Kayla was in town last week for her sister’s college graduation. We didn’t get a chance to put it on video, but we did discuss what it’s like to sell homes in Manhattan!
Her team has several listings, and she does open houses regularly. The format there is quite different – they only do open house for an hour, and don’t use any signs, so the only people who come are those who see the advertising.
But it works – she has sold two homes to buyers who came to the open house, and bought it!
The negotiation process is unbelievable though. In California she got used to making written offers on our standard forms that have a three-day expiration date built into the boilerplate.
But in New York City, they negotiate verbally, which leaves it wide open for the listing agent to take days or longer to respond. It might be worth waiting to see if there were other offers if it’s a new listing, but I wouldn’t want to frustrate a ready, willing, and able buyer in a shaky market.
Once they come to an agreement between buyer and seller, they memorialize it by email. Then the lawyers go to work, and 2-4 weeks later they finally deliver contracts for signature. It seems like an environment ripe for shenanigans, because nothing is signed until then.
There is one other head-shaker.
They don’t do dual agency. Instead, when she brings the buyer for one of their own listings, they sign a form saying that they are unrepresented – no agency! I would imagine that there still has to be some assistance provided to get the deal closed, but technically their lawyer is the only one that is on their side officially.
I asked her about the Compass broker who said on camera that the home values in Manhattan have dropped 10% in the last year, and she said it’s probably true on the higher end, but entry level (under a million) is still hot. Here’s an example – she sold this home while she was here, and got within 3% of list:
Because a 1br/1ba, 759sf home with a HOA fee of $1,335/mo that’s priced at $899,000 is out of reach for many, the rental market is hot too. Kayla has helped a couple of people from San Diego find a good rental!
If you, or someone you know is thinking of moving to the Big Apple, contact her– she’d love to help bubbleinfo readers!
The San Diego premiere of Owned, A Tale of Two Americas is scheduled for a matinee showing on Saturday, March 23rd at the La Costa Cinepolis!
The producer, Giorgio Angelini, will be here and we’ll do a Q&A session after the film. I’m hoping to talk him into bringing an outakes/blooper reel too. There will also be a reception/party afterwards onsite. Our two daughters, Kayla and Natalie will also attend!
This will be a private event, with no tickets sold. Seating is limited.
If you’d like to come, email Donna at firstname.lastname@example.org
Here is a link to previous blog posts and the five-year history of the project:
I’d like to think that Kayla has had the best upbringing of any realtor because she got to hear the sage advice from Doug Harwood – here we are in July, 2014 but his thoughts might be even more relevant today:
Know anyone who wants to buy, sell, or rent in NYC? Contact Kayla!
Who would’ve thought a girl would leave a place with 70-degree weather and sandy beaches, for somewhere with feces on every block and public transportation that smells like a mix of salami and body odor?
YEAH I’M CRAZY. But what NYC has that California doesn’t have is the 9 million driven people that get up every morning to CRUSH their day. The passion in this incredible city is invigorating. It pushes you to your limit. Whether that means at work in your cubicle, or on a rooftop at a 3-story bar.
I can honestly say that moving here is one of the top 3 best decisions I’ve ever made – the other two being going to University of Oregon and studying abroad. And being part of the William K. Bolls team has made every day at work a dream! I live everyday like it’s my last (ugh cheesy I know) and I’m just excited to see what happens next!
Cheers my friends!
The Ides Bar – Williamsburg
Sitting on top of the Wythe Hotel, the Ides Bar has some of the best views across the East River! They have a full bar with a small plates menu – you can never go wrong with a grilled cheese. It is a first come first served without a reservation so make sure you don’t miss out!
I think it’s safe to say that NYC has some of the best Italian restaurants and Cafe Altro Paradiso does NOT disappoint! It is a modern twist on traditional Italian cooking. CAP also has an amazing atmosphere with high ceilings, marble bar top, and dimmed lighting. My favorites so far have been the Carpaccio and the Candele Cacio e Pepe.
Hell’s Kitchen is known to have some amazing restaurants and Aria Wine Bar is definitely one of them. It is a perfect place for a girl’s night out, a birthday dinner, or something where you don’t mind it being too loud because there’s always so many people here! The gnocchi is my favorite. It reminds me of the gnocchi in Italy where you can eat the whole plate and not feel crappy 5 minutes later. Now that’s some good stuff!
Chelsea – $1,225,000
LIGHT, VIEWS, BALCONY & LOCATION! Enjoy stunning downtown views from your very own balcony in one of Chelsea’s best-located doorman condo buildings. Perched on the 16th floor and facing south, this sunny 1 bedroom, 1 bath home has been upgraded with new floors and a beautiful bathroom.
Gramercy – $790,000
WELCOME HOME to this renovated 1 bedroom, 1 bath co-op apartment with low monthlies in Gramercy right next to Union Square! Sought after layout with large living/dining area and renovated kitchen with new cabinetry, counter tops and back splash. Beautiful new hardwood plank flooring, generous closet space and over-sized bedroom.
West Village – $525,000
Right between Greenwich and Washington – truly a quintessential West Village block! Move right in to this nicely renovated studio with southern light + leafy tree views, tons of pre-war charm, and a decorative fireplace. Newly installed oak hardwood floors and a custom Italian-designed kitchen, including below-counter Subzero refrigerator and Miele stove.
My wife Donna has been the unsung hero behind the scenes all these years.
But with Kayla’s departure, we have the marketing duties being absorbed by Compass support staff, and Donna sliding into KK’s shoes as a frontline realtor on top of all the regular things she does to help get escrows closed.
Kayla has been on the ground for less than a month, but she is fitting in nicely. Her boss William and fellow Corcoran agent Sam do a Facebook Live event every Tuesday, but William was gone today so Kayla pinch-hit in his place. I love her poise and professionalism – I hope she comes back to San Diego some day!
"Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community... more "
by Ann Romanello
"Jim educated us, helped us find the perfect house, and then negotiated us a great deal. I would hate to be sitting across the negotiating table from ... more "
"Jim is thorough and will be brutally honest about the homes he shows you. He provides great service and follows through until the very end and even ... more "
"I highly recommend Jim as a buyer’s agent. Working with Jim, we closed this week on a San Diego condo. Jim prepared a list of comparable sales to ... more "