Is All Cash King in Manhattan New York?

By
Real Estate Agent with Douglas Elliman Real Estate

Is All Cash King in Manhattan New York?

Manhattan New York Real Estate Market is currently very active and busy, when a property is in a desirable neighborhood, well priced and properly marketed, we are seeing many buyers showing up at open houses, appointments, making offers, and signing contracts. This is a good sign for both sellers and buyers because Manhattan New York Real Estate market is a mature market to invest and keep in mind.

As Manhattan NY condo specialists, we often work with many foreign and out of town buyers that are looking for the right condo to buy in Manhattan New York. Other than educating each buyer about the Manhattan New York neighborhoods, housing products and purchase process, we also like to set the right expectation so the buyers knows that they are in for a good competition.

Many of the buyers we work with are 'All Cash' and no mortgage needed. With that being said, this DOES NOT mean the buyer will out-bid the other buyers simply because they are cash. In this international market place, 8 out of 10 buyers we are working with are all cash.

In many popular Manhattan New York neighborhoods where there are less housing inventory than the buyer, for every good property, there are more than 6 buyers looking at the condo. IF you are a buyer, and you are all cash, this does NOT guarantee you a 'deep discount' nor 'winning the bid', what it will guarantee you is that you will be able to 'get your bid in' and if the offer is realistic and fair market, then it will be considered.

At the same time, we know how to negotiate and get OUR ALL CASH BUYERS best deal possible in today's market whether is in Price or Terms. Our years of experiences can position your All Cash offer in favorable position ahead of other offers.

Work with a team that have experiences working with all cash buyers. If you are an all cash buyer that are looking to work with experienced and knowledgeable Real Estate agents here in Manhattan New York. Contact us at (917)837-8869 to discuss your preferences in private.

Posted by

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Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

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Topic:
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New York New York County Manhattan
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I Love NY
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Condo Benefits
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all cash buyers
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Rainmaker
2,249,480
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

NYC is certainly a unique market. I did a mortgage recently in the city, the buyer outbid two other offers that one of which was cash. No matter what market, a cash buyer won't always get the prize, but 8 out of 10 in pretty amazing.

Aug 21, 2012 06:42 PM #1
Rainmaker
4,797,120
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Wow, 8 out of 10 buyers are cash.  I wish some of these buyers would come down to my area!  :-)

Aug 21, 2012 09:36 PM #2
Rainmaker
4,064,791
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Eileen, we love all cash buyers!     Great post explaining how the transaction would work in Manhattan!

Aug 21, 2012 11:14 PM #3
Rainmaker
622,510
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Cash always makes a New York City condo transaction a lot smoother that you don't have to go through the bank approving a building. 

Aug 22, 2012 01:46 AM #4
Rainmaker
732,603
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Joe, often when all cash buyer is outbid, usually is because the mortgage offer is significantly higher than what all cash buyer is offering. Terms and the Price both have to be favorable for the seller.

Aug 22, 2012 02:29 AM #5
Rainmaker
3,159,328
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Eileen, NYC is certainly quite different having 8 out of 10 Cash Buyers. You're closings must go so quickly!

Aug 22, 2012 08:43 PM #6
Rainmaker
732,603
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Hi Larry and Sheila, we do have many all cash buyers. The closing with all cash buyers buying a resale condo can be anywhere from 30-45 days because we will have to complete a condo purchase application. If it is a brand new construction, and it is completely finished move in ready, the closing can be done quicker.

Aug 23, 2012 01:46 PM #7
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Rainmaker
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Eileen Hsu

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