HAPPY SPRING, HAPPY EASTER, HAPPY PASSOVER!
The warmer weather has been motivating people to buy. The phone is ringing and people are feeling more confident. The recent news of the improved stock market ad financial state has also made people feel like better times are ahead! The reduced prices and low interest rates are making the smart buyers sing. Their objective is to find a home at the lowest monthly price-they have been finding them with me-and they have been surprised by the…
“homes that take their breath away, and prices that resuscitate them”
Yes, there are deals out there! And if we wait too long and the activity continues, we will have kissed the bottom of the market goodbye!
The First Quarter 2009 Corcoran Report, looks at the current state of the Manhattan
The First Quarter experienced 60% fewer closings as buyers and sellers found they had little common ground in pricing, nor the appetite for making major financial commitments during a time of such profound uncertainty.
Since closings trail the market by an average of two or three months, the data tracked in this report is indicative of market activity from the end of 2008. As 2009 has unfolded, we have noticed even greater price reductions in the market and more negotiability than is reflected in the Corcoran Report; in February, sellers lowered their asking prices by an average of 9% and negotiated another 10% from the revised ask before a contract was signed.
New development sales – most signed between twelve and eighteen months ago – posted strong sale prices but markedly slower activity; 67% fewer new development properties closed this quarter than were sold in 1Q 2008.
Working with PropertyShark.com, the industry leader in real estate information gathering, we collect comprehensive data about residential sales and to make sure that the report you are reading is the most complete you can find. Please feel free to contact me if you have any questions about the report; I would be glad to discuss it with you.
All the Best,
Laura Denise Milkowski, Christina Prostano, Michael Beam
www.theLDMteam.com917 658 4755
