Home buying in NYC vs. the west coast (Seattle)
When I think about the past year of buying residential property in Manhattan compared to what I know about home buying in Seattle, it truly feels like they’re on different planets. Having roots in Seattle, where buying a home is usually straightforward, navigating NYC real estate felt like stepping into a maze designed by people with a deep appreciation for the city's history and a level of formality I wasn’t accustomed to coming from the West Coast. So, if you’re dreaming of a New York address, here’s what you should know:
1. Market Speed
Seattle: The real estate market here is fast but manageable—you can close in under 30 days. Sure, the competition is fierce (depending on market timing), but you’ve got time to breathe, inspect, and negotiate (at least a little).
New York City: Next-level intense. If you find something you like, you better have your cash (or pre-approval) ready, be mentally prepared to waive contingencies, and be ready to put down 10% immediately—more on that later.
2. Who’s in Charge of Your Transaction?
Seattle: Your agent handles pretty much everything, with title and escrow companies stepping in for the heavy lifting at closing. Hiring a lawyer? Totally optional.
New York City: Different story. You need a real estate attorney to seal the deal. They handle paperwork, contract reviews, and all the finer details. No lawyer? No closing. And when it’s time to close, you either need to be there in person or have signed over power of attorney.
3. Property Types & Ownership: Co-op vs. Condo Drama
Seattle: You’re looking at single-family homes, condos, or townhomes. It’s pretty straightforward. Sure, there’s the occasional HOA drama, but nothing too wild.
New York City: Welcome to the world of co-ops. About 75% of residential buildings in NYC are co-ops, which means you’re not actually buying the property but shares in a corporation. And the co-op board? They hold the keys—literally and figuratively. Their approval processes are infamous for their demands and restrictions. Condos and single-family homes exist, but co-ops are the ultimate stress test, often in the city’s most coveted locations (because, real estate rule #1: location). As our lawyer once said, “Co-ops are the most exclusive clubs in the world—once you’re in, you’re in.”
4. The Down Payment Reality Check
Seattle: Down payments are flexible. The standard is 20%, but many buyers get in with less if they don’t mind mortgage insurance.
New York City: Cash is king. Co-ops might demand 30%, 40%, or even 50% down. You’ll also need to show your pre-approval or proof of funds just to make an offer. Oh, and the minimum earnest money? 10% of the purchase price.
5. Inspections & Contingencies: Waive It or Leave It
Seattle: Home inspections are routine. Most buyers inspect before finalizing a deal, and contingencies are standard—unless the market is blazing hot.
New York City: If you’ve got your eye on that dream apartment in the West Village, you might have to skip the inspection contingency to stand a chance. A home inspection can still happen, but leverage is limited depending on market conditions.
6. Closing Timelines: Hurry Up and Wait
Seattle: Expect to close in 30-45 days. If everyone’s organized, it’s pretty smooth sailing.
New York City: Buckle up. Closing takes 60-90 days, and I’ve even heard stories of six-month waits—especially for co-ops. Surprisingly, it’s not always the co-op board holding things up; you need to stay on top of your paperwork, too. They have their own portal for document submissions, so organization is key. Between board approvals, attorney reviews, and title checks, it’s a slow dance with lots of partners.
Final Thoughts
Buying in NYC is not for the faint of heart. It’s a game of strategy, speed, and a little bit of luck. Seattle’s market is intense but manageable in comparison. So, if you’re making the leap from the laid-back West Coast to “the greatest city in the world,” be prepared for some serious real estate culture shock.