As prices inch up and NYC condo market stabilizes, getting a good Manhattan condo insurance quote is more important than ever
The New York City condo market weathered the U.S. housing market collapse and subsequent recession better than most. NYC condo prices in August 2011 were up 2.3 percent over the same month a year earlier, says one expert from Standard & Poor’s.
The expert also called the New York market “the best relative performer coming out of the recent crisis” of the five major metro areas she tracked; the others are San Francisco, Los Angeles, Chicago and Boston.
The stability is good news for NYC apartment owners looking to sell. But buyers may want to act sooner rather than later: Prices continue to inch up, and demand from overseas investors is strong.
Getting a Manhattan condo insurance quote is a critical part of condo shopping. At Gotham Brokerage, we recommend buyers start this process early and not wait until just before closing. Real estate transactions can be complicated, especially with NYC condo and coop sales, and no one wants a deal falling through because the buyer did not line up insurance coverage.
Monitoring Manhattan real estate trends is no easy task. Several top-notch industry sources report NYC condo sales and prices are more stable than those for single-family dwellings. Prudential’s Elliman Report for the third quarter of this year, for example, cited:
- Nearly 58 percent of NYC apartment sales involved condos.
- Sales are up. Year-to-year figures over 2010 showed the number of sales higher by a third.
- Inventory is falling. At the end of the third quarter, 7,726 apartments were on the market, nearly 5 percent fewer than at the same time in 2010.
A new condo building next to an old, abandoned residential building in Manhattan. Public domain photo from Wikimedia Commons.
If you’re looking for a condo, you’ll also need a NYC condo insurance quote — and a policy ready to go when you close. In Manhattan, your best bet is a local agency that knows the city. Gotham Brokerage Co., Inc., has served apartment owners in the five boroughs for more than 50 years and knows how to adjust your coverage to fit the neighborhood you live in. We also can help you with co-op insurance quotes.
Choosing a brokerage like Gotham, which works with multiple insurance companies, means more policy options and usually lower prices than you’d find in working with an agent, who represents a single insurance carrier. We take the same approach with helping our clients get a Brooklyn condo insurance quote, a Manhattan co-op insurance quote, a Queens rental insurance quote or whatever they are considering.
NYC condo and co-op insurance is not optional. Mortgages require it, and condo and co-op buildings have their own insurance requirements for residents.
Using a local agency makes great sense if you are in New York City. We’ve served residents of the Tri-State area for more than 50 years, through all sorts of changes in the local housing market. Give us a call or email us today, or visit us at gothambrokerage.com, and we’ll work with you to find the best Manhattan condo insurance quote — or any other insurance needs.
