Plenty of strategies exist for many who desire to purchase NYC luxury property but don’t desire to spend an exorbitant amount of money. One way would be to buy a unit in a lower floor of an extravagance building. A second floor unit can cost up to 19% more than a comparable unit on the first 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 tag 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 need 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 isn’t the same as an approval letter, and will not qualify you 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 pertains to among other things, how many days had a need to close. For mortgage holders, it refers to your percentages for interest and also time needed to obtain the funds from the lender and transfer them into 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 reach recoup their original price. houses for rent costa mesa Once you learn your terms inside and out, it’ll make it easier for the broker or agent to negotiate with sellers for you.
Based on the National Association 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 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 preliminary research so that you can stay ahead of Your rivals – other ready, willing and able buyers. Which brings us to our next point…
You might have 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 as soon as you see it, because 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. 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 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 ready to move on a house you like. The opportunity to quickly transfer to ESCROW will give you a significant advantage against other buyers.
Wish 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, proof water damage and mold and mold, or piping and HVAC problems are just some of the problems one can find 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 permits you to freely leave 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 are not satisfactory.
THE BRAND NEW York City market is a market unto itself, comparable to none other in the United States. It plays by its own level of supply and demand rules. International demand for NYC luxury property continues to be one significant reason Manhattan prices are so high in comparison to other areas. REBNY reported that 2012 was the most successful year (over $30 billion in property sales) for NYC property 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 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.