Plenty of strategies exist for many who desire to purchase NYC luxury property but don’t want to spend an exorbitant amount of cash. One way would be to buy a unit in a lower floor of an extravagance building. Another floor unit can cost up to 19% greater 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 often 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 a lot 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 property, you will want to get a mortgage approval letter from your bank stating the number of mortgage loan for which you are approved. Savvy sellers can legally tell their brokers to only show properties to buyers that are “bank-approved.” houses for rent costa mesa A bank qualification letter is not the same as an approval letter, and can 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 relates to among other things, how many days needed to close. For mortgage holders, it refers to your percentages for interest in addition to time needed to obtain the funds from the bank and transfer them in to 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 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 personally.

According to 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 do some searching 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 own rules for purchase and its own amenities to offer. Each area of Manhattan has its disadvantages, quirks and advantages. And not every real estate agent or broker is equal. You will need to 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 might have 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, as the next person to view it could snag it from under your nose. Similar fervor applies to the NYC buyers’ market, especially for luxury NYC real estate. International all-cash buyers are 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 precisely how quickly you are ready to move on a property you like. The ability to quickly move into ESCROW will give you a substantial advantage against other buyers.

Wish property falls beneath the luxury umbrella, will not necessarily mean that it’s problem-free. Structural problems such as improper weight baring pillars and roofing issues, proof water damage and mold, or piping and HVAC problems are just a number of the problems one will discover in any property. This is why it is integral that certain conducts a house inspection before signing on the dotted line. Most of all, ensure that your contract for purchase includes a home inspection contingency, i.e. a statement that permits you to freely leave from the property if the inspector finds an issue with it. A competent 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, comparable to none other in the United States. It plays by its 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 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 have been 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. Understand that the NYC luxury real estate market is not depressed by any means and factor this knowledge into your approach to purchase.