Plenty of strategies exist for many who want to purchase NYC luxury real estate but don’t desire to spend an exorbitant amount of money. One way is to purchase a unit in less floor of an extravagance building. A second floor unit can cost around 19% greater than a comparable unit on the initial floor. Another option is 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 a higher price than others… for instance, 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 real estate property, you will want to get yourself a mortgage approval letter from your bank stating the amount of mortgage loan that you are approved. Savvy sellers can legally tell their brokers to only show properties to buyers who are “bank-approved.” A bank qualification letter isn’t the same as an approval letter, and can not qualify you to visit a property under bank-approval requirements.
In the real estate industry, “terms” refers to 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 identifies your percentages for interest along with time needed to obtain the funds from the bank 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’ll reach recoup their original price. If you know your terms inside and out, it’ll make it easier for your broker or agent to negotiate with sellers for you.
Based on the National Association of Realtors, 88% of people 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 provide. Each area of Manhattan has its disadvantages, quirks and advantages. And not every real estate agent or broker is equal. You should some conduct some research so as to 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 prepared to close on a rental unit you like once you see it, because the next person to view 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 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, 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. luxury apartments doral of all, ensure that your contract for purchase includes a home inspection contingency, i.e. a statement that allows you to freely walk away from the house if the inspector finds a problem with it. A competent broker also won’t waste your time or their own by showing you properties that are not satisfactory.
THE BRAND NEW York City real estate market is really a market unto itself, comparable to none other in the United States. 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 compared to other 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 virtually 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 being able to pick and choose among a pool of possible buyers. Understand that the NYC luxury market is not depressed at all and factor this knowledge into your approach to purchase.