The real shift in the NYC Real Estate Market

When will condo/co-op owners be the ones responsible for paying the broker fee? Absent anything about the dymanics of the market, the owner should be paying the broker fee, not the renter. Of course, when you have a hot market, renters are the ones with the short end of the stick. So, right now, it is still the situation where renters are paying. When will that shift? When will owners realize that... [more]

When will condo/co-op owners be the ones responsible for paying the broker fee? Absent anything about the dymanics of the market, the owner should be paying the broker fee, not the renter. Of course, when you have a hot market, renters are the ones with the short end of the stick. So, right now, it is still the situation where renters are paying. When will that shift? When will owners realize that to induce people to pay cash flow against their overpriced purchase that they need to be the ones to pay? When will owners be as smart as real estate firms and get people to rent from them ASAP by paying the broker fee (and even 1 month free) instead of waiting, lower prices slightly, lower prices slightly more, etc.? When this happens, then we'll know the market has approached reaching the right levels. [less]