Buying a Home in Manhattan -Extra Edition-

Four months have already passed since we moved into our new home.

We have bought new furniture and settled in,

but we can never give a sigh of relief in this city, even after buying a home.

Out of the frying pan into the fire.

We still can’t find a new tenant for the apartment our old apartment..

To break the lease, the management office asked us to pay in advance 

till the end of the contract, this August, because we had just renewed 

the lease last summer.

The management office said it would look for a new tenant, 

and if it could find one, they would pay us back.

So we reluctantly paid thousands of dollars.

When I look back now, it was a crucial moment of failure 

for this too-obedient Japanese couple.

We didn’t have a lot of hope of finding a new tenant easily 

during the holidays.

Even so, the building is so new, with luxury amenities and 

a convenient location, and residential turnover is so high 

that we thought it wouldn’t take long to find a new tenant.

However…..

we waited and waited, but there was no news.

Even if we contacted the management repeatedly, they kept saying

“ We’re still looking.”

My husband’s face turned impatient.

We were spending as much on the apartment where nobody lives 

as on our mortgage.

It’s money down the drain.

This situation was unbearable.

If nobody will take over the unit, can’t we get a penny?

The worst-case scenario crossed my mind.

I must avoid this situation by all means.

If we did nothing and relied on the management office, 

something bad would happen. I had a presentiment.

I started to contact real estate brokers and learned 

something unbelievable.

First, the management office listed the unit at an incredible higher price, 

raising the rent by $500 a month.

“ When you have already paid, they never search seriously,” 

one broker said. 

“They show other vacant units first. So I suspect that your unit 

has not been shown by anybody in these few months.”

What?! That’s impossible!

Were they pretending to search for a new tenant after getting our money?

If it’s true, that is a dirty trick.

Once again I have culture shock when I hear the broker’s words:

“This is New York City. This is the way of business here.”

We ask the office what is going on, but they just answer:

“ We are adjusting the price according to the market trend.”

Is an increase of more than 10% the market trend? 

Who believes that?

I was so frustrated.

Another broker advised us to consult lawyers, 

and it made me so nervous.

At the same time, another agent said:

“ When you rent a place, we Japanese brokers usually negotiate 

with a management office regarding breaking the lease, 

so you can leave easily even during the contract term for a little money.”

Oh, come on!!

Who was the broker who introduced the unit to my husband?

Please work hard…

I’m crying out inside. 

The broker was not Japanese, but a local agent my husband’s company hired.

If the brokers aren’t Japanese, it’s natural that they don’t know how to 

negotiate breaking the lease.

The broker continued,

“At least you should have negotiated with someone in the management 

before you accepted all their terms and paid.” 

Sigh… We could not take the advantage of the opportunity.

That broker  couldn’t do anything for us after the lease was signed and paid.

On the other hand, a different broker said,

“ In March, many Japanese business people come to New York,

 and that building is very popular among them. 

You will find someone soon!”

They were very easygoing and had the opposite opinion.

Different brokers say differently.

I’m confused about what I should believe.

How many times I’ve experienced this feeing since I came here…

Anyway, we keep contacting the management office persistently.

We thought that if we annoyed them, they might lower the price 

to the proper market rate.

We’ll never know until we try!

So, this was the beginning.

Once the price became reasonable, we had to start searching 

for a new tenant ourselves using our own networks.

And yet, I was surprised to hear that unit prices in New York City

increase about 5% per year on average.

In Manhattan, for a 1BR condominium rental, we have to accept 

a few hundred dollars’ increment when we renew the lease every one or two years.

From the first, that was why my husband wanted to buy our own apartment.

He thinks the real estate market in New York City will continue to rise 

and will never be in recession except in rare cases.

If we didn’t buy our own apartment as soon as we can, 

the price would be  beyond our budget in a few years.

We never thought we wanted to get money to invest, 

but the situation is very different from Japan.

I’ve never bought an apartment in Japan, but it is said that in 30 years, 

the value  of the house will be zero. In Japan, houses are not built to last 

long and people usually prefer new houses.

However, in New York City, 

how much will our new apartment’s value go up?

Well, if we earn some money in 30 years,

I wonder if someday we will be able to laugh about it, saying

“ That payment was our lesson fee.”

No, no. We will never laugh.

This lesson fee is too expensive.

Wanted: someone who needs a turnkey 1BR!