Confidence levels of New York real estate brokers

The New York real estate brokers are one of the most confident creatures in the New York real estate scenario. The real estate brokers in this city are still confident about the state of the present real estate NYC. However, off late there has been some slight decline in the confidence levels among New York real estate brokers that have dipped in the third quarter due to certain factors such as the persistent pushing towards super luxury residential development and political challenges that have dimmed the prospect of middle class housing development. The eal !state "oard of New York#s $ !"NY% eal !state "roker &onfidence index found

that over all the broker confidence fell to '.()* in the third quarter from '.'+* during the second quarter. ,till New York real estate is one of the most prosperous and dynamic real estate markets in the world. There is still a strong demand for the both residential and commercial properties with financing for deals continuing to improve from the downturn. There are however, political situations such as another impasse from the government side that may disrupt the market confidence if the government policies trigger a sudden and rapid rise in the short-term interest rates. .n the residential side, the lack of available affordable New York homes for sale has driven the esidential .verall &onfidence index down to '.// from '.(0 in previous quarter. The brokers are also not so optimistic for the six-month outlook. .n the other hand, the New York real estate industry as a whole is positive about the financing and commercial real estate leasing markets. The !"NY survey#s .verall 1resent ,ituation 2ndex fell but for the commercial sector rose to +.(( during the third quarter from +.3' in the second quarter. The average confidence response levels of 4.04 are the lowest number ever since the second quarter of 350/. The residential brokers when asked about their confidence in the current market responded with the average answer as (.6), which is the lowest number for 350/ but about a point higher than for 3503. The lower confidence levels may be due to the combination of both ma7or creditors like 8reddie 9ac and 8annie 9ae tightening their criteria along with budget uncertainty in :ashington that may have driven down the numbers. The concerns of the brokers are vindicated with financing for ultra luxury residential apartments continuing to be in plentiful supply. 8or instance, the Hines Tower next to the 9useum of 9odern ;rt and Time !quities long stalled tower at )5 :est ,t. scored huge

financial deals that allowed them to move forward. The commercial brokers on the other hand has a rosier and much positive outlook on leasing activities with the commercial transactions began to picking up with the economy moving up. Their confidence grew to +.0'* for the current overall market that is the highest number since the second quarter of 3503, when the number was (.6'. The commercial brokers have also rated the current borrowing environment with perfect 05 amidst the rising concerns being voiced by the real estate brokers about financing. 8inally, residential brokers in the survey remained hopeful about those pro7ects that were stalled during recession would resume thereby easing problems concerned with inventory.