pjbooks Chapter 5 Buying and Selling Houses
Chapter 5 Buying and Selling Houses
Chapter 5 Buying and Selling Houses
"Of course, no problem. The entire apartment building has just started selling and boasts comprehensive property management and services," the agent immediately said enthusiastically. "Mr. Lin is single, so the smallest unit is perfect for you."
"Moreover, the apartment offers housekeeping services, but the overall decoration style of the apartment has already been determined, so the owner can only make adjustments in terms of functionality."
"For example, the three rooms could be used as bedrooms or studies. Is that acceptable to you?"
"No problem!" Link nodded and said, "I don't have much artistic talent, so I'm more inclined to trust the designer. As long as the quality is good, that's fine."
"Of course, you can rest assured about that." The agent immediately stood up. "Shall we set off now?"
Did you drive?
"I have a motorcycle, let's meet at the apartment!" Link said. "If you're satisfied, I won't look at anything else. I'll just schedule an appointment with my lawyer, and we can sign the contract at a set time."
"However, I'd like to know about the payment methods, since the house I currently live in needs to be sold. Can I pay a deposit first?"
"Of course, we have multiple payment methods and can also process loan applications for you." The agent didn't care about the payment method at all; as long as Link signed the contract, he would get his commission.
Link rode his motorcycle ahead, while his manager drove himself, so Link arrived first.
This apartment is located southeast of Central Park, a prime location. If Link buys the penthouse, he can overlook Central Park from his home.
Land surrounding the Central Apartments has always been in high demand; buying even a single plot represents a fortune.
The smallest apartment Link had his eye on was over 220 square meters and priced at $2.4 million. It came with luxurious renovations, furniture, and all the necessary soft furnishings.
That's equivalent to a price of over ten thousand US dollars per square meter!
It was definitely not cheap in those days, but Link felt it was pretty good. Including cash and the proceeds from the sale of his house, the money was almost enough.
In this way, he doesn't need to win too much when he goes to Las Vegas; a few hundred thousand will be enough, since the purchasing power of the US dollar is very strong.
However, Link still carefully activated X-Sight and looked the entire apartment building over from top to bottom. He confirmed that there were no problems with the quality.
"This place is really nice. It seems I don't need to look at any others," Link said to the real estate agent.
"That's a wise decision. Looking at too many options only leads to too much hesitation." The agent was pleased and praised Link. "By the way, how do you plan to pay?"
"I'll pay the deposit, and then I'll start the process of selling the current house," Link said.
The agent, naturally unwilling to miss this opportunity, immediately asked, "May I ask where you currently reside?"
"Of course, I live on XXX Street in Queens, which is a middle-class neighborhood. It's a three-story townhouse built in the 1950s, and it should be worth over a million dollars," Link explained. "It was left to me by my parents."
"Oh, so that's where it is!" As expected of a real estate agent, he immediately knew the exact location. "Mr. Lin, you're really lucky. This development company has properties there that they're interested in acquiring."
"Huh?" Link was taken aback. "A development company acquiring the property?"
"Yes, they don't just do development; they also have a rental business," the other person explained. "They have quite a few properties in your neighborhood."
"These kinds of acquisitions have always happened, but they are selective about the location. For example, in your area, the buildings are mostly from the 1940s and 50s, and the location and surrounding environment are good, so they will make acquisitions."
"They can rent it out normally, but once they've acquired a certain number, they'll develop it."
Link suddenly realized that land in New York, especially in Manhattan, is extremely rare and highly competitive.
A single real estate development company cannot survive by selling houses alone; every project is meticulously crafted to maximize profits.
Furthermore, additional revenue is needed to keep the company running.
"And what about the price?" Link asked. "Their acquisition price won't be too high, will it?"
"No, the price is usually the market price, or even a bit more, since they make money renting it out, and it's for their long-term interests," the real estate agent said. "Besides, it's very convenient for you now; you can stay here until the project is finished."
"Okay, then let's talk to them. But aren't you going to earn your commission?" Link asked.
How could a real estate agent like this not earn commission?
"Lin Xinsheng, our real estate brokerage company also belongs to this development company," the agent explained to Link, clearing up Link's doubts.
It seems he still doesn't understand business matters very well, but it doesn't matter. Since it's convenient for him, he doesn't need to hesitate.
"Sure, as long as the price is right," Link readily agreed.
The rest is simple. The other party is asking for $1.8 million for Link's current house, which is not a low price. However, Link owns the land title, and that's what the development company values.
Of course, this apartment was originally purchased for just over ten thousand US dollars in the 1950s by the original owner's grandfather.
Link readily agreed, the transaction went very smoothly, and Link was able to continue living there without having to pay rent.
Link then signed a purchase contract for the penthouse apartment and began communicating with the design team at the development company.
The overall style is fixed, and Link doesn't dwell on the style issue; he simply adjusts the function of some rooms.
One of the public restrooms was converted into a laundry room. With just this minor adjustment, he didn't need so many restrooms. Link wasn't a native American, and he didn't like to hold parties at home.
He'd rather spend money to go out and hold it if necessary. Link himself is a homebody, and his reason is pretty good: sunbathing.
The only problem now is that Link is out of money. He may be able to make ends meet, but he can't afford the annual property management fees after moving into the apartment.
But there's no rush now. He used his remaining rest time to start tidying up his house.
The furniture doesn't need to be moved; it's all been acquired by the development company, so they can rent it out directly, requiring only some simple repairs.
After all, the long-term goal here is to develop new real estate projects, and renovation would be a huge waste.
(End of this chapter)