Posted by Leonard Steinberg on March 20th, 2012
Is a new trend emerging whereby ultra-fussy buyers who had passed on properties they visited some time ago return and re-visit with a new, fresh, less critical set of eyes? I see this happening right now in a few instances. Some buyers in the luxury real estate market in Manhattan learn faster than others, that perfection simply does not exist…..least of all in New York City…..and not at ANY price-point either! So these buyers who are possibly homeless many moths after they started searching are learning the hard way that evaluating the available inventory and picking ‘the best of’ can be better than waiting an eternity for the “perfect” place to come along…..and then only discover that it really does not exist.
The same can be said for the eternal bachelor seeking the perfect bride…..usually by the time he gets married, he settles for a lot less than what was available near the start of his search. And he has spent a lot of money on dates, drinks and dinners. He looks and feels more tired most times. He has aged. And time has marched on, maybe denying him a few more happy years. I have always found the happiest buyers are the ones who are pragmatic. And the smartest ones have told me their horror stories of how they waited for perfection, or waited to time the market price-wise, only to be delivered certain disappointment…. And for those who want perfection, you can be almost certain you will have to renovate, so buy quicker and get the process started sooner. By the time you have exhausted your search for perfection, more than likely your renovation will be completed and you will probably have gotten more of what you really want….sooner.