Essential Things You Should Know About the NYC Luxury Real Estate Market
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Essential Things You Should Know About the NYC Luxury Real Estate Market

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The New York City Estate market caters to some of the wealthiest people in America and in the world. There is a ton of agents lining up to help rent and purchase the high-end apartments in Manhattan and Brooklyn, as well as with other service providers. One way you can save a great amount of time on handling your move, is by using an app called CityMove.com to take care of booking movers and moving related tasks.

NYC Luxury Real Estate Market

If you are someone looking out for a posh apartment in the colorful section of New York, here are some of the tips you must know about the luxury real estate market.

  • There is a common misconception that you would need a hefty bank account to purchase a luxury apartment in New York. There are some strategies that you can follow to get an apartment or flat at a lower price than usual. For instance, an apartment on the lower floor will cost almost 15 to 20 percent less than the same kind of residence located on the top floor. Another possible approach you can take is to search for unites with higher maintenance prices. Due to this, the owners ask for a low rental/selling price.
  • You must get a mortgage approval letter from the bank to purchase an expensive unit in the New York City .the mortgage approval letter will mention the amount of loan, the bank has approved to give you against your mortgaged property. If you do not have a loan approved by the bank, you may be ignored by the intellectual sellers.
  • In the real estate arena, you must know the conditions under which money is given. For mortgage holders, this means the percentage for interest as well as the time you will need to get the money from the bank and transfer to the estate agents firm s bank account. Here the terms of the agreement are given more priority than the monetary transactions. If you know the terms and conditions by heart, then it will be easy for your agent to negotiate with the seller.
  • You must do your study about the real estate market of this part of New York city as you would do if you would do when you would be purchasing anywhere else. More than 80 to 90 percent of the New Yorkers do their research online. Every opulent building in New York has its own rules and the facilities provided in one building will not be the same as another. You must conduct your research to stay ahead of the competition of cracking the best deal among the lot. Also, make sure that the broker or agent you get for the job knows his task well.
  • The competition for luxury units is the same as the standard units in New York. If you do not make the first move to purchase a particular property, you may find the same group immediately sold off to another prospective buyer who is also ready with the check right under your nose, even before you realize it.
  • As an established agent, it is essential to retain clients in the luxury sector. Luxury clients love to get early deals or other extra services when they purchase a unit-like the best NYC movers who would be helping these busy luxury clients shift all their furniture, bedding and other essentials from their previous abode to their new home after the purchase. Also, the brokers can provide interior decorators to help these clients renovate their new home after purchase. It will create goodwill between both the parties and the customers can help the agents/ brokers by marketing their services to the people they know, thus earning more prospective clients for the agents.
  • What is the type of properties do the potential luxury customers want? Given that many of these clients are of the current generation, they look out for units with the state -of the – art facilities. According to various researches, it has been found out that most of these clients prefer their next home to be in a sub-urban location over other types of places like urban or historical. Also, most of them prefer to have at least a pool in their new abode. And then an indoor movie theatre followed by an outdoor kitchen. Very few prefer spas or sauna rooms at home. These customers definitely lookout for smart security and climate control systems for their safety and regulate the temperature of their dwellings, respectively. Another thing to notice is that international buyers each have their taste depending on their nationality. International buyers usually prefer properties with many facilities.

Finally, what you need to know is that the luxury unit market is never in a loss as it plays by its supply and demand rules. The international demand for New York City’s luxury apartments has and will always remain high, which is why as compared to other areas, the prices in this city are still sky-rocketing. So keep this in mind when you decide to move into one of the plush apartments in New York City in the near or distant future.

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