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. Another floor unit can cost up to 19% more 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 often have lower asking prices. Alternatively, some lines in a building can carry an increased price than others… for example, a unit line with windowed bathrooms will fetch much more on the open market when compared to a line whose bathrooms are lit only by fixtures.
If you need a home loan to purchase a NYC luxury property, you should get yourself a mortgage approval letter from your own bank stating the number of mortgage loan that you are approved. Savvy sellers 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 will not qualify you to visit a property under bank-approval requirements.
In the true estate industry, “terms” refers to the stipulations under which money is given. For cash-closers, this pertains to among other things, how many days needed to close. For mortgage holders, it identifies your percentages for interest in addition to time needed to obtain the funds from the bank and transfer them in to the appropriate ESCROW account. In apartments for rent doral , terms are just as important as cash, because they dictate to sellers under what conditions they’ll reach recoup their original purchase price. Once you learn your terms inside and out, it’ll make it easier for the broker or agent to negotiate with sellers for you personally.
According to the National Association of Realtors, 88% of individuals start their real estate search online. In New York City, home of the savvy shopper, over 90% of buyers and renters start their do some searching online. The importance of doing your own research is usually to be ahead of your competition – other ready, willing and able buyers. Each NYC luxury building has its own rules for purchase and its own amenities to offer. Each area of Manhattan has its disadvantages, quirks and advantages. Rather than every agent or broker is equal. You will need to some conduct some research as a way to stay ahead of YOUR competition – other ready, willing and able buyers. Which brings us to our next point…
You might have heard this adage before with regards to the NYC Rental market: bring a bank-certified check with you and be ready to close on accommodations unit you like as soon as you see it, because the next person to see it might just snag it from under your nose. Similar fervor pertains 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 are able to walk right in and say “I’ll go on it,” and cash buyers can close in as little as two weeks. Know your personal financial situation, and know precisely how quickly you are prepared to move on a property you like. The opportunity to quickly transfer to ESCROW will give you a significant advantage against other buyers.
Just because a property falls beneath the luxury umbrella, will not necessarily mean that it is problem-free. Structural problems such as improper weight baring pillars and roofing issues, proof water damage and mold, or piping and HVAC problems are just a number of the problems one can find in any property. That is why it is integral that one conducts a house 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 competent broker also won’t waste your time or their own by showing you properties that aren’t satisfactory.
THE BRAND NEW York City real estate market is really a market unto itself, much like none other in america. It plays by its level of supply and demand rules. International demand for NYC luxury real estate is still one significant reason why Manhattan prices are so high in comparison to the areas. REBNY reported that 2012 was probably the most successful year (over $30 billion in property sales) for NYC real estate since 2008. REBNY also reported that broker confidence available in the market has been higher in January 2013 than in any month of 2012. Sales numbers across most brokerages indicate the fact that we have been continuing to trend towards a sellers’ market, as sellers and co-op boards continue to be able to choose among a pool of possible buyers. Know that the NYC luxury real estate market is not depressed at all and factor this knowledge into your method of purchase.
