Luxury Condos New York – A Guide To The Buying Process

By Author: Leticia Braun
Total Articles: 5
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Selecting and buying one of the New York luxury condominiums, whether it’s located in a Manhattan condo building or a Jersey City building overlooking the Hudson River, can take up to a year.

Mortgage pre-approval

This should only take between 1 – 3 days. Most NYC condos require a
deposit of at least 10% and it’s best to prepare your budget early on in the buying process. This includes the down payment, monthly maintenance payments to the Homeowners’ Association, real estate tax, a mortgage, utilities and repairs.
Get a Pre-Qualification Letter from your bank or broker, to show the owners of NYC condos for sale that you have finance available. Now is also the best time to hire a real estate attorney experienced in NYC condos. A good attorney will know how to haggle with the owners of New York luxury condominiums, oversee the writing up of a contract and generally protect your financial interests.

Selecting your home.

This can take anything from a couple of weeks up to several months and the average buyer looks at more than sixteen condos before finding the one she wants to ...
... purchase. Although you may be looking primarily at Manhattan condos for sale, be flexible because the recently built New York City apartments are offering the same high level services and amenities.

Waterfront luxury condos in New York.

The old storage facilities in New Jersey, which housed pharmaceutical
processing machinery and industrial tube fillers, have now been replaced by some of the best luxury condos in New York. These waterfront condos have wonderful views over the Hudson River and include sensational vistas of the Statue of Liberty and the world-famous Manhattan condo high-rise skyline.

List your priorities.

Make a clear list of your priorities including the type of community, how much space, the aesthetics, safety, the views, amenities and services. For instance, don’t be tempted by a luxury Manhattan condo for sale at a very attractive price, if you find that it’s located too far away from the public transportation system.
Are you planning to retire and looking for a mature community with plenty of social activities? Do you need a laundry service and do you keep a pet?

Negotiating with owners.

This can take anything from a few days to several weeks. You need to
discuss the price and what fixtures and fittings will be included. Make a verbal offer to purchase and then send a formal written offer from your attorney’s office.
After a period of negotiation, if you have come to an agreement, the seller’s attorney will send the Contract of Sale to the buyer’s attorney. After this has been examined with due diligence by the attorney, the buyer signs the contract and returns it to the seller’s attorney accompanied by the deposit payment.
That’s the end of Phase One of buying luxury condos in New York and your next step is to arrange a mortgage.

Apex Condominiums
2300 Frederick Douglas Blvd. New York. 10027
646 374 3900