Better Days Ahead 2012 Market Review and Forecast

Two seemingly opposite dynamics are both influencing today’s real estate market—and its impact on co-ops and condos. On one hand, people all over the United States, including the greater New York area, are becoming more frugal, and learning how to do more with less. On the other hand, thousands upon thousands of wealthy people are streaming into Manhattan and parts of the outer boroughs, pursuing careers in finance, real estate, advertising, fashion, entertainment, corporate law and other high-profile professions.

We may be seeing the backside of the era of high-profile investment bank and real estate company failures and of huge layoffs—but does that mean the recession is actually over? What will happen in the future?

Cautious Optimism

Gary Malin, president of CitiHabitats in Manhattan, sees the mood in the market as “cautious optimism,” and many others in the industry seem to agree.

“The general consensus,” says Paul Purcell, co-founder of Manhattan-based Rutenberg Realty, “is that the market was relatively stable this past year. And the good news for New York City is that we had a market, unlike many places in the U.S.”

And in Manhattan says that his agents “are optimistic regarding 2012, as the final quarter of 2011 has seen an increase in sales volume. Consumer sentiment remains mixed, with confident foreign buyers investing in New York City, while many Wall Street types believing that the sky is falling.”

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Comments

  • Right now, the building chcoeis are based on the understood and agreed upon building types within the RLS which in and of itself is by no way perfect, and has been developed in conjunction with the needs and technologies of the NYC RLS participants.The townhouse type covers multifamily and single unit dwellings, and pretty much everything outside of co-op and condo.We will certainly look to expand the criteria as time moves on and as REBNY/RLS/the firms work to agree on clearer naming conventions.Regarding the search being buggy we have some limits in there set by the DOJ definition of VOW if you saw a return of 2000 listings it would indicate a technical problem that we will look at immediately.If you have any other feedback, please feel free to post it here or email it to thanks!