This Week in Comments

New York /
Aug.August 21, 2009 05:07 PM

Rooftop cabanas, barbecue, outdoor shower — such is the life of a renter
Unless you are an exhibitionist, what the hell is the point of this shower?

For brokers, what’s one thing your manager could have told you when you started to make your job easier?
1. I wish they had told me that the average agent makes $17,000 per year.
2. They should have told me sooner to get my broker’s license and go [out] on my own. [I] have been on my own for four years and loving it.

Are real estate investors too risk averse today, or are they just being prudent?
Investors are being prudent. Sellers’ expectations are still extremely unrealistic. The bubble burst and sellers are having a hard time dealing [with] that. The days of selling at low cap [rates] are gone and never coming back.

What is the most frustrating part of shopping for a mortgage today?

1. The frustrating part for us has been that most mortgage brokers claim that they are lending, but they don’t tell you that you need 40 percent down. I understand the restrictions, but this sort of down payment for a $1 million-plus home is unreasonable, even for the wealthy.
2. Getting the appraisal to come close to the purchase price.

Homebuyer’s tax credit explained
$8,000 will get you nowhere in New York City, but it will buy you an entire house in Detroit.


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