Time flew by in the month of July! The 4th and then suddenly it’s August. Outside is HOT! Showing apartments is like a full on workout in this heat, and it’s been nice to meet some open house warriors checking out our air conditioned apartments for sale.
Sentiment in the real estate market is, “Where are the buyers?!” ; “Money has left the city for the summer” ; “The market is down!”. This may be true, but even in a down market there is opportunity. If you stick around the city, deals will get done!
Argo made news this month purchasing a prime development site on University Place. We have an accepted offer on the retail space at 213 Seventh Avenue. And with all of the inventory sitting around, we’re very busy meeting owners to discuss property values. Right now if there’s flexibility, sometimes the best decision is to rent and not sell.
In the summer everyone is attracted to the waterfront, but one of the hardest hit neighborhoods in this market downturn has been DUMBO. What does DUMBO even mean you might ask? Down Under the Manhattan Bridge Overpass. Why would someone want to live under a bridge? Now, more people are beginning to question whether these coveted water and city views are worth the premiums paid in the past.
