From PDE Newsletter...discuss THE HOMELESS WEALTHY: WHAT BUYERS FEEL NOW As predicted, the first quarter has begun with a vengeance, with numerous contracts signed on many great properties, often with multiple bidders or interested parties. This has left many buyers saddened and disillusioned. This is what buyers are seeing/feeling right now in the luxury Manhattan market, home to the “homeless... [more]
From PDE Newsletter...discuss
THE HOMELESS WEALTHY: WHAT BUYERS FEEL NOW
As predicted, the first quarter has begun with a vengeance, with numerous contracts signed on many great properties, often with multiple bidders or interested parties. This has left many buyers saddened and disillusioned.
This is what buyers are seeing/feeling right now in the luxury Manhattan market, home to the “homeless wealthy”:
1) A very dismal selection of great properties to choose from: this seems to be the consistent gripe.
2) Buyers who had hoped to find the ‘bargain’ in the past 2 years have come to the realization that bargains
hardly ever happen on the best apartments in a city like New York.
3) When something good is identified, be it new or not, the buyers who lose out on the property, either
because their bid was too low, or they didn’t act quickly enough, are left feeling depressed and dejected.
4) Buyers are FEELING the beginnings of price escalation. Maybe the asking prices are not rising yet (although some are) but the bids are. And the selling prices are often closer to asking.
5) A diminished selection of ‘brand new’: With new construction stalled for 2 years, buyers who were accustomed to looking at chic lobbies and common areas, and A-grade interior finishes, are finding that the best units in these buildings are sold, or the units remaining are not what they need or can afford.
OUR ADVICE: If you are planning to buy now, look at everything quickly, pick a unit and be done with it: the perfect apartment is not out there, and the longer you wait, the more you will pay for it. Otherwise, rent now and plan on buying in a new construction building and wait the 18 months – 3 years for completion. But be prepared to
commit to something sooner rather than later…..inflation is on the horizon!
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Response by sledgehammer
almost 15 years ago
Posts: 899
Member since: Mar 2009
Lol! Get the fvck outta here!
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Response by NYC10013
almost 15 years ago
Posts: 464
Member since: Jan 2007
It makes me sick to read that - the amount of spin is priceless.
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Response by beatyerputz
almost 15 years ago
Posts: 330
Member since: Aug 2008
I smell SteveF
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Response by malthus
almost 15 years ago
Posts: 1333
Member since: Feb 2009
"If you are planning to buy now, look at everything quickly, pick a unit and be done with it: the perfect apartment is not out there, and the longer you wait, the more you will pay for it."
Sorry to do it but isn't this another way of saying buy now or be priced out forever?
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Response by matsonjones
almost 15 years ago
Posts: 1183
Member since: Feb 2007
Buy now or forever be priced out....
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Response by hrdnitlr
almost 15 years ago
Posts: 149
Member since: Jun 2007
malthus said: Sorry to do it but isn't this another way of saying buy now or be priced out forever?
I think what they're saying is brokers are feeling, "we're cranky and frustrated after 3 years of endless apartment showings with precious few bids resulting. Make it easier on us! Decide fast! Fast fast fast! So that we don't have to deal with how all the uncertainty among buyers eats away at our time! Buying cycles are too long! Waaaah!"
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Response by somewhereelse
almost 15 years ago
Posts: 7435
Member since: Oct 2009
Sounds like the same idiots who who told folks to buy 3 years ago. Nothing new here.
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Response by maly
almost 15 years ago
Posts: 1377
Member since: Jan 2009
This is screaming for a re-write.
>THE HOMELESS WEALTHY: WHAT BUYERS FEEL NOW
The sad broker: what Amex wants from me now
>As predicted, the first quarter has begun with a vengeance, with numerous contracts signed on many great properties, often with multiple bidders or interested parties. This has left many buyers saddened and disillusioned.
My broker friends are telling me they're signing deals, but I haven't seen a commission check in months. I am behind on all my bills, and may have to get a "real" job. Have you seen the state of the economy?
>This is what buyers are seeing/feeling right now in the luxury Manhattan market, home to the “homeless wealthy”:
If you want me to keep e-mailing you every month, you need to step up:
>1) A very dismal selection of great properties to choose from: this seems to be the consistent gripe.
The inventory is overpriced and not that great, I know.
>2) Buyers who had hoped to find the ‘bargain’ in the past 2 years have come to the realization that bargains
hardly ever happen on the best apartments in a city like New York.
Prices that were insanely ridiculous in 2008 are now only merely ridiculously overpriced.
>3) When something good is identified, be it new or not, the buyers who lose out on the property, either
because their bid was too low, or they didn’t act quickly enough, are left feeling depressed and dejected.
Whenever anything well-priced comes around, you losers don't move fast enough.
>4) Buyers are FEELING the beginnings of price escalation. Maybe the asking prices are not rising yet (although some are) but the bids are. And the selling prices are often closer to asking.
There is NO sense of urgency, no pizzazz, no blank checks. WTF is wrong with you people?
>5) A diminished selection of ‘brand new’: With new construction stalled for 2 years, buyers who were accustomed to looking at chic lobbies and common areas, and A-grade interior finishes, are finding that the best units in these buildings are sold, or the units remaining are not what they need or can afford.
Just because common charges are more than the rent on a similar apartment doesn't mean you can't "invest" in your future. You don't see Charlie Sheen quitting on pure love and clean fun.
>OUR ADVICE: If you are planning to buy now, look at everything quickly, pick a unit and be done with it: the perfect apartment is not out there, and the longer you wait, the more you will pay for it. Otherwise, rent now and plan on buying in a new construction building and wait the 18 months – 3 years for completion. But be prepared to commit to something sooner rather than later…..inflation is on the horizon!
Buy now or I'll be forced to go back to waitressing. Also, Craigslist doesn't have an Erotic Services section anymore.
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Response by somewhereelse
almost 15 years ago
Posts: 7435
Member since: Oct 2009
"Sorry to do it but isn't this another way of saying buy now or be priced out forever?"
Yeah, awful funny.
Who exactly are these idiots?
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Response by sjtmd
almost 15 years ago
Posts: 670
Member since: May 2009
Prudential Douglas Elliman newsletter, the Fox News of objective real estate reporting. If it wasn't for the ice storm of the century I would run out and buy me a couple tomorrow.
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Response by KeithB
almost 15 years ago
Posts: 976
Member since: Aug 2009
Was this written in 2008....?
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Response by inonada
almost 15 years ago
Posts: 7952
Member since: Oct 2008
Watch it, Keith. You already have a target on your back, and this might be the tipping point that has them sending a coupla fellas with baseball bats and talk of kneecaps.
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Response by SkinnyNsweet
almost 15 years ago
Posts: 408
Member since: Jun 2006
You said: Swing with me, baby, or die a waitress. And boy do we swing.
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Response by w67thstreet
almost 15 years ago
Posts: 9003
Member since: Dec 2008
I missed it again!? WTF? If I have to wait till the next 2007 meltdown, I'll gonna need penile implants to get it up. Maybe I'll have to pee in a bag. Oh Lordy.
KetihB nice write up on you on Nytimes. It was almost business section worthy and not the same old fluffer piece
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Response by KeithB
almost 15 years ago
Posts: 976
Member since: Aug 2009
67 I think I see a yachting invite in my future ...
@nada I hear ya, but listing brokers love me as I cost them nothing and facilitate the deal. Some deals that would not have happened without me. I must say I a pleasure to work with (;
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Response by Apt_Boy
almost 15 years ago
Posts: 675
Member since: Apr 2008
Even if this is true, the disingenuous nature of the prose is very offputting
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Lol! Get the fvck outta here!
It makes me sick to read that - the amount of spin is priceless.
I smell SteveF
"If you are planning to buy now, look at everything quickly, pick a unit and be done with it: the perfect apartment is not out there, and the longer you wait, the more you will pay for it."
Sorry to do it but isn't this another way of saying buy now or be priced out forever?
Buy now or forever be priced out....
malthus said: Sorry to do it but isn't this another way of saying buy now or be priced out forever?
I think what they're saying is brokers are feeling, "we're cranky and frustrated after 3 years of endless apartment showings with precious few bids resulting. Make it easier on us! Decide fast! Fast fast fast! So that we don't have to deal with how all the uncertainty among buyers eats away at our time! Buying cycles are too long! Waaaah!"
Sounds like the same idiots who who told folks to buy 3 years ago. Nothing new here.
This is screaming for a re-write.
>THE HOMELESS WEALTHY: WHAT BUYERS FEEL NOW
The sad broker: what Amex wants from me now
>As predicted, the first quarter has begun with a vengeance, with numerous contracts signed on many great properties, often with multiple bidders or interested parties. This has left many buyers saddened and disillusioned.
My broker friends are telling me they're signing deals, but I haven't seen a commission check in months. I am behind on all my bills, and may have to get a "real" job. Have you seen the state of the economy?
>This is what buyers are seeing/feeling right now in the luxury Manhattan market, home to the “homeless wealthy”:
If you want me to keep e-mailing you every month, you need to step up:
>1) A very dismal selection of great properties to choose from: this seems to be the consistent gripe.
The inventory is overpriced and not that great, I know.
>2) Buyers who had hoped to find the ‘bargain’ in the past 2 years have come to the realization that bargains
hardly ever happen on the best apartments in a city like New York.
Prices that were insanely ridiculous in 2008 are now only merely ridiculously overpriced.
>3) When something good is identified, be it new or not, the buyers who lose out on the property, either
because their bid was too low, or they didn’t act quickly enough, are left feeling depressed and dejected.
Whenever anything well-priced comes around, you losers don't move fast enough.
>4) Buyers are FEELING the beginnings of price escalation. Maybe the asking prices are not rising yet (although some are) but the bids are. And the selling prices are often closer to asking.
There is NO sense of urgency, no pizzazz, no blank checks. WTF is wrong with you people?
>5) A diminished selection of ‘brand new’: With new construction stalled for 2 years, buyers who were accustomed to looking at chic lobbies and common areas, and A-grade interior finishes, are finding that the best units in these buildings are sold, or the units remaining are not what they need or can afford.
Just because common charges are more than the rent on a similar apartment doesn't mean you can't "invest" in your future. You don't see Charlie Sheen quitting on pure love and clean fun.
>OUR ADVICE: If you are planning to buy now, look at everything quickly, pick a unit and be done with it: the perfect apartment is not out there, and the longer you wait, the more you will pay for it. Otherwise, rent now and plan on buying in a new construction building and wait the 18 months – 3 years for completion. But be prepared to commit to something sooner rather than later…..inflation is on the horizon!
Buy now or I'll be forced to go back to waitressing. Also, Craigslist doesn't have an Erotic Services section anymore.
"Sorry to do it but isn't this another way of saying buy now or be priced out forever?"
Yeah, awful funny.
Who exactly are these idiots?
Prudential Douglas Elliman newsletter, the Fox News of objective real estate reporting. If it wasn't for the ice storm of the century I would run out and buy me a couple tomorrow.
Was this written in 2008....?
Watch it, Keith. You already have a target on your back, and this might be the tipping point that has them sending a coupla fellas with baseball bats and talk of kneecaps.
You said: Swing with me, baby, or die a waitress. And boy do we swing.
I missed it again!? WTF? If I have to wait till the next 2007 meltdown, I'll gonna need penile implants to get it up. Maybe I'll have to pee in a bag. Oh Lordy.
KetihB nice write up on you on Nytimes. It was almost business section worthy and not the same old fluffer piece
67 I think I see a yachting invite in my future ...
@nada I hear ya, but listing brokers love me as I cost them nothing and facilitate the deal. Some deals that would not have happened without me. I must say I a pleasure to work with (;
Even if this is true, the disingenuous nature of the prose is very offputting
LMAO, I should cry in my soup.