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.