To make sense of the East End's elusive real estate market, The Real Deal assembled a team of insiders to spill their guts. Even though each player has a slightly different take, among other things, the verdict seems to be that both builders and high-end buyers are back.
As far as builders being back, you probably could've guessed that yourself. But President of Saunders & Associates Andrew Saunders explains, "The multi-unit spec builders who at any time might have five to seven projects are back in the game ... A year from now there is certainly going to be a lot of spec product on the market and for the builders who build quickly." Corcoran Regional Senior Vice President Rick Hoffman reiterates, "There has been an increase in sales activity for vacant land that has been purchased by developers."
After releasing their market reports, most brokerages agreed that the super high-end market was really back and business. And that seems to be holding true today. Says Hoffman: "The high end has absolutely had strong activity, both in sales and rentals. Many agents are anecdotally commiserating on the lack of inventory in the high end as a result of so many transactions having already been done in that segment of the market over the past six months." Lack of inventory! Things have changed! Adds Saunders, "This year we are seeing a lot of business well into the upper end and also in the $5 to $9 million range."
· East End: Back in the money? [TRDNY]