BrokerageIndustry News

Bidding wars now run-of-the-mill

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Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By CANDACE TAYLOR NEW YORK CITY -- As The Real Deal and other publications have reported, bidding wars -- once thought to be bygone relics of the real estate boom -- started reappearing in New York late last year. At that time, the battles were limited to rare or exceptionally well-priced properties. But now that much of the city's residential inventory has been snapped up, bidding wars are becoming the rule rather than the exception for market-priced property. "You don't have to be provocatively (low-priced) to solicit a bidding war today," said Barak Dunayer, president of Barak Realty, estimating that his company now receives multiple offers on nearly three-quarters of its properties that are priced appropriately for the market. "It's almost every listing that we have." The ubiquity of these battles is having a ...