Signs of life in NYC?

Posted by: Amey Stone on October 21, 2005

The last time I wrote about my own real estate efforts, the entry was titled, “August Doldrums.” Well, August Doldrums turned into September Deflation. Stories, like this one, told of a sudden sharp decline in Manhattan real estate prices from the second quarter to the third quarter.

Although we showed our apartment (for sale in combination with our neighbor’s place) a few times the week after Labor Day, there has been zero activity since then.

Until today. Our broker called at about 11 a.m. and wanted to show it at 1 p.m. Thank goodness we held her at bay or the potential buyer would have been treated to mounds of unopened mail and half-read magazines, a fish tank without a fish, a mountain of dirty laundry, and bins overflowing with toys.

The plan now is for her to show it to two people on Monday — giving us the weekend to restore it to the best approximation of a Zen-like quality that two adults and two children living in 1,100 square feet can manage.

Will either buyer bite? I doubt it. But at this point, even having someone take a look feels like a major improvement in the market. And, since interest in our apartment has directly paralleled the broader New York City housing market, I’m tempted to consider this a sign of an uptick. If I’m right, you heard it here first.

Reader Comments

LJ

December 13, 2005 7:52 PM

Many Manhattan apartments are taking much longer to sell. Hurry up and wait........

Bayer B Ware

December 11, 2006 9:48 PM

I'm a future buyer and me & my minions (the smart ones at least) are hovering over you sellers like vultures now, 'cause we whiff the sweet scent of desperation overpowering you gradually.
Remeber: We'll swoop down only once you're REALLY close to kickin' the bucket.

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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