Was the subject of a full page story in the NY Daily News today – with photo – by Phyllis Furman called Top appraiser offers forecast for New York’s housing market
Rankings for today so far:
- no. 1 read story,
- no. 1 discussed story and
- no. 2 emailed story.
Some of the points:
Whenever I talk to a real estate broker who sold a high-end property, I ask, “Did they get a mortgage?” In the last two months, I have never had an agent tell me yes. Their buyers have all paid all cash. Think about that. There are not a lot of all cash buyers out there. I am guessing under 2%.
The 1980s were characterized by massive rental to co-op conversions and significant construction of tax-incentivised, new development condos, primarily for investors. This time around, we didn’t have the investor element. We didn’t have a housing boom, we had a credit boom.
ok, back to work.