Wednesday, November 11, 2009
Thoughts on buying real estate in New York City
As I was taking the subway home from Manhattan last night and going over things that had to be done on certain deals, I thought about how buying and selling property in New York is different from most other places in the United States. In most places, you don't need a lawyer and you close in under a month. In New York City, you most certainly need a lawyer and closings can take as long as three to four months. I was thinking how important it is to have a good lawyer and to have a good relationship with a mortgage broker or a banker. The process here is long and goes through many turns, and it is important to have experienced capable people on your side. And of course, having a good real estate broker is very important as well. Like many other things in New York, the experience can be more difficult, but the pay-off is great. Riding home and making good connections on the N and R and looking around me, I am still amazed at the diversity of people in New York, who work hard and contribute so much to the vitality of the city. I am returning to New Orleans next month for the first time since Katrina and I am excited as it is another place which has always enchanted me. But after living here most of my life, New York and Brooklyn in particular, remain a source of adventure and joy. I am happy to provide names of excellent mortgage brokers and lawyers. Just ask.