image
podcast icon
EPISODE 50

Why buying in NYC for the first time can be such a shock

In this episode of the podcast, host Emily Myers is joined by Brick Underground’s managing editor, Jennifer White Karp, and Kobi Lahav, director of sales at Living New York, to talk about what the shocks and surprises buyers often experience when they set out to buy in NYC for the first time. 
0:00
0:00
By Brick Underground  | May 11, 2021 - 9:30AM  | TRANSCRIPT

There are many ways in which buying in New York City is unlike anywhere else—but having to compromise on your purchase when you're spending hundreds of thousands of dollars is one of the biggest surprises for many buyers who have not bought here before. Even those with millions to spend often find it eye-opening they can't get exactly what they want.

For example, you might fall in love with a beautiful apartment in a prewar building, but find you aren't allowed to install a washer and dryer because the plumbing can't handle it. Or perhaps you're willing to buy a place for $3 million, but the co-op board wants you to have funds in the bank to cover your monthlies—a sum that could be equivalent to the sales price—or double.

In this episode of the podcast, host Emily Myers is joined by Brick Underground’s managing editor Jennifer White Karp and Kobi Lahav, director of sales at Living New York, to talk about what Lahav describes as the "shock and awe" buyers often experience when they set out to buy in NYC for the first time. 

It's not only expensive and competitive, it's complicated and often requires a level of financial disclosure that can make new buyers uncomfortable. It can be very startling, especially for people who are well established in the careers, to have to open their books, expose their accounts and assets, and make a case for themselves. So why jump through all the hoops? This episode of the podcast gets into the risks and rewards, the layers of bureaucracy, the legal wranglings, the board politics, and why buying in NYC still holds such an appeal.

As always, the podcast aims to help you better navigate the market, find a deal, make sense of the legal jargon, and stay one step ahead of the competition whether you’re selling, buying, or renting.

We welcome your feedback on this or any of our other episodes. We also love to answer your questions. Leave us a rating or review wherever you get your podcasts. Send us an email, sign up for our newsletter or follow us on social media @BrickU on Twitter or @BrickUnderground on Facebook

Read the transcript.

 

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

topics:

Apple Podcasts
Spotify
Google Podcasts
iHeart Radio
Stitcher

Subscribe to the podcast via the links above and please do leave us a rating or review. We'd love to hear your feedback on this or any of our other episodes. Send us AN EMAIL, sign up for our newsletter and follow us on SOCIAL MEDIA.

MORE FROM THE PODCAST ...

Office Hours with Sam Himmelstein

Tenant attorney Sam Himmelstein, a partner at Himmelstein McConnell Gribben & Joseph and a long time sponsor of Brick Underground sits down for the first live Brick Underground Office Hours to answer your renter's rights questions.

Racism and the lack of diversity in the appraisal business

In a conversation on the Brick Underground podcast with Jonathan Miller, president and CEO of appraisal firm Miller Samuel, he says racial bias in appraisals is probably as prevalent in NYC as it is in rest of the U.S. and blames the lack of diversity in the appraisal business. 
LISTEN
0:00
0:00

Making sense of the NYC real estate market with Jonathan Miller

In this episode of the podcast, appraiser Jonathan Miller, president and CEO of Miller Samuel, joins host Emily Myers to discuss what buyers, sellers, and renters in New York City can take away from the real estate data as we head into 2023. 
LISTEN
0:00
0:00

Predators in the NYC rental market, with Hannah Levintova from Mother Jones

Hannah Levintova, an investigative reporter with the national publication Mother Jones, talks to host Emily Myers about what she uncovered during her reporting on private equity landlords in NYC, the complicated structure of these entities, and how tenants can fight back. 
LISTEN
0:00
0:00
02.08.2022

Protecting against fire and floods in your NYC apartment

In this episode of the Brick Underground podcast, Robert O'Brien, co-founder of New York Fire Consultants, joins host Emily Myers to discuss how to protect yourself if there's a fire or flood water in your apartment or building.
LISTEN
0:00
0:00
07.14.2021

Finding a deal as NYC landlords pull concessions and raise rents

In this episode of the Brick Underground podcast, Adrian Savino, director of leasing and business development at Living New York, joins host Emily Myers to shed light on where the deals are for NYC rentals.
LISTEN
0:00
0:00
07.06.2021

Trading your NYC apartment for a cheap(er) vacation

Mary Lowengard, a contributing writer for Brick Underground, shares her experience swapping her Upper East Side apartment for places in the U.S. and Europe. 
LISTEN
0:00
0:00
06.16.2021

A guide to negotiating

Mike Walker, residential sales manager at R New York joins host Emily Myers for this guide to negotiating.
LISTEN
0:00
0:00
05.25.2021

Your NYC buying, selling, and ownership questions

As always, the Brick Underground podcast explores your housing issues so you can better navigate the market, find a deal, make sense of the legal jargon, and stay one step ahead of the competition whether you’re renting or buying.
LISTEN
0:00
0:00
05.05.2021

Why buying in NYC for the first time can be such a shock

In this episode of the podcast, host Emily Myers is joined by Brick Underground’s managing editor, Jennifer White Karp, and Kobi Lahav, director of sales at Living New York, to talk about what the shocks and surprises buyers often experience when they set out to buy in NYC for the first time. 
LISTEN
0:00
0:00
04.30.2021

Spotlight on Queens real estate

In this episode of the podcast host Emily Myers talks with Compass broker, Bianca Colasuonno, about demand for single-family homes in Queens. Sellers should know that buyers have very little appetite for renovating. That means the condition of your place is more important than ever—and Colasuonno has low budget tips to help sellers get the highest bid.
LISTEN
0:00
0:00
03.02.2021

Your NYC real estate questions, answered

Here at Brick Underground we love answering your New York City real estate questions and in this episode of the podcast we do exactly that. 
LISTEN
0:00
0:00