Plenty of strategies exist for those who want to purchase NYC luxury real estate but don’t desire to spend an exorbitant sum of money. One way would be to purchase a unit in a lesser floor of an extravagance building. Another floor unit can cost around 19% more than a comparable unit on the first 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 instance, a unit line with windowed bathrooms will fetch much more on the open market than a line whose bathrooms are lit only by fixtures.
If you need a mortgage to purchase a NYC luxury real estate property, you will need to get yourself a mortgage approval letter from your bank stating the amount of mortgage loan for which you are approved. Savvy sellers can legally tell their brokers to only show properties to buyers who are “bank-approved.” 東京のタワーマンションなら 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” refers to the stipulations under which money is given. For cash-closers, this relates to among other things, 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, because they dictate to sellers under what conditions they will get to recoup their original purchase price. Once you learn your terms inside and out, it’ll make it easier for your broker or agent to negotiate with sellers for you.
Based on 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 search 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 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 want to some conduct some preliminary research to be able to stay ahead of YOUR competition – other ready, willing and able buyers. Which brings us to your 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 accommodations unit you like once you see it, because the next person to view it could 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 most 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 as little as two weeks. Know your own finances, and know just how quickly you are prepared to move on a house you like. The ability to quickly move into ESCROW will give you a substantial advantage against other buyers.
Just because a property falls beneath the luxury umbrella, does not necessarily mean that it is problem-free. Structural problems such as 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 will discover 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 allows you to freely leave from the house if the inspector finds an issue with it. A reliable broker also won’t waste your time or their own by showing you properties that aren’t satisfactory.
THE BRAND NEW York City real estate market is a market unto itself, much like none other in america. It plays by its degree of supply and demand rules. International demand for NYC luxury real estate is still one significant reason 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 real estate 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 to be able to pick and choose among a pool of possible buyers. Know that the NYC luxury real estate market is not depressed at all and factor this knowledge into your approach to purchase.