NYC Property Sellers Keeping NY Real Estate Market Stable
(post by BT) I think that our real estate market has remained relatively stable due to the fact that our local NYC sellers are the most ignorant and stubborn sellers in the world! I am sure every real estate agent can vouch for this! Here, in many neighborhoods, sellers don’t seem to give a crap about economic crisis. They don’t care that there are 10 houses for sale within 2 blocks. They don’t care that your buyer’s offer is only 10% below the already-slightly-overpriced asking price! They say they don’t care if it takes 10 months to sell, and if they don’t sell they don’t care either, because they will just sit on the house. They don’t care if they go into foreclosure waiting for a miracle on 34th St! Huh?! NYC sellers don’t care if their prices will keep sliding on a monthly basis… but our stubborn annoying sellers are what actually has kept the New York City’s market prices stable - and I say: thank you! My hat off to you!
Thanks for making me work 3 times as hard, to convince people that even though I know and the comps show that the house is not worth the price.
Here is a shot of One Hunters Point condo on Borden Avenue in LIC, taken from a window at 5SL. We have some inside scoop and will be posting a few posts about this development shortly.
Pingback by Since Lehman, NYC Sales Slow Down Buyers Make Low Offers with 2009 Market in Mind | BrokerTales.com on 2 January 2009:
[...] and Lehman Brothers evaporated, then followed by more large-scale failures, suddenly whatever immunity we had left to the market’s ills in NYC suddenly wasn’t there. That is old news now… but the [...]