Plenty of strategies exist for individuals who want to purchase NYC luxury real estate but don’t want to spend an exorbitant sum of money. One way would be to buy a unit in a lesser floor of a luxury building. Another 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 frequently have lower asking prices. Alternatively, some lines in a building can carry a higher price than others… for example, 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 mortgage to get a NYC luxury property, you will need to get a mortgage approval letter from your own bank stating the volume 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 can 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 relates to among other things, how many days needed to close. For mortgage holders, it refers to your percentages for interest and time needed to obtain the funds from the lender 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 purchase 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.

In line with the National Association of Realtors, 88% of individuals start their real estate search online. In doral apartments for rent , 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. Each section of Manhattan has its disadvantages, quirks and advantages. And not every agent or broker is equal. You will want to some conduct some research so that you can 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 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 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 take it,” and cash buyers can close in as little as two weeks. Know your personal finances, and know just how quickly you are prepared to move on a property you like. The opportunity to quickly transfer to ESCROW will give you a substantial advantage against other buyers.

Wish property falls under the luxury umbrella, does 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 and mold, or piping and HVAC problems are simply some of the problems one will discover in any property. This is why it is integral that one 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 walk away from the house if the inspector finds a problem with it. A reliable 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 real estate market is a market unto itself, comparable to none other in the usa. It plays by its level of supply and demand rules. International demand for NYC luxury real estate continues to be one significant reason why Manhattan prices are so high compared to the 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 on 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 to be 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 approach to purchase.