Plenty of strategies exist for individuals who want to purchase NYC luxury real estate but don’t desire to spend an exorbitant sum of money. One way would be to buy a unit in a lesser floor of an extravagance building. A second floor unit can cost just as much as 19% more 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 a lot 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 property, you will want to get a mortgage approval letter from your bank stating the number of 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 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 pertains to among other things, how many days needed to close. For mortgage holders, it refers to your percentages for interest as well as time needed to have the funds from the bank 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 get to recoup their original price. Once you learn your terms inside and out, it will make it easier for your broker or agent to negotiate with sellers for you personally.
In line with the National Association of Realtors, 88% of people start their property search online. In NEW YORK, home of the savvy shopper, over 90% of buyers and renters start their do some searching online. The importance of doing your own research is usually to be ahead of your competition – other ready, willing and able buyers. Each NYC luxury building has its rules for purchase and its particular amenities to offer. Each area of Manhattan has its own disadvantages, quirks and advantages. Rather than every agent or broker is equal. You will need to some conduct some research as a way to stay ahead of YOUR competition – other ready, willing and able buyers. Which brings us to our next point…
You might have heard this adage before in 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 pertains to the NYC buyers’ market, especially for luxury NYC property. International all-cash buyers are likely your strongest competition in the NYC luxury market. They can walk right in and say “I’ll go on it,” and cash buyers can close in less than two weeks. Know your own finances, and know just how quickly you are prepared to move on a house you like. The opportunity to quickly transfer to ESCROW will provide you with a significant advantage against other buyers.
Just because a property falls under 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, proof water damage 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 one conducts a home inspection before signing on the dotted line. Most of all, ensure that your contract for purchase carries a home inspection contingency, i.e. a statement that allows you to freely walk away from the property if the inspector finds an issue with it. A competent broker also won’t waste your time or their very own by showing you properties that aren’t satisfactory.
THE BRAND NEW York City market is really 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 why Manhattan prices are so high compared to the 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 are continuing to trend towards a sellers’ market, as sellers and co-op boards continue being able to pick and 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 method of purchase. costa mesa apartments
