Ah the thrill of it all - in one week how can we go from wearing coats to guard against the cold to wanting to rip our clothes off in the heat?
If you're a buyer - hit your offers by tomorrow! The last two weeks of summer are always a great time to put in an offer - that is, if the seller doesn't pull their listing off the market and decide to relist after labor day. It's been alittle lonely around the City these past days - I've been hearing the crickets in my office.
Meanwhile, I do have a few agents still running around and doing the best they can because nothing can replace just simple "drive".
Enjoy these last days of August, I am sure September is going to be full speed ahead and that is always enjoyable.
Sunday, August 26, 2007
Saturday, August 18, 2007
Ah the foresight
Three weeks ago I spoke here about the credit crunch and The New York Post got around to interviewing me about it this past week. They - like the Wall Street Journal - failed to quote me. Gee, I wonder why?
Maybe it's just my chirpy optimisim that always gets in the way? Perhaps and most likely so. At least that's my story (and I'm sticking with it.) Fault me but I just don't see the death knell ringing...yet.
We're a small firm - yep, that's obvious - our average sale is between 1M and 2M and reflective of the average in Manhattan overall. Maybe because I stress with my agents the importance of pre-qualifying buyers that we don't have many surprises. We aren't experiencing any radical changes in buying behavior either based on tightening lender scrutiny. We're just continuing to do business as we always have. Unqualified buyers (hopefully I state this because there may be things happening I'm just not told about) just wander elsewhere.
There always seems to be a plethora of real estate agents who fail to qualify buyers and prefer being "show-ers" of properties. I don't get it. I've been surprised by how many agents in Manhattan really don't need to work for living. Unfortunately (or fortunately)I never found myself among those ranks.
Meanwhile we're spinning down towards the end of the summer. This Saturday with the pristine air and cloudless sky brings a lack of humidity sniffing of fall more than Manhattan's usual summer fare. I'm honestly considering taking a break from Manhattan for a few days before the onslaught of the fall season beginning in September.
I look forward to learning what offers come forth from this weekend's open houses. I would imagine there will be low ball offers coming in on properties from buyers hoping to capitalize on all the press about the jumbo rates escalating. I can equally picture sellers saying "no" and holding their ground waiting for the customary school semester beginning and the next round of interested buyers returning from the sandy or wooded acres of their summer haunts.
There's still so much money floating around looking for a place to park in real estate. It's just so interesting.
Maybe it's just my chirpy optimisim that always gets in the way? Perhaps and most likely so. At least that's my story (and I'm sticking with it.) Fault me but I just don't see the death knell ringing...yet.
We're a small firm - yep, that's obvious - our average sale is between 1M and 2M and reflective of the average in Manhattan overall. Maybe because I stress with my agents the importance of pre-qualifying buyers that we don't have many surprises. We aren't experiencing any radical changes in buying behavior either based on tightening lender scrutiny. We're just continuing to do business as we always have. Unqualified buyers (hopefully I state this because there may be things happening I'm just not told about) just wander elsewhere.
There always seems to be a plethora of real estate agents who fail to qualify buyers and prefer being "show-ers" of properties. I don't get it. I've been surprised by how many agents in Manhattan really don't need to work for living. Unfortunately (or fortunately)I never found myself among those ranks.
Meanwhile we're spinning down towards the end of the summer. This Saturday with the pristine air and cloudless sky brings a lack of humidity sniffing of fall more than Manhattan's usual summer fare. I'm honestly considering taking a break from Manhattan for a few days before the onslaught of the fall season beginning in September.
I look forward to learning what offers come forth from this weekend's open houses. I would imagine there will be low ball offers coming in on properties from buyers hoping to capitalize on all the press about the jumbo rates escalating. I can equally picture sellers saying "no" and holding their ground waiting for the customary school semester beginning and the next round of interested buyers returning from the sandy or wooded acres of their summer haunts.
There's still so much money floating around looking for a place to park in real estate. It's just so interesting.
Thursday, August 9, 2007
Dog Days
Yes, we did survive the Con Edison steam pipe explosion which was across from our building...Wednesday's torrential rain (you haven't truly experienced Manhattan until you see water pouring down the central escalators of Grand Central and the subways all stop running) - and TORNADOES - in New York City! Gads. 20 years ago I remember commenting that soon we would see palm trees growing on 42nd Street, and my goodness we still have wacky weather. Doesn't that bring us to the question - when isn't it wacky?
So enough about the weather - on about real estate. Still our luxury market is strong, we can't get enough of great product in GREAT locations. Resales are strong IF the sellers have renovated and renovated well. If you can not tell the difference between Home Depot and hand crafted cabinets - well, on some people it can be lost, but on those who know -- the properties are being snatched as quickly as they come on the market.
This has been a very busy summer for us even with the many fluctuations in temperature and weather. The fall season is going to be very interesting.
What I will find will take some study is what is occurring with jumbo rate loans (417K and higher). That does affect our Manhattan market where most of the loans are jumbo simply because of the initial high cost of property. This week the rates jumped up - banks are tightening (to some of us - we believe it's about time) the requirements qualifying buyers. Most of our high end customers will continue to be unaffected by these changes; however, first time buyers will be affected.
My contact at Trachtman & Bach, Inc., the very capable Janine Baron, alerted me to the hold on home equity loans that has just squashed their products. Buyers need to scrutinize their credit reports - clean up any delinquencies - so they can be at the forefront of receiving a preferred loan rate.
So enough about the weather - on about real estate. Still our luxury market is strong, we can't get enough of great product in GREAT locations. Resales are strong IF the sellers have renovated and renovated well. If you can not tell the difference between Home Depot and hand crafted cabinets - well, on some people it can be lost, but on those who know -- the properties are being snatched as quickly as they come on the market.
This has been a very busy summer for us even with the many fluctuations in temperature and weather. The fall season is going to be very interesting.
What I will find will take some study is what is occurring with jumbo rate loans (417K and higher). That does affect our Manhattan market where most of the loans are jumbo simply because of the initial high cost of property. This week the rates jumped up - banks are tightening (to some of us - we believe it's about time) the requirements qualifying buyers. Most of our high end customers will continue to be unaffected by these changes; however, first time buyers will be affected.
My contact at Trachtman & Bach, Inc., the very capable Janine Baron, alerted me to the hold on home equity loans that has just squashed their products. Buyers need to scrutinize their credit reports - clean up any delinquencies - so they can be at the forefront of receiving a preferred loan rate.
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