Some 'Straight Talk' About The Market

John McCain may believe that the U.S. economy is fundamentally sound, but I think it is time for a more candid assessment of the Manhattan Real Estate Market. Ignorance is unfortunately not bliss. The U.S. economy is in a very precarious position, with Lehman Brothers collapsing, AIG requiring a federal bailout, and Merill Lynch needing to be acquired. Apartment inventory in Manhattan is clearly on the rise, and with the number of unemployed in the city likely to swell, we anticipate further inventory increases over the next six months. In the meantime, nervous buyers are becoming more skittish to take the plunge and pull the trigger right now. But this is a real opportunity for more confident buyers to purchase the home of their dreams at a reduced price. If you are a seller, you are going to have to come to grips with the reality that the market has already peaked and you might have to be willing to ending on geographical location and apartment size, we will likely see additional price softening again, providing more buying opportunities. Sellers have to decide whether they want to be ahead of the curve. Sellers who price their apartments below the current competition will have access to the most buyers in this market.