rental markets continues free fall with no end in sight

Jim- your lack of schedule is reflective of a lack of 'profession'. Your income based on wedging yourself into a transaction is neither something to be proud of or likely to ever allow you to be completely financially free IMHO.

What u do, I could do as a side job. Or my wife, of anyone on this thread. You took a minor wife(man wife) at home job and made it into a career. Go you. Glad you are sticking with one handle for the time being, hfs.

So smart that I nailed you as hfs. Flmao. Come on you could at least give me credit. Flmao

Anybody check out the time lapse apartment view video? Now that was corky.

The lingo of gen nintendo never ceases to amaze -or confound! Did I get the context right?

Rhino, you have more in common with jimmy than you know. I can't decide which is more endearing; your frothiness or jimmy's density.

giddyup boys!!!!

you are back on that bullshit are you? well have fun with it.

yes, i work essentially part time. at a job most people can do. the differences are, i excel at it, have made a pot full of money and will continue to do so. while so called "smart people" hump the subway all the way downtown to make essentially the same income.

very very bright folks

Jim you make no sense. I looked at Cornerstone and Rockrose last month. I looked in their west village and their chelsea building, essentially the diamonds. 2 months free incentive for chelsea, 1 month free in west village. I made an offer on the west village on the nicest unit I had seen there with fantastic views that was 10% below ask. So 10% below ask and 1 month free. Oh also, I didn't have to go through an idiot broker who was talking about "night and day" differences in the market (know any of those?). Ultimately I didn't go with that unit because the thought of walking 10 minutes in the snow to get to the train really is not pleasant - I stayed in my current unit for a 10% drop in rent.

Funny how brokers fight to keep data hidden and the market in NYC so inefficient so that you have to rely on them for their expertise and at the end of the day a thread like this leaves you with such a bad taste in your mouth that you realize their expertise is only in lying.

a "pot full o' money" by the Andrew Sisters, right?

A part time common job -but you excel!

OK smartass, how many weeks have you been employee of the month?

and i didn't set things up this way .....the fact that most people shit themselves when they see a board package and need their handheld through rudimentary processes, or need someone to tell them where the closest grocery store is and can't schedule their own viewing times for appointments says a lot about human nature. which doesn't change.

nor does that fact that as of now, today, despite some new transparency in the market place, i know far more than almost anyone else does about segments of the rental/sales market in this town.

most people are lost without their handheld

making fun of typos if very very clever spanker, shows all how bright you are

Jimbo... are you the Rufus/comm1 guy everyone is so enamored with? Did you install a new router?

What's your fav spreadsheet app?

Jim, as a dummy, I will hand it to you that you made a decent career choice. And you live up to the low standards of your profession.

Don't want no, don't want no, don't want no broke broke whore.

Why did macklowe sell to zell for 50c if the market is strengthening. Why is Stuytown broke. Brokewhore? BROKEWHORE!

wad
12 minutes ago
ignore this person
report abuse Jim you make no sense. I looked at Cornerstone and Rockrose last month. I looked in their west village and their chelsea building, essentially the diamonds. 2 months free incentive for chelsea, 1 month free in west village. I made an offer on the west village on the nicest unit I had seen there with fantastic views that was 10% below ask. So 10% below ask and 1 month free. Oh also, I didn't have to go through an idiot broker who was talking about "night and day" differences in the market (know any of those?). Ultimately I didn't go with that unit because the thought of walking 10 minutes in the snow to get to the train really is not pleasant - I stayed in my current unit for a 10% drop in rent.

Funny how brokers fight to keep data hidden and the market in NYC so inefficient so that you have to rely on them for their expertise and at the end of the day a thread like this leaves you with such a bad taste in your mouth that you realize their expertise is only in lying.

but, at the end of the day, you didn't take the apartment. so what does your silly little story prove?

"yes, i work essentially part time. at a job most people can do. the differences are, i excel at it, have made a pot full of money and will continue to do so. while so called "smart people" hump the subway all the way downtown to make essentially the same income. "

So jim, you sell acai berry supplements on the internet?

ohhhh carol st. style meltdown

i think its pretty clear from my post what i do: i make money off real estate transactions.

jim_hones and spinnaker, I needed to be handheld at one point. And every time I think about the things the broker did I get inflammed. There was no shower rod and he tells me that it's typical for renters to buy their own. I had to tell the owner to put that in. I moved in and the place was destroyed. Essentially I did the "punch list" for them - the best part, I was forced to pay for a stub period of a few days because of my move in date. The fixtures had issues, the landlord was a jerk, the windows let in a lot of air, and the best part? I googled my own address out of curiousity at one point and it showed as a no-fee building on one of those website.

He worked for citi-habitats which is a large rental agency. So not some small place nobody has heard of. Your peoples' handholding cost me a lot of misery and the salt in the wound was that I was new here and ended up paying for that.

"but, at the end of the day, you didn't take the apartment. so what does your silly little story prove?"

Are you this ignorant in real life? You brought those buildings up. Why don't you hold our hands and show us what units you can get us that we can't get on our own at comparable prices?

So sorry wad, but omfg. Thankfully 3 card monte is mostly gone so making rent should be a cinch.

wad...so let me ask you a question: who is stupid in your scenario?

i will make myself clear on a few things: i am a good (read HONEST) broker. i dont take people to glenwood, related, rockrose buildings because i presume that there are some intelligent people out there (although that gets disproved time and again).
there are quite a few landlords that either don't advertise their apartments, or don't deal with the public directly. some pay my fee, some don't . there are a couple of others who may deal directly with the public, if the public had a fucking clue and knew how to contact them and what to do once they did. there are others (mostly private individuals) who want to rent their condos or coops. they are smart enough to realize that they don't want do deal with the public, so they ask us to do it for them. we make money off of all of these transactions. but none of it is dishonest.

it sounds like you had s shitty broker. but honestly, shower curtain rods?

how was the toilet seat?

Rhino86
38 minutes ago
ignore this person
report abuse Jim, as a dummy, I will hand it to you that you made a decent career choice. And you live up to the low standards of your profession.

Don't want no, don't want no, don't want no broke broke whore.

Why did macklowe sell to zell for 50c if the market is strengthening. Why is Stuytown broke. Brokewhore? BROKEWHORE!

stuytown is broke because it is a housing project in a shitty location. ask about ready

and you can just saunter on into the leasing office, sans broker. quite an easy DIY option.

no, stuytown is broke because SOMEbody thought it was a good idea to pay more than double what it was worth, assuming rental rolls would likewise double, instead rents FELL.

our lease renewal, which i just received, due to the ongoing litigation lists both the market rent and the "j-51 adjusted rent." We pay the latter. But it was interesting to note that they decreased the market rent on their own by about 8%, which probably is what the market rate should currently be.

and that's a real-time anecdote.

jim, you're honest but you're just plugging away on here trying to convince us we're wrong, that rockrose/cornerstone don't offer incentives when clearly they do, etc. So again, I'd love a hard example of the value add that you provide through a listing. Please, show us. Or was your example the providing of handholding and telling us where the grocery stores are?

I guess one way to look at it is that I had a shitty broker, the other way is to maybe say you brokers are shitty?

aboutready, the toilet seat, funny enough, actually really sucked and was broken on one side so it slid around a lot. Jim's friend provided hand holding at the time and told me it was totally normal.

wad, i didnt say incentives are over. i said they will be over soon.....and given the fact that landlords lke rockrose and related and glenwood are a small segment of the market, and that there are apartments you simply can't see without a broker, i think that makes our value add pretty clear

hey, i'd be bitter if i had to spend $20 or so for a shower curtain rod as well. its ok...

my suspicion is that the tf cornerstone/rockrose apartments, depite their concessions, were beyond wad's meager means. hence his bitterness. afterall, if you are going to bitch about a shower curtain rod, i don't think you quite make the income requirements and the west coast

jim is a broker because he couldn't read, probably missed the part that said I passed on it. I do well for myself and the office at the archive thought so when they said my score was pretty high on their quirky run.

So crowd, do we think the fact that jim can't read or that he loves ad-hom attacks on renters that makes him such a good real estate broker? Or maybe it's the fact that he likes to squeeze every bit of juice out of unknowing renters because he thinks they don't make enough.

Jim says: "www.rockrose.com ask their onsite leasing people"

Now he claims he meant they will be over in the future and are not over now. So I guess you'd be looking online to tell the future of incentives? Since he avoided my comment, let me just repaste it for the broker who can't read because he's too busy lying:

"jim, you're honest but you're just plugging away on here trying to convince us we're wrong, that rockrose/cornerstone don't offer incentives when clearly they do, etc. So again, I'd love a hard example of the value add that you provide through a listing. Please, show us. Or was your example the providing of handholding and telling us where the grocery stores are?"

You lying, illiterate, little thief you!!! :)

wad, you proved yourself too poor to rent at the west coast. i never ever claimed that there were no longer any incentives to rent there, or anywhere else. i did say, that vacancies rates are lower, which will lead to incentives taken away.

i am not going to tell you what listing information i hav that is comparable, because you are unqualified, and in any case have decided to stay in your current rental.

i think i have proven here that i am neither a. illiterate (look at how well i read and write!), b. a liar or c. a thief.

YOU are the one who admitted gross stupidity (and a small bank account) by admitting you were fleeced by a bad broker. not me

*NOTE*, for all of you checking spelling and syntax out there.

you may or may not find this interesting: http://housingmath.blogspot.com/2010/02/manhattan-rents-2002-to-january-2010.html

eastvillager, you can't possibly quote citi-habitats data here. then they would have to believe other data that they don't want to

Jim there are some guys that go around our building giving shoe shines. If you're not too busy lying and stealing since it's so hard finding renters to fleece these days, I can submit your name to them. Don't worry, shining shoes doesn;t require you to read but no more lying since these guy are honest and good folks. :)

wad, all i have done is proven that you didn't read the posts properly. you can't call me a liar without knowing me.

i rent plenty of apartments, sell some too, and have some exclusive landlords i work with. my business is fine.

you are the one who elected to stay in a shitty apartment (by your own account) rather than upgrade (probably because of higher than expected asking rent). so watch who you call a loser. i'm not the one who professed a. that i was stupid and got taked andvantage of on my current rental or b. don't have the pockets to afford the one i really want

jim, you just keep making things up and showing you can't read huh? Must be hard being an illiterate, lying thief :) Well now I get to ignore your lies just like the rest of the readers here.

where do yo get illiterate from?

doesn't it seem silly to call someone illiterate who is TYPING THEIR RESPONSES?

try something else. this is getting old

pauper

jim_hones10: "the differences are, i excel at it, have made a pot full of money and will continue to do so."

Umm, you said you rented 70 apartments last year. Let's say they averaged $3000 each, and the broker fee was a full 15%, so $5400. You get half, co-broker gets half, and half of your portion gets kicked up to your brokerage. That works out to $1350 per transaction gross for you, or $94.5K total gross income.

I understand that is a lot of money, significantly more than many Americans make. But a "pot full of money"? A nice income, sure, but that doesn't even put you at the 40-50x rent required to rent the average $3000 apartment you are renting out. Heck, even if I'm off by a factor of 2, I wouldn't call it a "pot full of money".

Since you are spending so much time on this board, I'd suggest you use it to improve your business rather than alienate potential customers. Many brokers have done so successfully (front_porch, UD, KeithB, etc. with some promising newcomers like Honeycrisp and MRussell), and as a result are making a "pot full of money" from all the business they get referred. How many times have you seen, for example, people telling a person asking a question "you should talk to UD or KeithB"?

The other suggestion I have for you is perhaps more schooling. I think the business school at Columbia is something you should consider.

ionada,

thanks for your input. you have failed however, to consider sales commissions, listing fees. additionally, few of my transactions are co-brokes. did you know that an owner paid commission is higher than the average co-broke? also, i have been at this a while, and don't have to pay my firm 50% any longer. i keep quite a bit more.
lastly, your assuming that the average rental deal is worth $3k each is quite low.

i am spending this much time on the board, because i can, and chose to.

ionada, i love how hard you work on trying to prove things....like that i am someone else, how high my income is, etc.

i should add i have a successful and working spouse.

i think business school is a complete waste of time and money

Catch me up. Did Jim brag about making $100k plus or minus in NYC and living off his wife and get totally busted? Fucking classic. The business schools Jim could be accepted by are a waste of time.

hi rhino,

i proved that i make 100k plus.

i do have a working spouse, so what? she lives off me just as much as i live off her.

i can guarantee that my lifestyle is a lot better than yours is

"Did Jim brag about making $100k plus or minus in NYC and living off his wife and get totally busted?"

I dunno, he might have talked himself up to $200K?

"ionada, i love how hard you work on trying to prove things"

Thanks, it's my nature and has worked out well for me.

Jim that guarantee is so classically ignorantly you.

i think we can all agree that there is a big difference between earning 94k (what inoshit "proved") and 200k per year.

i would have to say that less than 25% of the regular contributors on this board earn anywhere near 200k per year

inonada
4 minutes ago
ignore this person
report abuse "Did Jim brag about making $100k plus or minus in NYC and living off his wife and get totally busted?"

I dunno, he might have talked himself up to $200K?

"ionada, i love how hard you work on trying to prove things"

Thanks, it's my nature and has worked out well for me.

i think you have lived up to your name hear....you indeed know "nada"

In a city where you rent apartments for much more than 3000 a month in buildings that often require 50x rent in income.... That's an interesting statement. No wonder you poo poo business school. Poor Jim you are so stupid.

"i can guarantee that my lifestyle is a lot better than yours is"

If by lifestyle, you mean spending all day fighting with random people on forums rather than trying to engage in productive discourse, then I guess your definition of "better lifestyle" is different than mine.

If you mean material possessions and whatnot, weren't you the one saying "do you spend $10k per year on rent?" and "i don't really care about a townhouse listing on the uws listed by an owner as opposeed to a professional landlord that very few people would be either interested in or actually qualify to rent"?

"i think you have lived up to your name hear....you indeed know "nada""

Good one, I'd never heard that one before. I wish I'd thought of that when I was choosing a name.

"i would have to say that less than 25% of the regular contributors on this board earn anywhere near 200k per year"

BTW, you got me again, I indeed do not earn anything near $200K per year.

"In a city where you rent apartments for much more than 3000 a month in buildings that often require 50x rent in income.... That's an interesting statement."

LOL. I do think you need to break that one down for him, it might have flown over his head.

the math there is $150 k per year darling. that's 25% less than 200k per year. and i didnt even have to go to b-school to figure that out.

and 50x the rent is rather rare actually. 40x is the standard

nada, are you really rhino86? is that why you are so hell bent on proving that i am hms, or whomever else?

more people, by definition are not qualified to rent a 10k per month town house. that's just the way it is. unless you are goinng to prove to me somehow that the average household income in manhattan is 400k per year. not quite.

"and 50x the rent is rather rare actually. 40x is the standard"

Wow: I'm surprised. What fraction do you see at 40x vs. 50x vs. 60x vs. more?

if you need help with math buy a calculator. or look on your blackberry or iphone. i'm sure you can figure it out

"nada, are you really rhino86? is that why you are so hell bent on proving that i am hms, or whomever else?"

Nope, not Rhino86. I had a good nice fight with Rhino a while back, way too much typing in it to be me arguing with myself. Perhaps you aren't hms. Any ideas why the jimhones09 handle was auto-ignored? Did you ever contact SE about it to understand why? It's not like you were engaging in any "bad" activity, IMO.

listen, i know it is really difficult to accept that there are compentent, successful brokers out there who have no interest in kissing any streeteasy asses online. i am nothing like my online persona here. i feel badly for the brokers that have to come here and try to get business through this medium.

Jim you said you said you rent apartments for much more than $3000. Listen, if you are sure enough and smart enough to determine you earn a lot more money than I, devise a bet. I probably paid more in taxes my best year than you and your wife earned on a combined basis. If you understand probabilities and have a sack in your pants, then lets bet something on it. I know you don't, you are a house husband bragging about his income and expertise on a chat board.

jim_hones10: "and 50x the rent is rather rare actually. 40x is the standard"

inonada: Wow: I'm surprised. What fraction do you see at 40x vs. 50x vs. 60x vs. more?

jim_hones10: "if you need help with math buy a calculator. or look on your blackberry or iphone. i'm sure you can figure it out"

Misunderstood what you were saying. I thought you were saying that people having incomes of 50x rent is rather rare, but I now see you were saying that requirements of 50x rent is unusual.

I'm asking what fraction of your clients actually earn 40x rent vs. 50x rent vs. 60x rent vs. more?

and you have a piss poor accountant. how do you propose to prove any of this? want to show me your tax returns for the last handful of years?

i have rented apartments for more than 3k per month. and also for a lot less.

ionada, you want me to tell you what people i have worked with earn? are you high?

i will summarize:

some don't meet the 40x income requirement. so they find a relative that earns 80x the rent to act as gurantor
some can buy the building they are renting an apartment in

What's it like to have such an interesting job and such a lavish income?

w67thstreet
about 4 hours ago
ignore this person
report abuse Jim- your lack of schedule is reflective of a lack of 'profession'. Your income based on wedging yourself into a transaction is neither something to be proud of or likely to ever allow you to be completely financially free IMHO.

What u do, I could do as a side job. Or my wife, of anyone on this thread. You took a minor wife(man wife) at home job and made it into a career. Go you. Glad you are sticking with one handle for the time being, hfs.

So smart that I nailed you as hfs. Flmao. Come on you could at least give me credit. Flmao

sooooo, to summarize your point. the more important jobs require someone to be somewhere at a certain time?

I have a bad accountant because I am willing to guess that my best year was double your combined family income?

You are the one who made guarantees. How do you propose?

Rhino86
1 minute ago
ignore this person
report abuse What's it like to have such an interesting job and such a lavish income?

what about your bet? tax returns, proof of income, etc.

you can trust me, i handle peoples financial documents all the time

Rhino86
18 minutes ago
ignore this person
report abuse Jim you said you said you rent apartments for much more than $3000. Listen, if you are sure enough and smart enough to determine you earn a lot more money than I, devise a bet. I probably paid more in taxes my best year than you and your wife earned on a combined basis. If you understand probabilities and have a sack in your pants, then lets bet something on it. I know you don't, you are a house husband bragging about his income and expertise on a chat board.

Read what you wrote to me jerk-off. you want to prove to me that you pay a lot in taxes. bravo. genius

and it's your proposal. i accept. i bet that on your best year you didn't pay more in taxes than my wife and i earn on a combined basis. now you show me yours.

40% average rate on $1.2mm.

prove it....its easy to say that you have in your life made alot of money. prove it

you'd lose anway. although you are wealthier than i am if you aren't full of shit. which i doubt

Right. Of course you doubt it you piker peace of shit.

prove me wrong buddy...you put it out there

its pretty easy to sit around and say you make a million plus a year.

there are a lot of "millionaires" like that in this city

you wanted to bet, so prove it

rhino, why are you obsessed with the fact that my wife works. there are a lot of two income households in nyc. are you sexist? do you think it better if she works for a hairdresser or something?

So you never answered my question, did you ever figure out why SE put your jimhones09 login on auto-ignore?

No I just don't know what you are bragging about. You have a common city income. How much are you willing to lose to call my bluff? I have happy to take a walk to a bar to laugh in your face and take $100 out of your pocket, if you are so sure I've never made $1 million in a year. Make it easy on yourself.

Your a scattered douchbag. First you attribute things I haven't said to me. Then you declare that your common income is more than 3/4ths of this board's regulars. Then you declare you have a better lifestyle than I. Review yourself if you are capable. You are a buffoon. And you have a buffoon's calling.

that wasn't the bet. you told me that you have paid more in taxes in your best year than my wife and i have a combined income.
bring your tax return to a bar, pick one. midtown please. i hate going far from home in this weather.

i have yet to disclose my income hear and won't. so i don't know how you can prove it to be common.

do you know what the median household income is for manhattan?

He's been censored like three times in this thread. Is it hard to guess? :)

you are pretty out of touch if you think anything in the 6 figures is a common household income, even in manhattan. it's far lower. sure, there are lots of us that do well, but many many that do not.

Jim you have an undistinguished career in a sad field. You are on here acting like a fool. There was no bet. If you say you and your wife have done better than $480k then I have no need to take the bet after the fact. You asked for the number without taking the bet. I guess you should have made it. You called me a liar. If you want to call my bluff, then bet that I am lying. You don't have the balls. Just as you didn't have the balls to make the first bet.

We've already establish that your income is unimpressive. Why do you continue to push the issue? This is not a forum of people making the median income in Manhattan.

I am not talking about your household income. I am talking about YOUR income, which you are bragging about like a child. You are not bright. Keep talking this is fun, Corky.

Actually its not fun. GO show a rental. We are all jealous of your lavish lifestyle and high reward career.

Rhino, why would I say what my wife and I earn for a living? You're the jerk-off who needs the affirmation, not me

i think we can all agree that there is a big difference between earning 94k (what inoshit "proved") and 200k per year.

i would have to say that less than 25% of the regular contributors on this board earn anywhere near 200k per year

the above is what i actually said. i never said i earned more than 75% of regular posters here.

i honestly think you arre the one who needs to review. and do it before you post again. DOUCHEBAG

rhino, i'll bet you are either a lawyer or a banker. talk about sad fields

Sorry, wrong again douchy.

Not to interrupt the party but:

http://streeteasy.com/nyc/rental/612596-condo-270-west-17th-street-chelsea-new-york

That listing was just reduced from 3000 to 2800 two days ago. One bedroom in chelsea. I rented an almost identical apartment exactly ten years ago for 2800 or 2850 a month. (the sale price was then 380k, and it doubled at the peak).

Not to interrupt the party but:

http://streeteasy.com/nyc/rental/612596-condo-270-west-17th-street-chelsea-new-york

That listing was just reduced from 3000 to 2800 two days ago. One bedroom in chelsea. I rented an almost identical apartment exactly ten years ago for 2800 or 2850 a month. (the sale price was then 380k, and it doubled at the peak).

my unit ten years ago was in the same building.....

It's just one unit but it is in a reasonably nice area, a generic condo with lots of substitutes in the area....so...fairly reflective of the market i would think

No LICC says that the ratio of ownership costs to renting costs is similar to what it was in 2000. 2x the purchase price, the same rent and probably a 40% increase in maintenance/cc+taxes.

"That listing was just reduced from 3000 to 2800 two days ago. One bedroom in chelsea. I rented an almost identical apartment exactly ten years ago for 2800 or 2850 a month. (the sale price was then 380k, and it doubled at the peak)."

Stop it, jimstreeteasy. Why let facts get in the way of a good argument?

facts? who needs any f'ng facts?

like on the post where somebody is looking for a cheap studio no fee and two brokers tell him in those neighborhoods it can't be done no fee although there are a number of options listed on nybits.

this just pisses me off. oh, and proactively, hsf i linked to the possibilities for the person looking.

I dunno, I like this persona of the troll better. We get gems like this:

jim_hones10
2 days ago
ignore this person
report abuse
i dont work by the hour....i get paid fat commissions for robbing people of their hard earned money. everyone here knows that FUKWAD
FLMAO

A lot more panache and style than the incessant repetition of toilets.

Jim SE is right about rents being down to 1999 levels.

Don't get me wrong - he's a giant p*ssy in all other aspects of his life - but he is right about this one particular factoid.

Good evening, Macho Buffoon...good to hear we agree on rents...

B!tch make me a sammich...

SE: Is there any way to program the site so that every time hfs and hugh g arrive on the same thread, it implodes. It would be cool if there could be an accompanying graphic and maybe a signature sound. thanks. btw, if it is beyond the current budget, I would be happy to contribute.