SOTHEBY'S 2016 4TH QUARTER MARKET REPORT has been released. The Market Report suggests what we already knew - the real estate market was/is softening, and now, even the $2-4M range is being affected with above 6-month absorption rates. That said, these Market Reports are helpful only to a certain degree. They look back at a room we just walked out of... not at the room in which we stand, nor towards the room to which we are headed.  

With newly closed condominium sales factoring greatly into these reports (the contracts for which were signed months to years before - thus skewing them), we need to rely more on what brokers are actually experiencing (“boots on the ground”).  

As reported last month, the expectation of a Trump presidency slowed the ebb tide of a weakening market and pushed a mild zephyr into the sails of many sellers.  This has held true for us, though we are already starting to see cracks in the facade of what has been a potentially positive real estate honeymoon period between Trump and wealthy investors and big business.  While the Dow industrial average reached an all-time high, unforeseen future decisions may negatively effect the bottom lines of many industrial sectors, thus making both foreign and domestic real estate investors think twice before spending.  

Our clientele remains cautiously optimistic about the markets near term future, however is realistic about the fact that, under our new leadership, anything can happen and it can happen very quickly.  

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