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Buying and Selling Luxury in NYC with Douglas Elliman’s

Valerie A. Lettan What would you recommend to anyone currently looking to buy?

VALERIE A. LETTAN, CNE® is an accomplished Associate Real Estate Broker at Douglas Elliman. As a member of the Chairman’s Platinum Circle and a REBNY Certified Negotiation Expert, Valerie is a skilled negotiator who enjoys helping clients achieve their real estate goals and wholeheartedly investigates all opportunities throughout Manhattan. Her high level of dedication combines with her great attention to detail and persistent follow-up while utilizing the cutting-edge resources available to her to ensure each transaction is handled with the utmost care and efficiency.

“I spend a lot of time working closely with customers to really listen, understand and fulfill their unique real estate needs. Educating the people I represent is key, as knowledge is power when it comes to succeeding in today’s intricate, competitive real estate market and facilitating the right decisions.”

Get your “ducks in a row.” In a market flush with buyers, it is imperative to have all that you need prepared in advance so when the time comes to make an offer there are no delays and the offer process goes smoothly. I recommend buyers who wish to take advantage of the low interest rates to get a pre-approval letter from a mortgage or bank home loan lender prior to beginning a property search. This way, you know upfront what amount a bank will be willing to lend and can begin a search with greater confidence. On behalf of my buyer clients, I always submit the home loan pre-approval letter with an offer. It strengthens the offer. When an apartment is pinpointed to purchase, I recommend making sure the building is verified as a mortgage friendly building. The mortgage broker can check the address, prior to submitting an offer. Obtaining a knowledgeable real estate broker is key since it is extremely helpful to have one (at no cost) who is there to guide the way, assist with all the buyer’s needs, negotiate a deal, and prepare all that is required throughout the, sometimes complicated, process.

What are a few things about buying in New York City which is unlike any other city? Whether a co-op or a condo apartment, buyers in NYC are most often surprised at how much work is involved in the purchase process. Co-op apartments can have extensive Sales Application Packages and require a Board interview and approval. I often have co-op and condo Board Packages over 6 inches thick! Listen to your real

estate broker and take their lead. A broker is responsible to prepare and present each Board package in such a way that no questions will be asked by the Board. You don’t want any red flags to pop-up. Thoroughness is key and disclosure of all financials is the norm. Many condo buildings require full disclosure of all liabilities and assets too, including complete, personal bank and investment statements. Understandably, most buyers are not comfortable with providing intimate details of their financial make-up. However, don’t worry, it’s the industry’s standard process and kept confidential between the buyer’s broker, the building’s managing agent, and Board members (they’ve all been through it).

Is it a good time to sell in NYC? Fall is a wonderful time! Since interest rates are still low and the Federal government may not raise them until next year, it’s a good time to list your property for those buyers who wish to obtain a mortgage. There are plenty of cash buyers also! Many listings end up in biddingwars for well over ask price because those listings are priced well to begin with. Sellers can often obtain their desired price if it is listed at the current market rate, or a little under. This can create a “feeding frenzy,” bringing the purchase price much higher and the apartment usually moves to contract more quickly. Sellers tend to forget that the market dictates the price, not the Seller. And, all comps are not the same. Keep in -mind, two apartments of the same line in a high-end, luxury building may have vastly different prices due to the condition of a dated apartment as compared to the fine quality of an exceptional, gut-renovated one.

valerie.lettan@elliman.com / 212.319.2844 / 575 Madison Avenue, New York, NY 10022

Resident Magazine November 2015 Issue  

Check out the digital version of our November Holiday Food & Entertaining issue! It also features our beautiful cover girl, Sheila Rosenblum...

Resident Magazine November 2015 Issue  

Check out the digital version of our November Holiday Food & Entertaining issue! It also features our beautiful cover girl, Sheila Rosenblum...