from J.W. Elphinstone of the Associated Press on July 2nd:
Manhattan Condo and Co-op Prices Fall
Condo and co-op prices in pricey Manhattan fell for the second quarter in a row, according to data from Prudential Douglas Elliman, one of the city’s largest real estate firms.
Expensive properties were the hardest hit with the median sales price of a luxury apartment – those in the top 10 percent of sale prices – falling 17 percent to 26 percent with the number of sales reduced by half.
About 61 percent of all sales were below $1 million, down from 49 percent a year ago, according to Miller Samuel Inc., which analyzed the number for Prudential.
Meanwhile, the average time it took to sell a property rose 48 percent from a year ago to 129 days with the number of price cuts doubling, according to a report from StreetEasy.com.
"It's the beginning of the new reality that 2007 and 2008 were not the norm, but the peak," says Pamela Liebman, CEO of The Corcoran Group.
Monday, July 6, 2009
Wednesday, July 1, 2009
Tip from Will On Submitting an Offer
My mother used to say that an invitation sets the tone for a party. The look of it and the way it's written represent the kind of event a host is planning. Without the benefit of other information, one dresses and conducts himself according to the impression left by the invitation.
"You can catch more flies with honey than with vinegar".....
If you are a buyer in this market, you and your Realtor have the ability to set the tone for friendly and productive negotiations, which will benefit your bottom line. If you are submitting an offer, low or high, write a letter of introduction for your Realtor to provide to the seller. Tell the seller a little about yourself and your family, and relate to the seller why you would like to buy their property. Putting a human story with an offer is both courteous and helpful both to you and the seller. For you, it reaffirms why you want the property. For the seller, it provides a human connection that can help ease the stress and uncertainty as they make their decisions on a response. It's just a good thing to do.
There's no need to go overboard, because you will sound artificial. Make it a simple statement about you, your appreciation for the property, AND (very important) your thanks for the seller's consideration of your offer.
In any market, setting the tone for a pleasant transaction is a worthwhile effort.
"You can catch more flies with honey than with vinegar".....
If you are a buyer in this market, you and your Realtor have the ability to set the tone for friendly and productive negotiations, which will benefit your bottom line. If you are submitting an offer, low or high, write a letter of introduction for your Realtor to provide to the seller. Tell the seller a little about yourself and your family, and relate to the seller why you would like to buy their property. Putting a human story with an offer is both courteous and helpful both to you and the seller. For you, it reaffirms why you want the property. For the seller, it provides a human connection that can help ease the stress and uncertainty as they make their decisions on a response. It's just a good thing to do.
There's no need to go overboard, because you will sound artificial. Make it a simple statement about you, your appreciation for the property, AND (very important) your thanks for the seller's consideration of your offer.
In any market, setting the tone for a pleasant transaction is a worthwhile effort.
Subscribe to:
Comments (Atom)
