Manhattan Real Estate

Friday September 26th
N.Y.C. Police Museum Festival
(on Old Slip from Water – South St.)

Saturday September 27th
Broadway Autumn Fair
(on Broadway from Waverly Pl.- 14th Street)

Sunday September 28th
Lexington Avenue Fall Festival
(on Lexington Avenue from 34th – 42nd Street)

Friday September 19th
Fulton Street Follies
(on Fulton Street from Water – Cliff St.)

Saturday September 20th
7th Avenue – Guardian Angels Fair
(on 7th Avenue from 47th – 57th Street)

Sunday September 21st
Eighth Avenue Fall Festival
(on 8th Avenue from 42nd – 57th St.)

Friday September 12th
Financial Community Day Festival Series
(on Whitehall St. from Beaver – Water Street)

Saturday September 13th
The Great Irish Festival
(on 6th Avenue from 42nd – 56th Street)

Sunday September 14th
Tudor City Festival
(on Lexington Avenue from 42nd – 57th Street)

Ask 10 different people about the condition of the New York real estate market and you will likely get 10 different answers, ranging the full spectrum from “Awesome” to the ambiguous “Wild” or “Nutty,” to the downright bleak “Horrid”. Why such a disparity, you ask? And, more importantly, which response is correct?   It depends who you ask, and that is the problem.

Too many real estate brokers have fallen into the salesperson trap of “perpetual perfection”, meaning, regardless of the cold hard facts, business is always great. It’s a tool that all good salespeople know – put a positive spin on things and anything is possible. The problem with this theory when it comes to real estate is, by glossing over the truth, you may be hurting business in the long run.

Sugar coating aside, the real estate market in New York has declined over the past year.  And while a positive attitude is always an asset, there is no way to gloss over the fact that short sales are increasing in droves. Some brokers feel that presenting consumers with the brutal truth is depressing, and will further inhibit already leery potential sellers and buyers alike. But what happens when your tale stops spinning?

Eventually, when that overpriced listing doesn’t sell, and that mint triple plus home is still on the market after 8 months, the truth comes out: The real estate market in New York is not at its best right now. Times are tough, prices are down, and foreclosures are up – the numbers don’t lie. And your customers will figure that out, regardless of what you tell them up front.

But a downturn in the market does not mean all is gloom and doom. There is a reason why they call it a “buyers market” and buyers all over New York should be on their phones and computers snatching up those gems before it’s too late. Three years ago, buyers were completely at the mercy of astronomical prices and aggressive sellers. Now, with the situation reversed, those in the market to buy would be foolish to miss out on the chance to cash in on a great deal.

So yeah, the real estate market in New York could be better. Brokers, don’t ignore that fact because consumers are quickly catching on. But a slow market is not as grim as it sounds. While it’s true that sellers have to be more realistic, competitively priced listings are definitely selling. For buyers, now is the time to act, and to seal those golden deals before the market swings up again, which, as history has shown us, it inevitably will.

Friday September 5th  
United Nations Festival
(on 47th Street from 1st – 2nd Avenue)

Saturday September 6th
Big Apple Performing Arts Festival
(on 7th Avenue from 47th – 57th Street)

Sunday September 7th
52nd Street Fall Festival
(on 52nd Street from Lexington – 7th Ave.)