Plenty of strategies exist for individuals who desire to purchase NYC luxury real estate but don’t desire to spend an exorbitant amount of money. One way is to purchase a unit in a lesser floor of a luxury building. Another floor unit can cost just as much as 19% greater 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 an increased price 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 get a NYC luxury property, you will need to get yourself a mortgage approval letter from your own 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 is not exactly like an approval letter, and can not qualify one to see 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, just how many days had a need to close. For mortgage holders, it refers to your percentages for interest and time needed to obtain the funds from the bank and transfer them into the appropriate ESCROW account. In a genuine estate transaction, terms are equally as important as cash, since they dictate to sellers under what conditions they’ll reach recoup their original purchase price. Once you learn your terms inside and out, it’ll make it easier for the broker or agent to negotiate with sellers for you personally.

According to 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 of doing 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 provide. Each section of Manhattan has its disadvantages, quirks and advantages. And not every agent or broker is equal. You should some conduct some preliminary research so that you can 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 in regards to the NYC Rental market: bring a bank-certified talk with you and be prepared to close on accommodations 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, especially for luxury NYC property. 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 go on it,” and cash buyers can close in less than two weeks. Know your own financial situation, and know just how quickly you are ready to move on a property you like. The ability to quickly move into ESCROW will provide you with a substantial advantage against other buyers.

Wish property falls under the luxury umbrella, will 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 and mold, or piping and HVAC problems are just a number 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 importantly, make sure 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 a problem with it. A reliable broker also won’t waste your time and effort or their own by showing you properties that are not satisfactory.

The New York City market is a market unto itself, much like none other in the usa. It plays by its level of supply and demand rules. International demand for NYC luxury real estate is still one significant reason why Manhattan prices are so high in comparison to the areas. REBNY reported that 2012 was probably the most successful year (over $30 billion in property sales) for NYC real estate 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 pick and choose among a pool of possible buyers. Know that the NYC luxury market is not depressed at all and factor this knowledge into your method of purchase. apartments orange county