New York is like everywhere else, only more so. But its underlying buzz and inventive techniques give agents the edge in home sales. By David Berlyne
At 9am every weekday, tiny aluminium stalls line the sidewalks of Manhattan servingcoffee and bagels of much the same quality as in any Moorgate greasy spoon. But it is notthe coffee that wakes the workforce (most Americans have become immune to the effects ofcaffeine but are, nevertheless, hooked), rather how it is served. If you don’t tell thevendor what you want in two seconds, with dollars and dimes ready one second after, you’retoast.
The same is true of residential real estate. The gleaming new condo, or a renovatedbrownstone, is usually not much better than its British counterpart. It is the way it issold.
Smudging the facts
What’s the difference between New York brokers and their English counterparts? Well,they charge a high 6% – but it’s more than that. Take smudging.
Smudging is the Native American rite for expelling negative energies, or”gooks”. The smudger rings bells and burns incense and, four hours and $750later, declares the apartment cleansed. Smudging for sales is not uncommon in NY – eitheras a publicity stunt for new developments or a last-ditch attempt for selling anundesirable property to a superstitious client. It sounds crazy but, then again, Feng Shuiis now mainstream.
Smudging aside, New York real estate brokerage is done with professionalism and plentyof invention. Corcoran Group is the firm pushing the envelope in selling luxury NYCresidences. The corcoran.com website (I would say a “must see” for any Britishprofessional) sold $45m of apartments in six months. It ensures its clients the highestpossible offer in the fastest possible time. One of its agents tours the city in aRolls-Royce, selling condos and co-ops pre-build by video in the back seat.
A great deal of effort and thought is also put into more conventional marketing. Askingfor information on condos in the Chelsea area of Manhattan elicited a canvas bag decoratedwith the name of the scheme. Inside, a glossy brochure and a child’s binocular-typeViewmaster, complete with slides of the development. Not a boring A4 sales particularssheet to be seen.
But the marketers have no monopoly on bright ideas, although to look at an averageapartment building, you may think property development is more of an oxymoron thanmilitary intelligence. In Manhattan, there is a sharp distinction between super-luxury andthe rest. We think of New Yorkers as being very demanding, but when it comes to apartmentsthey, too, are limited by budget.
Mid-range properties – decaying brownstones with small, poorly appointed apartments -are not worth talking about. For those who can afford over $1,000 per sq ft for athree-bedroom, it’s a different story. The luxury buildings fronting the western edge ofCentral Park are replete with private spas and wine cellars, butler service from thebuilding’s four-star restaurant, five-star hotel-standard concierge, valet parking forbicycles as well as cars – the list grows as the owners provide ever more amenities tocomplement the occupants’ lifestyles.
Home help for workaholics
Before you think it is only those up on their luck that get the attention of the NewYork real estate industry, allow me to introduce “Suddenly Single” – help forthe hard-working Joe who has just been kicked out of the family home for pulling one toomany all-nighters (at the office or elsewhere).
The Envoy Club, which hosts the scheme, offers extended-stay luxury rooms, with faxmachine and ISDN, at rates far lower than five-star hotels. On arrival, guests receive alist of the city’s finest divorce lawyers and therapists, self-help tapes and aromatherapycandle. Suddenly Single has been a success and the Envoy Club was fully booked in August(don’t tell my wife that I asked).
A final thought. Too much is made of the differences between the American and Britishcultures. I still wonder what the famous American Way of Life is, and how it differs fromwhat I was accustomed to in England. The UK real estate industry must not be myopic. Thereare tricks to be learned, from America and elsewhere. Further research is needed, don’tyou think?
