“In nine weeks, the borough has seen just 25 luxury homes enter into contract....”
I’m reminded of the Jack in the Box commercial where Jack is standing outside a corded off area where a guy is sitting inside with a sign that says answers, $1 Million dollars. Jack asked him if he had any takers. The guy said no, but it only takes one.
The typical real estate commission in NYC is 5% to 6% of the sale price. If that three-bedroom condo on the far West Side has an asking price of $5.15 million, that’s a medium commission of $283,250 for that one sale for the realtor. The average salary in New York, NY is $77k with a wages increase of 1.9 percent in Q2 2020. If you do the math, the sale commission for that one sale is around 73% more than the average yearly wage in New York. I somehow don’t think there is a problem there. You know they can sell housing for half what that condo is asking and still make make more than double what the average New Yorker makes in an entire year. In prospective, it’s a whining shame.
rwood
>>>I’m reminded of the Jack in the Box commercial where Jack is standing outside a corded off area where a guy is sitting inside with a sign that says answers, $1 Million dollars.<<<
>>>Jack asked him if he had any takers. The guy said no, but it only takes one.\<<<
So, did Jack pay the guy the Million Dollars when he answered his question?