OLSHAN LUXURY MARKET REPORT

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2010 HOLIDAY MARKET REPORT 12/7/2010

It's December. Where are all the buyers?
Well, a whole bunch of them are Christmas shopping, entertaining and vacationing.
And where are the sellers? They are doing the same things, but they are not having as much fun, particularly those who have had their properties on the market for the past five or six months.
You see, in a few short weeks, as we ring in the New Year, many more properties will come to market. Fairly or unfairly, new property does not have the taint of languishing on the shelf. So when the expanded legion of buyers are back after the holiday season, guess which properties will capture their fancy? The new ones. So where does that leave the old properties? Overlooked and left behind. To attract a buyer, the seller very often will feel compelled to take an offer below market value to move it. It is the reduced field of determined buyers navigating with sharp brokers thru the Christmas season who may well come away with a deal on stale property.

---Donna Olshan

Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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