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New York

This Week in Comments

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.

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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.