Bring on the bargains

New York /
Mar.March 10, 2009 05:53 PM


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. “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.”


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
117 Northeast First Avenue (Getty, Gut Miami via Twitter)
Lender sues owners of downtown Miami WeWork building over allegedly unpaid loan
Lender sues owners of downtown Miami WeWork building over allegedly unpaid loan
As of November, Target had 1,897 stores nationwide. (iStock)
Target’s expansion continues with takeover of old Kmart stores
Target’s expansion continues with takeover of old Kmart stores
Extell's CEO Gary Barnett (Central Park Tower)
Barnett secures $380M mezz financing for Central Park Tower
Barnett secures $380M mezz financing for Central Park Tower
371 Clinton Street in Carroll Gardens and 6 Strong Place in Cobble Hill (Photos via Compass)
Townhouse sales dominate Brooklyn’s luxury market
Townhouse sales dominate Brooklyn’s luxury market
Sheldon Silver (Getty; iStock; Photo Illustration by Kevin Rebong for The Real Deal)
Supreme Court declines to hear Sheldon Silver appeal
Supreme Court declines to hear Sheldon Silver appeal
arrow_forward_ios

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

Loading...