The question that most people ask when contemplating purchasing a New York apartment is how much money they need to spend. As far as luxury real estate in New York is concerned, the cost can be anywhere from 3 to 25 million, depending on the location as well as the square footage of the apartment.
Location, Location, Location
While this might sound like the biggest real estate cliché, location is in fact one of the most relevant factors that influence the prices of apartments. The Upper East Side, for instance, is where you can find luxury apartments sold for about $1,500 to $3000 per square foot (sometimes more) on average. One-bedroom apartments go for about $1.8 to $2 million, subject to certain factor such as floor location, views, and finishes (appliances, types of floor, kitchen countertop, bathroom, etc).
The Upper East Side, Financial District, SoHo, and Tribeca are among the most expensive neighborhoods in Manhattan so you should be prepared to spend good money for a property in any of these areas.
Square Footage versus Overall Appeal
When scouting for a luxury apartment, some buyers are waylaid trying to figure out whether they are getting a great deal based on the price. For many people, especially first time buyers, per square footage pricing can be hard to reconcile with the overall look of the apartment. Keep in mind that you can always check the comps (comparables) to see if the property you are considering is actually priced right. Comparables are properties recently sold that have similar qualities as the property in question, i.e. total area, building location, etc.
The best comps are those that are located in the same building since units are basically the same, save for square footage and views.
The Art of Negotiating
This part of the buying process falls on the shoulders of your real estate broker. One of the reasons why buyers should choose only the best agents in the city is to get the best possible price for the apartment they covet. Luxury apartments are usually listed above fair market value, which means there is always room for negotiation. Depending on the current market trend (if it is a sellers or buyers market), buyers can always try to get the sellers to come down in asking price as long as the broker knows exactly how to handle the negotiation process.
In a sellers market, the buyers usually have very little choice because there is little inventory. On the other hand, a buyers market usually means lower purchase prices that effectively result to savings on the part of the purchaser.
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