Property Grunt checks in with his weekly open house weekend report, and he's still telegraphing doom and gloom. Only this time, there's broker-on-broker hating going down:
The Grunt had the displeasure of meeting agent who joined the opnhous line up I have no idea how this agent was able to get this one million dollar listing since I have never heard of her company and she acted like she was the cock of the walk. My only satisfaction is in the knowledge that it will be months until that apartment sells. And when it does it will be for a reduced price and she will be getting her reamed by her seller and buyers on a daily basis.Even more genius is the commenter who notes, "Did anyone notice the more frequent use of the following words/terms in more recent NYT Real Estate Classifieds?: 'Negotiable, Asking, Seller Motivated, Bring Offers, Bring All Offers, Price Drop, Price Improvement, Below Market Value.' Also noticed much less of the typical 'Won't Last' and 'Hurry.' And did not find a single 'Firm.' Anyone wanna do the math on this? Meantime, the monthly Luxury Letter report from Elliman brokers Leonard Steinberg and Hervé Senriquier concedes the reality—"As we end the month of September, we have to conclude that the market has certainly been active, although attendance at Open Houses is down sharply, and so too are appointment requests." Along with the graph they show of rising inventory below 34th Street (above), they conclude, "Unrealistic Sellers with too high expectations and not enough flexibility may regret passing on good offers." That said, today's prices will look like a steal in 2072.
· Report from the Front Game of Real Estate [Property Grunt]
· Luxury Letter, October 2005 [LuxuryLoft.com]