In an upwardly moving market, developers and bankers are the best of friends! In a downward moving market, they can become the worst of enemies. Especially after what we’ve experienced over the past nine months! As the market slowly thaws, we are seeing more deals being made and more buyers step in. People are definitely starting to take advantage of lower prices and more inventory. I expect this to transition into a more “normalized” state eventually (as it always does). But then again….nothing in New York City ever seems “normal”. Some projects are starting to sell, and others are still waning. It seems as though there are some developers who are oblivious to the correction in the marketplace and simply will try wait this out. They run full page advertisements with a new spin on the message. I’m sure they understand how sophisticated New York buyers are. Are these developers really that naive? Or perhaps there’s another reason they are caught in this deadlock. (more…)
This month’s Realtime Report shows us some encouraging signs of a market, that has been in a deep freeze, starting to thaw. The numbers speak for themselves, so I’ll discuss some other indicators giving us market insight….
Open house traffic for this past rainy Sunday was the strongest all year. Our retail storefront has been very active with buyers and renters who seem to be real, and not vultures. (more…)
These are certainly good times for the buyers in the land of new development condominiums here in NYC. That is if you have 20% down, good credit, a job and you are looking to buy in a building that is nearly, if not 100 percent complete. Prices are down precipitously, high inventory is providing abundant choices, interest rates are at a 45 year low, and developers are providing incentives on top of their incentives. As a broker leading one of these projects, 125 North 10th Street, it feels like running a booth at the bazaar in a third world country. Every weekend I am not sure if people are showing up to practice their haggling skills or are actually looking for a new home. (more…)
Last night we opened our flagship retail store in Chelsea on the corner of 18th Street and 7th Avenue. It was extremely gratifying and the culmination of a goal I set for us almost two years ago. After hard work and perseverance, we have created a sales gallery that is unique in Manhattan. It will showcase our exclusive properties, our clients, and most importantly, our talented group of agents. I am proud to have the most professional and successful team of agents in the industry by my side while we organically expand our business in this exciting time. (more…)