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Robin & Jeremy Stein, sotheby’s international realty

REAL ESTATE YEARBOOK

Senior Vice President and Vice President

Q:

A:

SOTHEBY’S INTERNATIONAL REALTY 917.570.8386 and 212.431.2427 robin.stein@sothebyshomes.com jeremy.stein@sothebyshomes.com www.steinnewyork.com

68 | AVENUE MAGAZINE · FEBRUARY 2011

What do you think is on the horizon in the coming year for the real estate market? It appears that the market has stabilized and is likely to be flat—consistent and steady, but very sensitive to pricing in the months ahead. Wall Street bonuses look to be on par with last year, so we expect them to drive the spring buying season. In 2010, much of the activity was initially in the low-end, followed by the mid-range properties. The ultra-luxury market was relatively stagnant with a few exceptions, but we are now starting to see more of the high-end buyers emerge. Accordingly, we wouldn’t be surprised to see an increase in activity in the top portion of the market in 2011. What are the current trends as far as what’s in demand? Buyers are now focusing on properties that are solid long-term investments and they are going back to real estate basics. A priority is being placed on location, property that is in “mint” or move-in condition, views and light. Currently, there is not a great deal of

quality property available so now, more than ever, when priced correctly, good property is moving fast and close to, or even above, asking price. Apartments requiring work and ones located in fringe neighborhoods or on the rear of a building with poor views and/or low light are facing real challenges. Is this a good time to buy? If you’re able to locate quality property at a fair price—property in which you can comfortably live for a minimum of five years—then it is a good time to buy. Ultimately, the decision to buy is always a personal one; each buyer must evaluate their financials and identify what is driving their need and/or desire to purchase a home. Some people may be looking to diversify their assets, some may be looking to take advantage of low interest rates, while others may simply need a larger/smaller home due to changing circumstances. With so many different motivations, it is vital that potential buyers surround themselves with advisers they can trust, who can help them assess and realize their goals.

Profile for AVENUE Magazine

AVENUEinsider February 1, 2011  

Founded in 1976, AVENUE is a must-read among the city’s most discerning, stylish and savvy audiences. As Manhattan’s oldest society magazine...

AVENUEinsider February 1, 2011  

Founded in 1976, AVENUE is a must-read among the city’s most discerning, stylish and savvy audiences. As Manhattan’s oldest society magazine...

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