Experts advise buyers and sellers to get back to basics

New York /
Mar.March 06, 2009 10:50 AM
Clockwise, from top left: Pamela Liebman, Jonathan Miller, Paul Purcell and Alan Rosenbaum

Industry experts urged buyers and sellers to get back to real estate basics last night at “Changing Market: Making Sense of Manhattan Residential Real Estate,” an annual panel at the 92nd Street Y hosted by Paul Purcell, co-founder of Charles Rutenberg Realty in New York. The speakers, Pamela Liebman, president and CEO of the Corcoran Group, Jonathan Miller, president of Miller Samuel and Alan Rosenbaum, president of Guardhill Financial, spoke to a crowd of more than 125 people, including many potential buyers and a few hopeful sellers.

“We lose sight of what real estate is really interested in doing,” Purcell said. “To my parents’ generation, their goal in buying a home was to give their family a place to live … they bought it for the long-term hold.”

New Yorkers tend to view apartments like stocks, Purcell said, looking at the value of their apartments every day. But, he said, apartments shouldn’t be treated like commodities.

“You’re buying it to live in it,” Liebman said. 

At the same time, the panelists said, there are significant opportunities out there for buyers who are willing to look at the buying process as a business decision. 

“Buyers are very empowered. They can be very aggressive in their bidding,” Liebman said. Many sellers are a year behind the market and co-op boards are a year behind the sellers, Miller added. But other sellers are responding to buyers’ lower offers.

For a buyer, “it’s still important to have an emotional connection to the apartment — as long as it’s at the right price,” Liebman said.

Manhattan home prices are down about 25 percent compared to February 2008, Miller said. He said he sees particular opportunities for first-time buyers.

Most sales now are taking place in the under-$2 million market, and many of those sales [are] in the under-$1 million market, Liebman said.

As the market drops, so will what Liebman calls the “peripheral stuff,” like the amenities in many Financial District buildings. “It’s all about the basics: good floor plan, nice view.”


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Century 21 president Marc Benitez (LinkedIn; iStock)
Return of the retailer: Century 21 relaunches
Return of the retailer: Century 21 relaunches
Canadian industrial building boom looms
Canadian industrial building boom looms
Canadian industrial building boom looms
Aman CEO Vladislav Doronin and the upcoming towers. (Getty, DBOXCG)
Japan’s tallest tower project will include Aman Resorts luxury residences
Japan’s tallest tower project will include Aman Resorts luxury residences
Miami-Dade Mayor Daniella Levine Cava (Getty, iStock)
Miami-Dade resumes pre-pandemic evictions after unannounced February break
Miami-Dade resumes pre-pandemic evictions after unannounced February break
Scott Stringer (Getty, New York City Comptroller, iStock)
Stringer’s housing plan doesn’t pencil out: developers
Stringer’s housing plan doesn’t pencil out: developers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...