"That was nice. Now let's see the other 599."

The Downside of Customization

That's what I can imagine some unlucky Manhattan rental broker hearing from their client as they show units at 8 Spruce Street (formerly known as "Beekman Tower," Manhattan's tallest residential building -- and the subject of an August City Lakes post, "Frank Gehry and the Bilbao Effect").

How come?

While the 76-story building has 900 rental units, it has 600 different floor plans.

Can you say, "group tour?" (or, "let me show you some blueprints?").

As a practical matter, you'd guess that the variations are slight.

"How's the Market?"

Answers Depend on Who, Where You Ask

I got two, very different answers to that question in New York City yesterday, barely 2 hours apart.

"Terrible," said the owner of a Forest Hills title company, who noted few transactions, and a stalemate between owners who are in disbelief about current prices -- and buyers who expect them to fall more.

"Great," said a broker in Brooklyn Heights.

She focuses on rentals, which are booming.

Easier Way to Make $5k?

The rental math did seem compelling - at least if you use New York numbers.

So, if apartments rent for $3,500 a month (they do, in Brooklyn Heights), and agents collect a 12% commission, paid by the renter (they do in NY) . . . that comes to about $5,000.

And that's without multiple showings, inspection issues, financing hurdles, complicated closings, etc.

Hmmm . . .