Property Grunt

Wednesday, October 05, 2005


I just got this press release from the Real Dealpodcast. All I have to say to that stuck up broker with that listing. LOOOOSSSSER!

FROM: The Real Deal magazine

For Immediate Release

Wondering if anyone in real estate would ever say a $1 million one-bedroom might be a bad thing? Listen to Paul Purcell.

October 6, 2005 (New York, NY) ­– Paul Purcell spoke truth to broker power in a recent conversation with The Real Deal magazine as part of its regular podcast series.

Dispensing with cheerleading for any firm or developer (including his former firm, Douglas Elliman, where he rose to become president in the late 1990s), Purcell talked frankly about the absurd asking prices for some New York City apartments and the possibility that some brokers – not all, but some – may be... well, not that honest when dealing with clients. His remarks come at a time when several analysts say the housing market in the nation’s largest city may finally be cooling.

“The price of a Manhattan apartment is well over a million dollars now,” Purcell said. “We think that that's a really great, cool thing to say. I think that that's a scary thing to say.”

Purcell is a partner at Braddock + Purcell, a real estate consultancy that he founded with former Douglas Elliman general sales manager Kathy Mayer Braddock. The independent firm acts as an adviser to buyers, connecting them with brokers for a referral fee.