A BUYERS' MARKET ON STEROIDS

"New York, New York, a helluva town. The inventory’s up and the prices are down.”

With apologies to Leonard Bernstein, yes, that’s the truth about the market at this moment.

If you’re a high-end shopper and you’re scanning listings, it may not be immediately apparent that the prices are dropping. A closer look, however, reveals multiple price reductions over the last three to six months. The final contract price may be lower still.

Smaller apartments, priced correctly to the market, are moving with some alacrity, and reasonably close to asking price.

Everyone asks, “How’s the market?” For the smart buyer, it’s really a fabulous opportunity. Buy low now, hold for three to five years, and capitalize handsomely on the re-sale, while generating enough profit to trade up.

Can we guarantee where New York will be in three to five years? Certainly not. We only have the evidence of past crises and past powerful recoveries to glean from.

If you recognize that right now, at this moment in time, the market is struggling to recover from the onslaught of unprecedented conditions, you will know that there are great deals to be had. How long till prices start back on an upward trajectory? Impossible to know, of course. Right now, properties are really yours for the taking.