Well the market continues to stay very active, we signed 5 new contracts in the last 10 days. We continue to see multiple bids on most available listings from LIC to Brooklyn; Brooklyn remains one of the most active markets! Crown Heights is the new hot nabe to purchase a Brownstone, also seeing a lot of activity in Gowanus (I bet most of you could not tell me where that is!).
As many who read this know I was advising buyers to hold off on purchasing in 2007, I actually started this company to offer an alternative model for renting an apartment in NYC. But in late 2009 I started representing buyers again and the rental business slowly faded away. I think this market is different, it is primarily being driven by inventory (lack of) and of course cheap money. We don't have the underlying credit issues we had going into 2008, also this "boom" is not country wide, NYC is red hot but most (not all) of the country is tepid at best when you really look at the data. Our typical client is not betting the "house" on real estate, they are allocating a reasonable % of their income/savings towards a purchase. Whether purchasing a stock or a home, you need to have adequate reserves and a stable, reliable income before jumping in.
Enjoy the Holidays, spend time with your family and take some time to "smell the roses"!