Saturday, April 18, 2009

Buying in bulk

From Crain's:

With buyers of individual condominiums in short supply, developers are bundling up unsold units in a half dozen new residential buildings in Manhattan and Queens and hawking them to investors in bulk at substantial discounts.

Typically such bulk deals are offered before construction actually begins as a way to jump start sales. In the latest wrinkle on the practice, developers staring into a deteriorating real estate market are seeking such sales in buildings that are more than 50% sold as a way to cash out of projects.


Missing Foundation said...

Hot money - hey we are a sanctuary city remember - will flow in.

In place of Suzy Homemaker, going to PTA meetings, voting in every election, attending her civic meetings, shopping locally, and cautioning to her new neighbors (code intended) that its not a good idea in this country to scatter chicken bones over the sidewalk (she is, in other words, a clubhouse hack's worse nightmare, and as an Edith Bunker, a figure of scorn and contempt)

into (roll of drums please)

15-56 23rd Ave Associates living at some PO Box in Bermuda.

Add to it the ripe mix that just about anything you shoehorn in there, the politician (and by extension local paper, community board, clubhouse supported civic) will not only support it, but take taxpayers money (given with the intention that they were to reap the benefit of their own labor) to subsidize this population to make it work for you.

Be rest assured that, under the liberal laws enacted (at least as they tell the public) for a real homeowner might want to put in a garage, you can do just about anything you want to your property (and the surrounding parcels) and what laws there are will not be enforced.

Hunkered down in their own protected enclaves where their neighbors - the developers, bankers, city planners, the elite infrastructure of the city live - people that could make a difference will not notice or even care. Besides, cheap nannies and gardeners and kitchen help comes only on the cost of blindness. It’s your community being destroyed, not theirs.

Sadly, have no concerns with the preservation community, which remains fearful, backbiting, divided, evidence of a spent force awaiting (at some distant date) revitalization and a fresh spurt of creativity.

All you can expect from that quarter is mild prattle on living with the curse than curing it.

Why put up with one person who will complain about heat, gang tags on the stoop, etc, when you can put in enough people to make twice as much income, with half the effort.

We no longer have communities of citizens who pay taxes and vote and serve in the military.

We have barracks of workers who make money for developers.

Anonymous said...

Great, we are making money for the Russian Mafia, Latin Drug Lords, Far Eastern Tongs, and Middle Eastern Terrorists.

While Americans go threadbare.

I love development. Don't you?

Lino in over priced Manhattan said...

Trump was quietly wholesaling units to the Japs in his newly constructed building on east 69th st third ave back in 1991.

The news media got wind of it so he bluffed it out as a positive while saying that 'this is the only new building being constructed in the city". typical.

Back in 1975 a developer of my Father knew offered him condos in his building on Madison at 80th. Two bedroom @50K -less if you take more than one. The bank was breathing down his neck.

These boom-bust cycles happen. The reasons here are different then in the 70s but the results are the same; people who were priced out can now buy. Developers/landlords suffer a bit...who cares.

Anonymous said...

These boom-bust cycles happen. The reasons here are different then in the 70s but the results are the same; people who were priced out can now buy. Developers/landlords suffer a bit...who cares.

The difference is today there is more hot money from drugs and crime, more desperate people from 3rd world countries, and a hell of a lot more empty units.

Anonymous said...

Buy six buildings and get a free decoder ring.