We all know that there’s more in the air than a hint of fall….the market has definitely changed. No, no, no, it’s not the mythical bubble bursting. The market has softened into a more balanced landscape between buyers and sellers. And part of that is buyers becoming more selective. In today’s Surreal Estate column on SFGate.com, Carol Lloyd covers lots of ground: statistics citywide are a mixed bag; problem houses are not selling well (places with panoramic views of a bus stop or a housing project, for example); buyers’ growing desire for move-in condition homes; should sellers stage their property?
There’s another article in the New York Times about similar trends developing in the Big Apple. Buyers are starting to note flaws in properties — and dismiss them because of it. It’s an interesting read also because it describes some uniquely New York issues that, so far at least, we don’t have to deal with here. The “flip tax” is one of them: it’s a fee charged by a co-op board on the sale of one’s shares in the cooperative. One tax was a jaw-dropping 33% of the sale. Ouch.