There's excitement in the air as prices tumble and buyers who have been holding back are responding to huge reductions on some A+ listings.
After a 10+ year run of non-stop business and accelerating prices, we're seeing a reversal I couldn't have imagined here in Sag Harbor. It's very easy to make sense of this market once you are able to get your arms around this new perspective. I was watching Donald Trump in an interview on TV yesterday morning and he said, quite logically, "The time to buy is when prices are down, you don't buy when prices are at their highest". Let's call that Wealth-Building 101.
There's money to be made even in, and maybe especially in a down market. I guess I won't be retiring to Florida anytime in the near future!
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As sales activity wanes due to uncertainty in the marketplace, I've noticed an uptick in winter, year round and early activity for summer '09 rentals. Many sellers have decided to offer their homes for rent at this time until things turn around. As a result, renters have more options than ever and renting before buying is always a good idea to make certain the area you've chosen is where you really want to be. The New York Times is doing a story about this for their Escapes section including one of my Sag Harbor listings. Will post it as soon as it publishes.
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