For buyers, NewYork property market is unique in certain ways- 1) The buying process is riddled with unehtical/unacceptable behaviors on part of all parties ( sellers, RE brokers, developers, mortgage brokers etc.). Some examples are- a) Buyers bid never reaaches the seller ( broker doesn't inform the seller because of reasons such as- not wanting to share the commission) b)Buyer is falsy told... [more]
For buyers, NewYork property market is unique in certain ways-
1) The buying process is riddled with unehtical/unacceptable behaviors on part of all parties ( sellers, RE brokers, developers, mortgage brokers etc.). Some examples are-
a) Buyers bid never reaaches the seller ( broker doesn't inform the seller because of reasons such as- not wanting to share the commission)
b)Buyer is falsy told that the bid has been accepted and contract will be signed soon ( when infact broker is looking for higher bid and delaying the signing)
c)squarefootage of apartment is never clearly stated. ( it's always maybe this maybe that). No where else this kind of behavior on propoerty sqft will pass the scruitny of regulators.
d)The property market is buoyed by inflated reports from appriasal firms, brokerage houses and newspapers, thus making it very difficult for average buyer to make well informed decision. Afterall, NY property market is $ 8 bliion/year market with lots of commission to be shared.
pls. add more to this list ...
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Response by anonymous
almost 19 years ago
Posts: 380
Member since: Apr 2007
Manhattan is only an 8 billion a year market.
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Response by anonymous
almost 19 years ago
Posts: 380
Member since: Apr 2007
oooopppsss. forgot the ? market
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Response by anonymous
almost 19 years ago
Posts: 77
Member since: Apr 2007
I previously lived LA, Dallas, and in a suburb of Boston and experienced everything you describe above.
Co-broke and broker greed are not unique to NYC.
Do you really think that all homes for sale have clearly defined square footage? It's not etched in the studs by the original developer. Unless the seller has the original blueptints or offering, they would have to hire an appraiser to get the exact number.
The appraiser is hired by the mortgage company, who know they probably won't get the business if the appraisal is lower than the purchsae price. So the appraisers are pressured to justify the purchase price.
None of this is a NY phenomenon.
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Response by anonymous
almost 19 years ago
Posts: 1905
Member since: Apr 2007
If you want square footage you just need to go from room to room with a large tape measure & figure it out & don't forget the closets & bathrooms & hallways. As a buyer you can do this but I don't think you'll find any brokers doing that. Don't they just rely on the original plans which the building or city has & they're not always correct.
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Response by anonymous
almost 19 years ago
Posts: 15
Member since: Apr 2007
Many just eye the square footage and base it off other units.
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Response by anonymous
almost 19 years ago
Posts: 380
Member since: Apr 2007
8 billion a year sounds too low.
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Response by anonymous
almost 19 years ago
Posts: 2841
Member since: Feb 2007
I thought sq. footage in co-ops is not a requirement only in a condo...am i wrong?
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Response by anonymous
almost 19 years ago
Posts: 311
Member since: Mar 2007
#8, you are correct. Because...with a COOP you are buying number of shares, not square footage. Now, the number of shares *should* correlate (sp?) with the number of shares as compared to other units in the building. Having said this, for a buyer to compare apples to apples outside of that particular coop, they need to know an approximate square footage, which they can get by using a measuring tape or a really cool electronic measurer from someplace like Home Depot.
Manhattan is only an 8 billion a year market.
oooopppsss. forgot the ? market
I previously lived LA, Dallas, and in a suburb of Boston and experienced everything you describe above.
Co-broke and broker greed are not unique to NYC.
Do you really think that all homes for sale have clearly defined square footage? It's not etched in the studs by the original developer. Unless the seller has the original blueptints or offering, they would have to hire an appraiser to get the exact number.
The appraiser is hired by the mortgage company, who know they probably won't get the business if the appraisal is lower than the purchsae price. So the appraisers are pressured to justify the purchase price.
None of this is a NY phenomenon.
If you want square footage you just need to go from room to room with a large tape measure & figure it out & don't forget the closets & bathrooms & hallways. As a buyer you can do this but I don't think you'll find any brokers doing that. Don't they just rely on the original plans which the building or city has & they're not always correct.
Many just eye the square footage and base it off other units.
8 billion a year sounds too low.
I thought sq. footage in co-ops is not a requirement only in a condo...am i wrong?
#8, you are correct. Because...with a COOP you are buying number of shares, not square footage. Now, the number of shares *should* correlate (sp?) with the number of shares as compared to other units in the building. Having said this, for a buyer to compare apples to apples outside of that particular coop, they need to know an approximate square footage, which they can get by using a measuring tape or a really cool electronic measurer from someplace like Home Depot.