Do I get more Discount as an All Cash Buyer buy NYC Condos?

By
Real Estate Agent with Douglas Elliman Real Estate

Do I get more Discount as an All Cash Buyer buy NYC Condos?

New York Real Estate is very competitive market place and it is a city full very successful professionals with high income, along with entrepreneurs of many industries such as finance, fashion, culinary and etc. We are seeing many sales are all cash in all price range. Many of our buyers are all cash buyers from local market or international buyers.

 
Majority of our qualified buyers are out of town parents buying for their son or daughter all cash one or two bedroom units at $1M-$3M range to international or foreign investor buyers investing over $8M all in cash.

To get a better idea, about 92% of our buyers are all cash with no financing needed, serious and motivated buyers. All cash buyers prefer to work with us because we are experienced and can negotiate ideal price or terms for our buyers in this highly competitive Real Estate market.

Another common question that asked are How much discount can they get since they are paying all cash? To be specific, here are several factors determined the amount (%) of discount a cash buyer can receive.

LOCATION LOCATION LOCATION: Many buyers interested in popular neighborhoods such as near Central ParkUnion Square, TriBeCa, West Village or convenient locations that is easy to commute or travel to universities. Mentioned neighborhoods are internationally well known neighborhoods in Manhattan, there are many other buyers also on the market seeking the perfect home in those neighborhoods, there will always be more buyers than housing inventory in these specific neighborhood.  When and if a fair priced condo comes up on the market and it is in move in condition, there is a good chance that there will be multiple offers in place and other all cash offers, therefore, the seller will entertain and accept likely the highest price offer if all offers are cash.

TIMING: If the condo is a brand new construction and it is ready to move in, then the condo can close within two weeks if all parties are available. On the other hand, if the condo is a resale condo, with an all cash offer, the closing can take place 30-45 days. If the seller is motivated, they will be looking to close as soon as possible, this means if you are all cash, and your funds are ready, then there is a good chance of negotiating with seller an ideal price since it is an all cash and can close as soon as possible.

TERMS: Some new construction condos in Manhattan sometimes will offer buyers' incentives. Some of the buyer incentives perhaps are giving buyer a gift card to a home decorating store or other form of gift cards, some will offer paying off part of the closing cost, this all depends on how the new construction condo is selling, if they are selling well, then most likely there will not be any incentive. With these incentives, they also count as part of the 'discount', even if the discount is not directly off the sales price, it is still a good way to receive some perks if the developer is motivated.

If you are flexible on your neighborhood preference, we do have a list of condos that have very motivated sellers that would be willing to entertain and negotiate with reasonable All cash offers.

Many all cash buyers work with us because we are able to protect our buyers' interests and negotiate many favorable terms for our buyer, our all cash buyers are always delighted with our savvy negotiation skills and refer their friends and families to us.

 

If you are an all cash buyer and would like to discuss how we can maximize your all cash offer, contact us today at EHSU@elliman.com or call (917)837-8869.

http://3lincolncentercondo.com/

platinumcondonyc.com

Posted by

 ____________________________________________________________________________

 

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

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
New York New York County Manhattan
Groups:
I Love NY
Luxury Real Estate
Condo Specialists
Condo Benefits

Spam prevention
Show All Comments
Rainmaker
3,333,287
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

Seems that NYC is a hot, hot, market, and quite different from Long Island and other parts of NY!

Mar 28, 2015 12:50 AM #1
Rainmaker
3,004,730
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Eileen - These are good discounted condos buys in New York City.

Mar 28, 2015 06:45 AM #3
Rainmaker
4,798,469
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Eileen.  When it comes to the NYC real estate market, having professionals like you assist is mandatory.

Mar 28, 2015 09:32 PM #4
Rainmaker
1,816,979
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Eileen, you are the Manhattan real estate professional who has the drive, knowledge and expertise to work with any ready, willing & able buyer!

Mar 28, 2015 11:24 PM #5
Rainmaker
5,774,719
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good information for prospective purchasers. They need to understand the dynamics of the market.

Mar 29, 2015 05:44 AM #6
Rainmaker
4,319,085
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Eileen, our market is a strong Seller's market, and some Conventional buyers are waiving their appraisal rights, so almost cash.   Our cash buyers are not seeing much of a deal! 

Mar 30, 2015 07:58 AM #7
Rainmaker
2,847,267
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Very thorough in your approach here but very needed, I think very good with everything intact,

Apr 17, 2015 02:54 PM #8
Rainmaker
623,224
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Excellent post, many buyers start to realize that this is an extremely competitive market and every little edge they can have counts.

May 15, 2015 12:12 AM #9
Rainmaker
4,319,085
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Eileen, even in Denver, cash buyers are not really getting a discount with our crazy market! 

May 16, 2015 11:51 PM #10
Ambassador
2,714,890
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Good job on this post, Eileen. I'm glad to have come across your article here. All the best!

Aug 15, 2015 03:14 AM #11
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
733,403

Eileen Hsu

LICENSED REAL ESTATE SALESPERSON
Ask me a question
*
*
*
*
Spam prevention

Additional Information