With the exception of the four years I spent in college I have lived in NY my entire life. I am in so many ways the "typical New Yorker". I am constantly in a hurry (even when I have no place to go), I rarely sit to drink my coffee preferring it in a paper cup "to go". I am always on my cell phone and my conversations are short, sweet and to the point. I have no patience for incompentancy and generally believe that my point of view is the only relevant one.
Now, I fully understand the importance of Tourism with regards to the economy of the city. Not only do tourists spend a lot of money in hotels, restaurants, the theater and in the stores but they also buy a lot of real estate here in the city and thats great for our business.
So, here is my problem...when you mix native New Yorkers on their way to or from work or home with countless tourists that walk like they are at home strolling through the mall the result is mass chaos. What exactly is it that is so fascinating about the tops of high rise buildings that tourists need to stare at endlessly? Why do these hords of out of towners need to stand at the top of the staircase outside a subway station to discuss their next move?
A while back I read that someone (I cant remember who) had proposed a separate lane on the sidewalk for tourists. I laughed when I first heard this but after it taking me what seemed like an hour to make my way three blocks in mid-town last night I now want to know where do I sign to voice my approval for this plan.
Dont get me wrong, I love the tourists and appreciate them spending their money in our fabulous city, I just cant stand sharing the sidewalk with them.
Jun 30, 2010
Jun 29, 2010
Deal Makers and Deal Breakers
A real estate attorney that I know and respect recently told me that he can recognize just three minutes into the conversation if the other side is a real estate attorney or not. Its scary to think that despite buying or selling a home being the largest financial transaction most people are involved in, how many of them go for an attorney that does not practice real estate as his main profession. Would these same people visit a Podiatrist if they were having chest pain?
The same can be said for Mortgage Brokers and Real Estate Brokers. Its very important that as you assemble "your team" to help you buy or sell a piece of real estate that you surround yourself with the best professionals you can find. The process, especially here in NYC is confusing enough with out one of the participants deciding to use a personal injury lawyer that got him a few bucks five years ago when he fell on the sidewalk. How about when a buyer uses a mortgage broker from another state to help finance the Coop he wants to buy? Surprise....most other states dont have Coop apartments and this guy wont have a clue.
Last week a deal we had been working on for months died at the last minute because the two lawyers got into an argument about where the closing was going to be. Neither one would budge, the delay caused the buyer's lock in rate to expire and the deal died.
Most people will spend months looking for just the right home to buy for themselves and their family. Please...surround yourself with the best possible team, surround yourself with "Deal Makers not Deal Breakers".
The same can be said for Mortgage Brokers and Real Estate Brokers. Its very important that as you assemble "your team" to help you buy or sell a piece of real estate that you surround yourself with the best professionals you can find. The process, especially here in NYC is confusing enough with out one of the participants deciding to use a personal injury lawyer that got him a few bucks five years ago when he fell on the sidewalk. How about when a buyer uses a mortgage broker from another state to help finance the Coop he wants to buy? Surprise....most other states dont have Coop apartments and this guy wont have a clue.
Last week a deal we had been working on for months died at the last minute because the two lawyers got into an argument about where the closing was going to be. Neither one would budge, the delay caused the buyer's lock in rate to expire and the deal died.
Most people will spend months looking for just the right home to buy for themselves and their family. Please...surround yourself with the best possible team, surround yourself with "Deal Makers not Deal Breakers".
Jun 28, 2010
Continued Good News
The Wall Street Journal today reported that "Sales of Manhattan apartments picked up during the second quarter, to the fastest pace since the summer of 2008".
It seems that the papers have been full of positive outlooks lately and as with any self fulfilling prophecy, the more good press the more transactions. This WSJ article says that during the second quarter of 2010 (which ends on June 30th) "sales were running 80% above the pace reported a year ago." WOW....80%, that's a huge number and the result of that much business being done is that prices are inching up.
A year ago buyers were in no rush, the longer they waited the better the deal was that they got. But things are different now, these days buyers know that if they find the right apartment they need to be ready to pull the trigger. Property is moving faster and staying on the market for a shorter period of time.
Its just one more very optimistic report of a market that is recovering...very quickly.
It seems that the papers have been full of positive outlooks lately and as with any self fulfilling prophecy, the more good press the more transactions. This WSJ article says that during the second quarter of 2010 (which ends on June 30th) "sales were running 80% above the pace reported a year ago." WOW....80%, that's a huge number and the result of that much business being done is that prices are inching up.
A year ago buyers were in no rush, the longer they waited the better the deal was that they got. But things are different now, these days buyers know that if they find the right apartment they need to be ready to pull the trigger. Property is moving faster and staying on the market for a shorter period of time.
Its just one more very optimistic report of a market that is recovering...very quickly.
Jun 24, 2010
What's like to walk in our shoes?
Real Estate is the only "profession" in which the professional owes a fiduciary duty to a client who isn't going to pay him. All the liability, all the risk, and a relatively small reward (compared to other success-based endeavors) are all hallmarks of real estate.
Wow, that quote from AOL Real Estate is a powerful one indeed. Most consumers have no idea what its like to be a real estate agent. We all know that people resent the hell out of us and have little respect for our profession. We are actually ranked below actors and union leaders and just barely above lawyers!!!
Buying a home is the biggest financial transaction for the vast majority of us, its something that on average we do every seven years. Real Estate Professionals deal with the constantly changing market, the mortgage business, the tax laws and so on every single day. Furthermore, from the standpoint of the buyer we work for free. Why in the world would someone that deal with real estate only once every seven years not want to trust their investment to a professional?
To be fair, Agents share some of the blame, too. If we refused to work for free, chances are the industry would have evolved in a different direction. But for now, next time you are in the market to buy or sell a house and you're thinking about hiring a real estate agent, wait until you are really ready. Wait until you have decided what part of town you want to live in, how much you can really afford and try not to think poorly of your broker, we are professionals doing the best we can for you for free.
Wow, that quote from AOL Real Estate is a powerful one indeed. Most consumers have no idea what its like to be a real estate agent. We all know that people resent the hell out of us and have little respect for our profession. We are actually ranked below actors and union leaders and just barely above lawyers!!!
Buying a home is the biggest financial transaction for the vast majority of us, its something that on average we do every seven years. Real Estate Professionals deal with the constantly changing market, the mortgage business, the tax laws and so on every single day. Furthermore, from the standpoint of the buyer we work for free. Why in the world would someone that deal with real estate only once every seven years not want to trust their investment to a professional?
To be fair, Agents share some of the blame, too. If we refused to work for free, chances are the industry would have evolved in a different direction. But for now, next time you are in the market to buy or sell a house and you're thinking about hiring a real estate agent, wait until you are really ready. Wait until you have decided what part of town you want to live in, how much you can really afford and try not to think poorly of your broker, we are professionals doing the best we can for you for free.
Jun 23, 2010
Smile and Say Cheeeeese
Most buyers today begin their search for a new home on line. They scroll through the various sites viewing the pictures of various homes in their price range. Each time a property looks like something they would be interested in they stop and take a closer look at the photos and then, if they liked the pictures they enter the site and read more about the property.
Understanding this method of shopping for apartments clearly underlines the importance of using a professional photographer to attract the most buyers. We in the real estate business have an expression....Maximum Exposure equals Maximum Price. The homes with the best photos will attract the most buyers who in turn will make the most offers causing the price of the apartment to increase.
Its not only the best homes that require a professional photographer, sometimes its the homes that will be most difficult to sell that can benefit from creative pictures. I once listed a very small studio on the Upper West Side for sale. Not only was it small but it was also dark and on the fourth floor of a walk up building. But, it had hard wood floors and a fire place. I filled the fireplace with newspaper and splashed a bucket of water on the wood floors, lit the fire and snapped a picture. What my Web Ad showed that week was a roaring fire in front of shiny wood floors. I had 23 people show up at the open house that Sunday and received two offers that day.
Understanding this method of shopping for apartments clearly underlines the importance of using a professional photographer to attract the most buyers. We in the real estate business have an expression....Maximum Exposure equals Maximum Price. The homes with the best photos will attract the most buyers who in turn will make the most offers causing the price of the apartment to increase.
Its not only the best homes that require a professional photographer, sometimes its the homes that will be most difficult to sell that can benefit from creative pictures. I once listed a very small studio on the Upper West Side for sale. Not only was it small but it was also dark and on the fourth floor of a walk up building. But, it had hard wood floors and a fire place. I filled the fireplace with newspaper and splashed a bucket of water on the wood floors, lit the fire and snapped a picture. What my Web Ad showed that week was a roaring fire in front of shiny wood floors. I had 23 people show up at the open house that Sunday and received two offers that day.
Jun 22, 2010
New Market Trend
According to the Wall Street Journal we are seeing a new trend in the market lately. More Condos are being sold than Coops. This is a surprise for two reasons; first, Coops are 33% less expensive per square foot than Condos. Second, there are more Coops currently for sale than there are Condos for sale. So, why the change?
Coops usually require a larger down payment than do Condos, Coops require that the buyer use the apartment as their primary residence which in effect eliminates the opportunity for investors to buy Coops. Coops also frown on foreign buyers and in the past year or so we have seen a huge influx of foreign buyers as the Euro strengthened against the dollar.
When you purchase a Condo you are purchasing real property, similar to buying a private home and as such you can buy it for your children to live in, you can rent it out, renovate it anyway you like, live there one night a week or never at all. You can generally purchase a Condo with as little as 10% down and because all these categories of buyers can purchase a Condo and not a Coop, they usually hold their value better than a Coop.
When a professional real estate broker here in the city meets a buyer for the first time the conversation of whether they should buy a Coop or a Condo always comes up. If you are thinking of buying an apartment, give us a call, we can help you decide which is better for you.
Coops usually require a larger down payment than do Condos, Coops require that the buyer use the apartment as their primary residence which in effect eliminates the opportunity for investors to buy Coops. Coops also frown on foreign buyers and in the past year or so we have seen a huge influx of foreign buyers as the Euro strengthened against the dollar.
When you purchase a Condo you are purchasing real property, similar to buying a private home and as such you can buy it for your children to live in, you can rent it out, renovate it anyway you like, live there one night a week or never at all. You can generally purchase a Condo with as little as 10% down and because all these categories of buyers can purchase a Condo and not a Coop, they usually hold their value better than a Coop.
When a professional real estate broker here in the city meets a buyer for the first time the conversation of whether they should buy a Coop or a Condo always comes up. If you are thinking of buying an apartment, give us a call, we can help you decide which is better for you.
Jun 21, 2010
Tax Credit Extended
As many of you have been reading, Congress, thanks in large part to Senate Majority Leader Harry Reid, has just approved an extension of the Federal Tax Credit by 90 days.
Lets be absolutely sure that you understand what this means. The tax credit was designed as an incentive for first time buyers to purchase a home by giving them an $8,000 tax credit when they closed. The incentive was set to end on June 30; however, with only two weeks left there are approximately 180,000 home buyers that are in contract and waiting to close. If the extension had not been granted most of these people would have lost the ability to take advantage of the incentive.
Where there seems to be a bit of confusion is that the extension is not for people that have not yet purchased a home, it is simply an extension for those waiting to close. The mortgage process has slowed down since the meltdown of the banks in 2008 and this is affecting the time line thus causing Congress to have no choice but to extend the deadline....thank you Harry Reid!!!
Lets be absolutely sure that you understand what this means. The tax credit was designed as an incentive for first time buyers to purchase a home by giving them an $8,000 tax credit when they closed. The incentive was set to end on June 30; however, with only two weeks left there are approximately 180,000 home buyers that are in contract and waiting to close. If the extension had not been granted most of these people would have lost the ability to take advantage of the incentive.
Where there seems to be a bit of confusion is that the extension is not for people that have not yet purchased a home, it is simply an extension for those waiting to close. The mortgage process has slowed down since the meltdown of the banks in 2008 and this is affecting the time line thus causing Congress to have no choice but to extend the deadline....thank you Harry Reid!!!
Jun 16, 2010
Tis the Season
Over the last few weeks 80% of our rental deals involved the client paying the fee. This is a huge swing from where we were just two or three months ago when 80% of our fees were being paid by the landlords.
Why the big change? Summer is to the rental business as Valentines Day is to the flower business or Thanksgiving is to the turkey business. Generally, on the first warm, sunny day in May the phones begin ringing off the hook and they don't stop until well into September. Recent college grads need a place to live, corporations here in the city tend to transfer their employees at this time of year and anyone that rented their first apartment last summer or the summer before is now ready to upgrade once their current lease is up. It all makes for some very significant demand.
Over the winter months when the rental business was not quite as hectic, landlords were offering to pay the broker's fee as an incentive to have clients brought to their buildings. But now as the summer season is well upon us and demand is way up the landlords no longer need to do this. Property is moving quickly and often its a race to the finish to see who can get their paperwork submitted first and obtain that perfect one bedroom in the West Village or Upper East Side for you and your roommate.
If you are thinking about renting an apartment this summer make sure you have your paperwork ready and your check book handy. The days of "no fee" are over and you'll need to be prepared to pay a broker's fee, sorry but......Tis the Season.
Why the big change? Summer is to the rental business as Valentines Day is to the flower business or Thanksgiving is to the turkey business. Generally, on the first warm, sunny day in May the phones begin ringing off the hook and they don't stop until well into September. Recent college grads need a place to live, corporations here in the city tend to transfer their employees at this time of year and anyone that rented their first apartment last summer or the summer before is now ready to upgrade once their current lease is up. It all makes for some very significant demand.
Over the winter months when the rental business was not quite as hectic, landlords were offering to pay the broker's fee as an incentive to have clients brought to their buildings. But now as the summer season is well upon us and demand is way up the landlords no longer need to do this. Property is moving quickly and often its a race to the finish to see who can get their paperwork submitted first and obtain that perfect one bedroom in the West Village or Upper East Side for you and your roommate.
If you are thinking about renting an apartment this summer make sure you have your paperwork ready and your check book handy. The days of "no fee" are over and you'll need to be prepared to pay a broker's fee, sorry but......Tis the Season.
Jun 15, 2010
Lets Go U S A!!!
This afternoon I was walking in The Village and noticed that so many bars and restaurants were over flowing with patrons. I thought this odd in the middle of the day until I stuck my head into one place to find out for myself what was being given away. Turns out they're watching The World Cup soccer matches.
The scene was the same on the Upper East Side and through out the city this past weekend. Every establishment, not just the sports bars, that had a television screen was guaranteed to be standing room only. It's been such a great boom to the local economy.
One of the many things that makes NYC so great is the mix of people from all over the world that live here. I guess its only natural that The World Cup which is the largest international sporting event in the world would captivate this city.
Its been fun and exciting and even though I am not a soccer fan myself, I wish this tournament would go on for weeks. Something about drunken fans from all over the world standing side by side in the local pubs of NYC spending their money and helping the economy. No one talking about politics, war or any of the other troubles that have plagued us lately. Just lots of fans screaming for their countrymen to score a goal....I love this city.
The scene was the same on the Upper East Side and through out the city this past weekend. Every establishment, not just the sports bars, that had a television screen was guaranteed to be standing room only. It's been such a great boom to the local economy.
One of the many things that makes NYC so great is the mix of people from all over the world that live here. I guess its only natural that The World Cup which is the largest international sporting event in the world would captivate this city.
Its been fun and exciting and even though I am not a soccer fan myself, I wish this tournament would go on for weeks. Something about drunken fans from all over the world standing side by side in the local pubs of NYC spending their money and helping the economy. No one talking about politics, war or any of the other troubles that have plagued us lately. Just lots of fans screaming for their countrymen to score a goal....I love this city.
Jun 14, 2010
The Perfect Storm
Historically, Spring is the busiest time of the year for home buying. But, for the second Spring Season in row homes across the country are not selling. Except that is in NYC where we are seeing double digit increases in both prices and number of transactions going into contract.
Manhattan Coops now average $685,000 which is an increase of 14% over May 2009. Condos are now averaging $1,200,000 which is an increase of 13% from last May. At the same time, Brokerages here in the city are announcing increases of between 12 and 15% in the number of contracts being signed.
No one could have predicted this amount of business if you had asked them a year ago. The Dollar was gaining strength against the Euro, consumers were still nervous about Wall Street and many of the so called experts were still talking about further decline in real estate prices.
Then came March 2010.....we went to bed one night in a strong buyers market and woke up the next day with sellers seemingly in charge and deals be done in bunches. The biggest problems we are having at Bond is not having enough agents to handle all the buyers and not having enough hours in the day to get all the deals processed.
No one can predict how long this frenzy will last. Interest rates keep dropping, prices are starting to rise, jobs are being created in various different sectors and demand is up. Also fueling the sales market is a rental market with decreasing inventory and increasing rents. All in all its a Perfect Storm to produce a hot market....lets hope it lasts for a while.
Manhattan Coops now average $685,000 which is an increase of 14% over May 2009. Condos are now averaging $1,200,000 which is an increase of 13% from last May. At the same time, Brokerages here in the city are announcing increases of between 12 and 15% in the number of contracts being signed.
No one could have predicted this amount of business if you had asked them a year ago. The Dollar was gaining strength against the Euro, consumers were still nervous about Wall Street and many of the so called experts were still talking about further decline in real estate prices.
Then came March 2010.....we went to bed one night in a strong buyers market and woke up the next day with sellers seemingly in charge and deals be done in bunches. The biggest problems we are having at Bond is not having enough agents to handle all the buyers and not having enough hours in the day to get all the deals processed.
No one can predict how long this frenzy will last. Interest rates keep dropping, prices are starting to rise, jobs are being created in various different sectors and demand is up. Also fueling the sales market is a rental market with decreasing inventory and increasing rents. All in all its a Perfect Storm to produce a hot market....lets hope it lasts for a while.
Jun 11, 2010
This could only happen here....
Many landlords in the city have managing agents that handle the day to day affairs of running their various buildings. One of their tasks is to alert brokers to the available apartments and to supply those brokers with keys so that they can gain access and show the apartments to potential tenants. Its a simple process perfected over the years into a fairly seamless procedure.
Some agents "accidentally" forget to return the keys which then throws the whole dance out of whack as other brokers can't gain access. To prevent this memory lapse from happening managing agents often ask the broker for a small deposit or their drivers license to hold and then return when the keys are returned.
Recently, one of our agents went to the office of a managing agent to pick up keys. She was asked to leave a $20 deposit and was told to be back before 6:00pm. She showed the apartment and returned to the building where the managing agent was located at 5:00pm where she found firemen surrounding the building and flames coming out of one of the offices upstairs. She pulled out her cell phone and called the managing agent intending to leave a message letting them know she had made it back in time but that due to the fire she could not get upstairs to their office. Much to her surprise they answered, apparently unaware of the fire. Our agent filled them in and urged them to leave the building asap.
Two days later she returned and went upstairs to hand in the key and was told.....(are you ready for this?).....that since she had not gotten back by 6pm that same day she had forfeited her $20.
She reminded them that had she not called them they might have been victims of the fire. Sorry, she was told, rules are rules.
Only in NYC my friends. Have a nice weekend, Happy Friday.
Some agents "accidentally" forget to return the keys which then throws the whole dance out of whack as other brokers can't gain access. To prevent this memory lapse from happening managing agents often ask the broker for a small deposit or their drivers license to hold and then return when the keys are returned.
Recently, one of our agents went to the office of a managing agent to pick up keys. She was asked to leave a $20 deposit and was told to be back before 6:00pm. She showed the apartment and returned to the building where the managing agent was located at 5:00pm where she found firemen surrounding the building and flames coming out of one of the offices upstairs. She pulled out her cell phone and called the managing agent intending to leave a message letting them know she had made it back in time but that due to the fire she could not get upstairs to their office. Much to her surprise they answered, apparently unaware of the fire. Our agent filled them in and urged them to leave the building asap.
Two days later she returned and went upstairs to hand in the key and was told.....(are you ready for this?).....that since she had not gotten back by 6pm that same day she had forfeited her $20.
She reminded them that had she not called them they might have been victims of the fire. Sorry, she was told, rules are rules.
Only in NYC my friends. Have a nice weekend, Happy Friday.
Jun 10, 2010
There is life beyond this Island
When I first moved in to Manhattan in 1980 the idea of living in "The Boroughs" was laughable. If you could afford to live on your own, you lived in Manhattan. In the late 80's and early 90's the coop market exploded followed by the construction of dozens of condos all over the city. Brooklyn and Queens were sort of over looked and forgotten about.
A few nights ago I asked my 23 year old daughter what part of the city she wanted to move in to once she had saved up enough money. With out any hesitation she replied....Williamsburg. Her choice was not the least bit surprising and made me think a bit. Over the past few years, there has been tremendous growth in the neighborhoods just outside of Manhattan...Long Island City, Greenpoint, Williamsburg, Park Slope and others. New contemporary condos with all the amenities, old factories converted into lofts with high ceilings and huge windows and small buildings with old world charm. Most of these properties are selling for 30-40% less than similar properties in Manhattan. They are attracting a lot of first time buyers and young families.
Manhattan will never lose its appeal or its allure but one thing has become very clear. Unlike the way it was in 1980, there is life over the bridges and through the tunnels. And apparently, that is the path I will soon be taking if I want to visit my daughter.
A few nights ago I asked my 23 year old daughter what part of the city she wanted to move in to once she had saved up enough money. With out any hesitation she replied....Williamsburg. Her choice was not the least bit surprising and made me think a bit. Over the past few years, there has been tremendous growth in the neighborhoods just outside of Manhattan...Long Island City, Greenpoint, Williamsburg, Park Slope and others. New contemporary condos with all the amenities, old factories converted into lofts with high ceilings and huge windows and small buildings with old world charm. Most of these properties are selling for 30-40% less than similar properties in Manhattan. They are attracting a lot of first time buyers and young families.
Manhattan will never lose its appeal or its allure but one thing has become very clear. Unlike the way it was in 1980, there is life over the bridges and through the tunnels. And apparently, that is the path I will soon be taking if I want to visit my daughter.
Jun 9, 2010
So, you want to rent an apartment in NYC?
I met a young couple recently and when they heard that I was a real estate broker they had two things to say to me. First they told me that I work in a really sleazy industry. Then, they told me they were having a hard time finding an apartment to rent and asked if I could help them.
And so is the day to day life of a real estate broker in Manhattan. Our reputation is not stellar but anyone that has tried to find a place to live on their own knows how important we can be.
Truth be told, we are no different than most other industries in that there is a small number of us that are really good at our jobs and a large number of us that are not very good at all. That larger group more often than not conducts themselves in ways that are not flattering to themselves or the industry and as a result we all carry the burden of a poor reputation.
Manhattan is a tough place to navigate when you are looking for an apartment to rent. Each landlord has their own criteria, their own standards, their own requirements with regards to paperwork, some allow pets, some allow guarantors, some allow shares and so forth. Trying to find an apartment in the neighborhood of your choice at a price you can afford is no easy task. A good real estate broker is worth much more than the fee you will generally pay.
A couple of suggestions....First, always choose a broker from a reputable company, one that you have heard of or that your friends have used and were happy with. Next, only use one broker. We all share listings and we all have access to the same properties. Running around with several of us is redundant and if you are not loyal to your broker he will be devoting his valuable time to another client that is loyal. Never give money to someone over the phone that you haven't met or for an apartment that you haven't yet seen. Finally, your broker do his job. Don't surf through every real estate site looking for the "perfect deal".
Being a real estate professional in NYC is a tough way to make a living, but we love what we do and we are good at it. Allow us to help you.
And so is the day to day life of a real estate broker in Manhattan. Our reputation is not stellar but anyone that has tried to find a place to live on their own knows how important we can be.
Truth be told, we are no different than most other industries in that there is a small number of us that are really good at our jobs and a large number of us that are not very good at all. That larger group more often than not conducts themselves in ways that are not flattering to themselves or the industry and as a result we all carry the burden of a poor reputation.
Manhattan is a tough place to navigate when you are looking for an apartment to rent. Each landlord has their own criteria, their own standards, their own requirements with regards to paperwork, some allow pets, some allow guarantors, some allow shares and so forth. Trying to find an apartment in the neighborhood of your choice at a price you can afford is no easy task. A good real estate broker is worth much more than the fee you will generally pay.
A couple of suggestions....First, always choose a broker from a reputable company, one that you have heard of or that your friends have used and were happy with. Next, only use one broker. We all share listings and we all have access to the same properties. Running around with several of us is redundant and if you are not loyal to your broker he will be devoting his valuable time to another client that is loyal. Never give money to someone over the phone that you haven't met or for an apartment that you haven't yet seen. Finally, your broker do his job. Don't surf through every real estate site looking for the "perfect deal".
Being a real estate professional in NYC is a tough way to make a living, but we love what we do and we are good at it. Allow us to help you.
Jun 8, 2010
Nothing To Fear
Fear, according to Webster's Dictionary means "to be afraid, to expect the worst, to be apprehensive about moving forward". Beginning in September 2008 Fear was the most commonly used word to describe what people felt about the Real Estate Market. Fear, as we learned, is a very powerful emotion and as a result of buyers and sellers alike "expecting the worst" sales here in the city (and around the country) came to a crashing halt.
Well, Real Estate like most other things is life is cyclical and little by little the fear began to dissipate as we observed several things happening. Interest rates began to fall and banks became more open to lending, prices of homes began to level off after dropping for several months and buyers began coming back into the market place not as shoppers or bottom feeders but as real buyers.
A sure sign that the fear is gone is that we are now seeing multiple bids becoming the norm again rather than the exception. Buyers are bidding at and over asking price for the first time in a year. One local broker recently reported that of his company's last 250 transactions 50 of them involved multiple bids.
The fear is gone, our emotions have swung in the other direction and optimism has taken over.....I dont know about you, but that makes me smile.
Well, Real Estate like most other things is life is cyclical and little by little the fear began to dissipate as we observed several things happening. Interest rates began to fall and banks became more open to lending, prices of homes began to level off after dropping for several months and buyers began coming back into the market place not as shoppers or bottom feeders but as real buyers.
A sure sign that the fear is gone is that we are now seeing multiple bids becoming the norm again rather than the exception. Buyers are bidding at and over asking price for the first time in a year. One local broker recently reported that of his company's last 250 transactions 50 of them involved multiple bids.
The fear is gone, our emotions have swung in the other direction and optimism has taken over.....I dont know about you, but that makes me smile.
Jun 7, 2010
Summer in the City
Summer is not quite here yet (even though we all pretty much agree that it starts on Memorial Day Weekend) but this weekend gave us a dose of the heat and humidity that is yet to come.
As a Long Island boy I spent most of my summers growing up on the sandy beaches of the south shore. I have heard hundreds if not thousands of times in my life that living in the city is great except that there is no beach for the summer.
This weekend I took my children to Central Park and spread out in front of Turtle Pond (approximately 79th St). It was the same spot that we went to in February when we built a snowman together. We brought plenty of food and drink, a Frisbee (a prerequisite for spending the day in the Park), a baseball and our gloves and portable game of scrabble.
The park was crowded with sunbathers, softball players, bikers, joggers, in line skaters and lots of other picnickers...each with a Frisbee, naturally. What became clear is that while the beach is very nice, the city is amazing no matter what time of year.
As anyone that has read a newspaper recently or listened to a talking head on TV knows, the real estate market has bounced back with a vengeance. The reason is clear....its not the interest rates or the drop in prices its because this is New York City, the greatest city anywhere and no matter what goes on around us people still want to play Frisbee in Central Park, to us, its our back yard.
As a Long Island boy I spent most of my summers growing up on the sandy beaches of the south shore. I have heard hundreds if not thousands of times in my life that living in the city is great except that there is no beach for the summer.
This weekend I took my children to Central Park and spread out in front of Turtle Pond (approximately 79th St). It was the same spot that we went to in February when we built a snowman together. We brought plenty of food and drink, a Frisbee (a prerequisite for spending the day in the Park), a baseball and our gloves and portable game of scrabble.
The park was crowded with sunbathers, softball players, bikers, joggers, in line skaters and lots of other picnickers...each with a Frisbee, naturally. What became clear is that while the beach is very nice, the city is amazing no matter what time of year.
As anyone that has read a newspaper recently or listened to a talking head on TV knows, the real estate market has bounced back with a vengeance. The reason is clear....its not the interest rates or the drop in prices its because this is New York City, the greatest city anywhere and no matter what goes on around us people still want to play Frisbee in Central Park, to us, its our back yard.
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