José November 28, 2008 Real Estate , Economy Visits: 12 View Comments Print this post Send this post Copyright Jose Ramirez

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Via Urban Digs we get this article published in New York Magazine . Although the interview article seven of the "best minds" of the New York real estate world, I think that the comments of them have unfortunately global validity. Here, the events that struck me most and conclusions in bold.

1. We did what we had to do

"We've Gone Through A Period of Tremendous prosperity, and Did not Take That Opportunity To Do Some fundamental Things [like] Restructuring the tax system."

2. We are back to basics

"People are looking at real-estate Principles: price, quality of building, and location."

3. It is selling well below the peak value

"Deals are happening right now 15 to 18 Percent [off the peak]. This hasn't really eaten out yet, But it will."

4. We have not hit bottom

"The bottom discussion is really futile at the moment. Credit hasn't stabilized, and What Happens with the new administration? It's premature to start Predicting.

5. Tips for buyers

"If you're going to live There and raise a family, and you try to wait for That perfect time, you might miss something you like. [But] if you expect to Become rich in a day or two, forget it. "

6. Tips for sellers

"You have to be priced within 2 to 3 Percent of What Actually it's worth for it to sell. If you're priced Higher Than That, you're wasting your time."

"Do not fall for the trick of working with the broker Who Promises The Highest price. People bring in four or five brokers, and brokers If They Have Learned That offer the best price, They get the listing."

"Bids Are Not flying in; buyers' confidence is down. So if you HAD to sell now, and you Have a cookie-cutter apartment, no outdoor space, no views, you'd price 10 Percent Below The last comp, ahead of your competition. "

7. Tips for intermediaries

"I do not expect to do a deal in the next three or four months. It's not that I do not want to. But my clients know what's going on. If I said, "Buy now, you're going to miss it," I'm going to insult Their intelligence. "

Recap

We have not hit bottom. The overall economy continíua deteriorate. There is no liquidity. Sellers must get out of denial and accept the fall in values. The real estate fundamentals have recovered force: location, good construction, and affordability. Do not let them fool you promising you unrealistic values on your property.

And all this can be added as evidence of the present situation of the U.S. economy, the graphics come via Matrix .