Looked at a small 2 bedroom facing park with broker for 25000 per month. Offered 20000 per year (plus fee) and was told that they had people in line for this at full ask and that they has contract signed, but if I offered full ask, I could get the apartment. 3 days later, the so called buyers backed out. Once again I offered 20000 per month for the apartment. I was told that they had another buyer... [more]
Looked at a small 2 bedroom facing park with broker for 25000 per month. Offered 20000 per year (plus fee) and was told that they had people in line for this at full ask and that they has contract signed, but if I offered full ask, I could get the apartment. 3 days later, the so called buyers backed out. Once again I offered 20000 per month for the apartment. I was told that they had another buyer at "full ask" and they were closing that day. I get ANOTHER call from the broker saying that the deal fell thru Again, but if I offer full price, it could be mine. I say no...
They say they have another contract signed for full ask. I then look at Street Easy and see they bumped the price to 27000 and its still sitting on the market. Its not that I didnt get it for my price, I felt that I was played the whole time, and that it was just a pump situation, trying to take advantage of us. They did say the owner might sell for 9 million !!!! ( Even though he or she paid 4 Million and closed 3 weeks ago.....
NYC real estate is such a turnoff.... and its not even that the prices are so high, its just how your treated so bad.
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Response by adamw607
about 18 years ago
Posts: 25
Member since: Sep 2007
Sorry, Typo mistake. I offered 20000 per month, not year.
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Response by malraux
about 18 years ago
Posts: 809
Member since: Dec 2007
What are you whining about? They want $25k/month. You only offered $20K. What - they don't have the right to reject your offer? You were 'playing' them for a 20% discount, and they were 'playing' you because they didn't like your offer.
That's business. They didn't 'treat you bad' because they rejected your lowball offer multiple times, and you didn't 'treat them bad' because you repeatedly made a lowball offer.
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Response by buster2056
about 18 years ago
Posts: 866
Member since: Sep 2007
He wasn't playing them. He offered $20k - very upfront and no games. They played him - they could have just been honest and let him know the owner would only take $25k instead of creating the illusion of false demand. It would have wasted a lot less time. Even if there were real demand for the apartment, the brokers behavior feels slimy - if an owner accepted my rental offer, I would not want him to continue to show the apartment and solicit offers.
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Response by bugelrex
about 18 years ago
Posts: 499
Member since: Apr 2007
Each month the unit is not rented, the owner looses 25k .. I think time is on your side if demand is soft for rentals at this price point.
25K probably just covers the owners IO Neg ARM 3 million dollar loan!
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Response by realestatejunkie
about 18 years ago
Posts: 259
Member since: Oct 2006
Curious how big was the apartment and did it have Central Park views?
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Response by adamw607
about 18 years ago
Posts: 25
Member since: Sep 2007
Small 2 bedroom facing park in tower. If my offer was so insulting, they sure call alot. Im not upset they turned down me down, its the owners right. But not being told the truth is another thing. The broker should be honest, not keep saying they have a full price offer but if I match, they will rent to me. Yes, I only offered 20 grand (which for a small 2 bedroom I thought was fair)but I also offered to pay the year in advance and give them a choice to make the lease up to 10 tears in length. I just so frustrating how I have been treated with this w/ the constant calls and story's.
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Response by will
about 18 years ago
Posts: 480
Member since: Dec 2007
25K per month seems like a lot of money for a small two bedroom, even for a great building on the park.
Seems like mid-level Glenwood buildings to higher luxury Related Buildings go from about $4300-$6500 in good areas.
What am I missing?
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Response by northsider
about 18 years ago
Posts: 28
Member since: Oct 2007
ok obv this guy is just ranting on 15 CPW, never even looked to rent there. Why would he rent @ 20k/month for 10 years, thats $2.4M of wasted, down the drain money. Whereas for that much, if you add a little bit more you can have something in any of the spectacular buildings that face the park, either from 5th or CPW. Cmon.
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Response by malraux
about 18 years ago
Posts: 809
Member since: Dec 2007
He's renting for ten years because he expects Manhattan real estate to drop by 50% - no - 60% - no - 70% - no - MORE - over the next ten years, and in 2017 the market will be at the bottom and any Manhattan place will be 25 cents on the dollar. He'll BUY that $4MM place at 15 CPW for less than $1MM in 2017!!
And the DOW will be under 1,000 then, gold will be $100,000/ounce, and oil will be $10,000/barrel! Oh yes, I almost forgot - and there will be no bonuses paid out on the Street from 2008-2017, every foriegner who bought will be trying to sell simultaneously creating an inventory glut of epic proportions, and the subprime/Alt-A situation will STILL be playing out!!
He'll get a STEAL of deal in 2017!!! He...just...has...to...be...patient...and...wait...for...it.
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Response by adamw607
about 18 years ago
Posts: 25
Member since: Sep 2007
That apartment cost the owner over 4 million dollars as they bought pre construction. When asked about purchase, The broker told me the apartment which we love would be OVER 8 Million. Even for the 240000 per year, I would rather rent, then have the exposure for that kind of money. Im not ranting, and yes I love the building. Its not that I think prices are going up or down, Renting is a better deal for my situation, and yes, we looked at other things but this is the building we like the best. You can see the apartment on street easy thats now been raised to 27000 per month. I also liked an apartment in there that does not face the park on a lower floor. The owner paid 2.1 million for it a month ago, now they are asking 4.75M Firm. I do think the building is great, but maybe its not meant to be.
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Response by ba294
about 18 years ago
Posts: 636
Member since: Nov 2007
You should've told them if not 20k, DON'T CALL!
Do you open freely to telemarketers also?
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Response by ccdevi
about 18 years ago
Posts: 861
Member since: Apr 2007
Your offer seems fair but note if they really could get anywhere near 8 mil for it (and from what I've read about resales in that building its not impossible), 240k a year is not a lot. Crazy times.
Also I'd note, I looked at the listing, I don't think most people would refer to that as a "small" two bed room. I think a lot of people would classify that as a big 2 bedroom.
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Response by adamw607
about 18 years ago
Posts: 25
Member since: Sep 2007
True, I should not have said small 2 bedroom.... Its just seemed small for 8 + Million.
Sorry, Typo mistake. I offered 20000 per month, not year.
What are you whining about? They want $25k/month. You only offered $20K. What - they don't have the right to reject your offer? You were 'playing' them for a 20% discount, and they were 'playing' you because they didn't like your offer.
That's business. They didn't 'treat you bad' because they rejected your lowball offer multiple times, and you didn't 'treat them bad' because you repeatedly made a lowball offer.
He wasn't playing them. He offered $20k - very upfront and no games. They played him - they could have just been honest and let him know the owner would only take $25k instead of creating the illusion of false demand. It would have wasted a lot less time. Even if there were real demand for the apartment, the brokers behavior feels slimy - if an owner accepted my rental offer, I would not want him to continue to show the apartment and solicit offers.
Each month the unit is not rented, the owner looses 25k .. I think time is on your side if demand is soft for rentals at this price point.
25K probably just covers the owners IO Neg ARM 3 million dollar loan!
Curious how big was the apartment and did it have Central Park views?
Small 2 bedroom facing park in tower. If my offer was so insulting, they sure call alot. Im not upset they turned down me down, its the owners right. But not being told the truth is another thing. The broker should be honest, not keep saying they have a full price offer but if I match, they will rent to me. Yes, I only offered 20 grand (which for a small 2 bedroom I thought was fair)but I also offered to pay the year in advance and give them a choice to make the lease up to 10 tears in length. I just so frustrating how I have been treated with this w/ the constant calls and story's.
25K per month seems like a lot of money for a small two bedroom, even for a great building on the park.
Seems like mid-level Glenwood buildings to higher luxury Related Buildings go from about $4300-$6500 in good areas.
What am I missing?
ok obv this guy is just ranting on 15 CPW, never even looked to rent there. Why would he rent @ 20k/month for 10 years, thats $2.4M of wasted, down the drain money. Whereas for that much, if you add a little bit more you can have something in any of the spectacular buildings that face the park, either from 5th or CPW. Cmon.
He's renting for ten years because he expects Manhattan real estate to drop by 50% - no - 60% - no - 70% - no - MORE - over the next ten years, and in 2017 the market will be at the bottom and any Manhattan place will be 25 cents on the dollar. He'll BUY that $4MM place at 15 CPW for less than $1MM in 2017!!
And the DOW will be under 1,000 then, gold will be $100,000/ounce, and oil will be $10,000/barrel! Oh yes, I almost forgot - and there will be no bonuses paid out on the Street from 2008-2017, every foriegner who bought will be trying to sell simultaneously creating an inventory glut of epic proportions, and the subprime/Alt-A situation will STILL be playing out!!
He'll get a STEAL of deal in 2017!!! He...just...has...to...be...patient...and...wait...for...it.
That apartment cost the owner over 4 million dollars as they bought pre construction. When asked about purchase, The broker told me the apartment which we love would be OVER 8 Million. Even for the 240000 per year, I would rather rent, then have the exposure for that kind of money. Im not ranting, and yes I love the building. Its not that I think prices are going up or down, Renting is a better deal for my situation, and yes, we looked at other things but this is the building we like the best. You can see the apartment on street easy thats now been raised to 27000 per month. I also liked an apartment in there that does not face the park on a lower floor. The owner paid 2.1 million for it a month ago, now they are asking 4.75M Firm. I do think the building is great, but maybe its not meant to be.
You should've told them if not 20k, DON'T CALL!
Do you open freely to telemarketers also?
Your offer seems fair but note if they really could get anywhere near 8 mil for it (and from what I've read about resales in that building its not impossible), 240k a year is not a lot. Crazy times.
Also I'd note, I looked at the listing, I don't think most people would refer to that as a "small" two bed room. I think a lot of people would classify that as a big 2 bedroom.
True, I should not have said small 2 bedroom.... Its just seemed small for 8 + Million.