Selling a Condo in New York
Condos are real property, so they are usually simpler to sell than co-ops: there is typically no board approval, only a right of first refusal that most boards waive. Price depends on the unit's condition, common charges, any special assessments, and the building's finances. Sam The Homebuyer buys condos as-is in NYC, Long Island and Westchester.
What to know first in New York
Right of first refusal
Most condo boards have the right to buy the unit on the same terms but nearly always waive it. Allow a few weeks for the waiver.
Common charges and assessments
Unpaid common charges are paid at closing. Upcoming special assessments affect what buyers will offer.
Condition and renovations
Dated units sell for less on the open market. Selling as-is avoids renovation costs and alteration agreements.
Building warrantability
Lenders sometimes won't finance in buildings with litigation or low owner-occupancy, which narrows financed buyers.
Your selling options, honestly compared
List with a licensed agent
Pros: Usually reaches the most buyers and can produce the highest price for a condo in good, marketable condition.
Cons: Commissions, showings, buyer financing and a longer timeline. Buyers may ask for repairs or credits.
Auction
Pros: A fixed sale date and a public bidding process.
Cons: Fees, unpredictable results, and many auctions require the property to be vacant and title to be clean.
Direct sale to a buyer like Sam
Pros: As-is, no commissions, no showings, and you choose the closing date. Works when there are tenants, liens, or title issues.
Cons: A direct offer is often below full retail market value. Compare it with your other options before deciding.
Common questions
Do you buy condos that need renovation?
Yes. Sam The Homebuyer buys condos as-is. Each offer depends on the unit and building, and no purchase is guaranteed.
Can I sell my condo with unpaid common charges?
Usually, yes. Arrears are generally paid from the sale proceeds at closing.
Is selling a condo faster than a co-op?
Generally, since there is no board interview — just a right of first refusal waiver.
Who pays the NYC transfer tax on a condo?
In most resale transactions the seller pays NYC and NYS transfer taxes. Your attorney will calculate them.
Sam The Homebuyer is a real estate investor serving New York only, not a licensed real estate agent, attorney, or financial advisor. Nothing here is legal, tax or financial advice, and an offer is not a guarantee of purchase.