BrokerageIndustry News

New York’s changing real estate face

Brokerages take different tact with pricing, advertising
Published on Jan 14, 2010

NEW YORK -- Pumping through this city is the knowledge and energy of millions. As the home of Wall Street and the site of the fallen World Trade Center towers, the city has shown resilience in the face of crisis and offers lessons that can be applied to the housing market as a whole, said real estate pros who spoke during a "Boom, Bust and Innovation" presentation at the Real Estate Connect conference Thursday. "Last year was the fear factor. We could not see beyond our noses. The first quarter was dead. We started to see movement in the second quarter. We started breathing in the third. The fourth quarter was a home run. We were better in 2009's fourth quarter than we were in 2007," said Diane Ramirez, president of Halstead Property. Some of the drivers behind that improvement are unique to New York, panelists said, but offer hints that the economy is normalizing. "The energy in this city (is driving demand). We have movement up, down and sideway...

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