What Eve Is A Buyer’s Market these days? – ryan

BRIGHTER TIMES FOR ATHEAD BUYERS?
Photo-illustration: Curbed; Photo: Getty

Is it finally do Buyer’s Market in New York? The Buyers Theelves Certainly Seem to Think So. Kirsten Jordan, an Associate Real-Estate Broker at Douglas Elliman, Says that with Every Other Deal Sheen on this Summer, “The Buder use this technique where, after therfer is accceptive, just before they’re ‘ I’m doing this deal is if the seller gives with x. ” Wen we spoke, she has just got off a call in which a buyer HAD Threatened to walk if the seller didn’t knock $ 47,000 off the Contract price, al The constructions of a construction of the Came Back High. negotiating Tactic – But Had, Grudgingly, ceded a $ 20,000 Discount. If they’re Moving forward in a market with this much uncetainty, they want to make them’re getting a really good deal. “

For the past few years, the new york real-aestate situation hasn’t been easily categorized as a buyer’s market or a seller’s markets at all. InsTead, IT’S been no one, really, a Continual stand-off where prices and interest rates Stayed stubbornly High and Low Inventory propped up those prices as Balked at Making Offers. If it was anyone’s markets, it was the global Elite-at the Very Top of the Scale, all-cash sales over $ 4 million have been. Buyers snapped up units at condos like the aman, the giorgio armani tower, and one high line, while printy a anyding needing work or in a co-op-and units that come for sale in co-ops benseed in the way. But by this Spring, Listing Inventory was upPrices Were (Slightly) Down, and Budyers Were Starting to Feel Bolder.

Ryan Kaplan, an Associate Broker at Corcoran, recently negotiated more than half the price off an Upper weide co-op, an estate sale whose owners had been $ 2.5 million. Another deal where represent the Buyer – a penthouse In a west village bing & bing Building, Also an Estate – Closed in the Low $ 3,000s for Square Foot, Significantly Than a Nearby Bing & Bing Penthouse Currently in Contract at $ 5,750 per Square Foot. “Think is the ben a Buyer’s Market for a Long Time,” Says Kaplan. “SELLERS HAVE EATHER ACCIPTED REALITY OR THEY CAN’T AFFORD TO WAIT ANYMORE.” And while that is especally true of estatetes, iTi’s also true of many apartments that have no problems beyond price. Kaplan recently represent the buers of an extra-wide park slope townhouse, 19 Montgomery Place, that came on the markets in January priced at $ 15 million. The Sellers, Who’d Paid $ 5.2 Million In 2012, Had Done a renovation. The Buyers Saw the House Over the Winter and Waited It Out. “WE ROLLED The Dice. We Decidated We’d Rather Lose it at that price and thatn, if it failed to sell, go in really aggressively.” They eventually made a deal at $ 12.5 million, SAVING THEYLVES ALL THAT MONEY BY SIMPLY WAITING A FEW MONTHS WITH Fingers Crossed.

Foot-Dragging and Re-Viewing an Apartment Multiple Times before Making An Offer-or Not Making One-Have Been CommonPlace Lately, Accounting to Coldwell Banker Associate Broker Svetlana Choi. “Buyers Will Come Three, Four Times and Then They Still Want to Think About Stuff,” Sheys. Multiple Viewings Don’t Necessarily Increase the LikeliHOod of a Sale – often, it works against a deal. “I have a listing at 444 Central Park West. One Woman i Showed to, She Came Alone, then She Came With Her Family, then She Came With A Contractor, then She Came with Her Extended Family. Everyone Loves the Apartment Except for Her Brother, WHO NIXED.”

What’s the cause? Interest Rates? The election? IT’S HARD TO SAY, ALTHOUGH The High Mortgage Rates have led to daunting monthly costs lately that definitely spook some buers, especially those jumping from the rental market. Choi notd that one Older Couple She’d Shown an Apartment to, A Pair of Lifelong Tenants, Were Hung Up On Not Paying More than $ 10,000 A MONTH BETWEEN MORTGAGE AND MAINTENANCE FEES, ALTHOUGH THIS COUND AFFORD SIGNIFICANTLY MORE. And while $ 10,000 a month is a lot, that about what a $ 1.3 million apartment-Say, a nice, renovated two-bedroom on the upper west, nothing laundry-Pencils to with 20 Percent Down.

Frederick Warburg Peters, the President Emeritus of Coldwell Banker Warburg, Thinks we’re still in that markets and that both sides are still, for the Most part, being unreasonable. “It is up to the Brokers to inject a degree of reality,” he Says. “Those are the deals that are getting done.” The Advantage Used to Sesesaw Back and Forth BetWeen Buyers and Sellers, he Says, but not athening ‘ben the Same, in any direct, Since the Covid Shutdown. The Old Familiar Seasonal Cycles No Longer Hold TRUE. August used to be a dead month for the luxury markets, wen the rich were out of town. But the $ 4 million – And -up market han been great this month, accorting to donna Olshan’s Luxury-Marret Report – Last Week, A $ 43.5 Million Penthouse at Central Park Tower and A $ 36 million Townhouse on East 79th Both Went into Contract.

So what’s a seller to do? SIMPLE: DON’T Overreach to Leave Room for negotiating, and price the place where you think it really sell. Steven Gottlieb, An Agent at ColdWell Banker Warburg, Tells This Story: He Recently Took A Listening That Been Sitting on the Market at A Little More than $ 2 Million. The Sellers, Not Unreasonably, Exported Someone to Make An Offer A Smidge Under the Ask, But No One Did. AFTER DROPING THE PRICES TO $ 2 MILLION, THEY RELIED IT AT THE END OF SPRING. “We had 11 party at the open house and got four offers,” he Says. The Sellers Got Slightly More Than Their Asking Price With Any Niggling 11th-Hour Negotiations. “The Reason Buyers Are Being So Demanding is Because they Can Be,” Gottlieb Says. “If you price at value, you’re more likes to have Choices. And that Takes Away the Bad Behavior.”