The Midtown NYC Luxury Real Estate market has seen some interesting changes over the past two years. These changes may affect the way you shop and purchase your next home. Being aware of the challenges you might face when seeking an impeccably detailed luxury apartment or town house in the Midtown NYC area will help you find the home you desire.
Cash Only Clients
There has been a noticeable trend towards Midtown NYC luxury real estate clients paying cash for their luxury apartments and town homes. With reluctance from banks to provide mortgages for these high ticket homes, many clients are using cash as opposed to seeking credit and mortgage options. This means that when it comes to purchasing you have to be prepared to meet the demands of cash purchases, not necessarily because the condo or town house property management is demanding it, but because the real estate market itself is trending towards cash purchases. This is one of the main differentiating changes driving the luxury condo market in NYC today.
Buying from Plan
With little available new projects on the horizon, the demand for new builds is making it harder and harder to find the Midtown NYC luxury real estate to view let alone purchase. A rising trend in purchasing based on plans as opposed to a finished model suite is making it even harder to find a luxury apartment, town house or condo to purchase. Being willing to place faith in the builders can be difficult to summon, but if you want to stay in the game it can sometimes be something you must be willing to do.
Years in Advance
Not only are people buying from plans, they are also buying years in advance. Some of the newest projects underway in Midtown NYC luxury real estate are seeing billions of dollars in sales within weeks of becoming available. In fact, many home buyers are willing to put their money where their mouth is 2-3 years out from the scheduled date of completion. This means finding luxury properties is highly competitive.
The Midtown NYC luxury real estate market is becoming more and more challenging to navigate. Competition for units, combined with people willing to fork out cash and sign on the dotted line without even seeing the finished product demonstrates luxury condos are not only in demand but that faith the builders will deliver on quality has grown.
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