Plenty of strategies exist for individuals who desire to purchase NYC luxury real estate but don’t want to spend an exorbitant amount of cash. One way is to buy a unit in a lesser floor of an extravagance building. A second floor unit can cost just as much as 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, 高級賃貸バンク 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 get a NYC luxury real estate property, you should get 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 that are “bank-approved.” A bank qualification letter is not exactly like an approval letter, and can 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, just how many days needed to close. For mortgage holders, it refers to your percentages for interest and time needed to have the funds from the bank and transfer them into the appropriate ESCROW account. In a real estate transaction, terms are just as important as cash, since they dictate to sellers under what conditions they will get to recoup their original 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.

In line with the National Association of Realtors, 88% of individuals start their real estate 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 to be ahead of your competition – other ready, willing and able buyers. Each NYC luxury building has its own rules for purchase and its own amenities to provide. Each area of Manhattan has its disadvantages, quirks and advantages. And not every agent or broker is equal. You will want to some conduct some preliminary research so as to stay ahead of YOUR competition – 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 prepared to close on a rental unit you like once you see it, as the next person to see it could snag it from under your nose. Similar fervor pertains 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 can walk right in and say “I’ll go on it,” and cash buyers can close in less than two weeks. Know your personal finances, and know just how quickly you are prepared to move on a property you like. The ability to quickly transfer to 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, proof 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 one 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 walk away from the property if the inspector finds an issue with it. A competent broker also won’t waste your time 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 usa. 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 in comparison to other 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 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 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.