Posted by Leonard Steinberg on December 21, 2010

Before the recession hit hard, MULTIPLE BIDS were the norm on many real estate listings. Those two words virtually disappeared from the vocabulary of New York real estate brokers: they are ba-ack!

I have recently experienced a few of my own listings with more than one bidder, and I am hearing chatter throughout the industry of the same thing happening. While most multiple bids are not over the asking prices, they are shifting selling prices upwards. This may be a short lived phenomenon, but with shrinking inventories, and 2 years of virtually zero new construction, I think multiple bids will be with us for quite a while. We predicted this several months ago in LUXURYLETTER.

TIme will tell…..