Over the past few weeks, apartment buyers have hit the Manhattan pavements searching for their dream homes. I know this because I am working with four buyers, am in contract on a property and speak with other agents who see the same traffic.
Despite media reports of banks not giving mortgages, many buyers are getting mortgages.
While there are no fire sales, some buyers are making unrealistic offers... a few which have been considered.
For the most part, sellers understand that they have to be realistic in their asking price and price properly from the onset, or negotiate with buyers for the value that they are seeking.
Of the buyers I am currently working with, three are in the medical profession and one buyer is in the communications field. My buyer who just signed a contract for an apartment is in finance, but not on Wall Street.
The one seller I currently have is a couple in the medical field.
Additionally, the rental market in Manhattan is far from what it used to be. I had a rental exclusive on the market for a month and urged my client to lower the rent, offer a month of free rent and a dinner for two (up to $200) at a trendy Manhattan bistro. The apartment was rented today - three days after we lowered the rent and offered perks! In lieu of the dinner at the bistro, my client is paying a portion of the applicant's application fee.
So it's a different real estate market than it was a year ago for sure, both in sales and rentals, but Manhattan real estate is busy.
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