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Buy a home in downtown Manhattan to get access to the best views

Buy a home in Downtown Manhattan to get access to the best views

For those of you who are considering buying a home in Downtown Manhattan, there are some great benefits of living Downtown, and some other things you might want to be mindful of before you take the plunge. Being a very culturally diverse area, downtown is home to a plethora of amenities both in residential homes and community wide conveniences. Here is some advice to help with your decision making.


Do

Do appreciate being in a transit hub

Access to subways, busses, and ferries are everywhere downtown. As a transportation hub that is only slated to expand its reach in the coming years, living downtown provides you with easy access to any part of Manhattan as well as your three neighboring boroughs.

Do take advantage of tall buildings

With some of tallest (current and future) residential buildings, you can secure a home with views of the whole city. Consider buying a home at a higher level of one of the taller buildings so that you can enjoy your view everyday. Having a home with a beautiful view also helps resale if or when you decide to sell your home.

Do enjoy modern amenities

Downtown has some of the greatest new construction or gut renovated spaces, which means homebuyers can expect many of the convenient modern amenities like central heat and air conditioning, a washer and dryer in your own unit, gourmet kitchens, and the like. It isn’t typically too hard to find a home that includes many of the things that you need and/or want, so don’t hesitate to keep your expectations high.

Do take advantage of diverse cultural neighborhoods

Downtown Manhattan allows you to live paces away from some of the city’s most culturally rich and playful neighborhoods, most notably Chinatown and Little Italy. It’s fun to disappear into these wormholes for authentic dumplings or a stroll through the cobblestone streets with a gelato.

Do fall in love with the Seaport

There’s fresh, open vibe down in the South Street Seaport. The historical marketplace stretches along the Lower Manhattan waterfront and is filled with shops and restaurants and often hosts musical events, movie screenings, etc. South Street Seaport is a great way to take in some of the local culture and events while not having to go too far away from your home. Before you buy, consider walking around the Seaport and seeing for yourself all that it has to offer.


Don't

Do not assume tax abatements are indefinite

These tax incentives may seem appealing, but be sure you know when the abatement or exemption expires. The more time left on the abatement, the more you obviously benefit from the incentive. Additionally, while you probably can’t calculate exactly what your taxes will be, do get a general idea and make sure it still fits into your financial game plan.

Do not overlook the possibility that your views could change

Views are amazing as long as you keep them. The Manhattan skyline guarantees only one thing, it will always change. Research what, if any, construction is planned for adjacent properties. Be sure your views are protected before you pay a hefty price for them.

Do not forget to check flood zones

The recent devastation that Sandy had on Lower Manhattan was rare, but it can happen again. Research the flood zones and be sure your new investment is in an area where you feel comfortable buying a new home. And when or if you do, consider flood insurance to help protect your investment.

Do not discount land leases

If you want to buy an apartment in a building located on a land lease, consider the length of the lease term. When a building is built on leased property, the owner of the property can easily hike prices up to an unexpected amount when the lease is up for renewal. Consider the length of the term not just for yourself but for your apartment’s resale potential.

Do not be annoyed by construction

This area is undergoing a lot of change. This kind of development comes with noise, some inconveniences, disruptions of certain amenities, etc. As a downtown homeowner you will eventually benefit from these improvements/additions, but for now, you should regard construction as part of the backdrop.


Summary
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If you want to be in the middle of it all, have access to some of the best views, best moderns homes, and best transportation, Downtown is where it’s at. Like with any other investment. however, be sure to research the area and your particular building to be sure it’s the right fit for you.


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Natalie J. FrazierReal Estate Salesperson, REALTOR

With a background in both law and marketing, Natalie Frazier offers her clients the highest level of service and zealous representation from the beginning of every real estate transaction through to the end. She believes authentic relationships,...

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