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Curbed Roundtable: June State O' the Market Report

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Do media reports of real estate doom and gloom have any affect on the market or buyers' confidence? There will probably never be a definitive answer, but the Toll Brothers definitely think so. So, with sales reportedly slowing but prices rising/holding steady, a pair of reports on the market's overall health in terms of buying and renting hit the papes today. The Post reports that, according to analysts, we are now officially in a renters' market. This may come as a surprise to anyone who has actually tried to rent a place lately, and especially as we head into prime rental season, but the argument is that the Wall Street woes are hitting hard. In fact, "Some real estate pros point to 8 percent to 10 percent declines in rent - and say steeper discounts could be on the way through the summer." And for our condo-buying friends, New York's S. Jhoanna Robledo tracks one of our favorite topics: buyers' incentives! The claim is that developers, afraid of "oversupply," are offering up such classic goodies as paying for closing costs, tossing in the staging furniture and adding minor renovations that a buyer requests. After reading these stories today, a casual observer might think that real estate is now practically being given away in the Big Apple. Which, if so, leaves us chagrined. Why did nobody tell us?!
· A Renters' Market [NYP]
· But Wait! There's More! [NYM]