Purchasing an Apartment in a New Development in New York

Affluence & Advocacy - The Podcast

Episode Summary:

In this episode of Affluence and Advocacy, NY Real Estate Law, LPN host speaks with Natalia Sishodia, a real estate attorney, about the nuances of purchasing a new development unit in New York. They discuss the advantages and disadvantages of buying in new developments, the differences in closing costs compared to resales, and due diligence considerations. Natalia also shares her expertise on strategies to reduce closing costs, common issues that arise during the process, and how to navigate them. The episode is a comprehensive guide for anyone considering a purchase in the complex New York real estate market, especially in new developments.

Timestamps:

[00:21 - 00:52] What does it mean to purchase a new development unit?

[00:52 - 02:07] Reasons to buy in a new development vs. an older unit.

[03:03 - 05:09] Disadvantages of buying a new development apartment.

[05:15 - 06:58] Types of clients who prefer new developments.

[07:03 - 08:01] Closing costs when purchasing a new development vs. a resale.

[08:04 - 09:23] How to soften closing costs in new development purchases.

[09:28 - 09:54] Due diligence for purchasing in a new development.

[09:58 - 10:27] Key conditions of closing when purchasing a new development.

[10:37 - 12:22] Problems in new development purchases and practical solutions.

About The Show

Affluence and Advocacy, NY Real Estate Law is a podcast that offers expert insights into the complexities of real estate transactions in New York, with a focus on legal aspects. Hosted by LPN Host and featuring real estate attorney Natalia Sishodia, the show covers a wide range of topics including the nuances of buying and selling property, navigating new development purchases, understanding closing costs, and handling common challenges like financing and due diligence. With a blend of real-world examples and practical advice, this podcast provides valuable guidance for anyone looking to make informed decisions in the New York real estate market.