Was the subject of a full page story in the NY Daily News today – with photo – by Phyllis Furman called Top appraiser offers forecast for New York’s housing market
Rankings for today so far:
- no. 1 read story,
- no. 1 discussed story and
- no. 2 emailed story.
Some of the points:
Whenever I talk to a real estate broker who sold a high-end property, I ask, “Did they get a mortgage?” In the last two months, I have never had an agent tell me yes. Their buyers have all paid all cash. Think about that. There are not a lot of all cash buyers out there. I am guessing under 2%.
The 1980s were characterized by massive rental to co-op conversions and significant construction of tax-incentivised, new development condos, primarily for investors. This time around, we didn’t have the investor element. We didn’t have a housing boom, we had a credit boom.
ok, back to work.
Congratulations top appraiser! Keep up the good work of telling it like it is. Who ever thought an appraiser could be top, hard working AND honest? Your audience, reputation and influence is expanding. I’m impressed and inspired.
What happened in the late 1980s that caused so many conversions? Was it a change in law in particular?
Congratulations on the great front page story. I might wear a suit if I the St. Pete Times would give me such a flattering picture!
Ha! Thanks. Photo shoots of appraisers are sort of surreal. 😉