Should I Buy A NYC Apartment?

No question, this can be a tricky time to be shopping for New York City apartments for sale, whether you're looking to buy a co-op apartment in one of the city's grand old buildings, or a spanking-new condominium in a modern new tower. 

For one thing, it seems as if it's never been more difficult to get a mortgage, which means that even though prices are attractively low for condos in any number of new luxury developments that sprang up in the recent housing boom, buildings are still finding it hard to secure buyers. And, of course, high vacancy rates only raise fears of shaky financing and sub-par maintenance.

Co-ops continue to dominate the buyers market, maintaining a position of about 80% of all NYC apartments for sale. Co-ops are invariably in established New York City buildings, with comfortable capacity rates, so prospective buyers need not worry about "living alone" in a three-quarters- finished tower. But co-ops boards are likely to be even tougher when looking into your finances, and may require and even greater amount of cash up front than usual.

For much on more the difference between a New York City condo gfor sale, and a New York City co-op for sale, and to help you decide which makes the most sense for you, please see the Urban Edge Condo vs. Co-op Guide, here.