A lot going on behind the scenes here at TrueGotham and stay tuned for some very exciting news. In the meantime, in an effort to stay connected to my readers, here’s a quick snapshot of my current business:
- Buyer traffic has increased-36 people at open house in West Village.
- Number of bids has increased-2 unacceptable bids on property listed for 4 months, 3 bids over ask on West Village condo, 1 bid each being negotiated on 2 other properties listed for 3 months and 1 month. Others expected on listings of 6 and 7 months old.
- Negotiations are still analogous to running a marathon with deals taking longer to finalize as both sides change terms as the process plays out.
- Price discovery may be nearing as the psychological gap between buyers and sellers narrows. 2 recent buyers lost "their special home" to higher bids while in lengthy negotiations.
- I know this is contradictory but asking prices remain all over the map with some factoring in a 20-30% negotiating cushion and others pricing more appropriately for today’s market.
That’s what I’m seeing. No spin…just facts. Volume and prices remain down YoY and it’s anyone’s guess as to when the market will begin to stabilize. Inventory seems to have stopped it’s climb for now which may indicate the imminent stabilization of prices.