A Few Words From The Front
Here is what my agents are seeing in the marketplace today:
1) the rental market is still somewhat active, although several agents have experienced a slowdown in the last month. Most renters are still absolutely opposed to paying commission; pretty much all the deals which are being made are OP (Owner Paid) deals
2) many reported that although they do have activity on their sales exclusives in terms of Open House attendance and showings, some buyers are still hopeful that prices will go down further. Not surprisingly, Open House attendance has declined from a couple of months ago with the onset of summer. And there is no room in the market for overpriced properties.
3) the one bedroom market seems very price driven. In Brooklyn Heights, where the prices are in the $400,000s and $500,000s, agents report seeing competitive bidding and properties getting snapped up. In Chelsea and the Village, where prices are considerably higher, there is a lot of inventory and absorption seems much slower. One bedrooms in the prewar buildings on the Upper West side, even up into the $700,000s, are still selling briskly as this is such a desired commodity.
4) Similar to 1 BRs, the 2BR market is still moving as long as prices are right, although the pace has definitely slowed from the spring. A couple of agents mentioned sellers who hope prices will improve in the fall. In my opinion there is not likely to be much change.
5) In the larger apartment market most buyers still feel no urgency. While we do see deals being made buyers are shopping every listing before deciding what to do. . And many are still waiting. And almost no new inventory comes on from one week to the next.
Overall the consensus seems to be that with the leveling of the stock market the property market has slowed from the more active pace of the spring. Buyers are making very deliberate decisions based on their urgency and sense of value. Traffic is still good overall, and real buyers are in the marketplace. But they are in no hurry and they expect to pay today’s prices and will not buy units where they have to reach, even a little bit. Overall, a status qup situation.