Plenty of strategies exist for individuals who want to purchase NYC luxury property but don’t desire to spend an exorbitant amount of cash. One way is to purchase a unit in a lesser floor of an extravagance building. Another floor unit can cost just as much as 19% more 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 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 purchase a NYC luxury real estate property, you will need to get yourself a mortgage approval letter from your own bank stating the quantity 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 is not the same as an approval letter, and can not qualify one 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, how many days needed to close. For mortgage holders, it identifies your percentages for interest and time needed to obtain the funds from the lender and transfer them in to the appropriate ESCROW account. In a genuine 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. 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 property search online. In NEW YORK, home of the savvy shopper, over 90% of buyers and renters start their do some searching online. apartments in doral to do your own research is to be ahead of your competition – other ready, willing and able buyers. Each NYC luxury building has its own rules for purchase and its particular amenities to offer. Each section of Manhattan has its disadvantages, quirks and advantages. Rather than every real estate agent or broker is equal. You will need to 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 ready 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 applies to the NYC buyers’ market, especially for luxury NYC property. International all-cash buyers are 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 just how quickly you are ready to move on a property you like. The opportunity to quickly transfer to ESCROW will provide you with a significant advantage against other buyers.
Wish property falls under 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 simply some of the problems one can find in any property. This 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 walk away from the property if the inspector finds an issue with it. A reliable 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 real estate market is really a market unto itself, much like none other in america. It plays by its own degree 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 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 on the market has been higher in January 2013 than in virtually 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 to be able to choose among a pool of possible buyers. Understand that the NYC luxury real estate market is not depressed by any means and factor this knowledge into your approach to purchase.