Report from the Open House Front
A sunny Sunday! The weather is frigid, but we dodged a blizzard and the City is getting ready for a New York-less Super Bowl. We held a 2 hour open house today for a new exclusive, a smartly priced 2 bedroom/1 bath on the Upper West Side. Walking briskly to the apartment, I was wondering what kind of turnout we would have! I got there early, moved the kitty litter out of sight, connected my netbook to the owner’s speakers and tuned in some appropriate background music (Sirius/XM Radio’s Coffee House – a good choice) and waited.
After 25 minutes, some despair set it as no one came — and then, a few at a time, the crowds arrived. By the time the open house ended, we have over 25 parties and 45 people come through the apartment! A few came and went quickly, but a surprising number of buyers spent quite a bit of time looking at the apartment, asking well prepared questions (how long has the apartment been on the market, what the Board was looking for in terms of income and assets, etc). One couple knew about the building – they had been interested in another apartment and just lost out to another buyer whose offer had been accepted.
I took the opportunity to ask most of our shoppers about their impressions of the market. Several had just started their search. Quite a few have been looking at apartments for a while. Most of the buyers were well prepared and knew their market – they knew what was on the market, what comparable sales were like, and they asked very intelligent questions. Some buyers commented that the price for the apartment “seemed right” – an indication that we had done our homework and priced the apartment correctly.
The common sentiment, however, was the seriousness these buyers displayed. These weren’t “tire kickers” out for a Sunday stroll, or window shoppers just looking around. Quite a few felt that the time to buy was now – there was a general feeling on the part of the most serious shoppers that the market had started to show signs of life and that the time to buy just might be now!
Within an hour after the open house, a few calls came in from people who had been to the apartment, asking for more information. And just a few hours ago, our first offer came in. While the offer was below the asking price, it was a strong offer by a pre-approved buyer! Not bad after just one day on the market. Reports from other Warburg brokers tell of strong turnout at other open houses. Several of our new developments have also had good turnout and offers.
We’ll see how things work out – our sellers are considering the offer and planning a counter offer. It’s often difficult to advise sellers when an offer is received so early in the selling process, especially when the market’s recent revival is met with skepticism by some in the press!
All in all, it was a good day for real estate and for Saints’ fans!