Wednesday, September 14, 2005

More Anecdotal Evidence of a Manhattan Slowdown

The Property Grunt (NY broker/blogger) on this past weekend's open houses:

"Last Sunday’s open houses were abysmal. Barely anyone showed up. Those that did showed little to no interest in the apartments. And don't bother asking about offers.

The anxiety that has racked buyers and tightened their chests everytime they look at the New York Times real estate section has now been replaced with a cold steely intensity of awareness that the market is slowly turning in their favor with more inventory being put on the market and with the current state of interest rates.
. . .
This seller's market has forced buyers to experience the phenomenon known as BOHICA.(Bend Over Here It Comes Again)which comes in the form of overpriced apartments and bidding wars. A year or two ago it was not uncommon for sellers to raise their prices during a bidding to see who would be the last buyer standing. And some buyers would accept the new price changes. If a seller were to do try that now, a buyer would respond by putting their foot up the seller's ass since buyers are more likely to avoid BOHICA."

Status Report from the Open House Front

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