Plenty of strategies exist for those who want to purchase NYC luxury property but don’t want to spend an exorbitant amount of money. One way would be to buy a unit in less floor of a luxury building. A second floor unit can cost around 19% more than a comparable unit on the first floor. Another option 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 an increased price tag than others… for example, a unit line with windowed bathrooms will fetch a lot 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 property, you should get yourself a mortgage approval letter from your own bank stating the number of mortgage loan that 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 see a property under bank-approval requirements.
In the real estate industry, “terms” refers to 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 along with time needed to obtain 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 purchase 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.
Based on the National Association of Realtors, 88% of individuals 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 to be ahead of your competition – other ready, willing and able buyers. Each NYC luxury building has its own 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 should some conduct some preliminary research so as to 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 in regards to the NYC Rental market: bring a bank-certified talk with you and be ready to close on accommodations unit you like once you see it, as the next person to view it could 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 can walk right in and say “I’ll go on it,” and cash buyers can close in less than 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 transfer to ESCROW will provide you with a significant advantage against other buyers.
Wish 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, evidence of water damage and mold, or piping and HVAC problems are just some of the problems one can find in any property. This is why it is integral that one conducts a home 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 property if the inspector finds a problem with it. A competent 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 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 real estate 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 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. 高級賃貸バンク 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 at all and factor this knowledge into your approach to purchase.