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How do I make sense of the third-quarter market reports?

Five market reports came out yesterday indicating that Manhattan prices went up, down, sideways: here’s a posting I did on wirednewyork.com:

No one buys “the median” apartment. More meaningful is that average days on market have lengthened, from 133 in last year’s third quarter to 150 this year’s, according to Jonathan Miller of Miller Samuel (who does reports for Elliman but is considered an authoritative independent voice). And negotiability (difference between asking price and contract price) is increasing, to 4%.

In the field (and on this board) it still seems bifurcated: buyers are happy to pay a premium $1200-$1500 per square foot for new condos with snazzy amenities, whether or not the floors are going to scratch. Developers won’t (can’t?) cut prices on these buildings, though they will now pick up some closing costs and subsidize the buyers’ financing. (ask your friendly agent what deals you can get).

Co-ops, meanwhile, are a slog. If a seller comes out of the gate high, they sit and sit and sit and sit. If a seller comes out of the gate at an appropriate price, they sell, but it takes a lot of marketing to find the buyer who’s ready to move as opposed to the window shopper. Recommendation to buyers: if you see a co-op you like, get your financing and your co-op package together and try offering 7% off asking .. .

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Posted in For Buyers and For Sellers 13 years, 9 months ago at 2:39 pm.

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