This Week in Comments

TRD New York /
Mar.March 26, 2010 01:47 PM

Residential brokerage enters NYC with VOW
1.
If a broker doesn’t show up at a showing as part and essence of the
business and without a specific agreement it could be a problem to say
that he’s causing the sale and properly representing the buyer. After
all, [it] is the broker doing the showing who is making the sale.
2.
Better access to listing information will not make this Foxtons makeover
a success. The New York residential brokerage market is all about
experience. Good luck negotiating comparative value of co-ops when you
know nothing about analyzing underlying mortgages and reserve funds, But
hey, that’s only 70 percent of the market. New Yorkers want
professionals, not some online discount service when it comes to buying a
home. Nice try, wrong market.

How much value does it add to a
building when a celebrity buys in it?

Celebrity
can add appeal to marginal buildings, in marginal locations. But when
the building itself is the “celebrity,” e.g. 15 CPW, 40 Bond, Superior
Ink, then individual personalities matter less.

Do you think a
discount brokerage model can have success in New York City in this
climate?

They
never have and [still] have little chance as the good agents do not
need to work for less.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Adam Neumann and Marcelo Claure (Getty)

Poof! Adam Neumann’s $185M WeWork gig disappears

Poof! Adam Neumann’s $185M WeWork gig disappears
Public Advocate Jumaane Williams (Getty; iStock)

“It’s compliance warfare”: Industry slams landlord accountability bills

“It’s compliance warfare”: Industry slams landlord accountability bills
Stephen Ross and Time Warner Center (Getty)

Stephen Ross slashes price of Time Warner Center penthouse

Stephen Ross slashes price of Time Warner Center penthouse
AMC’s financial woes have left the movie theater chain strapped for cash and facing in-court restructuring of its liabilities. (iStock; Getty)

AMC faces serious cash crunch despite theaters reopening

AMC faces serious cash crunch despite theaters reopening
Pretium CEO Don Mullen and Ares Management CEO Michael Arougheti (Photos via Pretium; Getty)

Pretium, Ares agree to buy Front Yard Residential

Pretium, Ares agree to buy Front Yard Residential
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...