In an upwardly moving market, developers and bankers are the best of friends! In a downward moving market, they can become the worst of enemies. Especially after what we’ve experienced over the past nine months! As the market slowly thaws, we are seeing more deals being made and more buyers step in. People are definitely starting to take advantage of lower prices and more inventory. I expect this to transition into a more “normalized” state eventually (as it always does). But then again….nothing in New York City ever seems “normal”. Some projects are starting to sell, and others are still waning. It seems as though there are some developers who are oblivious to the correction in the marketplace and simply will try wait this out. They run full page advertisements with a new spin on the message. I’m sure they understand how sophisticated New York buyers are. Are these developers really that naive? Or perhaps there’s another reason they are caught in this deadlock. (more…)