A small real estate firm recently asked us to stop delivering The Real Deal to its office. Surprised and wanting to know what was behind the request, I called the principal of the firm. Her answer was essentially that we had been “too informative.” She didn’t want her agents “to know what’s going on out there.”
I couldn’t believe it. I asked how agents at her firm were expected to understand their markets. She said the firm had an in-house newsletter – but it turns out this newsletter is filled with more fiction than fact, tailored to falsely flatter and mislead salespeople.
While disappointed with her response, I was happy because this means we are getting our job done. For those who like non-fiction news, we’ll continue to turn out a magazine stocked with research and articles on what matters most to the market and its key players. If we don’t get invited to every little tea party because of our focus, so be it.
As for this holiday season, it was once again filled with several gala events. If you are a real estate player in this city, parties held by powerhouse law firm Fried Frank and behemoth brokerage Prudential Douglas Elliman rank at the top of the list in importance. In this issue, we’re introducing some social coverage and reporting on what it was like to attend these affairs (See Giving thanks for being in NYC and A lavish affair to remember).
Our cover story this month is about the real estate records set in 2007. Our editorial staff was divided on the wording of the headline. One side said yes, 2007 was a record year for residential and commercial markets in New York City, regardless of the national downturn. The opposing side argued that while 2007 was a record year in many aspects, we couldn’t ignore the bumps and bruises suffered here. While the commercial market outdid itself again – which was hard to believe – it did limp a bit over the finish line toward the end of the year. The residential market, too, had its ups and downs, but in sum had a tremendous year. The average sales price and price per square foot in Manhattan hit an all-time high earlier in the year.
In addition to looking back, we look ahead and present a spread on predictions for 2008. The Real Deal asked its panel of experts to look at market indicators and tell us how to prepare for shifts in the market. The result is a candid and sobering view of what lies ahead.
This January issue marks The Real Deal’s sixth volume in circulation. In keeping with the tradition of New Year’s resolutions, we present a few of our own:
1. Launching a new Web site with more original, daily content,
including video and the return of our podcast.
2. Introducing The Real Deal’s South Florida edition, which will start publishing in February.
3. Unveiling the third annual Data Book, which will be loaded with market charts and stats, and is also due out in February.
We wish you a very happy New Year! Enjoy the issue.