Summer Was Not So Bad
To read the press, it would seem that the New York City real estate market has suddenly plunged into despair. The real picture is much more complicated. Here at Warburg, we signed our largest transaction ever. Foreign buyers are still active, in spite of the issues in their own economies. And co-ops continued to trade, often for strong prices.
Yes it’s true that properties are spending more time on the market (they could hardly have spent less time!) And it is true that there is more negotiability in the marketplace. Transactions are more balanced. The leverage is no longer all on the seller’s side. The asking price DOES matter-it has to be in line with the comps. And saying that the market is off from 2007 is not surprising. 2007 was in the STRATOSPHERE!
This market requires more professionalism on the part of agents. It requires modified expectations on the part of sellers. It allows buyers some breathing space (though still not all that many choices.) To me, that all seems like good news.