What better day that Groundhog Day to take our monthly look at the state of the residential sales market in New York City? At the luxury end of the spectrum, shouting "buy!", are the Elliman team of Leonard Steinberg and Hervé Senequier. Per this month's Luxury Letter: "How else can we say this? ........ seriously, the market has literally exploded with activity again! This does not translate to radical price escalations or numerous multiple bidding situations, but it is a clear indicator that MANY buyers have grown tired of the ‘wait + see’ philosophy that slowed the market rather noticeably in the past few months."
At the other end of the spectrum, blogging broker Property Grunt doesn't like the tea leaves he's brewing: "This reality check has been a long time coming and now is not the time to submerge ourselves in the delusions of real estate grandeur. This is the time to take a good hard look at ourselves and try to figure out a way to ride the storm. This is the time to make hard decisions."
So where are we? Here, there, everywhere?
· LuxuryLetter February 2006 [LuxuryLoft.com]
· Ok. Can We Panic Now? [Property Grunt]