BrokerageIndustry News

NYC real estate recovering, say brokers

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

NEW YORK -- In a city where a foreclosed home sells for $45 million, the housing downturn here is all relative. The former owner of that luxury apartment, said Dottie Herman, CEO of Prudential Douglas Elliman, had put it on the market for $15 million. An international buyer came forward with a down payment, but the deal fell apart and the apartment ended up in foreclosure. Elliman's company ended up with the listing, put it up for sale in an auction at the bank's direction, and a bidding battle between three prospective buyers skyrocketed the selling price. "It was such a competition and it really had nothing to do with price -- it was clearly about winning," said Herman, who spoke Thursday in a session at the Real Estate Connect conference. The city has a few more stories like that one, said Diane Ramirez, president of Halstead Realty who shared the stage with Herman and Michele Kleier, president and chairman of Gumley Haft Kleier, who is featured with other fa...