Here in Manhattan New York, we work with both sellers and buyers depending on their motivation. We have different strategies and plans for sellers and for buyers to maximize their profit and finding the best home for them in this unique market place.
One of our special niche is working with parents buying for children, as Chinese-Mandarin speaking Real Estate agent, we are seeing many Chinese parents coming to Manhattan New York buying condos for their son or daughter that is either current in New York city or planning on coming to New York city in the near future.
As Chinese-Mandarin Speaking Real Estate agent here in NYC, when we work with buyers from out of town, we educate them about the market place and set the right expectation before we go out and see properties. Here are some some unique difference of Manhattan New York Real Estate that is different than other parts of U.S. and other parts of the world.
– Housing inventory, we have condo, coops, some condops. For Chinese-Mandarin speaking buyers, it is hard to grasp the concept of cooperative. Each coop building has very different rules in terms of approving the buyers, if the parents would like to use the property as eventual rental investment properties, it may be more ideal to look at condos over coops.
– All Cash with No financing offers, many of Manhattan New York buyers are All Cash buyers whether they are from New York, another state, another part of the world, it is very common to be competing with another buyer that is also all cash. All cash offer is more desirable than mortgage offers, but presenting an offer at fair market price and all cash will ensure you secure the property. We have completed all cash transactions at all range of price range from $500,000-$10,000,000 or more.
–45 Days is the quickest timeframe to close if it is a standard re-sale condo if all parties prepare the documents in a timely fashion (other than New construction condo that is ready to be move in). This is a market place that there are condo board in place, there will be required application from the purchaser, and it takes usually 30 days or so for the board to approve it. So, if there is a specific timeframe or rental lease for the current son or daughter, it is important to plan early. If financing, the timeframe is conservatively 90 days – 120 days or more.
–No offer is binding until both buyers and sellers SIGN and FULLY EXECUTE the contract, 10% deposit is clear. Here in Manhattan New York, the SELLER’S ATTORNEY draft the contract to BUYER’S ATTORNEY, buyer’s attorney complete his/her review, then BUYER signs the contract with deposit, then return to SELLER’S ATTORNEY and seller will counter sign. This takes 7-10 days if all parties are available and responsive. Anytime between there, another (#2)buyer can appear and present a higher/better offer, first buyer’s offer can be overbid and there is NO DEAL.
Here are just short list of important points of our unique market place, and this information may vary based on your individual scenario, you can contact us for a complimentary consultation today (646)644-6929.
If you are a Chinese-Mandarin Speaking parent that have young adult children living, working or moving to Manhattan New York, and you are thinking of buying a condo for them, we can help and work with you in an very efficient matter if you have a specific timeframe. Call today at (646)644-6929 to discuss your thoughts on buying a condo investment in Manhattan New York.