The client, an owner of a one-bedroom condo in Midtown West, faced a dilemma due to changing regulations. The condo served as a pied-a-terre for the owner and was listed on short-term rental platforms like VRBO and Airbnb. However, with the recent changes in the building regulations, short-term rentals were no longer allowed. Furthermore, the client was aware of the potential changes coming to NYC. The proposed laws would limit or eliminate short-term rentals altogether. Given these challenges, the client could have opted for a long-term tenant or to sell the apartment. The client was not interested in managing a long-term tenant. The decision was made to sell the apartment.
The client’s one-bedroom condo in Midtown West was primarily used as a pied-a-terre and was listed on short-term rental platforms when not in use. However, with the recent changes in building regulations and the possibility of further changes in laws, the client was facing the prospect of having to rent the apartment on an annual basis or sell the apartment. The owner had already rented the apartment out to several short-term tenants for periods ranging from 3 to 6 months. The seller was not interested in managing long-term tenants. Therefore, finding a buyer for the apartment was crucial to avoid any financial losses.
The client enlisted the services of our team to help find a buyer for the apartment. However, to defray carrying costs, the apartment needed to continue being rented on VRBO and Airbnb. To accommodate this, we designed a program to schedule showings around the short-term rentals. This program included informing the short-term tenants in advance that showings might be scheduled 24-48 hours before and coordinating with a cleaning service just before each showing to ensure a good impression for prospective buyers.
The apartment received several offers after several showings, including a pause during the summer due to the short-term tenants. The offers were made from potential buyers who were looking for a pied-a-terre in New York City. The final selling price for the apartment was within 3% of the original asking price.
With our support, the client sold the apartment to a couple from California successfully. The buyers’ dream was to own an apartment in Manhattan that could serve as a pied-a-terre. The sellers were pleased with the outcome, as our efforts resulted in a selling price that was within 3% of the original asking price. By coordinating showings with short-term rentals and ensuring the apartment was in pristine condition for each showing, we were able to find a suitable buyer for the client’s apartment despite the changing regulations.
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