Chapter 5: Buying and Selling Property

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"Of course, no problem at all. The entire building has just started selling, and it comes with full property management services," the real estate agent responded enthusiastically. "Since you're single, the smallest unit is ideal for you."

"Additionally, the apartment offers housekeeping services, but the overall interior design is already set. Owners can only make functional adjustments."

"For example, you can turn the three rooms into bedrooms or home offices. Does that work for you?"

"No problem," Link nodded. "I'm not really an artistic person, so I'd rather trust the designer as long as the quality is good."

"Of course, you can rest assured about that," the agent stood up immediately. "Shall we head out now?"

"Did you drive here?"

"I'm on my motorcycle, so I'll meet you at the apartment," Link said. "If I like it, I won't bother looking at others. We can set up a meeting with my lawyer and finalize the contract. However, I would like to know about payment options. My current home still needs to be sold. Can I put down a deposit first?"

"Absolutely. We offer various payment plans, and we can even help with mortgage services," the agent said, unconcerned about the payment method. As long as Linck signed the contract, they would get their commission.

Link got on his motorcycle and headed out first, while the agent followed in their car. Linck arrived at the apartment ahead of them.

This building was located southeast of Central Park, a prime location. If Link purchased the penthouse, he'd have a view of Central Park from his home.

The real estate around Central Park is always in high demand, and owning a property there is a great investment.

The smallest apartment Link was considering had over 220 square meters, priced at 2.4 million dollars, fully furnished with high-end interiors and décor.

That meant the price was over $10,000 per square meter!

In 2006, this was quite expensive, but Link was satisfied. Between the cash he had and the proceeds from selling his current home, he'd have enough to cover it.

This way, when he finally took his trip to Las Vegas, he wouldn't need to win a huge amount—just a few hundred thousand dollars would do. The purchasing power of the dollar was still strong.

Being cautious, Link activated his X-ray vision and scanned the entire building top to bottom. The quality seemed flawless, which made his decision even easier.

"This place is great. I don't need to see anything else," Link told the agent.

"That's a wise decision. Seeing too many options can just cause indecision," the agent said, smiling. "So, how would you like to handle payment?"

"I'll pay a deposit, then work on selling my current home," Link replied.

Not wanting to miss out on an opportunity, the agent asked, "Could I ask where you're currently living?"

"Of course. I live on XXX Street in Queens. It's a mid-range neighborhood with a three-story townhouse built in the 1950s. It should sell for over a million dollars," Link explained. "It was my parents' house."

"Oh, that's a great location!" the agent, being well-versed in real estate, immediately recognized it. "You're in luck; the development company I work for has been buying properties in that area."

"Hmm?" Link was surprised. "The developer is buying properties?"

"Yes, they're involved not only in development but also in property rentals," the agent elaborated. "In your neighborhood, they own several properties already."

"This kind of acquisition has been going on for a while, but they're selective. The buildings are mostly from the '50s, and your area has good surroundings, which is why they're interested."

Link understood now. Land in New York, especially in Manhattan, was incredibly scarce and competitive.

Real estate developers couldn't rely solely on selling properties to survive. Each project needed to be meticulously planned to maximize profits.

Moreover, companies needed additional revenue streams to maintain operations.

"So, what's the offer?" Link asked. "Their purchase prices shouldn't be too low, right?"

"Actually, they often offer market price or slightly above, since they earn money from rentals and are looking at the long-term value," the agent explained. "Plus, you could continue living there until the new development is completed."

"Alright, then. Let's talk to them," Link agreed. "But won't that mean you miss out on your commission?"

How could a real estate agent let a deal slip away?

"Mr. Link, our real estate agency is a subsidiary of the development company," the agent clarified, putting Link's doubts to rest.

It seemed Link still didn't fully grasp the intricacies of the business world, but it didn't matter. As long as it was convenient for him, that was all he cared about.

"Okay, as long as the price is right," Link said, agreeing without hesitation.

Everything was straightforward from there. Link's current home was valued at 1.8 million dollars—quite a decent price. However, what the developer was most interested in was the land rights Link held.

After all, Link's grandfather had purchased the property in the 1950s for a little over $10,000.

Link agreed immediately, and the transaction went smoothly. He was allowed to stay in the property rent-free.

Link then signed the contract for the penthouse and began discussing modifications with the developer's design team.

The overall design was fixed, and Link wasn't too concerned about the style. He mainly made adjustments to the functionality of certain rooms.

For example, one of the shared bathrooms was converted into a laundry room. It was a minor change, as Link didn't need so many bathrooms. He wasn't a native New Yorker and didn't enjoy hosting parties at home.

He'd much rather spend money going out for events, if necessary. Link was more of a homebody, preferring to stay in and, most importantly, sunbathe.

The only issue now was that Link was running low on cash. He'd be able to cover his living expenses for now, but once he moved into the penthouse, he wouldn't be able to afford the yearly maintenance fees.

But that was a problem for later. For now, he used the rest of his vacation to start packing up his things.

There was no need to move the furniture, as the development company had bought it along with the house. They could rent it out immediately with just some minor repairs.

Since their long-term goal was to redevelop the property, extensive renovations would be a waste of money.

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(End of Chapter)