Thursday, February 23, 2017

Mini Market Update

There's no weather report in Aruba, it's always the same. Today is no different in the NYC real estate market. It continues to rip!

The latest 'is this really happening' moment; all cash offer for 3 bedroom in the seventies near 1st Avenue. I'm told I'll have to wait a week before the seller will make a decision. Hey come on, we're all cash, this is a condo in a generic building by 1st Avenue! Nope, you'll wait.

Certainly new development sales are not quite as crazy. But you better be in early for the cream-of-the-crop listings in these buildings, they will be in contract sooner than later. Concessions? If you're willing to pay the asking price, you may get a financing contingency or perhaps some contribution towards the transfer taxes. But this is not a shoe-in by any means.

There certainly are some apartments in some locations that aren't resonating with the masses. And you pinch yourself when you arrive at an accepted offer under a traditional negotiating process. It does happen.

Low rates, the promise of a roaring economy, equity markets on fire (we're all feeling good when we look at our brokerage account). A very Layman's account of this phenomena; there's just a whole lot of people who want to own New York real estate and not a whole lot of it to go around. To be continued.


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