Plenty of strategies exist for many who desire to purchase NYC luxury real estate but don’t desire to spend an exorbitant sum of money. One way is to buy a unit in a lesser floor of a luxury building. Another floor unit can cost just as much as 19% greater than a comparable unit on the initial 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 than others… for instance, 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 will want to get a mortgage approval letter from your own bank stating how much 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 pertains to among other things, just how many days needed to close. For mortgage holders, it identifies your percentages for interest as well as time needed to have the funds from the lender and transfer them in to the appropriate ESCROW account. In a real estate transaction, terms are equally as important as cash, since 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 will make it easier for the broker or agent to negotiate with sellers for you.
Based on 東京の高級賃貸なら 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 to do your own research is usually to be ahead of your rivals – other ready, willing and able buyers. Each NYC luxury building has its rules for purchase and its own amenities to offer. Each section of Manhattan has its 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 competition – 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 check with you and be prepared to close on a rental unit you like as soon as you see it, as the next person to see it could snag it from under your nose. Similar fervor applies to the NYC buyers’ market, specifically for luxury NYC real estate. International all-cash buyers are most 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 less than two weeks. Know your personal finances, and know just how quickly you are prepared to move on a house you like. The opportunity to quickly move into ESCROW will give you a substantial advantage against other buyers.
Just because a property falls beneath the luxury umbrella, will 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 just a number of the problems one will discover in any property. That is why it is integral that one conducts a home inspection before signing on the dotted line. Most of all, make sure your contract for purchase carries a home inspection contingency, i.e. a statement that permits you to freely leave from the property 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 market is really a market unto itself, much like none other in the United States. It plays by its level of supply and demand rules. International demand for NYC luxury property is still one significant reason why Manhattan prices are so high in comparison 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 available in 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 have been continuing to trend towards a sellers’ market, as sellers and co-op boards continue to be 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.