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:

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 ...
03.02.21

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
02.19.21

Spotlight on Brooklyn with Lindsay Barton Barrett

This week we are putting the spotlight on Brooklyn in a conversation with Lindsay Barton Barrett, a top broker with Douglas Elliman.
LISTEN
0:00
0:00
01.27.21

Stress-free moving strategies with Janine Sarna-Jones

In this episode of the podcast, professional organizer Janine Sarna-Jones, founder of the company Organize Me, talks with Brick Underground podcast host Emily Myers about how to get and stay organized before a move. She also offers tips on how much time to give yourself, how to pare down your belongings, and even how to time your move.
LISTEN
0:00
0:00