Plenty of strategies exist for many who want to purchase NYC luxury property but don’t desire to spend an exorbitant amount of cash. One way would be to purchase a unit in a lower floor of a luxury building. Another floor unit can cost just as much as 19% greater than a comparable unit on the first floor. Another option would be to seek units with higher maintenance or common charges monthly, as those frequently have lower asking prices. Alternatively, some lines in a building can carry a higher price tag than others… for instance, a unit line with windowed bathrooms will fetch much more on the open market than 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 volume of mortgage loan for which 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 exactly like 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, just how many days needed to close. For mortgage holders, it refers to your percentages for interest in addition to time needed to obtain the funds from the bank and transfer them into the appropriate ESCROW account. In a real estate transaction, terms are equally as important as cash, because they dictate to sellers under what conditions they’ll reach 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.
According to the National Association of Realtors, 88% of people start their property search online. In New York City, home of the savvy shopper, over 90% of buyers and renters start their search 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 rules for purchase and its particular amenities to offer. Each section of Manhattan has its own disadvantages, quirks and advantages. And not every real estate agent or broker is equal. You should some conduct some research so that you can stay ahead of Your rivals – other ready, willing and able buyers. Which brings us to your next point…
You’ve probably 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 once you see it, as 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 most likely your strongest competition in the NYC luxury market. They can walk right in and say “I’ll take it,” and cash buyers can close in less than two weeks. Know doral apartments for rent , and know just how quickly you are ready to move on a house you like. The opportunity to quickly move into ESCROW will provide you with a substantial 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 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 house inspection before signing on the dotted line. Most importantly, make sure your contract for purchase carries a home inspection contingency, i.e. a statement that allows you to freely leave from the property if the inspector finds a problem with it. A reliable broker also won’t waste your time or their own by showing you properties that aren’t satisfactory.
The New York City market is really a market unto itself, much like none other in the usa. It plays by its own degree of supply and demand rules. International demand for NYC luxury real estate continues to be one significant reason Manhattan prices are so high in comparison to the 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 available in the market has been higher in January 2013 than in any month of 2012. Sales numbers across most brokerages point to the fact that we are 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. Know that the NYC luxury market is not depressed at all and factor this knowledge into your approach to purchase.