« Residential Rents in Brownstone Brooklyn Receding Bungle in the Concrete Jungle: The MTA and 370 Jay »

January 6, 2009

4 Percent Is The New 3 Percent

NV-Williamsburg-0109.jpgAt new developments, anyway. According to The Real Deal, developers with a lot of units to move have been sweetening the deal for brokers by increasing the standard 3 percent commission to 4 percent, or even 5 percent. "It's the norm for buildings that were undersold when the crisis hit," said Michael Signet, of Bond New York. Both the Belltel Lofts in Downtown Brooklyn (which is now about 50 percent sold) and NV in Williamsburg have upped the ante so far.




Posted by Brownstoner at 10:14 AM | Comments (11)
Categories: Market

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/7809

Comments

"According to The Real Deal, developers with a lot of units to move have been sweetening the deal for brokers by increasing the 3 percent commission they used to pay in boom times to 4 percent, or even 5 percent, now."

Knowing this, nobody should be buying.
Let the f*cking brokers starve!!!

Posted by: bayridgegirl at January 6, 2009 10:22 AM

Anybody KNOW the percentage sold at NOVO on 4th Ave in Park Slope?

***Bid half off peak comps***

Posted by: Brownstones Half Off at January 6, 2009 10:36 AM

This is the slimy low end of the brokerage community. Or should I say the slimier end. Century 21 listings!!!!!!

Posted by: daveinbedstuy at January 6, 2009 10:37 AM

BHO - the NOVO Hospital started receiving ER patients about a month ago apparently.

Posted by: dittoburg at January 6, 2009 10:45 AM

"Knowing this, nobody should be buying.
Let the f*cking brokers starve!!!"

Huh? If someone wants to buy a place who cares what commission a broker is getting? The developers are paying the commission not the buyer. Why do you feel so strongly about the issue?

Posted by: PHfamily at January 6, 2009 10:55 AM

"Anybody KNOW the percentage sold at NOVO on 4th Ave in Park Slope?"

Oh! Oh! Can I guess??? Please! About 0%?

The What

Someday this war is gonna end...

Posted by: Return of The What at January 6, 2009 11:06 AM

"Why do you feel so strongly about the issue?"

I guess you haven't heard about what's going on in the real estate market. Let me not be the one to inform you!

Posted by: bayridgegirl at January 6, 2009 11:09 AM

My only point is, if developers want to spend more of their money let them. They have been the ones destroying the market and housing inventory (bad design, insane pricing and destruction of older more beautiful places). Increasing a broker’s commission won't make new interested buyers appear out of thin air....that’s all. Maybe I am saying let the developers starve!

Posted by: PHfamily at January 6, 2009 11:31 AM

"if developers want to spend more of their money let them. They have been the ones destroying the market and housing inventory"

Along with the many brokers that over inflated housing prices.

Posted by: bayridgegirl at January 6, 2009 11:44 AM

How about all of the mortgage brokers/bankers/banks who approved mortgages for unqualified people, approved HELOC’s at an artificially inflated value, willing sellers who listed their places at inflated prices or FSBO's who did the same? I guess they had nothing to do with the collapse of the market.....
Regardless, the article is about developers paying a higher commission. So I repeat, let them spend their money.

Posted by: PHfamily at January 6, 2009 11:59 AM

Yes, PH...agree, all of them also had a hand in this.
Suffer ye all!

Posted by: bayridgegirl at January 6, 2009 12:08 PM

Post a comment

Please be patient while your comment is published. It may take a moment.

Latest Restaurant Additions