What a difference a week makes! Notice that when the stock markets soars, it doesn't make the headlines? Well, the Dow ended this week up 4.4%, so I'll make it my headline. February is here, typically the lowest month of the year in the real estate business. I am often asked what the best time of the year to buy or rent is, and my answer is always "February". Why? It's quiet. Landlords and sponsors are eager for business, and you usually have your best negotiating oportunities in such an enviroment. This February may be better than most for buyers. Any time it gets quiet, even when seasonal, owners wonder if it's the time of year, or indicitive of the market. A buyer can always play on that fear. This year, the fear factor has got to be higher than usual. Fears of a recession, fears of stock market volatility, and fears of the falling national real estate market creeping into ours give the prospective buyer more leverage than usual. There are several positive factors in play in the New York real estate market, including historically low inventory, historically low interest rates, and a historically cheap dollar. With the ample stimulus coming in the form of numerous rate cuts, tax rebates, and a rise in the cap for conventional loans, February could very well prove to be a great time to buy.
Macklowe Makes Deal, 7 Buildings To Hit Market (Wall Street Journal Online)
Record Breaking Sale On North Fork (Newsday)
Condo Listings Top Coops (Curbed)
Deal Voided For Randalls Island Sports Fields (NY Times)
NY Candidates Awash In Real Estate Cash (NY Times)
Stock Market Gains 4.4% For The Week (CBSMarketwatch)