This Week in Comments

New York /
May.May 15, 2009 03:55 PM

Bond launches commercial division
1. Before working with a commercial broker, I ask them whether [they] know the following terms: LIBOR, cap rate expansion/compression [and] DHCR. If they aren’t familiar with all three — then I [would] move on. Too many brokers think you can apply a dollar-per-square-foot price to anything just like it’s a cookie-cutter condo.
2. Just what we need — another empty-suit residential broker who thinks he is a commercial broker. The big commercial owners in New York City would sue them just for cold calling them.

Hamptons troubled by legal woes  
Total bloodbath. [The] entire South Fork will be in complete free fall by this time next year. [There is] not enough qualified buyers with dough to come in and clear this inventory. This will all end in tears.

Is now the time to rent or buy?
1. Rent! Rent! Rent! If you buy now, it’s like burning your 20 percent down payment in smoke! Prices are far from having reached a plateau. Expect another 20 percent to 30 percent drop with the next 12 to 18 months, and that’s a conservative estimate.
2. If you’re not buying a foreclosure, you’re not buying “right.” There will be plenty to choose from, and the banks want them gone FAST, so the prices are tumbling. Rent until more bank-owned [homes] hit the market. They’re coming.

NYC foreclosures drop in April
The banks are holding back, because they don’t want the huge number of foreclosures reflected just yet. It’s disgusting. They have a ton of inventory just sitting in limbo.

Trump talks past, real estate future
Donald Trump is the man. Takes a licking and keeps on ticking!

REBNY gearing up for tax hike battle
What was the last battle that REBNY won on behalf of the thousands of real estate professionals that pay them? I can’t recall and I’ve been in real estate for four years.

Empty storefronts become ads
Maybe my wife will stop shopping? Hopefully, a lot of shoe stores are going belly up!


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