From the June issue: Stung by a wave of condominium defaults and
the collapse of the credit market for jumbo loans, some real estate
brokers are channeling their energies into a different area: affordable
housing developments with government-backed financing for first-time
buyers. For some brokers these offer a stable alternative to
market-rate condominiums and co-ops. In recent years, firms like
Halstead Property and Fillmore Real Estate have expanded their presence
in affordable housing or mixed-income projects. And, in recent months,
as the recession has made market-rate sales more difficult, competition
among brokers has intensified because more buyers are turning to
affordable units. “We are seeing people who will come to our sales
showrooms now who can’t quite afford the market-rate units,” said
Stephen Kliegerman, executive director of development marketing at
Halstead Property. “These are affordable housing [units] but they are
open to free-market [buyers] under restricted income [guidelines].” [more]

From the June issue: Largely ignored during the boom because of
their relatively paltry budgets, first-time buyers have suddenly found
themselves among the most highly coveted client groups for New York
City’s real estate brokers. With few deals to latch onto, brokers have
started paying much closer attention to them and are now giving them
first-class status. In this month’s Q & A, brokers told The Real Deal that
first-time buyers now constitute anywhere from 30 to 70 percent of all
of their clients. That’s a jump from 15 to 50 percent from before the
credit crunch. While these first-time buyers require far more
handholding than those who are on their second or third apartment
purchases, they are pulling the trigger in greater numbers. But, as one
broker put it, they are still not “ready to get married” right away and
are more demanding clients because they want to see more apartments and
need tutorials on everything from property taxes to the financial
structure of a condo or co-op. [more]