LRE® Blog

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May 12, 2015

Sauce for the Goose

Courtesy of Frederick Peters, President of Warburg Realty In recent weeks, agents here at Warburg Realty have managed a number of competitive bidding processes which ended with the lead buyer backing out. For those of us who have been in the business a long time, such behavior no longer surprises us. Any auction situation can get the juices flowing, and we increasingly see that buyers bid aggressively in the heat of the moment, only to suffer buyer’s remorse the next day, or the next week. The question is: is that OK?

May 5, 2015

Price Power

Courtesy of Frederick Peters, President of Warburg Realty The spring market has finally arrived. The winter was long and cold; by March buyers were so tired of being wet and snowy that they ceased attending most open houses or bidding on most properties. Now, after a slow first quarter, the market has come to life. And not just the market for properties under $2 million, which has enjoyed strong activity throughout the winter. The more expensive properties have also picked up. Nothing sells, however, unless the price is right.

April 21, 2015

Full Lattes and Empty Lots

Courtesy of Frederick Peters, President of Warburg Realty My niece recently sent me a piece in the Daily News about a café opened in Harlem by real estate agents eager to improve the empty storefronts on a block where they had property to either rent or sell. The café is now jammed, even though they are charging $4 for a latte. She asked me, “What do you think?” Well, that’s a good question. I think a number of things about this, several of them contradictory. And the issue blossoms out to include the whole history of our city over the past twenty years.

April 14, 2015

The Natural World

Courtesy of Frederick Peters, President of Warburg Realty This past week I rode the aerial tram to the top of one of Costa Rica’s rain forest peaks. There, along with the toucans and the sloth and the giant frogs, we saw a big house recently built along the ridge line. Our guide launched into a passionate disquisition about the dangers which encroaching civilization poses to Costa Rica’s biodiversity. Houses don’t belong everywhere! Nor do people.

April 2, 2015

Warburg Realty Releases 2015 First Quarter New York City Market Review

Courtesy of Frederick Peters, President of Warburg Realty Conflicting forces have shaped the New York real estate market during the first quarter of 2015. Inventory remains low, but many properties linger. Certain segments thrive while others struggle, and the co-op and condo markets continue to display different trajectories as their respective constituencies, domestic for co-ops and more international for condos, respond to different stimuli in the press of national and international events. In short we have devolved into an arena with so many submarkets that it is almost impossible to broadly characterize the market overall.

March 26, 2015

The Market Speaks

Courtesy of Frederick Peters, President of Warburg Realty It’s lonely at the top. That’s what sellers and agents handling ultra-luxury real estate in Manhattan are finding these days, as the borough’s most expensive apartments and townhouses linger for months on the market. These units, priced at $8 million and above, receive few calls and fewer showings even as the lower end of the market, for properties of $2 million and below, remains smoking hot.

March 18, 2015

We Can’t Fall Asleep on the American Dream

Courtesy of Frederick Peters, President of Warburg Realty Income inequality is in the news. The Democrats blame the Republicans for it, and the Republicans blame the Democrats. There is a long article about it in this week’s New Yorker. What seems beyond dispute is that incomes are more polarized in this country than anywhere else in the First World.

March 13, 2015

The Human Touch

Courtesy of Frederick Peters, President of Warburg Realty In today’s Internet economy, information belongs to the public. This creates a particular sort of confusion for many people. Does access to one hundred medical websites make you a diagnostician? Does access to case law enable you to reason like a lawyer? Has the Internet made expertise obsolete?

March 2, 2015

It’s All In The Fingertips

Courtesy of Frederick Peters, President of Warburg Realty I love to teach. Last week I had a wonderful time leading a pricing and negotiation class for a large group of veteran agents. I was reminded, as I often am when teaching, about the rapidity with which change occurs in our marketplace. Pricing and negotiating strategies evolve on a month-to-month basis (in fact, pricing the property with the seller is often our first negotiation!) and it is particularly challenging to keep our clients and customers informed and up to date. Here’s what I (and the group) believe is happening at the moment:

February 18, 2015

Foreign Money

Courtesy of Frederick Peters, President of Warburg Realty The New York Times series, published last week, about foreign money at the Time Warner Center has raised a lot of eyebrows. Does this foreign money, frequently emanating, according to The Times, from sources which are perhaps corrupt, deserve a home in the condominiums of New York City, or Miami, or San Francisco? It’s a great question but not one which allows an easy answer. All the issues which surround it are complex.
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