One of the first questions you probably have if you are considering investing in Manhattan, NY real estate properties is how much money you will need to spend in order to find good luxury real estate. If you are interested in purchasing property in Manhattan, luxury apartment prices can range anywhere from $3 million to $25 million.
Find a Good Real Estate Broker
Using a good broker is the only good way to find exactly the property you are looking for at the best prices in Manhattan. Even if you are planning on using a broker, there are some things you should always know and be ready to consider during your search for the perfect Manhattan home.
Know Which Locations Suit You and Your Budget
Location is one of the largest factors to influence apartment prices and it is one of the most important factors to consider when looking for a home of your own. Whether you are investing in Manhattan property for business or pleasure, you need to be knowledgeable of what different parts of the city have to offer in terms of attraction, convenience, and cost.
The most expensive locations in Manhattan are the Upper East Side, SoHo, Tribeca, and the Financial District. Each area has its own charm and attractions for different types of people. The Upper East Side is perfect for artists and creative types while SoHo and Tribeca are great for classy women who love to shop. Just as its name implies, the Financial District is the ideal home destination for anyone moving to the city for business.
Compare Overall Appeal and Square Footage
Other than location, one of the largest factors that enter into pricing luxury real estate in Manhattan is the square footage of the apartment. While the overall appeal of the apartment can matter even more than the size, this way of pricing may be a difficult concept to grasp. Compare apartment units in the area which have a similar square footage to the ones that you are interested in to get an idea of the average look and cost to get a good idea of whether or not the price is right.
Familiarize Yourself with the Art of Negotiation
As a buyer, you should choose a good broker with a solid reputation to get you best price possible for the apartment that you will eventually have your heart set on. Get an idea of what the fair market value is for the luxury apartments in the area of your choice and see what kind of room there is for negotiating the price. If you have a good broker with experience, they will know how to handle the process of negotiating very well and should be able to get the seller to lower the asking price for the apartment you want to purchase.
