Quick Snap: Luxury Residential Real Estate in NYC
How is the luxury residential real estate market in NYC?
If you wonder, you can always have a quick look at Streeteasy.com.
Or read this interesting Blog post on Empire State Living’s website.
And particularly have a look at what is for sale in the 30 M$ + range.
I do it every week and find it particularly informative.
As of now there are 79 listings siting on the top of the market.
More details are available here.
This is way north of a 3 B$ valuation.
After crunching some numbers, this is what I ended up with.
- Total $ amount on the market: $3,280,345,000
- Average sales price: $46,862,071
- Average price per sf: $6,418.74
Average sales price is north of 46 M$!
Now, all will not sell for the asking price, but this number sounds always pretty interesting.
Let’s check in again next week with more market updates.
A CRE Broker is expensive! Really?
You might have heard that one:
- “A Commercial Real Estate Broker is expensive.”
A Broker is a service provider compensated on a commission basis for services provided to you regarding real estate transactions.
In specific situations, these services come to you at no charge. Yes, free!
When a Broker is representing a tenant or a buyer in search of a space, he acts as a Tenant’s Representative or Buyer’s Representative, known as Tenant’s Rep or Buyer’s Rep.
Contrary to residential lease transactions, the landlord pays commissions to both the listing broker and the Tenant’s Rep, or rather they share from the same global commission.
Compared to residential purchases, the owner chooses to compensate the listing broker with a percentage that is variable and depends on the property itself.
In cases where the commission is not shared, the Broker will inform you of the situation.
So, some people might say:
- “Since you are getting paid by landlords or sellers, there is a conflict of interest when you are representing tenants or buyers.”
Here are a few points to address this legitimate concern:
- We are a “pay per success” business.
- We are not receiving anything unless a deal closes.
- We are not receiving anything until we reach an agreement that is satisfactory to both parties involved in a transaction.
And since we enjoy success, we will provide the tenants and buyers we represent with the best service available, defending their interests every step of the process.
Because it’s the right thing to do.