Making Sense of Manhattan Real Estate

The Bailout plan has been rejected (via WSJ) and it’s no surprise that the stock market has plummeted on the news.  So why am I still so busy?  I can’t answer that except by updating my current transaction activity (by current, I mean last 48 hours):

• Accepted offer for 148 West 23rd Street, 11H
• Multiple offers being negotiated for 88 Jane Street, 3W after 3 days on market
• 35 people showed for open house yesterday at 215 West 75th Street, 9C after 10% price drop and offers expected today.  Price indeed overcomes all objections!
• Phones ringing with appointment requests for other exclusive properties that I’m representing.
• Appointments being scheduled for buyer property tours later in the week.

This is truly the most bizarre environment that I have experienced in my 16 years in the Manhattan real estate industry.  I know for certain that I will likely be attacked for reporting how busy I am but it is what it is.

I leave you with the most frequent comment from open house visitors who attended my 5 open houses yesterday:

• "We don’t care what is going on, we need a place to live."

So with that, I’m going to make hay…and stash it in my mattress!