Is NYC different?

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Real Estate Agent with 1

Today as I went through my feedreader and I got hit with three articles about how well the NY market is doing in comparison to other States.  In article by the Real Deal "NY stays a float while the rest of the US Sinks"  the article states: "Spring has started out reasonably well," said Wendy Maitland, a senior vice president at the Corcoran Group. "I don't think it's a buyer's market at all. There's a lot of activity and the market is moving at a brisk pace."

I know from what I see I am busy and people are still  looking to buy. 

I will admit that there have been some and I stress SOME foreclosures that have come up, but the ironic part is that some of the homes that are being foreclosed on are not recently bought homes.  I will also admit that yes, some prices have come down.  But lets think about this - come down from what?  Inflated prices?    When a home sells on a block the next home is not getting an automatic increase or 20%.  The pricing has what I will say - become somewhat realistic.    The inventory has decreased a bit in the past two months and the buyers are out looking for a good deal and the flippers are a part of history, this is just the way that I see it. 

With the sub-prime mortgages taking a hit and becoming harder to obtain, you would think that banks would be shutting down.  This morning it was announced that Countrywide Mortgages are expanding into the New York area.  Although CountryWide will NOT be writting any sub-primes, they feel that the NY area is still solid and they are looking to take a piece of the pie.  There have been programs added to fit the NYC co-op/Condo industry and they have plans of becoming a front runner in the NY area. 

Any thoughts?

 

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Rainmaker
1,142,407
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time
Christine, I too have been very very busy. My market though is definitely suffering. Inventory continues to go up and prices are coming down. My market is mostly subprime so this recent mortgage shakeup is not going to help. I've lost 4 pendings since Friday ALL related to subprime lenders pulling the plug. Oh well, the most important thing is....................you are looking sooooooo good today:) 
Mar 13, 2007 04:17 AM #1
Rainer
52,247
Christine Forgione
1 - Whitestone, NY
Associate Broker

LOL Bryant.  I need you to move in with me so you can tell me that every day!  You are too funny! 

Inventory going up - prices going down. Ugh, We have a touch of that going on, but sellers are holding out and for the most part - getting it.  There are still multiple offers on the "good homes"  and the agents who price the homes right are doing well and selling quickly. 

You lost 4 pendings? Holy cow.. I am sorry! 

Seeing as you are married to TLW - give some big ole hugs and kisses for me.  Tell her I said hi too. 

You guys take care - will speak with ya soon!

Mar 13, 2007 04:23 AM #2
Rainer
68,941
Paul Anyanwu
RE/MAX SOLUTIONS - West Orange, NJ
CRS, SFR, Broker-Salesperson, Sales West Orange,NJ
I have been busy with lots of buyers as well but the problem is that certain locations are getting more traffic than others.
Mar 21, 2007 04:04 AM #3
Rainer
10,665
Fred Duemig
Division Home Inspections - Massapequa, NY

Christine,

I have been busier than ever before. The increase started in December and February and March have been awesome. My Decembers have always been my slowest, however, this one was equal to Oct. So far, this year, I am on pace to double. Unfortunately, I don't really know why. I do get a great deal of referrals from my previous cutomers, and as that client base continues to grow, so do the referrals, however, that doesn't speak for the market.

Fred

Mar 22, 2007 11:43 PM #4
Rainer
68,941
Paul Anyanwu
RE/MAX SOLUTIONS - West Orange, NJ
CRS, SFR, Broker-Salesperson, Sales West Orange,NJ
I have been busy too i think the market is moving faster in some locations while some places depending on location are yet struggling.
Mar 29, 2007 11:25 AM #5
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Rainer
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Christine Forgione

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