Plenty of strategies exist for those who desire 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 less floor of a luxury building. Another 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 an increased price than others… for instance, a unit line with windowed bathrooms will fetch a lot more on the open market when compared to a line whose bathrooms are lit only by fixtures.

If you need a mortgage to purchase a NYC luxury real estate property, you should get yourself a mortgage approval letter from your own bank stating the volume 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 can not qualify one to see 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 relates 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 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 will reach recoup their original purchase price. If you know 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 people start their real estate 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 usually 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 offer. Each area of Manhattan has its own disadvantages, quirks and advantages. And doral apartments or broker is equal. You will need to some conduct some 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 ready to close on accommodations unit you like once you see it, as the next person to see it might just snag it from under your nose. Similar fervor pertains 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 personal financial situation, and know just 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.

Wish 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, 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. That is why it is integral that one conducts a home inspection before signing on the dotted line. Most importantly, make sure your contract for purchase includes a home inspection contingency, i.e. a statement that allows 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 and effort or their own by showing you properties that are not satisfactory.

The New York City market is really a market unto itself, comparable to none other in the usa. It plays by its level of supply and demand rules. International demand for NYC luxury property is still one significant reason why Manhattan prices are so high in comparison 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 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. Understand that the NYC luxury market is not depressed at all and factor this knowledge into your approach to purchase.