Property Grunt

Saturday, May 13, 2006

Real estate chatter

I have been hearing alot of real estate chatter and none of it is good.

Up in the burbs of NYC, brokers are going bats**t since nothing is moving. Even the high end luxury stuff isn't budging. There is wide spread fear that the market is going to tank in a bad way. There is no sign of that soft landing. It appears the reckoning is coming.

Among the brokers in Manhattan, I am getting mixed signals. There are some brokers who claim to be making money hand over fist and others who are barely making a living. It is difficult to determine who is telling the truth. I already caught one agent who lied about closing a deal when in fact the exclusive had expired and the property was still on the market.

With all the inventory that is hitting the market I am wondering how fresh it really is. I know of one seller who switched brokers and jacked up his asking price after signing the new exclusive. Is it possible that signifigant amounts of inventory are simply being recycled? If any of my readers find listings that were recycled, (My definition is that new broker has taken over and the seller has jacked up the price, please let me know. I am quite curious to see how prevalent this is.