During a real estate transaction, apartment hunters heed their noses! The scent of lovely apartments, loft spaces and discounted rental apartments have become a leading factor in the sale/purchase/rent of a real estate property. Good or bad odors have proved to influence both sales and leases.
Off-putting smells have become the latest obstacle to the successful conclusion of real estate deals. Bad views and dark rooms also hampered the sale of apartments, but as far as odors are concerned, it is a matter of tastes. Some clients may be attracted by the odors of a 12th-floor penthouse or loft located close to a bakery or to a spice shop and be ready to purchase those properties. Landlords of downtown buildings had to slash rents by 20% to sell the units after a chain restaurant opened in the area.
Property owners in the Far West Side luxury condominium building in Manhattan, New York, are having trouble renting and selling their apartments after a truffle shop has moved to the condominium and has started stacking boxes of truffles to the top of the building in July.
Prices of properties have been cut since truffle smell has started driving away home buyers. Some brokers claim they and their clients have not noticed the truffle odor, but apartments for sale located close to the shop spend 33.7 weeks on the market on average – instead of the previous 18 weeks.
The stench has made the leasing out of apartments difficult, too. Prospective renters have started to wonder whether the building is well-run. The truffle shop has been urged to take some initiatives – such as installing an effective ventilation and filtering system – to eliminate the smell and redirect clean air onto 60th Street.
The executives of the truffle shop are committed in trying to solve the problem, but these interventions need time; therefore, residents and prospective buyers and renters must still be patient.
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