this spring hopefully.
Well it looks like I won't be in some seller's attorney's office on New Years Eve as I previously predicted.
I am actually glad that I am "eating crow" as they say and that income taxes and capital gains taxes won't being going up this year with President Obama's delaying of the expiration of the Bush Era Tax decreases.
It was a very a rather strange Fall of 2010 in the New York City Real Estate market. Deals over the last 6 months did seem to take a longer time to close. My own deals took 4 to 6 months instead of the usual 3 to 4 months.
And although there was no shortage of inventory in the new condominium market, it seemed like there was hardly any inventory at all left in the single through four family house and multifamily markets. This last trend was very different from previous year (winter of 2009) where much of the inventory from the fall lingered and languished on the market past New Years and didn't really sell until spring.
Also it seemed in New York City this fall that prices had not yet returned to 2008 levels but on the otherhand prices were no longer decreasing. Ie. it seemed like prices may have bottomed at some point in the fall and were holding steady and actually increasing somewhat in certain sectors.
Hopefully now sellers who didn't want to get hit with increased capital gains and income taxes slated for 2011 will now put their properties on the market for the Spring of 2011 causing a new flurry of activity. It certainly seem like here that are plenty of buyers from the European and Asian markets who will be able to absorb this increase in inventory.
I am in Sarasota, Florida right now and will be celebrating the New Years on the east side in Boca Raton with my parents. I am thinking and hoping that I should start resting up going out to the mall to buy new sneakers to keep up with what I hope will be a very busy selling season for the Spring of 2011.
One can only hope.