To make a decision on your home on a purely financial basis makes no sense. Will your kids have to change schools? Will your rental have enough room for all your things?
Buyers got tired of paying more and more and took a breather.
It used to be that condos played second fiddle to the prewar co-ops. Now, there's a lot of status attached to living in the latest great condominium building or high-rise. People think it's cool ? it's like owning art.
We still have an oversupply of buyers over sellers, especially in the largest apartments and most desirable neighborhoods.
I don't believe real estate acts in any way that could be a bubble, because a bubble pops, and real estate doesn't explode overnight.
The buyers were pausing, and the sellers didn't seem to notice.
There was significant pickup in the last six weeks of the market; the buyers came flocking back. Part of it was the anticipation of the Wall Street bonuses, part of it was the feeling that there was some opportunity to buy and negotiate.
I am always asked, "Who was/is your mentor?" One person.... Howard Lorber. He has given me the advice I always value and enhanced my approach to business.
When you see things that have stalled, it's because of price. The million-dollar one-bedroom is not a fact of life. It exists, but it exists in special buildings with something that is beyond the ordinary.
What will slow this market down, and has slowed certain segments of the market down, is overpricing, ... Back in the spring there was such a frenzy that very pedestrian product was drawing multiple bids.
