Friday, March 13, 2015

2014 versus 2015 NYC Market

I remember thinking in Mid December 2013 after a very strong market that things would cool a bit in 2014. That January (2015) we had submitted a total of about 19 bids (a ridiculous amount!), strong bids from well qualified buyers. I think no more than 2 got to contract. It remained a very challenging market through that first quarter, we held our ground and did our best to assist with getting deals done at reasonable valuations.I don't easily get down, but the amount of rejection was starting to wear on me. Many of our clients were feeling the same way, especially after 3, 4, 5 losses in the dreaded calls for highest and best! We wound up having a solid summer, all and winter as we worked tirelessly right through Christmas with motivated clients not willing to throw in the towel.

I was certainly concerned as 2015 began. Would this be deja vu all over again to quote that great Yogi (Berra).  Well so far it has been an excellent start to the year, with record amounts of deals getting to contract. We have any very happy buyers, this month looks like we'll do over $10M in deals. Although it is still a tough market, I feel that things have loosened up a just a bit, enough to get to home plate more times than not.

Once you do get that accepted offer it's time to scramble, get due diligence complete, advise the sell side of the progress you are making daily. That time between accepted offer and fully executed contract can be very stressful. On some deals you are just waiting for that dreaded phone call that a "higher, all cash offer has come in and the seller has elected to proceed with the new buyer".

I don't show apartments, I essentially just sit at my computer all day and work on the various aspects of deals. Since we don't ever try and sell you, I am more useful at command central. I can keep on top of all current deals, handle issues that may crop up out of nowhere; essentially handle anything as soon as it arises. I am always available to speak, get emails answered immediately and can assist a client with a property evaluation, offer presentation at the drop of a pin. We didn't plan things this way, just sort happened and business grew exponentially. Go figure?

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