Plenty of strategies exist for those who desire to purchase NYC luxury property but don’t want to spend an exorbitant amount of cash. One way is to purchase a unit in less floor of a luxury building. A second floor unit can cost around 19% greater than a comparable unit on the first floor. doral apartments 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 example, 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 home loan to purchase a NYC luxury property, you will want to get yourself 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 that are “bank-approved.” A bank qualification letter isn’t exactly like an approval letter, and will not qualify you to visit a property under bank-approval requirements.
In the true estate industry, “terms” identifies the stipulations under which money is given. For cash-closers, this relates to among other things, just how many days had a need to close. For mortgage holders, it refers to your percentages for interest together with time needed to have the funds from the bank 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 will reach recoup their original price. If you know your terms inside and out, it will make it easier for your broker or agent to negotiate with sellers for you.
According to 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 do some searching 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 provide. Each area of Manhattan has its disadvantages, quirks and advantages. And not every agent or broker is equal. You should some conduct some preliminary research so that you can 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 with regards to the NYC Rental market: bring a bank-certified check with you and be prepared to close on accommodations unit you like once 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 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 less than two weeks. Know your personal finances, and know precisely 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 beneath the luxury umbrella, will not necessarily mean that it is problem-free. Structural problems such as for example 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 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 carries 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 reliable broker also won’t waste your time or their very own by showing you properties that are not satisfactory.
The New York City real estate market is 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 property is still one significant reason Manhattan prices are so high compared 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 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. Understand that the NYC luxury market is not depressed by any means and factor this knowledge into your method of purchase.