Plenty of strategies exist for individuals who desire to purchase NYC luxury property but don’t desire to spend an exorbitant amount of cash. One way would be to buy a unit in a lower floor of a luxury building. A second floor unit can cost around 19% more than a comparable unit on the initial floor. Another option is 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 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 real estate property, you should get yourself a mortgage approval letter from your 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 is not exactly like an approval letter, and will not qualify you to see a property under bank-approval requirements.

In the true estate industry, “terms” identifies the stipulations under which money is given. For cash-closers, this pertains to among other things, how many days needed to close. For mortgage holders, it identifies your percentages for interest along with 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 just 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 your broker or agent to negotiate with sellers for you.

According to the National Association of Realtors, 88% of people start their real estate 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 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 need to some conduct some research in order to stay ahead of Your rivals – other ready, willing and able buyers. Which brings us to your next point…

You might have heard this adage before with regards to the NYC Rental market: bring a bank-certified check with you and be ready to close on a rental unit you like as soon as 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, 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 go on it,” and cash buyers can close in as little as two weeks. Know your own financial situation, and know just how quickly you are prepared to move on a property you like. The opportunity to quickly move into ESCROW will provide you with a significant advantage against other buyers.

Just because a property falls beneath the luxury umbrella, does not necessarily mean that it’s 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 simply some of the problems one will discover in any property. This is why it is integral that certain conducts a home inspection before signing on the dotted line. Most of all, make sure 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 a problem with it. A competent broker also won’t waste your time or their own by showing you properties that aren’t satisfactory.

THE BRAND NEW York City market is really a market unto itself, comparable to none other in america. It plays by its own level of supply and demand rules. International demand for NYC luxury property continues to be one significant reason why 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 property since 2008. REBNY also reported that broker confidence in the market has been higher in January 2013 than in any month of 2012. rental communities doral 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. Know that the NYC luxury real estate market is not depressed at all and factor this knowledge into your method of purchase.