This time of year is always our busiest and most active season of the year for Real Estate sales. Not to sound like a broken record of last months newsletter but this sales market is definitely what we consider a “seller’s market.” We would say the difference now is that in the last month or so the sellers market has entered the media and the press which has created a couple of interesting dynamics.
First, seller’s know they have the advantage are are now asking more favorable listing prices. We see some properties where the seller’s obviously don’t have a Real need to sell unless they receive uber-ridiculous prices and these apartments are sitting on the market. You’d think that with rising prices, more sellers would want to take advantage of selling, but we still haven’t seen that much inventory come on the market. We see average apartments(Ok condition, normal layout, good but not amazing views) selling within weeks if priced correctly, and we see feeding frenzies for the apartments that have the views, fully renovated, located in the prime buildings and neighborhoods.
Second, with our buyer customer’s we spend a lot of time confirming availability even before we schedule an appointment. Most of the time if something has been on the market for a few weeks when we call to schedule the appointment they already have an offer accepted and a back up. Moving fast has never been as important.
A new question we are receiving from our buyer’s and its a question we ask ourselves because of this hot market is, “If an apartment has been on the market for a month and is still available, then what is wrong with it?” A very fair question and something to definitely investigate. Sometimes the pictures of the apartment look great on-line but in person you see the apartment is facing a brick wall, or there is a tenant in place that limits showings to just a few hours a week practically making the apartment impossible to see, or maybe the listing agent doesn’t know what they are doing and makes negotiations very difficult.
We are also helping out a lot of of owners’ find qualify tenants for their apartments, the rental market is very strong as demand peaks in the early summer months with the majority of leases coming up, relocations for new job, students looking for housing. We represent many landlords on the market so let us know if you are interested in renting your apartment.
What kind of mortgage can Chinese foreign international buyers have to buy NYC condos?
Many of our buyers are Chinese foreign international buyers from Asia (Hong Kong, Taiwan, Mainland China, Singapore and other countries).
Is cash the king? That is the top question by our international buyers who do not need a mortgage.
We work with buyers in the local and international level that look for New York city condos as investment, vacation home, or for son & daughter without borrowing from the bank.