Tips, Trends and Tales from a Pro
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developers
For Manhattan residential real estate, how different will 2017 be from 2016? Last year the market was in transition as the pendulum swung away from sellers to favor buyers (especially for properties priced above $4M) and shifted even more to a preference for condos over co-ops, also continuing to highlight downtown as Manhattan’s hottest neighborhoods.
I’ve been selling residential real estate for 35 years, and for the first time I hosted a business talk last week in my Living Room with a guest banker and an attorney. I had a script and an agenda, but we were an intimate group, and the setting was informal, so as I touched on the stats that impact the market, I encouraged Q & A from the buyers and sellers who had gathered. To set the stage for discussing whether now is the time to buy or sell, I offered an overview of current inventory, identified 3 distinct market segments, highlighted the rise of the condo product, and considered absorption rates.
No matter where we are in the cycle of real estate’s ups and downs, it’s appropriate to consider where we’ve been, evaluate where we are and think about where we are going. This year nearly every industry event I attended focused on the market’s upper end, a subject that has captured the most press recently. Last week’s Annual NYC Real Estate Showcase + Forum hosted by The Real Deal opened with the question “What’s Ahead For Luxury?”
My children say I send the same message in each monthly column: price realistically and collaborate with a professional broker to help buy or sell your home. Undoubtedly, the transaction represents a significant portion of your net worth, so why even consider shortchanging yourself
