7-Step Guide to Buying a Condo in NYC

Check out the article below from BlackNews.com...this could be of use to all those considering buying property in the city!

A CELEB'S 7-STEP GUIDE TO BUYING A CONDO IN NYC
By Jackquelin M. Grant

Finding the right condominium to buy in New York City can be a very stressful and dramatic process for hip-hop celebrities. In fact, the old saying "money talks and bullshit walks" doesn't always holds true for some celebrities in the city of New York. And just because you're different -- doesn't mean you don't fit in. Jay-Z's story, also known as Shawn Carter, is an extraordinary one. In 2002, according to an article in the Daily News, "Bad-boy rapper Jay-Z's decision to withdraw an offer for a swanky Tribeca penthouse has set off a nasty courtroom battle -- with the condo's owners saying neighbors sabotaged the deal. The defendants, however, left nothing to chance, took matters into their own hands and set out to ensure through improper means that the sale of the unit to Carter would not occur...and it worked." Whether racially motivated or not, the rejection from the tenants and their behavior towards the successful entrepreneur and hip-hop mogul was an eye-opener for many. These are the kinds of things that make me mad. And yes, I do understand that Jay-Z, just like everyone else, has a past. And because his past is in the public eye, makes him an easier target. Every person's existence is put here by a greater being, and regardless of how you may feel about someone's past, you are not the one to judge. So before casting your stones, remember the good scripture "judge not -- for he will not be judged." I have tried to catch-up with the savvy entrepreneur and hip-hop mogul to comment on his most recent experiences, but have not been successful. It takes focused effort and time devoted to buying the right condominium in the City. With that being said, who needs the extra drama of the judgmental opinion of others?

Here are 7 tips to give yourself when buying a condo in NYC:

1. Hire A Real Estate Attorney. It's important for you to arm yourself with a knowledgeable attorney for all of your real estate needs.

2. Research/Survey The Potential Resident. Here again, knowledge is power. Equip yourself with lots of information. Interview the potential property thoroughly to avoid landlord and/or tenant rejection.

3. Prepare For Board Interviews. This means releasing personal information. The more prepare you are chances a smoother interview, and note -- a recent arrest is the worst time to go in front of a co-op board. Don't be known for having wild parties at your home and don't throw a big house warming party.

4. Hire A Real Estate Agent. Find someone who's going to deliver on their fiduciary commitment (obedience, loyalty, honesty, confidentiality, accountability, and reasonable care). Think standards -- you have standards, so be clear in your communications. In addition, hire someone who's confidence, strong, and possesses a unique personality for the tasks at hand.

5. Be Financially Prepared. Know how much money you really can afford to spend. FYI: Buying a new home right now could mean great savings because prices have fallen, and interest rates are dropping. However, if you're looking to sell or flip in the near future, take into consideration the economy and its financial hardship and anticipated duration.

6. For The Sake Of Privacy. Get references when hiring support staff -- babysitter, driver, and security. Ask them to sign a confidentiality agreement. Give another address to the press to keep folks from camping outside your resident, and keep your block clear from photo folks by having a back and/or underground entrance.

7. Think Bigger -- Become A Real Estate Developer. If you like the high-rise living versus the low-rise living, seek partnership and develop. Truth be told, it will be a lot easier -- no board approval is just one of the advantages. And remember, in the end, no matter where you decide to live, the bottom line is your happiness.

For more information or assistance on buying a condominium in New York City, please feel free to contact me. Your celebrity real estate queen.
CONTACT:Jackquelin M. GrantLicensed Real Estate Agentjgrant@corcoran. com212-875-4052