BONUS FEVER AND DISCOUNTS HAVE THE CITY’S HOUSING MARKET IN THEIR GRIP
Since the economy melted down, bonuses have been up, down and spinning all around. Anticipation has had brokerages and developers panting one minute and totally depressed the next.
While the bonuses have had brokers and developers abuzz, another obsession has been rippling through the real estate world over the last week: discounts.
THOSE SPIFFY NEW DEVELOPMENTS LOOK GREAT, BUT BUYERS NEED TO GIVE THEM MORE THAN A ONCE-OVER
Every freshly minted building has problems that can range from buckling floors to cooling systems that sound like a Fresh Direct truck parked outside your window to leaky roofs that can cost tens of thousands of dollars to repair, observes Brick Underground.
If you are in the market to buy and this is news to you or you and your neighbors are just starting to compare punch lists, you may want to get educated on the things that can go wrong in new or converted condominiums. Defects tend to fall into seven categories, Continue reading
The Real Deal has found buyers asking for their deposits back on nearly 400 units within 20 buildings. In one case, more than 50 percent of the buyers in a building, the 505 in Hell’s Kitchen, filed lawsuits in federal court asking for return of their deposits. Continue reading
“There’s always an underlying number of lawsuits about defects, but about a year ago the number started to increase. And over the next two years there’s going to be an explosion, because of all the buildings that were built at about the same time.”
So Stuart M. Saft, a real estate lawyer and the chairman of the Council of New York Cooperatives and Condominiums, told the New York Times in a story that led the real estate section on Sunday. Continue reading