I'll bet nobody ever told you what to expect at closing...

So, here goes. When buying new construction, you can anticipate many or all of the following costs:

• Real Estate Attorney: approximately $1,500 to $3,800
• Mansion Tax: 1% of the purchase price (if the property is over $1 million)
• Financing Application Fee: approximately $1,000
• Mortgage Recording Tax: 1.8 to 1.925 percent of the mortgage
• New York City Real Property Transfer Tax: 1 to 1.425 percent of the purchase price (yes, transfer tax is paid by the BUYER, when purchasing direct from the Sponsor of a new development)
• New York State Real Property Transfer Tax: 0.4 percent of the purchase price
• Title Insurance: 0.5 to 0.8 percent of the purchase price
• Recording Fees: $5 per page or $17 per document
• Move-in Fee: approximately $1,000
• Contribution to the Building Reserve/Working Captial Funds: 3 to 5 months' common charges
• Contribution for the apartment of the live-in Superintendent: approximately $4,500
• Portion of the Developers' Legal Fees: approximately $1,500 to $3,000

I like to prepare all of my buyers with this information up-front, so they can determine what type of apartment they can REALLY qualify for. A good rule of thumb is as follows: Add 4 to 5 percent of the purchase price for closing costs if paying all cash, and add 6 to 7 percent of the purchase price for closing costs if financing...this applies to purchasing new construction ONLY!

The Stone-Cold Truth...

Marble and granite are both popular, but which is the best all-around and why? There are two issues here, hardness and durability. Harder than a knife, more powerful than a locomotive, able to…well, harder than a knife and able to resist chipping due to bumps, is one key element. Granite, which is composed of silicate minerals, silica and oxygen, is pretty tough stuff, while marble made of calcium carbonate is much softer than, say, a steel blade. Round one to granite.

The second determining factor is chemical resistance. As we said before, marble is made of calcium carbonate, the same stuff that limestone caves are made of, and will dissolve in water after a relatively short span of time. Granite on the other hand, composed of silicate minerals stands up to the test. The winner and champion, rocking the competition by a landslide, is granite! No pun intended of course.

Authored by Matthew Knee (Guest Author)

The first of its kind...

It was only a matter of time before the Upper East Side caught on. The conveniently-located Lucida condominium will be the first LEED-certified "green" building on the Upper East Side. It is across the street from the 4, 5, nd 6 Subways, not to mention a stone's throw from Starbucks, Best Buy, Staples, Barnes & Noble, Best Cellars, Jamba Juice, Victoria's Secret, ALDO, Steve Madden and more. The 86th Street area is starting to feel a bit like the 59th Street area, with its desirable shopping and dining.

For more information, visit http://www.thelucida.com.

Banking-it with Banksy...

A few years ago, the artist known as "Banksy" was just another anonymous graffiti punk plastering his work on London city streets. Today, Sotheby's auctions off his art for six figures, and early collectors are taking their Banksys to the bank. If you're seeking something unique to grace the walls of your home, look no further. Who doesn't love a shadowy British graffiti artist with the chutzpah to hang his own works at the Museum of Modern Art, the Metropolitan Museum of Art, the Brooklyn Museum, the American Museum of Natural History, the Louvre and the Tate?

For more information about Banksys, visit http://www.banksy.co.uk.

The English Bulldog of the Upper East Side...

Finally, a proper English-themed condo on the Upper East Side, 30 seconds from the 4, 5 and 6 train. Not to mention, a stones throw from Central Park and Museum Mile. Rumor has it that the doormen will sport Burberry coats and umbrellas. Cool. As the push toward lifestyle condominiums continues, Related makes its mark, appealing to the high-end, family-oriented buyers on the Upper East Side, seeking that international flavor.

For more info, visit http://www.thebromptonnyc.com. Cheerio!

Poggen-who?

Nevermind. All you need to know is that these folks are in the business of creating kitchens. Not just any kitchens; these are a mish-mash of modern purism and classicism for the style-conscious individual who "knows what counts." If you like to cook, and you can't stand your white formica kitchen any longer, Poggenpohl's for you.

For more information, visit http://www.poggenpohl-usa.com. That's a rap...a nice sundried tomato wrap, with roasted turkey, sprouts, avocado and honey mustard. Time to get cooking.