Fredrik Eklund and Ryan Serhant, two broker stars of “Million Dollar Listing New York,” told CNBC they were encouraged at new data pointing to a housing recovery. Earlier this week, Case-Shiller reported a 12 percent yearly gain in U.S. home prices, and new home sales rose 29 percent year-over-year — the highest level in five years.
“We’re coming off a really bad market,” Eklund told CNBC. “When we’re looking at these numbers jumping back up, all we can agree on is that you can only see the bottom of the market in the back mirror. And all of these people on the sidelines are jumping in at the same time, and that’s why we’re having an uncomfortable market.”
By “uncomfortable market,” Eklund meant a market with enough competition to make bidding tricky.
“In Manhattan there’s bidding wars everywhere, and you have to be prepared as a buyer to come in with your best and final the moment you see it,” Serhant told CNBC.
Don Peebles of the Coral Gables, Fla.-based Peebles Corporation also appeared on the segment, and said that the recovery is dependable in the gateway markets, like New York, Miami and Los Angeles, where supply is tight.
“You’ve got to look at this market and what happened in 2008 when we really went underwater,” Peebles said on the show. “We’re totally supply constrained.” [CNBC] —Zachary Kussin