This Week in Comments

August 14, 2009 12:15PM

Related to offer first paperless lease option
1. When I told a landlord who I work with that he should move to this sort of technology a few years ago, his response was “yes, it would work, but we would never see who you’re letting in the building.” Ugly truth be told: this is actually the greatest move in the leasing world because you never meet the tenant — fair housing has been solved.
2. So, if other big management companies follow suit, how does this affect the traditional rental brokerage model in Manhattan — is it perhaps past its peak? At some point the listing aggregators will get real good at fine tuning their rental databases to be closer to real-time if all these guys list availability online as they change. Then they go and offer a service for small- and medium-sized landlords to list rentals directly and boom, you have a one-stop shop for finding rentals without a broker.

What ways are your buyer clients using to get out of their contracts?
1. The most popular thing I hear is that buyers are complaining that the floor plans shown when they signed the contract are not the apartments they are receiving. Sadly, many are able to use that poor excuse to forfeit their contracts.
2. People are also breaking contracts over promised renovations not being done.

111 Central Park North residents protest McDonald’s

1. They are afraid that McMice will follow McDonalds.
2. Central Park North is not a retail street. The developers made an error of judgment creating the space. They should create a gym and children’s playroom for the residents.
3. Is it really McDonald’s they care about or do they fear what type of character McDonald’s attracts?

The best and worst deals 
The real deals at the Apthorp will occur after it goes into foreclosure, not now.

What’s the best strategy to sell an apartment in this market when it comes to advertising?
List it with a good broker, pay a 5 to 6 percent commission and let them do all the advertising. [Advertising] costs more today than it did even a few years ago, so let [the agent] take the bag.