Date the rate, marry the Location.

Good to speak with you again.

In 1971, the average rate for a home mortgage was 7.33%. If you decided to wait for a lower rate before buying a new home, that would have meant not owning a home until 1993. In the interim, house values quadrupled. …Could’ve, would’ve, should’ve. Historical realities like this one are the basis of the real estate mantra, “date the rate, marry the location.”

There is no question that with interest rates still high and the Fed holding firm, getting financing remains tough, with quotes good only for a short time. This has definitely thrown a wrench into a recent deal or two. Nevertheless, the investors notching wins in the New York retail properties market know a prime location when they see one, and move on it.

This week, I had drinks on Bond Street with a prominent leasing broker who only represents luxury brands. He has been telling me that over the last few months, exclusive brands just cannot find space, not only in NYC but across the country. Meanwhile, the combination of retail space demand running white hot and a high number of properties on offer has many buyers experiencing paralysis by analysis. Many await an announcement that we’ve hit some sort of bottom, when in reality those announcements only come long after the fact, if at all. Those in a position to do so would be better served by filtering out the noise of subpar locations, and zeroing in on high-impact corridors.

Rates and availabilities change, but value endures.