Finding the right home in Manhattan can take time and a lot of work. At times it can be overwhelming ...after all it's the most important decision you will make.
A licensed and professional Real Estate Agent can help navigate the process from beginning to end --- and even after your closing --- applying their expertise to your search to get you the results you deserve.
Using the right Agent can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.
Look for an Agent, not a property since you'll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and your agent connect.
Share all requested information. Letting your agent know what you want is the first step to successful communication. Many factors play a part in the selection of properties for you to view and there are a wide variety of properties in New York City. Give your agent a complete picture of you and your needs to avoid wasting time looking at properties that does not suit your lifestyle. Make a wish list. You may not get everything on your list, but a good agent will work to get you as much of your wish list as possible.
When looking at properties, give your agent a piece of your mind.While looking at properties, let your agent know what resonates with you for each property. A good agent will consider all of the input you have given throughout the relationship when selecting properties to see, not just your initial requirements. Perhaps your reaction to a property will bring to mind another option they would have otherwise struck from the list. As you see more properties with your agent, they will get to know how they can best assist you.
Be Open. Never feel that you have to hold back in your assessment of a property, your assessment of a contract, or your feelings on a situation. Your agent is there to help you and the more they know, the better off you are.
Pick one agent to assist you. In Manhattan, every agent has access to the same group of listings through RLS (REBNY Listing Exchange Service) which acts similarly to the MLS. Working with multiple agents will just make more work for you, in that you will have to manage a team of people, field many phone calls and emails, learn of duplicate properties and make the search for your home all that more overwhelming.
Whether you're a buyer or seller, pick the agent who is right for you and work exclusively with them. Your agent works for you and if you choose the right agent for your needs, you'll find that the process of buying or selling a home is not nearly as daunting as you think -- because your agent will do all of the work. A good real estate agent is worth their weight in gold!
Showing posts with label Foreign Buyers. Show all posts
Showing posts with label Foreign Buyers. Show all posts
Saturday, June 14, 2008
Saturday, May 10, 2008
Manhattan Real Estate Slower, But Still Not In A Slump - It’s A Good time For Buyers
Foreclosures across the country are increasing in numbers, but not in Manhattan.
The reason is partly due to closings at 15 Central Park West and The Plaza, and partly because of the increase of foreign buyers. Additionally there has been activity from domestic buyers with new Manhattan developments.
The median sales price of Manhattan condo, co-op and cond-op apartments dropped in January from the month prior to $850,000 from $928,378 — a 9.2 percent change.
According to Wells Fargo Economics, the April 2008 economic data showed a fair amount of economic stabilization, suggesting the slump hasn't gained much momentum. Economists have responded by scaling back their worst-case scenarios of deep recession, and risk aversion has ebbed in the fixed income and stock markets.
As of April 2008, New York City Added 48,100 Jobs during Past 12 Months:
• This represents a 1.3% increase for the twelve months ending April 2007.
• Sharp gains in the financial and services sectors helped offset the continued loss of manufacturing jobs in the City.
• The national economy added 1.866 million jobs over the past 12 months, a 1.4 % increase.
New York City Inflation below the Nation’s
• For the first time since March of 2006, the annual change in CPI for the New York area was below that of the nation.
• Prices grew at an annual pace of 2.5% in the New York area during April, led by higher energy prices.
The reason is partly due to closings at 15 Central Park West and The Plaza, and partly because of the increase of foreign buyers. Additionally there has been activity from domestic buyers with new Manhattan developments.
The median sales price of Manhattan condo, co-op and cond-op apartments dropped in January from the month prior to $850,000 from $928,378 — a 9.2 percent change.
According to Wells Fargo Economics, the April 2008 economic data showed a fair amount of economic stabilization, suggesting the slump hasn't gained much momentum. Economists have responded by scaling back their worst-case scenarios of deep recession, and risk aversion has ebbed in the fixed income and stock markets.
As of April 2008, New York City Added 48,100 Jobs during Past 12 Months:
• This represents a 1.3% increase for the twelve months ending April 2007.
• Sharp gains in the financial and services sectors helped offset the continued loss of manufacturing jobs in the City.
• The national economy added 1.866 million jobs over the past 12 months, a 1.4 % increase.
New York City Inflation below the Nation’s
• For the first time since March of 2006, the annual change in CPI for the New York area was below that of the nation.
• Prices grew at an annual pace of 2.5% in the New York area during April, led by higher energy prices.
While financing is definitely more difficult to obtain, interest rates are lower and it's a favorable time to buy in New York City.
Buyers may not get the deal of the century in Manhattan, but there is definitely room for negotiation.
Any domestic buyer who is hesitant to purchase in Manhattan may want to rethink and buy now. And for foreign buyers, there is now more inventory than in months before.
Buyers who are ready to purchase - domestic or foreign should consult a professional real estate agent who knows the New York market and who can negotiate on their behalf.
Global Investors and Buyers Love Manhattan
With the rest of the country in a real estate slump, that's hardly the case for Manhattan.
A great deal of money is being spent on very expensive apartments in Manhattan. The average price of a Manhattan apartment rose over the past year to a record $1,690,995, fueled by an increasing share in luxury sales. Sales of apartments priced over $10 million jumped 318% from the first quarter of 2007. Closings at 15 Central Park West and The Plaza played the most significant role, and removing them from the average price would bring it down to $1,417,496. The median price, which is not as affected by increased high-end sales, was up just 13% over the past year.
The rapid weakening of the U.S. dollar against the British pound sterling and the euro noticeably lowers the cost of New York real estate for Europeans. And with the U.S. dollar weakening 2 percent against the Japanese yen, international buyers have become a core of Manhattan homebuyers - especially for two and three bedroom apartments or larger.
Foreigners are abundant on the streets of New York, buying everything from apartments to clothing. A huge arrival of Manhattan buyers from Europe, Japan, Korea and Russia have joined the ranks of Manhattan homeowners.
Manhattan boasts some of the most prominent addresses such as The Plaza and Central Park West which are averaging $3,500-4,000 a square foot. In London these same properties would sell at over $6000 a square foot.
The growing influx of foreigners buying homes in New York City for work and play and as investments is rapidly growing. According to the National Association of Realtors, "One in 5 Realtors in the U.S. has sold a home to a foreign investor in the last year."
Global investors are looking for places to invest their cash. And Manhattan is just the place for these investments ... with another record in apartment sales in 2008 thus far.
Now is definitely the time to buy real estate in Manhattan.
A great deal of money is being spent on very expensive apartments in Manhattan. The average price of a Manhattan apartment rose over the past year to a record $1,690,995, fueled by an increasing share in luxury sales. Sales of apartments priced over $10 million jumped 318% from the first quarter of 2007. Closings at 15 Central Park West and The Plaza played the most significant role, and removing them from the average price would bring it down to $1,417,496. The median price, which is not as affected by increased high-end sales, was up just 13% over the past year.
The rapid weakening of the U.S. dollar against the British pound sterling and the euro noticeably lowers the cost of New York real estate for Europeans. And with the U.S. dollar weakening 2 percent against the Japanese yen, international buyers have become a core of Manhattan homebuyers - especially for two and three bedroom apartments or larger.
Foreigners are abundant on the streets of New York, buying everything from apartments to clothing. A huge arrival of Manhattan buyers from Europe, Japan, Korea and Russia have joined the ranks of Manhattan homeowners.
Manhattan boasts some of the most prominent addresses such as The Plaza and Central Park West which are averaging $3,500-4,000 a square foot. In London these same properties would sell at over $6000 a square foot.
The growing influx of foreigners buying homes in New York City for work and play and as investments is rapidly growing. According to the National Association of Realtors, "One in 5 Realtors in the U.S. has sold a home to a foreign investor in the last year."
Global investors are looking for places to invest their cash. And Manhattan is just the place for these investments ... with another record in apartment sales in 2008 thus far.
Now is definitely the time to buy real estate in Manhattan.
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