HI

Plenty of strategies exist for many who want to purchase NYC luxury property but don’t desire to spend an exorbitant amount of money. One way is to buy a unit in a lesser floor of a luxury building. Another floor unit can cost around 19% more than a comparable unit on the first floor. Another option is 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 a higher price tag than others… for example, 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 home loan to purchase a NYC luxury real estate property, you will need 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 who are “bank-approved.” A bank qualification letter is not the same as an approval letter, and will not qualify you to visit 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, how many days had a need to close. For mortgage holders, it identifies your percentages for interest as well as time needed to obtain the funds from the lender and transfer them into 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’ll reach recoup their original 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.

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 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 own rules for purchase and its particular amenities to offer. Each section of Manhattan has its disadvantages, quirks and advantages. Rather than every agent or broker is equal. You should some conduct some research in order to stay ahead of YOUR competition – other ready, willing and able buyers. Which brings apartments for rent in doral to your 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 once you see it, because the next person to see 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 most likely your strongest competition in the NYC luxury market. They are able to walk right in and say “I’ll take it,” and cash buyers can close in as little as two weeks. Know your own finances, and know just how quickly you are prepared to move on a property you like. The opportunity to quickly move into ESCROW will give you a substantial advantage against other buyers.

Just because a property falls under the luxury umbrella, does not necessarily mean that it’s problem-free. Structural problems such as for example improper weight baring pillars and roofing issues, proof water damage and mold and mold, or piping and HVAC problems are just a number of the problems one can find in any property. This 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 includes a home inspection contingency, i.e. a statement that allows you to freely walk away 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 aren’t satisfactory.

THE BRAND NEW York City real estate market is really a market unto itself, much like none other in the usa. It plays by its own degree of supply and demand rules. International demand for NYC luxury real estate continues to be one significant reason 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 property since 2008. REBNY also reported that broker confidence 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 being able to choose among a pool of possible buyers. Know that the NYC luxury market is not depressed by any means and factor this knowledge into your method of purchase.