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Posts Tagged ‘Sunday open houses’

HEARD DURING A REALLY BUSY SUNDAY IN NEW YORK REAL ESTATE LAND….

Sunday, January 29th, 2012

Posted by Leonard Steinberg on January 29th, 2012

To-day had to be one of the very busiest Sunday’s in New York real estate in a long time…at least since the 2007/2008 peak. I did 12 appointments, a record amount even compared to a busy week-day. The buyers were all 100% serious and focused. And the average price-point of property showed was about $ 4million. Heard during the appointments:

1)   How are all those sharply reduced banker bonuses going to impact the New York luxury real estate market?

2)  Are the BRIC BUYERS buying lots? What percentage of the market do they constitute? (The perception is that it’s 50%…..they are wrong: its closer to 10% at the most in my estimation).

3)  Why are monthlies/taxes all over the map? Who decides who pays more or less?

4)  (To a man with a large, long-haired dog)How can you live with that thing shedding all over your apartment? Answer: “I have a Miele vac!”

5)  Murphy beds are so much more comfortable that pull-out sofa’s for guests, although a too-comfortable houseguest can become an extended stay housepest…. scratchy sheets could fix that problem.

6)  Quartzite is much more durable/scratch resistent that marble, granite, limestone or stainless steel for countertops.

7)  Just-finished, empty white-walled apartments look sad and bare compared to furnished or staged apartments.

8) A super-unfriendly doorman sending prospective buyers away (Owners in building take note!).

STRONG NEW YORK OPEN HOUSE ATTENDANCE – SERIOUS, VERY EDUCATED BUYERS EMERGE (MANY WITH KIDS).

Sunday, January 8th, 2012

Posted by Leonard Steinberg on January 8th, 2012

I have just returned from Manhattan Sunday open houses…..the first official weekend of the New Year is always an indicator to me as to how strong or weak the first half of the year will be……and things looked good. The volume of buyers was not huge, although sharply improved from December, but the quality of buyers was especially strong. This is what I saw:

1)  Very, very well researched buyers….clearly these people have done their homework and know whats out there and are somewhat stunned at how few options are out there fro them to choose.

2)  Very focused, serious buyers: the buyers I saw were not tourists. They were serious about buying. And several came along with their primary reason for a move…..kids.

3)  I may be mistaken, but I felt I saw for the first time in many months (if not years) that look in buyers eyes that started to read……. I S   T H E   B U Y E R S   M A R K E T   O V E R?

My advice to buyers:  Focus on looking now at all your options….only if you hated everything you saw, rent and wait. If not, buy the ‘best of’. Very soon I see the best of the existing inventory shrinking even further.

My advice to sellers:  Now could be the best window of opportunity to sell…..once all those swell, new buildings come on line buyers will be tempted to wait for what they REALLY want, even though it will be more expensive.