Property Grunt

Saturday, October 07, 2006

Not another broker open house: Part 2

Remember my entry awhile ago Not another broker open house?

I walked by that development yesterday which is east of 1st ave on 59th street where in front of the building there were mountains of TVs, dvd players and stereoes. I assumed that these were incentives that were given to the new owners. But after inquiring why the sidewalk had become a dumping round for all things Sony, I learned that these appliances were to be installed in the apartments for they were now rentals.

It seems that the condo to rental conversion has become the rage becasue there are no buyers and the market has pretty much popped. What does surprise me is why these items are being installed into these apartments. Perhaps the owners intend to create an air of moder sophistication. I think it is a complete waste of time and money. First of all TV's, DVD players and stereos are constanly being updated so whatever they are installing now will look pretty antiquated by next year. Also people do not rent an apartment because of a tv or dvd player. They rent it because it suits their needs. The owners would have been better off just using the money for OPs because with a building that far east they are going to need the help of brokers to get them rented out.