We are experiencing some softness and our clients are jumping to get deals done! In one case we (they) stalked an apartment for months and an offer that was laughed at is now accepted. I also had a very big-time broker chase me down wanting to know where my clients head was at (this sort of thing has not happened since 2010!). This client subsequently has an accepted offer with some nice bells and whistles thrown in on a new development property....sweet!
Let's not get crazy, sort of seen this last year at this time, some softness that we exploited. However it feels just a bit different this time around. After years of getting beat up, it certainly feels good to be getting a bit of a breather. I don't see anything good coming out of making predictions for next year. However currently the buyer is getting a leg up. We'll have a better idea by the 2nd week of January where this thing is ultimately going.
For the record, my feeling is things normalize a bit. No more 10 offers on a one bedroom condo in Crown Heights. Rates are still (and will be low), rents are high and NYC remains a nice place to own some real estate if you plan on sticking around a bit.
Back to the future: 2014 announcements!
New developments 2015 overview...