Plenty of strategies exist for individuals who desire to purchase NYC luxury property but don’t desire to spend an exorbitant amount of money. One way is to buy a unit in less floor of a luxury building. Another floor unit can cost 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 often have lower asking prices. Alternatively, some lines in a building can carry a higher price tag than others… for example, a unit line with windowed bathrooms will fetch a lot 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 isn’t the same as an approval letter, and will not qualify one to see 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, just how many days needed to close. For apartments for rent in doral , it identifies your percentages for interest as well as time needed to have the funds from the bank and transfer them into the appropriate ESCROW account. In a real estate transaction, terms are just as important as cash, because they dictate to sellers under what conditions they will 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.
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 to do your own research is to be ahead of your rivals – other ready, willing and able buyers. Each NYC luxury building has its rules for purchase and its particular amenities to provide. Each area of Manhattan has its own disadvantages, quirks and advantages. And not every real estate agent or broker is equal. You should some conduct some preliminary research to be able 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 prepared to close on accommodations unit you like once you see it, as the next person to see it could 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 can 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 just how quickly you are ready to move on a property you like. The ability to quickly move into ESCROW will provide you with a substantial advantage against other buyers.
Wish property falls beneath the luxury umbrella, does not necessarily mean that it is 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 simply some 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 of all, make sure your contract for purchase includes a home inspection contingency, i.e. a statement that permits you to freely leave from the house if the inspector finds a problem with it. A competent broker also won’t waste your time and effort or their 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 the usa. It plays by its degree of supply and demand rules. International demand for NYC luxury property continues to be one significant reason why 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 on the market has been higher in January 2013 than in any month of 2012. Sales numbers across most brokerages indicate 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 real estate market is not depressed by any means and factor this knowledge into your approach to purchase.