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Brokers Look Ahead To Strong 2008
Brokers look ahead to strong 2008
January 09, 2008 02:59PMBy Lauren Elkies
To assess the state of the Manhattan residential market, The Real Deal sent out a survey to real estate professionals last month. Here is what some of them had to say:
Neil Binder principal and co-founder, Bellmarc Realty
"The market is bouncy. There are components that are active and others that are not. Buyers are demanding price concessions and sellers are resistant because there is still a low level of inventory."
Eddie Shapiro president and CEO, Nest Seekers International
"We expect a strong beginning of the year. Every January is a strong time."
Gary Malin COO, Citi Habitats
"We have seen some properties being purposely priced slightly below market to generate activity and some of those listings have led to bidding wars -- some over $100,000 from the asking price. We are still seeing strong activity in the entry-level apartments. However, oversized studio and one-beds are taking longer to move."
Kelly Mack president, Corcoran Sunshine Marketing Group
"In new development, one of the most interesting trends right now is the unprecedented demand for larger apartments and large-scale combinations. We have buyers looking to create 4,000-, 6,000-, even 11,000-square- foot residences in buildings all over the city."
Nikki Field senior vice president, Sotheby's International Realty
"We are traveling to international financial centers [including London, Hong Kong and Dubai] and meeting with potential Manhattan buyers on their turf, not waiting for them to come to us."
Valerie Dominguez vice president, the Corcoran Group
"The demand is especially strong for condos under $500,000 since that is a very underserved segment of the market by developers, which happens to coincide with a very large percentage of the population."
Michael Signet director of sales, Bond New York
"Perhaps surprisingly, despite all the negative press, we are having a busy December. Buyers are certainly a bit more tentative than we have seen in the past but transactions are taking place and prices have remained strong."
See the survey responses in the full story.