One of New York City’s top 50 real estate brokers for several years — per The Real Deal — Richard recommends trying before buying, because a residential hotel offers potential buyers the unique opportunity to audition an apartment and its location before buying. “Armed with first-hand experience, the would-be buyer can make an informed decision because he will have experienced the building, area and amenities before making a long-term purchase commitment.” He continued: “Imagine how this helps buyers who know little about local sites.”
He further explained that the cost of a hotel room does not compare to the expense, time and trauma of making a wrong purchase decision, especially when the buyer is unsure if a particular apartment is right for them. By testing the apartment beforehand, the buyer can address all his concerns before making a commitment. This is a win-win situation for everyone.
Gianfranco Garibaldo, a high-profile international client of Richard’s, was searching for a downtown home recently. Gianfranco viewed a few downtown hotels and residences — his preference — and could not decide between the Ritz Carlton, 75 Wall Street, 5 Beekman and the W. Richard recommended that Gianfranco stay overnight in each of the hotels to “experience” the spaces.
Said Gianfranco: “I had the luxury of actively participating in my search in a novel way. When I finally committed to my decision, I knew that my broker and I did everything that we could to choose the best place for me. It was a wonderful addition to the apartment search besides the market analysis, show-sheet, walk-though, property description and photos that affected my purchase.” He added: “It was the ability to have a hands-on approach to really see what it may be like living in the building together with the wisdom of my broker who knew the properties inside out.”