OpinionIndustry News

Real estate news isn’t all bad

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Real estate has been awash in bad news. But amid all the negativity, a few bright lights, or proverbial silver linings, can yet be found. There is still some good news for realty brokers and homeowners. Yes, home prices have declined in many cities across the country. But not everyone needs or wants to sell a home in this market, and some fortunate communities have been affected only lightly or not at all by the downturn. Prices of condominiums and co-ops in Manhattan, to take one example, actually increased in the fourth quarter of 2007, according to reports by several local realty firms. And while those few unaffected markets may seem like small potatoes in light of the overall situation, the downturn also has demonstrated rather convincingly that real estate is still cyclical. Sooner or later, after some as-yet-to-be-determined number of months or years, housing markets will begin to recover. Indeed, the same cyclicality that optimists ignored in good times could be a...