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New Book Offers Ingredients For
Buying And Selling Manhattan Real Estate |
JANUARY 14TH, 2004
Buying or selling an apartment in Manhattan is unlike any other transaction. But fear not. As Paul Messina finds in this Money Matters report, there is helpful advice out there.
You can’t do it alone. That's what one expert says. The Manhattan real estate market is a unique game.
“There are so many nuances of what you need to know whether buying or selling a co-op and a condo,” said Robert Cabrera.
So after several years as a broker with Halstead Property Company, Robert Cabrera has written "Apple Pie – The Real Ingredients for Buying and Selling Your Slice." It's for those entering Manhattan's real estate game.
“This is like a specific type of chess game, with different rules,” said Cabrera. “Do you know those rules? This book was designed to really be that arm around the shoulder conversation that you have with a friend that is really going to explain to you, ‘listen, this is where I've been. And this is how it goes.’”
Because your experience buying or selling your home in the other boroughs doesn't apply here. Even if you bought or sold in Manhattan several years ago, you may not be prepared now.
“What happened five years ago is not what's happening today,” said Cabrera. “What happened last year, or even last fall is not what's happening right now.”
So Cabrera says you must assemble a team.
“There are so many things and so many places where the process can break down and when you have professionals who have experience in this every single day, they know and they can identify the road blocks,” said Cabrera.
There's tons of paperwork to fill out or even just find before you proceed.
“Do you have your offering plan? Do you have the financials to the building? Do you have a copy of the board package, which is going to enumerate everything that the board is going to be looking for from your prospective purchaser?” said Cabrera.
Do you know what your potential closing costs are going to be? Do you know what your advertising costs are going to be?
“The attorneys do their job. The mortgage brokers do their job. The real estate brokers do their job,” said Cabrera. “And then of course, you, as the buyer or the seller, you have to do your job. For you to attempt to do all of those jobs by yourself is really jeopardizing your success.”
Cabrera says getting the professionals to help won't cost you more. It will save you money.
“If you enter the process and you don't have the answers to the questions, you're in a vulnerable situation and the people who do have those answers, they're going to take advantage of you,” said Cabrera.
So be one step ahead and find your team. "Apple Pie: The Real Ingredients for Buying and Selling Your Slice" is available at select book stores, and also online at www.ApplePieNYC.com.
– Paul Messina