The Real Deal New York

From the November issue: With third-quarter market reports showing an increase in activity and brokers reporting more deals getting hammered out, the question is: Who has come off the sidelines? The answer may be “trade-up” buyers, or New York homeowners willing to sell for much less than what they would have gotten at the height of the market — so long as they can then buy better property at reduced prices. The thinking behind selling low and upgrading is simple: “It’s a logical step because if you take 20 percent off a $1 million home, and 20 percent off a $2 million home, if you can afford the upgrade, you’re getting a better value” with the more expensive property, said Leah Blesoff, a sales associate with Halstead Property.