Plenty of strategies exist for those who desire to purchase NYC luxury real estate but don’t desire to spend an exorbitant amount of cash. One way would be to buy a unit in a lesser floor of a luxury building. Another floor unit can cost around 19% greater than a comparable unit on the first floor. Another option would be to seek units with higher maintenance or common charges monthly, as those often have lower asking prices. Alternatively, some lines in a building can carry an increased price tag 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 purchase a NYC luxury property, you should get a mortgage approval letter from your 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 who are “bank-approved.” A bank qualification letter isn’t the same as an approval letter, and can not qualify you to visit a property under bank-approval requirements.

In the true 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 identifies your percentages for interest and time needed to obtain the funds from the lender and transfer them into the appropriate ESCROW account. In a genuine estate transaction, terms are equally 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 will make it easier for the broker or agent to negotiate with sellers for you.

In line with the National Association of Realtors, 88% of individuals start their property 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 usually 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 own disadvantages, quirks and advantages. Rather than apartments in doral or broker is equal. You should 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 talk with you and be prepared 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 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 take it,” and cash buyers can close in less than two weeks. Know your own financial situation, and know just how quickly you are prepared to move on a house you like. The ability to quickly move into ESCROW will provide you with a significant advantage against other buyers.

Wish property falls under 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, or piping and HVAC problems are just some of the problems one will discover in any property. That is why it is integral that one 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 allows you to freely leave 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 really a market unto itself, comparable to none other in the United States. It plays by its own level of supply and demand rules. International demand for NYC luxury real estate continues to be 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 indicate 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 market is not depressed at all and factor this knowledge into your approach to purchase.