| That old Sunday pastime is back. Argo Residential's Karen Berman told us this afternoon that open houses are crowded once again, and bidding wars on residential units have returned—at least on the Upper West Side and Chelsea and the Flatiron. On the Upper East, she says, there's a lot more inventory available. One likely culprit: anticipated long-term construction on the Second Avenue subway line. The reason for the city's general increase in buying, though, is the talk about interest rates eventually going up. With pricing stable, people want to buy now, though Karen says building boards are getting more particular, checking references, verifying employment. They want to rest easy about buyers' financial situations but also make sure their new neighbors are who they say they are. |
WHO DOESN'T LOVE AN OPEN HOUSE?
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Argo Residential
, Karen Berman
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