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Million Dollar Listing - New York; Fredrik, Ryan, and Michael
Topic Started: Mar 22 2012, 01:31 AM (9,396 Views)
cccharley
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I haven't watched. Did they feature Trump Soho- which isn't soho btw it's west of real soho. There were so many scary problems with that building including a death or two I'm surprised it got open. Do they still have condos or condo time shares on the top floors of it?
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IcyAll
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I used to live at Charles and Washington -- that building must be on the same block. I wonder if Bloomberg let them get rid of the buildings I lived in to create that monstrosity. Definitely casts a shadow. He sucks so hard he could put Dyson out of business.
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weaver
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cccharley
Aug 4 2013, 01:24 PM
I haven't watched. Did they feature Trump Soho- which isn't soho btw it's west of real soho. There were so many scary problems with that building including a death or two I'm surprised it got open. Do they still have condos or condo time shares on the top floors of it?
Yes they featured Trump Soho and inside is is ugly is outside. There was a construction death there not too long after the crane deaths in my neighborhood. Speaking of my neighborhood they restarted building the apartment that had the crane collapse and seven deaths. I was told last week that a new crane will be coming in in a couple of weeks. We had five years of peace and now the nightmare begins again.

Trumps mess is a condo/timeshare. The apartment/hotel room was so small it was a disgrace. It made me laugh because ivanka is always posting pictures of the views from that hotel making them look much nicer than they really are.

Frederick's sold one apartment for $1.5ml but I forget how many days the owner would be allowed to stay there. Then when you're not there you have to store all your clothes and retrieve them when you return. The owner of the condo gets a percentage of the rental proceeds, it didn't say how much.
Edited by weaver, Aug 4 2013, 02:17 PM.
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cccharley
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They started that stupid project in the middle of the RE bubble. I was thinking they would go bankrupt on it - well not them but all the investors but I guess they got it open. The time share thing is so stupid. They have them at the St. Regis too but I guess I can understand that area being for foreigners who come in a certain time every year but I still find it stupid. Not like an island where you vacation at the beach every year. I suppose the people who buy this stuff just have money to burn. It's absurd. I don't really understand about the clothes thing. If you only own it for a month or two wouldn't you never leave your stuff? Or does one person own it year round and then you rent it from the real owner? I don't get it. Anyway, I doubt anyone cooks in it. They bring 10 suitcases - yes like you Teresa - and the pack up and leave. Enjoy the city since they have the money to do it and then leave. Guess it's not that successful. Wonder how many are left.

Ivanka is one smart and gorgeous lady though. She blows her brothers away.
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IcyAll
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Weaver, they said you could be in it 120 days a year. That's long enough for many traveling/international types. And it's furnished, so if something wears out or is ruined by a hotel type, the building replaces it. Like leasing an expensive car, I would imagine.

When I was living in NYC, the one jury I ever got picked to be on was for a case involving an upper East Side woman who was suing her building's management because while she was traveling for several months, the son of the building manager lived in her apartment without her permission and messed up some stuff. He just took the keys from the peg board and used the place for having sex with girlfriends. (They ended up settling before it went to trial.) -- so I can understand the lure of "it's mine when I want it, in great condition, I can use the address and get mail year-round, etc." without the hassle of leaving an empty place.

I guess if one year you wanted to be there more than 120 days, you could pay extra but not as much as a regular hotel guest. ?
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cccharley
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You can only do more than 120 days if nobody else bought the other weeks. That's how a timeshare works. Perhaps they can find you a different apt in the bldg but not he same unit. I don't think it would be much cheaper for that level of service. It may be even more expensive except that perhaps you can rent out the days you aren't there -or perhaps you cannot and that is left up to management and then they get a cut by renting it for you. With the Trumps you know they are doing anything to make maximum profit while putting as little investment as they could. You'd have to read the offering plan carefully to see what is allowed or not. I would think that you buy your part of the year and then you pay a yearly fee for maintenance and service so that if you didn't use it it may be like a regular TS and you still would have to pay.
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discomom
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I don't think it is a timeshare. From the way it was explained on the show, you own the condo, can live there 120 days/year, then when you are gone it is rented out like a hotel room. You leave and maid service comes in to make it ready for the hotel guests. And supposedly you get a cut of that, as was mentioned above.
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cccharley
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So in other words it's yours for a certain number of days but anybody else can rent it out as a hotel but not for an extended period of time. Sounds like a time share but anyone can come in and use it as a hotel room. It's weird. What would you pay if you wanted to live there year round or for extra days? The hotel rack rate? As I said they have some of these things at the St. Regis and I think the Ritz does some of these too.

st. regis calls their's a time share= here's two examples - one is full time - you buy it and then pay the maintenance too
http://streeteasy.com/nyc/sale/917992-timeshare-2-east-55th-street-midtown-new-york
http://streeteasy.com/nyc/sale/799898-timeshare-2-east-55th-street-midtown-new-york

it's still a condo ownership with fractional ownership. Maybe they did a different think down at Trump - wouldn't be surprised. With a TS you can rent it out too but they sell the other weeks.

So I looked at the Trump Soho listings and a lot are being sold commercially - as in to companies vs. personal. Guess the wall street companies are buying them to put up clients or workers who come in to town. It is a different set up but it just sounds so silly to me. I guess it's great if NYC is selling out but if tourism declined you could lose. They are marketing it as an investment property.
Edited by cccharley, Aug 4 2013, 07:44 PM.
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discomom
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I think it sounds silly, too ccc.
But I guess if you are a foreigner with money to invest who comes to NY regularly to shop/enjoy/business, it might make sense as an investment. Or as you mentioned that businesses/corps buy them for clients, or employees from out of town branches who come in for business.
Obviously, I don't have that kind of lifestyle!
Edited by discomom, Aug 5 2013, 09:49 AM.
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weaver
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What puzzled me is how could I call them at the last minute and say I was coming and wanted my apt/condo (Trump does NOT want it called a timeshare :) ). What if it was already rented for the night? How much notice do I have to give them?

What's great about a hotel though is getting room service and maid service. My friend fed cats in the Sherry Netherland for years, she was allowed to stay in the apt when the family was away. The maid cleaned every day, and she called for room service for meals on their dime.

Trump looked so scummy; he wore that big long overcoat, which is supposed to disguise the fact that he has gained a lot of weight.
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cccharley
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It sounds very complicated and probably was done that way on purpose. I suppose they'd have to give you another room or move the other person or else you have to give them specific dates - just like a time share. I remember when they first discussed it before the stupid thing was built and I was like what??? I didn't get it either.
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discomom
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Just saw that Bravo has renewed MDLNY for a third season.
http://www.deadline.com/2013/08/bravo-renews-million-dollar-listing-ny-for-third-season/
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cccharley
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Why Luxury Listings NYC is dropped outside my door I have no idea, however, I glanced through it and on the end page there is a meet up with all your favorite Bravo RE execs. Oct. 10 from 6-8 at 136 Greene st, Tui Lifestlye's Soho showroom rsvp@llnyc.com = space is limited -best hurry - lol. It's a party so I guess you'll get cheap wine for free!
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Freely
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Please go, ccc, and report back!!
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IcyAll
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OH, please!! Take one for the team!
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