Monthly Archives: June 2012

What NYC neighborhoods are good to invest?

What NYC neighborhoods are good to invest?

New York city (NYC) has many vibrant neighborhoods that cater different lifestyle and people. Many buyers call us and like to own a piece of Manhattan New York, they either have been here before or have a family member currently live here and would like to diversify their investment portfolio and include a NYC condo in it.

We often get the question What NYC neighborhoods are good to invest, there is no one answer for everyone.

Before we can answer this question or for the buyer to determine, they have to consider several points as outline below:

Price Range (investment dollar amount) : What is the price amount that you are thinking of invest? We work with buyers that have invested $850,000 USD price range on a one bedroom condo and that can rent anywhere from $3,500-$4,000 USD per month unfurnished depending location and season. We also have work with buyers that invested $3,500,000,000 USD sales price and rented the three bedroom condo for $17,000 USD per month. Depending on your projected price range then we can narrow down the neighborhood.

Culture and Lifestyle:
Do you intend on staying at this condo at all when you visit New York city? Perhaps you planning to live there one day in the near future? Or this is for sole investment purpose? If you plan on living in the condo, then it is best to look at the area and neighborhoods that you like and socialize when you are in New York.

Amenities: Do you prefer a condo with a pool? How about fitness center and spa?
Buildings with lots of amenities sometimes are newer buildings, these buildings are usually built after 1980s or some older building have added the amenities to suit residents interest.

There are other factors to determine which neighborhood is best suited for each person’s preference. We specialize in working with buyers looking for condo investment in New York city, we are seasoned Real Estate agents that can help you in finding the right investment.

Contact us today at (917)837-8869 to discuss directly on how we can work together.

Does the furniture come with NYC condos?

Does the furniture come with NYC condos?

Many of the website photos of the condos will have furnitures and fully furnished units. However, the furniture DOES NOT convey in a Manhattan condominium purchase unless it is specifically mentioned in the property description or discussed prior to the negotiation. If there is  an option to purchase the furniture there will often be two prices, one with the furniture and one without.  The spread between the two prices, may or may not reflect the actual replacement costs of the furniture and will include a convenience premium of being able to move right into the apartment without spending the time to furnish it yourself.

At rare occasion, our buyers may want to purchase the owner’s furniture, there is often a disconnect between what the buyer is willing to pay and the emotional attachment the owner may have for the piece.

Many savvy sellers in Manhattan New York will hire staging services to custom design and place the furniture pieces to ensure property maximize its value. This is with help of a team of interior designers and architects, when every square inch of the apartment has been well thought out, what it does is to show you as the buyer the potential for the space.

A part of owning an apartment is making your own personal design decisions, putting your own personal touches on how you would like to live in the apartment, but it’s helpful to see the size and scope of how certain combinations of furniture can work in certain rooms and areas.

If you prefer to purchase seller’s furniture together with the apartment, we can discuss it in detail to best protect your interest. We also team up with very experienced Real Estate attorney that can put the specifics in the contract so all parties are in agreement.

We are very experienced and knowledgeable Real Estate agents in Manhattan NY condominium market, team up with us today so you can be well advised on your Real Estate purchase and avoid any unneccessary stress or cost.

Call us (917)837-8869 or email us here: http://manhattannycondosforsale.com/contact/

Can I get more discount as an All Cash Buyer in NYC?

What is a Sales Application in buying Manhattan New York condos?

As Foreign Buyer, How much down payment do I need to put down to buy a one bedroom condo?

Can I get more discount as an All Cash Buyer in NYC?

Can I get more discount as an All Cash Buyer in NYC?

Many of our buyers are all cash buyers from local market or international buyers. Manhattan is very competitive market place and it is a city full very successful professionals and high income producing entrepreneurs of many industries such as finance, fashion, culinary and etc. In today’s market place, we are seeing many sales are all cash in all price range.
A good percentage of our buyers are out of town parents buying for their son or daughter all cash one/two bedroom units at $1M-$2M range to international or foreign investor buyers investing over $8M all in cash.

To get a better idea, about 75% of our buyers are all cash with no financing needed, serious and motivated buyers. All cash buyers prefer to work with us because we are experienced and can negotiate ideal price or terms for our buyers in this highly competitive Real Estate market.

A fair question that asked a lot by the buyers are How much discount can they get since they are paying all cash? To be specific, here are several factors determined the amount (%) of discount a cash buyer can receive.

Ideal Condo neighborhood & location: We have many buyers interested in high demand and popular neighborhoods such as near Central Park, Union Square, TriBeCa, West Village or convenient locations that is easy to commute or travel to universities. These neighborhoods are internationally well known neighborhoods in Manhattan, therefore, there are many other buyers also on the market seeking the perfect home in those neighborhoods, there will always be more buyers than housing inventory in these specific neighborhood.  When and if a fair priced condo comes up on the market and it is in move in condition, there is a good chance that there will be multiple offers in place and other all cash offers, therefore, the seller will entertain and accept likely the highest price offer if all offers are cash.

Closing time frame: If this condo is a brand new construction and it is completed ready to move in, then the condo can close within 10 days if all parties are available. If the condo is a resale condo, with an all cash offer, the closing can take place 30-45 days. If the seller is motivated, they will be looking to close as soon as possible, this means if you are all cash, and your funds are ready, then there is a good chance of negotiating with seller an ideal price since it is an all cash and can close as soon as possible.

Terms of the offer: This sometimes apply to some new construction condos. Some new construction condos in Manhattan sometimes will offer buyers’ incentives. Some of the buyer incentives perhaps are giving buyer a gift card to a home decorating store or other form of gift cards, some will offer paying off part of the closing cost, this all depends on how the new construction condo is selling, if they are selling well, then most likely there will not be any incentive. With these incentives, they also count as part of the ‘discount’, even if the discount is not directly off the sales price, it is still a good way to receive some perks if the developer is motivated.
On the other hand, if you are flexible on your neighborhood preference, we do have a list of condos that have very motivated sellers that would be willing to entertain and negotiate with reasonable All cash offers.

Many all cash buyers work with us because we are able to protect our buyers’ interests and negotiate many favorable terms for our buyer, our all cash buyers are always delighted with our savvy negotiation skills and refer their friends and families to us.

If you are an all cash buyer and would like to discuss how we can maximize your all cash offer, contact us today at EHSU@elliman.com or call (917)837-8869.