New York’s real estate experts are calling the first and second quarter of 2010, “The Perfect Storm”. The key components being prices that are realistic, a variety of properties to choose from and low interest rates.
“The only sales taking place are where the seller recognizes the realities of the market, and where the buyer therefore perceives great value,” says Hall F. Willkie, president of Brown Harris Stevens. Dottie Herman, president and CEO of Prudential Douglas Elliman, agrees, saying that in this market “when you find something with value then it goes. I haven’t seen too much that’s priced well that doesn’t move.”
“Looking ahead to the new year, NYC experts are generally optimistic, citing the spike in activity over the summer and continuing into this past fall after the market was essentially frozen; the overall desirability of living in New York City; and what seems to be an upward trend in the economy. But with unemployment still high and credit tight, most are also cautious. It could take a while, even several years, according to Jonathan Miller, President and CEO of Miller Samuel Inc. for the market to come back.”
For more NYC real estate reports, http://npaper-wehaa.com/nyf/2009/12/#?article=697941
Westchester’s offering of excellent public schools, commute, and overall lifestyle desirability should bring us the momentum in sales as well.
Time will tell. What’s your take?