Posted by Leonard Steinberg on October 15th, 2012

The Wall Street Journey reports this morning about the Boomerang Buyer who through foreclosure in the 2008 financial crisis lost their home and is now back in the market ready to buy. In New York, we have a slightly different Boomerang Buyer: The buyers who left the market, sold their apartments and rented in fear, who are now re-entering the market to buy as rental rates soar and interest rates make buying slightly more affordable. The major problems these buyers are encountering is the the low inventory that provides few options, and pricing……yes, while many thought pricing was at a peak in 2008, the reality is that new peaks are being achieved daily, and buying to-day is almost certainly more expensive than it was before or after ‘the crash’. In some instances it is MUCH more expensive: and the new buildings coming to market now are priced well beyond those new buildings launched in 2007 and 2008. I am however seeing some LOTTERY SELLERS somewhat dismayed that the elusive Russian/Chinese/Tech billionaire has not swooped in to buy their significantly over-priced properties.