Insatiable luxury market brings out Steinberg best.

ASHFORTH WARBURG'S RICHARD STEINBERG 

You may not see Richard Steinberg's name on a theater marquee any time soon, but in the world of luxury Manhattan real estate brokers, his star is certainly rising. Focusing on the Upper East Side and Central Park West, Steinberg is one of Ashforth Warburg Associates' best performers.

Steinberg stresses, "You have to be determined, focused, and realize that this is a full-time job. You have to believe in selling and be well-connected, but most importantly, you have to be able to accept rejection."

After graduating with a medical degree from The University of Maryland, Steinberg initially practiced medicine until 1986. But an interest in architecture and the fact that he had made a hobby out of the buying and selling of his own properties eventually led Richard to getting a real estate license and joining the William B. May group. Within one week of starting, he had united his first buyer and seller. A dinner guest asked Richard if he could find a house with an indoor pool that would be suitable for a handicapped person. He immediately took on the challenge and the hard work paid off; the broker who seemed destined for success not only found one such townhouse, but two. The happy buyer quickly closed at a final price of $3.75 million, an enormous amount for 1986.

Since that first transaction, Steinberg has concentrated on developing the finesse involved in the buyer/seller relationship. As he explains: "The most important part of closing a deal for a property valued at such a high amount is to get both parties to understand when the best price has been reached. Every seller thinks they have undersold their property, and every buyer thinks they have overpaid. However, the knack is to match the right person to the right property, and that gives the deal a life f its own.

Steinberg joined Ashforth Warburg Associates six years. ago and since then has become its top producer. Real estate salespeople who are invited to join the ranks of this approximately 80-broker, 2-office operation are among an elite group, and Ashforth president Frederick Peters finds highest praise for one of its most consistently dynamic performers.

"Richard is a tremendous asset to Ashforth Warburg," Peters points out. "His energy, talent, and dedication are inspiring, and he continually sets benchmark for all of us in this business to meet."

Steinberg is determined to stay innovative and approach the business of real estate from a unique and personal perspective. For example, six-years ago, Steinberg came into contact with the art of Feng Shui, which involves the Eastern art of arranging building and interior furnishings according to those elements that betoken good luck. A Feng Shui master had a townhouse on the Upper East Side in the 80s, off Madison Avenue. Steinberg said that when the two met, it was more than just good luck. "She said she could see the halo around me," recalled Steinberg. "I ended up selling that house for her and I also became an advocate of Feng Shui for

Since that meeting, Steinberg credits this ancient practice with nurturing his ongoing success. But good fortune is not the only reason for his impressive sales results. Time and dedication have also contributed to the fact that this broker's average sale falls in the range of $3 million, with an astounding average of 20 sales per year, primarily of luxury single-family homes. Steinberg projects a total-sales volume in 2000 well in excess of $50 million dollars. In spite of these results, he concedes that it requires- an awareness of who your customer is and how your services must adapt in order to cater to their needs.

Steinberg emphasizes the importance of analyzing market trends and understanding how they affect buyers and sellers. He notes, "The technology revolution has opened up a whole new market in this city, along-with the traditional one that has long--been provided by Wall Street traders who earn multi-million dollar bonuses. Even with stock market volatility, do-not expect the current trend to abate. These industries have minted many millionaires capable of affording the kind of upscale single family homes in which deal."

Since these properties are in limited supply, they will inevitability command higher prices from buyers who understand their scarcity and can afford their exorbitant cost.

Despite the fact that demand for these luxury properties far exceeds supply, and the expectation that the demand will therefore continue well into the future, Steinberg does not see this as a career for those expecting quick riches.

"New people coming into the business should be cautious with this aggressive market," opined Steinberg. "The business has become more competitive and it is just -as difficult to find success here as in any other so-called glamour job. There will always be those who make it and those who do not. Not everyone can reap the riches that are available and those who do will have worked very hard for many years to obtain them."