My team and I had 3 open houses yesterday ( Sunday 1/25/09), each open house was about 1 hour and 30 minutes. Although there may be a slow down in buyers pulling the trigger and signing those contracts, but the buyers are still out on the market and looking at properties. Especially at entry level of properties (In Manhattan, that can be anywhere from $350,000 - $550,000). First time home buyers buying starter studio apartments, that segment of the market are still vibrant, very much alive and ready to commit if there is a match for their needs.
Take a look at the summary report of each open house below:
One of the best condominium in New York city, DESIGNER BUILDING: World renowned Philippe Starck perfected the design of this New condominium - Gramercy Starck. This is a beautiful sun drenched South Facing 2 bedrooms 2 bathrooms. BUILDING AMENITIES: 24 Hour Doorman & Concierge, 2,600 Sqft Starck Designed Fitness Center with Sauna and Steam Room, 3,000 Sqft Starck Designed Residents' Lounge and Rooftop Deck. Price: $1,325,000. Visitor: 1 person
NEW ON MARKET. Best Feng Shui One Bedroom condominium, it is located on the high floor of Tower 53 - a full service condo building: full-time doorman, concierge, garage and a roof deck. The best located condo in midtown is near everything you want: the Central Park, MoMA, Times Square, Carnegie Hall and great restaurants. Near all transportations. Price: $898,888. Visitor: 5 person
Property Address: 242 East 25th Street #2C Gramercy Downtown Starter Alcove Studio with a competitive priced to sell. Recent 2005 construction, flexible sublet policy, condop (co-op with condo bylaw) investor friendly, beautifully designed with granite kitchen counter top, open kitchen, washer and dryer in each apartment, roof deck, fitness center...! Price to Sell: $499,000. Visitor: 8 person
As recent New York Times article: "For the Brave, the moment is Now" "...Many of these buyers have never received a fat bonus check, so they don't miss it now. They did not suffer huge stock market losses, because they didn't have huge stock market investments. They aren't mourning the loss of value in their existing co-ops or condos, because they have never owned one..."
Most of the first time home buyers are generation X or generation Y working professionals. They have good credit, good jobs, willing and able, many of them have been priced out of the market in previous markets, now their rental lease is up, they are back on the buying market and looking for a place to finally call their own.
One of our team member Morgan Evans work with many renters, whom many of them have returned back to him and suggest that perhaps instead of renewing lease this year with the landlord, they are interested in looking to buy a place and settle down. (Read Morgan's Real Estate Market Blog Here)
We are also seeing our lower price point properties gets much more appointment requests, we are meeting with more and more first time home buyers to have a one-on-one consultation to strategize a plan that works for their budget and timeframe. There are many deals and steals on the market, especially in the neighborhood of Union Square, Gramercy, Murray Hill and Upper West Side, we, as generation X and generation Y Real Estate agents, understand the first time buyers needs because we have been there. Many of our past clients who are baby boomers are now sending their children our way to help their children start developing a Real Estate portfolio of their own.
The future planning is now, to find out more about how to start invest in Manhattan New York city, give us call today at (212)321-7122 or email at firstname.lastname@example.org.