Oh what a difference a few weeks makes…
On September 29th I posted Making Sense of Manhattan Real Estate and described how incredibly busy I was on the day the Bailout Package was originally rejected. Well it has been 3 weeks, the Bailout Plan was approved, the stock market is experiencing volatility not seen since the Great Depression, and although I remain busy, I feel that it would be misleading of me to not update those "deals" that I was working on 3 weeks ago. So here goes:
- Accepted offer for 148 West 23rd Street, 11H. UPDATE: This deal has fallen through as Doctor is not confident that he can sell his current studio for enough money to make the move.
- Multiple offers being negotiated for 88 Jane Street, 3W after 3 days on market. UPDATE: Only one of the multiple offers remains and it is too low for the seller to consider. A counter was submitted however and many buyers continue to hover and watch.
- 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! UPDATE: Contract finally going out today after unbelievably extensive negotiating points and contingencies. Should be signed tomorrow.
- Phones ringing with appointment requests for other exclusive properties that I’m representing. UPDATE: This is indeed still the case and activity seems to be picking up a bit of steam but with fewer offers being submitted. Prospective buyers are circling and being patient. Negotiations are taking place but at a pace much more palatable to buyers than in the past decade.
- Appointments being scheduled for buyer property tours later in the week. UPDATE: One of these buyers has an accepted offer and should be signing a contract in the next couple of days. Another is bidding on something today. The rest continue to wait for the "right" property at the "right" price to hit the market.
So today’s Manhattan real estate market is not without its challenges mostly due to tight credit and buyer psychology. The real estate agent’s job has become increasingly more tedious and time consuming in an effort to bring a meeting of the minds during such a period of uncertainty. Those who can stomach the turmoil and make sense of what is going on for their clients will become an even greater asset to their clients and the buying/selling process.