I would love to give you new and wonderful news about the current market... We are shuffling along as we have been. Some apartments moving, others not. No rhyme or reason. Some stunning apartments sitting out this spring market. (Psst! Lower the price!)

Unless you want to hear about the ultra-luxury Manhattan market which apparently just had its best week of the year thus far according to the Olshan Report. 29 contracts have been signed for a total of $291,000,000. That is an average property value of $10,000,000. OK…

This is a market where greediness is literally best left at the door. Sellers should not be greedy looking for the highest possible price at which to sell. Buyers should not look to give sellers a buzz cut.

The positive in all this is that there is movement. There is activity. Interest rates are lower again. We are in a basic real estate 101 market. If your property is not moving either the price is still too high or it faces a brick wall. If your offers are not being accepted, you think the market is way lower than it is.

 

New York City’s Evolving Skyline

 

“New York has long been a city in the clouds, but with 16 buildings around 500 feet or taller slated for completion this year, 2019 could be the city’s busiest year ever for new skyscrapers...

...There are currently nine completed towers in New York that are over 1,000 feet tall, and seven of them were built after 2007. Nearly twice that many — another 16 such towers — are being planned or are under construction, according to the Council on Tall Buildings and Urban Habitat, a Chicago-based nonprofit that tracks high-rise construction.”

Q: My building is initiating an assessment as I am in the midst of selling. What should I do and should I be worried?

 

A: Advise your broker immediately so it can be disclosed to any potential buyers.

 

Talk it over with your broker. Depending on the amount & duration of the assessment and your base maintenance, you may want to pay a part or all of the assessment to entice a buyer to consider your property over another. Coops and condos receive assessments ‘all the time’ for capital improvements. It is within the norm. However, you MUST disclose it up front or you could lose an accepted or buyer or re-open price negotiation after a price was agreed upon. If the assessment is disproportionate to the size and cost of the property, that could be an issue for a buyer.

Randy Glasbergen

Glasbergen.com