"co-ops, condominiums and town houses are flying off the shelves in brokerage firms across the city"
JOSH BARBANEL, NEW YORK TIMES
After looking at The London property echo last week, we've landed back in Manhattan today and looking at another reverberation in the echo of these vigorous real estate markets. Josh Barbanel wrote in the New York Times about the most recent indication that the Manhattan marketplace is still alive and well in a piece simply titled Manhattan Market Remains Stable. He writes, "Last month, the number of closed sales just about matched the number closed in November 2006, and prices were considerably higher, but roughly flat compared with the prices in the previous quarter, according to a review of sales records filed with the city." That sounds about right to what I'm experiencing and hearing from my colleagues. There has been a fairly consistent number of deals being made and inventory in any particular property size is pretty slim in any one neighborhood, causing a modest, but equally steady rise in prices.
how to price a home right now
Sellers who really want to shoot themselves in the foot, can do so by simply ignoring the most recent comparable property sales and overreaching for the the highest, most unrealistic pricing advertised by a competing property. Asking prices are almost irrelevant in this market. Recently sold and closed data are the most important measurements. I heard recently about an agent who received 30 bids on a Greenwich Village co-op apartment which was under priced to attract a number of qualified candidates to pass some stringent Co-op Board requirements. The perception was that a "deal" existed. The property was quickly bid up to its true market value. In this more price sensitive market, the mindset that says price higher because you can only negotiate downward, is destined to do so. Using attractive pricing to stand out from the crowd, will still get an enthusiastic response if the home is exposed widely. The buyers are out there, waiting and wondering where it is all going, give them a reason to come see your property, and try to buy it.