NYC Real Estate Today: Selling to Rent

Maybe you haven’t noticed, but the economy stinks and lots of people are really struggling right now. 

Struggling to pay their child support,

Struggling to pay their mortgage,

Struggling to put money away for their children’s college educations.

Living in NYC can really skew your perception of what’s going on in the world.  The most expensive restaurants have no available reservations a month in advance (unless you are willing to eat at 5:30 or 10:30 p.m.  You can’t get a taxi, despite their ever-rising costs and annoying t.v. advertisements.  Iphones and ipad 2’s are sold out before you reach the front of the line that stretches for blocks and blocks.  Charlie Sheen sells out Radio City Music Hall in minutes (why would anyone pay to see a crazy person rant?)…

As a real estate agent I see the other side sometimes.  I have sold a lot of apartments whose owners are now looking to “cash out”.  They aren’t looking to put this cash into a bigger and better apartment (as in days of the past).  Rather, they are looking for cash in order to:

Pay down their mortgages on their weekend homes,

Put their children through college (and private schools),

Pay for their children’s summer camps and programs abroad,

Pay off their credit card debt,

Pay for meals at those ever-popular hot new restaurants.

Yes, it’s true… I have a number of customers who are selling their apartments now and moving into rentals.  Rental buildings are becoming more affordable every day, and they are offering incredible incentives such as:

A free month’s rent for a 1 year lease (or 2 free months for a 2 year lease — do the math!),

Swimming pools,

Huge health clubs,

Party rooms,

Garages,

Chef’s demonstration kitchens,

Screening rooms,

Basketball courts,

Gorgeous rooftops with cabanas, showers and barbecues,

24 hour doorpeople and concierge services,

Washer/dryers,

Modern finishes,

Incredible views…

I could go on.

If you are feeling poor you are not alone.  Look at the huge number of rental buildings going up around us versus the very low number of new condominium projects.  This is the complete opposite of how things have been for many, many years in our seemingly unflappable town.

And remember, it’s really okay to:

Send your children to public school,

Eat dinner at home (you can actually cook a meal — you don’t have to order in),

Go for a run instead of paying a personal trainer to work you out in your dank basement,

Go out for pizza instead of lobster,

Wear something from last season.

I’ll see you in the Rental Office.  But beware… we may have to wait.

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About mallorylayne

midlife mom seeking meaning for the rest of her life.
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