Manhattan Real Estate Market Snapshot and A Broker Blogger’s Dilemna

For those agents/brokers out there who are thinking about starting there own real estate blog; think long and hard before you take the leap.  Evidenced by my lack of posts as of late (the last all the way back on January 6), the ability to blog in a complex and difficult to navigate market is almost an impossibility.  There just has been no free time to spout my opinions about what is going on or the facts about a very bizarre market place.  I’m a broker who blogs (not a blogger who occasionaly sells an aparrtment) and serving my clients remains my number one priority.  That said, here’s a brief snapshot of what is going on in my business right now (anecdotal of course):

  1. Since the first week of January, I have brought 4 new properties to market for a total of 10 that I am exclusively representing at this time.  I am pricing ALL new properties at levels of approximately 25% below sales prices of same or similar units this past summer (2008) resulting in a significant increase in buyer traffic.
  2. 2 contracts were signed just before the holidays and 3 have been signed in the past week.
  3. More "toe dippers" are testing the waters to determine if they are ready to buy.
  4. 2 of my buyers who were on the sidelines have entered the "looking" fray again and are liking what they are seeing in terms of prices versus last year.
  5. Appointment requests for our exclusive properties have seen an exponential uptick since pre-holiday market.

It will be interesting to see how things play out in the coming weeks and months but most of my colleagues are experiencing an increase in activity that I can only attribute to more realistic sellers paired with some easing in the credit markets.  Cash still remains king and there are some incredible deals to be had for the fortunate buyer who is able to find multiple properties that suit their needs.

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