caj11 wrote:
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MDM wrote:
Anyone here have good / bad / indifferent experience with low (i.e. 2%) commissions for selling a property?

Remember Foxtons? They were one of the original low commission real estate agents that charged 2% and eventually 3% when the 2% commission just wasn't sustainable. In any case, let me put it this way - you get what you pay for. I heard a lot of horror stories with regard to them and then they went out of business entirely when the housing market tanked in 2008 I think.

While many full-service agents will agree to a lower commission than 6% - I've heard some go with 5% from the outset - anything too far below that and I'd wonder how much attention they would give my property. That said, I do know some people who used eRealty or RedFin, where you pay a flat commission of a few hundred dollars plus 3% to be in the realtor's Multiple Listing Service and claim they got the results they desired while saving a lot.

Really, the best thing to do is find an agent that others have highly recommended that will work their hardest to get the highest possible price for the property. Some agents are well worth the 6%, others just get lucky when the home sells quickly, having done hardly any work, but the reality is, while you may want to save on commission, no buyer cares what agent you are using. If you miss out on any potential buyers because your low cost agent didn't market it to enough people, the savings probably isn't worth it.

drifterx wrote:
Well y'all are always welcome to move to Texas. I hear it's close to Cancun for a quick getaway.

BTW, I heard AOC has helped donate 5 million dollars to a state where a lot of folks want her dead. She must be such a real bitch huh?

jcguy05 wrote:
that article is full of crap.

1) the rental market in downtown jersey city is in complete meltdown, i never seen it this bad not even during the 08 financial crisis. Units in those high-rises that usually gets rented out in 1-2 weeks are sitting on the market even with 20-30% rent cut, never seen inventory like this, one of the highrise condo i am keep track of usually have 1 or 2 vacant unit for rent max, right now there are 13 (as of last week) vacant unit at a 30% hair cut.

2) the condo market is completely frozen, no-one is buying, price has not dropped much yet but nothing is moving, real estate prices are always the lagging indicator - last to go. Just like during the 2008 crisis, real estate price didn't start to gap down and hit the low until 2010. But i have no doubt prices will take a significant drop in the next 12-24 months unless by some miracle this covid 19 goes away and everyone returns to office and economy shoots back up soon (not going to happen)

Also the reason the stock market has recovered is because the indices are all propped up by tech, like amazon / zoom / docusign etc...companies that are making a killing from the remote work situation.

One has to be a complete idiot to buy today, i will definitely not buy any condos right now...rent yourself a nice 2br/2ba for $3000 or 1br for $2100, then wait and see.

dr_nick_riviera wrote:
You seek to forget that the virus is temporary. We will have a vaccine and once we do, people will flock back for opportunities. It?s not like the problems that existed in the suburbs (opioids, decaying main streets, generally nothing to do) are going away after the virus.

You need to keep repeating - the virus is temporary and people have short memories.

RealEstateSingh wrote: I feel like the original post is extremely morbid and not very likely. As a realtor, the real estate market in Jersey City has been booming. I am busier now than I have ever been in my whole career. T My Market Update: I am seeing properties in the $400k and below range flying off the shelves (Seller's Market) but also seeing the the $500k+ properties being negotiated down (Buyer's Market). Lastly, what crime and looting are we talking about. As far as I can tell, there hasn't been much looting in our area if at all. Perhaps Manhattan, which I have mentioned, probably will have a slow recovery, but it will still be a hub. The way I see it, it presents a buying opportunity. (risk/reward) Buying now is a risk, but prices are down with historically low interest rates. just my educated opinions.

MDM wrote:

Another area I suspect is going to get hit is health clubs. For months, I have had gym equipment sitting in a virtual shopping cart, waiting for my budget to allow purchase. Tried to purchase it last week..

Everything is sold out... in fact, the entire damn company is sold out of just about everything. Turns out this is happening industry wide with companies that make weights, stationary bikes, etc.

If you just invested $5k in a home gym, are you going to bother with a gym membership ever again?

dr_nick_riviera wrote:
[quote]
Sutherland wrote:
The notion that crime has increased came came from two different liberal democrat friends of mine who live in Manhattan. They've reported anecdotally an increase number of muggings on the streets and on the subways. It's an apparent result of De Blasio releasing low level criminals from prison. One is a CFO of a small biotech start up and the other the CIO of a large law firm. The CIO has been living in Manhattan since 1978.

brewster wrote:
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ActionDan wrote:
I've heard similar anecdotes in other markets, from people who hoped to have a dip to buy into and didn't see one.

Prices drop WAY slower than that when shit hits the fan! Only people who absolutely have to sell do, everyone else sits tight. So new comps at lower prices appear very slowly while properties sit on the market and sales are very slow. It took till 2012 for prices to actually bottom out from the 2008 bubble bursting.

MDM wrote:
I am wondering if we will see for commercial properties, where there aren't often escrow accounts, a large number of missed tax payments for this coming quarter.

dr_nick_riviera wrote:
https://www.nj.com/hudson/2020/04/reop ... ess-mayor-fulop-says.html

"On restaurants: "What we?re looking to do now is change the capacity inside, so that tables are far apart, bars spaces are far apart ? that would entail a reduction of 40 to 50% ... of maximum capacity. We?re going to try to offset some of that ... by expanding outdoor seating, ... where possible to take away parking spaces. ...

?People don?t like losing parking, but if your are trading off keeping a business in the neighborhood, that?s a worthwhile tradeoff.?

Haha, so the NAs lose even when they should have a win. Less parking for more outdoor seating? Win win. Maybe we get more permanent pedestrian areas because of this.

RichMauro wrote:
Might we get back on topic?