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Plenty of strategies exist for those who want to purchase NYC luxury real estate but don’t want to spend an exorbitant amount of money. One way is to buy a unit in a lower 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 is 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 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 will want to get yourself a mortgage approval letter from your own bank stating the quantity 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.” A bank qualification letter is not exactly like an approval letter, and will not qualify you to visit a property under bank-approval requirements.

In the real estate industry, “terms” refers to 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 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 just as important as cash, since they dictate to sellers under what conditions they will get to recoup their original purchase price. If you know your terms inside and out, it will make it easier for the broker or agent to negotiate with sellers for you.

Based on the National Association of Realtors, 88% of people 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 of doing your own research is usually to be ahead of your competition – other ready, willing and able buyers. Each NYC luxury building has its own rules for purchase and its particular amenities to provide. Each section of Manhattan has its disadvantages, quirks and advantages. Rather than every agent or broker is equal. You should some conduct some preliminary research to be able 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 a rental unit you like once you see it, because the next person to view it could snag it from under your nose. Similar fervor pertains to the NYC buyers’ market, specifically 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 less than two weeks. Know your personal finances, and know precisely how quickly you are ready 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 under the luxury umbrella, will not necessarily mean that it is problem-free. Structural problems such as for example improper weight baring pillars and roofing issues, evidence of water damage and mold and mold, or piping and HVAC problems are just some of the problems one can find in any property. This is why it is integral that one conducts a house inspection before signing on the dotted line. 東京のタワーマンションなら of all, make sure your contract for purchase carries a home inspection contingency, i.e. a statement that permits you to freely leave from the house if the inspector finds an issue with it. A competent broker also won’t waste your time and effort or their very 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 own degree of supply and demand rules. International demand for NYC luxury property is still one significant reason Manhattan prices are so high in comparison 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 available in the market has been higher in January 2013 than in 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. Know that the NYC luxury real estate market is not depressed by any means and factor this knowledge into your approach to purchase.