First I would like to apologize to my readers for the "cop-out" post yesterday and the "light" post today (let’s call it TG Lite). There is a bit of an explanation. Of course, the primary reason is that I am in the midst of a still busy Manhattan real estate market with over 70 people attending a 1 1/2 hour open house and multiple offers coming in. For the record and despite what seems like an anomaly, I think the market is likely creeping into a cooling period for the summer. My friend Noah at UrbanDigs feels the same way and he has an intelligent post about the transition that we will likely see over the next couple of months.
I’m not sure we will see a complete shift from seller’s to buyer’s market but I do concur that it is likely that we will see some buying opportunities this summer much like we did last. As an anecdote, I had a buyer who purchased a 9 room apartment last August for $3.1M that they could have easily sold in the past 3 months for $3.6M or more. If I was making a move, I would sell my home now and hope to capture additional equity in the market this summer by picking up a "deal." I am by NO MEANS suggesting anyone try this…I’m a bit of a gambler.