From the category archives:

Buyers

The loss leader strategy of new developments and how to recognize it

by Red Delicious September 2, 2010

One strategy effectively used by developers to move otherwise stagnant inventory is that of the “loss leader”.  They price one or two units in a building below market to generate interest, traffic and press, all of which can help in the selling of the remaining units in the development.  As a result, buyers attracted by [...]

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Is sending out multiple contracts ethical?

by Honeycrisp August 23, 2010

You have been looking for an apartment for months now, seeking out that right combination of value and emotional pull. You finally found it and work your way through the negotiations process, and celebrate upon arriving at an accepted offer.  Time to break out the bubbly, yes?  So you go along with the process, take [...]

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How deep are NYC’s all-cash pockets?

by Red Delicious August 13, 2010

Market reports, anecdotal data and the media have all pointed to the high-end market having picked up. The increased activity we’ve been seeing has been greatly fueled by a preponderance of all-cash buyers. They have been coming out of the woodwork both out of necessity and negotiability.

On the necessity front, today’s tight financing [...]

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The psychology behind selling to upgrade: avoiding the “loss aversion” trap

by Honeycrisp August 4, 2010

If you’re in the process of selling your current apartment and upgrading to purchase a larger one, make sure you look at the bigger picture.  We have spoken with many sellers who are looking at the process too myopically by overweighting the outcome of the sale. Particularly those sellers who are offloading their property at [...]

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Tales from the trenches: 5 broker breeds we could all do without

by Mitchel Askinas August 4, 2010

With sales volume seasonably slowing down over the past few weeks and deals becoming fewer and farther between, temperatures are not the only thing on the rise … broker temperament seems to be following suit, bringing out some not so flattering behavior from industry colleagues.
In the spirit of summer reading, I thought I would break [...]

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To cash or not to cash: should you purchase a property with cash if you can or finance a portion of it?

by Red Delicious July 28, 2010

We have encountered many buyers out there who are hemming and hawing as to whether they should pay all cash for a purchase or take advantage of today’s low interest rates.  Even if you have the wherewithal to purchase a property outright, you may still value your liquidity over any purchase discount you may receive [...]

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Why low interest rates have lost their impact on buyers

by Honeycrisp July 25, 2010

With all the talk of continued low interest rates, we’re asking the question: have low interest rates lost their impact on the housing market? Certainly in the first half of this year, even beginning in Q4 of last year, the name of the game was the low cost of financing.  At that time, everyone was [...]

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Yet Another Round-up of Q2 Sales Data

by Red Delicious July 16, 2010

The second quarter of 2010 showed precisely what everyone thought it would:  that activity was still robust coming off an exciting Q1, not too difficult an improvement to show on a year-on-year basis.   Listings were on the market for a shorter period of time and sales volume is now in line with NYC’s 10-year average.  [...]

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How low can interest rates go?

by Red Delicious June 28, 2010

Wherever you turn, you can’t help but hear that mortgage rates are at historical lows. Rates for 15- and 30-year loans are hovering around 4.4% and 4.9%, respectively.  At first, it was the Fed working to keep rates low via Mortgage Backed Securities purchases.  More recently, the Greek and then the broader European debt crisis [...]

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Up close with Jonathan Miller on the decreasing quality of appraisals today

by Honeycrisp June 25, 2010

With the front and center impact of appraisals on the sales market, we had a theory that we wanted to test with Jonathan Miller, blogger and appraiser extraordinaire as President and CEO of Miller Samuel.    Our thesis was that, in markets with upward momentum, appraisals will always under-estimate home values based on the reliance on [...]

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