Conventional wisdom would have you think the following:

• Every property is on sale- ie a buyer’s market
• There’s no inventory – of good stuff, anyway
• Everything is taking forever to sell
• Mortgage rates are scaring away buyers
• Every seller is losing money when they sell

What did we see when we sold this one bedroom property at 70 East 10th Street?

• A sale 6% over our asking price – aka a bidding war
• All-cash, qualified buyers who didn’t care about mortgage rates
• Our property in contract in just a few weeks.

How do you explain the difference in our seller’s experience?

First, let me back up.

In May 2023, we brought a gorgeous one bedroom to market in Greenwich Village.  Although it had a home office, was gut renovated and had a 300-square-foot private terrace, it had some challenges. First, we felt it should be priced at $1.75mm based on our research. Was there a market for premium product in this market? Second, this cooperative building was not well-known for being easy. So we needed to find a qualified buyer. Third, there was no washer/dryer in unit, since they aren’t permitted. And lastly, the terrace was under construction. 

While we knew location, the apartment’s condition, and having a terrace at all would probably trump the other challenges, Not ideal, but we knew that just by location, condition of apartment and large outdoor space, it would have an audience to market the apartment to.

Soon, the interest from two separate parties ensued. Their profiles were similar:

• Young single female professionals
• Both had only considered buying a condo before seeing this
• Both had ample family assets- and could pay cash for the apartment

Both presented all cash offers from both.  And what you would have expected in a “hot” market happened in this market, too. And we just sold the apartment at $100k+ over ask.  Now that is definitely a success story.

What did we learn?

• Greenwich Village demand remains very strong
• Premium product is less price sensitive than “run of the mill” product
• Buyers do not care if a terrace is under construction, as long as you can help them envision the final product
• Pricing is critical. Putting is at $1.75mm, rather than $1.8mm for instance, allowed a greater number of potential buyers to see it online.
• Gorgeous photos DO matter.
• Buyers that would once only consider being a condo are now more flexible especially in an inventory constrained market – Brokers should take note to show their customers both.
• There is a lot of liquidity in the market

So the answer to the original question, “How bad is it?” They’ve got it wrong- It’s not bad at all. Whether you are thinking about selling or buying in this market, you can definitely benefit from the expertise of a real estate professional to guide you to a successful transaction. Don’t miss out on your dream home. Ignore the noise- and ignore most of the news.