Bring on the bargains
March 02, 2009 01:05PM By Candace Taylor
 |
From the March issue: Six months ago, "luxury" was the all-encompassing buzzword of Manhattan real estate. Buyers happily paid astronomical sums, often sight (and even site) unseen, to live in buildings designed by world-famous architects, with private wine cellars and terrazzo marble as far as the eye could see. In an environment where financing was easy, bonuses were huge and real estate values rose at breathtaking speeds, home prices seemed almost beside the point. Now, Manhattan buyers are just as demanding, but their criteria have changed drastically. The new buzzword -- and subject of buyers' singlemindedness -- is "bargain." With real estate prices falling for the first time in a decade, home seekers are just as intent on price cuts as they once were on floor-to-ceiling windows and Sub-Zero refrigerators. High-profile brokers, like those pictured above, are making big cuts on their listings. "I tell all my sellers, 'You must give them a deal,'" said real estate doyenne Sharon Baum, a senior vice president at the Corcoran Group. "If you're not willing to do that, you shouldn't be in this market."
moreThe Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments
Anonymous
Condos bought at today's prices with 20% down will be underwater in 6 months.
Comment #1 Posted By: Anonymous 03/02/09
Anonymous
#1, you are absolutely correct. Speculators and those that used their properties as ATM's will be crushed. Everyone who sold in the past year won and those who purchased lost and anyone who listens to a broker is a fool. If you need to sell now, face it you are going to loose. Prices will not hit bottom for at least a year. Foreclosures will not be a problem, walkaways, runaways, from homes, credit cards,etc. will be the biggest issue.
Comment #2 Posted By: Anonymous 03/02/09
Anonymous
If you're not going to sell anytime soon, why not buy if you need someplace to live and are going to live there long-term?
Comment #3 Posted By: Anonymous 03/02/09
Anonymous
Why not buy at 30% off peak? I suppose every jackass on this thread has a crystal ball...and knows exactly how much more the market will fall? And knows that there is no reason in hell for any long term buyer to buy now at 30% off peak? BS. There's too much venom here...and not enough common sense. Buyers miss oportunities on both sides of the curve Jackasses.
Comment #4 Posted By: Anonymous 03/02/09
Anonymous
Before the market goes up again, there will be a period of stagnation. It seems more reasonable to buy when the market stagnates than when it's still falling.
Comment #5 Posted By: Anonymous 03/02/09
Anonymous
Let me see...If i want to buy now, it seems reasonable to have a 20% downpayment ready. So on a $500K average property, that's a $100K down. But if the property i buy lose 20% in 6 month...Does that mean that my hard earned $100K deposit went up in smoke? Can any broker answer me? I'm not good with numbers...
Comment #6 Posted By: Anonymous 03/02/09
Anonymous
Who says that peak prices were realistic in the first place? The Astor's first asking at 778 was 46 mil. 30 off, you get 33. Wow a steal! Get out your checkbooks folks, the Dow will never give up all it's gains. OH, wait a second, it just did.
Comment #7 Posted By: Anonymous 03/02/09
Anonymous
Everyone, just take a deep breath. Number 1, don't listen to these lying brokers. Number 2, wait, this market is going to collapse, just like the stock market. You'll see real estate prices at 1992 levels--or lower.
Comment #8 Posted By: Anonymous 03/02/09
Anonymous
#5 the reason I don't buy now is that I have limited funds. If I wait 12 more months and prices fall another 30% then my limited funds can buy more apartment. Renting for one more year will allow me to live in a 30% bigger and better apartment for the next 10 to 15 years. For me it's worth it to wait. I've been renting for 10 years. Renting isn't so bad anyway.
Comment #9 Posted By: Anonymous 03/02/09
Anonymous
Prices were to high in the first place. Brokers can only do what the sellers want back then so why blame the brokers? If anyone really wants to make money they have to buy a a multifamily home that is low purchased prices and rent it out to make mortgage payments, maintenance, and taxes. A purchased price should be at 100k or 90k for a two family and charging $1000, for each unit. Back then everybody didn't think twice in overpaying because they knew the bank would pay. Now is time to penny pinch. So pinch what ever you can get.
Comment #10 Posted By: Anonymous 03/02/09
Anonymous
300 automobiles are abandoned with the keys in the ignition every week at the Dubai international airport because the owners are fleeing from debt that they can never hope to repay. That will never happen here, just ask Mr. Shvo. NYC is recession proof, 20 Pine is entertaining multiple bids above asking and they are all cash offers in suitcases. Pamplona!
Comment #11 Posted By: Anonymous 03/03/09
Anonymous
#11, Why blame the brokers? How about their complicity with the mortgage lenders and their fees, the bankers and their fees, closing costs and their fees, lawyers and their fees, title companies and their fees, appraisers and their fees. Good riddance to bad rubbish. Boo Hoo, you are out of business and middle America does not give one shit about you.
Comment #12 Posted By: Anonymous 03/03/09
Anonymous
All this animosity against brokers huh? How about a little reverse animosity? How about animosity towards the tidal wave of yuppie trash that invaded this island in the last 10 years? How about the hundreds of thousands of entitled little pricks who think it's their god given right to make six figures right out of college...so they can go on to reach the upper levels of investment banking...and take BILLIONS of dollars of other peoples money...and bet on horses with it...and uber leverage other peoples money with ridiculous new slavery derivatives that you don't even understand...with CDO's that you don't even understand...as you gorged on red meat...and drank 500 dollar a bottle wine with reckless abandon...oblivious to the finanical black hole that you and a million others like you have created...and it will only be when you have sucked us all down into the void...that you will cry like little babies...and turn to the Bank of Dad to rescue you...only to find out that the the BOD is bankrupt. Signed, A Broker
Comment #13 Posted By: Anonymous 03/03/09