Re: there are other factors at play

In misc.news.internet.discuss, JAB  <here@is.invalid> wrote:

    Some renters may be holding out for better deals or waiting to
book, but brokers privately say there are other factors at play.
 
https://www.cnbc.com/2025/05/30/luxury-summer-rentals-hamptons.html

   "People are holding on to their money," said Enzo Morabito, head of
   the Hamptons-based Enzo Morabito Team at Douglas Elliman. "They don't
   like uncertainty."

Down the block from me is a building on a double wide lot that was a
teardown and sold to a developer about seven years ago for around $2
million. After a few years negotiating with the city for permits and
over the plans, work started about two years ago. It came on the market
as three properties (but six units[*]) about four months ago. The
largest single property was priced at $3.5 million, but it only sold
for $2.5 million. The other two are pending at $2.1 million and $1.7
million. The developer isn't losing money but they came on the market
just as Trump fucked up the economy, so the pricing is depressed.

I feel like the poorest person on the block regularly.

[*] San Francisco law allows "accessory dwelling units" as a way to ease
    the home shortages. They can't legally be sold separately but they
    can be rented. The number of ADUs is limited to the number of
    regular apartments on the lot. So the developer doubled the the
    apartments on the log but one buyer needs to become a landlord.

    The developer built parking spots in the garage for the three
    standard units, but the three ADUs get nothing.

Elijah
------
it's a really ugly building