Paying $100K for a parking spot sounds totally ridiculous. Unless, that is, that spot would sell for $125K two years after it was purchased—in which case, it’d be a better investment than most traditional real estate has been lately.
They’re known as “FSBOs” — properties that are For Sale By Owner. Often, these homes are listed by property holders who want to save a real estate agent’s fee. So it was a sweet tale for every real estate agent to hear that Colby Sambrotto, one of the founders of Internet listing site FSBO.com, hired a real estate agent to sell his $2 million condo.
From Boston to Miami to Brooklyn, condo sales are up dramatically. Does this mean that they’re officially back? Well, not quite.
Condominium owners are a very specific breed: willing, if not eager, to give up the privacy of a single-family house in exchange for handing over the burdens of maintenance, lawn-mowing and pool-cleaning to someone else.
A real estate piece in today’s New York Times made the case that demand is robust at high-end rentals, where monthly rent starts at $10,000. The picture is half-right. As an agent who has a sub-specialty in these kinds of properties, I’d argue against that.
It’s not just about avoidance techniques. Also covered: What’s the most economical sandwich to make at home? If you’re thinking PB&J, you’re wrong.
