Property Grunt

Sunday, June 05, 2005

Waiting for the fall.

Beautiful summer weather is practically a siren's call for buyers to come out to openhouses. On Memorial Day weekend they came out in droves much to the Grunt's surprise. But today was a complete bust open house wise. It was barely a trickle of buyers coming out much to the chagrin of the Grunt because now the Grunt has no stories of insane brokers or buyers to write about. In fact it was a complete ghost town.

One reason is that people are away for the weekend, however last year at this time there was a ton of traffic. But the only traffic was outside the building. Was today an anomaly? Or is the beginning of the pop? I have heard on the wire that there will be no pop in Manhattan because of the lack of land and there will only be a softening in the market but at this point who knows. The problem with bubbles is that no one knows when they have popped.