I was interviewed by Betsy Starks for ABC World News Tonight recently. Here is the segment where I appear, once in the start of the report and again at the end.
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Posted in Selling, Short sales, The Market, tagged Briarcliff Manor real estate, Pleasantville real estate, Recovery, top westchester realtor, Westchester real estate market, wetchester real estate, white plains real estate on May 6, 2009| Leave a Comment »
The NY Times is reporting that Sacramento, one of the earliest places to decline, is now showings signs of recovery. This is hopeful news. How long before we can expect ecouraging news in White Plains, Briarcliff Manor, and Pleasantville? Well, it depends on what you view as good news. It will be the better part of a decade before we see prices approach their 2005 zenith. Sales are certainly up, but the bulk of that volume is bank -owned foreclosures, short sales, and other underpriced assets. We still need to liquidate billions in bad loans before we can say we are “healthy.” Perhaps we are out of the emergency room, but we aren’t out of intensive care.
Westchester County buyers are still lowballing, cautious, and demanding. I think it will remian a buyer’s market until other sectors of the economy rebound. I am still listing a high number of short sales all over the Hudson Valley. They have become part of the vernacular. Moreover, New York City is in the early stages of it’s own decline. Hopefully, NYC’s problems will be far more short lived than the rest of the country.