Plenty of strategies exist for individuals who desire to purchase NYC luxury property but don’t want to spend an exorbitant amount of money. One way would be to buy a unit in less floor of a luxury building. A second floor unit can cost up to 19% greater than a comparable unit on the initial floor. Another option would be to seek units with higher maintenance or common charges per month, as those frequently have lower asking prices. Alternatively, some lines in a building can carry an increased price tag than others… for example, a unit line with windowed bathrooms will fetch a lot more on the open market when compared to a line whose bathrooms are lit only by fixtures.
If you need a mortgage to get a NYC luxury property, you will want to get yourself a mortgage approval letter from your own bank stating the number of mortgage loan for which you are approved. Savvy doral apartments for rent can legally tell their brokers to only show properties to buyers that are “bank-approved.” A bank qualification letter is not the same as an approval letter, and can not qualify you to visit a property under bank-approval requirements.
In the true estate industry, “terms” identifies the stipulations under which money is given. For cash-closers, this relates to among other things, how many days needed to close. For mortgage holders, it refers to your percentages for interest and time needed to obtain the funds from the lender and transfer them in to the appropriate ESCROW account. In a genuine estate transaction, terms are just as important as cash, because they dictate to sellers under what conditions they’ll get to recoup their original purchase price. If you know your terms inside and out, it will make it easier for the broker or agent to negotiate with sellers for you personally.
In line with the National Association of Realtors, 88% of people start their real estate search online. In NEW YORK, home of the savvy shopper, over 90% of buyers and renters start their search online. The importance to do your own research is to be ahead of your competition – other ready, willing and able buyers. Each NYC luxury building has its own rules for purchase and its particular amenities to offer. Each section of Manhattan has its own disadvantages, quirks and advantages. And not every agent or broker is equal. You should some conduct some preliminary research in order to stay ahead of Your rivals – other ready, willing and able buyers. Which brings us to our next point…
You’ve probably heard this adage before in regards to the NYC Rental market: bring a bank-certified talk with you and be ready to close on accommodations unit you like as soon as you see it, because the next person to view it could snag it from under your nose. Similar fervor applies to the NYC buyers’ market, especially for luxury NYC real estate. International all-cash buyers are likely your strongest competition in the NYC luxury market. They can walk right in and say “I’ll go on it,” and cash buyers can close in as little as two weeks. Know your own financial situation, and know just how quickly you are prepared to move on a house you like. The ability to quickly move into ESCROW will give you a significant advantage against other buyers.
Just because a property falls under the luxury umbrella, does not necessarily mean that it’s problem-free. Structural problems such as improper weight baring pillars and roofing issues, evidence of water damage and mold and mold, or piping and HVAC problems are just a number of the problems one will discover in any property. This is why it is integral that one conducts a home inspection before signing on the dotted line. Most importantly, ensure that your contract for purchase includes a home inspection contingency, i.e. a statement that permits you to freely leave from the property if the inspector finds an issue with it. A reliable broker also won’t waste your time or their very own by showing you properties that aren’t satisfactory.
THE BRAND NEW York City market is a market unto itself, comparable to none other in america. It plays by its level of supply and demand rules. International demand for NYC luxury property continues to be one significant reason why Manhattan prices are so high compared to other areas. REBNY reported that 2012 was the most successful year (over $30 billion in property sales) for NYC real estate since 2008. REBNY also reported that broker confidence on the market has been higher in January 2013 than in virtually any month of 2012. Sales numbers across most brokerages point to the fact that we have been continuing to trend towards a sellers’ market, as sellers and co-op boards continue being able to pick and choose among a pool of possible buyers. Understand that the NYC luxury real estate market is not depressed at all and factor this knowledge into your approach to purchase.