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With a bad economy and so many empty buildings...

post #1 of 9
7/7/09 at 12:31am
Thread Starter 
I am planning to move out of my current building in 7 weeks. I have put it off long enough. Planning to move into one of those luxury condos. My current apartment is nice inside the apartment but the building is a pile of shit and I swear they are letting section 8 people in now. It's going downhill. Only reason I stayed so long is it's across the street from my office. What I don't understand is why with so many empty buildings why the prices are still so high. If anyone is familiar with Englewood NJ you know they have opened up 3 huge complexes that I know of and they are all sitting with only half the apartments rented. Just wondering how these buildings can sit like this for 6 months and the prices never drop and the owners don't freak out? I will go check out the buildings I am interested in in 4 -5 weeks. I have a feeling I can talk them down. Most are $1600 for a one bedroom. I would love to get a 2 year lease for $1400. $1600 won't kill me but $200 in my pocket is better then someone elses. Will they just laugh me out of the leasing office? LOL
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post #2 of 9
7/7/09 at 1:06am
Not familiar with NJ, but in TX, they have to offer everyone else the same price they offer you - so that's why they're being so stingy with the price drops around here....
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post #3 of 9
7/7/09 at 1:08am
if you only had all the money upfront for the condo you could talk them down even more "(dollar amount) for this condo (which will be like 35% discounted) or the deal is off" then you show them a check for that amount... balla lol
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post #4 of 9
7/7/09 at 1:20am
Quote:
Originally Posted by turboman808 View Post
I am planning to move out of my current building in 7 weeks. I have put it off long enough. Planning to move into one of those luxury condos. My current apartment is nice inside the apartment but the building is a pile of shit and I swear they are letting section 8 people in now. It's going downhill. Only reason I stayed so long is it's across the street from my office.


What I don't understand is why with so many empty buildings why the prices are still so high. If anyone is familiar with Englewood NJ you know they have opened up 3 huge complexes that I know of and they are all sitting with only half the apartments rented. Just wondering how these buildings can sit like this for 6 months and the prices never drop and the owners don't freak out?


I will go check out the buildings I am interested in in 4 -5 weeks. I have a feeling I can talk them down. Most are $1600 for a one bedroom. I would love to get a 2 year lease for $1400. $1600 won't kill me but $200 in my pocket is better then someone elses. Will they just laugh me out of the leasing office? LOL

I think if you're definitely willing to sign a 2 year lease that'll help your case. Just go in and negotiate for a 1 year lease and tell them that you're willing to sign a 2 year lease if they lower it even more.
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post #5 of 9
7/7/09 at 2:09pm
Thread Starter 
Quote:
Originally Posted by dsgNYC View Post
I think if you're definitely willing to sign a 2 year lease that'll help your case. Just go in and negotiate for a 1 year lease and tell them that you're willing to sign a 2 year lease if they lower it even more.

Yeah I think that might work. I am mostly interested in one building but I got 5 in the area to chose from.
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post #6 of 9
7/7/09 at 5:17pm
Turbo - in some markets, especially in the formerly hot ones, the buildings are pretty highly leveraged. Because of that, the banks will a lot of times put some pretty restrictive covenants onto rental rates to protect the value of the asset. Dont ask me the logic, but it seems that they would rather they sit empty then take less rent for them. the LL's are stuck in the middle because as much as they would like to take .75 on the 1.00 if they re-open the loans to modify the covenants that were signed, they open themselfs up to other changes, including the bank changing the terms and LTV's etc.. I see this alot with the retail properties I deal with, but those are usually in terms of one or two spaces, not 10-20 units in a condo. That said, dont be afraid to ask them to lower the rent. Go in to the one you like the most and tell them that you like it, but there is a similar one across the street thats 200/m less. Ask them to meet you half way, or throw in some free rent. If you have good credit, keep bringing that up.
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post #7 of 9
7/7/09 at 6:59pm
I think knocking it down from $1600 to $1400 and signing a 2 year lease is absolutely reasonable. In fact, I'd ask them to throw in even more, maybe for $1300, or a free month or two of rent.
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post #8 of 9
7/7/09 at 8:35pm
If you have the money to pay for the year in full they definitely will negotiate with you. I gave me landlord a figure that 20% lower and he came back with a number that was pretty close. Its a shame I don't wanna live at the same place anymore; but if you actually write out the check and hand it to them, they know your not fucking around and mean business.

Negotiating doesn't hurt anyone; you never know!
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post #9 of 9
7/8/09 at 12:33am
Well, over the years Englewood has become a somewhat trendy and "hot" for a suburban town, and it's proximity to NYC is a huge plus. I had taken my GF to dinner a couple of months ago which had also been my first time in Englewood since I was younger and was impressed with how much the town had changed.

Although, the prices seem high in a soft market there is always room to negotiate.
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