The Real Estate Market in Manhattan is HOT!
The buzz in the real estate industry this week is coming from Inmans Real Estate connect in NYC. New media moguls like Craig Newark of Craigslist and Matt Heaton of activerain are at the conference discussing blogging, web 2.0, the latest trends and technologies and the future of the real estate industry at panels and seminars and parties.
Right outside the Marriott Marquis in Hells Kitchen and from Washington Heights, to Harlem to Morninside Heights, the Upper West Side, Chelsea, Murray Hill, Gramercy, the West Village, Tribeca and throughout Manhattan there is another real estate buzz going on. The buzz in the trenches. The market buzz.
The market is buzzing with activity. Buyers are out buying. Accepted offers, bidding wars, best and final offers. Is it De Ja Vu. Everyone has been predicting it with the Wall Street bonuses and all.
Bubble? I haven't heard that word in a while.
From my observation in the trenches with buyers since right before Christmas I started feeling it. I was busy the week between Christmas and New Year. Last Saturday and Sunday I really really felt it.
Buyers were out and they were making offers. I took a buyer last Thursday to see an apartment listed at $599K The listing Broker said they would take $560,000. We went back over the weekend and the place was hopping. There already was a higher bid.
An apartment that just came on the market Monday on the Upper West Side that I wanted another buyer to see this coming Sunday is already going to best and final offers above the asking price this Friday.
Last weekend it was 70 degrees - could it be the spring season? Actually January has always been a very busy month in Manhattan because of the bonuses. Today it's freezing so maybe we are back to normal.
While I don't have any scientific data. I just know what I see. I have noticed a turn. My office has been buzzing as well. From pre-war coops to new construction IMHO the Manhattan market is HOT!
Seller's if you've been waiting now is a good time to sell because buyers are buying. Buyers if you've been waiting for prices to fall you might miss some good opportunities. Now is a good time to buy and sell.
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