Tips, Trends and Tales from a Pro
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first time buyers
Buying a home for the first time in New York City, one of the nation’s most complex and competitive real estate markets, can be a daunting and overwhelming experience. But it doesn't have to be. Real estate novices are advised to collaborate with an experienced professional who will narrow the multitude of choices, minimize the stresses and streamline the process from start to closing.
Talk continues about a possible bubble in real estate. In the last year, prices have jumped as much as 30-40%, and the pace of trading has been frenetic. In the months and year ahead, however, a return to more balanced activity with modest price appreciation is welcomed.
Inventory has been shrinking steadily. But with new construction and new conversions in the works, more than 25,000 apartments are scheduled to come into the marketplace in the next 18 months. For certain, the market will be impacted. Will the “if-you-build-it, they-will-come” mentality continue? Undoubtedly, some developments will be more secure in their locations than others, like The Plaza, The Stanhope and The Mayflower Hotels.
What’s ahead for Manhattan real estate? To answer, a review of the year to date will help. The cold wait-and-see mindset that pervaded January and February was replaced in March and April with a cautious optimism; though spring was late, war seemed to have ended quickly, and the economy seemed to be recovering; buyer confidence had returned, and a good deal of pent up buying energy was released. Then in May and June, the market really swelled as enthusiastic buyers snapped up most of the apartments that had been lingering on the market. While some listings were getting ready to celebrate their one-year anniversaries, there were no distress sales, and, in fact, prices remained high. A mostly rainy summer was characterized by a shortage of inventory. All the while, from spring through summer, the power of mint held, as contracts for properties in move-in condition were getting signed within weeks, some in multiple bid situations.
