Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

The Westchester Tease

Posted by: Chris Palmeri on November 7, 2005

Pimco, the big money management firm, has had representatives out riding with real estate brokers in 20 major metropolitan markets across the country to gauge the state of the housing market. The initial results of their labor are in. Pimco notes that although asking prices are being reduced in some markets, that may not always mean people are selling their homes for lower prices. After participating on several “ride-alongs” in tony Westchester County, New York, for example, Pimco observed that homeowners were sometimes listing their properties at 15-20% above what their brokers were suggesting just to see if they could get that price. If buyers balked, they didn’t sell. Their agents must love them.

Reader Comments


November 9, 2005 12:06 PM

This is no surprise, greed is always highest before a correction.

Looks like Florida is starting to feel the effects of the slowdown. In my travels up north every realtor sign said "reduced". Article in the local paper last weekend said Florida is a buyers market for the first time in 4 years.

Could we be in the midst of a slowdown and not even know? Reminds me of Q3 2000 when GDP was a paltry 1.X% yet everyone thought the economy was doing so great. We found the rats nest the following spring of 2001. Will housing be the rats' nest next spring?

Mike Luchen - Top 1% Real Estate Agent in Westchester County NY - RE/MAX Power Realtors

March 28, 2007 11:43 PM

Great Story! True, now that a year has passed since this story came out, finally sellers are starting to get more realistic. Even in a slower market, if the seller permits the home to be priced right or even better a little under the market value, there will be so much excitement and enthusiasm over it, they will 100% of the time walk away with more than even they expected. The key to getting alot of money for your home is to make the price so attractive to home buyers, that they all come and bid on it. The lower the price the more showings you will get. It is a numbers game. The more showings, the more bids equals more money. More sellers should try it, they will love the results!

Post a comment



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.

BW Mall - Sponsored Links

Buy a link now!