What should agents make of the buzz surrounding the New York City luxury housing cooldown? Louise Phillips Forbes At Global Connect, Louise Phillips Forbes, a broker at Halstead Property, described the slowed market pace as more of a "healthy pause." "The rise we've experienced since 2014 -- we can't even keep up with it," she said. "So I'm cautiously optimistic." Dolly Lenz, CEO of Dolly Lenz Real Estate, tapped into another factor at play: ever-savvy buyers who can afford to be choosy, due to the exploding supply of new construction. While touring one property, a client is apt to see the building across the street, point and say, "I want that instead." Dolly Lenz This applies to international buyers as well, who have propped up the NYC luxury market in recent years. Lenz said she still works with a lot of Chinese buyers, but they're also taking a step back in many cases and looking to other cities (like San Francisco) now that they've "been there, done th...
- High-end brokers and developers are cautiously optimistic about the current market.
- The things luxury buyers are seeking in their properties remain relatively unchanged -- exclusivity, privacy, amenities.
- When working with foreign buyers, pay attention to cultural differences.
- Understand your market and use your branding and marketing to sell a story that supports your market.
- It's in the managing transactions and advising clients that agents prove their true value.