Darryl Strawberry told me he loved me

Does it count that I said I loved him first?

Honest - a New York moment.

It happened Friday as I was scampering into my office. 42nd Street between Mad and Park - and there he was standing in the doorway of one of our local stores. Smiling and looking very tall...with people looking very short next to him.

What is it about us that we can see someone who we've never met, but have followed their life through the media for so many years, and then simply shout, "I LOVE YOU"?

Of course I wanted to do a follow-up - "STAY OFF THE DRUGS" - but that thought of course only crossed my adled mind as I walked away...

Yes, a New York moment.

Housing Crisis is Over

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.

Spring Begins

There's an interesting feeling in our residential market these days. And what seems to be the problem? What I've observed is that the product in great shape and location goes almost as quickly as it hits the market. We still have buyers walking in and offering all cash.

And then we just encountered a buyer - HELLO FIRST TIME IN MANHATTAN - saying, "I think the market is going to come down so I will wait." Boy if I had a dollar for every time I've heard that statement since 2002...

But there are some facts to consider.

Our conforming loan limits have raised. But they are only good until the end of the year. The mortgage/loan rates are excellent. If you believe you are in a home too large, I say you should sell and downsize now. If you are in need of a larger home - the same is true. But you need to think about staying where you are for about five years.

Why listen to me? I've only been doing this business for 25 years...but don't just take my word for it. Here's Barbara Corcoran on the topic.
You will find this posted on MSNBC's website. http://www.msnbc.msn.com/id/23726652/


She states:

Waiting for prices to come down.

As smart as you think you are, you cannot sharpshoot the real estate market. You never know when the best time is. Prices ebb and flow, and occasionally, like right now, they go down a lot. Nobody knows when the tide will turn, and based on historic data it always inevitably does. The best you can do is buy within the low and we're definitely in the low right now.


You also need to keep the interest rates in mind. If you wait for prices to come down by 10%, and interest rates go up by a half a point, your monthly payments will be the same. (Emphasis added). Historically speaking this also makes now a good time to buy. The people I would advise not to buy right now are those who don’t plan to stay in their homes for very long. If, however, you are ready to make a long-term commitment, now is as good a time as any to buy a home.



So, here we are moving quickly into April with the chill still in the air. Have a blessed holiday.

YIKES

OK - here's the real question - who has not been hit with the flu? I think that February should just be declared flu month and no one bother traveling in any public transportation. Shoot I just got over a major hit that took me by surprise and knocked me out for an entire week. We are big washers-of-all-surfaces in our office and STILL....be careful out there.

So we have a changing market. This really is the year that if you were thinking of trading up or needing to refinance NOW's the time. The legislative changes only go through December 2008 so it's made to spur the market and everyone should take advantage of the higher loan amounts for conforming loans. Of course that takes in nearly all real estate in Manhattan but it's a great time for people to move either up, down, or refinance.

In case you ever wonder, I always practice what I preach! I'm doing both -- refinancing and purchasing.
I invite you to do the same.

May the Rates Be With You

Yes that is the force these days as we plunge into the beginning of the Spring season. Bank of America is bailing out Countrywide and JP Morgan Chase is riding to the rescue of many a loan faced with refinancing.

Indeed, the Fed will reduce rates - the bond market will rally and our mortgage/loan rates will dip lower. Please if you are looking for financing, do everything you can to get your credit rating as superb as you can. That is the key - always - but especially these days. There is product available.

The Crickets are Alive

Yes - there's renewed life in the real estate action here in Manhattan and I LOVE it especially as we enter the traditionally slow holiday time. I was beginning to think that even the crickets had died here in the office....though I spend way too much time here working. I am continually looking for great people to associate themselves with us here.

Thank you thank you thank you

There's never enough gratitude for all we have -- plain and simple. Thank you everyone for allowing us to do what we love.

As Fall Begins

Have you seen the new real estate section of the New York Daily News? I have to tell you I like it very much. None of the chi-chi-I'm-so-cool-it's-ridiculous type writing...it's actually insightful and enjoyable - ah a concept.
Of course they have Barbara Corcoran as their new columnist on Fridays but as far as her words of wisdom that I have read so far, I've heard it and read it all before. It's hard to be always new but this colume is in need of it. The show - where she communicates with a doll is not exactly thrilling to me either but maybe to others....you tell me.

What I wish to learn more about is how she came to be the marketing maven she is, and how to position your company to sell it. That's what she did well - better than anyone.



So have you seen REBNY's listing portal - minus most of the listings? That's all I can muster about that one.

Winding down summer

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.

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.