Less Hyperbole, More Cash Left on the Table


The Times spots two trends in the real estate market this weekend: The first is a much-welcomed (in our view) move away from the over-the-top, and often untrue, adjectives like "luxury," "prestige," and "trophy." Instead, words that imply thriftiness are coming back into vogue. “We never used to say ‘reduced’ in a very strong market because we felt people would think of it as tainted goods,” said Corcoran SVP Deanna Kory. “But now if you don’t, people don’t think the seller is serious, especially if it’s been on the market any length of time. And people today feel cheated if they don’t get a deal.” The other thing brokers are seeing more and more of is buyers walking away from their deposits, even ones north of $100,000. This, of course, should be no surprise given that most properties are worth at least 10 percent (the size of the typical deposit) less than they were six months ago. “I have never seen numbers like this being left in deposits," said Penny Toepfer-Guttman of Brown Harris Stevens. "This is new territory.” All of the examples in the Times article were high-priced properties in Manhattan. Are readers aware of any examples in Brooklyn?
Adjectives Get Evicted [NY Times]
Apartment Buyers Abandoning 6-Figure Deposits [NY Times]

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