Plenty of strategies exist for many who desire to purchase NYC luxury property but don’t desire to spend an exorbitant sum of money. One way would be to purchase a unit in less floor of an extravagance building. Another floor unit can cost 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 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 home loan to get a NYC luxury real estate property, you should get a mortgage approval letter from your own bank stating the volume of 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 isn’t exactly like an approval letter, and will not qualify one 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 identifies your percentages for interest and time needed to obtain the funds from the bank and transfer them in to the appropriate ESCROW account. In a real estate transaction, terms are equally as important as cash, because they dictate to sellers under what conditions they’ll reach 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 personally.

In line with 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 to do 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 particular amenities to provide. Each section 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 to be able to stay ahead of Your rivals – other ready, willing and able buyers. Which brings us to your next point…

You’ve probably heard this adage before in regards to the NYC Rental market: bring a bank-certified check with you and be ready to close on a rental 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 most likely your strongest competition in the NYC luxury market. rental communities in doral can walk right in and say “I’ll take it,” and cash buyers can close in less than two weeks. Know your personal financial situation, and know precisely how quickly you are ready to move on a property you like. The opportunity to quickly move into ESCROW will provide you with a substantial advantage against other buyers.

Just because a property falls beneath the luxury umbrella, does not necessarily mean that it is problem-free. Structural problems such as improper weight baring pillars and roofing issues, proof water damage and mold and mold, or piping and HVAC problems are just a number of the problems one can find 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 carries 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 aren’t satisfactory.

The New York City real estate market is really 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 real estate continues to be one significant reason 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 real estate since 2008. REBNY also reported that broker confidence 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 being able to pick and choose among a pool of possible buyers. Know that the NYC luxury market is not depressed by any means and factor this knowledge into your approach to purchase.