SOMETHING FOR THE WANNA HAVES & THE HAVES-ALMOST, KIND OF…
Nick Hetherington
The persona for this blog as you may have noticed is split into two categories. ‘Something For The Haves’ and ‘Something For The Wanna Haves’. There can be a great deal of synergy between the two especially in a market where everybody is making money and benefits from each others trade-able product.
But in this type of market the relationship is a little more opaque. Certainly for the ‘Wanna Haves’ they finally have the opportunity to get their own back at the landlords that have been charging rental rates in the nosebleed section. And if you are a first time home-buyer then there are more opportunities for you to enter the market with the mortgage rates still very low and with prices dropping. It’s clear that the person who benefits here is the ‘Wanna Haves’, in all aspects. Of course if you’re one of ‘The Wanna Haves’ who happens to be selling their place under duress to the purchasing ‘The Wanna Have’ then you have ‘The Wanna Haves’ seller obviously getting mugged.
And so the same is true of the relationship between ‘The Haves’.
The excellent Miller Report details how the luxury sales market is coughing and spluttering from excess inventory and under absorption. The luxury rental game was hot during the Spring as luxury buyers pulled out of the market. Sounds great if you’re a luxury rental landlord, that is until you realize that you would have got 17.5% more for your unit last year as compared to now. And if you happen to be one of ‘The Haves’ who is thinking of purchasing in this market, well, lucky you. The city is your oyster and there are plenty of large ones to shuck and enjoy with huge discounts. Take the story of ‘The Apthorp‘ and possibly you could be one of the 25 lucky millionaires that could buy with as much as a 50% discount.
The clock is ticking for the partners of this Upper West Side Jewel but as much as it vexes them as the money made on this venture will only be enough for 2 lifetimes instead of three they have no choice but to allow themselves to have little to no advantage in the negotiations. Here ‘The Haves’ win and lose. Seems to be a lot of that happening these days.
For more on The Apthorp-Visit the hysterical Celebrity Real Estate Blog- [The RealEstalker]
