Market Overview

I am writing here to comment on what I am finding in real time in the current NYC real estate market. My findings are purely anecdotal based on my experience with both buyers and sellers.

I never thought I would be telling you about "bidding wars" in 2010, but I must report the truth and yes this is a fact of buying some, what I call triple A properties in today's market. I have heard reports from others and I have been involved in three myself in the last couple of weeks. No need to go into to much detail, it is what it is. What does this means to you as a buyer? Be prepared to walk away when the momentum carries a bid into unrealistic territory, not supported by comps and common sense.For those out on the street actively wanting to buy, be prepared to move quickly and present a well thought out bid (with supporting documents) on new properties hitting the market. No doubt if you think it's nice and priced correctly; others will as well.

OK. So what else is going on out there? Where to look for compelling value deals? If you are willing to go into some outlier neighborhoods, a little bit more East, West or North...you will find some properties trading at or near 2005 maybe even some 2004ish prices. I have seen a number of real one bedrooms(Upper East Side) in doorman coops trading (well) under $700 dollars a square foot. There are also some very good deals in Morningside Heights, two bedrooms in move in ready condition for under $600,000 dollars. Morningside Heights is a beautiful neighborhood with some outstanding buildings, especially along Riverside Drive. Much of the neighborhood is very much just a Northern annex of the Upper West Side. Look carefully and I promise you, you will see some real gems.

There is no way to generalize about the uptick in activity and I by no means feel like we are in another real estate bull cycle. It's just that prices have come down enough, combined with record low interest rates to compel folks to buy. And I am one of them(at least looking), if you plan to stay in your home for 7-10 years and buy an appropriately priced property relative to its location, exposure, financial's and condition...sure I'll say it; go for it!