Got a couple of spare millions? Well, if not, you can still dream.
Fredrick Eklund, Luis D. Ortiz and Ryan Serhant are back for the fifth season of Bravo’s “Million Dollar Listing New York.” The three realtors fight for the top New York listings and duke it out to make the biggest deals. It's addicting.
We chat with Ortiz about making the big move from the suburbs to the city — what you should anticipate, what you should research and of course, what you should buy.
First, he suggests independent research — because the Internet, duh. He advises going online to get a general idea of what the market looks like and most importantly, know what you're really looking for. “Be aware of what [you] can afford," Ortiz, who's been a real estate broker in New York for seven years, warns. "And [do] your homework with mortgage bankers and be specific in [your] search. And obviously, know your credit [score].”
If you don't have the kind of cash Ortiz and the other stars of "Million Dollar Listing" are working with, get flexible with your location to find a property within your price range.
According to Ortiz, location drives the price the most, and then levels of finishes and developers.” So when you’re checking out that East 57th street near Central Park or the tiny studio next to the Boston Common, even if the square footage is small, the location will increase the price exponentially.
And more bad news: when making the transition from the suburbs to the big city, be prepared to downsize... a lot.
“[You] can’t except the same amount of square footage in the city,” says Ortiz. “Keep in mind, you’re starting a new life. [You] can’t expect to bring everything [with you].”
But it's not all bad, you can still watch your real estate fantasies come true for free (or the price of a cable subscription) on Bravo when the series returns. Ortiz promises the next season is "inspiring, exciting and dramatic."
Season Five of "Million Dollar Listing New York" premieres on April 21 at 9 p.m. EST on Bravo.