Plenty of strategies exist for those who want to purchase NYC luxury real estate but don’t want to spend an exorbitant amount of cash. One way would be to buy a unit in less floor of an extravagance building. A second floor unit can cost just as much as 19% more than a comparable unit on the first 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 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 mortgage to get a NYC luxury real estate property, you should get yourself a mortgage approval letter from your bank stating the number of mortgage loan for which you are approved. Savvy sellers can legally tell their brokers to only show properties to buyers who are “bank-approved.” A bank qualification letter is not the same as an approval letter, and can not qualify one to see a property under bank-approval requirements.
In the real 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 mortgage holders, it refers to your percentages for interest as well as time needed to have the funds from the lender and transfer them into the appropriate ESCROW account. In a genuine estate transaction, terms are equally as important as cash, because they dictate to sellers under what conditions they will reach recoup their original price. If you know your terms inside and out, it’ll 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 individuals 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 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 will want to some conduct some research in order to stay ahead of Your rivals – other ready, willing and able buyers. Which brings us to your next point…
You might have heard this adage before in 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, specifically for luxury NYC property. rooms for rent costa mesa 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 as little as two weeks. Know your personal financial situation, and know precisely how quickly you are prepared to move on a house you like. The opportunity to quickly move into ESCROW will provide you with a significant advantage against other buyers.
Wish 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, or piping and HVAC problems are simply some of the problems one will discover in any property. That is why it is integral that certain 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 allows 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 are not satisfactory.
The New York City market is a market unto itself, much like none other in america. It plays by its own level of supply and demand rules. International demand for NYC luxury property is still one significant reason why Manhattan prices are so high compared to other areas. REBNY reported that 2012 was probably the most successful year (over $30 billion in property sales) for NYC property 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 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 by any means and factor this knowledge into your approach to purchase.