Property Grunt

Thursday, July 02, 2009

London Calling, calling for money.

It is no surprise that the British economy appears to be reliving the American Revolution.

UK economy suffers its biggest quarterly decline in 50 years

And I can confirm that this is having some type of impact on certain segments of the Manhattan real estate market. Last weekend the Grunt was literally dragged off the streets by a hard charging broker to see a desperate listing. The broker explained to the Grunt that the owner lived in England and was in desperate need of cash. They were so desperate that they needed to sell their apartment within 48 hours. In order to entice sellers took a 30% cut price cut. After seeing the apartment, I realized that the owners must be in serious financial straits because in a normal market their apartment would probably go for at least twice the asking price.

So check if the sellers are from England or living there. It might provide you with extra leverage during the negotiations.