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‘Faster than you can keep up’: the highs, lows, and hustle of NYC housing brokers | New York
When Keyan Sanai moved to Manhattan and started working as a real estate broker in 2014, he was eating 12 to 15 cans of tuna a week to keep costs low. “I said to my friend, ‘My mouth tastes like a fistful of old pennies all the time,’” he says. After a doctor’s visit, he found out he had mercury poisoning. His first few years as a broker were rough. Working at a “boiler room” brokerage, he got acquainted with what he calls the “dark underbelly” of the industry. “The script is basically to lie to people: ‘Put up [an ad] that says ‘no fee’, and once you get ’em…
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Manhattan real estate prices were near record highs last year
The Large Apple was hit hard at the beginning of the pandemic. Costs dropped and income action slowed. But Manhattan came back strong in 2021, with the most gross sales of co-ops and condos in 32 several years, just about double that of 2020, in accordance to a report from brokerage organization Douglas Elliman and appraiser Miller Samuel. The median gross sales price for a rental or co-op in 2021 rose 7{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} from the calendar year just before to $1,125,000, the next-maximum value in the report’s 32-year history. Manhattan selling prices peaked in 2017 at $1,140,000 The sturdy functionality is a indication persons are sensation improved about residing in the…
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Apartment rent and occupancy hit record highs in November
A “For Rent” sign posted in front of an apartment building on June 02, 2021 in San Francisco, California. Justin Sullivan | Getty Images Apartment rent growth and occupancy set new records in November, yet another sign that the nation’s housing market isn’t following seasonal patterns this year. Rent growth and occupancy usually cool heading into winter. Apartment occupancy hit a new high of 97.5{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} in November, according to RealPage, a real estate technology platform. The rate is up roughly 250 basis points from the long-term norm of about 95{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} going back over the past three decades. The annual increase in asking rents for new move-in leases hit 13.9{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} in…
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