Market has bottomed, Marketing Directors CEO Adrienne Albert says

Adrienne Albert, CEO of Marketing Directors

The residential market in the New York City metro area has bottomed out, according to Adrienne Albert, CEO of new development marketing firm Marketing Directors, but concessions still abound, for both buyers and renters, she said. Even so, Albert said that the incentives have begun to dwindle as the market stabilizes. “We don’t see this huge dumping of product into the rental market, so that’s why inventories keep coming down and the concessions get tighter,” Albert said. “In the condominium market, there was a time when everybody was terrified; sales came to a halt. You could get 20 percent, sometimes as much as 25 percent, off the list price.” Today, developers are “cautiously optimistic” about the future, Albert said, with a huge uptick in interest from foreign buyers helping to even out the industry.