Industry News

Are we slowing down?

Diary of a real estate rookie

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I have a client who has been on the verge of buying since February. We have looked at a lot of properties we liked, and made two below-market offers, but listing prices are expensive and nothing he has seen has set his hair on fire to pay list. We are looking at rentals tomorrow, and that may be that, but it does raise the question here: are we slowing down? Is it certainly a question I get asked elsewhere, whenever I do radio tapings to flog my book, because expert hosts in other cities have already seen a slowing. Sometimes, as in D.C. or Florida, it's been a painful one. So I will start with the disclaimer I always start with, that if real estate agents could really and truly predict markets we would be running hedge funds. That having been said, let me whip out my crystal ball and tell you where we will be in five years: 1) A new ultra-luxury, 60-story condominium will rise on Manhattan's Upper West Side. Just to cover all the bases, it will be named the Tribeca. 2) A 25-year-old...