In the past week, I have received a few emails and comments from readers questioning my credibility purely because I refused to panic and spew negativity here on TrueGotham. I think my track record speaks for itself so I’m not going to spend any time defending my views. Panic and fear tend to hinder progress and action so I will continue to keep away from a doom and gloom perspective and do my best to highlight conditions in today’s marketplace that may provide opportunities for my clients. That said, as always, I will continue to provide a snapshot of reality and exactly what is going on in my industry (no sugar coating).
The 1000 point gain in the stock market over the past couple of days seems to indicate some level of confidence in the government’s plans to soften the blow dealt by this current credit crisis. Although many believe we’re only in the 4th inning, this unprecedented time is being handled in an unprecedented manner. The ramifications to our local housing market have yet to be seen as offers continue to be submitted and contracts continue to be signed this week. Anecdotally, I had a contract signed on Monday by an architect and yesterday a very solid offer on another property from a doctor was submitted and is being negotiated as I type this.
As I’ve stated earlier in the week, there is no doubt whatsoever that the turmoil on Wall Street and specifically all of the layoffs and the changing face of the investment banking industry will have an impact on Manhattan real estate and perhaps even the quality of life in our city. But let’s not forget that despite the thinning pool of buyers from the Wall Street sector, local residents still need a place to live. The profiles of the buying pool are definitely changing but architects, doctors, attorneys, ad execs, entrepreneurs, entertainers, athletes, and the like are still choosing to make Manhattan their home. Here’s just a snapshot of my clients who are buying and selling in today’s marketplace:
- Pied a terre owners of a 2BR seeking a larger space to spend more time in the city.
- California professors also seeking a larger place in the city.
- Architect selling to find a new project to renovate.
- Family selling for bigger space for room to expand.
- Recently engaged couple moving to a larger space to start a family.
- Executor of an estate cashing out
- Executrix of an estate selling the family home
- Third executor of an estate (just realized that I’m representing 3 estates right now…very odd)
- Landlord who wants to get out of the landlord business and cash out.
- Couple who purchased neighbors apartment and decided not to combine.
- Architect who has sold a townhouse and is downsizing.
- Freelance writer moving to larger space.
- British family moving to US seeking large townhouse on West Side park block.
- Entrepreneur paying $2700/night for hotel room seeking place to permanently hang his hat.
- Writer and publisher seeking a larger space with views.
- Attorney and record producer seeking larger space for family.
- 2 attorneys seeking larger space for family.
- College professor moving from Greenwich.
And that is precisely why I remain busy and continue to choose to stay positive about people’s desire to continue on with their lives and make Manhattan their home.