When Am I Going Back To Work? Who Said I Ever Left?

I barely had Andre a month ago and people are already asking when I'm headed back to work. Truth is, I feel like I never left, since I've been fielding phone calls and e-mails since back in June. In fact, while I was in Labor & Delivery and waiting for the Pitocin to kick in, I got emails from several people, including a past client who just wanted to tell me how much she loved the apartment I found for her.

Today I dropped off keys for an exclusive that I have down on Sullivan Street that I need to rent by August 1. That said, if you or someone you know needs a one bedroom on Sullivan and Bleeker, let me know. It's $2795 and no fee. It's perfect for a young professional or a student. Elevator and laundry in the building. Great closets.

The bottom line is that it's summer, and it kills me to be out of the game. I do, however, realize that I have a kid, so I'm most likely limited to taking clients out on weekends. Serious clients, of course. No one who just wants to look to see what's out there. Sales clients are ideal, but summer is the season of rentals, and I can rock a rental like it's no one's business.

Unrelated: Apparently if I'd named my boy Ivan, like I initially wanted to, he would have become a common criminal. Boo.

NYC Housing Prices: Bottoming Out Or Realistic?

, originally uploaded by La Pauline.

The economy has made it difficult for buyers to know if they're getting a fair price for what they're bidding on, or if they should wait for prices to drop a bit more. It's a good question, but there is a logical way to approach pricing, even in this unsteady market.

It's times like this that we have to remember that real estate has always been considered a long term investment, not something that you can cash out on in a year or two. A typical apartment in Manhattan appreciates anywhere between 3% and 7% a year, as is shown by the orange and green lines above.
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When you read sensational headlines about housing prices sinking 20% to 30%, keep in mind that they're sinking from an artificial high, as shown by the blue line. What may seem like a bargain basement price now, compared to two or three years ago, is actually the natural appreciation of the unit.

Prices of closed deals on condos and co-ops city-wide in the first quarter of 2009 can be found here.

Chart above courtesy of the Vanderbilt Appraisal Company.

New York City Sales Market Analysis

Since everyone's curious about how the New York City real estate sales market is doing, here are links to the most recent quarterly report for resales and new developments in Manhattan. This is for all of Manhattan, not just sales at Citi Habitats.

Fourth Quarter Sales Market Analysis

Third Quarter Sales Market Analysis