The Real Deal New York

From the January issue: One of the most profound impacts of the Wall Street crisis on New York City’s real estate market is the sudden and dramatic emergence of the new buyer’s market. Virtually overnight, the advantage has shifted from sellers, who once presided over lightning-fast sales and bidding wars, to buyers, who now dictate every aspect of the transaction from the closing date to the discount off the asking price. “It is unequivocally a buyer’s market,” said Elaine Clayman, a senior vice president at Brown Harris Stevens, who has changed up her own strategy to target buyers and deal with the new business environment. This change is affecting every facet of the real estate industry as realtors, mortgage brokers, attorneys and developers figure out how to adapt to the new rules of the game.