You’re not seeing a lot of sales activity [in part ] because people are still trying to define price. You need a certain amount of volume to be able to tell people where pricing is.
–Mary Ann Tighe, CB Richard Ellis; The New York Times (7/31/09)
Upper bracket homes in the Twin Cities?
No, actually commercial real estate in Manhattan.
But the observation, from a top commercial broker there, describes some of the unique challenges now facing would-be upper bracket home Sellers (and Buyers) in the Twin Cities.
With few good comp’s, the latitude for pricing widens. In turn, the wider the price range — the more ground Buyers and Sellers have to bridge to do a deal.
The result is fewer and slower sales . . . which serves to further undercut “price certainty.”