The Real Deal New York

From the March issue: With a continued inventory shortage and interest rates still low, bidding wars have emerged as the new norm for increasingly desperate buyers, industry experts said. And while sellers rejoice as prices get bid up, brokers struggle to please frustrated clients. Bidding wars have been prevalent for some time. But lately, brokers said, multiple bids and “best and final” negotiations — in which all of the potential buyers simultaneously submit their final offer and the seller chooses between them — now take place in the majority of deals. [more]