Lenz argues condo market unchanged

New York /
Dec.December 11, 2009 12:35 PM

Once shunned in the down market, pricey condos could be making a comeback. Dolly Lenz, vice chairperson at Prudential Douglas Elliman, and Chloe Malle, a reporter with the New York Observer, debated the issue on CNBC. Lenz argued that buyers are looking at real estate as a long-term investment, but aren’t necessarily climbing over one another to make deals. “We’re seeing a few bidding wars, but that’s not really the norm,” Lenz said. “People are looking at ‘where do I want to live?’ [and] ‘where do I want to be five years from now?’” Malle, on the other hand, said that big financial salaries are ratcheting up condo sales again, even if the kinds of homes being sold differ from the boom years. “This year bonuses are projected to be tantamount to bonuses in 2007,” Malle said. Even so, she added, buyers are “looking for more sound investments.” Reports have surfaced that condo sales are picking up, despite seasonal trends that are typically unfavorable to the winter months.


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
781 Fifth Avenue and Howard Lorber
Full 17th floor at Sherry-Netherland asks $30 million
Full 17th floor at Sherry-Netherland asks $30 million
(Photo Illustration by The Real Deal with Getty)
New listings in Manhattan, Brooklyn rise for first time in 4 months
New listings in Manhattan, Brooklyn rise for first time in 4 months
(Illustration by The Real Deal with Getty)
Signs of life for Hamptons, North Fork markets
Signs of life for Hamptons, North Fork markets
(Getty)
Hamptons home prices dip, but North Fork’s hit another record
Hamptons home prices dip, but North Fork’s hit another record
160 Imlay Street and Living New York's Devin Someck with Fredrik Eklund and John Gomes
Living New York bumps Eklund-Gomes off Red Hook project
Living New York bumps Eklund-Gomes off Red Hook project
arrow_forward_ios

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

Loading...