Broker optimistic about '94 residential market.(The end of the calendar year is a traditional time to stop and survey what has been happening, and to make predictions for the upcoming year. Peter R. Marra, president of the real estate firm William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack B. May, a 100+ broker firm with five locations throughout the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of area, offers his view of what the future might hold.) What does 1994 have in store for the real estate market? "I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in cautiously very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op . The second half of 1993 has been very active. We're way ahead of where we were at the same time last year. As of December 1 1993, compared to the same time in '92, we have twice as much gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. in contract." How do you think intrest rates will impact the real estate market? "I don't think that interest rates have been much of a factor in Manhattan, especially in the upper end of the market where most purchases are all cash. Interestingly, in Westchester, where you would expect to see an increase in sales volume as a result of lower interest rates, sales have been flat. There, we haven't seen the increase that we've enjoyed in Manhattan and Brooklyn. What can buyers expect in 1994? "Supply and demand obviously drives up prices. In the "8-plus rooms" category, there's now a scarcity Scarcity The basic economic problem which arises from people having unlimited wants while there are and always will be limited resources. Because of scarcity, various economic decisions must be made to allocate resources efficiently. of product. When this kind of apartment comes onto the market, a lot of buyers step up to the plate. And there's not only competition between buyers. What can sellers expect in 1994? "Sellers can expect activity. And if properties are priced appropriately (based on recent sales), they will move quicker. But it all will depend on the quality of the building, the location, and how many apartments there are like it. For example, your standard-issue post-war 2 bedroom 2 bath on the Upper East Side will not move as quickly as a similar sized unit that has some unique qualities." |
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