buying momentum

What was the "targeted product"?

yes what is the targeted product?

Same problem here, there is little inventory in Soho too.

proy1462 - you happened to come to NY right after a very active few months, specifically I would put the time range of this around later April to late June. We saw a wave down in prices, something most brokers denied as even possible, and a dead Q4 and Q1 that saw sales volume tumble - basically defining the first wave down in prices. Then the buyers came back with the discounts as stocks rallied and green shoots took over the media.

So, its not surprising that inventory wasnt as deep as you might have thought for a market that was just hit. Over the past 2-3 weeks, this action has definitely turned the corner, past its peak, and its starting to feel very much like the transition to generally slower summer months. A bunch of brokers I regularly talk to, top producers at varying firms that I know for years, pretty much all confirm this notch down in action. You must understand it was very active in late April/May/June and started to slow towards end of June or so. But you had a good 8-9 weeks of many deals happening. Those types of waves usually dont last forever, and this one was no different. You are seeing the end of it, with many deals scooped up.

Its as if the pent up demand made their purchase already! Thats how I would describe it. If they missed it, they either got frustrated or decided to wait again. For me, this was the case. For brokers I talked to, same case.

Expect seasonal element to kick in until after Labor day or so, as this market is usually slow during the summer when many are away for weekends. In my opinion, that is a good time to buy as sellers find it hard to move property with lower traffic! But everything needs to fall into place for any individual of course! Its all about what your goal is

Targetet product? A small 2B 2B (1200 sf or under)in the UES; in a pre-war Condo; with reasonable charges/taxes (keep in mind it?s for investment), west to Lexington and a proper correspondence between other features like: exact location within the scope, condition, views, etc., and current market-connected price. After 9 days of intensive search I only found 3: one was in contract already; one on-sale with a not-willing-to-sale/nor negotiate price; and one very nice, over priced, but deadly DARK unlivevable place.- Am I being too demanding to pretend a right product at the right price? I don't think so, but I am not willing to pay premiums in a depressed market either...

Urban: Thanks for the color on the market. Your perspective is always useful.

Question to follow up on your comments about lower volumes: Do you think the lower activity in terms of people looking for units will lead to fewer advertised asking price reductions over the summer?

The reason I ask is that someone who has a property on the market said this to me the other day (this is one of those, I don't need to sell, but I would like to sell people): Why would we lower the price when no one is even looking anyway? All that means is we just start in a lower negotiating position in the event that someone does show up wanting to buy our particular place. If price decreases aren't going to generate traffic, why would I lower my price?

Skinny, thanks and a few things for your friend, Ill go in order:

"why would we lower the price when no one is even looking anyway?"

NR: awful mentality, when it seems they are somewhat realistic on what their product is likely worth today, yet have strategy all wrong

"All that means is we just start in a lower negotiating position in the event that someone does show up wanting to buy our particular place."

NR: the market dictates what the property is worth, not the seller. this mentality does not take into account that if the property is properly priced or aggressively priced, it may generate big time interest and all you need is two interested buyers to get a price at a level that is either at market value or slightly above. case in point, my e 87th property priced aggressively and it went over ask, in contract now. youll see where at closing. market dictated value as we got three bids in first week due to pricing

If price decreases aren't going to generate traffic, why would I lower my price?

NR: I flat out disagree with this. In fact, price reductions are yuor best weapon to stimulate traffic and interest. Trust me, there are plenty of ready, willing and able buyers out there that will show up at your property if its priced aggressively or closer to where market will ultimately value it. Whoever told them that price decreases wont generate traffic, is very very wrong.

Thanks. I agree with you. I think the key difference here is that they think their property is worth more than the price cut that would be required to generate any traffic.