I don't think I have to tell anyone about the challenges of the economy, and the role of the real estate market as villain and victim in this continuing saga. The dollar is extremely weak, and job outlook not all that secure in this area so reliant on the vagaries of markets. We have seen the stock market on the verge of panic, and a luxury real estate market that has turned around and is marching inexorably toward turn of the century prices in some cases. That's twenty first century! But that's bad enough.
But the news is not all bad. As the saying goes "as long as you aren't forced to sell when the market is down, you will always be ahead of the game in the long run".
But what about us poor brokers, where are all the deals going to come from? And what about if we do have to sell? How do we keep from getting killed in this market? And investors and builders, what do they do through this period of dread and uncertainty?
Well the answer to those questions may surprise some consumers and even some brokers. The news is not necessarily as bad as you may think, because we are among the lucky, or fortunate few that live and work in what I like to call a "vertical market". There are a handful of communities, Port Washington/Sands Point and Manhasset/Plandome are among them, where the very large range of pricing of real estate in the market that starts at around $500,000 and can exceed $5,000,000 and much more in some cases of waterfront property and estates with acreage. This unusual characteristic opens up a host of possibilities, and in fact opportunities, to those people who understand the dynamics of the market and how to use a team of real estate professionals to their advantage. It allows the maneuvering within the community without having to pull kids from school or leaving friends behind.
In fact, even in these challenging times, there are investors and builders that make an extremely handsome living from this, and even the average homeowner can leverage their way into homes they never imagined they could own. And in the unfortunate scenario where an individual is over their head, there is still the option of moving into a more modest residence and weathering the storm until the situation rights itself. The advantage of the vertical market in each of these examples allows the family to stay in the community, in school, and with friends.
The way to achieve these quality results when it involves such important matters is accomplished much the way any important decision is made. A team of trusted advisors and service providers is employed. Whether it's your financial well being, medical health or attempt to purchase land and build a house or work out a short sale deal with buyer, seller, and lending institution, the ingredients will include seasoned professionals as diverse as the scope of the transaction or project requires.
Coming up I'll explain a little more about the nuances of the Port/Manhasset area as a resident of Sands Point and Port Washington for the last 22 years and as a full time broker for 15 of those years. I worked mainly in luxury residential real estate, but received a good education in the commercial end of corporate real estate assets. As you might expect the team approach to real estate is never far behind.
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