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Home arrow News arrow Not Much Food for Manhattan Real Estate Vultures

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Not Much Food for Manhattan Real Estate Vultures
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Monday, 07 August 2006

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The vultures of real estate are beginning to roam around as signs mount of a slowing real estate market. However, home prices need to fall further so that they can enjoy the bargains they crave.

According to Leonard Steinberg, an executive vice president with Prudential Douglas Elliman, the savvy home buyers who save money by waiting for bargains are already out and about in Manhattan. There are many of them roaming around Manhattan in the summer and they may be canceling each other out. Decrease in prices attracts them and the competition they provide keeps prices from decreasing.

According to Pam Liebman, CEO of the Corcoran Group, a brokerage that specializes in Manhattan, Eastern Long Island and Florida properties, she has witnessed no price fall off to date in Florida. She said that buyers may be negotiating more, but sellers are mostly holding firm. She also added that here has been a drop in sales volume but not in prices.

Jonas Lee, a co-founder of Redbrick Partners, admitted that he made his living by purchasing residential properties at the right price. He said that he has not noticed any wholesale bargain hunting yet. However, he said that the general slowdown in markets nationally should create buying opportunities for vultures.

Lee highlighted that there could be some bargains soon in some once bubbly markets, such as South Florida. Another market that was identified as ripe for a fall is the condo segment in the District of Columbia and its upscale suburbs.

Lee think prices in San Francisco will also hold up. Jim Gillespie, CEO of Coldwell Banker, says some real estate investors were able to grab bargains in the hurricane-devastated Gulf Coast this year.

By M. Sese
http://realestatepress.org

 
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