Well, I’ve been at this for a while now and its always fun and special to be in a Page One story in the New York Times …my 3rd time in a Page One of the New York Times but who’s countin’? 😉
Yesterday, on my first vacation day in a very long time (actually, I’d call it a vacation from vacations), Tracie Rozhon’s article: Housing Market Heats Up Again in New York City took me away from my vacation (pleasantly I might add) and for icing on the cake, the item was the most popular emailed article of the day (I think reporters see this as independent validation of the reader interest in the piece – I know I do.)
The story was interesting to me, not so much because I was quoted in it (ok, so that was important too) but rather how it came to be.
After last fall’s national election, I noticed a distinct bump up in pricing and the level of sales activity in the Manhattan real estate market while at the same time, inventory was falling. This improvement became more pronounced as record bonus payouts were being announced. At the same time, national housing stats were tanking and most real estate discussion in the media was pretty much gloom and doom.
However, sales activity was picking up locally, inventory was falling, mortgage rates were stable and rental prices were spiking. The rent versus buy decision became less obvious and buyers were wrestling with the same decision they had the year before.
The reporter contacted me about the story early in January and thought it was a big story, perhaps an A1 because it was contrarian to conventional wisdom.
My findings were consistent with her research based on the feedback she was getting. Not perfect or ideal, but improved. I wouldn’t want to suggest that the current price growth and increased activity was going to contine at the same pace either because inventory levels remain too high.
Of course there are always individuals in real estate that can be counted on for a positive spin, since they are in the business of selling. And the risk in that is when no spin is necessary, its still sounds like spin.
But its not about individuals, its about the market.
On another serious note, I hear Donald Trump is placing his hair on the line for Wrestlemania.