Plenty of strategies exist for those who want to purchase NYC luxury real estate but don’t desire to spend an exorbitant amount of cash. One way would be to buy a unit in a lesser floor of a luxury building. Another floor unit can cost just as much as 19% more than a comparable unit on the initial floor. Another option would be 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 when compared to a line whose bathrooms are lit only by fixtures.

If you need a home loan to get a NYC luxury real estate property, you will want to get yourself a mortgage approval letter from your bank stating how much 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 isn’t the same as 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 pertains to among other things, just how many days needed to close. For mortgage holders, it refers to your percentages for interest along with 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’ll get to recoup their original 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 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 of doing 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. Each section of Manhattan has its own disadvantages, quirks and advantages. And not every real estate agent or broker is equal. You will need to some conduct some preliminary research to be able to stay ahead of Your rivals – 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 ready 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 applies to the NYC buyers’ market, specifically for luxury NYC real estate. International all-cash buyers are likely your strongest competition in the NYC luxury market. They can walk right in and say “I’ll take it,” and cash buyers can close in less than two weeks. Know your own finances, and know precisely how quickly you are prepared to move on a house you like. The opportunity to quickly transfer to ESCROW will provide you with a substantial advantage against other buyers.

Just because a 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, proof water damage and mold, or piping and HVAC problems are simply a number 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 importantly, make sure your contract for purchase includes a home inspection contingency, i.e. a statement that permits you to freely walk away from the house if the inspector finds an issue with it. A competent broker also won’t waste your time and effort or their very own by showing you properties that aren’t satisfactory.

The New York City market is really a market unto itself, much like none other in the United States. It plays by its degree of supply and demand rules. doral fl apartments for NYC luxury real estate continues to be one significant reason why Manhattan prices are so high compared to other 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 indicate the fact that we are 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 approach to purchase.