From the July issue: When the real estate market crashed, tales of lowball offers abounded in New York: Buyers were in many cases demanding discounts of 25, even 30 percent, off asking prices. Those days, relieved brokers say, have passed.
But in this steadier-if-somewhat-
uncertain market, some say another frustration has emerged. Sellers, emboldened by the market’s relative improvement in the last year, are now the ones pushing
their luck.
While brokers and analysts agree that the market is still fragile, they say some sellers are getting greedy and demanding prices higher than currently justified. To rationalize those higher prices, they are pointing to the recent bounce in sales activity and rejecting comps they
feel are too low.
“In the current climate, sellers are not asking; sellers are demanding,” said Patricia Levan, president of Levan Real Estate in Manhattan. “Some sellers are demanding unrealistic prices, and they will find an agent to support that fantasy.” [more]
