Plenty of strategies exist for many who desire to purchase NYC luxury real estate but don’t want to spend an exorbitant amount of cash. One way would be to buy a unit in a lesser floor of a luxury building. A second floor unit can cost up to 19% greater than a comparable unit on the first floor. Another option is 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 an increased 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 should get a mortgage approval letter from your own bank stating the quantity of mortgage loan for which you are approved. Savvy sellers can legally tell their brokers to only show properties to buyers that are “bank-approved.” A bank qualification letter is not exactly like an approval letter, and will not qualify one 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 relates to among other things, how many days had a need to close. For mortgage holders, it identifies your percentages for interest in addition to time needed to have the funds from the bank 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 reach recoup their original purchase 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 personally.
According to 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 to do your own research is 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. レントデータバンク of Manhattan has its own disadvantages, quirks and advantages. And not every real estate 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 us to your next point…
You might have heard this adage before with regards to the NYC Rental market: bring a bank-certified talk 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 might just snag it from under your nose. Similar fervor pertains 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 go on it,” and cash buyers can close in as little as two weeks. Know your own financial situation, and know precisely how quickly you are ready to move on a property you like. The opportunity to quickly move into ESCROW will give you a significant advantage against other buyers.
Wish property falls beneath 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, evidence of water damage and mold and mold, or piping and HVAC problems are simply some of the problems one can find in any property. That is why it is integral that certain conducts a home inspection before signing on the dotted line. Most importantly, make sure your contract for purchase includes a home inspection contingency, i.e. a statement that permits you to freely leave 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 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 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 at all and factor this knowledge into your approach to purchase.
