Saturday, May 12, 2012

This has been our Experience: 80% of our Offers go to a Best & Final Event...not Fun.

I would not cite the NY Times Real Estate section for an empirical view of the NYC real estate market. But they have it right, more or less with this story. It's been a rough ride and a disappointing one for many of my clients over the last few weeks. Last week we were not successful with three bids which were all strong in my humble opinion: 78 Roebling (Brooklyn) , 440 WEA and 60 SPS. Disappointing yes, but our clients made strong bids that were within reason. No one felt they could have or should have done more.

That said, we were successful with three others. These buyers have been patient and persistent and it paid off.

Another side to all this bidding frenzy are those who are persuaded to bid beyond what even they feel is rational. You wake up with the "What the hell have I done?!" Syndrome, which often results in a listing coming back on the market. I received a call from a broker yesterday who orchestrated a best and final on a UWS property last week (my clients participated in this one). She told me that the buyer stopped his check after the contract was signed, which sounds like a potential lawsuit but that is what I was told. Our client has already signed a contract on his dream home.

Developers cease to offer incentives

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