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Courtesy of Frederick Peters of Warburg Realty
Here's the update from me and my agents:
- Mint condition is hot. “Needs everything” is not, unless the price REALLY reflects that reality.
- 1 and 2 Bedroom new condos are hot if they are priced at around $1000 per foot or less. if they are much higher, and not at 15 CPW, they are not.
- Prewar apartments and lofts are hot. There are just not very many on the market, and they are still the gold standard for many people. On the Upper East and West Sides buyers are waiting for them.
- Second Avenue is not. That subway will be great some day, but it is making a big mess!
- Classic 6’s for under $2 million are hot. Anything for $25 million is not.
- Priced right is hot. Overpriced is not.
- Rentals are hot (much hotter than they were a year ago.) So no fee apartments are not (they’re gone!)
- New York is literally and figuratively hot. The suburbs are not.
- Smart, educated, analytical brokers are hot. Brokers who don’t really know the maintenance or the Board requirements or the pet policy or how to read the financial statement are NOT.
Here’s our advice: try to stay cool. And use this list to pursue what’s hot!
You can read more on www.warburgrealty.com/blog
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