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
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Michigan coach Jim Harbaugh lists Bay Area estate for $12M
Michigan coach Jim Harbaugh lists Bay Area estate for $12M
Michigan coach Jim Harbaugh lists Bay Area estate for $12M
Met Museum among art institutions to get “green” funding
Met Museum among art institutions to get “green” funding
Met Museum among art institutions to get “green” funding
China’s 2nd largest property developer is in big trouble
China’s 2nd largest property developer is in big trouble
China’s 2nd largest property developer is in big trouble
Floor & Decor CEO Thomas Taylor and 4 Henry St in Commack (Floor & Decor and Google Maps)
Floor & Decor moving into site of shuttered Target in Commack
Floor & Decor moving into site of shuttered Target in Commack
Photo Illustration of Donald Trump (Illustration by Kevin Rebong for The Real Deal)
Treasury Department must give Trump’s tax returns to Congress: DOJ
Treasury Department must give Trump’s tax returns to Congress: DOJ
arrow_forward_ios

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

Loading...