Industry News

Real estate market slows, but as always, location is all

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The harvested sustainable bamboo floor of the one-bedroom, one-and-a-half-bath, Emeryville, Calif., condominium gleams in the light pouring in through the west-facing window of a unit whose price has been reduced from almost $700,000 to $599,000. "The price has been lowered on this unit," acknowledged Justin Tamblyn, a sales agent at 62-unit GreenCity Lofts. Only 11 of the 62 lofts have closed escrow since they went on sale in late 2005, he said. "I've seen the market slow recently," said LaToya Faulkner, who toured the development Saturday with Robert Clayton. The couple, both Oakland, Calif., residents, are looking to buy a house, but "we are taking our time," Faulkner said. "Prices will drop a little bit in the next six months because interest rates will go up in order to contain inflation as gas and other prices rise," Faulkner said. Until then, the two are scoping out the scene and standing pat, she said. Reports of price reductions like those at GreenCity Lofts – though no...