OK - I said it today in our Sales Meeting. However, if you don't take my words for it, it just so happens that it's in today's Wall Street Journal, Page A23 - yep, the same words. http://online.wsj.com/article/SB121003604494869449.html?mod=djemITP
of course it's only an opinion.
As we've been watching the market nation-wide and the timing, we've essentially absorbed all the readjustments of all those 5 year ARMS that became due in the last four months. Either people were able to take advantage of the higher conforming loan amounts and excellent loan rates, sell, or they crashed. Manhattan - as normally happens - has been essentially immune to the vast changes seen across the country. Prices have adjusted. The badly constructed new developments will languish; the poorly designed floor plans will be passed over for another property better designed; better located; and in better condition.
We've been selling our exclusive listings within days. If the property is in great condition, and priced correctly, there are buyers wisely waiting the opportunity. Property is not being given away but it is definitely moving.
