Although quieter than last year, this spring the Manhattan residential real estate market is busy with the exception of Memorial Day weekend, when the Manhattan real estate market is on hold for the entire weekend.
And this year the difference is price. Sellers for the most part understand that there is a 20 – 40% decline, while buyers look for great discounts.
But caution to buyers, there are no fire sales. And sellers who wait for a better deal – may or may not see it. Yes, there are great discounts but buyers and sellers must be realistic.
I know of one buyer who fell in love with my exclusive property but wants to wait a few months to purchase. There are offers on the property. Moral of the story – if you love a property and have not seen anything else like this on the market – don’t wait. Make an offer.
Another buyer I know of is in arguments with the seller. Each standing their own ground. Does the buyer want this apartment badly enough? Although motivated, how badly does the seller want to sell?
Who will win? Deals are happening. They’re more difficult than they used to be but they are happening.
I for one am very busy with several buyers. Yet, some are not. And sad news for my fellow Manhattan real estate agents at Coldwell Banker Hunt Kennedy, as they prepare to close their doors.
It’s an interesting time in Manhattan Real Estate.
Monday, May 25, 2009
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