The Chelsea Modern

The New York Times is reporting that new building Chelsea Modern, located on West 18th Street, and available through CondoDomain, is offering their current renters a 10% discount to become buyers. Luckily for some, and not so lucky for others, many buildings are offering such details, and many owners are finding themselves in the situation of convincing their renters to leave.

Here’s what went down. When the market crashed, many owners opted to rent out their properties rather than settle for devastatingly low purchase offers. Many didn’t even have purchase offers to consider; renting out their properties became the only way to stay afloat until things picked up again. However, now that the market is beginning to pick up, many of these accidental owners have found themselves in difficult positions, as they’ve got buyers on units that are currently happily occupied by renters. Owners can’t force a tenant out of a residence without taking them to court in New York state, though they can hope that their potential buyers will wait things out until the current tenants lease ends. Most potential buyers, however, aren’t so hot to wait around and see how things play out. They hear there’s a tenant in place, and they run.

Other issues for owners involve the showing of a given home. Because renters don’t have to worry about the resale value of a given residence, they’re less likely to keep it up nicely. Showing a renter’s home often means showing a home amidst the toys and clutter of family life, which might prevent a potential buyer from being able to visualize themselves in the space.

Says The Times: “The renewed interest in such properties is one indication that the New York area residential real estate market may be starting to stir. But indicators of the market’s health are still mixed. The number of condo and co-op sales in Manhattan was up 8.4 percent in the fourth quarter of 2009 compared with the fourth quarter of 2008, and it was 10.9 percent higher than the number of sales in the third quarter of 2009, according to a report prepared by Miller Samuel, the real estate appraisal firm, for Prudential Douglas Elliman.”

What to do? Well, for starters, if you are a buyer, or a renter looking to make your move into a home you own, today’s the day!

Get started at CondoDomain, and get cash back when you sign!

Interested in the Chelsea Modern? Check it out here!