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If you are looking to buy a New York apartment – especially a luxury apartment – you are already familiar with the disconnect between Manhattan's real estate market and the national market.  While most markets are currently in free fall, Manhattan's prices have remained both incredibly high and incredibly resilient.  Though some of the market has faced downward pressure on its prices the luxury New York City apartment market seems almost fully separated from the rest of the economy. 

Everyone that works in the luxury New York apartment market already knows that, and it's nothing new.

That being said, the fed's “beige book” –  published last week – almost makes that separation official.  Talking about the entire country's real estate…

Throughout all of the housing bubble and most of last year, first-time buyers were at a distinct disadvantage in competing for New York City apartments. The market was such an intense seller's market that those without previous home-buying experience often lost out to the more savvy and well-endowed home buyers who would get the seller's attention more readily with such perks as all cash deals. The hesitation that comes naturally with buying one's first home would not infrequently cost first-time buyers the home of their dreams.

As the market has cooled slightly, however, the market has reached the “Goldilocks” point for first-time buyers: Not too hot, not too …

While the Manhattan real estate market has sustained itself incredibly well over the past several years, the second half of 2008 is facing a significant possibility of a notable slowdown in market activity. 

As signs of the city market's connection to the national market began to show in late 2007, the fall off in demand mainly effected secondary factors like negotiation times and frequency of bidding wars.  However, as 2008 continues on, and the national market shows no signs of improving – and, indeed, may even worsen further – prices in the New York apartment market may begin to lag. 

Furthermore, the very success of the NYC real estate market has led many sellers to conclude the market is near-invulnerable.  This may lead to…

You would expect that, in a civilized society, those who have more income than they know what to do with would be asked to pay higher property taxes than those struggling to get by.  If you've philosophical disagreements with that statement, you would still at least hope that the homes of the rich are taxed at the same rates as the average person. 

Welcome to New York City. 

In this city, the value of one's home is just one of many factors determining the property tax rates the owner is expected to pay. 

Consider the property taxes of this fair city.  Rupert Murdoch –  who recently bought the Wall Street Journal at a price that was about sixty percent greater than its stock value – has a home in an apartment that he bought several years…

The falling dollar has made Manhattan apartments an incredible value for those that earn their salaries in foreign currencies.  Even the Canadian Dollar is worth more than the US dollar these days.   The cheaper it is to buy dollars, the cheaper New York apartments are for those that earn money in yens, euros and British pounds.  The lower the price, the higher the demand.  This foreign demand has helped support the market for New York City apartments throughout much of last year and will continue to do so in 2008.

All of this, however, has been in the public's eye for some time.  It has been clear that New York City, like other major American cities, would benefit from this increase in foreign demand.  What hasn't been obvious …

Like any lengthy, important process, purchasing a New York City apartment for the first time is easiest if each step is treated with the utmost care and prudence.  Even for those with large sums of money invested in various markets, a purchase of a home is often the single most important financial decision that one makes.  With the right help, advice, and methodology, purchasing a home for the first time can be one of life's most rewarding experiences.

It is important to learn all the details about the process of purchasing a home before one actually begins the search for a new home.  While consulting with an exclusive buyer's broker like Elika Associates will make the process incomparably easier, it is still best to educate oneself fully…

In the past, the vast majority of those that owned their own New York City apartment lived in co-ops.  For a variety of economic, regulatory and historical reasons, these types of apartment buildings dominated the world of New York City residential construction during most of the 20th century.  These days, however, more and more of the residential buildings being built are condominiums.

The two types of buildings differ in some important ways.  A co-op has an ownership structure closer to that of a public corporation than a typical apartment building.  Instead of owning a particular apartment, like in a condominium, those that live in a co-op own a certain share in the company that owns the building.  The more valuable the apartment, …

Given the small portion of the Manhattan housing market that consists of townhouses, it is surprising to see the incredible level of attention they receive in the media and the city's real estate circles. 

Indeed, there are less than 3,000 townhouses on Manhattan, and only 135 of them were sold last year.  So, what separates the townhouses from the luxury condominiums and co-ops that line so many of New York City's streets? 

Privacy is often the first answer.  Unlike a larger building shared with numbers of other residents, most townhouses are single family units that allow the owners the largest degree of privacy possible in an urban setting. 

Secondly, the process of purchasing a townhouse does not include the arduous task of dealing with the often…