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Attention brokers, SELL ME AN APARTMENT!

Started by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009
Discussion about
Although I have all but decided to sign my lease renewal, I figured I would give this a shot. With all the reports (WSJ, Corcoran, etc.) clearly pointing to up to a 50% reduction in current prices, how many of your clients actually understand what that means? I ask because the owners are typically the last ones to realize the value of their beloved home has falled by 30, 40, or even 50 percent.... [more]
Response by 407PAS
almost 17 years ago
Posts: 1289
Member since: Sep 2008

Nobody will sell you an apartment at a future price because nobody knows the future.

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Response by smacstein
almost 17 years ago
Posts: 112
Member since: Mar 2009

LOL...this is great. I cannot wait to see what you find! I am like you...ready to go, but won't play with sellers who still think their beloved apartments are worth $900-$1000 per square feet. Oh, and I'm talking abut mid-century co-ops with minimal amenities and need to be upgraded. Are they kidding? I"m with you...I will renew my lease before I do that. Stupid sellers are chasing away legit buyers!

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Response by mbz
almost 17 years ago
Posts: 238
Member since: Feb 2008

Eventually this market has to move to something resembling auctions to clear the inventory - good luck...will be interested to hear if anyone cares. I doubt it however, seems that most homeowners would rather go bankrupt before they part with peak valuations.

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Response by stevejhx
almost 17 years ago
Posts: 12656
Member since: Feb 2008

Right - reverse auctions! Let's get a bunch of sellers in a room and see who will offer their apartmetn for the lowest price. Basically the opposite of what was happening 4 years ago.

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Response by uppereast
almost 17 years ago
Posts: 342
Member since: Nov 2008

UESBandit, don't you think most condo owners would rent their apartment before selling it for $500 per sft?

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Response by stevejhx
almost 17 years ago
Posts: 12656
Member since: Feb 2008

uppereast, if you only recently purchased you can't rent an apartment for as much as it costs you to carry it. It is 50% more expensive to buy than to rent on a cash-flow basis. Therefore, there's no difference between selling it for $500 psf if you bought it at $1000 psf, than if you rent it at today's prices.

The only thing prolonged is the agony.

Check out market rentals at nybits.com. Find comparable apartments to buy even in the luxury range (Archstone, Rockrose, Rose, Related) and compare carrying costs using a 30-year fixed mortgage, 20% down with no tax abatement, and tell me what you find.

Why would you buy an apartment to effectively rent it out to yourself if you wouldn't buy it to rent it out to someone else lest you lose your shirt? No reason, which is why prices have to fall at least 50% from peak.

And if AIG keeps it up, even more, because Wall Street bonuses will be taxed at 100% to stop the abuse.

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Response by uppereast
almost 17 years ago
Posts: 342
Member since: Nov 2008

I don't agree, steve. you might have a shortfall for renting it but can wait for prices to improve again. The shortfall for renting might be let's say $20K for a couple of years but to me that sounds better than selling at a $500K loss.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"Nobody will sell you an apartment at a future price because nobody knows the future. "

Thats true, and thats exactly why I am running what some are calling a "reverse auction". For all we know values will drop 70%, so a keen owner would be hedging their bets by securing a good price with me today. Keep in mind (as I mentioned above) the opportunity cost of NOT selling. Each month an apartment sits on the market means that its worth less. Then you need to factor in the mainteance and taxes, and the monthly 'hit' is even worse. The other thing is that a large percentage of the condos on the market are vacant, as they were purchased as a second home (place for the kids, etc etc). At least if you currently occupy your place it has some value (to you), however the people living in CT are literally losing their shirts each month and simply writing checks while their overpriced apartment collects dust. THOSE owners are the kind that I am looking to target, so come on brokers step up to the plate!

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"Eventually this market has to move to something resembling auctions to clear the inventory - good luck...will be interested to hear if anyone cares. I doubt it however, seems that most homeowners would rather go bankrupt before they part with peak valuations"

That is exactly why this is an "open letter" to brokers. I realize they are hurting for a good commission check, and I am ready to move into a new place! I am counting on the brokers to speak to their clients and explain the situation. THEY need to tell the seller that the price is WAY to high, and that they (broker) can immediately move the property at a lower price. I am basically asking the brokers to use their negotiation skills with their OWN clients, the net result is a sale for them!

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Response by uppereast
almost 17 years ago
Posts: 342
Member since: Nov 2008

UESBandit, the owners from CT can rent. For a few years they might have a shortfall but can sell eventually at a better price. Plus the shortfall increases their tax basis once they sell.

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Response by 407PAS
almost 17 years ago
Posts: 1289
Member since: Sep 2008

UESBandit, your userid says it all. Just go out and bid on an apartment you want and see how it goes.

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Response by sniper
almost 17 years ago
Posts: 1069
Member since: Dec 2008

i like the idea.

a broker can actually go to a seller and say "i have a qualified buyer for you" and...REALLY MEAN IT!

407PAS - i always agree with you when you say that "FSBOs (like you and I) should be free to sell their assets without being maligned." in this market a buyer should take advantage of the times and try to use all angles.

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Response by 407PAS
almost 17 years ago
Posts: 1289
Member since: Sep 2008

The trouble is that a seller can never trust that a broker is telling the truth when they say they have a buyer because they lie about this fact almost all of the time. As a seller, I have just given up on trusting what brokers say. I just got another email a few minutes ago from a broker saying she had a buyer. I don't buy it. ;-)

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Response by sniper
almost 17 years ago
Posts: 1069
Member since: Dec 2008

agreed. they have cried wolf too many times.

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Response by stevejhx
almost 17 years ago
Posts: 12656
Member since: Feb 2008

"The shortfall for renting might be let's say $20K for a couple of years but to me that sounds better than selling at a $500K loss."

It depends on where you expect prices to fall to, and what your actual loss is.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"Just go out and bid on an apartment you want and see how it goes"

407PAS, I have been there and done that. I found a combination of obnoxious brokers and unrealistic sellers. The brokers made it seem like they were doing you a FAVOR showing you the place, meanwhile blatantly lying about things like what exposures the apartment had. I was viewing an apartment a few months ago, and prior to going I asked what exposures it had. The broker said the bedrooms and living room have open southern views, so I agreed to go. I arrive at the building, and she take me NORTH up the hallway. We walk into the apartment and none of those rooms HAD A SINGLE SOUTHERN EXPOSURE. I turned to the lady and said, "you mentioned this had southern exposures, whats the deal?" TO MY AMAZEMENT, she points to the EAST RIVER and says "that IS a southern exposure". My jaw about hit the floor, and I then proceeded to explain to here that if you are looking directly at the East River then YOU ARE FACING EAST. She played dumb and said she had no idea that was the East River, blah blah blah.

Based on the fact that I had been lied to, I said I will offer you less money. She said the owner (who lives out of town) wasnt willing to lower the price, and so the apartment is still on the market today. I suspect it will remain on the market for many more months as well.

So I decided to start this thread. I am done screwing around and being lied to. At this point, I will let the offers COME TO ME. If none come my way (shrug), I will simply extend my lease. I will still have the cash at hand in 12 months, and the apartments will be worth even less than they are now.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

Come on brokers, MAKE ME AN OFFER!

howlowwillyougo@gmail.com

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Response by 407PAS
almost 17 years ago
Posts: 1289
Member since: Sep 2008

Brokers can't make offers. SELLERS make offers.

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Response by 407PAS
almost 17 years ago
Posts: 1289
Member since: Sep 2008

Sorry, BUYERS, hahaha.

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Response by 407PAS
almost 17 years ago
Posts: 1289
Member since: Sep 2008

Actually, sellers make the first offer when they set the price.

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Response by feingirl
almost 17 years ago
Posts: 18
Member since: Mar 2009

You are very right 407PAS.

Bandit...I have a cousin like you. He didn't buy in the last market downturn...he would show me a graph of where he believed prices would go. He said, "they have bottom out about here." He obviously works in the financial world. Prices began climbing, he kept saying,"it gotta turn around."

Guess what, he was trying to be a bandit just like you...he got married, had 2 kids, lived in a rental for 11 years, gave a landlord more than 660,000 dollars, than bought at the very peak of the market (in Westchester because he could no longer get what he wanted in Manhattan)

The 660K he gave the landlord, well had he bout 11 years ago and paid out that kind of money, you go figure what he might have gotten and what he might have rolled it over to become.

Best of luck

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Response by feingirl
almost 17 years ago
Posts: 18
Member since: Mar 2009

Oh, I almost forgot to say, the only brokers who might take your challenge, are those who have no clue of what they are doing, or became agents last week. I have a sweet 2 bedroom coming on the market in a few days, but I'm sure you could do better.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"I have a sweet 2 bedroom coming on the market in a few days, but I'm sure you could do better."

Feel free to send me the details. As long as your are honest with me, I will be honest with you.

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Response by sniper
almost 17 years ago
Posts: 1069
Member since: Dec 2008

i agree with feingirl - most "skilled" brokers know that you lure in sellers with big numbers to get the listing, then let it sit for a while getting no (or low) bids, then tell them that they have to reduce from the inflated number that you gave them in the first place. you need the prefect storm of a "clueless" broker with the insight to price ahead of the curve, not behind it, and the seller who understands the value in that. good luck with that.

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Response by clear_vision
almost 17 years ago
Posts: 29
Member since: Jul 2008

I think brokers had a HUGE hand in what has happened here and in the rest of the county. Brokers have entirely too much influence on asking prices when they stand to benefit on the deal. And then say the "market" is what determines the price. It is incestuous, and then are arrogant enough to suggest that sellers are not responding to the market in lowering the asking. Bollucks. Inflating prices during the bubble so that they can pad their commission and now expecting sellers to reduce reduce reduce so that they can make any sale. They are hurting because nobody is buying so they aren't getting any fees. I'm tired of brokers manipulating the market. Mortgage brokers are just as guilty if not more because once the sale was made and the mortgage done, they sold it to another broker.

We need to take brokers entirely out of the equation. I've heard every argument by brokers, and none of them hold any water. If we continue to give them the power, we will always be subject to brokers dictating what the market should or should not do. The NAR is the largest lobby in Washington, and they want the power to remain in their hands to sell property. It is not rocket science. We are all in this so let everybody take a hit. Why don't brokers take 4% on a co-broke deal or 2% on a FSBO? Brokers will never relinquish a commission(or work with FSBO's) no matter how low you go on your asking.

And then the gall of either brokers and buyers here to suggest to lower price per square foot NOW to half of what it was in a normal market is arrogant and thievery. All they want to do is take advantage of either suckers or people who have no choice because they are between a rock and a hard place. Really, nobody know what will happen in a year and suggesting to take a loss so you can either get a deal or make a commission is being an a-hole. People are losing their retirements and sometimes losing their savings and you all still want to rape whoever you can. Yes, I am angry.

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Response by sniper
almost 17 years ago
Posts: 1069
Member since: Dec 2008

"perfect" (nobody's perfect)

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"Brokers can't make offers. SELLERS make offers."

True, however the point of this excercise is to push the brokers (who represent the sellers) to get the price of the apartment lowered to an acceptable price point to avoid continued depreciation. Brokers are in sales, and these days they arent selling anything. I am offering them a way to put a sale 'up on the board' AND get a commission check. They dont need to tell anyone about our little arrangement, and all thier peers will look at them in awe and say "how did he/she make a sale in this economy??"

Its win/win/win (me, broker, seller) as far I am concerned.

howlowwillyougo@gmail.com

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Response by kodo
almost 17 years ago
Posts: 22
Member since: Jan 2009

there are buyers who will buy for $950/sqf and buyers will buy for $900/sqf and so on. by the time the price drops to $500/sqf there will be no apt left for you to choose

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Response by 407PAS
almost 17 years ago
Posts: 1289
Member since: Sep 2008

clear_vision,
Nice comments. I agree with you. The NAR will not give up on their high commissions. If anything, they will try to lobby for brokers to be required in all transactions. That's when we storm Washington.

As you said, brokers only care about volume, not about the prices. They just need apartments to sell and they're not, so they're in trouble.

As an individual seller, I wait for buyers to talk to me about whether they are willing to pay the price I am asking. Of course, I have to compete in the marketplace. In the end, price is price. Just because some people pay 6% to sell their places does not mean everyone else is required to pay 6%.

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Response by clear_vision
almost 17 years ago
Posts: 29
Member since: Jul 2008

UESBandit -

Your little scheme is what will continue the depreciation. The seller will lose, and you and the broker will win. You are asking the seller to take the loss so that you can make a deal I think that's selfish and slimey, IMO. It's that kind of attitude and tactics that caused this mess in the first place.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"Oh, I almost forgot to say, the only brokers who might take your challenge, are those who have no clue of what they are doing, or became agents last week."

Feingirl, while that might be true they also stand to make a VERY quick sale. A quick sale which will result in money in their pocket I might add. Frankly, whether they have been doing this for 2 weeks or 40 years is irrelevant in this particular situation.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"You are asking the seller to take the loss so that you can make a deal"

Clearvision, of course I am doing that!! Its my money, and I want to get the best deal possible. Unless the seller bought many years ago they will be taking a loss now anyway (when they sell). I look at this differently anyway, I am actually doing the seller a FAVOR offering to buy now before prices drop even further.

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Response by clear_vision
almost 17 years ago
Posts: 29
Member since: Jul 2008

UESBandit

You name says it all. You are making up what you think the market will do in the future so that you can manipulate somebody and take their money. That is dishonest and slimey. Are or where you ever a broker?

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Response by lo888
almost 17 years ago
Posts: 566
Member since: Jul 2008

Btw, not all the brokers are trying to buy listings. There are some who are completely lowballing sellers so that they can guarantee a sale. Not everyone is interested in a fire sale and you can't blame sellers for at least trying to do better if at all possible.

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Response by 407PAS
almost 17 years ago
Posts: 1289
Member since: Sep 2008

lo888,
Exactly, brokers churned listings in my building for years at below market values so they could collect quick commissions. Finally, people got sick of it and stood up to them.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"You are making up what you think the market will do in the future so that you can manipulate somebody and take their money."

100% correct. If you bother to read any of the threads on this board you will see that the NY Times, Wall Street Journal, even Corcoran's OWN reports are suggestion price drops of between 28% and 40% this year. Some are even suggesting 50% or more, however that remains to be seen. So TODAY, apartments are trading at around $850 psf. I will show you MANY listings that fit my criteria on the UES at that price range. Now, lets simply take the AVEERAGE of the NYTimes and WSJ forecasted price drops (28 + 40 / 2 = 34%). Now lets do some simple math, as noted directly by sources quotes on this board EVERY DAY.

$850 psf x .66% = $561 psf.
$900 psf x .67% = $594 psf

So I ask again, if sellers (and their brokers) are reading the same articles I am lets make a deal!

howlowwillyougo@gmail.com

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Response by sniper
almost 17 years ago
Posts: 1069
Member since: Dec 2008

clear_vision - why all the anger? he/she is not putting a gun to anyone's head. there is a seller out there who this might work for. they could be a perfect match. your perspective is so negative on it. should people not buy into the stock market when there are bargains because others have lost money there? would it make much sense to say "how dare you buy GE at $7! some people have lost a fortune on that stock. you have to wait until it is back in the mid-20's."

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Response by xellam
almost 17 years ago
Posts: 133
Member since: Sep 2008

"And then the gall of either brokers and buyers here to suggest to lower price per square foot NOW to half of what it was in a normal market is arrogant and thievery."

clear_vision, your premise of UESBandit being "slimey" would be correct if 2005-early 2008 was a "normal market." However, as discussed not just on StreetEasy but also throughout the country, the past few years was not a "normal market." It was an inflated market, where hyperinflated bonuses and incomes based on a false economy of easy credit led to the fastest rise in prices in a century, with NYC as one of its US epicenters. The reason prices are falling is because the "normal market" became unsustainable even for average Manhattan families during the boom. With incomes down, often quite a bit, and buyers no longer willing to cram their families into tiny apartments just so they can own instead of rent, some people will lose money when they sell...it is an unfortunate inevitability of the new market. Normal is relative.

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Response by clear_vision
almost 17 years ago
Posts: 29
Member since: Jul 2008

UESBandit.

You simply have proven my point. Your statistics are based on this : 98% of all deals are brokered. It's the only game in town.

If buyers and sellers were making direct deals without brokers inflating or deflating the asking then we would have a much better barometer over what buyers and sellers are really willing to pay, and how the market would fluctuate. You are stating statistics in a closed system and then announcing that those very same statistics are or should be taken as ipso facto truth, even though the very same people compiling the statistics are manipulating the prices, thus influencing the very same statistics. You are operating on manipulated information as well as disseminating that information for your gain.

If a broker tells a buyer a property is not worth it based on comps, or because they could sell it faster, and recently sold price per square foot tabulations, then that seller must react according to what the broker tells them, regardless of the actual property value. Asking prices are developed by recently sold similar properties at any given time. How were those properties sold? What was the conditions in which they wer sold? If one apartment on one floor sold for 525K(when it was worth 580K or 600k) because the owner had to leave town, lost a job, or needed the money for health care bills, then Brokers now point to it and tell the owner of a property on the same floor "look, it sold for 500K. You won't get that much for it because it was renovated. Place it on the market for 475K and I'll sell it. This transaction now is placed into the statistics books and has falsely place a bogus value on the 2nd property. Multiply that times 20 sales in the same area and now you have influenced the market and skimmed of the top. Brokers, like yourself, use statistics and cherry pick facts to support their claim and manipulate the market for their own gain.

I think in this economic climate we need to keep transactions honest and quit trying to drive down the market by screaming fire in a closed theater.

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Response by clear_vision
almost 17 years ago
Posts: 29
Member since: Jul 2008

Sniper.

Yes, you are right. I'm not saying that you shouldn't allow buying stock at rock bottom prices, but the system is the same. Also, homes, where people live and raise families, are different than buying stock. If you don't buy stock, then its not like you will be living in a motel or scrambling to find a rental. Stock is a luxury if you can afford it and risk loss.

Homes are commodities that are traded, manipulated, bought and sold. Those of us that like to simply find a home or sell a home for an adequate price shouldn't be subject to the dishonest manipulation by people simply making money off of a necessity of life - shelter.

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Response by columbiacounty
almost 17 years ago
Posts: 12708
Member since: Jan 2009

hold on a moment..UESBandit is not being dishonest or manipulative. he is attempting to take advantage of this market and hoping to find some patsy who is scared enough to buy into his thesis. lets remember the only reason someone would take him up on his offer is because they believe that the market is going to move even lower than he does i.e. they are hoping to take advantage of him.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"I think in this economic climate we need to keep transactions honest and quit trying to drive down the market by screaming fire in a closed theater."

I am being completely honest, and 100% transparent with my offer. There is no "screaming fire" going on. I have offered very clear terms about what I am willing to pay. If a broker reading this thinks they can convince their client to accept, fantastic. If an owner reading this wants to make a quick sale, even better.

Your suggestion that people stop trying to buy low is absurd. As pointed out by Sniper, do you honestly expect people NOT to buy stocks just because they arent trading as high as they used to? My offer might make sense to a particular seller, or it might not. If nothing happens them we all move on, its not a big deal.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"lets remember the only reason someone would take him up on his offer is because they believe that the market is going to move even lower than he does i.e. they are hoping to take advantage of him"

BINGO, columbiacounty nailed it! As I said before, its a WIN for everyone involved.

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Response by 407PAS
almost 17 years ago
Posts: 1289
Member since: Sep 2008

I think we need to go back to all those previous sales that were lower than the peak of the market, and give more money to the sellers in order to make them whole.

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Response by clear_vision
almost 17 years ago
Posts: 29
Member since: Jul 2008

In a dream I had......Bonuses and dividends were returned over the last two years. Those that could, wwould, those that couldn't, didn't based on a percentage of income for that year. Stimulus package went to every taxpaying citizen in the the U.S. the real estate scale slide back to market conditions from 2006, mortgages were rewritten and was reflected on bank balance sheets. MWhatever banks that bundled those mortgages ate the loss if the stimulus didn't pay off the loans,and those that couldn't went bankrupt if the payments did't allow for solvency. Listing services were be maintained by nominal fees and real estate taxes. Transactions and contract process were standardized and demystified. Bank balance sheets were be regulated and audited every year.

Power to the people!!

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Response by gkh108
almost 17 years ago
Posts: 28
Member since: Dec 2008

clear_vision,

I respectfully disagree with you, the OP stated his conditions, if the seller is unwilling to go to a $psf, then that's seller's perogative. The seller keeps his/her apartment, the OP keeps his money, he has stated that he DOES not need to buy. For every transaction, there is a seller, and there is the buyer, a transaction would not occur unless both parties agree, how in the world is this dishonest or slimey? It would be one thing if say the sq footage was inflated, taxes and maintenance deflated etc, that's deceiptful. But OP is clearly upfront about what he is looking for, if there are no sellers willing to go to a price that the OP is comfortable with, no harm, no foul. I was under the impression that this is indeed capitalism. The OP is banking on the downturn to continue, if seller is banking on the upturn to be around the corner, so be it, no middle ground can be met, everyone moves on.

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Response by cliff702
almost 17 years ago
Posts: 182
Member since: Apr 2007

Warning: Florida is part of this posting.

To market my own Florida condo to buyers fearful of further market declines, I told the agent that I would put 10% of the selling price in escrow for a year. We'd use an agreed upon index to gauge price decline (or, LOL, appreciation). Lower comparable selling prices at the end of the year? I refund that percentage up to the 10%. Same value of increase? We call it even and I take the escrow money back. I have enough equity to do this comfortably, but I don't think my offer was ever presented to any prospective buyer.

We'd like to buy in NYC if this ever sells and I figured if Palm Beach prices were going down, so would NYC prices.

Just presenting an idea, not a sales pitch, but this the property in question: http://www.visigy.net/floridarental/

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Response by angler7
almost 17 years ago
Posts: 193
Member since: Oct 2007

". . .Stimulus package went to every taxpaying citizen in the the U.S. . . ." Nice dream, but would not meet the Obama "fundamental fairness" test because 60% would go to the top 5%.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"In a dream I had......BLAH BLAH COMMUNIST NONSENSE BLAH BLAH"

You are a complete buffoon, what are you even doing on this website?? Perhaps you should seek out a Karl Marx or Lenin fan club forum instead. Here is another idea, perhaps you should take your ideas and head on over to North Korea or Cuba and see how they work out in reality? Seriously take your "dream" someplace else ASAP.

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Response by clear_vision
almost 17 years ago
Posts: 29
Member since: Jul 2008

You know what bandit? Revert to insults. Ad Hominem. Blah blah blah. It's your type that voted for bush and drove this country into the ground. It's your type that caused this financial meltdown. It's your type that allowed Enron, the savings and loan crisis, and the dot com bubble. It's your type that turned this country into a greedy, self serving, zero sum game society.

Take your bubble and bust economies, libertarian free market crap to some Ron Paul, Mises and Rothbard loving forum, NOW.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

For what its worth, you were the one who lauched into attacks long before I even responded to you. In either case, I want to get this thread back on track. I am here looking to speak with motivated sellers, and/or brokers who work with them. Come on people, lets get back on the topic of hot real estate at even hotter prices! If you fit the bill please contact me directly at:

howlowwillyougo@gmail.com

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Response by clear_vision
almost 17 years ago
Posts: 29
Member since: Jul 2008

So why don't you go to brokers and sellers directly and stop using this forum as advertising for your schemes?

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"So why don't you go to brokers and sellers directly"

Umm, thats exactly what I am doing HERE! Given the number of brokers (and sellers) that read this forum why on earth would I go about it any other way??

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Response by smacstein
almost 17 years ago
Posts: 112
Member since: Mar 2009

Feingirl, if you really have a sweet 2 coming on the market, send me an e-mail at love2eshop@aol.com and I will have you connect with my broker.

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Response by jimstreeteasy
almost 17 years ago
Posts: 1967
Member since: Oct 2008

Geez, Mr Clear-Vision, your name is ironic, given how confused you are about at least two things 1) economics: your posts make no sense at all; if you think a buyer buying at below peak prices is "slimey", do you also think someone buying at the peak is "good"; can you not see that this is not about good or bad , because no buyer can force any seller to sell, but it is all about market prices, which no individual control 2) your own posts, since you started with the silly name calling that UESBandit ignored until you started banging the typewriter harder and harder. and then you say he has resorted to name-calling.

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Response by patient09
almost 17 years ago
Posts: 1571
Member since: Nov 2008

Bandito: I salute your vision, they may mock you, you mock them back lad. You are clearly a visionary who is simply ahead of the curve. I may follow your lead. Compared to most of the RE garbage I have read over the last 20 years, your post is worthy of a Pulitzer!..Onward lad, onward!

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Response by patient09
almost 17 years ago
Posts: 1571
Member since: Nov 2008

One other thought for the legal minds out: If the coming RE crash is worse than expected, and an agent sees Bandito's request but doesn't present it to their clients, could they have failed in the fiduciary obligation?

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Response by clear_vision
almost 17 years ago
Posts: 29
Member since: Jul 2008

jimstreeteasy - I have no problems with making money, and being smart about taking advantage of market conditions. I never said any of what you suggested, be careful about your insinuation. Maybe you are confused. The way somebody *gets* that below market price can be slimey. I have a problem with pushing for and falsely creating a fire sale in the name of capitalist ideology to take advantage of honest people. There are many that are hemorrhaging money, and stoking the fire with hard sells, manipulative rhetoric, deceptive discourse, and pushy tactics is what created this mess in the first place. Also, read my posts clearly. I never directly insulted anyone. "Tactics" are slimey and dishonest, not the person. And your right, nobody knows what the market will do, but Bandit clearly stated that $ psf would be half of what it was a year ago and suggested people should sell sell sell now, instilling fear to his advantage. I find that dishonest.

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Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008

"With all the reports (WSJ, Corcoran, etc.) clearly pointing to up to a 50% reduction in current prices,"

Unless the reports have invisible text that only you can read, nothing in them even remotely comes close to indicating a 50% price decline in values.

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Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008

Even if I was a broeker who knew of a desperate seller, I would not waste my time with UES Bandit because it is quite clear he is not a serious buyer. Even if his dream apt. existed at his dream price, he would not buy it.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"Even if I was a broeker"

Alpine, enough with the games. You ARE that annoying broker that nobody likes, its been discussed over and over before. That being said, I am still willing to work with you. Talk to your clients, if any of them are in a financial bind, OR they realize the market is dropping out beneath them feel free to reach out to me. I have no problem with you earning your commission this way, in fact I actually prefer it. The method I am employing really forces the broker to do some legwork, as they will need to convice the SELLER to move on price. As I have said before, given the right situation, this is a WIN/WIN/WIN for everyone involved. That email address again in case you missed it is:

howlowwillyougo@gmail.com

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Response by NYRENewbie
almost 17 years ago
Posts: 591
Member since: Mar 2008

UESBandit, we need an update on how this strategy is working for you. I think your idea has merit. There are a lot fewer buyers currently anxious to make a deal in this market. If anxious sellers want to contact them to move a deal along that is agreeable for both parties, then it would be a win/win, wouldn't it? Now that it is a buyers market, shouldn't sellers be anxious to contact buyers, should buyers want to put themselves out there, rather than hoping they will be "discovered" on Streeteasy or recommended by a broker.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

I have received one reply so far, directly from a seller who was interested in "talking". Unfortunately, the apartment in question was too high and too far east for my tastes. We also never (obviously) agreed on a price, however I was pretty clear in my post so we can assume she wasnt going to propose $1000 psf. I suspect this will now become the new way real estate deals are done, thats the reason you see all the brokers (such as Alpine) getting pissed off! For anyone else reading this (broker or owner) the deal is still on, and I WANT to talk to you. Drop me a line at:

howlowwillyougo@gmail.com

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Response by Mpancheri
almost 17 years ago
Posts: 32
Member since: Oct 2007

UESBandit-

Small correction. If you are in a building in Manhattan facing the east river, you are actually looking ESE, maybe even SE. Manhattan does not point true north.

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

Mpancheri,

Yes, technically you are correct however in NYC real estate apartments facing downtown are considered to have south exposures while apartments directly facing the east river are typically described as having east exposures. I can assure you that any broker who describes an apartment facing the river as having south exposures would be immediately fired.

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Response by manhattanguy
almost 17 years ago
Posts: 152
Member since: Mar 2008

Why would anyone wants to pay $1000 psf in this market?

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"Why would anyone wants to pay $1000 psf in this market?"

They wont, and that is exactly why I started this thread!

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Response by Brokerage101
almost 17 years ago
Posts: 55
Member since: Mar 2009

Good, let's see how long it takes you to find that apartment :-)

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Response by 407PAS
almost 17 years ago
Posts: 1289
Member since: Sep 2008

Right, the Avenues of Manhattan deviate from true north.

As this article (http://www.charlespetzold.com/etc/AvenuesOfManhattan/index.html) states:

" The avenues of Manhattan deviate from true north by

29°

whether anybody else cares or not. "

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

"Good, let's see how long it takes you to find that apartment :-)"

Like I said, I have a lease renewal in hand, however I figured I would give this a shot. Worst case, nobody else responds and then I end up paying even LESS in 9 to 10 months than I am offering now. Its a win for me either way to be honest!

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Response by Brokerage101
almost 17 years ago
Posts: 55
Member since: Mar 2009

Ha...

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Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008

Hey UES Bandit, I will sell you my basement apartment for $300 a square foot. LOSER!

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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009

Alpine instead of spending your day HERE trying to convince everyone prices are going up, why dont you put half that amount of effort into talking your clients into LOWERING their prices?? The sooner you face the facts that you wont be able to sell at 2008 levels, the quicker you will (be able to) make some money and quit your whining. PICK UP THE PHONE AND START COLD CALLING, DO SOMETHING USEFUL AND GET YOUR CLIENTS IN TOUCH WITH REALITY. If you find one, feel free to put them in touch with me at:

howlowwillyougo@gmail.com

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Response by Lecker
almost 17 years ago
Posts: 219
Member since: Feb 2009

UESBandit - let the rest of the public know if this approach is working. Not being totally savvy in it, I think your idea should generate some interest, but I understand it is probably difficult being in the frontier of new realestate dynamics....

best of luck in your search.

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Response by Lecker
almost 17 years ago
Posts: 219
Member since: Feb 2009

I realize there is no obligation to update the status on this, but did you get any traction with this approach?

Very curious to see if you were able to motivate brokers to get sellers "on board".

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