"Where Have All The Sellers Gone?" Fall 2010

Real Estate Agent with Nest Seekers International Realty NYC

(I wanted to write a didactic article for my real estate blog about the possible effects of the 2011 Federal Tax increases on the New York City Real Estate Market.  But I just couldn't seem to write it in a straight, formal essay format. The results are below.  I hope this does not fail miserably.)

 I'd like to think I won't be spending Friday night, December 31, 2010 stuck in some Real Estate or Bank Attorney's office like the rest of my real estate colleagues across the country.   Maybe this won't happen say if Santa Barack (aka Santa ‘Bama) is able to stall the expiration of those nasty Post Bush Era tax decreases. These changes could stuff the American Taxpayers Christmas stocking`s with coal beginning on Jan. 1, 2011

 But as a proud and privileged New York City Real Estate Broker, I'd like to think that I might be above all of the hoi polloi and fuss-"capital gains, smapital gains!!  I should be sucking down egg nogs in the Caribbean and making champagne New Years toast in Tahiti. 

 Today however I am sitting looking at the NY Times Real Estate Classifieds alone and confused.  Wondering when and where my next commission check will be coming from. The four Jewish holidays start tonight and the end of Ramadan so early this year. Before you know it October Fest, Thanksgiving, Xmas, Quanza,  Chanukah-all caused by the tricks of the end of October:


                                Twas the day after Labor Day

                                And all though the housing market

                                Not a seller was stirring

                                Not even their accountants


                                The house ads seem barren

                                The web listings quite bare.

                                But maybe Obama Claus

                                Will save us the scare. 


Now I don't know if I am going to be able to say to my sophisticated Manhattan clientele this winter-"oh if it hasn't sold in a week, take it off the market until January 15 or so.  Then raise the price for a very sweet Valentines Day sale".  Or-"don't worry, do a tax deferred exchange, be happy". 


 Just yesterday, for example, I started seeing graffiti like this scrawled on "subway walls and tenement halls":


                                The grumpy investors

                                Were not on the ball.

                                While riding the market

                                It took a great fall.


                                 All of their brokers

                                And lawyers and friends

                                Couldn't make prices rise

                                Ever again.


                                                                                               (To be continued) 



Comments (1)

Mike Morrison
Will & Will Real Estate Brokers, The Woodlands, Texas - Houston, TX

Harvey Remember..

 Quick,Somebody should raise taxes on small business owners pronto. And subsidize windmills.And solar... That should do the trick...

The economy isn't CRASHING, it's DECELERATING.

 ...I guess  we should wait for the big red neon sign that says Market Bottomed Here. Just MHO.

Sep 10, 2010 04:44 AM