From the April issue: As The Real Deal and other publications have reported, bidding wars — once thought to be bygone relics of the real estate boom — started reappearing in New York late last year.
At that time, the battles were limited to rare or exceptionally well-priced properties. But now that much of the city’s residential inventory has been snapped up, bidding wars are becoming the rule rather than the exception for market-priced property.
“You don’t have to be provocatively low [-priced] to solicit a bidding war today,” said Barak Dunayer, president of Barak Realty, estimating that his company now receives multiple offers on nearly three-quarters of its properties that are priced appropriately for the market. “It’s almost every listing that we have.” [more]
