connect with you by phone to understand your needs in detail, recommend suitable properties, and arrange property tours. If you have any questions throughout the home-buying proc